The International Monetary Fund (IMF) Essay - 2051 Words

â€Å"If you owe your bank a hundred pounds, you have a problem; but if you owe it a million, it has.(1)† In the year of 1327, Kind Edward III of England defaulted on his Italian debts. This caused the banks of Bardi and Peruzzi in Florence to collapse. Who would know that over 650 years later, the world would still have these types of problems? After World War II, the need for an organization like the IMF was finally realized. After the war, politicians and economists began to work on blue prints for a postwar world. They envisioned a liberal international economic order, based on stable world currencies and revived world trade. The International Monetary Fund (IMF) finally came into existence on December 27, 1945. On this date, twenty-nine†¦show more content†¦International banks have made risky loans all over the world because they knew that if trouble arose, the fund would step in to resolve the situation – as it has done in the past. The IMF has played a critical role in many of the epochal events in the 1990’s. The IMF lent 18 billion dollars to Mexico in 199 4, after the peso collapsed. It gave Russia over 10 billion dollars in 1999. The IMF has helped drive inflation from 1,000 percent a year down to a tolerable 10 percent a year, thanks to Russia listening to what the IMF said and doing as they suggested. It has given Indonesia 10 billion dollars, and has helped Indonesia demonopolize industries. It gave 4 billion to Thailand, which was the epicenter of the East Asian Crisis. The IMF helped closed dozens of reckless banks. True, the IMF did many little things wrong, however, it did the important ones right. The Philippines is a prime example on how effectively the IMF can work. For years, Filipinos suffered the weaknesses of economic and business policies. Under the tutelage of the International Monetary Fund for nearly 30 years, and especially during the past decade, they faced up to their problems. Many sectors of their society suffered greatly, and some complained loudly. However, they persisted and, with the help of the IMF and th e courage of the Philippine people, they exited from the IMF program. How did they do this? They assembled one of the best economicShow MoreRelatedInternational Monetary Fund ( Imf )2266 Words   |  10 PagesAims/Purpose International Monetary Fund (IMF) aims to maintain and defeat and sometimes to restrain the financial crises. (BBC, 2012) Basically it was created to avoid another Great Depression with an economical cooperation. It was founded more than 60 years ago at the end of the II World War. (International Monetary Fund, 2015) Mostly the institution has directed to focus the developing world. Nowadays there are few purposes of the IMF such as monetary stability, exchange rate stability, facilitateRead MoreThe International Monetary Fund ( Imf )985 Words   |  4 PagesThe International Monetary Fund (IMF) was one of the many international organizations that emerged after the end of World War II. The primary function of the IMF is to promote the international financial stability and spur monetary cooperation. Many countries see the IMF as a â€Å"lender of last resort† (Thacker, 1999:38), meaning countries borrow money from the Fund for â€Å"short-term balance of payment supportâ⠂¬  (Steinwand and Stone, 2007:11) in order to avert the collapse of their domestic economies.Read MoreThe International Monetary Fund ( Imf )1089 Words   |  5 PagesThe International Monetary Fund (IMF) was established in 1946, along with the World Bank. The IMF was developed to promote all monetary cooperation and remedy economic problems incurred during the post - war reconstruction period (Baylis; 2008: 245). The IMF was therefore considered as the â€Å"rule keeper† and an important component in public international management. In the pursuit to stabilise the exchange rate system, the IMF reserves the authority to change exchange rates. Another vital role isRead MoreInternational Monetary Fund ( Imf )3071 Words   |  13 PagesGLOBAL BUSINESS SUSTAINABILITY INTRODUCTION International Monetary Fund (IMF) is an organization consisting of 188 nations functioning towards global monetary cooperation, ensuring financial stability, minimizing poverty around the world (IMF, 2014). In this report its functions of IMF and its effectiveness have been explained to describe minimizing financial imbalances by the countries. UK has been the main focus in this study. The impact of IMF policies on social and environment in UK and howRead MoreThe International Monetary Fund ( Imf ) Essay2250 Words   |  9 PagesIntroduction: The International Monetary Fund (IMF) is an international organization created in 1945 to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and to reduce poverty around the world. The IMF is governed and accountable to the 189 countries that make up the global membership of the organization. These goals make up the IMFs formal rules, the informal rules allow more access for powerfulRead MoreThe International Monetary Fund ( Imf )1310 Words   |  6 Pagesat how incompetent and politically driven economic policy making drove Europe into prolonged recession and high unemployment. The financial crises and fear of a meltdown slowed world economic growth considerably. In October 2010, the International Monetary Fund (IMF) projected 4.6 percent growth for the global economy in 2013; it ended up being just 3 percent. This difference may not seem like much, but in terms of lost output it is more than $800 billion, and it is not only in the rich countriesRead MoreThe Imf ( International Monetary Fund )941 Words   |  4 PagesThe IMF (International Monetary Fund), also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s (https://www.imf.org/external/about.htm). Currently, the organization is headquartered in Washington, D. C. Originally, the IMF was designedRead MoreThe International Monetary Fund ( Imf )1501 Words   |  7 PagesTHE INTERNATIONAL MONETARY FUND (IMF) The IMF was set up during the Second World War in the year 1944. It started operation in 1947 and it has been working with the UNO since. Its headquarters is in Washington D.C in America. IMF provides short term loans to countries having problems of balance of payments. It also provides technical advice to its members and ensures free flow of trade by removing all trade restrictions. It establishes and maintains stable exchange rate between member countriesRead MoreThe International Monetary Fund ( Imf )6431 Words   |  26 PagesIntroduction In the statement of the 2015 Article IV Consultation Mission to China, the International Monetary Fund (IMF) concluded that the Chinese economy was transitioning to a safer and higher-quality growth. In particular, the IMF highlighted that China had made good progress in recent years in reducing its large current account surpluses and its huge accumulation of foreign exchange reserves. Although undervaluation of the yuan was a major factor causing the large imbalances in the past, theRead More The International Monetary Fund (IMF) Essay1888 Words   |  8 PagesThe International Monetary Fund (IMF) International Monetary Fund (IMF), international economic organization whose purpose is to promote international monetary cooperation to facilitate the expansion of international trade. The IMF operates as a United Nations specialized agency and is a permanent forum for consideration of issues of international payments, in which member nations are encouraged to maintain an orderly pattern of exchange rates and to avoid restrictive exchange practices.

Chinese Culture Essay - 1208 Words

Socialization ------ American Born Chinese Children under Chinese Culture According to the American Heritage Dictionary, socialization is â€Å"the process of learning interpersonal and interactional skills that are in conformity with the values of ones society† (American Heritage). It is a process of learning culture. During socialization, children will acquire attitudes, norms, values, behaviors, personalities, etc. within agencies of socialization, which were described as â€Å"Agencies of socialization are structured groups or contexts within which significant processes of socialization occur.† according to the sociology terminology (Gidden 1). Socialization always begins very early in life. It starts from childhood and continues throughout†¦show more content†¦According to Huabin Chen and William Lan, cultural and historical background will influence people’s behavior. The Chinese culture is more family-oriented. The family or society takes priority over values of the individuals. Chinese people have very strong family lo yalty and cohesiveness (Chen 2). In China, Children at a very early age will be trained to be more responsible to the family. They become more likely to obey and respect their parents; otherwise, they will feel guilty of disgracing their families. What happens to Chinese immigrant families in USA? In the Youth Radio website, an ABC was interviewed and expressed her own feeling regarding to the identity. Christina, a teen ABC said: â€Å"What do you do when American values clash with the values of your family? If you please your parents, you’re unhappy, but if you don’t please them, they’re unhappy. You can’t win.† (Kwong 1). There are a lot of different norms, values, life styles, beliefs and language between the Chinese culture and American culture. So, many teen ABC’s always suffer the conflict from the Chinese traditional immigrant families as well as from American society. Also, one teen ABC told in Youth Radio that, â€Å"My parents do n‘t really need to tell me what they want from me†¦I’ve instilled their Chinese values in myself. But my mind and heart are both Chinese and American, no labels necessary.† (Kwong 1). Meanwhile, parents’ expectations will deeply influenceShow MoreRelatedThe Culture Of A Chinese Culture1410 Words   |  6 PagesChinese companies belongs to the family corporate culture type, it has a person oriented culture. The ethnics of the person are more important than the task he or she takes. The leader makes decision and dominates. Malagasy culture is more based on laws and regulations. A Chinese values survey is developed by Hofstede and Bond(1980) to explore cultural values in 22 Asian and western countries from the Chinese social values. In this survey, Confucian dynamism which refer to the acceptance of legitimacyRead MoreChinese Culture1223 Words   |  5 PagesSocialization ------ American Born Chinese Children under Chinese Culture According to the American Heritage Dictionary, socialization is the process of learning interpersonal and interactional skills that are in conformity with the values of one s society (American Heritage). It is a process of learning culture. During socialization, children will acquire attitudes, norms, values, behaviors, personalities, etc. within agencies of socialization, which were described as Agencies of socializationRead MoreChinese Culture and Communication: Chinese Culture and Communication1594 Words   |  7 Pagescontinuous movement all over the world of people from varying countries and cultures has lead to an increase of cross-cultural communication. Australia is quickly developing into a multicultural nation attracting tourists from a vast range of countries. As a result, it is has become more important for people in Australia to be culturally sensitive and aware in order to successfully interact with these visitors of different cultures. These interactions are especi ally important in international airportsRead MoreChinese Culture1798 Words   |  8 PagesDara Murphy 112519063 Chinese Culture Essay: There are many different aspects to Chinese culture that make it so broad and interesting. I will be focusing mainly on the more modern features to the culture and how it has changed from the traditional culture. Chinese culture is one of the oldest cultures out there today. I personally find the culture as a whole very interesting and intriguing and I extremely enjoyed learning about the ancient culture that is still ever so prominent todayRead MoreChinese Culture2090 Words   |  9 PagesMainland China is rooted in more than 4,000 years of rich Chinese cultures and history.   Its known for their lives, travel, history, business and food, their people and customs.   Traditional Kung Fu is as much of the culture of china according to statistics. The Chinese people have shared a common culture longer than any other groups on earth.   China is one of the cradles of the human race.   For thousands of years the culture of china has attract and moved many people from all over the world, beingRead MoreThe Chinese Culture Of China1090 Words   |  5 PagesChrisshonna Smith Professor David Howell ENG. 201-008 19 October 2017 The Chinese Culture 1.0 Introduction The term culture has many meanings depending on the context in which it is placed. Culture could mean ‘the way that people have been used to a set system of activities until it becomes a part of their inheritable knowledge, which they can pass to the next generations.’ Customs and beliefs can also form the culture of people who live in a common geographical location or the era in which theyRead MoreUnderstanding The Chinese Culture Of A Chinese Patient1205 Words   |  5 Pages Five points of area that affect nursing care when taking care of a Chinese patient, are the cultural beliefs with medical treatments, who and when to discuss the prognosis and medical treatment to, dietary beliefs, pregnancies beliefs, and death and dying. Many Chinese people believe in traditional Chinese medical treatments, and if the doctors and nurses disregard their beliefs, then that could lead to mistrust. Chinese people may try traditional approaches first, and then seek medical careRead MoreThe Mexican And Chinese Cultures988 Words   |  4 Pagesoccupational, health status and preference in life partner orientations) coexisting in a given location† (Estes, 2014). The Mexican and Chinese cultures are two cultures from separate geographic continents that I will be analyzing in this paper. The Chinese culture has numerous different cultures. Hans Chinese will be the focus here. Mà ©xico is where the Mexican culture is found. Mà ©xico is a country located in North America, south of the United States. Mà ©xico has a coastline along the Pacific OceanRead MoreChinese Business Culture624 Words   |  3 PagesThe Chinese culture is very different than the culture in the United States of America and business meetings require preplanning if they are going to be successful. * How should you handle the introduction, greeting, and handshaking? Although in the Chinese culture, a nod and slight bow is a general way of greeting, Chinese business men are comfortable with a handshake. Address the most Senior Chinese person in the room first, and introduce yourself as you shake hands. Remember that in theRead MoreEssay On Chinese Culture1461 Words   |  6 Pagesâ€Å"A nation’s culture resides in the hearts and in the soul of its people.† Mahatma Gandhi. A person’s culture is a big part of person’s day to day life, it sets shared attitudes, values and goals. It decided what we wear, eat and do; how we walk, how we talk. Culture is one word that defines how we live our life whether we notice it or not. As an RN’s or any medical professional we are responsible for understanding and respecting our patients and their beliefs. Asian American culture has many traditions

Talent Management and Expatriation System †MyAssignmenthelp.com

Question: Discuss about the Talent Management and Expatriation System. Answer: Introduction: Culture shock is experienced by expatriates when they move to a different country for overseas assignments. The inability of the expatriates and their families to successfully adopt the culture leads to the failure of assignments (Dowling, Festing Engle, 2008). Therefore, the companies should consider the policies and practices in order to manage the culture shock by way of training the expatriates for the overseas assignments. The focus of this essay is on the term culture shock, international HRM policies and practices that can be utilized for the effective management of culture shock along with the example of Unilever. Culture shock can be defined as an experience that a person may have when one moves to a different cultural environment than ones own. In other words, culture shock can also be regarded as a personal disorientation felt by a person at the time of experiencing unfamiliarity with the language, local customs and acceptable behavior as a result of variation in norms across cultures. This unfamiliarity may be due to visit to a new country or immigration, movement between social environments or a changeover to another type of life. A variety of culture shock are experienced by the expatriate employees which include issue relating to organizational factors, personality factors, differences between cultures, language, work factors, communication styles, food and environment. The unexpected difficulties and differences faced by the employees even when they move to culture similar to their own make them face culture shock. Various international organizations provide cultural training to their employees for the purpose of reducing cultural gaffes which has the capability of affecting the business. Culture shock experienced an expatriate leads to depression, homesickness, frustration, irritability during the period of adjustment (Naeem, Nadeem Khan, 2015). Culture shock is often considered as the primary reason behind the reduced on- the- job performance and failure of the expatriates (Pokharel, 2016). For the purpose of managing the culture shock, a variety of international HRM policies and practices can be used. The selection of expatriates should be made after standardized tests which measure emotional maturity and adaptability along with the assessment of their past performance. The selection factors should also include good cross cultural communication, willingness to communicate, flexibility, language skills and open- mindedness regarding other cultures and the capability to cope with the stress of dealing with new situations. This will allow screening the individuals who have the initial capability of handling the culture shock. The management of the cultural shock is possible by way of motivating the candidate by way of offering higher incentives and position to the candidate that will allow the candidate to attain success (Presbitero Quita, 2017). The international HR managers should arrange cross- cultural training for helping the expatriates in adjusting with the new c ulture. Such trainings can be in the form of didactic training with the help of which the expatriates are made familiar with the culture, working and living conditions of the new country by providing informal briefings. Expatriates are provided an opportunity in experimental training to meet the people belonging to the new country and getting an overview of their working environment. Training should also be given regarding the culture and language of the country by allowing interaction with the expatriates who have already experienced the local culture (Cerdin Brewster, 2014). When effective cross- cultural training is provided to expatriates, it would significantly assist in minimizing the failure rate of expatriates. Such trainings will manage the culture shock by having a positive effect on the cultural adjustment and the performance of the expatriate (Furusawa Brewster, 2016). The expatriates will get motivated with the help of these trainings. Moreover, the companies should o ffer various extrinsic and intrinsic rewards to the expatriates in order to motivate them to deal with the culture shock. The expatriates should also be made aware about the variations in the negotiation styles between different countries. Along with this, information should also be provided regarding the adjustments required to be made by the expatriate in the lifestyle of their family. Moreover, they should also provide the required information regarding the location and assignment in order to familiarize them with the location, their responsibilities and the policies of the firm regarding international assignment compensation, taxes, benefits, security procedures and repatriation. The focus of this orientation and training must be on the norms and cultural values of the new country along with their contrast with the norms and cultural values of their home country (Tarique, Briscoe Schuler, 2015). Also, intercultural programs for expatriates can be introduced in order to provide them knowledge regarding the cultural attitudes and their relative impact on the workplace. The expatriation strategies should be formulated by taking into consideration the understanding of motivation from the viewpoint of the expatriates. Various organizations have achieved success in managing the culture shock. One of such organization is Unilever. For the purpose of effectively managing culture shock, Unilever undertakes global training programs. These global training programs assist the employees in developing skills for understanding the global opportunities. With the help of such programs and global training, expatriates are made aware regarding the culture, economic, legal issues, language and labor market of the country. Unilever provides functional training, behavioral training, general skill development and negotiation skill development. Global training is also provided by Unilever by way of e-learning. Unilever spends plenty of money every year on the global training programs. Global training by Unilever facilitates the expatriates to gain cross functional and cross cultural experience and thereby assists in managing the culture shock (Moumita Zaman, 2013) Therefore, it can be concluded that culture shock is experienced by an individual at the time of being surrounded by a different cultural environment than ones own. In order to effectively manage the culture shock, various international HRM policies and practices can be used including cross- cultural training such as didactic and experimental training, motivation with intrinsic and extrinsic rewards and compensations and intercultural programs for expatriates. Unilever has succeeded in effectively managing culture shock with the help of global training programs that create awareness regarding the culture, language and other relevant issues among the expatriates. References Cerdin, J. L., Brewster, C. (2014). Talent management and expatriation: Bridging two streams of research and practice. Journal of World Business, 49(2), 245-252. Dowling, P. J., Festing, M. Engle, A. D. (2008). International Human Resource Management: Managing People in a Multinational Context. Cengage Learning EMEA. Furusawa, M., Brewster, C. (2016). IHRM and expatriation in Japanese MNCs: HRM practices and their impact on adjustment and job performance.Asia Pacific Journal of Human Resources,54(4), 396-420. Moumita, N. Zaman, L. (2013). An Analysis of Global Training and Experience Sharing in Multinational Companies. American Journal of Business and Management. vol 2(1). pp. 75-83. Naeem, A., Nadeem, A. B., Khan, I. U. (2015). Culture Shock and Its effects on Expatriates.Global Advanced Research Journal of Management and Business Studies,4(6), 248-258. Pokharel, B. (2016). Triumph over failure of expatriate in an International Assignments from the International Human Resource Management Perspective.International Journal of Business and Management,11(5), 310. Presbitero, A., Quita, C. (2017). Expatriate career intentions: Links to career adaptability and cultural intelligence. Journal of Vocational Behavior, 98, 118-126. Tarique, I, Briscoe, D. R. Schuler, R. S. (2015). International Human Resource Management: Policies and Practices for Multinational Enterprises. Routledge.