Sunday, September 22, 2019
Protecting our Environment - Essay Example Global warming and climate changes are the major outcomes of injudicious human activities. It is believed that sustainment of life in this world may become extremely difficult in near future itself if effective measures were not taken to counter environmental problems. Even though the size of the earth remains the same, global population is growing at alarming rates so that it may become extremely difficult for our earth to accommodate or cater the needs of all the people. As each individual contributes heavily to environmental problems, growth of population means growth of environmental problems also. In other words, population growth is directly proportional to environmental problems. As the world population grows, so does hazardous waste, toxic materials polluting our environment and affecting our eco-system. There should be a coordination effort by governments around the world to control pollution affecting our environment in order for human survival for future generations. Water pollution and preventive measures United States has many federal and state laws that have enacted to protect our water system and help regulate the amount of pollutants that affects our water. However, the implementation of these laws are not much effective so that American water sources are getting polluted more and more as time goes on. For example, Colorado River seems to be one of the major victims of environmental pollution in western American region. More than 30 million people use Colorado River as their major drinking water source. However, Colorado River is dying gradually because of environmental problems. Ã¢â¬Å"If climate change results in a 10 percent reduction in the Colorado River's average stream flow as some recent studies predict, the chances of fully depleting reservoir storage will exceed 25 percent by 2057, according to the studyÃ¢â¬ (Future Of Western U.S. Water Supply Threatened By Climate Change, 2010) Irrigation projects are helping agricultural farming in America. However, water drained o ut of the agricultural lands may contain toxic ingredients because of the increased usages of fertilizers, chemicals and pesticides to improve the agricultural yields. Selenium seems to be the major harmful chemical content in irrigated water drained out of the agricultural lands. Ã¢â¬Å"When selenium uptake is too high health effects will be likely to come about. The health effects of various forms of selenium can vary from brittle hair and deformed nails, to rashes, heat, swelling of the skin and severe painsÃ¢â¬ (Selenium Ã¢â¬â Se, 2009). The Environmental Protection Agency, have supported and helped enforcement of water laws in our country and have introduced many laws concerning safe drinking water. The Clean Water Act (CWA) establishes the basic structure for regulating discharges of pollutants into the waters of the United States and regulating quality standards for surface waters. The basis of the CWA was enacted in 1948 and was called the Federal Water Pollution Contr ol Act, but the Act was significantly reorganized and expanded in 1972. "Clean Water Act" became the Act's common name with amendments in 1977. Under the CWA, EPA has implemented pollution control programs such as setting wastewater standards for industry. CWA act was formulated for the purpose of preventing all types of
Saturday, September 21, 2019
Falling from Grace Essay The novel Falling from Grace is about a young girl who disappears at the beach. Many people feel responsible for her disappearance such as Andrew, her father; Annie, her sister; and Kip, who gets tangled Into the chaos. Family members Andrew and Annie feel that It was their duty to take better care of Grace. Major characters who became Involved Andrew: her father feels the ultimate responsibility for Grace. He said it was alright for them to play one more game of trackers on the beach in the middle of the night. He gets a call from Kip explaining that he found the phone in a bag that was washed in and claims he saw them in the distance. Annie: Graces sister was with Grace when she fell into the sea. Grace saw a penguin in the water and said she must save it, so they did. Then the tide came in and they couldnt go back the way they came, so they had to climb up a small cliff. While Grace was climbing, her backpack fell off , containing the penguin. Then the rock Grace was holding onto fell with some of the cliff so she fell Into the water. Kip: Kip was walking to the beach when he saw a backpack In the water. He found a phone Inside and It started ringing. Of course, he answered It and when KIP said hello the man answered with a bunch of questions bout his daughters. KIP replied that he found the phone In a backpack and saw his girls around the cliffs. Then Kip meets the Ted character, a strange man who shares Kips love of music. Ted offers Kip a coke which Ted jokes might be Gulf War coke. Ted: Ted is a strange man who has little and a lot to do with the plot line; he meets Kip at the start in the rain. Ted cuts his foot on a bottle in the water and Kip helps him stop the bleeding. At the end we discover that Ted whilst he was very drunk found Grace and left her in a cave but he doesnt remember where. But he did leave his coat behind which probably saved her life.
Friday, September 20, 2019
Theory of Alienation by Karl Marx Introduction Karl Marx has been dubbed as one of the most prolific and influential thinkers of the nineteenth century. He advocated the creation of a classless society that would be guided through proper democracy and equality. In essence, Marx criticized the capitalist system as an order in which the powerful firms have gained considerable power and clout. He argued that workers are treated as commodities under this system. The theory of alienation argues that workers are disenchanted with their work because it is controlled and supervised by hierarchies of managers and supervisors. The individual creativity and freedom has been stifled in the name of efficiency and effectiveness. Furthermore, Marx argues that the abject poverty of workers means that they cannot live in prosperous conditions. The capitalist system reaps tremendous profits but gives meager wages to its workers. Marx also believed that alienation resulted in workers being suspicious of each other due to the competitive nature of c apitalism. Finally the workers are instructed to perform specific tasks which are against the intrinsic nature of humanity. This nature helps them to attain creativity and design robust challenges to new problems. This report will seek to analyze the four types of alienation that are observed in Marxs theory. The personal experiences of the researcher will also be included in this report. Aspects of Alienation Karl Marx argued that alienation was a natural consequence of capitalism because of several reasons. This is because the workers are manipulated by the forces of capitalism in order to increase productivity and output. The results are that the workers will ultimately lose hope and determination (Leopold, 67). This is because the capitalists strive to ensure that the work activities of the workers are oriented towards specific goals and objectives. The desire of organizations is to ensure that workers can be exploited to attain the maximum surplus value. The worker is considered to be an instrument which leads to the loss of personal identity. It can lead to frustration and resentment since the modes of production are privately owned. Alienation from Products of own Labor Marx argued that the capitalist system seeks to create an illusion that workers are adequately compensated for the work that is performed. In essence, the capitalist system seeks to control the workers by deriving the benefits from the work activities of the latter. This can create alienation which can lead to serious consequences for entire society. In addition, the consumers are manipulated which is achieved through the offering of products (Desai, 93). The huge profits reaped by the capitalist system also can cause high levels of resentment and frustration among the workers. Alienation from Act of Producing Itself Marx believed that the capitalist system encouraged mechanical and repetitive work patterns that do not create any intrinsic value for the workers. The power of workers is transformed into a commodity which is manifested in the form of wages (Carver, 78). Capitalism controls the destinies of the workers by supervising and directing their work activities. This creates serious resentment among the workers who feel deprived of their destinies. In addition, the workers are unable to consume the products that are developed by them within a capitalist system. Alienation from his or her species being Marx argued that human beings have the capability to develop dynamic thinking through the pursuit of multiple endeavors. Thus humanity retains the ability to contemplate the surrounding environment and develop robust challenges to problems. Marx therefore argues that human society is characterized by a constant state of flux and change. The social classes emerge to overthrow existing orders and manipulate the masses (Carver, 78). The results are that a new class relationship that exists in capitalism eventually stifles the creativity and innovation of human beings. This can create resentment which leads to serious consequences. Alienation from Producers Marx argued that capitalism eventually confines labor to the position of a commercial commodity. This means that social relationships are ignored while human beings under the system strive to attain endurance or betterment. The competitive nature of capitalism eventually creates conflicts and disputes. This can cause high levels of alienation and resentment among the masses (Carver, 80). The basic structure of the capitalist system is such that it can cause deterioration in social structures and relationships since workers must compete for scarce resources in order to survive. Personal Alienation I have been working as a sales coordinator for a large organization that is involved in the sale of curtains, sofas, beds, and other furniture. Marx argues that the primary form of alienation is when the workers feel disillusioned with the work activities. This is true for me in many ways. A sales job can be frustrating as we are told to meet basic targets and increase the revenues of the firm. Marx argued that pre-capitalist societies allowed artisans to have a degree of independence in their work activities. Modern capitalist organizations tend to have hierarchies in which the workers are controlled through a system of checks and controls (Wolff, 91). Managers seek to develop the targets and ensure that compliance with organizational policies is achieved. As a sales coordinator, I feel disillusioned with my work activities because of the absence of any incentives. The long hours means that I have to ensure that goals are being met in an efficient and effective manner. The sales strategy promoted by the firm is based upon the notion that existing approaches will be implemented. There is no concept of workers autonomy which could lead to high levels of creativity and innovation. This creates problems because Marx argued that it was essential for workers to be given high levels of autonomy in order to increase their motivation. The second point of Marxs theory is the fact that workers are living in abject poverty due to the conditions of capitalism. He argues that workers are unable to meet their basic requirements due to the wage structure and working conditions of the capitalist system. As a sales coordinator, I believe that this is true because I have to ensure that targets are being met in an efficient and effective manner. The commi ssions earned from direct selling are often inadequate to meet the basic requirements of life. Wages earned from a sales position are adequate for sustenance but they do not enable me to improve my quality of life. It means that I continue to remain trapped within my specific social class due to the structure of the capitalist system (Wolff, 96). Income disparities remain in the United States as top executives are earning remuneration that is fifty times greater than sales coordinators like me. The income gaps create a sense of resentment and alienation towards the system. Therefore my organization is an oligarchy which does not have the proper functions of a democracy. Marx argues that workers do not control their destinies because the capitalist system tends to have overwhelming influence over the modes of production. The results are that workers are unable to increase productivity and output. They cannot derive significant social relationships from each other (Wolff, 93). Marx argues that capitalism has created a system whereby work activities are confined to a set of mechanical and repetitive tasks. For these tasks, the workers are provided meager wages that are inadequate to respond to their primary needs and requirements. As a sales coordinator, I have always focused on competition rather than creating a collaborative network with my fellow colleagues. This is because it is essential for sales coordinators to improve the revenues and profits of the firm. Each worker strives to move up the ladder through competitive strategy. the concept of cooperating orÃâÃ working together as a team has been replaced by the notion of competition. Each p erson therefore perceives his or her own interests rather than analyzing the common interests. As a consequence, I have to compete for scarce resources in order to improve sales. My only duty is to ensure that the organizational targets are being met in an efficient and effective manner. Marx argues that humans are born with the intrinsic ability to contemplate and perceive about the entire environment. This helps to encourage creativity which can be used to resolve complex situations. In addition, humans desire freedom and autonomy as a means of escaping the harsh social structures. Marx believes that social structures have always exerted a strong influence on individuals by creating a set of rules and regulations. In addition, humans must be left free to develop according to their interests and passions. This is surprisingly absent in the capitalist system that seeks to control the workers by treating them as commodities (Singer, 67). As a sales coordinator, I have to work according to the whims and desires of the management. This means that I will seek to achieve the targets of the firm. I will be left with no time in order to pursue my passions or interests. The job is necessary because it is vital for survival in a harsh environment. The market conditions determ ine the nature of human work. In my example, the needs of my furniture company are to target consumers and develop robust marketing strategies. As a sales coordinator, I have to ensure that consumers can be reached in an efficient and effective manner. much of Marxs theory of alienation remains appropriate even in the twenty first century. The abject poverty of workers remains in the world with sweatshop like conditions. The power and clout of the capitalist organizations remains superior. The workers are forced to undergo harsh activities in exchange for meager wages. Conclusion Karl Marxs theory of alienation was postulated in the nineteenth century which was characterized by the rise of capitalism. Industrialization had swept the developed world along with other phenomenon like urbanization, immigration, and capitalism. Marx argued that the capitalist system was based upon reinforcing the divisions of class. His theory of alienation appears to be appropriate even today. His first premise was that workers were alienated with their job duties. Capitalism had controlled the aspects of workers by forcing them to perform monotonous and repetitive tasks. Another premise is that workers live in abject poverty because of the meager wages that are given to them. Workers do not have control over their work activities which stifles their creativity and innovation. It also creates the conditions for oppression and exploitation at the hands of capitalist enterprises. Another premise of this theory is that workers do not have social relationships. The urge to compete ha s thus led to the destruction of the notion of cooperation and collaboration. Finally Marx argued that the workers were unable to attain self actualization in the capitalist environment. This is because capitalism seeks to create rules and regulations that will ultimately create bad conditions for workers. Personally, I have been alienated with my job as a sales coordinator. This is because of the poor working conditions. In addition, the checks and controls have led to monotonous work activities.
Thursday, September 19, 2019
A Promise Is A Promise The room was ridiculously cold and my skin was damp against the sheets. No matter how extreme the temperature, I am addicted to the calming lull of the air conditioner as I sleep. ItÃ¢â¬â¢s what they call my Ã¢â¬Å"white noise.Ã¢â¬ The afternoon sun was playing peek-a-boo with the clouds as its rays snuck in through the blinds. The muscles in my neck and shoulders were throbbing. I was still trying to get used to my awkward dorm room bed. A muffled voice traveled through the paper-thin brick wall and the sound of familiar music took center stage in my dreams. At first, I was pissed off because my new neighbor was interrupting my precious nap, but I soon realized that I had a special attachment to the song she was singing. It instantly reminded me of an old friend. As I drifted back to sleep, I began to dream about a childhood memory. I remember feeling as if the day was never going to end. Even now as an adult, my concentration still seems to plummet as the weekend approaches. At that time in my life, the degree of patience I could sustain had only been maturing for ten short years. I made that particular school day even more unnecessarily dramatic than usual since I knew it wasnÃ¢â¬â¢t just an average Friday. Instead of going to my house after school as usual, I was going home with my best friend. After hours of literally twiddling my thumbs (like I said, I was a dramatic child), we were finally standing outside at the parent pick-up location with the other eager elementary students. My book bag was light on my back, which meant there was no homework in store for me tonight. All I had to look forward to was a sleepover filled with PG-13 movies, a nauseating amount of ReeseÃ¢â¬â¢s Pieces and Mountain Dew, and prank phone calls to random boys who were also in Mrs. WebbÃ¢â¬â¢s fifth grade class. I loved prank phone calls. As I bent down to tie my shoelace, a slippery raindrop slithered down my lightly freckled cheek. Before I had the chance to look up at the silver sky, the clouds exploded like champagne flowing over the edge of a bottle. Renee grabbed my hand, and we darted off as fast as our little legs could run. As I hopped into the middle of the backseat, the scent of the brand new car continued to saturate my already moist pores. A Promise Is A Promise :: Personal Narrative Death Friendships Papers A Promise Is A Promise The room was ridiculously cold and my skin was damp against the sheets. No matter how extreme the temperature, I am addicted to the calming lull of the air conditioner as I sleep. ItÃ¢â¬â¢s what they call my Ã¢â¬Å"white noise.Ã¢â¬ The afternoon sun was playing peek-a-boo with the clouds as its rays snuck in through the blinds. The muscles in my neck and shoulders were throbbing. I was still trying to get used to my awkward dorm room bed. A muffled voice traveled through the paper-thin brick wall and the sound of familiar music took center stage in my dreams. At first, I was pissed off because my new neighbor was interrupting my precious nap, but I soon realized that I had a special attachment to the song she was singing. It instantly reminded me of an old friend. As I drifted back to sleep, I began to dream about a childhood memory. I remember feeling as if the day was never going to end. Even now as an adult, my concentration still seems to plummet as the weekend approaches. At that time in my life, the degree of patience I could sustain had only been maturing for ten short years. I made that particular school day even more unnecessarily dramatic than usual since I knew it wasnÃ¢â¬â¢t just an average Friday. Instead of going to my house after school as usual, I was going home with my best friend. After hours of literally twiddling my thumbs (like I said, I was a dramatic child), we were finally standing outside at the parent pick-up location with the other eager elementary students. My book bag was light on my back, which meant there was no homework in store for me tonight. All I had to look forward to was a sleepover filled with PG-13 movies, a nauseating amount of ReeseÃ¢â¬â¢s Pieces and Mountain Dew, and prank phone calls to random boys who were also in Mrs. WebbÃ¢â¬â¢s fifth grade class. I loved prank phone calls. As I bent down to tie my shoelace, a slippery raindrop slithered down my lightly freckled cheek. Before I had the chance to look up at the silver sky, the clouds exploded like champagne flowing over the edge of a bottle. Renee grabbed my hand, and we darted off as fast as our little legs could run. As I hopped into the middle of the backseat, the scent of the brand new car continued to saturate my already moist pores.
Wednesday, September 18, 2019
Kurt Vonnegut Jr.'s Cat's Cradle In the early sixties, Kurt Vonnegut Jr. released his candidly fantastical novel, Cat's Cradle. Within the text an entire religious sect, called Bokononism is born; a religion built on lies, absurdity, and irony. The narrator of Cat's Cradle is Jonah, a freelance writer who characterizes Bokononism as being, "free form as an amoeba" (Vonnegut, Cat's Cradle, 3). It is boundless and unpredictable as the unconscious itself. Bokonon lives on the impoverished island of San Lorenzo where he spends his days scribing poetic calypsos in the books of Bokonon. Jonah arrives on the same island in his pursuit of Frank Hoenniker, the military commander and son of the eccentric Dr. Hoenniker, who invents a substance capable of freezing the world over in seconds called ice-nine. When San Lorenzo's totalitarian ruler, Papa Monzano, passes awayÃ¢â¬âinfecting the oceans with ice-nine in the processÃ¢â¬âFrank transfers his inherited power to Jonah. Even within this skeletal sketch of the novel, one can see that the absurdity and humor within the religion of Bokonon is imposed on the plot itself, creating a world of comedic fantasy in which the reading audience can partake. In light of this, Cat's Cradle exemplifies imagination and play, thus correlating with the theory Freud illustrates in the essay "Creative Writers and Day-Dreaming," which emphasizes the importance of fantasy to the creative writer and its therapeutic value for the audience. At the most fundamental level, even the title of the novel provides a strong example of the importance of play to Vonnegut. Cat's cradle is a childrenÃâ¢s game of weaving yarn between the fingers whereby the player forms various patterns. To see beyond what exists (or in Vonnegut's w... ...ite poison that makes statues of men; and I would make a statue of myself, lying on my back, grinning horribly, and thumbing my nose at You Know Who. (Vonnegut, Cat's Cradle, 287) Bokononism's refreshing defiance of restraint and reality with the creative power of playful imagination is a precise illumination of the therapeutic value Freud christens as inherent in literature. Works Cited Freud, Sigmund. "Creative Writers and Day-Dreaming." Freud Reader, Edited by Peter Gay. New York, NY: Norton and Company Inc., 1989. Freud, Sigmund. "On Dreams." Freud Reader, Edited by Peter Gay. New York, NY: Norton and Company Inc., 1989. Vonnegut, Kurt. A Man without a Country. New York, NY: Seven Stories Press, 2005. Vonnegut, Kurt. Cat's Cradle. New York, NY: Delta Books, 1963. Vonnegut, Kurt. Slaughterhouse-Five. New York, NY: Random House, 1969.
Tuesday, September 17, 2019
A Perfect Day for Bananafish follows the events leading up to the eventual suicide of Seymour Glass. In the story, Seymour is described as a lost spirit who sees himself as being fundamentally different from his social environment following his wartime experience; he leaves the war Ã¢â¬Å"seeing-moreÃ¢â¬ and as a result, awakens to find that he has lost touch with the material world. Salinger uses the storyÃ¢â¬â¢s dialog as the medium for conveying SeymourÃ¢â¬â¢s struggle; he establishes the shallow nature of the environment Seymour is exposed to using the dialog between Muriel and her Mother while simultaneously giving clues about SeymourÃ¢â¬â¢s character from the perspectives of the two women in his life. SeymourÃ¢â¬â¢s character is built upon further in the second half of the story during the scene in which he converses with Sybil, and also when Seymour is in the elevator moments before he commits suicide. The subtle clues Salinger weaves into the dialog suggest that Se ymour commits suicide to escape the dilemma of either conforming to the materialistic world and sacrificing his spirituality, or choosing not to conform and consequently live estranged from his own wife and the society in which he lives. The opening of the story serves to create the precedent that Muriel is shallow. The first passage describes how Muriel Ã¢â¬Å"usesÃ¢â¬ her two and a half hour waiting period before her motherÃ¢â¬â¢s call. She accomplishes multiple tasks such as painting her toenails, reading a womenÃ¢â¬â¢s pocket-size magazine article, brushing her hair, and removing a stain from a skirt. Salinger describes Muriel as Ã¢â¬Å"a girl who for a ringing phone dropped exactly nothing.Ã¢â¬ The references to Muriel as Ã¢â¬Å"a girlÃ¢â¬ are repeated throughout the story to signify her immaturity; her concern for trivial... ...nd his own life. Many of these clues can be found in the storyÃ¢â¬â¢s dialog. They suggest that SeymourÃ¢â¬â¢s suicide is the manifestation of an awakening gained through his war experience; he is separated from the shallow environment he lives in and can find no other escape. Perhaps Seymour commits suicide in an attempt to break through the barrier that separates him from Muriel and the rest of society. Or maybe SeymourÃ¢â¬â¢s mental faculties were damaged by his wartime experience, leaving him disturbed and unstable. The text can be read many ways; however, there is no single interpretation that captures the complexity of SalingerÃ¢â¬â¢s short story. While the clues that Salinger leaves throughout the story influence the readerÃ¢â¬â¢s perspective on Seymour Glass, ultimately the meaning and justification of SeymourÃ¢â¬â¢s suicide depends on the readerÃ¢â¬â¢s personal connection to the protagonist.
Monday, September 16, 2019
When U. S. President Richard Nixon formally ended the backing of U. S. currency by the gold standard system in 1971, the noble attempts of the Bretton Woods delegates finally ended. . This paper will examine the causes of the death of the Bretton Woods System: Some have blamed it on the changing situation of the international economic system; others blamed it on the failure of the System itself. We will explore the Bretton Woods System, its ideals and contradictions, in an attempt to discern what indeed went wrong.Fixing the exchange rate between the U. S.Ã dollar and other currencies was doomed to failure because of various principles of macroeconomics which will be analyzed herein. However, in spite of its failures, the Bretton Woods System played a crucial role in the economic development of Europe and Japan in the decades immediately after World War II.Its original purpose was the economic rehabilitation of Europe and Japan, and in this, the Bretton Woods System was indeed succ essful. The collapse of the Bretton Woods System in 1971 could be traced to a number of reasons. The most important of these was the increasing trade imbalance of the U.S. economy. The Cold War between the United States and the USSR drained the U. S. Treasury, leading to deficit spending, and a surge in imports.In particular, the Vietnam War became a veritable black hole of runaway spending. Furthermore, the rehabilitated economies of Europe and Japan soon made up for lost ground, and caught up to the United StatesÃ¢â¬â¢ economy. The U. S. economy, booming throughout the Fifties and Sixties, finally reached the point of deficit in the early 1970s. At this time, the U. S. started to experience massive cash outflow to the rest of the world.This was certainly instrumental in the collapse of the Bretton Woods System, but not the only reason. A second reason for the end of the Bretton Woods System was the lack of autonomy to maintain its workings. As the U. S. currency came to a crisis in the early 1970s, the System collapsed. The International Monetary Fund (IMF), the authority to control the currency exchange rate, had no power to stop the System from collapsing, and the System subsequently spiraled out of control.The powerlessness of the IMF was due to the lack of autonomy of the U.S. currency dominance based on the gold standard. In this paper, we will show that these reasons were the main causes of the end of the Bretton Woods System, by analyzing the economic data and considering the economistsÃ¢â¬â¢ and historiansÃ¢â¬â¢ arguments. The origin of the Bretton Woods System will be explored to clarify the theory behind the System. Additionally, we will review the world economy of the 1950s, when the Bretton Woods System was working effectively, and compare it to the world economy of the 1960s, when the System began to lose effectiveness.The comparison is necessary to answer to the question why the Bretton Woods System became ineffective although it was func tional at the beginning. This paper will also analyze the structure of the International Monetary Fund, to see how that too was instrumental in bringing the Bretton Woods System to its close. It is important to understand how the IMF had been trying to standardize the currency until 1973, the year in which the world transferred to the exchange currency system from a pegged exchange rates system.The United Nations Monetary and Financial Conference, better known as the Bretton Woods Conference, was a meeting among 730 delegates representing the 45 Allied nations of the Second World War. The conference was held at the Mount Washington Hotel in Bretton Woods, New Hampshire. The conference followed the conclusion of the Second World War and convened from July 1 to July 22, 1945. The purpose of the delegates at this Conference was to establish a new global economic order following the trauma of the war, not simply a re-hash of the world economic system of the 1930s.Most economists agreed that that system had not been efficient during the period between world wars. Depression hit the United States in 1929, and recession gripped the world economy in the thirties. While some nations let their currencies float, others set a policy of pegging their currency to gold or other currency. This system had outbreaks of Ã¢â¬Å"competitive devaluationÃ¢â¬ . In order to keep their reserve at a high level, governments introduced exchange control, restricted the use of foreign currency and imposed higher tariffs barriers to limit the volume of imports.World trade declined because of these restrictions, and the world faced very slow economic recovery in the 1930s. Delegates at the Bretton Woods Conference worked to revamp these short-sighted, restrictive policies. They felt the need to establish economic institutions which would transform the world economy into a well-oiled machine, one which promoted international trade for all countries..The delegates created three major structur es: the International Monetary Fund (IMF); the International Bank for Reconstruction and Development (IBRD) or the World Bank; and the International Trade Organization (ITO). However, in 1950, the U.S. Congress nixed the formation of the ITO, and it never got off the ground. In place of the ITO, a treaty was agreed upon by most of the world economic powers and the rest of the world.The treaty was commonly known as the General Agreement on Tariffs and Trade (GATT), which took over the ITO ideology. The other two institutions, IMF and the World Bank, were to take responsibility of being the bi-pillar system of the Post-Second World War global economy. The purpose of the World Bank was to promote development, and that of the International Monetary Fund was to maintain order in the international monetary system.The delegates of the Bretton Woods Conference based the new global economic structure on a code of what they felt to be economic fairness. This code related to a global regime of fixed but adjustable exchange rates. This system of adjustable rates was designed to implement equity on a world economic scale. The adjustable fixed rate provided exchange rate stability in the short run, just like the gold standard system. At the same time, it also allowed the possibility to adjust the exchange rate when a national balance of payment is in a crucial state of disequilibrium.However, the weakness of this adjustable exchange system was that it lacked the stability, the certainty of the gold standard and the flexibility of the flexed exchange rate regime. Despite the demerits of this currency exchange mechanism, the Bretton Woods System worked fairly well in the 1950s and early 1960s. The adjustable-fixed exchange was successful in increasing international trade and supporting the recovery of the economy in Europe and Japan.The system resulted in the per rate system, under which currencies of the member countries were fixed within 1% of the value of the U.S. dollar, which was pegged to the value of gold. With this system, the IMF was successful between 1946 and 1966, although it had its kinks. The Bretton Woods delegates hastened the integration of the world economy, but they could not so easily achieve a smooth currency exchange system, because the destruction of the Second World War was too massive to recover without unilateral action such as discarding the pegged exchange rate system. Some nations set up their own restrictions on trade and currency exchange so that the IMF could not get those countries into the world currency system.Moreover, the ruined European nations requested massive funding from the IMF until 1950. In spite of IMF mistakes, the global economy progressed after 1951. The Fund successfully spread its economic activities to all members, not just to the fund users. However, after 1966, the world economy changed substantially once again. The problems inherent in the Bretton Woods System started to be exposed gradually in the mid-1960s. Richard N. Cooper, in his book The International Monetary System, listed the features of the Bretton Woods System as well its contradictions..The first characteristic of the system was that member countries of the Bretton Woods System would determine their own domestic economic policies. This permitted autonomy of domestic economies, enabling nations to pursue their own internal economic objectives, such as assuring low inflation or achieving the Ã¢â¬Å"naturalÃ¢â¬ unemployment rate. The second feature of the Bretton Woods System, according to Cooper, was that the U. S. currency be pegged to gold. The third feature was that other nations adopted the adjustable-exchange rates system.Cooper argues that these three features of the Bretton Woods System contradicted each other:: Countries could not frame their national economic policies independently and still maintain fixed exchange rates and currency convertibility except by luck and coincidence. That potential conflict w as recognized by the Bretton Woods architectsÃ¢â¬ ¦ Cooper suggests that to fix these contradictions, the creators of the system, the delegates, added two elements. One was the establishment of the IMF, and the other was altering exchange rates under the condition that a nation comes to a severe economic imbalance.According to Cooper, the Bretton Woods System architects assumed that new gold production coming into monetary reserves would be an ample supply to fuel adequate growth. The US dollar, they further assumed, would be able to provide for the required liquidity to keep the exchange rate at the fixed level. However, until the 1970s, growth in the global gold demand had been increasing faster than new gold production. World monetary reserves outside the United States increased by $54 billion, a 4. 5 per cent per annum growth rate.United States gold reserves departed to other countries to the tune of $9 billion, while only $4 billion came from new gold production. Foreign excha nge, which was overwhelmingly in dollars as the medium of choice, supplied $30 billion of the growth in reserves. Additionally, the IMF started, in 1970, to provide Special Drawing Rights (SDRs), which is the new type of international reserve assets generally called Ã¢â¬Å"paper dollarsÃ¢â¬ . U. S. gold reserves declined dramatically during this period because its stock of gold had gone to much of the rest of the world.The reasons for this exodus of American capital were complicated and controversial. Military expenditures involved with the Cold War and the Vietnam War predominate. As the result of heightened expenditures, the United States tried to increase its money supply regardless of being able to back it up with gold reserves. The rest of the world accumulated these lost U. S. reserves until the beginning of the 1970s, which caused uncertainty in the value of the US dollar itself. The second reason for the exodus of U. S. capital was that the European and Japanese economies had caught up to the United StatesÃ¢â¬â¢ economy.Due to the increased economic clout of revived nations, the United States began suffering from the trade deficit. European nations and Japan were taking advantage of the underestimated price of their currency, enabling them to increase the volume of their exports. The United States suffered because of the high price of the dollar relative to other currencies. After accumulation of the wealth, European countries and Japan embarked on converting reserve surpluses into dollar reserves. They practiced this policy because of the interest that could be earned on U. S. dollars.Moreover, if it ever became necessary the U. S. dollar could be converted to gold. These were miscalculations of the International Monetary Fund creators.. In these ways, the Bretton Woods economic structure was undermined, as the nominal price and real value of U. S. currency came into conflict. In 1970, in order to restore the system, the IMF introduced a new inter national reserve asset. Special Drawing Rights (SDRs) were expected to supplement the other components of global reserves, i. e. U. S. dollars and gold. The need for liquidity in the international monetary system was the reason for the creation of SDRs.In 1970, when the SDRs were first allocated, the United States had the largest share, totaling about $867 million, followed by the United Kingdom, at $410 million. According to Acheson, Ã¢â¬Å"A problemÃ¢â¬ ¦ is the prospect of conflict over the amount of SDRs to be created. Ã¢â¬ The development of the new asset system was eventually unsuccessful. Richard Harper argues that the failure of IMF came from a fundamental problem within the system itself. The problem, he says, is that a fixed exchange-rate system requires national governments to arrange their monetary policy in problematic ways.If, for instance, one nation has continuously higher inflation rate than othersÃ¢â¬â¢, it cannot compete in the world market, and its citizens would be buying more expensive imported products, leading to trade deficits. Therefore, the government has to be adjusting to its trading partners all the time. Harper goes on to say that under the pre-1914 gold standard system, there would no such problem because the inflation rate would spill over to the countries around it and achieve a convergence. By contrast, under the par value system, the mechanism of self-converging is missing.Harper summarizes his thoughts about monetary cooperation between nations: Lack of co-ordination of monetary policies and, in particular, the implementation of inappropriate policies by any individual member, resulted in the countries in question facing runs on their currency when there was perceived to be an imbalance between their internal monetary policies and external exchange rates. He argues that this systematic flaw was closely related to the ultimate obsolescence of the Bretton Woods System. Instability of the System came to a head, and it co llapsed, like a house of cards.The real signal of its death was in 1971, when U. S. officials declared suspending the convertibility between dollars and gold, making other nationsÃ¢â¬â¢ currency float. The fixed exchange rates between U. S. dollars and other world currencies disappeared, and the Bretton Woods System went the way of the dinosaursÃ¢â¬âextinction. After its collapse, on March 19, 1973, the central banks of the world economic powers gave up their commitment to stabilize exchange rates between their currencies and the dollar.After suspending the convertibility from dollars to gold, the fixed exchange rates between U. S. currency and others began to disappear, even though many nations insisted on keeping the pegged exchange rates of the Bretton Woods System. Riccardo says: It now seems clear that the really essential characteristic of Bretton Woods was not the maintenance of party but the convertibility of the dollarÃ¢â¬ ¦ After March 1973, the central banks rapidly discovered that it was simply not possible to abandon exchange rates to market forces completely. In this way, the Bretton Woods System lost its key componentÃ¢â¬âconvertibility from dollars to goldÃ¢â¬âin 1971, then an ancillary key componentÃ¢â¬âadjustable-fixed exchange rates in 1973.Henceforth, currency valuations were determined according to market fluctuations. The IMF lost the function of setting exchange rates.. Conclusion The Bretton Woods System came to an end in 1973, almost three decades after the Conference. The System contained contradictions and flaws since its foundation in 1945. Some economists argue that the systemÃ¢â¬â¢s defects were negligible, and that the problem lay in the changing world economy, not the Bretton Woods System itself. However, it is undeniable that the mechanisms of the Bretton Woods System were not flexible enough to adjust to a changing world economy.Adaptability is the key to survivability, and in this sense, the Bretton Woods Sys tem was doomed to failure. The revivals of European nations and Japan were predictable, given the scope of international policy to revive these moribund economies. More than thirty years have passed since the collapse of the Bretton Woods System. Some economists say that Bretton Woods II is emerging in the world today.. The fact that China pegs its currency to the US dollar seems similar to the situation at the Bretton Woods Conference of yesteryear.Because of the fixed exchange rate system between the Chinese Renminbi and the U. S. dollar, the United States suffers a huge trade deficit with China today. . Matthias Kaelberer argues that Bretton Woods II would be different from the classic one, for the Bretton Woods System from 1944 to 1973 was agreed upon by its members, while the emerging system of today comes from Chinese de facto unilateral behavior pegging its currency to the U. S. currency. However, he also emphasizes that, no matter what their origin, reviewing the classic Bre tton Woods System will be helpful and important to predict the consequences of the Chinese-American fixed exchange rates relationship.The Bretton Woods Conference helped ease the worldÃ¢â¬â¢s economy through a tumultuous period after the Second World War. Although the economic solutions they espoused seem anachronistic today, we should also thank the architects for playing a vital role in restoring some semblance of equilibrium to a world in tatters.BibliographyAcheson A. L. K. , Chant, J. F. and Prachowny M. F. J. Bretton Woods Revisited: Evaluations of the International Monetary Fund and the International Bank for Reconstruction and Development. Papers Delivered at a Conference at Queen's University, Kingston, Canada.Toronto, On, Canada: University of Toronto Press. 1972.Chacholiades, Miltiades. International Monetary Theory and Policy. New York: McGraw-Hill. 1978.Cooper, Richard N. The International Monetary System: Essays in World Economics. Cambridge, Mass. : MIT Press. 1987. Harper, Richard. Inside the IMF: Ethnography of Documents, Technology, and Organizational Action. San Diego: Academic Press. 1998.Parboni, Riccardo. The Dollar & its Rivals. London, England: Verso. 1981. Witteveen, H. J and Szabo-Pelsoczi, Miklos (ed. ).Fifty Years after Bretton Woods: The New Challenge of East-West Partnership for Economic Progress. Brookfield, Vt. , USA: Avebury. 1996Stone, Randall. Lending Credibility: The International Monetary Fund and the Post-communist Transition. Princeton University Press, 2002 Matthias Kaelberer. Ã¢â¬Å"Structural Power and the Politics of International Monetary Relations. Ã¢â¬ The Journal of Social, Political, and Economic Studies. Washington: Fall 2005. Vol. 30, Iss. 3;http://proquest. umi. com. myaccess. library. utoronto. ca/pqdlink? Ver=1&Exp=04-03-2012&FMT=7&DID=911841951&RQT=309 Accessed on April 3, 2007. Via ProQuest.