Knowledge and Plato Essay

Plato is one of the most important founding figures in Western philosophy and has had an impact on nearly every philosopher from all time periods. Alongside his mentor Socrates and his student Aristotle, Plato created some of the most significant works in philosophy; ultimately building the framework for western philosophic education. The dialogues of his works are wide ranging, from focuses on life and reality beyond what we see and hear, and subjects as practical rules, laws, education and punishment. Historians believe that Plato was born between 427 and 429 BC in Athens, Greece. Born in to an aristocratic family, Plato was involved in politics from an early age; however, he did not stay on the traditional political path for long. In Plato’s work The Republic, his ideas were to transform and improve political life, as he knew there was no escaping it. As the result of an early failure, Plato came to the conclusion that political action would not stop violence and greed, which is what changed his philosophic approach. It is believed that Plato met his mentor, Socrates, in his youth and his education under Socrates shaped his ideas about the world. Socrates played a role in almost all of Plato’s works and was a robust influence in Plato’s life and ideas. Plato was a believer in the importance of ethics and true self-introspection. In many of his writings, he references the importance of self-reflection; â€Å"First and best victory is to conquer self, to be conquered by self is, of all things, the most shameful and objectionable. †1 Plato was also passionate about music and its importance in education. He stated, â€Å"I would teach children music, physics and philosophy; but most importantly music, for the patterns in music and all the arts are the keys to learning. † 2 Many of Plato’s later works were profoundly influenced by the idea of the soul and the concept of dualism, meaning the separation of the mind and the body. 3 He believed that the real reality is not what we see or what we hear but is something that subsists in a higher realm beyond our day to day life. Many of his ideas on the soul influence a multitude of religions today as he believed that a human’s soul is immortal and that the soul is separate from our physical being. In 387 BC Plato founded what is credited as the first European university, The Academy, in Athens, Greece. The Academy focused on subjects such as astronomy, biology, mathematics, political theory, and philosophy. While at the Academy, Plato wrote many of his most significant works, including The Republic. 4 Plato spent his time at The Academy encouraging students to learn through discussion in order to become freethinkers. Plato even felt that his works and dialogues should be used more as supplementary aids and that no one should rely solely on what they read in a book or dialogue. Plato’s dialogues are used to this day to aid in the teaching of subjects ranging from philosophy to math. Plato’s out of the box thinking will continue to be thought provoking and influential for thousands of years to come. Many of his idealisms are still taking place in teachings and the living of every day life. His diverse subjects and desire for equality will continue to bring positive motivation to those study his works. Bibliography Cooper, John M. , and D. S. Hutchinson. Complete works. Indianapolis, Ind. : Hackett Pub. , 1997. Hunt, Lynn , Thomas Martin, Barbara Rosenwein, and Bonnie Smith. â€Å"From the Classical to the Hellenistic World. † In The Making of the West: Peoples and Cultures. Boston: Bedford/St. Martin’s, 2010. 114-115. Richard, Kraut. â€Å"Plato (Stanford Encyclopedia of Philosophy). † Stanford Encyclopedia of Philosophy. http://plato. stanford. edu/entries/plato/#PlaCenDoc (accessed September 23, 2013).

Describe How to Minimize the Risk of Infection to Self and Others Essay

Working Together sets out how organisations and individuals should work together to safeguard and promote the welfare of children and young people in accordance with the Children Act 1989 and the Children Act 2004. Part 1 of the document is issued as statutory guidance. Practitioners and agencies will have different responsibilities under different areas of the guidance and should consult the preface for a fuller explanation of their statutory duties. CHANGE TO STATUTORY GUIDANCE: On 10 June, Tim Loughton MP, Parliamentary Under Secretary of State for Children and Families announced a change to the statutory guidance set out in Chapter 8 of this document relating to Serious Case Reviews (SCRs). Local Safeguarding Boards should publish overview reports of all new SCRs initiated on or after 10 June 2010, together with the executive summary; neither document should contain identifying details. A letter to local authorities and their Board partners on Local Safeguarding Children Boards has been issued and provides guidance under section 16(2) of the Children Act 2004. This letter should be read in conjunction with Chapter 8. Working Together is addressed to practitioners and front line managers who have particular responsibilities for safeguarding and promoting the welfare of children and to senior and operational managers. Part 2 of the document is issued as non-statutory practice guidance. Includes: * Introduction: working together to safeguard and promote the welfare of children and families * Roles and responsibilities * Local Safeguarding Children Boards * Training, development and supervision for inter-agency working * Managing individual cases where there are concerns about a child’s safety and welfare * Supplementary guidance on safeguarding and promoting the welfare of children * Child death review processes * Serious case reviews * Lessons from research

Incentive Plan Essay Example | Topics and Well Written Essays - 500 words

Incentive Plan - Essay Example 30% of them work in shift of six hours daily. The owner of the Restaurant does not have sufficient experience of running this food business and has sought for a consultancy on how to make as business a thriving and successful enterprise in the environment of stiff competition. Most of the young employees are either students at the university or they do this job as a part time in order to augment their incomes. The following incentives plans is submitted to the owner of Serina Restaurant in order to fulfill his requirements for a successful business: - All the newly recruited employees have to be trained in Kitchen hygiene minimizing the wastage of food stuff, presentation techniques to the customers, all possible good manners to attract and satisfy the customers requirement and preparedness to serve the customers at stretched hours. In order to evens full interest of employees in the business the performance bonus on monthly and quarterly basis has to be ensures so that employees can feel satisfied about their monitory benefits and should own the business to the core of their minds. Besides above employees have to be ensured extra monitoring rewards when the business yielded the profits higher then speculated slabs in this way the employees will put all their efforts to the keep the profits growing. The employees must feel themselves as a part of the Restaurant b

What makes a run on bank When is the government intervention necessary Essay

What makes a run on bank When is the government intervention necessary - Essay Example A bank run progress is an automated momentum gaining process which is, said or believed comes true as the peoples are expecting it to come true: eventually as the deposition withdrawals increase the image of the bank falls provoking many withdrawals. Continuation of a bank run for long time can result in a bankruptcy as bank runs have a very ugly reputation. Insecurity during a bank run creates fear to same extent when the room is on fire. The panic drives us to the nearest visible exit blindly like a reflex without a single thought that the seen exit shown up like an oasis is really an exit or just a mirage. Sometimes it is better not to take risks with your money. The panic or â€Å"the shout† of a bank run is as fast and as growing like a fire. This panic takes an epidemic look as the depositors start to feel the same with other banks too as an incoming shock as this kind of economic disasters are very frequently on the headlines. It’s like when my friend’s ba nk is under a bank run the next bank could be mine. So a bank run is efficiently capable of contaminating its misfortune to cause several bankruptcies at least if the total economic breakdown is managed to block. (Shin, 2009) What causes bank run? Banks have an origin of centuries. Once they were just little shops that were used to collect fund from people and use them as to lend to the borrowers. This model, however, does not look much tough. Particularly in case of depositors, they can freely withdraw their money with a small penalty where a bank cannot ever ask for the money to be returned whenever they need it. Thus, an error arises in this model. In order to nullify this error a bank generally keeps a cash reserve which the bank uses to lend money to the borrowers taking only a little part from the deposits. However, if the bank is completely healthy it can survive a bankruptcy in the long run, but the sufferings of a bank run cannot be avoided when many people take their money back much than the cash reserved. So if a rough situation arises like this all depositors may not get their money back. The thing that makes the situation much worse is the first come first serve policy of the withdrawal. As long the bank have their cash reserve depositors can take their money back, but beyond the cash reserve level the bank is unable to return the money back. Hence, the insecure and desperate depositors rush to the bank to take their money bank thinking this to be a bank run. On forcing the borrowers to return fast the bank undergoes a loss as fire sales occur and the money taken back is very less may be less than the total deposits. In September 2007, a United Kingdom bank called Northern Rock experienced a severe bank run when depositors rushed to the bank to withdraw their money. UK experienced bank run even before. In case of US also bank run was not uncommon prior to 1930s. However, bank runs become rare after that. Why do bank runs exits?   There are three main reasons. (Shin, 2009) (I) Individual Liquidity Shock: Money could be needed in any time as an individual could suffer a liquidity shock for various reasons such as damage repairs from any sort of disaster, loss of earning, emergency hospitalization which leaves no choice to the depositors to withdraw their money. When the individual liquidity shock is completely independent and there are multiple depositors ten we consider it as the aggregate liquidity shock is non- stochastic, so in that case for a particular period of time a fixed amount of deposits are allowed to be withdrawn. This way the policy of cash reserve can resolve the bank run problem. In reality completely independent liquidity shocks are quite unrealistic as aggregate liquidity shocks are found normally in the time of currency crisis or natural disasters. That

Evaluate the claim that biometric technology is a viable and effective Essay

Evaluate the claim that biometric technology is a viable and effective alternative to traditional security methods - Essay Example Experts suggest that biometric technology is the most viable and efficient security measure compared to traditional methods, therefore, the paper aims to validate this claim. Discussion Biometric is the automatic person identification depending on the behavior or physiological attributes of that person. This authorization strategy identifies and verifies a person based on who he is before giving him access permission. The quest for increasingly reliable method of authorization to protect company information has called for biometric revelation and various companies and businesses have shown increased interest in the method. Commonly used physical biometrics is fingerprints, geometry of palms, characteristics of the face and retina, (Schuckers, 2010, p.89). Similarly, behavioral attributes are things such as voice recognition, patterns of keystroke, peoples’ signatures and gait and these technologies, voice recognition and signature are highly developed. Biometric security metho ds are indeed most effective authentication method compared to traditional methods such as smart cards and PINS or both. ... Technical support managers may have difficult time offering instructions to PIN users who have challenges with more basic associated technologies of signing in to certain network. Therefore, biometric technologies are more promising because they solve such problems and relieve the company of such expensive cost of hiring technical support staff, because in a system that uses one log in, biometric technology will be efficient in user authentication. Increasing number of organizations are recognizing biometric method efficiency in various applications, for example, in hospitals traditional methods are being replaced with biometric methods for authentication of users to ensure patients information privacy and confidentiality. Traditional methods such as swipe cards and passwords can be lost or stolen, and bad password management has left users writing passwords on papers and other materials or choosing general and possible works for faster remembrance, an activity that expose such pins to fraud and intruders. Biometric technologies, on the other hand, can be viable and efficient methods in solving these problems because they have strong techniques of authorization and authentication that can assure users of excellent security, (United States, 2004). Similarly, because biometric techniques uses user’s behavioral and physiological attributes in authentication and authorization, it is easy to detect and trace fraud and intrusion, (Ratha and Jain, 2005, p.85). Unlike traditional methods of authentication based of known characteristics – such as passphrases, smart cards – biometric techniques utilize distinct human traits such as voice recognition and prints of fingers that cannot be misplaced, forgotten, or lost. This is because human

Revised proposal Essay Example | Topics and Well Written Essays - 500 words - 2

Revised proposal - Essay Example For that reason, an ecosystem method that incorporates both processes of bivalve aquaculture and carbon dioxide recycling is desirable to give an accurate assessment of the functions of bivalve mariculture in the carbon dioxide. In relation to the most current estimations, the present worlds populace of approximately 7.5 billion is expected to reach 10 billion by the year 2055. Limitations on the accessibility of fresh water and flora and fauna to successfully give food to the approximated increase in population can be conquered by strengthening the involvement of the ocean to the manufacture of food. Successful involvement and contribution of the oceans can be achieved in a number of ways, key among them the rehabilitation of undomesticated fisheries and regulating the worlds fishing practices to maintainable levels. Additionally, successful oceanic involvement is achievable through cultivating the ocean at the same time preserving atmospheric health and continuance. The requirement for alternative feeds to develop cultivated species is one of the principal impediments to the growth and expansion of aquaculture. It is also a major impeding factor to the sustainability and improvement of aquaculture. Nevertheless, a third of the global cultivated seafood obtained from aqua animals in the year 2010 was obtained devoid of the utilization of feed, by use of animal production techniques from the second trophic echelons. There were over 14 million tons of bivalves, which represented a 23.5% of the global aquaculture production. Specifically, over 89% of the worlds marine bivalve production originated from aquaculture in the year 2012 (FAO, 2012, cited in Filguera et al., 2015). Consequently, the argument concerning the incorporation of cultured bivalve shells into the system of carbon trade should be contextualized within the ecosystem of goods and services framework. Individuals nurture

Innocent Drinks Case Study Example | Topics and Well Written Essays - 500 words

Innocent Drinks - Case Study Example The 250 ML smoothie packages were very popular with the customers since they could consume these while in store or on their way home. Therefore, the packaging strategy greatly contributed to the success of Innocent Drinks. The success of Innocent Drinks can be attributed to the approach it took in on writing messages about the products on its packages. These were often fun and they became an instant favourite with the customers which led to the creation of customer loyalty. The guerrilla tactics of marketing the products through different labels greatly contributed to the success of the organisation since the customers often associated it with fun and interesting things. Product positioning also contributed to the success of Innocent Drinks. The products were distributed through grocery stores, cafes and impulse retail stores and all these channels were convenient to the customers. The other factor that contributed to the success of Innocent Drinks is that the organisation later inco rporated traditional marketing to its guerrilla marketing through the use of advertising on subways as well as bus stations to attract more customers. b. Innocent Drinks should rather expand its geographical territory in Europe rather that USA. They should expand their geographic territory to Europe while extending their product line as well given that European market was strong.

Summaries Assignment Example | Topics and Well Written Essays - 250 words - 2

Summaries - Assignment Example establishing research problems, attaining information by scrutinizing a variety of most important and less important sources, consolidating information by making graphic illustrations, evaluating facts to determine and elucidate patterns and inclinations, and presenting and authenticating findings verbally or in inscription. Geography plays a pivotal role in enhancing life skills (Butt et.al 2011). It enables learners to understand and comprehend the environment well. In the long-run, this enables learners with the ability to discern between what is virtuous and debauched towards the environment. Besides, it makes life easy and enjoyable to leave since the life skills and techniques enable an individual to think analytically and propose viable strategies to make life worth leaving. It facilitates research of geographical features, which have significance to human beings. Research facilitates growth of projects like; nuclear power plants, irrigation schemes, canals and dams roads and terrace farming. Indulgence in the aforementioned activities enhances life skills as it is through discovery of a single invention that leads to another. Besides, the technology sector continues to witness invention of applications like the google app the Global positioning systems among others. Successful invention of an in novation encourages inventors to research more and thus enhancing self-actualization and satisfaction. However, life without geography could mean nothing. Since, inventions like electricity came into being due to a critical analysis of geographical features. Electricity plays a significant role towards the economy since it is through electricity that industries are able to operate, thus high employees to work in industries. This in turn, ensures the economy runs smoothly since goods and services are readily available to the market. Justifiably, it is through geography that researchers were able to invent and develop their

Close Reading or Literary Analysis Essay Example | Topics and Well Written Essays - 1250 words

Close Reading or Literary Analysis - Essay Example As an apostrophe, Donne is addressing an anthropomorphized Death and informs the character that it is not as powerful as some people make it out to be. The poem â€Å"demonstrates the impotence and the self-destructiveness of the antagonist† (Tromly 391). Donne begins the poem by directly addressing death, â€Å"Death be not proud,† and then admitting that some people might hold death in a revered place: â€Å"though some have called thee/ Mighty and dreadful† (1-2). Obviously, it is rather banal to have to point out the fact that the single event that all people that are alive cannot deter is that they will all die. There are no exceptions to this, and this is one of the few truisms that goes without anybody being able to form an argument against it. Considering this, the position that death is a powerful figure that is deserving of fear and respect seems like a difficult position to try to argue against. Of course, this would not have been a memorable or interesting poem if it had merely stated this obvious fact. The paradox that Donne creates is what makes this poem so well known. After informing death that it had nothing to be proud of, Donne then informs the character why this is the case: â€Å"For those, whom thou thinks’t, thou dost overthrow,/ Die not, poore death, nor yet canst thou kill me† (3-4). As Donne states, the people that death thinks it has killed were not actually killed by death. Beyond this, death also does not have the ability to kill the poet as well. Considering that the poet has been dead for centuries, Donne is obviously going to have to thoroughly explain why exactly this is true. Donne then begins to explain his reasons. First he states that death is not much difference in appearance from taking a nap: â€Å"From rest and sleepe, which but thy pictures bee,/ Much pleasure, then from thee, much more must flow† (5-6). Following the reasoning that resting or sleeping reinvigorates people and make them more able to enjoy

Repetitive spreading depression Essay Example for Free

Repetitive spreading depression Essay Jefferson (1996) notes that fear of crime is comprised of two distinct elements: personal fear and the use of a public fear of crime discourse. The latter could be variably invested, and could be more about crime than fear of crime. It was sometimes inflected more with anger. Some were invested in other discourses, such as neighborhood decline. It has been found that personal fears were normally of particular crimes, notably burglary or sexual assault, and could vary: inside and outside the home; and within and beyond familiar, local territory. Women are found to be more likely to express personal fear and men are more likely to reproduce the public discourse, especially older men (Jefferson, 1996). In discerning the distinction between the two genders and how each is affected by the fear of crime phenomenon, it was found that sex as such was not predictive of fear of crime; however, the effects of gender increased fears of victimization among women and sense of safety among men. While women feared for physical safety, men were in fear only as far as crime against them, not necessarily that of physical endangerment. Age was influential and found to be especially true for men. Anxieties about declining health and strength were sometimes expressed and are perceived to be in direct relation with a males concern of aging and becoming unable to protect himself in the event of a crime. Age did not appear to affect women in the same level as it was apparent that women of all ages are concerned about being unable to protect themselves against the possibility of physical crime. While older women were more likely to experience this type of fear, it was in no way peculiar to an age group among women. Findings help to establish the means to derive a more complete view of a given social environment (Koehly et al, 1998, p. 3). Research findings have helped to explain the measurement problems of crime and the fear of crime phenomena as it relates to gender depression. In two groups of mostly local, young or middle-aged, low-crime women, levels of fear and anxiety exceeded very low risk. Three of these women (married with children) worried excessively about burglary, or physical and sexual assault, and were hence judged depressively anxious. Their anxieties centered on their children but also included other members of the family, as well, revealing a core anxiety expressed as traditional, caring femininity. The lack of identity beyond that of being wife or mother combines with projection of protective agency onto the men in their families, leaving them with excess vulnerability that manifests in fears of burglary and/or assault. For two women in the study, fear of crime centered on fear of male sexual violence linked to violent, alcoholic fathers (Jefferson, 1996). II. SIDE EFFECTS OF DEPRESSION During the past decade the prevalence of eating disorders has increased among teenage and college-age American women. This increase is probably caused in part by societys idea of the ideal woman as being overly thin in order to be beautiful. Research has shown that anorexia nervosa consists of several psychopathological components as well as the physical components, and that the psychopathological characteristics often include such things as depression, anxiety, and difficulty in social situations, as well as low self-esteem (Wilcox, 1996). Adolescence is an intense time and is normally a time of physical changes as well as psychological changes. Females in particular seem to experience stress that is not experienced by their male peers. Females commonly experience depression during adolescence and other characteristics such as obsessiveness, compulsion and general reticence are quite common. While most anorexics have co-occurring clinical depression there are others suffering from anxiety, substance abuse or personality problems as well as an increased risk of suicide. Parks et al (1997) notes that within nonclinical samples, body image distortions have been associated with lowered self-esteem, depression, and chronic dieting (p. 593). The vicious cycle that exists with depression and female eating disorders serves to perpetuate the mental imbalance. Indeed, the consequences are far greater than just being overweight. Obesity, in and of itself, leads to a number of other diseases and complications that can significantly shorten a persons life. Of the long list of ailments, those at the top include heart disease, some cancers, diabetes, high cholesterol and blood pressure, and gallbladder disease. However, the mental distress such behavior causes is a significant concern, for a poor emotional outlook also takes its toll on the body. A common denominator among women with eating disorders is the overwhelming feeling of inadequacy they experience. Attempts to control their problem usually prove futile, which serves to plummet them even further and further into the depths of shame and depression. Based upon an article from the British Medical Journal entitled Male Sexual Problems, the findings indicate that male sexual function is so completely interwoven with other factors that there is no one single factor that can be considered the cause of sexual dysfunction. Dysfunction is often the result of factors such as complications from illness, general poor health or even side effects from treatment of other illnesses. Impotence is the major common side effect of many drugs, and it has also been a known side effect of aging, anxiety and depression. Male sexual dysfunction is also a known result of all forms of psychiatric disorder either directly or indirectly, with the side effects of drugs taken in conjunction with psychiatric disorder leading to sexual dysfunction such as depression. As sexual function continues to wane, the incidence of increased depression becomes cyclical in nature (Gregoire, 1999). CHEMICAL ASPECT Establishing the determinants of depression and gender in relation to the death of astrocytes in the brain, one is compelled to investigate the myriad experiment data that has surfaced since it was first surmised that the two entities had any connection to each other. Indeed, it has been found that the lack of astrocytic activity in the brain is an integral component to the overall concept of depression; it is with this information that the psychological community has become better equipped to address the relationship between astrocytic death and depression. Considered for decades to be a disease of the insane, depression has finally been recognized for the debilitating and emotionally unbalancing illness it truly is. With an astounding fifteen million Americans suffering from clinical depression a full five percent of the entire United States population it can no longer be looked upon as nothing more than merely the blues. Additionally, another five percent are victims of occasional despondency, with one of every six people succumbing to a significant depressive episode at some point throughout their lives. Depression often hits the elderly more than any other age group; however, with each passing year the average age of sufferers continues to drop. The field of psychology utilizes a number of statistical procedures in order to effect the applicable findings. According to Kendall (1991), the typical procedure behind such research is accumulated by way of study reviews, which employ the use of methodological considerations. These include deciding upon outcome measures, regulating therapy quality, as well as investigating client and therapist characteristics and the therapeutic relationship (Kendall et al, 1991, p. 78). There exist a number of issues that serve to influence the comparison modes, such as side effects, compliance and quickness of action, which must also be taken into overall consideration when determining the data. Among the variables that exist within the framework of statistical procedures, defining whether or not there is a difference between gender participation is a significant consideration. One study in particular from the National Institute of Mental Health Treatment of Depression Collaborative Research Program noted the differences between male and female patient statistical findings after a number of procedures were rendered. Zlotnick (1998) notes that depending upon the type of treatment each individual received placebo/clinical management; cognitive-behavioral therapy; interpersonal therapy; or imipramine/clinical management it was established that the final outcome was not influenced by gender. While the role of gender was examined in the process and outcome of therapy in the treatment (Zlotnick et al, 1998, p. 655) by reproducing the same findings in relation to psychotherapeutic treatment methods, it was determined that the second set of findings were the same. Researchers have been making the connection for some time now between depression and the death of astrocytes, noting that the astrocytes being essential for the brains nerve cells have been discovered to have healing properties. Pennisi (1999) notes how neurobiologists are beginning to recognize the regeneration components of astrocytes. Its going to make [neurobiologists] look at these cells in more detail. It will be interesting to see if they can be purified and used in [brain] repair (Pennisi 1999, p. PG). Understanding the roles that neurons and astrocytes play in the body helps one to fully comprehend why there may be a strong connection to depression. Astrocytic responsibility includes maintaining the blood brain barrier (BBB), as well as providing structural support, protection and repair of the central nervous system (CNS). Neurons, on the other hand, are the vital links between electrical impulses and the nervous system. Repetitive spreading depression (SD) waves, involving depolarization of neurons and astrocytes and up-regulation of glucose consumption, is thought to lower the threshold of neuronal death during and immediately after ischemia (Miettinen et al, 1997, pp. 6500-6505). In postulating the hypothesis that the growth or death of astrocytes somehow affects depression, it is relatively easy to recognize the fact that without the necessary astrocytes in place, conducting the brain-healing processes that they have been discovered to posses, it triggers within the brain the inability to maintain a sense of perspective. A kind of star-shaped brain cell that helps support surrounding nerve cells plays a much more pivotal role in maintaining the brains vitality than researchers had thought astrocytes double as neural stem cells, the source of new nerve cells (Pennisi, 1999, p. PG). Wineke (1996) notes the importance of ongoing research into the very real possibility that the absence of astrocytes serves to adversely effect brain function. Twenty years ago, the ideas we are studying were considered eccentric and fanciful. Now, this is really where its at (Wineke, 1996, p. 1G).

Total Reward Approach to Reward Management

Total Reward Approach to Reward Management Every human being relationship blooms in the light of reward. As the world is going through a serious phase of recession, the amount which is paid to the employees and the form of payment done is therefore the issue that matters. The importance of Rewards is increasing in the world of commercial organisation and is definitely one of the major indicators of profitability and competitive advantages. One of the biggest determinants of rewards lies in the financial position of a particular organisation. The organisations are in constant pressure of producing reward schemes which accumulate all the factors from attraction to motivation of their employees, simultaneously while maintaining the viability of the companys financial and commercial scenario. Absence of reward schemes may have a devastating effect on the organisations performance. The concept of Total Reward has been evolving ever since, Management today is trying to widen up the meaning of the word Reward including both tangible and intangible aspects of rewarding their employees, (Armstrong and Brown,1999). On one side the tangible rewards ensure financial stability of the employee while on the other side the intangible rewards looks after the employees luxuries and compensates for future loss. Now a days managers and scholars are using Total Reward Management more and more as the modern management method According to the Human resources management Total Reward strategy needs to b examined and experienced often to obtain perfect and efficient results. This strategy guarantees a remarkable profit for the organization improving the staffs performance as well as contains the potential to solve and compensate the existing issues in the organization. Rewarding employees in any organization can affect attitudes, behaviour and motivation. Influence on the behaviour of workers seems to be particularly important, it will tend to extra effort if an employee knows that his achievements, work, creativity etc. will be measured, evaluated and rewarded accordingly. The increasing efforts of the employees will result into the companys increasing profitability and better customer service. It must mobilize the growing individual and collaborative involvement of all employees. Literature review: Today organizations are looking forward to increase their employees efforts by encouraging them to improve their performance beyond the organisations expectations and reducing labour cost to a minimum. Thus the study of employee motivation has constantly remained a managerial concern. This essay considers some of the main views of the organisations adopting a total reward approach to reward management. While answering such questions as what do you mean by total reward? How it is benefits the employees as well as the company? How does it motivate the employees? How is it monetarily profitable for the company? Etc. Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organisation. It deals with the design, implementation and maintenance of reward processes and practices that are geared to the improvement of organizational, team and individual performance (Armstrong and Murlis 2006). If the organisation has a fairly distributed reward management then it not only progresses the company but also enhances employees skills and performance. Hence the organisation is under tremendous pressure of having a non bias reward distribution so as to avoid any chaos within the organisation. The reward management literature emphasizes the need to shift from short-term, ad hoc approaches to pay management to a longer-term, strategic approach. Changes in pay and benefits systems have therefore been prescribed as key HRM objectives, pulled together in the US literature under the rubric of the new pay (Lawler, 1995) It is therefore a major managerial concern about how they approach to the concept of total reward. Each organisation can have different criteria about elements that constitute total rewards. Paul Thompson (2001), further gives an elaborated definition of total reward by emphasises it not only encompasses rational scientific elements like wages, changeable pay and profits, but also more intangible non money related elements such as scope to attain and implement responsibility, career opportunity, education and development, the inherent motivation delivered by the work itself and the quality of working life provided by the organization. Essentially, the notion of total reward says that there is more to rewarding people than throwing money at them. Planning a long term reward holds the employee and motivates them to enhance their performance for better customer satisfaction. As Murlis and Watson (2001) refer to the importance of monetary values in designing a reward package but also about these not being the sole factors. She describes cash as being a weak tactic in the overall reward strategy and stresses that total reward policy should be based on building a much better understanding of what the employees expect in their rewards packages. Relationship between the organisation and the employees can be strengthened with the total reward approach. Therefore we need to see a very integrated and holistic approach while considering all aspects of rewards (Armstrong and Murlis, 2006) Hence it is essential to have a coherent reward strategy which helps to create a work experience that meets the needs of employees and encourages them to contribute extra effort, by developing a deal that addresses a broad range of issues and by spending reward dollars where they will be most effective in addressing workers shifting values. ONeal (1998). CIPD reward faculty members Wright and Murlis have created a significant diagram to present visually the various types of total reward. Its definition incorporates a wide range of approach but it is not the only solution for employee energetic. The idea of reward exchange is emphasized although quite frequently left out in the area at work definition. In combination unique and common motivation methods are provided to employees in exchange accordingly for their effort, results, work time, creativity, talent etc. There are five main key elements to keep secure and retain talented workers and also to motivate them optimally to accomplish possibly best business results (Davis, 2007:4). The key points stated by CIPD (2005) in the world at works total rewards: Compensation, Benefits, Work life, Performance, Development and career opportunities. Manas and Graham (2003) emphasize that developing and implementing a total reward approach has much in common with reward strategy development. According to Purcell (2004) and colleagues the organisation can contribute by communicating the values, giving employees a voice, setting up improved performance management processes, instituting formal recognition schemes and taking steps to improve work/life balance. Decisions such as giving voice to the employees by an organisation leads to the delegation of some powers to them regarding their respective expectation about rewards which helps the management in developing appropriate strategies. Developing and implementing a total reward approach may be difficult but the benefits are considerable. The employment relationship created by a total reward approach, which makes the maximum use of relational as well as transactional rewards, will appeal more to and engage individuals involving people in their own reward package design, dives them strong messages about the organisation and its values. At its best, it builds relationship capital. Pfeffer (1998) implicated a new idea to total reward approach in a powerful manner, Employees are able to use their skills in an effective and efficient way with interest and motivation in an enjoyable, challenging and empowered work environment, for which they should be shown appropriate appreciation by the organisation. This scenario creates such an environment for the employees, by which they got motivated and enhance their performance thereby proving beneficial for the company, but it would be less time consuming and simple to reward the employees monetarily then to plan and arrange intangible rewards. Case Study: Total Reward Statement as a document is created annually for every working member of the company on a regular basis. This document allows the employees to receive all the details regarding their benefits that have been received over the course of the year. As total rewards deals with tangible and non-tangible benefits it informs the employees about the salary drawn by them as well as a breakdown of all the other non-tangible profits that have been taken in exchange for their employment. Presenting the reward to the employee in cash terms proves to be very beneficial for the company as well as the employee. For example: if an employee has received shares. The reward statement shows the value of the shares and might as well show their trading history since the issue of the previous statement. There are many companies which have been adopting total reward strategies in the last few years and gaining benefits and improving their labour power. This paper shows a few companies dealing in different products and implementing total reward strategy. Beginning with one of Europes leading telecommunication services BT COMMUNICATIONS. The new reward framework is one of the biggest change initiatives in BTs history, covering more than 40,000 employees in total.(e-reward.co.uk research report, no. 35, July 2005). The idea of transforming its reward strategy from fairly traditional multi-grade pay structure to a total reward system was BTs essential Organizational Program.One area of focus in the new strategic HR agenda was to look at reward and address BTs Paternalistic approach to reward Says Kevin Brandy, HR Director Reward. (e-reward.co.uk, no. 35, July 2005). As the management of BT states, the alleged reasons for switching from the previous reward arrangement was to develop the changed view of the BT peoples regarding rewards. The organisation wasted Millions of pound annually on rewards because of the limitations of the employees in view of companys bonuses. Taking into consideration, the limitation of the earlier adopted reward strategy bounded employees to appreciate their benefits as well as lack understanding and awareness capabilities. By implicating the new reward framework BT affect 250-plus market based roles in 18 job families. BTs strategy is basically based on the role and performance of the employees. As on the other hand, benefits and bonuses given are based on the external market. Giving total reward an broader offer BT has tried to renovate the reward strategy, by going beyond the standard remuneration of the base pay including bonuses. For BT, total reward is not just an ordinary reward strategy used for paying wages to the employees. Its about bonus and benefits, such as company cars and health insurance, shares and pensions, role-based reward, performance-based pay and choice and flexibility in benefits provision. Henceforth three main elements of the reward package influence BTs new total reward approach: Base Salary, Bonus, Benefits (Armstrong and Thompson, 1999). STARBUCKS being one of the worlds largest speciality coffee retailer having 1300 store worldwide, hire around 200 people per day and grow US revenues by 25 to 30 percent on top of US$4.1 billion in revenues from the previous fiscal year. According to Chet Kuchinad, SVP of Total Pay We build the Starbucks experience by delivering pay elements to our partners that drive financial rewards in the success of the company in a meaningful way. In order to strengthen and constrain the culture of Starbucks, innovative reward strategy and payment programs have been introduced. Full- and part-time partners (who meet eligibility criteria) are offered health, dental, and vision insurance, as well as access to an employee assistance program (EAP), reimbursement accounts, short- and long-term disability, and Working Solutions, Inc. (a resource and referral service) to help manage work and family issues (Wilson group.com, case study on Starbucks).The employees receiving the rewards greatly appreciate and value the reward and, as a result, provide a better a service to the customers. According to Starbucks, total reward has played a very important role in benefitting the company but there are many other factors in human resources which affect the companys stability. Examples include employee education, an open n highly communicative environment and a unique program adopted by Starbucks called Mission Review, which is a part of a broader program called Partner Snapshot. Partner Snapshot deals with gaining feedback from the companys partners. However the functions of human resources in Starbucks continue. Rewards and profits were considered by the introduction of total reward that included additional health benefits, maturation of healthcare delivery, and coverage for same sex partners, and an employee assistance program. However, pay alone will not attract people. Our Total Pay philosophy and our culture of teamwork and community are all key parts of why people join and stay with Starbucks. (Starbucks) The next case study deals with Audit, Consulting, Financial advisory, Risk management and Tax services. DELOITTE also known as Deloitte Touche Tohmatsu Limited (DDTL), is a UK private company limited by guarantee. Mark Carman, sales and marketing director of Motivano, Deloitte says Total reward can b a win-win from the perspective of en employee as the reassurance and support available from knowing exactly what your salary and benefits package is worth can have a huge impact on their performance, engagement and motivation. With the rising value of rewards and benefits the company proprietor are using total reward to improve and support their affiliation with employees. Deloitte explains five main steps in creating effective total reward communication: Create clear and concise messages. Think about brand and design. Check the accuracy of your data. Consider security of your personal information. Work with other internal experts. BRISTOL-MYERS SQUIBB is a US-owned pharmaceuticals company. Bristol-Mayers Squibb was going through a mystification of employees regarding reward strategies. As compared to the external competitive market the company was not able to reward the employees, employees were lacking the understanding of the reward which they received and there was an awareness that the wages and the benefits given to them were not as fine as the competitive market offered. Transformation to a flexible reward strategy was very necessary for Bristol-Mayers Squibb which supports the recruitment and maintenance, bringing all the strategies together Bristol introduced the total reward strategy. Portraying everything as work experience, Bristol-Mayers Squibb kept the usual peculiarity between rewards and remuneration. As a result the company received employees which consists appreciation, work-life balance, civilization, employee development and the working environment HENNES MAURITZ (HM) is a 100 billion SEK company, Engaged in designing and retailing of fashion apparel and accessories. Hennes Mauritz appears to provide a total reward framework, with greater emphasis on relational rewards even though transactional rewards are provided (Armstrong (2006), pp.639-631). Hennes Mauritz reward strategy includes many other human resources area like organizational traditions, conscription or selection etc. Implementing total reward management was a very successful concept in the history of Hennes Mauritz. The increasing sales are the evidence of the profitability of HM business as the employees are motivated with job satisfaction as a reward and perform their job as well as contribute their best to ensure customer satisfaction. This case study acknowledges about the companies adopting total rewards from a long period of time and improving their business skills. Though there are some disadvantages to this approach. Starting with the employees, they find it very difficult to understand and expensive to set up as well as complicated to maintain. Although the advanced technology is helping organization to reduce burden as well as reduce cost. The vast range of choices may create a problem both to the company and the workers. There might also be wastage as the employees may not appreciate the full reward package. Conclusion: The reward approach not only takes care of the financial security of the employees but also looks after the overall development of their employees in the society. Its a delicate matter that should be perfectly balanced especially when the organization is rewarding different people working in one team. The advantages of total reward approach are substantial, but developing and putting it into practice may be a difficult task, by the use of relational and transactional rewards the employment relationships created by total rewards approach can be maximised. The total reward approach creates a strong communication about the organisation and its values by satisfying the employees and engaging them in their own designed reward package. At its best, it builds relationship capital.

Essay examples --

In the past, people have always tried their own ways of using daily measurements. It was needed and used for daily trade as well as further businesses. These things could only have been made if the people knew they were being fair and honest; hence, the reason that different measurements needed to exist. Many short distance measurements were based on the lengths of the human body. The width of a thumb was used to resemble the inch, which we used today in the English System of Measurements. The foot, which is twelve inches, was compared to the length of the human foot; however, today it is derived to be longer than most people’s feet. The yard, which is equal to three feet, was inferred to be the length from the tip of the nose, to the end of the middle finger when the arm and hand are extended. The Anglo Saxons of England measured these short differences in their own ways too. The length of three barleycorns was their length of the inch (it was very close to the modern length) . Then in 1066, the Normans conquered England and brought back to England the Roman tradition of the twelve inch foot. During the reign of Henry I the foot became official and was engraved on the base of a column of St. Peter’s church in London (Rowlett, R. (2001). A dictionary of units of measurement. English customary weights and measures). He also arranged the yard to be established in England as well. Although, inches, feet, yards etc. measured shorter distances, miles were used to measure much longer distances. This mile was a Roman unit, which was primarily the length of 1,000 paces of a Roman legion. The â€Å"pace† was meant to be two steps, about five feet, which measured the mile to be roughly about 5,000 feet. The basic unit that was used for weight ... .... Origin of the metric system). Currently, people of many countries use this SI unit for measurements. The meter is used for measuring length (it can be converted to millimeters, centimeters, decimeters, kilometers, decameters, and hectometers). The liter is used to measure volume and its conversions are similar to the meter conversions. The gram is used to measure mass and its conversions follow the meter’s conversions as well. Scientists from all over the world make sure of they use this metric system in order to communicate data and make all calculations simpler. Although a vast majority of world uses the metric system in daily activities, the United States, UK, and other countries decide to still use English units daily. And even though everyone in the world may use different measurements daily, it was all created to make our lives a little simpler each day.

art of the hula :: essays research papers

gArt of the Hulaf What is one thing that stands out in most peoples’ minds when they think of Hawaii? Most people would probably say the hula dance. The hula dance descended from, or can be traced to Polynesia and India. The Hula was a form of poetry for the Hawaiians in all of its sacred and ceremonial forms. In hula dancing, the hands are very important: they tell a story. However, more important are the chants. Chanting is an extension of speaking that started as a means of communicating to the gods. The hula can be performed with or without music, but not without the chant. Bamboo sticks, drums, and gourds, are some of the instruments that are played to support the chanting. The chants are very poetic and have many levels of meaning. They believe chanting is a very personal way of expressing feelings and thoughts on a higher level of communication. The topics of the chants may include warfare, death, sex, birth, chiefs, gods, the beauty of the island and water, or even surfing. This exotic culture was hidden from the world until 1778, when Captain James Cook and his men became the first westerners to discover the islands of Hawaii. When they arrived at Kaua’i, the islanders performed the hula dance as a way of greeting the strangers. Later in 1820, Christian missionaries from New England came to the islands, armed with the Bible and narrow-minded thoughts. They were shocked by the â€Å"heathenish† hula, and tried to abolish the dance. The missionaries eventually convinced the royalty, which had been converted to Christianity, to make the hula dance illegal. It was hard for the Hawaiians to retain their culture because the missionaries banned the Hawaiian language from the schools. However, the Hawaiians treasured their culture and dance, and did not let them die. In 1874, King David Kalakaua came to the throne. He is credited with returning the ancient hula dance to the people. European clad, he was known as the Merrie Monarch. He dined with prominent figures including the ever-corrupt President Grant. He had mastered ancient chants taught to him by his grandmother. During his reign, he brought a lot of European style to the hula dance. He integrated hymn singing and band music into traditional hula dance forms. The ukulele and steel guitar were also introduced. It was also during this period when the ti leaf skirt appeared as a hula dance costume.

Evaluating Term Limits Essay -- U.S. Government

Upon first examination, the idea of implementing term limits in Congress is appealing. In fact, the idea of term limits was initially discussed by our founders, though it was eventually decided that it should not be included in the Constitution (Newton-Small, 2010). The reasons for considering term limits have remained consistent since the beginning of the country, however, and include ensuring legislative turnover, limiting the abuse of the power of seniority, and decreasing the advantages given to incumbents in the campaign process. Interestingly, the states that have adopted term limits have not seen the expected positive outcomes, nor have the opponents seen the dire results that had been predicted. Upon further investigation, the case for term limits is strong as long as it is a nationally based initiative in order to create uniformity and the limits are long enough to increase competence in the job and head off short-term thinking, however without increased voter involveme nt, no reform will solve the current concerns with Congress. There are currently 15 states that have term limits in place for legislators, and among those states, there are seven different versions of term limits (National Conference for State Legislatures, 2009). The differences include the length of time for the limits and whether they are lifetime limits or just consecutive term limits. The difference in the parameters, and the fact that there has been no national reform passed, impacts the effectiveness of the restrictions. For example, consider the fact that congressional privilege and power is often based on seniority. States with current term limits have placed themselves in a weaker position when it comes to power within the legislature... ...tions.gmu.edu/Turnout_2008G.html Morrison, J. (1992). Congressional tenure limited to two consecutive terms? Retrieved from On the Horizon.com: http://horizon.unc.edu/projects/OTH/1-1_poli3.html National Conference for State Legislatures. (2009). The term limited states. Retrieved from NCSL: http://www.ncsl.org/legislatures-elections/legisdata/chart-of-term-limits-states.aspx Newton-Small, J. (2010). Term Limits: No magic pill for Washington's woes. Retrieved from Time.com: http://www.time.com/time/printout/0,8816,1967192,00.html Rasmussen, S. (2011). 71% favor term limits for Congress. Retrieved from Rasmussen Reports: http://www.rasmussenreports.com/public_content/politics/general_politics/september_2011/71_favor_term_limits_for_congress Shenkman, R. (2008). Just How Stupid Are We?: Facing the Truth About the American Voter. New York: Basic Books.

Globalization and Its Impact on Bangladesh Economy

Assignment On â€Å"Globalization and its Impact on Bangladesh Economy† (ECO 360, Section: 1) Assignment on â€Å"Globalization and its impact on Bangladesh Economy†. Subject: ECO 360 (Socio-Economics Profile of Bangladesh) Section: 1 Submitted To: Muhammad Mahboob Ali Adjunct Faculty, Department of Economics, East West University. Submitted By: Name| ID| | | | | | | Acknowledgement In the preparation and finish this assignment, we acknowledge the encouragement and assistance given by a number of people and institution.We would like to express our gratitude to our faculty at East West University; Mahboob Ali for providing us detailed feedback and advice on this assignment. He always gave us his suggestions in making this study as flawless as possible. We also like to thank our group members for co-operating me in many troublesome tasks. And never the less above all our heartiest thanks goes to all mighty Allah without his help. We would not be here. Letter of Transmitta l Date: 23th November, 2012 Muhammad Mahboob Ali Department of Economics, East West University Subject: Submission of Assignment. Sir, It’s our great pleasure to submit the assignment.A study was making on a economics sector that you have asked us to prepare and we select â€Å"globalization impact on Bangladesh economy† to study. We have tried our best to follow the instruction that was given by you. Throughout this study we tried to identify whether globalization play positive or negative impact on our country’s economy. As well as, we also discuss the overall condition of our country’s economy also. We sincerely hope that you will enjoy this report as we enjoyed while writing it. If you need any further clarification or quarry in interpreting this analysis, we will be glad to oblige you.Thank you. Abstract: Over the past decades, globalization has now become a new world order, new world order, which virtually influences everything that comes in our min d. Developing countries like Bangladesh with vulnerable geopolitical locations and weak economies are now looking at globalization to strengthen their economy to fight any perceived threats. But the increasing role played by the western dominated institutions such as, the World Bank (WB), International Monetary Fund (IMF), and the World Trade Organization (WTO) in setting the rules under which globalization is played, has placed developing ountries in a much disadvantageous position vis-a-vis the developed countries. However, a closer look at the globalization will show that it has both positive and negative impacts on the economy of Bangladesh. A thorough understanding of the effect of globalization is needed to use its advantages to improve her economy. This may also help Bangladesh maintain a sustained growth in the face of likely economic peril. This paper studies both negative and positive impacts of globalization on some selected economic sectors of Bangladesh.It also studies some ameliorative measures to overcome the negative impacts and also the ways to exploit the opportunities created. Finally the paper recommends some measures for Bangladesh to meet the challenges of economic globalization. Table of Contents No. | Topic| Page| 1. | Introductiona) Generalb) Motivation and Significance of the Researchc) Research Questions| 7 – 8| 2. | Literature Reviewa) Globalization as a phenomenon. b) The positive impact of globalization. c) The negative impact of globalization. | 9 – 12| 3. | Objective of the Study| 13| 4. | Methodology| 14| . | Limitation of the Research| 14 | 6. | Analysisa) Overall Economic Condition of Bangladesh. b) Opportunities of Globalizationc) Challenges of Globalization| 15 – 25| 7. | Recommendations| 26| 8. | Conclusion| 27| 1. Introduction Globalization in the broadest sense implies integration of economies and societies across the globe through the flow of technology, trade and capital. It basically refers to a p rocess that enables people, goods, information, norms, practices and institutions to transcend national jurisdictions through markets, technologies, interests and information flows.Four types of changes characterize globalization. First, it involves a stretching of social, political and economic activities across frontiers, regions and continents. Second, it is marked by the growing magnitude of interconnectedness and flows of trade, investment, finance, migration, culture, etc. Third, it can be linked to a speeding up of global interactions and processes. And fourth, the effects of distant events can be highly significant elsewhere and specific local developments can have considerable global consequences.Thus the boundaries between domestic matters and global affairs become increasingly fluid. Globalization, in short, can be thought of as the widening, intensifying and growing impact of worldwide interconnectedness. It causes an expansion in the volume and variety of cross border t ransactions in goods and services. Globalization is a much used term and there are diverse views as to how and why globalization is occurring this time around. The late 19th and early 20th centuries saw a globalization in economic markets, but we can see its pervasive and widespread impacts at the present time.Every country in this world enters into global economy and trying to cope with the pace of global economy. Bangladesh is one of the developing countries in the world and its economy has already being impacted by global economy. It is not possible for a third world country like Bangladesh to keep pace with global economy, because it is conceivable that the origins of globalization lie in the political decision by merely the developed countries of the world. Bangladesh’ economy experiences a recession of industrial growth.The study is focused that there is strong opportunity for Bangladesh to boost its economy, but the socio-political situation should be favorable one to enhance savings and investment in this country. The study articulates some strong recommendations that could make Bangladesh even stronger to boost to compete globally to a greater magnitude. It is conceivable that Bangladesh needs to privatize its State- owned enterprise (SOEs) and should maintain an unassailable relation with World Bank, IMF and other donor agencies. It is a big challenge for Bangladesh to contend in global economy through considerable internal and external obstructions.The entire paper is arranged by giving a brief current economic condition of Bangladesh followed by an introduction initially; after then the next section is discussed how Bangladesh economy impacted through regional trade agreement and later the paper portrays the role of privatization in Bangladesh economy. And this paper also discusses how Globalization affects the whole economy of our country Bangladesh. Later the paper discusses some constraints of Bangladesh economy and then it illustrates so me basic recommendations that could make this economy stronger to compete with global economy.And at last a conclusion is illustrated that reflects the overall theme of this paper. It would be very difficult to keep pace with modern globalization. Therefore, one of the greatest challenges faced by Bangladesh in this century is how to strengthen its participation in the global economy in a manner that will bring widespread and sustainable benefits to its people. Motivation and Significance of the Research The motivation that we have for this research is based on the fact that we are Bangladeshi who have seen and experienced the impact of globalization phenomenon on economic development.Developed countries use globalization for improving their economy in many ways. We have marked how these countries use globalization to their advantage. Having compared the socio-political and economic environment of Bangladesh and the countries we have researched, we are now in a position to understan d the likely effects of globalization on Bangladesh economy. We would like to take this opportunity to do the research based on our experience and understanding of the subject from our reading. Research Questions The primary question of this term-paper is: What is the overall impact of Globalization in Bangladesh economy?What should Bangladesh do to use the advantages of globalization in improving her situation? 2. Literature Review Many books and articles have discussed the various effects of globalization exhaustively. These studies include globalization as a phenomenon in general and the positive and the negative impacts of globalization in particular. Even though many books and articles have addressed globalization from the developing countries point of view, few even mention its impact specifically on Bangladesh. Globalization is a growing concern and it is perceived as a vast subject that can impact all aspects of the world, or a nation.People blame globalization for affecting everything from culture, to political systems, to religious institutions, and the economy; all of these perceived impacts of globalization would impact Bangladesh differently. It is important to determine how exactly it can impact Bangladesh. This paper will concentrate on finding viable options for Bangladesh to sustain the world of global economy. The paper will also focus on the measures that Bangladesh might consider in using the effects of globalization in its economic growth. The literature generally looks at globalization from three different angles.These are: a) Globalization as a phenomenon. b) The positive impact of globalization. c) The negative impact of globalization. a) Globalization as a Phenomenon Historical Foundation: The origin of the concept of globalization stretches far back to the activities of the early Mediterranean civilizations before the fifth century A. D. 1 The ancient explorers, motivated primarily by the prospects of material gain, traversed the â₠¬Å"silk route† between China and Europe, the â€Å"amber route† from the Baltic to the Mediterranean and the â€Å"spice route† by sea between Egypt, the Yemen and India.During this period, up to the end of the fifteenth century, the volume of long distance trade, travel, and communications was inevitably irregular. 2 Increased trading expeditions by British, Dutch, and Portuguese merchants in the seventeenth century raised the demand for colonial goods such as coffee, tea, sugar, tobacco, and chocolate. The requirement for more production of these goods as the demand increased prompted the beginning of slave trade from Africa to the Americas and Europe. Following these expeditions, European languages were easily transplanted to other continents and the three monotheistic religions namely Islam, Christianity and Judaism took root. In the nineteenth century, the technology revolution in transport and communications including the emergence of the railway, the teleg raph and the steam ship all lowered freight rates and raised incomes therefore further boosting globalization. Core Elements of Globalization: Basically, globalization rests on a tripod namely, the expansion of markets economic), challenges to the state and institutions (political), and the rise of new social and political movements (cultural). 8 economically, technological changes and government deregulation have permitted the establishment of transnational network in production, trade, and finance creating what is referred to as a â€Å"borderless world†. The second element affects States. Political power and activities extend across the boundaries of nation- states while policy making on issues such as human rights, environmental degradation and nuclear safety have required global consensus.The third element of globalization affects more than markets and states. It is altering the lives of people across the globe. Fast dissemination of media, books, music, international id eas and values has produced a somewhat global culture. b) Positive impacts of globalization: A thorough understanding of the effect of globalization is needed to use its advantages to improve the economy of Bangladesh. This may also help Bangladesh maintain a sustained growth in the face of likely economic peril.Though some view NGO (Non-Government Organization) as a tool of economic exploitation, it brings changes on the living condition and status of the poor and rural people. Excludes are now becoming Includes. While most low-income countries depend largely on the export of primary commodities, Bangladesh has made the transition from being primarily a jute-exporting country to a garment-exporting one. This transition has been dictated by the country's resource endowment, characterized by extreme land scarcity and a very high population density, making economic growth dependent on the export of labor-intensive manufactures.A greater integration with the global economy seems to fit well with Bangladesh's development efforts. The garment sector opens the door of sufficiency to the people who previously live in a hurdle living. The export-oriented garment industry presently employs around 2. 5 million workers – mostly women from low-income, rural backgrounds. The second dominant export-oriented activity, shrimp farming, is also very labor intensive, presently employing nearly half a million rural poor. This economic revaluation is not only creates skilled sectors but also gradually decreased unemployment problem.More generally, import liberalization is likely to have contributed to the creation of productive employment for the poor through the strengthening of many small-scale and informal sector activities that have benefited from improved access to imported inputs. Another issue of great importance to Bangladesh is that the free movement of migrant workers across borders be expanded, for workers' remittances play an important role in its economy. Moreo ver, as a result of increasing global connection and technological improvements diversification of export is possible as many new export items are added as the global demands are increasing.We can talk about ship building industry and IT based call center service are now coming as a new dimension in our economic arena. Globalization also creates impact on our culture and social structure as we are now considering ourselves as a global citizen. The interaction with other cultures and knowledge and information about other societies create a great impact on our lifestyle and thinking. c) Negative impacts of globalization: The removal of the Multi-Fiber Arrangements (MFA) quotas now threatens to increase competition in the global garment industry and thus limit Bangladesh's growth.The strength of the industry depends on the export quotas dictated by the MFA and preferential access in the major Western markets. Moreover, other export industries are unlikely to take its place if the garme nt industry shrinks. It is not easy for a Least Developed Country (LDC) like Bangladesh to specialize in manufactured exports. Having low wage costs can hardly compensate for its lack of marketing skills and infrastructure and poor overall investment climate. Moreover, the high degree of dependence of domestic industries on imported raw materials and industrial inputs makes it difficult for Bangladesh.In this connection, it is likely to mention that, the Generalized System of Preferences (GSP) rules were devised decades ago to help developing countries promote export-oriented industrialization. But, in effect, the rules proved discriminatory against LDCs like Bangladesh that count on low value-addition processing activities. On top of these rules, Bangladesh also has to worry about non-tariff barriers such as those relating to environmental or labor standards. Anti-dumping actions are already under way against exports from Bangladesh,Also, the role of globalization played by the wes tern dominated institutions such as, the World Bank (WB), International Monetary Fund (IMF), Asian Development Bank (ADB) and the World Trade Organization (WTO). The agenda of the Bangladesh’s economical sector and upcoming debt formulated by these kinds of organizations are running on the process of economic exploitation of a country. For this, they are willing to give money for construct a road rather than a factory. Beside this for every debt they are selling their products in our country without any tax.Globalization is a well excepted term all over the world, but developed countries are the real beneficiaries of the concept; whereas the developing countries are in a confused situation to relate the term on their economic, social, political and personal life and it cannot helps to reduce the gap between haves and have not. 3. Objective of the Study: The overall objective of the project is to expand the theoretical discussion on the relationship between globalization, envi ronmental change, resource use social suffering and human security in the context of a least developed country-Bangladesh.And the primary objective is to analysis how globalization effect on country’s economy. This study will: †¢ investigate the role environmental change play in social conflicts and resultant social suffering; †¢ assess the role of population movement as a factor of environmental degradation; †¢ Critically assess the gender dimension of social change resulting from the interacting forces of globalization and environmental change. The principal objective of this study was to identify all major dimensions and issues of †¢ Globalization and attempt to explain those, to the extent possible, from industrial perspective.The specific objectives set were as follows: †¢ To assess the effect and impact of the process of globalization on the life and livelihood of industry especially in Bangladesh. †¢ To analyze the overall economic conditi on of Bangladesh. †¢ To find the opportunities and challenges of Globalization in the context of Bangladesh economy. 4. Methodology: We used descriptive and expletory design to prepare our assignment. By design, this study was an exploratory type of study. For our primary research, we mostly used the resources of the web and the library.And some standard reference sources like – †¢Daily Newspaper †¢Weekly Newspaper †¢Magazine †¢ Economic Reports based on Bangladesh Economy For finding materials in the web, we used the standard search engines such as †¢Google †¢Yahoo †¢AltaVista As well as reference sites and news sites, we also used some Bangladeshi search engines. 5. Limitation of the Problem : All data are not available in internet. It was very short time to collect all relevant data and to prepare this assignment. Also we faced load shedding problem and our lab was over crowded that distract our mind sometimes. . Analysis a) Overall Economic Condition of Bangladesh: Bangladesh is one of the poorest countries in the world, but it is plausible that the overall growth rate of Bangladesh is not stagnant; the overall growth rate of Bangladesh is actually moving forward. The growth average of Bangladesh is 5. 4%per year over the FY01-05 period, which has been the highest since the country’s independence (The World Bank). Bangladesh has global merchandize trade relationship ships with many countries around the world.Bangladesh has a good market in the United States, United Kingdom, Australia and Germany. Bangladesh also exports goods and services from around the globe. The economy of Bangladesh is a rapidly developing market-based economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 43rd largest economy in the world in 2010 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-1 1 of Goldman Sachs and D-8 economies, with a gross domestic product of US$269. billion in PPP terms and US$104. 9 billion in nominal terms. The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Garments sector is the largest exporting sector for Bangladesh. For Bangladesh, openness to trade would be a vital basis of future growth.Growth from trade directness will depend upon simultaneous investment climate reforms that would boost competitiveness to domestic firms. In Bangladesh the government should undertake policies to attract overseas remittance into productive investment activities. Remittances from Bangladeshis working overseas, mainly in the Middle East, are the major source of foreign exchange earnin gs; exports of garments and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation have become a major force of growth.GDP's rapid growth due to sound financial control and regulations has also contributed to its growth; however, foreign direct investment is yet to rise significantly. Bangladesh has made major strides in its human development. The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depends on its six seasons and multiple harvests.Transportation, communication, water distribution, and energy infrastructure are rapidly developing. Bangladesh is limited in its reserves of oil, but recently there has been huge development in gas and coal mining. Bangladesh’s economy has been rem arkably resilient, with GDP growth averaging 5? % a year for the past 15 years. But the growth has been off a low base, so the country remains one of the poorest in Asia. Its economic base is narrow (based around garments and agriculture) and vulnerable to natural disasters. Moreover, despite a recent period of relative calm, political stability is far from assured.Bangladesh is below the regional average for per capita income, growth and creditworthiness. The business climate can be difficult – but according to the World Bank’s Doing Business Survey no worse than the regional average. Like most developing economies, Bangladesh can be a risky place to do business. But it does have attractions: a large and growing population; steady GDP growth; and strong demand for foreign capital to meet the country’s large infrastructure and energy needs. Chart 2 shows the different criteria of risks to exporters and investors of Bangladesh.Over the past 15 years, growth has b een rapid and has slowly accelerated. Over 2012-14, the IMF expects growth to be over 6% pa, an impressive performance in the current economic climate. However, this partly reflects strong population growth, with per-capita income growth continuing to lag the regional average. Moreover, inflation remains a problem, with prices recently being boosted by reductions to fuel subsidies and a weakening in the currency. Inflation is also very exposed to swings in food prices, which account for 60% of consumption. ) Opportunities of Globalization: Bangladesh has a low human capital stock and is relatively closed to the global economy even by standard of the other low-income countries. Therefore, Bangladesh has not yet fully become part of the global economy. This is as truer in trade as in technology achievements. Globalize offers the potential to free Bangladesh and other developing countries from the restrictions imposed by a relatively small domestic market, low saving and limited access to world technology and credit. 1. Opportunity to break the vicious circle:It offers an opportunity to break the vicious circle of savings and investments, a long-standing important challenge for all developing countries. Better education, training, technology, equipment and infrastructure in general raise living standard. Due to globalization, foreign investment in our country will increase. If we can properly utilize it then employment will increased which will raise the income of people of Bangladesh. So, if there is a high rate of income then savings of people will increased which will enable us to break the vicious circle. 2. Alternative source of domestic investment finance:Globalization offers an alternative source of domestic investment finance. Such financing is channeled through direct investment and frequently come with attached benefits, such as technology transfer, training, marketing networks and managerial and technical expertise. Foreign investment is especially att ractive when it brings its own physical capital and the means to enhance human capital of domestic citizens. 3. Increasing the living standards of poor people and employment opportunities: Globalization is increasing the living standards of poor people in Bangladesh.Industries from foreign investments create employment opportunities for a large number of people including young women who, for the first time, can visibly enter the male dominated public space. Foreign and export oriented industries are changing the economic and social scenario of Bangladesh which, results in an increase of living standards. 4. Motivating the people and increasing the modernity of our society: Increasing globalization is motivating the Bangladeshi people and increasing the modernity in our society. A person can forces by inspiration refers what effect his direction, intensity, and persistence of voluntary behavior.Foreign investments create high paying jobs, which require more knowledge and skill, there fore motivating people to work for a higher education. Bangladeshi students are performing better than before. Advertisements for foreign products also motivate people. Globalization allows foreign companies to advertise their products in our country. When people watch advertisements for expensive foreign products, they want to buy them even if they don't have the ability. 5. The transfer of technology: Bangladesh has largely benefited from the transfer of technology.One nation cannot produce everything, because it has limited resources. Globalization gave us the opportunity to use modern technology. We got world-class telecommunication technology, which was not possible without foreign investment. 6. Modern telecommunication technology: Modern telecommunication technology connected us to the rest of the world. Bangladesh are getting technological advantages like computers and the Internet, transportation and online banking with evaluation in the modern world. We are earning foreign currency and creating many new jobs by exporting computer software.Globalization has made a big social and economic change in Bangladesh. 7. Increased competitiveness and raise export potentials: Product market competition induced by government policy of economic liberalization can bring about increased competitiveness and raise export potentials. The competition can be enhanced by reductions in transport and communication costs of conducting international trade, by removal of external tariff barriers, and by more vigorous application of pro-competitive policies in those domestic industries not exposed to international competition. Competition is healthy for the economy in the long run.It not only influences the relative bargaining power of firms and workers but it is also a force for renewal and change. 8. Actions of Employers to reap the opportunities of Globalization: Volatility in the labor market has prompted employers in Bangladesh to become more organized and to move towards greater unity. There is a tendency among the employers to shift certain risks and responsibilities away from the enterprise or society to the workers. Employers have tended to introduce new labor-saving technologies to reduce cost of production and to avoid the risk of labor unrest.Unlike in the public sector, employers in the private sector have resorted to growing casualization of workers resulting in the deprivation of workers of provident fund, gratuity, normal working days and hours, group insurance, leave encashment, leave with pay and pension benefits and, above all, job security 9. Actions of Trade Unions to reap the opportunities of Globalization: Economic integration and increasing competition erode the bargaining power of trade unions. However, the increasing mobility of goods and capital allows such obstacles to be readily circumvented, thereby prompting the trade union movement to adopt a global approach.Globalization has also created opportunities for trade unions by offering organized labour the alternative of collaborating with employers to enhance productivity, adaptability and product or service quality, in exchange for job security and higher wages. 10. Benefit from return migrants: Because of globalization also Bangladesh can benefit from return migrants. Migrants make-up a pool of potential investors and managers who have benefited from foreign training, not merely from academic or vocational training but in the wider sense of learning on the job and assimilating more of the global business culture .Migrants are likely to return for changing lifestyle for example they wish to return home to set up a business (however small) or to take advantage of early retirement. Due to globalization these migrants are interested to invest in Bangladesh 11. Foreign Direct Investment: FDI in RMG industry should be welcomed and pursued to ensure higher investment in this sector. FDI would also help in transferring technology and ensure bigger market acces s by providing direct linkages with the retailers. 12. Some other Opportunities of Globalization: Globalization has also created some new scope and opportunity for the development.Following may be considered as opportunities: a) Bangladesh is being integrated with global economy and business. b) Expanded private sector employment opportunity with poor labor rights.. c) Increasing competitiveness and efficiency. d) Emergence of new sectors of production and employment according to the global need, such as ternary, footwear, pharmaceuticals, RMG, etc. e) Labor export to external market increased. f) As more countries are participating in trade, finance and production, Bangladesh is being integrated globally to a greater extent than before. g) Increased economic interdependence compared to other developing nations. ) Bangladesh is being linked to both developed and developing countries more closely through economic institutions, international agreements or treaties. i) Increase in fore ign capital, information and technology flows. j) Bangladesh is facing competition from increased internationalization of foreign enterprises, mergers and alliances. k) Bangladesh is experiencing customer-driven (rather than product-driven) global and local markets, though at the same time segmented markets. l) Competitiveness of Bangladesh is increasingly being based not on low wages or natural resources but on knowledge/innovation, skills and productivity. ) Potential to boost productivity and living standards across the globe, because a globally integrated economy can lead to a better division of labor between countries, allowing low-wage countries like Bangladesh to specialize in labor-intensive tasks while high-wage countries use workers in more productive ways thus allowing global firms to exploit bigger economies of scale. So we think Globalization will help Bangladesh a lot to increase its overall economic condition and others sectors that need to be strong to build up a dec ent economy. c) Challenges of Globalization:Within a country, there is the challenge of forgoing liberalization policies that promote greater integration of the domestic economy into the global economy. There are pressures from trade unions, lobby groups and local businesses over the effect of these policies on jobs and the closure of local industries. These can make it politically and socially difficult to implement reforms that could benefit a country in the medium to long term. The responsibility for achieving the right balance and pace of adjustment lie with individual Governments, but in practice this is not simple as it appears.Bangladesh pursued a number a number of stabilization and structural reform programs between 1987 and 1993, and made considerable progress in achieving macroeconomic stability. The various challenges of globalization that Bangladesh faces are as follows:- 1. Challenges for national economy: During the period of rapid integration with the global economy, the incidence of poverty appeared to have increased and so have inequalities in the country. Economic reforms in the country produced disappointing results in the absence of a system to induce entrepreneurs to invest in industries.Lack of institutions to make the economy efficient and reduce transaction costs was also a reason behind the country's poor performance. Inequalities increased in the country during the period of rapid globalization. Inequality in income distribution increased quite substantially both in rural and urban Bangladesh. 2. Challenges for our culture and social life: Globalization makes worldwide boundaries fade away and enlarging contest in the market place. For globalization we are facing a huge impact on our culture and social life in the modern world. For example, McDonalds introduced American fast food to other parts of the world.The American fast food of McDonalds, Pizza Hut, etc. are introducing to our country, which is a challenge for our Bengali fast f ood. Also the Indian culture becomes a major challenge for our own Bengali culture now-a-days. 3. Challenges for business: As in the case of industries, globalization impinges heavily on the business in Bangladesh with destabilizing forces debilitating balance of trade and balance of payments. Bangladeshi products are increasingly losing competitiveness in the global market due to growing cost of business exacting high prices.The cost of business is increasing primarily due to port problems, bureaucratic tangles in customs department and no improvement in lead-time. In contrast, an increasing number of countries are offering low-cost products. 4. Challenges of Globalization on Industry: In Bangladesh many industrial units in jute, cotton, RMG, and paper and several other sectors are closed down by a number of reasons of which globalization is one crucial factor. These industrial units have difficulties to compete both domestically and internationally.Even in the domestic market, it is difficult for them to keep up the competitive advantages compared to imported goods. Notably, in all these sectors there is considerable inflow of FDI and presence of MNCs (multinational companies) and there is no SOE. 5. Challenges faced by ICT and Bio-technology: Such challenges faced by Bangladesh for the ICT and Bio-technology and their Impact on Employment and Intellectual Property Rights are: a) Makes some of the traditional farming role of people redundant leading to unemployment particularly among older and rural people. ) It's not a desires and traditions of our communities to imported bio-technologies always. c) Needs to make easy to codify and move some of the un-codified knowledge of local citizens to the worldwide market. However if uncompensated, the move deprives people the economic gains and royalty they should be entitled to. 6. Challenges for Power Sector: Government has opened up foreign investment in power generation as independent power producer (IPP), and ha s also privatized transmission and distribution to the private sector (DESA, DESCO). Significant private foreign capital invested in the sector.As a result Bangladesh Power Development Board gradually has been losing its control over the power sector. Companies appointed employees under new terms and conditions. Job security of the employees also was ensured by the agreement 7. Challenges for Telecommunication: Telecommunication service was exclusively under Bangladesh Telephone and Telegraph Board (BTTB). This sector has been opened up for private investment. Different private telephone companies, TV channels, marine and rural telecommunication, radio trucking service and revering telecommunication have already been opened up for private sector.These private phone companies or TV channels are capturing a large number of customers. As a result govt. owned companies losing their customers. Government has been making different efforts to privatize this sector like PDB under company ma nagement. There is strong opposition from employees against privatization of BTTB. 8. Challenges for Labor Market: In Bangladesh many industrial units jute, cotton, paper and RMG, and several other sectors were closed down by a number of reasons of which globalization is one of crucial factor.It is estimated that near about 7 thousand big and medium size industries closed down as an impact of globalization. In Bangladesh near about 2 million people lost their employment due to closure of industries. Most of the privatization and closure of industries resulted in huge retrenchment. Fall in the aggregate demand for labor has accelerated declination of wage. Real wage declined due inflation and currency market deregulation. Also there is a decreased in number of working people under permanent contracts of employment.Non-traditional forms of employment including part time, casual and contract labor, home-work and migratory work increased. Casualization of workers in the private sector r esulted in deprivation of provident fund, gratuity, normal working days and hours, group insurance, leave, pension and above all job security. Numerical functional flexibility in labor market increased, increased of out sourcing of work, and increased irregular payment. In the name of competition workers are forced to work overtime. Minimum wages of the workers in the private sector are not protected. 9. Challenges for Employment:Challenges for employment are as follows:- a) Trade liberalization and privatization created social insecurity and aggravating, unemployment, underemployment. b) Social security of the workers decreased. c) Reduced job security, workers are terminated without benefits. d) Working environment degraded, especially in the private and informal sector. e) Labor laws are not implemented in most of the privately owned industries. 10. Mutual dependence: Globalization has increased mutual dependence between macroeconomic stability and good institutions and organizat ions, and made stability vulnerable to volatility in financial markets.Financial and currency crises around the world have occurred with an acceleration pace and with relatively more devastating impacts since the globalization process accelerated from 1989. 11. Some other Challenges: Bangladesh has to face some challenges to fight as well as cope with globalization. Challenges are as follows: a) Build up strong resistance against privation. b) Reopening of closed industries. c) Unite trade union movement to achieve greater collective bargaining power. d) Capacitate trade union with new bargaining approach. ) To fight against the fast changing rules of the game of rapid transformation workers need to develop knowledge based skill in manufacturing through continuous updating of skill to face the challenges of globalization. f) Build up global shared goal and action. Enhance global unionism to face the global challenges. g) Initiatives to influence International Financial Institution t o ensure workers’ rights. h) Build up pact between trade union and global consumers. Make global consumers responsible to ensure labor rights at national level. i) Organize informal sector as well non-unionized workers to strengthen trade union movement. ) Globalization not only affected workers but also affected different sections of the people, so it is important to organize voice from all sections. k) Workers alone would not be able to fight globalization. Influence political parties to incorporate the agenda. Globalization has both positive as well as negative impacts on its players. In an increasingly open, integrated and borderless world there have been remarkable growths in trade and exchanges. It was basically possible because of the democratization of technology, finance and communications. On the other hand globalization also generates number of problems. 7.Recommendations: The impact of globalization on the economy of Bangladesh is mixed with marginal positive outc ome overshadowed by vast negative results. Globalization provides many opportunities for development for Bangladesh and its people, including the potential to improve wages and living standards. It has challenged many economic strategies of the past as the way towards development. It provides an impetus and incentive to develop human resources and to improve productivity as key factors of competitiveness and improved living standards. Globalization has made Bangladesh conscious of the need to improve productivity.Even unions in Bangladesh have come to acknowledge the importance of productivity enhancement to the standards of living of their own members. > Trade liberalization and privatization has created social insecurity in terms of loss of jobs and aggravating unemployment and underemployment in the country pointing to the need for social protection to contain insecurity of the workers. Voice of the common workers, collective awareness and participatory management of trade unions at various levels are the three main processes for the improvement of trade union governance.The existing practice of centralized governance of trade unions has largely contributed to the major failures in the labor processes in Bangladesh. > Competitive labor market is expected to link wages with productivity. In the case of SOEs, real wage growth outpacing productivity growth is a factor raising unit labor costs and reducing international competitiveness calling for adjustment of real wages in line with productivity growth. > The state thus has a critical role to play; both in handling such shocks and in helping people and firms seize the opportunities of the global market place.Globalization also sharpens the need for international co-operation in at least five areas, such as: a) Managing Regional Crisis, b) Promoting global economic stability, c) Protecting the Environment, d) Fostering Basic Research and the dissemination of know-how and e) Making International Development Ass istance more effective. Some Recommendations are given below: Government level reforms: Bangladesh Government has taken initiatives or resources for telecommunications and transports which are not along to meet the nation’s growing requirements.Bangladesh government should continuously improve system capabilities to enhance the private sector participation. Monetary Policy: The central bank must maintain a close look on the growth of the monetary base or domestic credit creation. Attract free flow of FDI : Foreign Direct Investment is inevitable for any developing economy. Bangladesh should create proper field to attract more FDI in industrial sector. Productive investment: Bangladesh needs substantial quality investment in the industrial sector and investment in those activities where we can produce more efficiently.The economic growth rate in Bangladesh is not necessarily constrained by insufficient savings; rather it is due to poor level of investment and lack of efficient use of capita Integration into World Markets: In Bangladesh, firms can be internationally integrated by means of ownership or by selling their products in foreign markets. In the readymade garments and leather/footwear industries, most of the firms are majority exporters, i. e. , they sell more than 50% of their output in export markets. In contrast, in the pharmaceuticals industries there are no majority exporters (Fernandes2006).Limited foreign capital assimilation: Every year Bangladesh seeks foreign capital for undertaking various projects. But foreign capital can be a substitute for domestic savings only to limited extent. Foreign aid, commercial borrowing and portfolio investment can limit the expansion of savings by expanding consumption. The government should immediately constitute a national committee on aid for trade to work on getting a better share of the aid-cake as well as adopt a foreign aid policy statement in consistent with the new PRSP (Poverty Reduction Strategy Paper) to make donors clear about the priority areas of aid. . Conclusion: Globalization has a very far-reaching effect on almost every sphere of life. In the question of economic development and growth it is even more being in this era of globalization. Developing country like Bangladesh must take the advantages of globalization and attempt to improve her economy. However, we found from each piece was that the impact of globalization was more negative on Bangladesh than it was positive.Globalization has not only kept Bangladesh from advancing ahead in economic development, but it has changed the traditions and ways of life for the indigenous people for the worse. As a poor country, Bangladesh needs to be more concerned about the appropriate implementation of Globalization. As we find thru our research, Bangladesh’s potentials to economic globalization is highly promising. We believe that the recommendation made in this paper if implemented well will take Bangladesh to a poi nt of sustained economic growth and development.