The Buying Patterns of the Consumers Essay Example | Topics and Well Written Essays - 1750 words

The Buying Patterns of the Consumers - Essay Example When flaws in this approach became apparent, during the mid-1990s, the focus shifted towards product orientation, which urged the marketers to spend all their resources in perfecting the quality of their products. The next ideology shift during the late 1970s brought the selling orientation, which preached the idea that in order to ensure sales and profits, companies should follow highly aggressive sales strategies (Lancaster & Massingham, 2010, p. 20).   Nevertheless, all these ideologies were stepping stones in allowing marketers to come up with the marketing innovation, which puts customers at the top of everything which the motto, â€Å"a customer is always right†. Marketing approach urges marketers and companies not to engage in â€Å"hunting† but â€Å"gardening†. Marketers agree that â€Å"make and sell† strategy is extremely short-sighted and today, in order to succeed, companies need to follow a â€Å"sense and respond† strategy. Organisations should not put in all their efforts to find the right customers for their products, but the focus should be on finding the right products for your customers (Solomon, 2006, p. 370).   More importantly, in order to find right products for your customers, you first need to have a thorough understanding of the needs and wants of your customers. Only when businesses have the proper knowledge about the buying patterns of their consumers, they can sustain their revenues and ensure that they rank high in terms of customer satisfaction.

Financial statements analysis and financial models(question answers) Assignment

Financial statements analysis and financial models(question answers) - Assignment Example a company, without seeking for debt finance, the following are two ways a company can adopt in order to increase the sustainable growth rate: first, the utility rate of assets should be increased in order to increase the revenue generated, thus, increase the net income. An increase in the net income increases both the ROE and the payout ratio. Second, the company can depend on either retained earnings or equity finance to fund the undertakings of projects with positive net present value. ROE = Profit margin*Total asset turnover*equity multiplier = (0.55*1.9*0.063) = 6.5835%. Sustainable growth = (ROE*b)/1- (ROE*b). 0.09 = (0.065835b)/ 1 – (0.065835b). b = 1.2546 = (1 – payout ratio). Therefore, payout ratio = (1.2546 – 1) = 25.46%. Consequently, for the growth rate to be achieved, the dividend payout ratio must be 25.46%. The interpretation means that the company will use 25.46% of the net income to fund dividend payment. The approximate sustainable growth rate SGR = (ROEb)/1- (ROEb). ROE = (Net income/equity) = (95,000/230,000) = 41.30%. The payout ratio = (42,000/95,000) = 44.21%. Therefore, SGR = (0.413*0.4421)/1 – (0.413* 0.4421) = 0.1826/ (1- 0.1826) = 22.34%. The exact sustainable growth rate = 22.339124%. Since the value of equity never changed during the period, the ROE is remains unchanged. Therefore, the approximate sustainable growth rate is similar to the above determined

Effect of Export Performance on Economy

Effect of Export Performance on Economy CHAPTER ONE: INTRODUCTION In this chapter, first we introduce the study by highlighting its background followed by a brief description of Malaysias economy and external trade based on relevant statistics related to economic growth trends and international trade, respectively. Next, we further proceed to look in detail at the export performance concept. Then, we indicate the current major products exported by Malaysian firms, and their main export destinations. Research problem, question, and objectives, followed by the significance, scope, limitations, and organization of the paper, are all discussed in the last part of the chapter. 1.1. Background of the Study With the increasing trend of globalization, the arena of market and competition for business firms has expanded from domestic markets to the international markets. This has accentuated the importance of understanding the behavior of firms in foreign markets. Exporting represents a viable strategic option for firms to internationalize and has remained the most frequently used foreign market entry mode chosen (Zhao Zou, 2002), as it provides the firm with the flexibility needed to penetrate and compete in new international markets. In 2001, the World Bank published the report Globalization, Growth and Poverty: Building an Inclusive World Economy. The report shows that 24 developing countries, which increased their integration into the world economy, achieved higher growth in incomes, longer life expectancy and better schooling (Van Dijk, 2002). Exporting is considered to be one of the most important ways for developing countries to link with the world economy. Therefore, it is identified by governments and public policy makers as a priority (Morgan, 1997). 1.1.1. Malaysias Economy and External Trade The Malaysian economy has shown to be one of the most dynamic economies in the Asia Pacific region. The structure of the Malaysian economy had a dramatic transformation in the last five decades. Gradually over this period, it has displayed attributes of newly industrialized country and its economy has shown an impressive track record (Hamid, 2004). The country had an impressive annual growth in the 1970s reaching 7.8%, and continued to grow at a rate of 8.8% in the 1980s except during recession in 1985 to 1986. The recovery started in 1988 and the economy sustained an annual growth of over 8% in the 1990s. However, the Asian financial crisis had the worst impact when the economy shrank by 11.2% year on year in the fourth quarter of 1998 (The Economist Intelligence Unit, 2009). This led the Malaysian government to implement several economic policy adjustments which started in 1999 in order to speed up the recovery. Consequently, the economy recorded a positive growth in seven consecutive years. After a strong take-off of 5.3% in 2003, the second half of 2006 recorded a higher than expected growth of 5.9% (Malaysia Economic Report , 2006). Recently, as a result of the global recession, Malaysias real GDP contracted by 6.2% year on year in the first quarter of 2009 (The Economist Intelligence Unit, 2009). However, the economy reco vered gradually later in the same year. Malaysias trade policy focuses on greater integration into the world economy and enhancing its global position as a trading nation. The country has consistently maintained its position as the 18th largest global exporter and the 20th largest importer in the last few years (WTO, 2005). Malaysias trade with the world from 2000 to 2009 is illustrated in figure 1. The bar chart shows that Malaysia had a steady increase in total trade. The country reached a peak of approximately RM787.5 billion and RM643.1 billion in 2009 for exports and imports respectively, yielding a trade surplus of RM144.4 billion. This trend is expected to continue in the next few years as more economic reforms would take place, coincided with high growth rates expected. 1.1.2. Export Performance Export performance is broadly defined as the outcome of a firms activities in export markets (Shoham, 1996). The fundamental importance of export performance to international marketing has led to a substantial body of research. It is recognized that research on export performance is of vital interest to three major groups: public policy makers, managers and researchers. First, export performance is important for public policy makers or governments as it contributes to the development of foreign exchange reserves, increases the level of imports a country can afford, provides a vehicle for job creation, improves employment opportunities, improves standards of living, and encourages better working conditions and more efficient business (Lages Montgomery, 2004). Second, at a micro level, managers view exporting as a way to expand their firms access to international markets, benefit from economies of scale, reduce the dependence on their domestic markets, and enjoy faster sales, employment, and growth (Freeman Lawley, 2005). Third, as a result of its importance for both policy makers and managers, researchers consider exporting a challenging and promising area for theory building in international marketing (Zou Stan, 1997). Since gaining independence from Britain in 1957, Malaysia implemented a series of 5-year development plans in order to transform its economy from being an exporter of rubber and tin to emerge as one of the worlds largest producers of palm oil products, timber, oil and manufactured products (Wheeler Mohamad, 1993). Additionally, due to its impressive growth, the manufacturing sector has replaced agriculture as the number one sector in the economy. Table 1 shows Malaysias major export products in January 2010. The manufacturing sector remains a dynamic engine of growth for Malaysia with an estimated share of 31.5% of GDP in 2005 (WTO, 2005). It is considered to be the most dominant sector with approximately three quarters of total exports. This is mainly due to the significant contribution of electrical and electronic products as they are Malaysias leading export earner with a value of RM21,372.3 billion, representing 40.75% of total exports in January 2010. Palm oil retained as the second largest export revenue earner with a total value of RM3,985 billion or 7.6% of exports. Third, liquefied natural gas (LNG) made up 6.5% of total exports with RM3,400.3 billion. Chemicals chemical products were the fourth largest commodity accounting for 6% of total exports with RM3,173.9 billion. The remaining different products Table 1: Malaysias major export products in January 2010 (Billion Ringgits) Source: Department of Statistics Malaysia, January 2010, Malaysia External Trade Statistics. Retrieved on 16/2/2010 from: http://www.matrade.gov.my/cms/documentstorage/com.tms.cms.document.Document_2c11596d-7f000010-584c584c-f259ef13/Press%20release%20Jan10%20Eng.pdfCalculated based on the values of the table. including crude petroleum, refined petroleum products, and others, formed approximately 40% of total exports in the same period. For export destinations, the Peoples Republic of China (PRC) was Malaysias major export market in January 2010, with RM7,094.9 billion (13.53% of total exports), as shown in table 2. Table 2: Malaysias major export markets in January 2010 (Billion Ringgits) Source: Department of Statistics Malaysia, January 2010, Malaysia External Trade Statistics. Retrieved on 16/2/2010 from: http://www.matrade.gov.my/cms/documentstorage/com.tms.cms.document.Document_2c11596d-7f000010-584c584c-f259ef13/Press%20release%20Jan10%20Eng.pdf Calculated based on the values of the table. The next major export destination is Singapore (13.26%, RM6,953.5 billion), followed by Japan (11.15%, RM5,849.7 billion), USA (9.37%, RM4,917.2 billion), and Hong Kong (5.5.%, RM 2,876.2 billion). These top five export destinations accounted for more than half of Malaysias total exports. The statistics reflect the increasing significance of exporting as a key economic tool for growth and development in Malaysia. In addition, despite the downturn caused by the Asian financial crisis thirteen years ago, Malaysia has made rapid strides in economic development through the continuous adoption of appropriate policies and strategies to ensure sustainability of growth (WTO, 2005) as well as to transform the economic structure of the country into a manufacturing and export-based economy. 1.2. Problem Statement, Question, and Objectives of the Study A problem is defined as any situation where a gap exists between the actual and the desired ideal state (Cavana et al., 2007). It is critical that the problem of the study is unambiguously identified, and followed by a clear, precise, and succinct statement of the question and objectives of the study. 1.2.1. Research Problem Much of the knowledge about successful export activity is fragmented, and the tradition of building on previous findings is not well-established in the export marketing field (Aaby Slater, 1989). Many export performance studies focused only on a single factor affecting export performance, while there have been only few attempts to come up with models that incorporate a wide range of relevant factors. These exceptions include, (Cooper Kleinschmidt, 1985); (Cavusgil Zou, 1994). Some of the discrepancies in the literature might be attributable to differences regarding the way in which export performance has been assessed (Walters Samiee, 1990). In this context, the vast majority of studies have utilized objective performance indicators (Katsikeas et al., 1996). However, there are two problems with the use of certain objective measures: First problem is concerned with research methodology i.e. accurate objective indicators of export performance are not easy to obtain since formal company financial statements and reports often make no clear distinction between domestic and export business operations, partially due to the fact that many firms view exporting as an extension of their domestic activities (Yang et al., 1992). Second, a serious comparability caveat may arise as a result of inherent measurement weaknesses underlying most objective measures (Katsikeas et al., 1996). Differences among industries and product subsectors in terms of competition or technology could lead to incoherent comparison across the sample firms. In other words, objective indicators of export performance, such as sales volume, sales growth and market share, might have little meaning in those cases where the firms surveyed belong to different industry or product groups (Covin, 1991). Accordingly, in order to fill this literature gap, it is important to use different indicators to measure the multi-dimensionality of export performance and increase the reliability of the results. In this research, we adopt three subjective indicators to measure export performance of Malaysian manufacturing firms by asking respondents three questions to indicate their perceptions in achieving objectives regarding export sales, export market share, and export profitability. We use this subjective composite indicator because, compared to other objective export indicators, it cancels the size effect and it also facilitates comparison between companies of different sizes and industries. 1.2.2. Research Question Are firms characteristics, export marketing strategy, management perceptions, and export commitment associated with export performance? If so, which of these contributes most to the variance of the dependant variable? 1.2.3. Research Objectives This study aims to contribute to the meager but growing literature on firm-level export performance for developing countries by using Malaysia as the empirical platform. The study was designed to reexamine some determinants of export performance mentioned in the export marketing literature, more specifically, certain firms characteristics, export marketing strategy adopted, managements attitudes and perceptions, and export commitment are integrated factors that viewed as significantly influencing export performance. In a nutshell, the study seeks to achieve the following two objectives: To investigate the relationships between export performance on one hand, and firm characteristics, export marketing strategy, management perceptions, and export commitment on the other hand. Establish the relative importance of each of the independent variables in influencing export performance of Malaysian manufacturing firms. 1.3. Significance, Scope, and Organization of the Study In the next few paragraphs, we address the approaches deployed in this paper that contribute to the significance of this research in the context of export marketing field. Further, the scope, limitations, and organization of the paper, are all discussed subsequently. 1.3.1. Significance of the Study With the increasing global business competition, it has become important, particularly for firms in developing countries, to understand the determinants of export performance as firms survival and expansion, and consequent economic growth of many developing countries are strongly dependent on a better understanding of what determines the export performance (Sousa et al., 2008). In spite of the numerous empirical studies of export performance published since the 1960s, the conclusions reached by researchers in this area have, however, varied widely. The significance of the present study is derived from its design to look anew at some determinants of export performance mentioned in the literature in order to examine their effect on export performance manufacturing firms in Malaysia where export marketing research is of extreme relevance for both practitioners and scholars, knowing that the country is considered to be the worlds eighteenth largest exporter, and the trend is growing significantly over time. For example, exports posted a double digit growth in December 2009, year-on-year, rising significantly by 18.7% to RM54.7 billion, compared with December 2008 (Department of Statistics Malaysia, 2010). 1.3.2. Scope and Limitations of the Study The evidence reported in this paper should be interpreted in the light of several limitations. That is, in addition to the relatively low response rate of just 17%, the research effort was restricted to manufacturing firms within a specific country context, thus caution may be exercised in generalizing the present findings too broadly. Nonetheless, generalizations of the study findings may be applicable to those exporting frameworks with similar structural characteristics of export marketing. Furthermore, the cross-sectional nature of the data limits our ability to rule out cause-effect inferences (Katsikeas et al., 1996). Such one-shot study may not be suitable for a research that involves a dynamic phenomenon, therefore, the adoption of longitudinal studies in future studies can provide more insights into the dynamic aspects of export behavior and performance. Other limitations were related to time constraint, specifically during data collection period which started in mid-February 2010. This stage of the research was coincided with celebrations of the Chinese New Year, on February 14th, the period during which most companies in Malaysia had at least a one week holiday. As a result, it took us a relatively longer time than expected to receive responds in order to proceed for further analysis. 1.3.3. Organization of the Study In this study, an attempt is made to synthesize and empirically test a model of export performance focusing on exporters from an ASEAN member. Specifically, the sudsy constitutes indigenous Malaysian manufacturers trading with overseas distributors. The paper is formatted into several sections. First, an in-depth literature is presented including key theoretical and measurement problems. Next, a conceptual framework of export performance is developed through the statement of several hypotheses. Then, the research design approach and methodological procedures including data analysis are described. Lastly, we present the findings of the study followed by a discussion, conclusions, and recommendations. Summary of Chapter One Through its external trade policy, Malaysia aims primarily for a greater integration into the world economy in order to maintain its position as one of the largest global exporters, specifically exports of manufactured products. At a micro level, export performance refers to the outcome of a firms activities in export markets. It is a way to expand access to international markets, benefit from economies of scale, reduce the dependence on domestic markets, and enjoy faster sales, employment, and growth. Studies within the export marketing field are characterized by the discrepancy and fragmentation of the findings. In this context, most export performance studies utilized objective export performance measures. However, this might result in the fragmentation of findings due to some issues related to research methodology and comparability caveat among firms. Therefore, subjective indicators are employed to measure the dimensionality of export performance in the Malaysian context. The objective is delineate the relationship between export performance (dependent variable) on one hand, and firm characteristics, export marketing strategy, management perceptions, and export commitment (independent variables) on the other hand. CHAPTER TWO: LITERATURE REVIEW In this chapter, a conceptual background of export performance is coherently addressed; starting with a relevant review of the export marketing performance literature and their main characteristics including the way in which export performance has been measured. We further proceed to identify and classify the multiple independent variables that have been frequently used in past studies. At the end of the chapter, some examples of the discrepancies in the findings of some studies are highlighted. 2.1. Export Marketing Performance Literature The classical economic view tries to explain why it is beneficial for a country to engage in international trade based on the assumption that countries differ in their abilities to produce goods efficiently. The comparative advantage theory, for example, helps to explain the pattern of international trade that we observe in the world economy (Heckscher Ohlin, 1991); (Ricardo, 1817); and (Smith, 1776). However, the assumptions underlying the principle of comparative advantage are unrealistic in many countries and industries. That is because competitive advantage depends on the capacity to innovate and upgrade. It also depends on the extent to which a home environment is dynamic, challenging, and forward looking. Therefore, competitive advantage is not inherited; in other words, it does not grow out of a countrys natural endowments, its labor, its interest rates or its currencys value, as classical economics insist (Porter, 1990). A plethora of studies have been published in the past 30 years on the determinants of export performance. This is mainly due to the increasing relevance of export marketing as an area of inquiry. Existing literature shows that the United States is the most researched country in export performance studies. However, an increasing number of studies have been conducted by European researchers from non-English-speaking countries who published in English-language journals. Examples include, (Bijmolt Zwart, 1994), (Holzmuller Kasper, 1991), and (Madsen, 1989). Some other studies have also been conducted in developing countries in Asia and Latin America. Characteristics of the studies reviewed are summarized in table 3. The main characteristics that we focused on are: 2.1.1. Size of the Sample Except for one study which used a data base of 20,161 Indonesian firms from different manufacturing sectors, the size of the samples used in the studies reviewed ranges between 51 and 783. Most of them were drawn from multiple manufacturing industries, while just few such as (Cavusgil Kirpalani, 1993), (Singer Czinkota, 1994), and (Sriram Manu, 1995), had included in the sampling, reselling and service firms in addition to manufacturing firms. 2.1.2. Industry Context of Studies The vast majority of the reviewed studies employed samples drawn from multiple manufacturing industries. Only few have included in addition to manufacturers, reselling and service firms. Examples include (Cavusgil Kirpalani, 1993), (Singer Czinkota, 1994), and (Sriram Manu, 1995). This reflects the importance of manufacturing firms in the world economy. However, findings cannot be generalized to other industry contexts. Table 3: Characteristics of the reviewed articles Solberg 2002 Norway 150 mult manuf SML survey correlation/ anova firm Albaum, Tse 2001 Hong Kong 183 mult manuf SML survey regression firm Gencturk, Kotabe 2001 USA 162 mult manuf SML survey anova firm Effect of Export Performance on Economy Effect of Export Performance on Economy CHAPTER ONE: INTRODUCTION In this chapter, first we introduce the study by highlighting its background followed by a brief description of Malaysias economy and external trade based on relevant statistics related to economic growth trends and international trade, respectively. Next, we further proceed to look in detail at the export performance concept. Then, we indicate the current major products exported by Malaysian firms, and their main export destinations. Research problem, question, and objectives, followed by the significance, scope, limitations, and organization of the paper, are all discussed in the last part of the chapter. 1.1. Background of the Study With the increasing trend of globalization, the arena of market and competition for business firms has expanded from domestic markets to the international markets. This has accentuated the importance of understanding the behavior of firms in foreign markets. Exporting represents a viable strategic option for firms to internationalize and has remained the most frequently used foreign market entry mode chosen (Zhao Zou, 2002), as it provides the firm with the flexibility needed to penetrate and compete in new international markets. In 2001, the World Bank published the report Globalization, Growth and Poverty: Building an Inclusive World Economy. The report shows that 24 developing countries, which increased their integration into the world economy, achieved higher growth in incomes, longer life expectancy and better schooling (Van Dijk, 2002). Exporting is considered to be one of the most important ways for developing countries to link with the world economy. Therefore, it is identified by governments and public policy makers as a priority (Morgan, 1997). 1.1.1. Malaysias Economy and External Trade The Malaysian economy has shown to be one of the most dynamic economies in the Asia Pacific region. The structure of the Malaysian economy had a dramatic transformation in the last five decades. Gradually over this period, it has displayed attributes of newly industrialized country and its economy has shown an impressive track record (Hamid, 2004). The country had an impressive annual growth in the 1970s reaching 7.8%, and continued to grow at a rate of 8.8% in the 1980s except during recession in 1985 to 1986. The recovery started in 1988 and the economy sustained an annual growth of over 8% in the 1990s. However, the Asian financial crisis had the worst impact when the economy shrank by 11.2% year on year in the fourth quarter of 1998 (The Economist Intelligence Unit, 2009). This led the Malaysian government to implement several economic policy adjustments which started in 1999 in order to speed up the recovery. Consequently, the economy recorded a positive growth in seven consecutive years. After a strong take-off of 5.3% in 2003, the second half of 2006 recorded a higher than expected growth of 5.9% (Malaysia Economic Report , 2006). Recently, as a result of the global recession, Malaysias real GDP contracted by 6.2% year on year in the first quarter of 2009 (The Economist Intelligence Unit, 2009). However, the economy reco vered gradually later in the same year. Malaysias trade policy focuses on greater integration into the world economy and enhancing its global position as a trading nation. The country has consistently maintained its position as the 18th largest global exporter and the 20th largest importer in the last few years (WTO, 2005). Malaysias trade with the world from 2000 to 2009 is illustrated in figure 1. The bar chart shows that Malaysia had a steady increase in total trade. The country reached a peak of approximately RM787.5 billion and RM643.1 billion in 2009 for exports and imports respectively, yielding a trade surplus of RM144.4 billion. This trend is expected to continue in the next few years as more economic reforms would take place, coincided with high growth rates expected. 1.1.2. Export Performance Export performance is broadly defined as the outcome of a firms activities in export markets (Shoham, 1996). The fundamental importance of export performance to international marketing has led to a substantial body of research. It is recognized that research on export performance is of vital interest to three major groups: public policy makers, managers and researchers. First, export performance is important for public policy makers or governments as it contributes to the development of foreign exchange reserves, increases the level of imports a country can afford, provides a vehicle for job creation, improves employment opportunities, improves standards of living, and encourages better working conditions and more efficient business (Lages Montgomery, 2004). Second, at a micro level, managers view exporting as a way to expand their firms access to international markets, benefit from economies of scale, reduce the dependence on their domestic markets, and enjoy faster sales, employment, and growth (Freeman Lawley, 2005). Third, as a result of its importance for both policy makers and managers, researchers consider exporting a challenging and promising area for theory building in international marketing (Zou Stan, 1997). Since gaining independence from Britain in 1957, Malaysia implemented a series of 5-year development plans in order to transform its economy from being an exporter of rubber and tin to emerge as one of the worlds largest producers of palm oil products, timber, oil and manufactured products (Wheeler Mohamad, 1993). Additionally, due to its impressive growth, the manufacturing sector has replaced agriculture as the number one sector in the economy. Table 1 shows Malaysias major export products in January 2010. The manufacturing sector remains a dynamic engine of growth for Malaysia with an estimated share of 31.5% of GDP in 2005 (WTO, 2005). It is considered to be the most dominant sector with approximately three quarters of total exports. This is mainly due to the significant contribution of electrical and electronic products as they are Malaysias leading export earner with a value of RM21,372.3 billion, representing 40.75% of total exports in January 2010. Palm oil retained as the second largest export revenue earner with a total value of RM3,985 billion or 7.6% of exports. Third, liquefied natural gas (LNG) made up 6.5% of total exports with RM3,400.3 billion. Chemicals chemical products were the fourth largest commodity accounting for 6% of total exports with RM3,173.9 billion. The remaining different products Table 1: Malaysias major export products in January 2010 (Billion Ringgits) Source: Department of Statistics Malaysia, January 2010, Malaysia External Trade Statistics. Retrieved on 16/2/2010 from: http://www.matrade.gov.my/cms/documentstorage/com.tms.cms.document.Document_2c11596d-7f000010-584c584c-f259ef13/Press%20release%20Jan10%20Eng.pdfCalculated based on the values of the table. including crude petroleum, refined petroleum products, and others, formed approximately 40% of total exports in the same period. For export destinations, the Peoples Republic of China (PRC) was Malaysias major export market in January 2010, with RM7,094.9 billion (13.53% of total exports), as shown in table 2. Table 2: Malaysias major export markets in January 2010 (Billion Ringgits) Source: Department of Statistics Malaysia, January 2010, Malaysia External Trade Statistics. Retrieved on 16/2/2010 from: http://www.matrade.gov.my/cms/documentstorage/com.tms.cms.document.Document_2c11596d-7f000010-584c584c-f259ef13/Press%20release%20Jan10%20Eng.pdf Calculated based on the values of the table. The next major export destination is Singapore (13.26%, RM6,953.5 billion), followed by Japan (11.15%, RM5,849.7 billion), USA (9.37%, RM4,917.2 billion), and Hong Kong (5.5.%, RM 2,876.2 billion). These top five export destinations accounted for more than half of Malaysias total exports. The statistics reflect the increasing significance of exporting as a key economic tool for growth and development in Malaysia. In addition, despite the downturn caused by the Asian financial crisis thirteen years ago, Malaysia has made rapid strides in economic development through the continuous adoption of appropriate policies and strategies to ensure sustainability of growth (WTO, 2005) as well as to transform the economic structure of the country into a manufacturing and export-based economy. 1.2. Problem Statement, Question, and Objectives of the Study A problem is defined as any situation where a gap exists between the actual and the desired ideal state (Cavana et al., 2007). It is critical that the problem of the study is unambiguously identified, and followed by a clear, precise, and succinct statement of the question and objectives of the study. 1.2.1. Research Problem Much of the knowledge about successful export activity is fragmented, and the tradition of building on previous findings is not well-established in the export marketing field (Aaby Slater, 1989). Many export performance studies focused only on a single factor affecting export performance, while there have been only few attempts to come up with models that incorporate a wide range of relevant factors. These exceptions include, (Cooper Kleinschmidt, 1985); (Cavusgil Zou, 1994). Some of the discrepancies in the literature might be attributable to differences regarding the way in which export performance has been assessed (Walters Samiee, 1990). In this context, the vast majority of studies have utilized objective performance indicators (Katsikeas et al., 1996). However, there are two problems with the use of certain objective measures: First problem is concerned with research methodology i.e. accurate objective indicators of export performance are not easy to obtain since formal company financial statements and reports often make no clear distinction between domestic and export business operations, partially due to the fact that many firms view exporting as an extension of their domestic activities (Yang et al., 1992). Second, a serious comparability caveat may arise as a result of inherent measurement weaknesses underlying most objective measures (Katsikeas et al., 1996). Differences among industries and product subsectors in terms of competition or technology could lead to incoherent comparison across the sample firms. In other words, objective indicators of export performance, such as sales volume, sales growth and market share, might have little meaning in those cases where the firms surveyed belong to different industry or product groups (Covin, 1991). Accordingly, in order to fill this literature gap, it is important to use different indicators to measure the multi-dimensionality of export performance and increase the reliability of the results. In this research, we adopt three subjective indicators to measure export performance of Malaysian manufacturing firms by asking respondents three questions to indicate their perceptions in achieving objectives regarding export sales, export market share, and export profitability. We use this subjective composite indicator because, compared to other objective export indicators, it cancels the size effect and it also facilitates comparison between companies of different sizes and industries. 1.2.2. Research Question Are firms characteristics, export marketing strategy, management perceptions, and export commitment associated with export performance? If so, which of these contributes most to the variance of the dependant variable? 1.2.3. Research Objectives This study aims to contribute to the meager but growing literature on firm-level export performance for developing countries by using Malaysia as the empirical platform. The study was designed to reexamine some determinants of export performance mentioned in the export marketing literature, more specifically, certain firms characteristics, export marketing strategy adopted, managements attitudes and perceptions, and export commitment are integrated factors that viewed as significantly influencing export performance. In a nutshell, the study seeks to achieve the following two objectives: To investigate the relationships between export performance on one hand, and firm characteristics, export marketing strategy, management perceptions, and export commitment on the other hand. Establish the relative importance of each of the independent variables in influencing export performance of Malaysian manufacturing firms. 1.3. Significance, Scope, and Organization of the Study In the next few paragraphs, we address the approaches deployed in this paper that contribute to the significance of this research in the context of export marketing field. Further, the scope, limitations, and organization of the paper, are all discussed subsequently. 1.3.1. Significance of the Study With the increasing global business competition, it has become important, particularly for firms in developing countries, to understand the determinants of export performance as firms survival and expansion, and consequent economic growth of many developing countries are strongly dependent on a better understanding of what determines the export performance (Sousa et al., 2008). In spite of the numerous empirical studies of export performance published since the 1960s, the conclusions reached by researchers in this area have, however, varied widely. The significance of the present study is derived from its design to look anew at some determinants of export performance mentioned in the literature in order to examine their effect on export performance manufacturing firms in Malaysia where export marketing research is of extreme relevance for both practitioners and scholars, knowing that the country is considered to be the worlds eighteenth largest exporter, and the trend is growing significantly over time. For example, exports posted a double digit growth in December 2009, year-on-year, rising significantly by 18.7% to RM54.7 billion, compared with December 2008 (Department of Statistics Malaysia, 2010). 1.3.2. Scope and Limitations of the Study The evidence reported in this paper should be interpreted in the light of several limitations. That is, in addition to the relatively low response rate of just 17%, the research effort was restricted to manufacturing firms within a specific country context, thus caution may be exercised in generalizing the present findings too broadly. Nonetheless, generalizations of the study findings may be applicable to those exporting frameworks with similar structural characteristics of export marketing. Furthermore, the cross-sectional nature of the data limits our ability to rule out cause-effect inferences (Katsikeas et al., 1996). Such one-shot study may not be suitable for a research that involves a dynamic phenomenon, therefore, the adoption of longitudinal studies in future studies can provide more insights into the dynamic aspects of export behavior and performance. Other limitations were related to time constraint, specifically during data collection period which started in mid-February 2010. This stage of the research was coincided with celebrations of the Chinese New Year, on February 14th, the period during which most companies in Malaysia had at least a one week holiday. As a result, it took us a relatively longer time than expected to receive responds in order to proceed for further analysis. 1.3.3. Organization of the Study In this study, an attempt is made to synthesize and empirically test a model of export performance focusing on exporters from an ASEAN member. Specifically, the sudsy constitutes indigenous Malaysian manufacturers trading with overseas distributors. The paper is formatted into several sections. First, an in-depth literature is presented including key theoretical and measurement problems. Next, a conceptual framework of export performance is developed through the statement of several hypotheses. Then, the research design approach and methodological procedures including data analysis are described. Lastly, we present the findings of the study followed by a discussion, conclusions, and recommendations. Summary of Chapter One Through its external trade policy, Malaysia aims primarily for a greater integration into the world economy in order to maintain its position as one of the largest global exporters, specifically exports of manufactured products. At a micro level, export performance refers to the outcome of a firms activities in export markets. It is a way to expand access to international markets, benefit from economies of scale, reduce the dependence on domestic markets, and enjoy faster sales, employment, and growth. Studies within the export marketing field are characterized by the discrepancy and fragmentation of the findings. In this context, most export performance studies utilized objective export performance measures. However, this might result in the fragmentation of findings due to some issues related to research methodology and comparability caveat among firms. Therefore, subjective indicators are employed to measure the dimensionality of export performance in the Malaysian context. The objective is delineate the relationship between export performance (dependent variable) on one hand, and firm characteristics, export marketing strategy, management perceptions, and export commitment (independent variables) on the other hand. CHAPTER TWO: LITERATURE REVIEW In this chapter, a conceptual background of export performance is coherently addressed; starting with a relevant review of the export marketing performance literature and their main characteristics including the way in which export performance has been measured. We further proceed to identify and classify the multiple independent variables that have been frequently used in past studies. At the end of the chapter, some examples of the discrepancies in the findings of some studies are highlighted. 2.1. Export Marketing Performance Literature The classical economic view tries to explain why it is beneficial for a country to engage in international trade based on the assumption that countries differ in their abilities to produce goods efficiently. The comparative advantage theory, for example, helps to explain the pattern of international trade that we observe in the world economy (Heckscher Ohlin, 1991); (Ricardo, 1817); and (Smith, 1776). However, the assumptions underlying the principle of comparative advantage are unrealistic in many countries and industries. That is because competitive advantage depends on the capacity to innovate and upgrade. It also depends on the extent to which a home environment is dynamic, challenging, and forward looking. Therefore, competitive advantage is not inherited; in other words, it does not grow out of a countrys natural endowments, its labor, its interest rates or its currencys value, as classical economics insist (Porter, 1990). A plethora of studies have been published in the past 30 years on the determinants of export performance. This is mainly due to the increasing relevance of export marketing as an area of inquiry. Existing literature shows that the United States is the most researched country in export performance studies. However, an increasing number of studies have been conducted by European researchers from non-English-speaking countries who published in English-language journals. Examples include, (Bijmolt Zwart, 1994), (Holzmuller Kasper, 1991), and (Madsen, 1989). Some other studies have also been conducted in developing countries in Asia and Latin America. Characteristics of the studies reviewed are summarized in table 3. The main characteristics that we focused on are: 2.1.1. Size of the Sample Except for one study which used a data base of 20,161 Indonesian firms from different manufacturing sectors, the size of the samples used in the studies reviewed ranges between 51 and 783. Most of them were drawn from multiple manufacturing industries, while just few such as (Cavusgil Kirpalani, 1993), (Singer Czinkota, 1994), and (Sriram Manu, 1995), had included in the sampling, reselling and service firms in addition to manufacturing firms. 2.1.2. Industry Context of Studies The vast majority of the reviewed studies employed samples drawn from multiple manufacturing industries. Only few have included in addition to manufacturers, reselling and service firms. Examples include (Cavusgil Kirpalani, 1993), (Singer Czinkota, 1994), and (Sriram Manu, 1995). This reflects the importance of manufacturing firms in the world economy. However, findings cannot be generalized to other industry contexts. Table 3: Characteristics of the reviewed articles Solberg 2002 Norway 150 mult manuf SML survey correlation/ anova firm Albaum, Tse 2001 Hong Kong 183 mult manuf SML survey regression firm Gencturk, Kotabe 2001 USA 162 mult manuf SML survey anova firm

Romance - Fear Of Death Gives An Aphrodisic Like Effect :: essays research papers

There are many ideals related to romance, including such things as love, excitement, violence, fear and commonly war. This is presented in such texts such as the ‘Trojan war’ where men are fighting for the love of a woman. In Romeo and Juliet where Romeo is excited by fear of the Capulets, or in ‘My Sweet old Etcetera’ where the soldier is thinking of his lady rather than of the ensuing battle. Thus it is evident that romance is commonly related to violence, danger, and fear of death (particularly in the young) often giving the effect of a potent aphrodisiac. Love has existed in many forms throughout time. There is no better example than in William Shakespeare's Romeo and Juliet. In this tale, when love is most apparent, the most crucial events occur to develop this "tragedy." Juliet needed Romeo to get away from her overprotective parents who were planning her future. If Juliet were going to disobey her parents, they would have disowned her. Ironically, at the party that Lord Capulet held so that Juliet could meet her projected husband, Paris, she met her future husband, Romeo. They met by chance, looking into each other’s eyes and instantly being attracted. In the balcony scene Juliet warns Romeo of the danger to his life if her kinsmen find him there, "If they do see thee, they shall murder thee". This warning on Romeo’s life has an impression on him. However it does not make him take caution, it gives an influence making him even more excited, wanting to be with Juliet. Giving a similar effect to an a phrodisiac. The fear of death that has an effect of exhilarating Romeo is strongly reiterated in cummings "my sweet old etcetera". Where the young soldier is at war, writing to his lady. He is telling the story of how people at home had acted towards his enlistment, for instance his mother hoping he would die, and how they were hypocritical. Such as his father stating it was an honour to die for your country and that he would "if only†¦.". The soldier then shows us in his writing that with the excitement and violence of war along with the fear of his imminent death he is somewhat stimulated. To an extent that he is "dreaming" more of his woman and her body, predominantly her sexual organs, instead of the battle and fate that is soon to be upon him.

Single-Sex Schools Fail to Improve Learning Essay

In 2002, only about a dozen schools were separating the sexes, according to the National Association for Single Sex Public Education, an advocacy group. Now, an estimated 500 public schools across the country offer some all-boy and all-girl classrooms. 2Proponents argue the separation allows for a tailored instruction and cuts down on gender-driven distractions among boys and girls, such as flirting. But critics decry the movement as promoting harmful gender stereotypes and depriving kids of equal educational opportunities. The ACLU claims many schools offer the classes in a way that conflicts with the U. S. Constitution and Title IX, a federal law banning sex discrimination in education. Researchers also have weighed in. 3For many parents, the rationale for placing their child in a single-sex school is the belief that academic performance will be improved. New research finds an absence of evidence to support this assumption. Moreover, evidence does exist that sex segregation increases gender stereotyping among children and teachers and legitimizes institutional sexism. 4The findings are the crux of a new article in the journal Science that examines single-sex schooling. â€Å"Though public sentiment may have strengthened in support of such settings for improving the learning environment and outcomes for both boys and girls, the science is just not there to support this,† said Richard Fabes, Ph. D. , one of the authors of the Science article. 5The Study authors cite evidence that single-sex and coeducational outcomes are equal. Similar large-scale reviews in Great Britain, Canada, Australia and New Zealand found little overall difference between single-sex and mixed-sex academic outcomes. Talk to our students and our graduates and they’ll tell you about the value of learning in an environment where competitive and collaborative spirits are unleashed in the absence of gender-based expectations. 6Another misconception rebutted in the article is the claim that boys and girls learn differently. Study authors said that this premise is not supported by research as neuroscientists have found few differences in children’s brains beyond the larger volume of boys’ brains and the earlier completion of girls’ brain growth — neither of which is known to relate to learning. 7Critics of single-sex education argue that socializing, especially between genders, should be an integral part of education. â€Å"Positive and cooperative interaction with members of other sex is an effective method for improving intergroup relationships,† according to the authors. 8On the other hand, an influential conservative political movement, represented by the presidency of Ronald Reagan; public concerns about sexual freedom; a rise in unmarried–particularly teenage– pregnancy; and the growth of sexually transmitted diseases led to a reexamination of coeducational policies. There is evidence, however, that sex segregation increases gender divisions among children. â€Å"Separating boys and girls in public school classrooms makes gender very salient, and this salience reinforces stereotypes and sexism,† Fabes said. 9Moreover, for both girls and boys co-education provides a more realistic way of training young people to take their places naturally in the wider community of men and women. It helps to break down the misconceptions of each sex about the other and provides an excellent foundation for the development of realistic, meaningful and lasting relationships in later life. 10The authors note that research has shown that labeling and segregation of any form – be it, gender, eye color, or randomly assigned T-shirt groups – is detrimental as this implies that the groups differ in important ways which may lead to the development of bias. â€Å"Is it ever good to segregate on the basis of race, income or age? I think the answer is no,† Fabes said. â€Å"There is no good evidence that it is ever a good time to separate and segregate. Any form of segregation undermines rather than promotes equality. † Source: Arizona State University http://psychcentral. com/news/2011/09/23/single-sex-schools-fail-to-improve-learning/29723. html Writer’s Arguments Counterarguments Writer’s Refutation

Paul’s Missionary Journey Essay

The Apostle Paul was the great leader in the momentous transition which characterized the apostolic age, the transition from a prevailingly Jewish to a prevailingly gentile Christianity. Under his guidance Christianity was saved from atrophy’ and death, which threatened it if it remained confined in Palestine. At the same time, by reason of his insight into the truth of the Gospel and fidelity to it, as well as by his devotion to the Old Testament and loyalty to the highest Jewish ideals in which he had been reared, he saved Christianity from the moral and religious degeneracy to which it would surely have been brought if it had broken with its past, and had tried to stand alone and helpless amid the whirl of Greek religious movements of the first and second Christian centuries. In Paul a great force of onward movement and a profound and conscious radicalism were combined with fundamentally conservative principles. Paul appears to have been born at not far from the same time as Jesus Christ. According to Acts, Paul was born in Tarsus (Acts 9:11; etc. ), received the double name Saul/Paul (13:9), and through his family possessed Tarsian and Roman citizenship (22:25-29 (Murphy-O’Connor 32-33). Overall, Paul can be described as an able and thoroughly trained Jew, who had gained from his residence in a Greek city that degree of Greek education which complete familiarity with the Greek language and the habitual use of the Greek translation of the Scriptures could bring. At bottom he ever remained the Jew, in his feelings, his background of ideas, and his mode of thought, but he knew how to make tolerably intelligible to Greek readers the truths in which, as lie came to believe, lay the satisfaction of their deepest needs. At Jerusalem Paul entered ardently into the pursuit of the Pharisaic ideal of complete conformity in every particular to the Law. He was, he tells us, â€Å"found blameless† (to every eye but that of his own conscience), and, he says, â€Å"I advanced in the Jews’ religion beyond many of mine own age among my countrymen, being more exceedingly zealous for the traditions of my fathers†. With fiery passion he entered into the persecution of the Christian sect, was present and took a kind of part at the murder of Stephen, and undertook to carry on the work of suppression outside of Palestine at Damascus, whither he journeyed for this purpose with letters of introduction from the authorities at Jerusalem (Murphy-O’Connor 52-57). At this time took place his conversion. That he was converted, and at or near Damascus, his own words leave no doubt. â€Å"I persecuted,† he says in writing to the Galatians, â€Å"the Church of God. . . But when it was the good pleasure of God, who separated me, even from my mother’s womb, and called me through his grace, to reveal his Son in me, that I might preach him among the gentiles; straightway I conferred not with flesh and blood: neither went I up to Jerusalem to them which were apostles before me: but I went away into Arabia; and again I returned unto Damascus† (Gal i. 13-17). The change evidently presented itself to Paul’s mind as a direct divine interposition in his life. It came to him in a revelation of Jesus Christ, whereby (and through no human intermediary) he received the Gospel which he preached, and the commission to be an apostle. He refers to it as to a single event and an absolute change of direction, not a gradual process and development; the two parts of his life stood sharply contrasted, he did not conceive that he had slid by imperceptible stages from one to the other. â€Å"What things [i. e. his advantages of birth and Jewish attainment] were gain to me, these have I counted loss for Christ . . . or whom I suffered† — as if in a single moment —†the loss of all things† (Phil. iii. 7. 8). From Paul’s own words, then, we know that he was converted from a persecutor to a Christian, at a definite time and at or near Damascus, by what he considered to be the direct interposition of God; and it seems to be this experience of which he thought as a vision of the risen Christ (Hubbard 176-77). After Paul’s conversion, which took place in the latter part of the reign of Tiberius (14-37 a. d. ), about fifteen years passed before the missionary career began of which we have knowledge from Acts and from Paul’s own epistles. During this time Paul was first in Arabia, that is in some part of the empire of which Damascus was the most famous city, then in Damascus, and later, after a brief visit to Jerusalem, in Cilicia, doubtless at his old home Tarsus. In this period we may suppose that he was adjusting his whole system of thought to the new centre which had established itself in his mind, the Messiahship of Jesus. With the new basis in mind every part of his intellectual world must have been thought through. Especially, we may believe, will he have studied the relation of Christian faith to the old dispensation and to the ideas of the prophets. The fruit of these years we have in the matured thought of the epistles. They show a steadiness of view and a readiness of resource in the use of the Old Testament, which testify to through work in the time of preparation. Epistles written years apart, like Galatians, Romans and Philippians, surprise us by their uniformity of thought and unstrained similarity of language, in spite of the richness and vivacity of Paul’s thought and style. So, for the most part, the characteristic ideas even of Epliesians and Colossians are found suggested in germ in Corinthians and the earlier epistles. Paul’s epistles represent the literary flowering of a mind prepared by years of study and reflection (Murphy-O’Connor 90-95). At Paul’s missionary journey and the beginning then made of churches in Asia Minor we have already looked in a previous chapter. After his return to Antioch followed that great and pivotal occasion of early Christian history, the so-called Council, or Conference, at Jerusalem, described in the fifteenth chapter of Acts and by Paul in the second chapter of Galatians. At that time Paul established his right to carry on the work of Christian missions in accordance with his own principles and his own understanding of the Christian religion. His relation with the Twelve Apostles seems then and at all times to have been cordial. His difficulties came from others in the Jewish Church. To this we know of only one exception, apparently somewhat later than the Conference, the occasion at Antioch when Peter under pressure from Jerusalem withdrew from fellowship with the gentile brethren, and called out from Paul the severe rebuke of which we read in Galatians. There is reason to believe that the rebuke accomplished its purpose. At any rate, at a later time there is no evidence of a continued breach. The idea of missionary travel had evidently taken possession of Paul, for after returning from Jerusalem to Antioch he soon started out again, and was incessantly occupied with missionary work from now until the moment of his arrest at Jerusalem. Leaving Antioch on his second journey he and his companions hurried across Asia Minor, stopping only, it would appear, to revisit and inspect churches previously established. They were led by the Holy Spirit, as the writer of Acts believed, to direct their course westward as rapidly as possible to Greece, which was to be the next stage in the path to the capital of the world. In Macedonia and Achaia Paul and his companions worked with varying success at Philippi, Thessalonica, Ber? a, Athens, Corinth. At Corinth, the chief commercial city of Greece, the Christians arrived in the late autumn. The work opened well, and Paul remained at that important centre until a year from the following spring. The date of his arrival cannot be exactly determined, but is probably one of the five years between 49 and 53 a. d. While at Corinth he wrote the First and (if it is genuine) the Second Epistle to the Thessalonians. Somewhere about this time, perhaps before leaving Antioch for this journey, the Epistle to the Galatians was written. The churches of Galatia, to which it is addressed, were probably the churches known to us in Acts as Pisithan Antioch, Iconium, Lystra, and Derbe. After a flying trip to Syria and perhaps to Jerusalem Paul returned to Ephesus in Asia Minor, where he settled down for a stay of three years. A few incidents of this period have been recorded in the Book of Acts, and are among the most striking and realistic that we have. They include a remarkable number of points of contact with facts known to us from archeological discoveries, and in no chapters of Acts is our confidence more fully reassured in the contemporary knowledge and the trustworthiness of the writer of the book. While at Ephesus Paul had much communication with Corinth, and wrote I Corinthians, which had clearly been preceded by another letter. There are indications in II Corinthians that after this he found the difficulties in the church at Corinth such that he wrote them at least one letter which has been lost, and made a short, and in its outcome exceedingly painful, trip to Corinth and back to Ephesus. Finally he was impelled by danger to his life to leave Ephesus, and went through Macedonia to Corinth. On the way he wrote, to prepare for his own presence, the epistle we call II Corinthians. Arriving at Corinth in the early winter he stayed until spring. His literary impulse continued active, and to this winter we owe the Epistle to the Romans. Earlier letters had been’ called out by special need in one or another church; in Romans Paul comes nearer to a systematic exposition of his theology than in any of his earlier writings. He knew the importance that would surely belong to the Christian Church of Rome. He had made up his mind to go there. But first he must go to Jerusalem, and there were dangers both from the risks of travel and from hostile men. Of each hind his life had had many examples. Accordingly he provided for the Roman Christians a clear statement of his main position, together with a reply to several of the chief objections brought against it, notably the allegations that his presentation of Christianity involves the abrogation of God’s promises to his chosen people, and that it opened the way to moral laxity. This letter Paul sent as an earnest of his own visit to Rome. He had been for a year or more supervising the collection by the churches of Asia Minor and Europe of a contribution for the poor Christians at Jerusalem; the gentile churches should thus make a repayment in carnal things to those who had made them to be partakers of their spiritual things. This contribution was now ready, and Paul himself with a group of representatives of the chief churches took ship at Philippi and Troas for Jerusalem. The voyage is narrated in detail in Acts, evidently by one who was a member of the company. At last Paul reached Jerusalem, and was well received by the church; but, followed as he was by the hatred of Jews from the Dispersion who had recognized the menace to the Jewish religion proceeding from the new sect, he was set upon by a mob, rescued only by being taken in custody by the Roman authorities, and after a series of exciting adventures which will be found admirably told in the Book of Acts, was brought to C`sarea. There he stayed a prisoner for two years and more until on the occasion of a change of Roman Governor his case was brought up for trial, when he exercised the right of a Roman citizen to appeal from the jurisdiction of the Governor to that of the imperial court at Rome. It was late autumn, but he was dispatched with a companion whom we may well believe to be Luke the beloved physician, and from whom our account certainly comes. The narrative of Paul’s voyage and shipwreck, of the winter on the island of Malta, and the final arrival at Rome early in one of the years between 58 and 62 a. d. is familiar. It is the most important document that antiquity has left us for an understanding of the mode of working an ancient ship, while the picture which it gives of Paul as a practical man is a delightful supplement to our other knowledge of him(Murphy-O’Connor 324). In Rome, while under guard awaiting trial, Paul probably wrote Philippians, Colossians, Philemon, and the circular letter, seemingly intended for churches in Asia Minor, known to us as Ephesians. They show some new development of ideas long present with him, and some new thoughts to which his other writings give no parallel, and the style of some of them has changed a bit from the freshness of Galatians and Romans; but these are not sufficient reasons for denying that Paul wrote the letters. They are, indeed, as it seems to me, beyond reasonable doubt genuine. The Book of Acts ends with the words, â€Å"And he [Paul] abode two whole years in his own hired dwelling, and received all that went in unto him, preaching the Kingdom of God, and teaching the things concerning the Lord Jesus Christ with all boldness, none forbidding him. † This period of two years is sufficient to include the composition of the four epistles to which reference has just been made, Philippians, Colossians, Philemon, and Epliesians, the so-called Epistles of the Captivity. What happened at the expiration of the period? Apparently Paul’s case, long postponed, then came to trial. Did it result in his release or his execution? The evidence is meager and conflicting, and opinions differ. It is perhaps a little more likely that he was released, and entered on further missionary work, probably carrying out his original purpose of pushing on with the proclamation of his Gospel to the west, and establishing it in Spain; but of this period there is no narrative. If after two years Paul’s imprisonment at Rome ended with his release, as the absence of well-founded charges against him would lead us to expect, he must have been later again apprehended, probably in connection with the persecution artfully turned against the Christians at the time of Nero’s fire in July of the year 64. It is probable that he was beheaded, to which privilege his Roman citizenship entitled him, and that he was ultimately buried on the Ostian Way at the spot where now stands the splendid basilica of St. Paul Outside the Walls.

Adam Smith vs. Karl Marx essays

Adam Smith vs. Karl Marx essays Both Adam Smith and Karl Marx are considered two of the top twenty most influential people in the world for the millennium. They both are respected in their views for creating a perfect society where everyone is happy. Adam Smith, a brilliant Scottish political economist philosopher born in 1723, had the goal of perfect liberty for all individuals through the capitalistic approach. While Karl Marx, born in 1818, believed in individual freedom for society and logically criticized capitalism giving reasons as to why it was irrational and why it would fall. Figuring out what kind of state will ensure the greatest freedom or liberty of individuals was their main philosophical problem. They differed in their views of human nature, the social decisions made in the society, the role of competition, and the effects of the division of labor on human beings. Perfect liberty according to Smith, will allow a system of natural liberty to establish itself in which every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way. This self-interest produces a market and in effect produces perfect liberty. In Smiths theory of human nature, Smith suggests that human nature will turn the beneficence of the rich to the poor out of sympathy for their condition. Marx did not agree with Smiths passions of human nature and the phenomena of sympathy. Marx said that, because it was always in the economic interest of capita to take advantage of or exploit workers, nothing could persuade capitalists to change their ways. He thought peaceful progress towards equality and social justice was impossible. The only way to establish justice was for the workers to overthrow the capitalists by means of violent revolution, according to Marx. He urged workers around the world to revolt against their rulers. Marx says that all injustice and inequality is a ...