Success Or Failure Of The Euro Currency Economics Essay

Success Or Failure Of The Euro Currency Economics Essay Chapter 1: Introduction: When the European Union was founded in 1957 their initial endeavor was to establish a common market. However they found this idea not taking shape as their financial objectives didnt seem to prosper due to lack of a common c. In 1992, the Maastricht Treaty paved the way for a single c for the EU. Its been a decade since euro had been floated into the international markets. With its introduction in the rush for globalization saw many gains for euro in terms of increase in cross-border capital, trade, and outsourcing, securities and foreign exchange markets turnover as well as in cross-border asset holdings. The decade even saw a huge mounting up of foreign reserves due to growing current account imbalances. With euro taking the role of an international c, there had been drastic changes in the international markets with portfolios being shifted from dollar-denominated to euro-denominated which had led to depreciation in dollar. Moreover Bank of Chinas opinion to support stronger currencies had added to the dollar depreciation. Research aim: The main aim of the research is to understand the sustainability of euro based on financial, economic and political factors. With the euro combining various markets into a single European market, consumer welfare has improved. This had led to convergence of money and capital markets through increased competition, market liquidity and transparency in operation with economies of scale and scope. Euro has gained the potential of risk diversification and more efficient allocation of capital resources. Elimination of exchange rate risk has increased price transparency, thereby reducing transaction costs and boosting competition in international markets. Research objective: The primary intention is to analyze if the future of euro is moving towards success or failure given the social, economic and political factors. While the euro c as well as its policy framework has attributed to stability and prosperity in euro area, the global crisis identified the necessity to strengthen European economic governance as a remedy against future challenges. Euro has gained importance in global markets by allowing global public and private investors to diversify their asset allocation and borrowers to find other sources of funding. Proper and timely actions by the European Financial stability Facility had helped a great extent in safeguarding euro so far. With the European Stability Mechanism being activated till June 2013, financial stability of the euro area is expected to be in full transparency so as to revive in times of financial distress. Research questions: Will the size of the economy help in sustaining the euro stability? Will focus on international trade help in stabilizing? Based on the size, depth, liquidity and openness of the domestic financial markets, can the euro be stabilized? Is the euro stable enough to ensure easy convertibility of its c? Can macroeconomics play a vital role in preserving euro stability? Significance of the study: The study aims to implicate the following: Need for further economic amalgamation so as to tackle problems in times of crisis. Need for a banking union thereby giving control to European Central Bank (ECB) to oversee all euro-zone banks in one step process. Government efforts are needed in order to devise economic and fiscal outline which are essential to the euro c. Efforts are also needed from financial market participants and supervisors, given that the maintenance of the financial market stability plays a crucial role for monetary and macroeconomic stability. Research objectives: The main objective of this report is to assess the success or failure of implementing a unified c, being the Euro c. Examining this topic yields a look into the viability of having a uniform c across a region with similar economic and political attributes. When the idea of a single c was first suggested, doubts raised as to the credibility of the governance as each member states had different political heads. With the single c, however all these political heads would be combined as one governing body to govern all member states. However in a region with similar economic and political attributes, the idea seemed successful with the formation of EU which consisted of European Council to manage course of actions and to suggest new laws; the European parliament to discuss on and endorse laws suggested by the council finally the European Commission with personnel to accomplish the laws. The EU helped a great deal in providing effective governance in the Euro-zone which helped European economy overtake US economy in 2009 with a trade of $14.5 trillion against US trade of $14.3 trillion, thereby accounting to 40% of the worlds economic power. Further, researching the different factors and aspects of what makes a c succeed or fail in meeting its set objectives shall provide insight into understanding the dynamics of the relationship between members of the EU. The vital factors that help judge the efficacy of a c are the size of the economy, political stability, and role in international trade, transparency and openness in domestic markets, easy convertibility to cash and impact of macroeconomics in preserving euro. Relationship between EU members had been strengthened after the launch of euro. Thats because almost 17 of the 27 member states have approved euro. It has also paved the way for a single monetary council to govern the functioning of euro throughout the euro-zone. Moreover cross border trade had increased which was mainly due to creation of single c which cuts transaction costs. Transparency had also been maintained with the euro in domestic markets without price fluctuations. Tourism had also increased with the launching of euro, as tourists didnt have to keep changing their currencies when travelling around the euro-zone. This way Euro ensured easy convertibility of cash. Finally member countries which were financially rich in EU were used to backup poorer economies in EU, thereby ensuring financial stability whenever any of the macroeconomic components triggered a threat to EU. It was this backup which helped euro from failing to a greater extent when the 2008 crisis broke out. The report also provides ground for analyzing the advantages of poorer EU member states adopting the Euro c. This will check the economic drive that can occur from having a monetary union between countries with varying economic statures. The advantages of poorer economies joining the euro can be said to be both an advantage as well as a disadvantage. Its an advantage as even if they fail to repay bills owing to crisis, with the help of EMU they would get help from the richer economies in EU to repay the bills. Disadvantage can be attributed to the fact that salaries may be lesser in less productive areas when compared to salaries of employees in higher production areas. This advantage is due to the fact that all of these employees are now paid in Euros. So indirectly it can pose a threat as the standard of living may vary from place to place, but the salaries remain the same, thereby generating problems in getting even basic daily household things. For example, we may consider the following example between Greece and Germany. Item 2000 2010 Greek German Greek German Number of cups made an hour 5 5 10 20 Employee wage per hour 5 drachma 5 euro 10 euro 12 euro Cost of making a cup 1 drachma 1 euro 1 euro 0.60 euro The above example gives an insight as to more production at lower price thereby encouraging more demand gaining big. However Greece seems to be losing the race. The report also will touch on the aftermath of failures in the Euro, if any, and the remedial measures that can be adopted in case of such failures. This also gives indication to other regions that may want to adopt the strategies used by the Euro while avoiding the negative aspects of the Euro example. There is a perception in euro that it is working only in favour of France and Germany, but the real fact is these countries have achieved little in terms of bargaining success. Even if they had been doing well, ii happens that in times of debt by other EU countries, such rich countries will have to take the burden of clearing unpaid bills, thereby making it impossible for such countries to decide on their infrastructure plans. Moreover in the aftermath of 2008 crisis, TARGET 2 set for the purpose of clearing euro combined all imbalances between banks in the euro-zone. However this failed to meet its objective right from 2007 till 2011, there was an increase in the capital from weaker countries. When the entire euro-zone was undergoing crisis, Germany was doing relatively well, thereby showing diversification in thoughts in terms of social and political issues. In order to prevent failing of euro, policies have to be effectively modified in such a way that there is a win-win situation between both the financially rich and poorer countries, thereby ensuring equal competition. In times of crisis, EU member states can increase inflation rates for a while thereby ensuring their economic growth steady enough to get away from rising debts. However these two can be achieved only with political integration by all EU member states. Having a monetary union and examining its performance is an example set by the Euro. In case of a failure of the c, the report will try to highlight the possibility of discontinuing the circulation of the unified c and reverting to each countrys earlier adopted c. This success can be attributed to ECB cutting down the interest rates 3 times in 2012, thereby lowering borrowing costs creating confidence among investors in euro market that a euro-breakup would not be imminent. In short to say, collapse of the euro is not bound to happen soon, however the stability of euro is unclear in the future. Data collection method: The first hand data will be gathered by distributing questionnaires and analyzing the results. The questionnaires shall be distributed on three banks in the Kingdom of Bahrain which deal with the euro c. The secondary data has been taken from European commission website on inflation in the Euro area from 1960s to 2000s, fiscal position of the euro area in 1992, 1998 and 2007, mean intra-Euro-area correlation between Gross Domestic Product and Industrial Production, two indicators namely the number of years with negative gap sum of negative gaps as a percentage of GDP, macroeconomic performance indicators. Sample selection and selection criteria: The sample chosen are the employees of three banks in Bahrain who invest and deal with euro c. The banks are: Arcapita GFH Gulf Finance House ABC Arab Banking Corporation Survey methodology: The methodology involved analyzing the parameters for significance with the datas obtained from first hand and second hand data which are the survey and other previously published material. The magnitude of a countrys financial system is very vital to decide on its prospective use in the global markets. The global trade and magnitude of a countrys financial markets are related to the economic size. For instance, if we consider the export output between Korea and US, the former accounts for a much greater contribution. However as the US economy is 14 times larger than the Korean thereby making it embrace a much larger share in the world exports. The share of a country in international trade, the size and economy as well as the openness in financial markets forms determinants for demand of that countrys c in global markets. Chapter 2: Literature reviews: Some believe that Euro has failed to perform the required needs or reach the final destination of welfare for all. Instead it has become burden. Others believe that Euro has resulted in bringing a unity among the European nations which helped them to fight out the Economic depression seen in the last decade. The convertibility of a currency also forms a major determinant for demand of that currency, because unless there are less restrictions money is exchanged smoothly thereby ensuring increase in demand of currency. For example after World War II, most of the countries except US restricted their convertibility of currency thereby making US dollar readily available in markets increasing dollar demand. Following table gives a justification to the above determinants: Parameters United States Euro-area Japan Share of world GDP (%) 21.9 15.8 7.6 Share of world exports (%) 15.3 19.4 9.3 Financial markets ($ billions) 40,543.8 24,133.4 20,888.5 Bank assets ($ billions) 7,555.3 12,731.3 6,662.5 Domestic debt securities outstanding ($ billions) 15.426.3 5,521.9 6,444.9 Stock market capitalization ($ billions) 17,562.2 5,880.2 7,781.4 Following are some more factors that help to support and strengthen the study: 2.1 Macroeconomic level: Price stability and low-cost borrowing by European Economic and Monetary Union (EMU) helped ensure macroeconomic stability in Europe. Euro helped put an end to changes in exchange rates within Europe owing to changes from outside Europe. The following graph shows improvement in inflation performance thereby leading to sharp decline in price volatility. 2.2. distinction of the strength of the currencies Similar lines of reasoning can be found in Magee and Rao (1980). They make a distinction between strong and weak currencies according to low and high inflation currencies. The intuition behind this being that in trade between low inflation industrial and high inflation developing countries, the low inflation currency of the industrial country dominates. Also, for trade in primary products a vehicle currency might be optimal. The importance of the choice between different currencies came back into the economic discussion when major exchange rates became flexible after the breakdown of Breton Woods in 1973. Viaene and de Vries (1992) take strategic bargaining considerations into account and introduce a forward market. In their model, exporters and importers bargain over the invoicing currency. Both are assumed to prefer their own currency, respectively. Viaene and de Vries find that the dominance of the exporters currency  can be due either to the first mover advantage of the exporting firm or to the monopoly power of the exporter who is more likely to have bargaining power as the firm faces a wide spread demand and not many competitors. 2.3 Currency risk Summing up the early literature, the main findings are that traders seek to avoid currency  risk by using their own currency and that, in trade between industrialized countries exporters are in general more likely to be able to avoid the currency risk.   When currencies are free to fluctuate there is, however, not only the issue of price uncertainty but also  demand uncertainty. 2.4 Invoicing currency: Donnenfeld and Zilcha (1991) present a first formal model in which a firms choice of invoicing currency is analyzed. They are also among the first to develop a model on the Microeconomic level in which the firm optimizes its profits. The main finding of Donnenfeld and Zilcha is that LCP is optimal for the exporting firm if the total revenue curve is concave in the foreign price. This is the case when the sensitivity of demand with respect to prices is not much higher the higher the price level. That is, if the price is set in producer currency and increases (in foreign currency) due to an appreciation of the exporting firms currency, profits will fall because demand will be reduced by more than the increase in profits due to the higher price received. In the case of depreciation, demand is not extended enough to compensate for the lower price the exporting firm receives, because demand is less sensitive to the price at the lower price level. If this is the case, higher variability in foreign prices, which comes with higher volatility in the exchange rate under PCP, lowers expected profits. Thus, under these conditions, high exchange rate volatility would lead the exporting firm to choose LCP.   2.5 Currency Market: Friberg (1997) extends the literature by including into the model a forward currency  market and the possibility to set prices in a third currency: vehicle currency  pricing (VCP). As in Donnenfeld and Zilcha the choice of the optimal currency setting is closely linked to the price elasticity of foreign demand. The second best currency pricing strategy depends on the relative exchange rate volatilities. If the exchange rate towards the vehicle currency exhibits low volatility compared to the bilateral exchange rate of the exporter and importer, VCP is preferred and vice versa.   Now, even under LCP the demand for the firms product is uncertain because the competitors might not price in local currency. In such a case fixing the relative price of the competing products can be important to the exporters so they might choose a common vehicle currency. This finding of choosing the currency  of the competitor is also common to a number of other studies. 2.6 Pricing Strategy: In particular, Bacchetta and van Wincoop (2002) use a NOEM model to analyze the optimal pricing strategy of exporters.  In a very elaborate general equilibrium framework that also takes into account exchange rate dependent costs they derive similar conclusions to those of Donnenfeld and Zilcha. 2.7 demand sensitivity of costs and price The driving factors for exporters to care about their relative prices are the demand sensitivity of costs and the price sensitivity of demand. It can be said that the higher the product differentiation, the lower the price sensitivity of demand. Exporters will, thus, prefer to invoice in their own currency if their products are highly differentiated, while they will pay attention to holding their relative prices constant if their products are less differentiated. This does not mean that less differentiated products are always invoiced in LCP, however. 2.8 market share of the exporting country in the foreign market Bacchetta and van Wincoop build into their model the market share of the exporting country in the foreign market that is, the share of the market that is accounted for by firms from a particular country or monetary area. Demand risk is minimized by invoicing in the currency that is most similar to the average invoicing currency chosen by competitors (Bacchetta and van Wincoop 2002, p. 15). For a monetary union, it is the market share of the entire currency union that matters and not the market share of an individual country. Exports of a monetary union are therefore more likely to be priced in producer currency, and imports to a monetary union more likely to be priced in local currency, because the monetary unions market share is more likely to be dominant. Goldberg and Tille (2005) call this behavior of choosing the currency of the competitor a herding effect. In their partial equilibrium three country model a dominant share of a currency other than the one of the exporter or the importer can make vehicle currency pricing the optimal choice. This herding effect takes place for industries with homogeneous goods where producers aim at keeping their prices relative to the competitors stable. Goldberg (2005) elaborates on this model by including a covariance between marginal cost and exchange rates. There is then also a hedging motive to choose a currency so that the exchange rate is correlated in such a way to shocks to exporters costs that marginal costs are positively correlated with marginal revenue. 2.9 Two-country dynamic general equilibrium model The most elaborate model so far was introduced by Devereux, Engel and Storegaard (2003). Using a two-country dynamic general equilibrium model with sticky prices, these authors analyze the implications of endogenous exchange rate pass-through. Their results show that the degree of pass-through depends on the relative stability of monetary policy; countries with relatively low monetary volatility experience low rates of exchange rate pass- through. The reason is that firms in both countries have an incentive to set their prices in the currency of the country with the low monetary volatility.  As a consequence, the country with low monetary volatility is shielded against exchange rate movements.   2.10 The export pricing behavior Engel (2005) analyses the export pricing behavior of firms in a static model, both in an environment with flexible and with fixed prices. He shows that the choice between producer currency pricing and local currency  pricing is independent of the degree of sluggishness in price adjustment. Under flexible price adjustment, producer currency pricing is optimal if the variance of the export price in the firms own currency is less than the variance of the price in the local currency of the importer. The same holds in an environment of fixed prices.   Summing up the theoretical literature the most important finding is that the optimal pricing strategies are very sensitive to the set of assumptions. In particular, the level of risk aversion and the existence of forward markets to hedge exchange rate risks matter for the results. First and foremost, however, the sensitivity of foreign demand to prices matters, which can be approximated by the homogeneity or differentiation of the product. When demand is sensitive to prices the market share of the exporting country, or more specifically, the currency used by the competitors matters. When the optimal currency choice depends on the currency used by competitors, herding in the same currency is optimal. Also, currencies of countries with monetary stability are more likely to be chosen as invoicing currency. 2.11 The Failure of the Euro Martin Feldstein (2012). As the author mentioned, the euro now shall be known as an experiment that failed. This failure, since the euro was first introduced, in 1999, was not an accident or the result of bureaucratic mismanagement but rather the inevitable results of imposing a single currency on a very heterogeneous group of countries. The adverse economic consequences of the euro include the sovereign debt crises in many European countries, the breakable condition of major European banks, high levels of unemployment crosswise the euro-zone, and the large trade deficits which now block most euro-zone countries. The political goal of creating a harmonious Europe has failed too. France and Germany have dictated hurtful austerity actions in Greece and Italy as a state of their financial help. Paris and Berlin have clashed over the role of the European Central Bank (ECB)à ¢Ã¢â€š ¬Ã‹â€ and over how the burden of financial help will be shared. The early impetus that led to the European Monetary Union and the euro was political, not economic. European politicians rationalized that as the use of a common currency would instill in their publics a greater sense of belonging to a European community and that the shift of responsibility for monetary policy from national capitals to a single central bank in Frankfurt would signal a shift of political power. Michael Sivy (2011), as usually said big stories dont break, they ooze. The demise of the Euro is just such a story. Hence each time it oozes, U.S. stock markets drop. The collapse of the Euro, is now inevitable, in the authors view. When it happens, banks around the globe will be shaken and stock markets will plummet. Academics, journalists and even government officials have projected a set of schemes to save the Euro new European financial institutions, Eurobonds backed by all the countries collectively and even a United States of Europe. However it is clear that any such scheme to save the Euro would find little political support. The breakup will perhaps be extremely painful. Nevertheless, the alternatives may be even more unpalatable.

A research paper on River Tamirabarani

Introduction: The Tamirabarani River originates from the famous Agasthiyarkoodam Peak in Western Ghats,Ambasumadram Taluk.It flows through Tirunelveli and Tuticorin .Etymology: The Thamirabarani contains traces of copper, hence its name (Thamiram means copper in Tamil). The copper content gives it a distinct reddish shade.The river has also been historically known as Porunai.Some scholars interpret the name Tamiraparani as Tamiram (copper) and Varuni (stream or river). They ascribe this origin as the bed of the river is of red soil; when the water flows on the red soil it gives a copper-like appearance.Historical Reference: The Ancient Greeks of the time of Ptolemy refer to the river as Solen. Spelt differently as Tampraparani, Tamraparni, Tamiravaruni, etc., the river is mentioned as the Porunai nathi in Tamil poetic literature. It gets recognition and is referred to as the renowned one in Sanskrit literature references to which are as old as that of the Puranas and Epics.Almost all the villages and towns along the course of this river are historical settlements.One well known example is Aadhichanallur which is a preserved  site of the State Archaeology Department from where pre-historic artifacts are excavated.The Tamirabarani river is referred to in anicient Sangam and Tamil texts. In Mahabharatha (3:88) the river is mentioned as â€Å"Listen, O son of Kunti, I shall now describe Tamraparni. In that asylum the gods had undergone penances impelled by the desire of obtaining salvation†Geographical Notes: The Tamiraparani originates from the peak of the Periya Pothigai hills of the Western Ghats above Papanasam in the Ambasamudram taluk. The great river like the Cauvery, but unlike most of the other Indian rivers, is fed by both the monsoons – the south west and the north-eastern and is seen in full spate twice a year if the monsoons do not fail.Prior to the bifurcation of the Tirunelveli district, the Tamiraparani was the only major river in Ta milnadu which had its source and end in the same district. After bifurcation, the river traverses the two districts of Tirunelveli and Tuticorin before joining the Gulf of Mannar of the Bay of Bengal at Punnaikayal in Tiruchendur taluk of Thoothukkudi district.The river is 130 kilometers in length and the Thamirabarani basin is situated between latitudes 8.21` N and 9.13` N and between 77.10` E longitudes. The forty metres deep Vanatheertham waterfalls are located near the origin of the Thamirabarani River. The river is feed by its tributaries as well as by monsoons. The river is joined by its headwater tributaries Peyar, Ullar, Pambar before it flows into the Kariyar Dam reservoir, where it meets Kariyar.The river descends down the mountains near Papanasam, where it forms the Kalyanatheertham falls and Agasthiar fallsTributaries Of The River: From the source to sea, the total length of the river is about 125 km., of which its course in Tirunelveli district alone is about 75 km. Ori ginating at an altitude of 1725 m. above MSL at Periya Pothigai hill ranges and integral hill track of Western Ghats in Ambasamudram taluk, it passes through the taluks of Tirunelveli and Palayamkottai of Tirunelveli district and Srivaikundam and Tiruchendur taluksof Thoothukkudi district. In the Ghats, the chief tributaries of the river are the Peyar, Ullar, Karaiyar, Servalar and the Pambar. These rivers join the Tamiraparani and enrich its  course before it reaches the plains. The first tributary which enriches the water of the Tamiraparani in the plains on the right side is the Manimuthar. Then comes the Gadananathi, which joins the Tamiraparani at Tiruppudaimaruthur. Before the Gadananathi’s entry into the Tamiraparani, the Gadananadhi is joined by the rivers Kallar, Karunaiyar and Veeranathi or Varahanathi which joins the river Gadananathi about 1.5 km north-east of Kila Ambur. The river Pachaiyar is another tributary which joins the Tamiraparani near Tharuvai village in Palayamkottai Taluk.One of the important and affluent tributaries of the Tamiraparani is the Chithar or Chitranathi which arises in the Courtalam hills and receives supply from the rivers Gundar, Hanumanathi and Karuppanathi. The Chithar empities itself into the Tamiraparani in Sivalapperi Village. The river drains with its tributaries an area of about 4400 sq. km. As most of its extensive catchments areas lay in the Western ghats, the river enjoys the full benefit of both the monsoons which make the river perennial. Since all its tributaries are arising from the Western ghats, the river is prone to heavy floods especially during the North East monsoon. Usage Of The River(Then):Not much is known about the usage of Tamirabarani River back then. The river has been historically known as Podhigai. It finds mention in the ancient Sangam and Tamil texts. There is an ancient script written as ‘Thamirabarani mahathmiyam’.Usage Of The River(Now): The many anicuts,dams and re servoirs on the Thamirabarani river, along with those on the Manimuthar River, provide a large proportion of the water for irrigation and power generation for Tirunelveli District. It is fed by both the monsoons – the south west and the north-eastern and is seen in full spate twice a year if the monsoons do not fail. The Gadananadhi has 6 anicuts and a reservoir of 9,970,000 m ³, and irrigates 38.87 km ² of wetlands. The Ramanadhi has 7 anicuts, a reservoir of 4,300,000 m ³, and irrigates 20.23 km ² of wetlands. Pachaiyar River has 12 anicuts and irrigates 61.51 km ² of wet and dry lands.The important irrigation channels branching off from both the banks of the river Tamiraparani are, South Kodaimelalagian channel, North Kodaimelalagian channel (Kodaimelalagian  anaicut), Nathiyunni channel (Nathiyunni anaicut), Kannadian channel (Kannadian anaicut), Kodagan channel (Ariyanayagipuram anaicut), Palayam (Palavur anaicut) channel, Tirunelveli channel (Suthamalli anai cut), Marudur Melakkal, Marudur Keelakkal (Marudur anaicut), South Main Channel and North Main Channel (Srivaikundam anaicut). Of these the first seven anaicuts were constructed during the period of ancient and medieval rulers and the last anaicut namely the Srivaikundam anaicut was constructed and completed by the British in 1869.List of dams across Thamirabarani river:1. Kodaimelaalagain anaicut 1281.67Hectares 2. Nathiyunni anaicut 1049.37 Hectares 3. Kannadian anaicut 2266.69 Hectares 4. Ariyanayagipuram anaicut 4767.30Hectares 5. Palavur anaicut 3557.26Hectares 6. Suthamalli anaicut 2559.69Hectares 7. Marudur anaicut 7175.64HectaresList of channels:1. South Kodaimelalagain channel 2. North Kodaimelalagain channel 3. Nathiyunni channel 4. Kannadian channel 5. Kodagan channel 6. Palayam channel 7. Tirunelveli channel 8. Marudur Melakkal 9. Marudur KeelakalPollution And Other Problems: This was an article in a Tamil daily.Many rivers in Tamil nadu have already become poisoned due to the mixing of industrial wastages and sewages. No measures have been taken to prevent them from degradation. Cooum is the best example for how a river can be degraded into a drainage. Noyyal has been polluted long back by the industries at. Uyyakondan/ Kudamuruti river, which passes through Tiruchirappalli has almost reached the drainage degree. Thamirabarani was the only perennial river in Tamil Nadu. Now, this river also poses a danger of being polluted due to plastic waste. Water falling from Coutralam falls is named as Sitraaru (Chitra Nadhi in Sanskrit), which is a branch to Tamirabharani is getting polluted by tourists day by day by polythene wastes. The Servalaaru, another branch river of Tamirabarani also getting poluted in its origination point itself by the tourists. Of late, Thamirabarani River is greatly polluted due to rapid industrialization on its banks including pulp, paper, textile, various workshops, photographic industries, various small scale industries leadin g to the discharge untreated effluents as also human and animal wastes, etc.The waste consists of dye stuff, sulphates, sulphide, copper, zinc, lead, phenolics, chlorides, lingo cellulosic wastes, mercaptans, mercury, etc. The survey conducted at various canals of Thamirabarani river reveals that the arsenic, chemical and pollution levels are extremely high than the permissible limits. Further the presence of amala plants in the canal greatly absorbs the oxygen level leading to the death of living things. Besides, the increased presence of microbes spreads foul smell in the canals. There are shocking reports that one litre of river water contains more than 1,300 microbes. The presence of high-level of toxic substances in the river water and its consumption causes irritation and other skin related diseases. There is huge apprehension among the scientists and farmers that if the present situation is allowed to continue, the crops will be greatly affected. Due to sand mining,the number of fish in the river has met with a drastic decrease.In Tirunelveli,Tuticorin,Virudhunagar districts,people are hesitating to use the â€Å"Jiva Nathi†Tamirabarani’s water for irrigating their fields.The river earlier was the source of water for cooking,consum-ption and other uses.The hotels,factories and hospitals on the banks of the river are dumping their hazardous wastes in the river.The settlements on the banks are also polluting the river on their part.The people have been using the river as a place to attend their nature’s call.Because of these,some parts of the river has become unfit for human use.Due to the mixing of germs,harmful alloys,factory wastes in the river,the Tamirabharani river is heading towards destruction.Plans And Projects To Rectify The Problems:Though the Government has taken many steps to clean rivers,none of them are being carried out properly.Also,the awareness among the people is decreasing day by day.First of all,if the mixing of wastes in the river is stopped,two thirds of the pollution will stop.The river also poses as a breeding ground for mosquitoes as the sewage mixes in the river.If the sewage is diverted,the breeding of mosquitoes will stop.Rivers and streams provide 65% of our nation’s drinking water.The second step is to create awareness among the people.Many rivers have been saved due to community projects undertaken by the people.Likewise,if the problems faced by the Tamirabharani river gains awareness,there is scope for positive development.Conclusion:The problem is never too late to be solved.The future of the Tamirabharani river will be determined by our actions.Do we want our Tamirabhrani river,the â€Å"Jiva Nathi† Tamirabharani to become another Cooum?The question is posed before us.The answer for this question lies in our hands. Through the National River Cleanup Program in the US, 900,000+ people have cleaned 162,000+ miles of streams, removing almost 9 million pounds of tras h.This could act as an example for us.The steps taken hereafter, should be proactive and not improvident. A research paper on River Tamirabarani Introduction:The Tamirabarani River originates from the famous Agasthiyarkoodam Peak in Western Ghats,Ambasumadram Taluk.It flows through Tirunelveli and Tuticorin .Etymology:The Thamirabarani contains traces of copper, hence its name (Thamiram means copper in Tamil). The copper content gives it a distinct reddish shade.The river has also been historically known as Porunai.Some scholars interpret the name Tamiraparani as Tamiram (copper) and Varuni (stream or river). They ascribe this origin as the bed of the river is of red soil; when the water flows on the red soil it gives a copper-like appearance.Historical Reference:The Ancient Greeks of the time of Ptolemy refer to the river as Solen. Spelt differently as Tampraparani, Tamraparni, Tamiravaruni, etc., the river is mentioned as the Porunai nathi in Tamil poetic literature. It gets recognition and is referred to as the renowned one in Sanskrit literature references to which are as old as that of the Puranas and Epics.Almost all th e villages and towns along the course of this river are historical settlements.One well known example is Aadhichanallur which is a preserved  site of the State Archaeology Department from where pre-historic artifacts are excavated.The Tamirabarani river is referred to in anicient Sangam and Tamil texts. In Mahabharatha (3:88) the river is mentioned as â€Å"Listen, O son of Kunti, I shall now describe Tamraparni. In that asylum the gods had undergone penances impelled by the desire of obtaining salvation†Geographical Notes:The Tamiraparani originates from the peak of the Periya Pothigai hills of the Western Ghats above Papanasam in the Ambasamudram taluk. The great river like the Cauvery, but unlike most of the other Indian rivers, is fed by both the monsoons – the south west and the north-eastern and is seen in full spate twice a year if the monsoons do not fail.Prior to the bifurcation of the Tirunelveli district, the Tamiraparani was the only major river in Tamiln adu which had its source and end in the same district. After bifurcation, the river traverses the two districts of Tirunelveli and Tuticorin before joining the Gulf of Mannar of the Bay of Bengal at Punnaikayal in Tiruchendur taluk of Thoothukkudi district.The river is 130 kilometers in length and the Thamirabarani basin is situated between latitudes 8.21` N and 9.13` N and between 77.10` E longitudes. The forty metres deep Vanatheertham waterfalls are located near the origin of the Thamirabarani River. The river is feed by its tributaries as well as by monsoons. The river is joined by its headwater tributaries Peyar, Ullar, Pambar before it flows into the Kariyar Dam reservoir, where it meets Kariyar.The river descends down the mountains near Papanasam, where it forms the Kalyanatheertham falls and Agasthiar fallsTributaries Of The River:From the source to sea, the total length of the river is about 125 km., of which its course in Tirunelveli district alone is about 75 km. Originat ing at an altitude of 1725 m. above MSL at Periya Pothigai hill ranges and integral hill track of Western Ghats in Ambasamudram taluk, it passes through the taluks of Tirunelveli and Palayamkottai of Tirunelveli district and Srivaikundam and Tiruchendur taluks of Thoothukkudi district. In the Ghats, the chief tributaries of the river are the Peyar, Ullar, Karaiyar, Servalar and the Pambar. These rivers join the Tamiraparani and enrich its course before it reaches the plains. The first tributary which enriches the water of the Tamiraparani in the plains on the right side is the Manimuthar.Then comes the Gadananathi, which joins the Tamiraparani at Tiruppudaimaruthur. Before the Gadananathi’s entry into the Tamiraparani, the Gadananadhi is joined by the rivers Kallar, Karunaiyar and Veeranathi or Varahanathi which joins the river Gadananathi about 1.5 km north-east of Kila Ambur. The river Pachaiyar is another tributary which joins the Tamiraparani near Tharuvai village in Pala yamkottai Taluk. One of the important and affluent tributaries of the Tamiraparani is the Chithar or Chitranathi which arises in the Courtalam hills and receives supply from the rivers Gundar, Hanumanathi and Karuppanathi. The Chithar empities itself into the Tamiraparani in Sivalapperi Village.The river drains with its tributaries an area of about 4400 sq. km. As most of its extensive catchments areas lay in the Western ghats, the river enjoys the full benefit of both the monsoons which make the river perennial. Since all its tributaries are arising from the Western ghats, the river is prone to heavy floods especially during the North East monsoon. Usage Of The River(Then):Not much is known about the usage of Tamirabarani River back then. The river has been historically known as Podhigai. It finds mention in the ancient Sangam and Tamil texts. There is an ancient script written as ‘Thamirabarani mahathmiyam’.Usage Of The River(Now):The many anicuts,dams and reservoirs on the Thamirabarani river, along with those on the Manimuthar River, provide a large proportion of the water for irrigation and power generation for Tirunelveli District. It is fed by both the monsoons – the south west and the north-eastern and is seen in full spate twice a year if the monsoons do not fail. The Gadananadhi has 6 anicuts and a reservoir of 9,970,000 m ³, and irrigates 38.87 km ² of wetlands. The Ramanadhi has 7 anicuts, a reservoir of 4,300,000 m ³, and irrigates 20.23 km ² of wetlands. Pachaiyar River has 12 anicuts and irrigates 61.51 km ² of wet and dry lands.The important irrigation channels branching off from both the banks of the river Tamiraparani are, South Kodaimelalagian channel, North Kodaimelalagian channel (Kodaimelalagian  anaicut), Nathiyunni channel (Nathiyunni anaicut), Kannadian channel (Kannadian anaicut), Kodagan channel (Ariyanayagipuram anaicut), Palayam (Palavur anaicut) channel, Tirunelveli channel (Suthamalli anaicut), Mar udur Melakkal, Marudur Keelakkal (Marudur anaicut), South Main Channel and North Main Channel (Srivaikundam anaicut). Of these the first seven anaicuts were constructed during the period of ancient and medieval rulers and the last anaicut namely the Srivaikundam anaicut was constructed and completed by the British in 1869.List of dams across Thamirabarani river:1. Kodaimelaalagain anaicut 1281.67Hectares 2. Nathiyunni anaicut 1049.37 Hectares 3. Kannadian anaicut 2266.69 Hectares 4. Ariyanayagipuram anaicut 4767.30Hectares 5. Palavur anaicut 3557.26Hectares 6. Suthamalli anaicut 2559.69Hectares 7. Marudur anaicut 7175.64HectaresList of channels:1. South Kodaimelalagain channel 2. North Kodaimelalagain channel 3. Nathiyunni channel 4. Kannadian channel 5. Kodagan channel 6. Palayam channel 7. Tirunelveli channel 8. Marudur Melakkal 9. Marudur KeelakalPollution And Other Problems: This was an article in a Tamil daily.Many rivers in Tamil nadu have already become poisoned due to the mi xing of industrial wastages and sewages. No measures have been taken to prevent them from degradation. Cooum is the best example for how a river can be degraded into a drainage. Noyyal has been polluted long back by the industries at  Tiruppur. Uyyakondan/ Kudamuruti river, which passes through Tiruchirappalli has almost reached the drainage degree. Thamirabarani was the only perennial river in Tamil Nadu. Now, this river also poses a danger of being polluted due to plastic waste.Water falling from Coutralam falls is named as Sitraaru (Chitra Nadhi in Sanskrit), which is a branch to Tamirabharani is getting polluted by tourists day by day by polythene wastes. The Servalaaru, another branch river of Tamirabarani also getting poluted in its origination point itself by the tourists. Of late, Thamirabarani River is greatly polluted due to rapid industrialization on its banks including pulp, paper, textile, various workshops, photographic industries, various small scale industries lead ing to the discharge untreated effluents as also human and animal wastes, etc. The waste consists of dye stuff, sulphates, sulphide, copper, zinc, lead, phenolics, chlorides, lingo cellulosic wastes, mercaptans, mercury, etc.The survey conducted at various canals of Thamirabarani river reveals that the arsenic, chemical and pollution levels are extremely high than the permissible limits. Further the presence of amala plants in the canal greatly absorbs the oxygen level leading to the death of living things. Besides, the increased presence of microbes spreads foul smell in the canals. There are shocking reports that one litre of river water contains more than 1,300 microbes. The presence of high-level of toxic substances in the river water and its consumption causes irritation and other skin related diseases. There is huge apprehension among the scientists and farmers that if the present situation is allowed to continue, the crops will be greatly affected.Due to sand mining,the numbe r of fish in the river has met with a drastic decrease.In Tirunelveli,Tuticorin,Virudhunagar districts,people are hesitating to use the â€Å"Jiva Nathi†Tamirabarani’s water for irrigating their fields.The river earlier was the source of water for cooking,consum-ption and other uses.The hotels,factories and hospitals on the banks of the river are dumping their hazardous wastes in the river.The settlements on the banks are also polluting the river on their part.The people have been using the river as a place to attend their nature’s call.Because of these,some parts of the river has become unfit for human use.Due to the mixing of germs,harmful alloys,factory wastes in the river,the Tamirabharani river is heading towards destruction.Plans And Projects To Rectify The Problems:Though the Government has taken many steps to clean rivers,none of them are being carried out properly.Also,the awareness among the people is decreasing day by day.First of all,if the mixing of wastes in the river is stopped,two thirds of the pollution will stop.The river also poses as a breeding ground for mosquitoes as the sewage mixes in the river.If the sewage is diverted,the breeding of mosquitoes will stop.Rivers and streams provide 65% of our nation’s drinking water.The second step is to create awareness among the people.Many rivers have been saved due to community projects undertaken by the people.Likewise,if the problems faced by the Tamirabharani river gains awareness,there is scope for positive development.Conclusion:The problem is never too late to be solved.The future of the Tamirabharani river will be determined by our actions.Do we want our Tamirabhrani river,the â€Å"Jiva Nathi† Tamirabharani to become another Cooum?The question is posed before us.The answer for this question lies in our hands. Through the National River Cleanup Program in the US, 900,000+ people have cleaned 162,000+ miles of streams, removing almost 9 million pounds of tra sh.This could act as an example for us.The steps taken hereafter, should be proactive and not improvident.

Intra-Inter-organizational Cooperation Essay

Intra-organization cooperation is the relationship that takes place within the organization allowing departments or sections to smoothly perform a transaction support so as to provide information, services and equipments within an organization. On the other hand, inter-organizational is strategy adopted by organizations of forming ties with other organizations in order to enhance there capacity of serving more clients or to acquire resources with ease especially from local markets. Such linkages are formed as a managerial response to the need of critical resources which are controlled by others in the environment thus enhancing the power of any one organization dealing with other environmental elements. Organizations enter into inter-cooperative relationships if they are sure that the relationship will benefit them. In terms of operation costs, inter-organization encounters complexity costs and loss of operating autonomy. Contrary, intra-organizational cooperation grants an organization the opportunity to express its autonomy in operation (Longoria, 2005). Inter-organizational cooperation brings about interdependency between organizations in that they rely on each other so that they may be able to benefit in return. Conversely, an intra-organizational cooperation is self sufficient for it strives to remain competitive in the market on its own by use of modern technology in production, research and innovation and organization design. Intra-organizational cooperation involves utilization of available capital labor and resources to maximize profits in performance, while inter-organizational cooperation’s helps to minimize conflicts in the market. Inter-organizational cooperation’s are driven by tactical and strategic objectives in that they save on cost through closer cooperation leading to maintenance of healthy business relationship. The management of inter-organizational cooperation’s is given more attention by the company due to their higher strategic importance.

Dialogue In Oliver Twist - 721 Words

The dialogue in Oliver Twist by Charles Dickens and A portrait of the Artist as a young man by James Joyce reveals aspects of the characters by showing each of the characters thoughts and emotions through dialogue and the characters thoughts. Both passages use dialogue to show the characters emotions, thoughts and how they react to the conflict in the passage to reveal aspects of the characters. In the passage, Oliver twist the author reveals the character aspects of Oliver twist by using dialogue and the characters thoughts. Charles Dickens uses dialogue of Oliver Twist asking for more and his thoughts and previous events to show how the character Oliver twist was forced and obliged to rebelling their lunch system and asking for more†¦show more content†¦James Joyce uses dialogue as well as the characters thoughts to reveal the main characters aspects by showing how Stephen is homesick and longs for his mother yet is bullied by other kids for this. In the text A portrait of the artist, The dialogue says â€Å"Wells said: O, I say, heres a fellow says he doesnt kiss his mother before he goes to bed. They all laughed again. Stephen tried to laugh with them. He felt his whole body hot and confused for a moment. What was the right answer to the question? He had given two and still, Wells laughed at him... But he was not sick there. He thought that he was sick in his h eart†. This reveals Stephens character aspect as very fearful and anxious when being bullied and the author use dialogue and the characters thought to reveal the fearful and home-sick character aspects of Stephen. Another character of which the author James Joyce uses dialogue to reveal aspects is that of Fleming.The author uses dialogue to reveal Flemings aspects as kind and a friend to Stephen. In the text, it said â€Å"Whats up? Have you a pain or whats up with you? dont know, Stephen said.Sick in your breadbasket, Fleming said, because your face looks white. It will go away, Oh, yes, Stephen said†. The dialogue reveals the character aspect of fleming as friendly and kind to Stephen. The author, James Joyce uses dialogue to reveal the character aspects of the stories characters. Using dialogue the authorShow MoreRelatedAnalysis of the Dialogues in Oliver Twist3787 Words   |  16 PagesAnalysis of dialogues in Oliver Twist Book Review Ã¥Å'â€"ä º ¬Ã¥ ¤ §Ã¥ ­ ¦ å…‰å Å½Ã§ ® ¡Ã§ â€ Ã¥ ­ ¦Ã©â„¢ ¢ 00928015 ç ¿Å¸Ã© â„¢Ã¥ ªâ€º è â€Ã§ ³ »Ã¦â€" ¹Ã¥ ¼ Ã¯ ¼Å¡134-3987-9195 2010-12-25 Analysis of dialogues in Oliver Twist 00928015 ç ¿Å¸Ã© â„¢Ã¥ ªâ€º Book review: Analysis of the dialogues in Oliver twist Summary: As the most popular English novelist of the Victorian era, Charles Dickens has his own composing features, one of which is to utilize distinctive language as a salient method to form different characters. 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Oliver Twist†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5Read MoreThe Main Contributions to Charles Dickens Popularity1592 Words   |  6 Pagesstation, where he primarily pasted labels onto pots of blacking, or shoe polish. He earned a measly six shillings a week. During his time at the factory Dickens lost his family home entirely, forcing him to wander the streets alone and helpless (a la Oliver Twist). Naturally, his experience working and living alone caused severe psychological scarring within the mind of young Dickens, but it would later serve to be a source of inspiration for his writings as well as his social critiques and personal philosophiesRead MoreAnalysis Of Before I Fall1099 Words   |  5 Pagesthat is about a teenage girl who lives the same day over and over again. 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