Japan's economic crisis during the 1990s

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Japan's economic crisis during the 10s

Was the crisis in Japan during the 10s due to its model for economic development?

Content

Cheap University Papers on Japan's economic crisis during the 1990s

1. Introduction

. Japan, a late developer

.1. The origins of economic inequality

.. A model for economic growth

.. A model of state-led development

. The Japanese model of development

.1. A social model of development

.. Japan's model of capitalism

.. Managerial advantages

4. The crisis of the Japanese model of development

4.1. High non-performing loans

4.. High-technology

4.. The bubble burst in 11

4.4. Financial institutions exposed to global financial markets

5. Conclusion

Introduction

Until the end of the 180s, Japan was considered, rightly, to be the world's success story of economic development and technological modernisation of the past half-century. After its defeat in World War II, Japan achieved an extraordinary hyper economic growth and a technological transformation that enabled the country to succeed in the process of catching up with the Western European states and North America. This "Japanese economic miracle" was, initially, based on the so-called Kaldorian strategy that allowed the states, which had started to industrialize after Britain, to develop successfully. But most importantly, the Japanese success was due to its model of state-led economic development, which not only induced its own revival after World War II, but also provided a role-model that has been admired by many other countries. By the 180s, the major state's interest in Japan had intensified considerably. It seemed, Japan had redefined the notion of competition, the organisation of production, and economic progress and development ("Explaining the Japanese economic miracle", Japan and the World Economy, 001, Vol. 1, Issue ). Then suddenly, in 11, the speculative bubble in Japanese land and stock prices burst, and the Japanese economy began its long slide through lower growth rates into recession. While in 1 the Japan's economy seemed to be on its way to recovery, most of the problems underlying the financial crisis were unsolved, so that the restructuring of the country was still unfolding at the turn of the century (Castells, 000 ). If we are to expect a successful restructuring of Japan, we should determine the factors that caused the decline of the Japanese economy. I suggest that the state guidance that had been seen, before the bubble burst, as one of the main engines driving Japanese economic success and was now regarded as inept and rudderless, could be the main problem underlying the Japanese crisis. In doing that, my purpose here would be to examine whether the crisis in Japan during the 10s was due to its model for economic development. In order to do that, I will first look at Japan, as a late developer. Secondly, I will outline the Japanese model for development. And finally, I will explain the factors that were crucial in the Japanese financial crisis.

Japan, a late developer

The origins of economic inequality

The industrial revolution in Britain at the end of the 18th century posed a great challenge for the rest of the world. However, it did not change the inner working of the world economy so much as it accelerated a process that was already underway. A process of economic inequality, explained by the 1th century economist, Johann von Thunen, that emerged after 1400 and that originated from the global economy. Von Thunen created a town that produced manufactures and exported them to the farms around it, while these supplied the town with agricultural products and raw materials. Referring to this distinction, I will also use the terms core and periphery. Von Thunen argued that it would generate a spatial division of labour with sharp disparities in incomes between the core and the periphery. The outermost rings would have much lower incomes than the town. Consequently, the cause for this economic inequality would be the periphery's engagement in commerce with the core. The economic growth generated by the industrial revolution underpinned Britain's rise to global hegemony after 1814 (Schwartz, 000 77). Similar to Von Thunen's town, Britain's exploding demand for raw materials and rising industrial population pushed agricultural production out of Europe, generating a global set of agricultural production rings. But Von Thunen argued that although the urban industrial core exerted pressure into the peripheral zones, this did not necessarily mean underdevelopment or lower living standards. The industrial revolution in Britain drove the states in the periphery to an industrial backwardness, but in the same time forced them into more intensive development. Japan was one of the many states that was driven to the periphery and that started to industrialize four generations after Britain.

A model for economic growth

As a late developer, Japan succeeded in catching up with the Western world. It applied, initially, a model for industrial growth, called a Kaldorian strategy. This strategy relied mainly on the so-called verdoorn effects or increasing returns to scale. This meant that if a firm increased its output, the productivity of the same firm would increase also. Another element of the Kaldorian strategy was learning by doing. If a given firm increased its production, it would have enough experience in its production process to become more efficient at producing its goods. Ignoring Ricardo's comparative advantage, a state, which initially was not competitive in the production of a good, could become competitive through a process of learning by doing. A state that applied the Kaldorian strategy would be oriented towards the production of manufactures and their export. Most importantly, the Kaldorian strategy for economic growth attempted to construct a new town somewhere in the agricultural or low value industrial supply zones surrounding a larger town (Schwartz, 000 6). The British demand for raw materials forced the Asian states to become exporters of primary products to Britain. This, in turn, created demand for manufactured goods inside East Asia and the returns derived from the exports to Europe allowed the East Asian states to pay for the industrial products. Japan was the state that started to satisfy the intra-Asia's demand for manufactures, creating an industrial town there, reorienting production around itself and therewith stimulated growing demand that, finally, displaced the pressure emanating from the larger town, Europe.

Japan took advantage of the East Asian textile market, which had remained untouched by the European producers. The country used the agricultural surplus to fund its initial investment in the local textile production. By applying the verdoorn effects and by concentrating capital for investment in its nascent industry, Japan increased its textile productivity to the point where it could compete with Europe. The transition from low-quality to high-quality textile manufactures allowed Japan to become the industrial core within East Asia. The country exported finished textiles to India and China while it imported raw cotton from India and rice from Taiwan (Schwartz, 000 ).

A model of state-led development

As we have seen, Japan became the new core or town within East Asia, replacing the larger one, namely Europe. Japan provided both the principal engine of economic integration and the influential model of economic development for East Asia. Although Japan had an initial success in development, the country could not have succeeded in its definitive process of catching up with the Western world by only using the above mentioned Kaldorian strategy for economic growth. Japan pioneered a model of state-led economic development that not only underpinned its own remarkable resurrection in the aftermath of World War II, but also provided a role-model for a number of other countries within the East Asian region (Stubbs and Underhill, 000 5). Gerschenkron argued that the later any given country's industrialisation started after Britain's, the greater the degree of state intervention needed to make industrialization successful (Schwartz, 000 86). Thus, according to him, late development could succeed only in economies where the state intervened to protect local industries and where the banks, guided by the state, provided capital for investment by squeezing agriculture that otherwise would not have occurred. Gerschenkron asserted that the economic development of a state could be determined by its internal politics and institutions, and that the position of a state on the world economy depended on the role of the state.

The Japanese model of development

A social model of development

During the past half-century, we have witnessed the hyper economic growth and technological innovation of Japan, which could be explained by the internal dynamics of its society. These achievements required a strenuous effort from the entire Japanese society. After its defeat in World War II, the Japanese people mobilised collectively first to survive and then to reach the Western level of economic development by peaceful means. Initially, labour policy and capital markets were designed to achieve a cohesive national policy and to overcome the wounds of the war, rather than as a means to create an efficient economy (Stubbs and Underhill, 000 15). At the heart of the Japanese process of development was, thus, the nationalist project of the developmental state, enacted by the state bureaucracy. The state government imposed regulations on business through the Ministry of Finance, which controlled the budget, and had the material power of decision-making. Its two main instruments were the Ministry of International Trade and Industry (MITI), and the Bank of Japan (Castells, 000 6), since credit, import and export allocations, and support for technological innovation were the tools through which state bureaucracy was able to co-ordinate and organize competition.

The Japanese development relied also on the social stability that came from the people's commitment to rebuild the nation, the patriarchal family, and the substantial improvement of living standards. The social mobilisation was, namely, the factor that enabled the Japanese state to intervene and guide the economic life of its society. The patriarchal family survived the accelerated industrialisation and modernisation as a stable unit. It reproduced traditional values and induced work ethics, unfortunately at the cost of submitting women.

Japan's model of capitalism

Japan was the only one that had successfully challenged the economic dominance of North America and Europe. By the end of the 0th century, its economy had become the second most powerful in the world. And this was accomplished in spite of the vast devastation that the country suffered as a consequence of its defeat in World War II. By 15, when the occupation of Japan came to an end, the country had regained its pre-war level of production ("From fast to last the Japanese economy in the 10s", Journal of Asian Economics, online march 00). In the period between 155 and 17, the average annual growth rate of the Japanese economy measured in terms of real GNP rose to almost 10% ("Explaining the Japanese economic miracle", Japan and the World Economy, 001, Vol. 1, Issue ).The economic growth and structural transformation in Japan were embedded in institutions and guided by policy. During the period of 'miracle' economy, Japan developed a corporate model of capitalism, imposing capital control and having a highly regulated economy. As Gerschenkron required, the state bureaucracy guided and protected the Japanese corporations with the aim to enable them to compete successfully in the world market. The state made this possible through its trade and technology policy, and through extending credits to the Japanese corporations. Trade surplus was recycled as financial surplus and there was a high rate of domestic savings. The government promoted the establishment of banks that provided short-term lending at a low interest rate. The banks were taking deposits and investing shares in order to accelerate industrial growth. This example of state intervention fostered the development of large corporate conglomerates in private hands and sought to reduce trade and financial dependency on foreign sources. Managers were placed in the driving seats of corporate Japan, along with bureaucracies and political parties (Stubbs and Underhill, 000 15). The financial market was highly regulated to ensure monetary stability and to protect depositors from bank failure. In order to protect the internal market or the large corporations against external pressure, Japan developed a mutual or cross-shareholding system, a practice whereby firms held stocks in one another. This system functioned as a hedge against hostile takeover, curtailing foreign market access and ownership. At the same time, the system required open markets for exports and for corporate assets in other countries. The home market was the launch pad for the conquest of foreign markets, and the domestic market was protected by all manner of corporate practices (Stubbs and Underhill, 000 15). Much of the rapid growth between 155 and 17, derived from Japan's export orientation. The exports exceeded the imports and this differential increased the growth rate. In 187, Japan's trade surplus reached a whopping $6 billion (Woronoff, 16 55). Managerial innovations during the 150s allowed Japanese firms, particularly electronic and automobile firms, to become internationally competitive. Their exports into the US and European markets, swept aside other small-car producers. By 180 Japan had about 0 percent of the US market and just over 10 percent of the entire European car market (Schwartz, 000 ).

Managerial advantages

Managerial innovations in Japan undercut the US dominance in manufacturing and eroded, consequently, the US hegemony in the 170s and 180s. Japan became a highly competitive exporter of, particularly, electronics and car manufactures, able to outcompete producers in all of the world's major markets. The managerial innovations were at the level of firm organization, the keiretsu; at the level of production processes, kanban; and at the level of the worker, via kaizen (Schwartz, 000 81).

In post-war Japan, capital was extremely scarce. Therefore, firms could not afford to tie up capital in inventory simply to buffer against defects. Instead, they looked for ways to produce only what was needed. From this situation emerged the kanban, also called 'just-in-time-inventory'. It referred to a zero-parts buffering of inventory, whereby the firms saved money on inventory holdings. This system was combined with a zero defects policy, putting pressure on producers to deliver defect-free parts. Kaizen referred to continuous improvement of production, products, and producers. This system provided multi-skilled, efficient producers and a high quality of management. Japan developed a new entrepreneurial system of partially disintegrated firms, called keiretsu, building on the ruins of their pre-war bank-based business manner of organisation. The Japanese elites spun a web of connective networks (Stubbs and Underhill, 00084). This relationalism was characterized by co-operative bonds between state and industry, between firms, and between management and labour. Keiretsu or inter-firm groups permitted coordination between the large manufacturers and the small suppliers. The inter-firm ties allowed producers to reduce risk and to finance expensive development projects like new car models. The relationalism permitted companies to allocate capital into new areas related to its original business.

Due to these innovations, Japan's own automobile production doubled with over 11 millions units between 170 and 180, making it the world's largest car producer and exporter (Schwartz, 000 ).

The crisis of the Japanese model of development

High non-performing loans

In the 180s, Japan showed a structural weakness that manifested itself in a financial crisis. What could have caused the demise of the Japanese financial system? The main problem was the huge amount of non-performing loans accumulated by Japanese banks, estimated in 18 at about 80 trillion yen, equivalent to 1 percent of Japan's GDP (Castells, 000 ). The Japanese banks were in a desperate situation, considering that only two of the top 1 banks had an adequate capitalisation to cover their potential losses. But why were there so many bad loans, and why was their potential default ignored for such a long period? The answer lies in the contradictions built into the Japanese model of economic development, aggravated by the growing exposure of Japan's financial institutions to global markets. As explained above, the rapid growth relied on a government-backed financial system that protected both savers and banks, while providing low-interest, easy credits for firms. Savings and investments were channelled into deposits in banks. For example, one-third of all household savings went into bank deposits ("Introduction to the symposium on the Japanese economic slump of the 10s", Journal of International Economics, 001, Vol. 57, Issue 1). At the end of the 180s, the endaka - strong yen shock- caused a massive overcapacity in basic goods and an increase of export prices that reduced the competitiveness of Japanese exports across the borders. Despite the sharp appreciation of the currency and its consequences, the companies had managed to adjust rapidly and could sell again. Japanese exports flooded foreign markets and profits rose again. At this point, Japan could have opened its economy, and used the purchasing power liberated by falling import prices to generate consumer-based, domestic-oriented growth (Schwartz, 000 07). But this would have hampered the domestic political and economic interests. Instead the Bank of Japan, as we have seen, tried to promote domestic growth by lowering interest rates to percent and the Ministry of Finance pursued an expansionary policy (Woronoff, 16 44). Companies could thus borrow at very low bank rates or, even more advantageously, they could issue shares on domestic and foreign markets.

For a long time, Japanese financial institutions functioned in relative isolation from international capital flows, and under regulations set by the Ministry of Finance. In 186, Japanese government agencies enforced a total of 10,054 regulations, from licensing and permitting requirements to quality standards. A decade later, in 16, that number had increased by almost 10 percent to 10,8 (Stubbs and Underhill, 000 85). This large number of guidelines occurred during a period when Japanese financial markets were being exposed to heavier and heavier doses of globalisation. The banks were linked to a keiretsu, and were therefore obliged to lend to preferred customers. In return, they were covered by keiretsu or the inter-firm ties structure. The government took care that no bank would go bankrupt. Unfortunately, banks were deprived of autonomy by being an instrument for capturing savings and allocating them to targets decided by the state bureaucracy. The bad loans were directly collateralized by property and shares. In this way, with low risk and low interest rates, the Japanese banks had an interest in high-volume lending. As a consequence, the real-estate and stock prices began to rise, tentatively at first, and than vigorously. As an illustration, between 18 and 188 average prices of residential and commercial land rose, respectively, by 11 percent and 0 percent in the Tokyo area (Castells, 000 5). Thus, land and stock prices zoomed up 00 to 400 percent in response to falling interest rates.

High technology

The world economy during the 180s and 180s was characterised by the quick development of the information processing industries and their associated transportation and communication revolution. The key technology in this cluster was the integrated circuit (IC) in its various forms, like memory chips (DRAMs), application-specific chips (ASICs), and microprocessor units (MPUs) (Schwartz, 000 4). Japan combined the strengths of its kaizen, kanban, and keiretsu with the state-guided industrial policy. And this allowed them to catch up with the US producers. Already in the 160s, the Ministry for International Trade and Industry (MITI) wanted IC production and it had targeted information industries. MITI encouraged and finally consolidated state and private R&D (research and development) programs in ICs. Roughly one-third of the program's funds were spent buying the most advanced US IC manufacturing and quality-testing equipment. Through a reverse engineering, Japan's firms learned how to make their own equipment, whereby they surprised the US producers by capturing about two-fifths of the IC market. Unfortunately, during the late 180s, this Japanese ability to compete with the US production declined significantly. Japanese weaknesses apparently stemmed from some of the very factors that gave them their competitive edge when they engaged in catch-up activities (Schwartz, 000 5). And indeed, while kaizen permitted the constant increasing improvements needed for catching up, it hindered the kind of radical breakthroughs on which technological leadership rested. Instead of encouraging the development of new technologies, R&D centres engaged in buying US IC products, proceeding to reverse engineering, and thereby reproducing the models.

The 'bubble burst' in 11

In 11 the so-called Heisei recession started. The real-estate and stock-market bubble burst was critical in the demise of the Japanese financial crises. As mentioned above, the overheated economy pushed the yen's exchange rate upwards, undermining Japanese trade competitiveness. But a strong yen, and a buoyant stock market, induced corporations to enter financial investments and lent large sums, both internationally and domestically. Real-estate prices finally came down because of the structural incapacity of housing demand to absorb price increases and because of overcapacity in the office-building market (Castells, 000 6). Stock markets followed the drop, destabilising Japan's financial system. Fearful of inflation, the government put the brakes on the economy, inducing a recession in the early 10s. For the first time in four decades, the Japanese economy became stagnant. In 10, the Bank of Japan significantly tightened monetary policy to deflate the speculative bubble, dropping money supply growth to zero in 1 (Schwartz, 000 08). Japan's central bank succeeded in deflating the boom. When the stock prices finally stopped falling, they had lost 60 percent of their value at the top (Woronoff, 16 47). After 1 the Nikkei stock index oscillated at between 5 and 50 percent of its 108 peak (Schwartz, 000 08). Land and property prices fell less, roughly 15-50 percent, depending on place and type. Thus, the losses were not as great as that of stack market. However, unlike stock, property could not just be sold at a reasonable price into such a market, so investors were stuck with their losses much longer. But because about 40 percent of lending was directly collateralised by property whose value had plummeted, the banks were left with huge unrealised losses whose dimensions could not even be determined. In June 15, the Ministry of finance calculated that Japan's 150 banks and credit associations were stuck with some ¥40 trillion in bad loans while private analysts hinted the figure might be closer to ¥80 trillion (Woronoff, 16 47). In this situation, banks had to curtail lending drastically, and to raise interest rates substantially.

Financial institutions exposed to global financial markets

As mentioned above, the speculative bubble that had driven Japan's economy for four years finally popped, prompting cost-conscious Japanese manufacturers to run for cover (Stubbs and Underhill, 000 86) and many of then ended up in the booming Asian Pacific market. East Asia turned out to be a safe haven for the Japanese producers at least until 17. On the one hand, they earned twice as much profit, than they earned in the United States or Europe. On the other hand, they used their new Asian production bases to continue supplying US and European export markets. In some industries, such as electronics, they managed to produce their manufactures at an extremely low price. Furthermore, the Japanese manufacturers succeeded in reviving on a regional level the inter-firm networks that had afforded them the driving seats of their own country. Within a few years, they acquired positional power in the region as a whole, dominating fey manufacturing industries particularly in Southeast Asia (Stubbs and Underhill, 000 87). Similarly, Japaneselites, in place to restructure the system of relationalism, chose to export this system to developing East Asia simply because they did not want to abandon the relationships that have afforded them such a high degree of positional power in Japan's political economy. But most importantly, the Japanese banks started to lend heavily in the Asian Pacific market. The banks reproduced the same lending practices that they used at home. They lent short term, in large volume, to preferred customers, under the guarantee of major local corporations and governments. The Japanese banks accepted overvalued real-estate property as collateral for many of their loans. In doing so, they exposed their Asian lending to the same risks as their Japanese loans. Consequently, when the Asian real-estate bubble burst, many loans lost their collateral, inducing their default. When the stock market collapsed in Thailand, Indonesia, Malaysia, the Philippines, South Korea, and Hong Kong, domestic firm that guaranteed the loans became unable to repay those (Castells, 000 8). When local currencies plunged, Japanese banks were unable to recover their yen denominated loans. And when they turned to Asian government, asking them to meet their commitments, governments simply could not do it. East Asian states were, namely, faced with a huge amount of financial debts. In this way, looking for salvation in the Asian markets, Japan exported their manner of economic development, contributing to the crisis in the Asian region. In sum, the growing exposure of Japanese financial institutions to the global financial markets made it increasingly difficult to follow Japanese customary financial practices. But, as explained above, Japanese relationalism underwent distributional, instead of structural changes.

Conclusion

By the end of the 0th century, the Japanese economy had become one of the most powerful economies in the world, challenging the dominance of North America and West Europe. It had developed a corporate model of capitalism, characterised by a highly regulated economy. As we have seen, the state bureaucracy intervened in the economic life by guiding and protecting the Japanese corporations, whereby it enabled them to become sufficiently competitive with the world market. Furthermore, the Japaneselites constructed a system of relationalism or a web of connective networks not only between the state and the industry, but also between the corporations. Then, in 11, the real-estate and stock-market bubble burst, causing stagnation in the Japanese economy. After this event, the regulatory structures that earlier were given credit for fostering industrial growth, such as the protection of domestic industries from foreign competition and the provision of low cost loans and foreign exchange to certain favored companies, became a barrier to competition and the main reason for Japan's economic troubles. The banks were in a desperate situation, aggravated by the huge amount of bad loans. At this point, the government had lost its capacity to cover the debts and potential defaults of the banks. Although facing the economic crisis, the Japanese politicallites did not dismantle the system of relationalism. They chose to export the system that afforded them positional power in Japan to still developing countries. In doing this, the politicallites actually weakened the Japanese economy and thus jeopardized their long-run interests.

References

Schwartz, Herman M.

States versus Markets (London, Macmillan Press LTD, 000, nd edition)

Castells, Manuel

End of Millennium (Oxford, Blackwell Publishers LTD, 000, nd edition)

Stubbs, Richard and Underhill, Geoffrey R.D.

Political Economy and the Changing Global Order (Oxford University Press, 000, nd edition)

Woronoff, Jon

The Japanese economic crisis (London, Macmillan Press LTD, 16, nd edition)

Japan and the World Economy

"Explaining the Japanese economic miracle" (Vol.1, Issue , August 001)

Journal of International Economics

"Introduction to the symposium on the Japanese economic slump of the10s" (Vol. 5, Issue , April 001)

Journal of Asian Economics

"From fast to last the Japanese economy in the 10s" (online 4 March 00)

Please note that this sample paper on Japan's economic crisis during the 1990s is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Japan's economic crisis during the 1990s, we are here to assist you. Your cheap custom college paper on Japan's economic crisis during the 1990s will be written from scratch, so you do not have to worry about its originality.

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Ericsson in the Global Enviroment

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B. Ericsson in the Global Environment

Stereotypes have been attached to many things; from groups of peoples to certain industries. Ericsson as the "world-leading telecommunications provider" also has it's own set of stereotypes. Swedes are seen as a cold, reserved and sterile society, and their company is thought that it just sells phones. Globalization has proven to be challenging because Ericsson's top executives had to implement a plan that would allow for their company to be seen in a different way. When doing business outside of Sweden the CEO soon realized that preconceived notions can be harmful to a companies image and must be changed through providing excellent services and also giving back to society.

Ericsson has definitely been affected by the technology bust of recent years. However in an effort to still make forecasted profits, the firm has had to reach new markets, which includes developing nations. New areas that are being reached consist of China, Russia and the African nation of Nigeria. All three of these markets are reacting differently to the new technology and therefore will be explained separately.

China is slowly emerging into a consumer nation. Restrictions that the Communist government once placed on goods are being lifted allowing for an increase in trade. Ericsson has become a major player catering to a country that has over 10 million cell phone users, and an estimated 5 million subscribers signing contracts each month Ericsson did a poor job of catering to the Chinese people.

Write your Ericsson in the Global Enviroment research paper

In the last few decades Ericsson has seen a loss in market share in the cellular handsets, mostly to Nokia and Motorola. At the end of 001 they were 5% of the market and presently Ericsson accounts for only %. The problem was that Ericsson designs were not updated to achieve the look that the consumer craved. Ericsson's technology set the standard but what a Swedish consumer considers "cool" is not what a Chinese customer thinks of as a great gadget.

There is also competition from within. China's own "up-and-coming" electronics company from southern Gandong called TLC has taken a major portion of the market share. The new Sony Ericsson handsets were also delayed until Beijing granted approval in August of 00. Ericsson has tried to make up for loss market share and late product advertising by selling multi-media handsets with color screens and photo messaging. The problem here is that the handset cost $400 which is expensive to most people, espically the Chinese market.

Even though handsets are proving to be a disastrous segment of Ericsson's business, they are still profitable in China for their global systems for mobile communication (GSM). They sold over $44 million in equipment in the first half of 00 and have contracts for another $600 million in the coming year. Ericsson displayed the "early mover" type of competition meaning; they were the first telecommunications firm to tap into China's market. Ericsson is learning that they are unable to compete with handsets. It is their infrastructure that all the other cell phones will be using each time a mobile call is placed.

Similar to the Chinese's story, Russia is playing "catch-up" to the rest of the world in terms of technology. The Russian economy is evolving to be less of a centrally planned one to more of a market economy. Ericsson has taken a different approach to selling their product in the former Soviet Union.

The new focus of Ericsson is to sell equipment that enables the Russians to use cellular phones as opposed to actually selling the handsets themselves. According to an article from March 00, in BusinessWeek magazine, Ericsson has begun building a wireless network for VimpelCom, which is Russia's leading carrier. The retrenchment of Ericsson in the handset market shows that they are seeking out new areas of business that are not overly saturated.

Ericsson has signed a contract with Nigeria's Reliance Telecommunications Limited for $145 million dollars. The contract is to deploy a nation-wide wireless network, not for handsets. The agreement was signed April , of this year and shows a new focus of the company. According to Ericsson's press release the contract includes equipment ranging from radio base controllers to services such as messages and voice mail.

The chairman of RelTel, Sir Oonkow, explains the importance of partnering with Ericsson in order to create a better future for Nigeria. Even though Ericsson is not the leading manufacturer of handsets like they were in the early 10's, they are dominant in mobile and broadband Internet communications throughout the world.

Ericsson is also involved in contributing to the world through humanitarian projects. In 001, the United Nations (UN) accepted the GSM mobile communications system that will support its humanitarian operations. This gift included network equipment, hardware and software and the company also installed the equipment and trained the individuals. This is all made possible by the company's Corporate Citizenship program, Ericsson Response.

Executives at the Swedish based telecommunications firm are making sure they contribute to benefit the world even if profit is down and their market share is declining. In 000, Ericsson set up a program called Ericsson Response which offers effective support and rapid response to human tragedy caused by disasters. This disaster support team is comprised of highly skilled telecommunications staff and technology, which works closely with humanitarian relief organizations such as the UN, International Federation of the Red Cross (IFRC) and Red Crescent Societies.

In March of this year, Ericsson in union with IFRC began a humanitarian assistance program for Central America and the Caribbean. The program includes mobile network equipment that can be quickly deployed to disaster areas. The packages contain 1 phones and corresponding lines. This is the first of their initiatives in the Americas but is not to be the last. Ericsson signed a global agreement at the World Summit of 00 to continue to work closely with the ITRC and provide aid by using their telecommunications knowledge.

Ericsson has had to change its image to deal with their shift into the global economy. No longer is Ericsson known for handset, but now rather for training and equipment. This transition has resulted in downsizing and lost revenue. The leaders at Ericsson are still developing innovative technologies and will continue to set records and break conventional stereotypes into the future.

Einhorn, Bruce. BusinessWeek online. "Ericsson in China From Cool to Cold." Oct. 8th 00,

viewed April nd 00.

Einhorn, Bruce

Einhorn,Bruce

BusinessWeek Online, "Russia Playing Catch-Up in Tech." March 4, 00,

viewed April 0, 00

Ericsson Press Release, "Ericsson and Nigeria's RelTel Sign CDMA000 1X" April , 00.

Viewed April , 00

CarriersWorld. "Ericsson gifts the UN" Dec. 1, 001. viewed April , 00

Ericsson Press Release, "Launch of Humanitarian Program" March 1, 00. viewed April , 00

Please note that this sample paper on Ericsson in the Global Enviroment is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Ericsson in the Global Enviroment, we are here to assist you. Your research paper on Ericsson in the Global Enviroment will be written from scratch, so you do not have to worry about its originality.

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Service above self

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Service Above Self

Giving your self to service is life's true fulfillment. There is no better feeling than helping the less fortunate. I myself have had hands on experience with community service and it has changed me in miraculous ways. Last summer I started volunteering at Joe DiMaggio's Children's Hospital. Eager to help I went in with my eyes closed and learned lessons I thought I would never learn.

At the beginning of my journey I saw this hospital like any other one, one that is designed to cure the ill. But this hospital is in a league all its own; putting smiles on the patients faces regardless of how sick they really are. This is a place in which sick children can be themselves regardless of prejudice and stereotyping. The world is a cruel place and these poor innocence beings just need a place to forget their worries and Joe DiMaggio is a place to let loose.

Many of my tasks at the hospital where hands on. Reading, playing, arts and crafts, or just simply offering moral support is a volunteer's top priority. Just after a couple of weeks at the hospital, I became a regular. Patients were beginning to ask about me and were inquiring when I would come and play. The feeling of being helpful encouraged me and I began spending more and more time at the hospital. I would visit patients on my days off and became quite close to many of them through the weeks.

On an ordinary day at the hospital, I met a boy around my age named Steven. Steven was very shy and kept to himself and for some reason he decided to confide in me. We became great friends and I saw him every time I went to the hospital. One day he decided to come clean and he confessed to me that he had been diagnosed with cancer- at that precise moment my heart broke into a thousand pieces. How could this happen to such a wonderful person? I know that God does everything for a reason, but I could help but blame him. Here was a boy of about 16 years of age with a terminal illness, a boy that still hadn't experienced life fully, someone with so much potential- it just make me feel horrible. I couldn't stand it and I avoided Steven for weeks, I couldn't find the courage to face him and I knew I had to be strong for him. I put my selfishness away and focused on Steven's needs.

His therapy began and I was there for him every step of the way. I gave myself to him, offering support and most of all my friendship. The weeks passed and his therapy was beginning to be a nightmare, his hair fell out and he lost that twinkle in his eyes. He was a different person; as if this illness had not only taken over his body, but also is soul. His dazzling personality faded along with his health, it got to the point that he could no longer walk and had to travel around in a wheelchair. He had to stop going to school and all of his friends had forgotten about him for the exception of his family and I. I stood strong although I saw defeat in his eyes.

After two months, Steven began to recuperate. Although the cancer was not completely gone, he was almost cured. With the help of gifted doctors Steven was on his way to a normal life. God had performed a miracle and I was present the entire time. With rest and more therapy he was back to himself. He started school again and he got to go home. The day he left the hospital I was filled with complex emotions. I was so blissful that he was okay, but I was gloomy because I was losing my best friend. We said our goodbyes and he was on his way. I never saw Steven again, but I know in my heart that he is in good health and he will live a long happy life.

Steven was only one of the many miracles I have met while volunteering at Joe DiMaggio's Children's Hospital, and hopefully there will be many more. Even though I thought my efforts at the hospital were useless they are in fact helpful. Any bit of moral support for a child at their moment of need is priceless. To put a smile on their faces is the best thrill in this ever so superficial world.

My experience has changed me; not only am I thankful for my health, but this has taught me to value it. There are so many unfortunate people in this world and we take it for granted everyday of our lives. For once we as a society need to make an impact and help those that are less privileged. Offer if only a portion of yourself to the service of others, the benefits are endless.

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Gladiator

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With a Hollywood Star, a star studded cast, a lot of money to spend and all the latest CG at his finger tips it would have been hard for the Director to make a terrible movie. Amazingly (ha ha) Ridley Scott made a film that was thrilling and a great interpretation of Rome and it's contents back in the Roman era.

Having proven his valiant commitment to Rome, the great General Maximus (Russell Crowe) earns the respect of his army and of the Emperor Marcus Aurelius (Richard Harris). Weakened by a lifetime of war, yet conscientious of the brave and noble nature of his General, the dying Caesar decides to appoint Maximus as his successor and bewilders his ambitious son Commodus (Joaquin Phoenix). Before Maximus is officially announced as the successor, Commodus kills his father, silences his observant sister Lucilla (Connie Nielsen) and rises to power. He then condemns Maximus and his vulnerable family. Escaping death barely, Maximus is found and sold into slavery and is trained as a Gladiator by Proximo (Oliver Reed), who knows how to give the audience a thirst for violence, and who teaches Maximus the importance of winning a crowd. Driven by vengeance, Maximus sets out to avenge Commodus's way of cruelty and corruption. Guided by his unchangeable principles and sense of justice, Maximus is transformed from a slave to a hero.

One scene I enjoyed would have to be at the very start. The Roman army are lined up to go into battle at one side of a cut down woodland area and a less professional Hungarian army come charging out opposing side. Showing calmness and experience, Maximus orders his army to fire bows at the Hungarians and then to send the troops in. He goes in as well on Horseback and makes fighting look easy as he is slaughtering the inexperienced soldiers of the opposing army. The battle is one easily by the Romans. One reason I enjoyed this would have to be the CG as they are done to the highest quality and are very precise and believable to the naked eye.

One part of the movie that I didn't enjoy would have to be when Maximus was sent to be killed and his wife and son were killed.

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Gladiator, however, owes most of its success to its clever exploration of the spectatorship. By providing violent images of the Gladiator games, the film shows the Roman crowds thirst for violence while at the same time confronts the films spectators with their appeal for screen violence. Thus, Gladiator manages to attract the viewer into reacting as the Roman crowd does, ultimately rejecting the villains and sympathizing with the in hero, as the Roman crowd does. All in all Gladiators has set the benchmark for movies to reach.

I give Gladiator a Five star Rating for it's sheer quality.

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Popular culture- surfing

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POPULAR CULTURE - SURFING

The consumption of surf culture is a multi billion dollar industry. Primarily it takes the form of surf equipment such as boards, wetsuits, surfing accessories such as wax and leg ropes, sports clothing and paraphernalia such as fashion clothing, surf movies and surfing magazines. Surf culture has become so prevalent that it has been integrated into our daily lives. This is obvious in the words we use and the clothes we wear. Surf culture is accessible to any body that identifies with the values and attitudes of surfers through products and in turn the mass media promotes.

The amount an individual consumes of surfing varies. Anyone who has contact and interacts in the wild world of surfing is a consumer. From governing bodies that patrol the beaches to the casual Sunday surfers, the consumption of surfing is extremely large.

People who consume surfing

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• International surfers (professional or non professional)

• National surfers (professional or non professional)

• People who purchase any surfing branded item.

• The media

• The government

• Any member of the general public who shows a keen interest on the world of surfing.

QUESTION - How do they consume surfing?

Surfing is primarily a coastal phenomenon around the bays and beaches that have "surfable" waves. Local surfers for example the males and females that live in the Manly region who decide to surf at Manly beach regularly, control what happens in the water with the best most radical surfers generally being the most respected. Professional surfers are often used as a form of advertising. When pro tours are on for example the Quicksilver tournaments around the world, many of the surfers are made to wear or are sponsored by the famous brand Quicksilver. This is an excellent technique for selling the surf culture to other consumers as they can see that professionals are wearing the latest in brand designs and are performing well.

The popular culture of surfing has generated billions of dollars just by selling surf brand named products to the general public. Today there are even specific stores designed only to cater for people who are interested in surfing brands such as Mambo, Roxy and Ripcurl.

The media acquire information and recent events that involve surfing. The media then transfers information obtained from sources about surfing and uses this as a tool to inform the general public. Surf culture is now perpetuated through the mass media to promote the products and paraphernalia that has generated a $7 Billion global industry controlled by companies such as Rip Curl, Quicksilver and Billabong across 70 countries

Government bodies have some input into surf culture. Some governments place rules, regulations and restrictions that people involved in the surf culture have to follow. An example of a government body that affects surfing is The Association of Professional Surfers. This association controls surfing events on a global basis.

How has consumption changed?

Consumption of surf culture has changed vigorously in Australia since it has been introduced in 115. Today contact with surf and surf culture is more readily available and easier to access. The use of advanced technology has increased consumption over time. For example the use of computers and internet access makes buying surf products easy to access. Websites such as www.quicksilver.com.au, www.mambo.comand www.ripcurl.com are ways that today's society can consume surfing without leaving the comfort of their own homes. 50 years ago people who consumed surfing (mainly the people who had access to beaches) only had small surf shops to go to and buy mostly surfboards and swimwear from. Surfing "accessories" such as sunglasses, jewelry, and beach bags were never heard of.

Identify associated paraphernalia and products.

The way you look and what you wear is an important part of the surf culture. From the fabulous fifties to the new millennium there has been a great emphasis on the identity of surf culture in Australia and how it is exemplified through clothing, accessories and associated products involved with surfing. These include

• Surf boards- i.e. Malibu's, hand strings, wax

• Swimwear- board shorts, swimming costumes, rash vests, full body suits

• Everyday clothing- brand names from Roxy, Billabong, Hot Tuna and Quicksilver

• Accessories- sunglasses, shell jewelry and hats

In Australia it is estimated that $0 million is spent on accessories, $8 million of surfboards and $ million on wetsuits each year with $0 million being spent on clothing. This indicates that the identification with the surf culture is expressed through the surfer's uniform.

QUESTION - Who decide what is consumed?

In previous times the government had a lot to do with what was consumed and when. For example, the times in which one may attend a beach and surf. In modern day society it is up to the consumer to decide what is consumed and how much they will consume of it.

QUESTION 4- Has technology changed the nature of consumption?

Technology has inevitably changed the nature of consumption with surf culture.

Today the selling of Popular Culture to the youth market fosters multi billion dollar industries on a global basis. These industries use sophisticated technology promote their products and paraphernalia to those who identify with that culture, exploiting the value and belief systems that very culture has developed.

Technology has allowed elite surfers to glide through waves like never imagined before. Tom Blake was the first person to invent hollow boards usually made out of simple sugar wood. Today, due to advanced technological skills, surf boards are made of fiberglass, foam, and wood, where the shape and length of the board are matters of individual preference.

Examine the role of media in consumption and interaction

Since its origin surfers have found it uncool to advertise their culture through mainstream media. Surfing is not publicised on television or in general fashion outlets. The only way media contributes to the consumption and interaction of surfing is through the advertising of movies that show part of the surfing world, updates of the latest music and its paraphernalia. Also the media, for example the news reports each night often have broadcasts of the latest surf tournament. In short, the media plays a minimal role in the consumption and interaction of the surf culture.

Examine the influence of business, marketing and/or advertising.

The marketing strategies associated with surfing have tried to maintain continuity with the surf culture. Since its origin surfers have refused to advertise their culture in mainstream media as it was deemed uncool. This concept has still remained as it is evident that surfing is not publicised via TV or in any regular fashion outlets. Surfers and business owners have tried to maintain the simple lifestyle of surfers and in doing so have ensured that, unlike other cultures, surfing can only be obtained from those who choose to associate themselves with it.

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Middle east

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In the Middle East, unfortunately, water is often scarce, and over the last century its consumption has increased faster than the population.

The river Jordan, which is famous throughout history and religion, is now nothing more than a creek. Most of the water has disappeared into a wide variety of pipes, pumps, and fields to sustain the ever-growing demands of the human population in its vicinity. The reasons for the shrinking of the Jordan reflect the overwhelming problem of the whole region in obtaining sufficient water. The plight of the Jordan and other water sources of the area and a brief examination of the recommendations as to what can be done to improve it will reveal one of the more serious situations facing human beings in the twenty-first century. It will involve an overview of the water needs and practices of the entities bordering the Jordan, namely, Israel, Jordan, the West Bank and, since it is a part of the problem, the Gaza Strip. The Middle East is now arguing over an even bigger issue than land. They are fighting for the sustenance of life, water.

Leaders of Israel, Jordan, and Turkey, along with Palestinians have been discussing the possible strategies of preserving the water supply along with sharing it. Major enemies and clashing countries are now being forced together

to solve this major issue, yet the question is, will water be a catalyst for regional cooperation and peace, or a trigger to war?

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The Jerusalem Reporter along with the Jerusalem Post, have conducted research on the issue along with factual information quoted from viable sources. This provides Arab-speaking countries; along with the United States the informative news articles that keep them updated.

Hanan Sher, from the Jerusalem Report.com states many details, issues, concerns and solutions through out the article. Hanan mainly reviews the ongoing controversy in the Middle East and is persuaded that this problem will not end in ease. Hanan talks about the consumption of water, how water is distributed, along with the land and reasons behind the water crisis. Hanan goes on to quote Yitzhak Rabin, "if we solve every other problem in the Middle East, but do not satisfactorily resolve the water problem, our region will explode. Hanan does not only explain this quote, but also goes into explain the Jerusalem Post's article "Turkish water will flow through Israeli faucets; written by Herb Keinon.

Both writers explain the "peace pipeline" project. Although Hanan discusses the topic in greater detail, they both make for, intriguing, informative and emotion filled articles. The pipeline involves piping water from the upper Euphrates River in Turkey to Israel. Unfortunately, the problems that go along with such a project would probably be almost overwhelming. It would require negotiations with Israels enemies, Syria and Iraq, who are the downstream consumers of the Euphrates water. Unless the water pipe was located offshore, it would have to cross both Syria and Lebanon. This would be subject to sabotage at every turn for the worse in the local political situation. It is hard to consider the Turkish pipeline as a practical alternative until regional peace arrives sometime in the future. As well, the cost of such a pipeline would be extremely high. Meanwhile, Turkey and Israel will finally sign an agreement in August to export Turkish water to Israel. "This is culminating nearly five years of negotiations on the matter" officials from both countries confirmed to the Jerusalem Post. This process is costing millions of dollars and negotiations are still being made on tax and transportation of the actual water.

Many parties are pleased about this pipeline, while others are not. "The Palestinians and the Syrians both claim that Israel is cheating them out of their water." Each party is now fighting over equal and fair share of the water supply.

In my opinion, both journalists explained the issue in a manner that was easy to understand. I felt that there was a sufficient amount of information that let the audience get a feel for what was truly going on in the Middle East. I did not feel a sense of confusion while reading these articles; in fact I was only compelled to read more. Although the pipeline procedure is not a process that many want to deal with or follow through with, I think that it will be a major benefit for the Middle East.

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Of an untouchable cheese

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For centuries, homo sapiens have considered themselves superior to all other creatures. Believing this idea, humans have become arrogant and greedy, and they have begun to exploit the land and others for their own benefits. Restrained by education and law, humans have not crossed the line from morality to animalization, but in order for to satisfy their desires, brutal and animal-like behaviors have been repeated by human. In J.R.R. Tolkien¡¦s The Hobbit, Smuag¡¦s image symbolizes a mouse, leading itself to death when it has been trying to steal the cheese (greed) from a gigantic mousetrap (arrogance), and at the same time, it also indicates how greed and arrogance will lead human to destruction.

Ruling his lifeless territory around the Lonely Mountain, Smuag lives with an abundance of ¡§coats of mail, helms and axes¡Kgreat jars and vessels filled with a wealth that could not be guessed¡¨(01). Even though he already has so much, he still isn¡¦t satisfied with the treasure he possesses. Hence, when Bilbo has stolen a cup from him, he notices the tiniest difference and grows outraged as illustrated, ¡§His rage has passed description¡Kroaring like thunder underground, he sped out into the huge passages of the mountain-palace and up towards the Front Gate.¡¨ (P.0) The rage and greed are so formidable that they have blurred his eyes and has overtaken his mind. Having great faith in his own might, the worm has under-estimated his opponents and he departs without hesitation. In this circumstance, Smuag is like a mouse, which has frivolously ignored the gigantic mousetrap, and heads straight for its cheese. In the end when Smuag has finally found himself trapped by its greed and arrogance, the freezing lake water has already eliminated his fire of life.

Looking back at the nature of humans, even those with high sense of justice, integrity, and conscience may still be lost when they¡¦re standing on an intersection of greed and morality. For example Bilbo Baggins, a man with high moral values and consciences, suffers through a mental conflict when he has recollected the Arkenstone, as written, ¡§It was Arkenstone, the Heart of the Mountain¡Ksuddenly Bilbo¡¦s arm went toward it by its enchantment¡Kand put it in his pocket¡¨ (0). After a short inner struggle, Bilbo¡¦s greed has defeated his morality, and he steals the stone. Thankfully, Bilbo, whom may have ignited the anger of Thorin¡¦s, has resolved his lust into peace by handing in the Arkenstone to Thorin, and together with it, he gives away his greed.

In reality, humans don¡¦t have the intelligence and integrity that Bilbo possesses and they wouldn¡¦t give away their greed. For many decades, people have been lumbering, mining, and sucking riches from the planet with great ignorance, and none has had the realization that greed and arrogance against nature will bring horrifying consequences. Although humans have already benefited so much and are nearly sucking up the world to a dry desert, they still won¡¦t stop exploiting and profiting. These foolish actions can be rephrased symbolically as many cunning mice that try to steal enormous pieces of cheese from a huge barn own by a powerful man. No matter how cunning and quiet the mice are, if they continue to steal from the barn, the owner will find out, and he will send cats to eliminate the mice in his barn. In this metaphor, the exploiting humans are the mice, the barn owner is our planet, and the cats are the forces of nature. The end result of humans¡¦s unlimited desires and the unending utilization of the planet will ignite the anger of mother nature and she will send out hunters to destroy our race.

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In conclusion, greed and arrogance have brought Smuag down to the world of doom, and the same hopelessness may happen on us if we don¡¦t stop our idiotic on the planet. The greed and arrogance that humans hold towards nature is ensnaring us to fall into its trap, and once we fall into that trap, we will never get out. So, don¡¦t behave like Smuag and wait until the ¡§arrows of desire¡¨ has turn the once grassy hills in to ¡§Satanic Mills¡¨(Blake, W. Jerusalem). After all, a cheese on a mousetrap cannot be removed, or else the mouse will suffer before it can eat the cheese.

The essay is written in my junior year when we were reading Tolkiens the Hobbit... yeh

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