Select an ancient (Coliseum water supply), pioneer historical (canals, Assignment

Select an ancient (Coliseum water supply), pioneer historical (canals, Carolina rice, London Docks) or exotic (e.g. Sahara Deser - Assignment Example Those reasons will be clear if we analyze the function of the Coliseum. It was an arena for spectators to watch the death of animals, slaves, gladiators, Christians, and other factions of the society that the Romans wanted to exterminate or punish (Colosseum Water and Sewer System). These death games were literally games, with very gruesome acts and bloody ends (Colosseum Water and Sewer System). Water was, therefore, needed to wash away the remains of the animals and humans, and their blood and body parts (Colosseum Water and Sewer System). This drainage became part of the sewer system of the Coliseum, which ultimately ended in the River Tiber (Colosseum Water and Sewer System). It is further discussed with the toilet system of the Coliseum. The Coliseum water supply also catered to the requirements of the toilets, which consisted of two large toilets with rows of open seating holes having a tunnel beneath them through which passed a stream of flowing water (Colosseum Water and Sewe r System). There were four underground tunnels for collecting the drained water, including that from the arena, and connected to these tunnels were four wells 1.3 by 3.8 meters in the foundation of the building (Colosseum Water and Sewer System). ... The main water supply to the Coliseum, and indeed to Rome in general, was through the River Tiber (Colosseum Water and Sewer System). Other smaller streams, some seasonal in nature, were also utilized. The system through which water was conducted to the city and to Coliseum comprised of aqueducts, which were impressive concrete water channels supported by pillars and arches (Colosseum Water and Sewer System). Coliseum was supplied by the Aqua Claudia, commissioned by Emperor Claudius, the first aqueduct to be built, running eleven miles, in the year 312 B. C. (Ancient Roman Aqueducts). The source was the river. The channels were concrete in nature, supplemented by viaducts which were multi-tiered structures to help the water cross low areas (Colosseum Water and Sewer System). The aqueducts led to large covered basins which served as modern-day sedimentation tanks to collect the silt and dirt of the River water before it was supplied to the public (Colosseum Water and Sewer System). O nce cleaned, channels led from these catch basins to storage reservoirs in the city, either in the form of open free-flowing canals, or through led and terra-cotta pipes (Colosseum Water and Sewer System). From the reservoirs, water was supplied to the building through led pipes (Colosseum Water and Sewer System). These pipes were embedded in the walls and floor of the structure of Coliseum during its structure (Colosseum Water and Sewer System). It is estimated that five hundred thousand barrels of water flowed through these channels in twenty-four hours (Ancient Roman Aqueducts). Another method of water provision was through the collection of rain water (Colosseum Water and Sewer System). This was collected by concentric ducts and led through vertical pipes down the walls of Coliseum

Charles Tangs Leadership Essay Example | Topics and Well Written Essays - 1000 words

Charles Tangs Leadership - Essay Example These theories seek to describe what makes a good leader and are formulated to determine characteristics that organizations should look out for while scouting for a leader. This study considers that it is only by incorporating several of these theories that an effective model can be built one capable of predicting an effective leader. In this study, an effective leader is considered as one capable of motivating and enabling others to attain organizationally relevant goals (Kerr & Jermier, 1978). Organizationally relevant goals refer to productivity, social integration, optimal levels of continuous learning as well as goals and ethical means to achieve. An effective leadership must have natural cues separate from the regular people. In this case, this model considers the dictates of the trait theory as well placed. The trait theory holds that individuals inherit certain qualities that spell their ability to be leaders (Judge, Bono, Ilies & Gerhardt, 2002.p.770). In this case, openness to experience is considered a relevant trait. Openness to experience includes active imagination, aesthetic sensitivity, awareness of one’s feelings, accepting variety and willingness to learn. The other pertinent trait in defining an effective leader is interpersonal relations. ... The path-goal theory is a development of Robert House and holds that a leader’s conduct is contingent to the contentment, enthusiasm and performance of his/her subordinates (Wofford & Liska, 1993.p.865). In this regard, a leader must have the ability to determine subordinate’s abilities and needs and thence implore on ways and means of complementing the abilities and compensating for deficiencies (Mumford et al 2007). In this regard, the model identifies that an effective leader must be open to experience, develop interpersonal skills, be task oriented and engage in improving employees as defined by the task-goal theory. Putting your philosophy to a test, evaluate Charles Tang’s leadership. Charles Tang passes as an effective leader. This is arrived at by weighing his practice against the discussed model of effective leaderships. Firstly, Tang appears as a leader who is open to experience. Tang’s leadership approach has been informed by past experiences as a student in China and later a student and employee of Intel in the West (Barling et al 1996). Unlike most Chinese managers, Tang was more open, and encouraged employees to oppose his position as he believed it is through consensus that potent solutions can be attained (House et al 2004). Secondly, being â€Å"externally Chinese† made him aware of the likely pitfalls in being authoritative as he had grown up under this system or approach to leadership (Gerstner & Day, 1997). Besides openness to experience Tang demonstrates a strong orientation to tasks. At the moment, Tang is aware of the challenge ahead which is ensuring optimal performance of his employees. To ensure this, he tasks himself with

Ernest Hemingway Essay Example for Free

Ernest Hemingway Essay This statement by the writer and journalist, Ernest Hemingway, is not agreeable for me. In my own understanding of morality, it speaks of a system of behavior in regards to standards of right or wrong. It is not about the feelings one can experience after doing something. A feeling is a natural response to our thoughts and intentions. I think not all the decisions that could make us feel good are moral even if it gives us satisfaction and convenience. For example, we all know that abortion or baby butchering is one of the most immoral acts by women today, and even if the mother herself felt the relief and happiness after doing such, it will remain as an act of immorality in the eyes of God and by the law and humanity. On the other hand, people may feel bad of doing something good but they cannot break out from the tracks of morality because of their conscience. In my experience, I often got a negative feeling when I’m moving away from my true desires instead of towards them. It means that some people do moral act though it is against their wills. Moral decisions are not based solely on the good of a person and a good reason but on making a decision that will not cause harm to anyone. The role of morality is to fair play and harmony between individuals and to keep us in a good relationship with the power that created us. It is not about the feelings but of what you know and what you believe is right and good for everyone. OSD Edinel Magtibay Nov. 27,2008 U2A Chrimora Assignment #3 What is Christian Character of Christian Morality? And how far is Christian Morality distinctively Christian and how far it is generally human-that which pertains to common human problems? I have come in order that you might have life life in all its fullness . . . For what my Father wants is that all who see the Son and believe in Him should have eternal life. And I will raise them to life on the last day. John 10: 10, 6: 40 Life in heaven is totally different from life on earth. Yet, it is within our capacity to adjust to this new life and prepare for it while still in this world. This brings us to Christian Morality, which has to do with preparing to make the quantum leap to new life in heaven eternal life. It has to do with freely choosing to prepare for and participate in the fullness of life that Jesus revealed.

Maligning Women in Shakespeares Macbeth :: Free Essay Writer

Women in Macbeth      Ã‚  Ã‚   Why did the playwright include only one noteworthy woman in Shakespeare's tragedy Macbeth? This essay will not answer this question, but rather tell about this one woman - Lady Macbeth, with lesser consideration of the magical weird sisters.    In Fools of Time: Studies in Shakespearean Tragedy, Northrop Frye shows that a lady is the actual driving force in the play:    That Macbeth is being hurried into a premature act by his wife is a point unlikely to escape the most listless member of the audience, but Macbeth comes to regret the instant of fatal delay in murdering Macduff, and draws the moral that    The flighty purpose never is o'ertook Unless the deed go with it. From this moment The very firstlings of my heart shall be The firstlings of my hand.    That is, in future he will try to attain the successful ruler's spontaneous rhythm of action. (91)    L.C. Knights in the essay "Macbeth" describes the unnaturalness in the thoughts and words of the plays dominant female force, Lady Macbeth:    Thus the sense of the unnaturalness of evil is evoked not only be repeated explicit references ("nature's mischief," "nature seems dead," " 'Tis unnatural, even like the deed that's done," and so on) but by the expression of unnatural sentiments and an unnatural violence of tone in such things as Lady Macbeth's invocation of the "spirits" who will "unsex" her, and her affirmation that she would murder the babe at her breast if she had sworn to do it. (95)    Clark and Wright in their Introduction to The Complete Works of William Shakespeare contradict the impression that the female protagonist is all strength:    Lady Macbeth is of a finer and more delicate nature. Having fixed her eye upon the end - the attainment for her husband of Duncan's crown - she accepts the inevitable means; she nerves herself for the terrible night's work by artificial stimulants; yet she cannot strike the sleeping king who resembles her father. Having sustained her weaker husband, her own strength gives way; and in sleep, when her will cannot control her thoughts, she is piteously afflicted by the memory of one stain of blood upon her little hand.   (792)    In "Macbeth as the Imitation of an Action" Francis Fergusson enlightens the reader concerning the fears weakening Lady Macbeth:

Bosch Total Quality Management Essay

First of all, we are very grateful to the Almighty God – for bearing us the knowledge and wisdom that has been used throughout the project. May the product of our efforts justify the gift that the Almighty God has bestowed upon them. We are sincerely expressed our gratitude to all Bosch Philippines departments’ managers and employees who shared their knowledge about the company and time interviewing them. Last but definitely not the least; we would like to express our appreciation, to the ones who have rendered unconditional support and love to us: our family. Our family from whom we got the motivation and inspiration to never give up and give the best of our efforts. Through this project, may our efforts reach our parents and reflect our indebtedness for our sacrifices. I. Introduction In a span of time, Bosch has emerged into a successful business to what it is today. It has continuously improved the quality of service. Of course, customers’ complaints are inevitable in every organization. Three (3) complaints out of one hundred products sold to customers are caused by some product defects, its expensive price, customers’ attitudes (arte), order delivery and some rare safety concern of its users. To initiate quality programs to better meet customers’ requirements, Bosch should have its own quality control in the Philippines to avoid some product defects and  user’s accidents due of using Bosch’ products. The company should come up with Customer Relationship Management system to build understanding between them and the customer that expensive price of their product is no issue when it comes to product quality and of customer satisfaction. II. Objectives of the Study a. Study the quality initiatives of Bosch to better meet their customers’ needs and requirements b. Compare Bosch’s quality programs with existing literature c. Identify Areas of strengths and areas for development on Bosch’s quality initiatives; and d. Recommend specific programs to improve total quality management at Bosch III. Quality Assurance at Bosch â€Å"Selling the best of the best† and I rather lose money than trust† were the mottos of person behind the success of Bosch, Robert Bosch. Since its establishment, the company continues to create value to customers and practice Robert Bosch’s principle of total quality, â€Å"success was based on the trust of business partners and product quality. Bosch was created on 1932, located in Germany and in 140 countries in the world and the innovator and pioneer of powertools in the world. Their products includes: Automotive Aftermarket, Powertools, Security Systems and Thermotechnology. Customer and Stakeholder Focus Bosch established their Training Center to value their customers, dealers and contractors through educating them about their products and its proper use to avoid accidents when using their products for free. They even collaborate with educational institutions like TESDA, universities and colleges to be more accessible and convenient to interested trainee. Bosch encourage their customers to bring their purchased products at their Service center every three (3) months for maintenance and check-up processed by a qualified technician which are still covered of a six-month warranty for power tools and one-year warranty for measuring tools. To bring their products into the understanding of people who are unfamiliar with their products, Bosch use trade developer in different regions in the country to look for potential customers that will be endorsed to the sales  representative. Sales representative is responsible of demonstrating the products to customers and monitoring their orders. Bosch also uses sales agents or promodizers to introduce the product in various stores in the country. Bosch offers the appropriate spare part customers need for any power tools. Bosch keeps spare parts available for at least 10 years. This means that even older tools are ready for use again in the record time. Participation and Teamwork Every department sets their goal that motivates their employees to perform better. For example, Sales Department set their target sales every month which requires more efforts on the part of the Sales Department and more marketing strategy of Marketing Department, so it needs teamwork from both departments. Managers act as a democratic leader on his subordinates and treat them as a team which implies importance and belongingness to the employees. IT Department serves a support group to the company as they are the one doing trouble shooting on technical problems on all of the computers of the entire company. Employees use Microsoft Outlook to send and receive emails as their network of connection connected by a cable which does not need internet to communicate with each other and disseminate information throughout the company. The company uses a software called System Application and Production (SAP) which makes it accessible to all Department Managers to monitor and study sales and product stocks at their warehouse which is helpful for their effective and efficient decision making and inventory. This system is also useful to accounting departments to record financial data. The company maintains their do-good mentality. Bosch sends their employees abroad to undergo training to enhance their skills and abilities which will in turn produce a better performance and satisfied customers. They just not believe in doing well, but they believe in doing good. For Bosch, doing good means giving back through projects that inspire and move their associates to action. Those projects includes sponsoring potential eighty eight students and employing some of them at their office. To build camaraderie between employees, the company provides them with annual outing. Process Focus Bosch does benchmarking through product-product quality analysis to analyze their products against their competitors to meet the changing wants and satisfaction of their customers. Bosch has a company policy on product recall or pull-out when customers’ complaints on a certain product or model reaches six percent (6%) out of one hundred percent (100%) sold product to ensure that they are delivering quality products to customers. Those defective products are to be sent to their main plant in Germany for further studies. For efficient delivery and availability of products, Bosch orders products beforehand to its manufacturing plant in Germany through shipping and store them at their warehouse. The company positions itself as a number one (#1) power tool products in the country which requires employees to efficiently process customers order and deliver it on time. The customers may opt to call Bosch to process their order on their service hotline or through Service Representatives, order will be passed to Sales Coordinator who writes and documents order slip and process order and encode them through SAP system which is connected to Logistic department who shall deliver products to customers. To support the demanding needs of the company, Purchase department is responsible of purchasing materials needed by the departments such as fliers for Marketing Department and ensure of its quality and cost-effectiveness. Continuous Improvement The company has its own Research Development that is behind of annual launching of new products. Every month, company’s product division set their sales quota and eventually increases every time they meet or exceed it. This requires more efforts and improvement both the product and the process. IV. Analysis Bosch has its own Training Center that educates customers, contractors, hobbyist, and interested trainee for free. To reach more people, Bosch partnered with Tesda, universities and colleges. Having its own training is one indication that Bosch values their existing and prospect customers. It involves money, effort, and sympathy from the company, but those things are nothing when it comes to customer’s enlightenment to  products and customers’ satisfaction and delight. This program is patterned with the customer and stakeholder focus principle of TQM. Educating people who may not bring benefit to the company is somewhat costly and effortful on the part of the company, but this will eventually build relationship, trust and confidence between the company and the beneficiary of the training program which may eventually results of patronizing the products. The company has its own Service Center that addresses customer’s complaints and concerns. This service is patterned with the TQM customers and stakeholder focus and the Quality Installation and Service which implies that Bosch knows and understands the needs and expectations of customer after the sale in order to have customer’ value and loyalty. Offering service after sales is one indication that Bosch wants to have long term relationship with their customers and exceed their expectations. Empowering employees through undergoing training programs boost their sense of belongingness and importance and will make them more motivated and inspired to perform better. This program is aligned with the principle of Participation and Teamwork of TQM. The company has its own System Application and Production (SAP), a software or database uses by the selected employees and managers to monitor stocks, sales, deliver products and accounting data. This system is aligned with Process Focus principle and Information and Knowledge Management of TQM infrastructure. Use of this kind of technology is an investment of the company because it makes process more effectively and efficiently. More so, decision making is easier to the information user because information they needed is always accessible and can be retrieved quickly. V. Bosch’s Quality Profile Areas of Strengths Bosch has known to be the innovator of power tools in the world. Every year, they launch new tools, offering better and new products and it serves as their advantage over their competitors. Its German quality can persuade customers to purchase their product. This year, DOLE announced that construction industry will boost, and it needs equipment to be used by contractor such as power tools, and security system. Bosch has its own SAP system. It is software enables selected employees and divisions’ manager to have an access of information like sales, inventory and delivery. Areas for Development Bosch does not have its own Customer Relationship Management. They just rely on their hotline from which customers could call to order products, ask, suggest and complain. There is no particular department that handles complaints from the customers. Bosch also relies on sales representative or agents report about customer satisfaction. There is no system or process of getting or acquiring customer’s feedback after sale. Numbers of people in departments such as Human Resource, IT and Purchasing are not enough to cater the increasing needs and demands of all stakeholders. VI. Recommended Quality Programs at Bosch Bosch should have its own Customer Relationship Management. This system will make easier to them to monitor and get in touch with their customers at all times. With this system, Bosch could address customer’s complaints, concerns and suggestions and not involving all departments to receive such from customers. With this system, the company can build long term relationship with customers and winning their loyalty over competitors. Acquiring customers’ feedback is an important practice of any company. Filling-up feedback and suggestions is tool to gauge and measure customers’ satisfaction to products supplementary services needed to enhance the product. It is better if Bosch Philippines have their own Quality Control in the country to check products after shipping them from Germany. It is inevitable to products to get damage during shipment. The company may increase their employees in such departments especially the HR department who is handling the employeesâ€⠄¢ welfare and concerns.

Organizational Behavior And The Social Sciences - 1671 Words

After 7 weeks of Organizational Behavior class, I have learned many factors that influence an individual to make a workplace more exciting and effective. This class is more than a subject for me as it helped me to experience the different views of my peers. There is no doubt that, this subject is an eye opener for me that gives value to my work ethics and understandings. Before beginning to learn the subject, there were so many unknown factors that required clarifications in my work life. An in-depth analysis in this subject helped me to gain a thorough understanding of different areas like leadership qualities, cultural difference in workplace, power and politics in an organization, etc. Every individual has their own needs, interests and goals in an organization but achieving these elements are always a challenge to them. And I believe that, knowledge in Organizational Behavior is a great tool that can be used to reach that goal. Organizational behavior is the part of the social sciences. It seeks a comprehensive understanding of how individuals, groups and organizations function as well as the cause and effects of their functions with a view to improve their effectiveness and well-being. (Sinha, J, 2008). From what I have learned, leadership is one of the main qualities that every individual has to develop in their personal and career life. I started my career as a mechanical engineer in 2014 with less knowledge in these qualities. And without any surprise I quit myShow MoreRelatedOrganizational Behavior Is Defined As A Social Science Discipline2297 Words   |  10 Pages Organizational Behavior I Introduction Organizational behavior is defined as a social science discipline just like cultural anthropology, economics, political science, psychology and sociology. It uses the scientific method to establish the truth as well as to validate the different theories. 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One of most important events in economics history - Free Essay Example

Sample details Pages: 7 Words: 2134 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? Financial crisis have been one of the most important events in the history of world economics. The two most important crises are the two most recent ones, these are important for number of reasons. The most important one is the scale and cotangent effects of both the crisis and the impact on the world business and economics. The purpose of the research is to review and examine the academic literature on Current financial crisis and Asian financial crisis and attempts to identify the parallels and differences between the crises and how the lessons learned from the Asian financial crisis could have helped in minimizing the effects of current crisis. Don’t waste time! Our writers will create an original "One of most important events in economics history" essay for you Create order My paper will also try to evaluate the role of governments and leading financial institutions like IMF and World Bank in these contexts. Also try to highlight the effects of these crises on the society or general public by utilizing the latest available economic data. Furthermore, the study aims to focus on the policies that lead to these financial and economic disasters. Section I of the study will include introduction to both crisis in brief. Section II will outline the main causes. Section III will discuss the role of IMF and World Bank. Section IV will discuss the lessons were drawn from the previous crisis and current crisis and wetter or not they were applied. Sections V will fuscous on the effects of these crises on the world economy by utilizing the data from World Bank and IMF, such as the projections of world economic indicators. In last section, study will try to evaluate and summaries the result of various academic literature Introduction Asian financial crisis took place in 2007. It took place in Thailand when government abandon its local currency Thai Baht because it collapsed under huge speculative pressure. This caused panic amongst the investors of the region. The results were further currency collapses and wider spread capital flight from the region. This capital flight crippled the regional economies. The effects were felt all around globe. These economies were known as Asian tigers as they were the fastest growing economies on the planet. The crises was severe enough that even Japanese economy felt prey to it. These economies eventually recovered with help of IMF and other world economic power but the fallout meant that regional economic growth suffered terribly. In the case of current financial crisis more commonly known as Credit crunch the main cause of the crises was the financial innovation and undervaluation of risk. Current financial crisis started taking shape on February 27, 2007 when Freddie Mac1 in one of its press releases announced that it will no longer buy the most risky sub-prime mortgages. It announced that it will only buy the mortgages with variable interest rates. This event mostly went unnoticed and most people ignored it as domestic U.S. news. They were assured that house prices in U.S. was at all times high and their investments in subprime housing sector and other CDO bonds was safe. This event was followed by few bankruptcies and then suddenly almost overnight everything fell apart, causing wide spread speculation and panic. Investors saw markets around the world crashing before their eyes. 1 Nonetheless the crisis spread like wild fire and is still here after almost 2 years. This crisis has sent all of major economies into recession and investors have lost billions of dollars all over the world. No one can deny the losses and severity of the crisis. The entire world is trying to find the solution to this problem but still there are people like Chari, Christiano, and Kehoe (2008)2 who say it is nothing more than a myth. They form a small school of thought and hardly any one supports them. Asian financial crisis originated at the closing years of last decade of the 20th century. It originated from Thailand, which until that time was dubbed as Asian tiger due to rapid growth it achieved via financial reforms after collapse of Bretton Woods system in 1973. These reforms were based upon increased liberalisation and mobility of international capital flows The current crisis was in brewing for many years, it started when banks other financial institutions stated issuing new credit instruments like CDOs (collateralised debt obligation). Banks and other financial institutions started high risk lending practices. These practices included easy credit to people who had weak or adverse credit ratings. The main reason for these practices was the fact that countries like China, Japan and middle-eastern countries had large dollar reserves which were available to the US banks via central banking system. This lead to lending frenzy and profit hungry bankers started lending to people with adverse credit ratings. This frenzy was basically fuelled by increased supply of money combined with U.S. governments policy to provide homes to people with low income. Giovanni DellAriccia, Igan and Laeven (2009) argue that one of the most obvious reasons for this sudden boom in lending was the decline in standards. This meant that less mortgage applications were declined as the bankers and mortgage lenders were banking on ever increasing house prices. As measured by a decline in application denial rates. They explain that this increase in mortgage lending lead to increase in loan to income ratio, but on the other h and fundamental economic variables had not improved significantly to support this increase in loan to income ratio. The decline in lending standards can be verified by reviewing Fitch Ratings (2007).12 12 Research works by Demyanyk and Van Hemert, (2007)13, Keys et al., (2007)14 and Mian and Sufi (2007)15 also blame the unchecked rise in house prices for the crisis. They also provide insight in to securitisation of debts and how it played its part in creating this crisis. These academics have all blamed bankers for taking too much risk in time of boom, driven by personnel motives rather than considering the overall society. In the other words this rapid expansion had weak base of support in form mortgage backed securities and default insurance. Another factor that contributed to current crisis was off course the special purpose vehicles commonly known as SPVs. Banks and other financial institutions created these complex financial instruments to shield themselves from the underlying risks ofthese subprime mortgages. This is clear indication that these institutions knew about the risks associated with these practices. By using these instruments institutions devised these instruments in such way that they combined different forms of debts into a neat little bundle and passed them on to investors who were willing to take high risk in order to gain rewards. But at same time these instruments got so complex that even the issuers lost track of them. The main attractions of these instruments were collateral and default insurances. As assurance of their worthiness these were backed by credit rating agencies who provided very good rating for these bonds many enjoyed AAA by rating. Gonzalo Fernndez de Crdoba 16(2009) explains that investors and credit rating agencies did not assess the risk correctly and almost all of the investors were betting on only one prospect that house prices will continue to rise. This optimism can be illustrated by following figure which shows the rise in house prices with respect to time. Robert J. Shiller17 (2009) argues that housing bubbles attained the magnitude because governments and other financial experts mostly failed to understand its basic dynamics and thus were unable to deal with it. Markus K. Brunnermeier (2009)18 adds to this by saying that one of the main changes that lead to this crisis was the change in attitude of the banks i.e. their fundamental policies. He explains that originally banks used to hold their debts till maturity, that limited their capability of lending to certain extent and thus they were cautious in lending but with advent of SPVs they embarked on policy of lend and then distribute. This in short term meant that they got rid of their debts and risks associated with them, but this practice meant that banks ignored the risk elements and thought thatmoney supply will continue to rise or would be stable in long term. Thus they ignored most of the risks. All of these factors combined to fuel this bubble and this finally busted on August 2007 when French bank BNP Paribas on August 2007 that three of its investment funds were no longer able to value a series of complex financial instruments backed by so called sub-prime residential mortgages in the United States19. The pin that busted this bubble was actually already there in i.e. the announcement of The Federal Home Loan Mortgage Corporation (Freddie Mac) which announced on February 27, 2007 via its press release that it will no longer buy the most risky subprime mortgages and mortgage-related securities. This led to many casualties that included SECs down grading of over 100 securitised bonds. Following that many institutions became vary but still people regarded this as just U.S. internal problem as few mortgage providers filled for Chapter1120 protection. This lead to high profile casualties like Bear Stearns, Northern Rock, Lehman Brothers, etc. These events deprived investors of their confidence and saw global markets crumbling down. The crisis was so severe that even banks stopped lending to each other, forcing governments to intervene and stabilise the situation. The underlying cause was the same subprime mortgages as people started defaulting on their mortgage loans the house prices tumbled down bringing with them the whole financial and banking system. If anyone thinks that no predicted that well they are in fools paradise. Nouriel Roubini and Brad Setser21 (2004) had already warned about these kinds of bets they explained the basic dynamics of the financial system and in general they warned against betting against ever increasing house prices and they also explained that this bubble will burst with two, three years but they were largely ignored and even got labelled as Dr. Doom. role of credit rating agencies; in current financial crisis the agencies like SP and the others gave very good rating to these instruments (CDOs). As mentioned House of Commons Treasury Committees report in following words The credit rating agencies have played a central role in the growth of securitised marketsconflicts of interest in the credit rating agencies business model as well as flaws in their rating methods. The credit rating agencies must tackle theseIf, they are unable to put their house in order, then new regulation may be the only answer30. This factor was not influential in the Asian currency crises of 1997. Another major difference was the role of banks, the major cause of the current financial crisis was that the banks where the main catalyst of the crisis as they After these crises one argument that was raised by many academics and experts was that IMF should be remodelled as per Keynes suggestion. Zhou Xiaochuan, the governor of the Peoples Bank of China spoke of formation of centrally managed global currency. The underline reason obvious that it needs reforms. Edwin M. Truman (2009)34 stresses the vital role of IMF in the current situation. He is slightly critical of the IMF stating that it needs to increase its lending capabilities and should monitor and advice governments on their choice of economic policies. At the same time their no denying the fact that these global institutions are vital for recovery and future prosperity of the global economy. Otherwise the destructive spill over effects of these crises would continue to devastate global economies. 34 Both institutions need to work closely with each other and other worldwide national and international financial institutions like central banks, in order to develop early warning system for global crisis and strategies to counter them or tackle the crisis. The same views can be found in House of Commons Treasury Committee report (2008) 35 in following words: To this end: in the short term the IMF and Financial Stability Forum..sector and how markets and regulators are responding. The IMF and FSF should also present as soon as possible proposals on how they will further enhance their cooperation. Besides the above mentioned measures IMF needs to not only modify but also clarify its objectives. The effects of crisis on the developing countries The current financial crises had devastating effects on developing countries as Global growth is projected to dropped to 2.7 percent in 2008, from 3.7 percent in 2007 and the Developing-country growth is declined from 7.8 percent in 2007 to 6.5 percent in 200839 The weakness of the has caused reduction in imports to china which has caused slowdown of Chinese economy40.The increases in food prices and along with reduction in exports have serious implications for developing countries as it has affected their capacity to reduce poverty and attain Millennium Development Goals, and Donors have made slow progress in scaling up development assistance in recent years.41