Examining the Evolution of Archeological Methodology Used Regarding Essay

Examining the Evolution of Archeological Methodology Used Regarding the City of Pompeii - Essay Example This second site was the remains of the city Pompeii. Today, efforts to uncover Herculaneum have been all but abandoned - the towns Portici and Resina now reside over the buried remains - while Pompeii has continued to garner global attention for several centuries. Over this length of time a number of archeologists have made significant advances in it's reclamation through an evolution of approaches and methods. This paper will examine four of the archeologists who have had the greatest impact on the findings. Modern findings related to Pompeii itself dates roughly back to around 1860, when Italy became one more settled as a united country. At this point Giuseppe Fiorelli was appointed inspector of the site (later being made superintendent) and took control of renewed excavation efforts. Fiorelli was frustrated by previous haphazard methods of excavation and demanded that proper mapping methods be used to document the area correctly. Most importantly, Fiorelli's discovery that the city's victims interred in the ash had physically decomposed some time ago, leaving impressions in the surrounding ash. These impressions were so exact that plaster, poured into the remaining mold, cast an exact replica of the deceased down to the details of facial features and expressions. This was the first important step in the history of Pompeii's reclamation, as the replicas' immediacy in presence added a dimension of humanity to the entire site. Driven by an intense interest to learn more about the citizen s, Fiorelli began searching for information about individuals. He was able to discover certain resident names by unearthing letter seals at some structures and, while these lucky finds were inscribed with actual names, such obvious finds were few. Instead, Fiorelli's assistant Matteo Della Corte realized that Pompeii's disaster had happened near the city's election time. Using the carefully recovered election signs and graffiti, the archeologists were able to piece together the names of some fifty people. Fiorelli's efforts laid the groundwork for future digs, having mapped out the underlying structure of a large part of the area. Yet his most important contributions were two fold: 1) he preservation through cast molds of the individual citizen remains and 2) his efforts to not only give faces to the victims, but names as well piquing future interests by establishing a direct empathy relating to the victims. The next significant archeologist was Vittorio Spinazzola, who worked the site from 1910 until 1923, when he was withdrawn from the project because of deprecating remarks against Mussolini. Spinazzola's goal was to completely uncover the main thoroughfare known as Porta of Sarno in an attempt to unite the routes leading from the amphitheater to the southern area of the city i.e., clearing one area of the city rather than dividing efforts. Like Fiorelli, Spinazzola viewed the victims as individual people, wanting to pay special attention to preserving the signs and other writings on the walls. However, the process of clearing the roads made the walls unstable; structures had to be excavated from within as well in order to buttress the walls. This process revealed beautiful interior mosaics, individual proclivities, ad operations of such businesses as laundries, bakeries, taverns, et cetera operations that had been suspected but never confirmed. While this

Personal Reflection about My Learning Profile Essay - 1

Personal Reflection about My Learning Profile - Essay Example Mathematics, as they say, has always been a sore point in my life. If I remember correctly, as a little child I cried a river of tears more than I care to count, especially since I used to experience problems in counting and counting being part of mathematics made it even harder. The moment anyone, be it the teacher or a student, begins to spout numbers at me then it was rapidly becoming my habit to shut down. I used to experience a difficult time in completing basic addition and subtraction sums as my perception were that math was difficult. As my memory’s ability to store information was also not that good, I used to count my fingers and toes to get the answers to the simplest of the arithmetic questions posed at me and it was becoming embarrassing and tedious. Moreover, this was further worsened by the fact that I did not train as I was expected to both inside and outside my math classroom mainly because I hated the subject with a zeal. When my parents realized this, there was nothing they could do to make me do better at math rather they decided to push me to learn multiplication and division by drilling me over and over again. As a freshman in Binghamton University, my earlier experiences have made the understanding and application of threshold concept a bit easy. To start with is my newly developed interest in mathematics which came to light and boomed exponentially during my junior high school immediately after taking the Calculus AB class. For example, my teacher Luba Goldenberg taught us to visualize instead of memorizing during the first day of the class. This proved to be my eye-opener. Later on, she said that she would like to give us the trig quiz which asked about the answer to Sin 11Ï€ over 6. She also mentioned to us to try to answer each question in three seconds.  Ã‚  

Hysteria Essay Example | Topics and Well Written Essays - 1750 words

Hysteria - Essay Example The hysterical person claims one or more of many difficulties or disorders. These include: complete or partial inability to hear or see, prolonged periods of forgetting (amnesia), inability to sleep or sleep walking (somnambulism), loss of speech (aphoria), trances, muscular habits (spasms tics or tremors) and apparent epileptic seizures (idiopathic epilepsy), conversion hysteria in which metal conflicts re converted into physical symptoms such as paralysis, blindness and anesthesia, the fugus or flight, in which an individual becomes amnesic for personal past and multiple personality, in which individual's personality splits into two or more distinct personalities with dissociation of consciousness. Amnesia is a condition where the person cannot recall certain past experiences of his life. In functional amnesia, there is no brain damage as is found in some other forms. The forgotten material remains inaccessible to the person, but can be restored after treatment. Because the person cannot cope with this threatening material, there is repression so that it can be eliminated from the consciousness. Fugus states are characterized by a general amnesia for the person's entire past, including who he is and where he lived. This is associated with a flight (fugue) where the person wanders away from home and then days, weeks, and sometimes years later, finds himself in a strange place, not knowing how he got there, and not remembering about the period of fugue. In some cases, a person has lived away from his original home for ten or more years, starting a new occupation, building a family, only to "reawaken" later, missing his place of origin. In somnambulism, certain thoughts become so strong during sleep as to determine the person's behavior. The person rises and carries out some act. Like multiple personalities, there is some dissociation of some sub-system within the personality which is expressed during sleep and for which nothing is remembered during the waking state. Multiple personalities are rare. It is as if several parts of personality have not been successfully integrated so they become separated or dissociated from each other and the person frequently shifts from one to the other. There appear to be several complete systems of personality with each system having distinct emotional and thought processes, different from each other. When one personality is free and impulsive, another is inhibited and responsible. In conversion reaction, the person suffers from physical symptoms with o organic basis. It could be in the form of anesthesia (loss of sensitivity of some body part) where the person does not feel any pain or sensation in that part of the body. Diagnostic criteria for conversion disorder as defined in the DSM-IV are as follows: One or more symptoms or deficits are present that affect voluntary motor or sensory function that suggest a neurologic or other general medical condition. Psychologic factors are judged to be associated with the symptom or deficit because conflicts or other stressors precede the initiation or exacerbation of the symptom or de

Shortage of Nurses in Ashford General Hospital Essay

Shortage of Nurses in Ashford General Hospital - Essay Example Moreover, Ashford Hospital together with the other affected hospitals can work together with the universities and colleges so that the student under training can help the existing nurses in the hospitals. Besides, in satisfying the shortage of the nurses, these hospitals should properly reward their nurses so as to act as motivation for the students who are willing to join the profession. It is also the duty of the human resource manager maintain age diversity in the hospitals, for instance, staff should be made of people of different ages so that when a certain group is retiring then there is new blood in the system (Nottingham, et al, 2012). Moreover, proper leadership should also be implemented so as to take care of the welfare of the nurses. In this light, cultural diversity is important because patients can feel that they are well represented. Lastly proper record keeping in the hospital is another fundamental idea that can help curb the shortage of the nurses. Record keeping en hances transparency in work, and resource management will be liable responsible for all the activities that are taking place in the hospitals.IntroductionSeveral Hospitals are victims of nurses’ shortage until the issue has become a national concern in the United States of America. The shortage does affect not only the patients, but also the administration, physicians, nurses and many other stakeholders in the system. In this paper, I have dealt with various factors that lead to the shortage of nurses in different hospitals.

The Triad Essay Example for Free

The Triad Essay This paper seeks to analyze and discuss whether there is basis to agree to the proposition that the Triad is the fast track to company globalisation and standardisation. We will try to evaluate whether theory and evidence supports such proposition.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  First we should know what is the Triad is.   Moore and Rugman (2005) in discussing, ‘Globalization is about Regionalization’ said that the word â€Å"triad† was coined by Japanese consultant and author Kenichi Ohmae which refers to the economies of Western Europe, North America and a small number of East Asian nations, particularly Japan. Moore and Rugman (2005) quoted Ohmae to have argued that these economies are the critical ones from a viewpoint of innovation, trade and investment.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The classification of the countries into triad is based on the viewpoint of innovation, trade and investment.   This means that these countries would take the lead in introducing new products ahead of other countries in the world and it also happened that these few countries in the triad are ones   with high GDP according to the last available data from World Bank (Wikipedia- GDP, 2006) (Paraphrasing made).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thus Moore and Rugman (2005) agreed with Wikipedia when they categorized a triad whereby MNEs around the world belongs.   They said: â€Å"The vast majority of Fortune 500 companies on which we could compile data (320 MNEs) are home-triad based, having only modest sales in the other two regions.   A set of 36 are â€Å"bi-regional,† with at least 20 percent of their sales in two parts of the triad.   Only 10 of the 500 are truly global, with at least 20 percent of their sales in all three parts of the triad.   Overall, this is a picture of regionalization, not globalization.†   Ã‚  Ã‚  Ã‚   In proving the result of the study, Moore and Rugman (2005) they had examined the Fortune Global 500 which deals the largest firms by revenues in the world and found out that the intra-regional sales of 380 of the 500 firms were included in the list.   The author noted that these 380 firms account for 79.2% of the total revenues of all 500 firms.   Thus, researchers concluded that the average revenue for a firm in the top 500 was $28 billion, ranging from Wal-Mart at $220 billion to Takenaka at $10 billion and that the average sales revenue of a firm in the set of 380 firms was $29.2 billion.   Most notable too, is the authors’ finding that across these 380 firms, the average intra-regional sales represent 71.9% (Moore and Rugman, 2005) (Paraphrasing made).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Knowing what the triad is, we should know what globalization is. Jessup, (n.d.) said:   â€Å"Strategically, globalization refers to actors attempts to promote the global coordination of activities on a continuing basis within (but not necessarily across) different institutional orders or functional systems. Such attempts can be pursued through different material and social technologies on the interpersonal, inter-organizational, inter-institutional, or inter-systemic levels.†   The author gave the following examples to illustrate globalization: interpersonal networking; strategic alliances orchestrated by transnational enterprises (alliances which may include more local or regionally-based firms as well as not-for-profit organizations); the institutional design of international regimes to govern particular fields of action; and projects for world government or global governance. Further, Jessup, (n.d.) noted that the forms of coordination proposed for globalization vary widely and none are guaranteed to succeed witness the market-led globalization favoured by the World Bank, the horizontal global governance favoured by proponents (especially NGOs) of international regimes, and plans for more top-down inter-state (or even world) government.   Hence, he inferred that what is generally labelled nowadays as economic globalization rarely, if ever, involves full structural integration and strategic coordination across the globe (Paraphrasing made).   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  The term globalization, however, has a very broad meaning for it could also mean cultural integration.   IEL (1999) thus stated that the degree of adaptation or resistance to foreign cultural schemata varies among societies, citing the Schumpeterian concept of creative destruction where there is there is a constant struggle between groups that wish to speed up the process of integrating new ideas, processes, and products and those who want to slow down the speed of losing existing norms (IEL, 1999) (Paraphrasing made).   Ã‚     Ã‚  Ã‚  Ã‚  We are then directed to know what standardization is.   Wikipedia (2006) defined standardization, â€Å"in the context related to technologies and industries, is the process of establishing a technical standard among competing entities in a market, where this will bring benefits without hurting competition. It can also be viewed as a mechanism for optimizing economic use of scarce resources such as forests, which are threatened by paper manufacture. As an example, all of Europe now uses 230 volt 50 Hz AC mains grids and GSM cell phones, and (at least officially) measures lengths in metres.†Ã‚   It added that in the context of social criticism and social sciences, standardization often means the process of establishing standards of various kinds, and improving efficiency to handle people, their interactions, cases, and so forth (Paraphrasing made).      Ã‚  Ã‚  Ã‚  Ã‚  After knowing the concepts, is there now basis to agree that the Triad is the fast track to company globalisation and standardisation?   Ã‚  Ã‚  Ã‚  Ã‚   On the basis of the evidence presented that the countries belonging to the triad are the MNEs who have proven track records in their revenues as those belonging to top as per Fortune magazine, and relating now the same to concept of globalization which may be summarized as going to the global market through various means, we could say the triad is fast track to globalization.   Ã‚  Ã‚  Ã‚     As far as path to standardization is concerned, which could mean mechanism for optimizing economic use of scarce resources or improving efficiency to handle people and their interactions, we could also say that the triad is the obvious path because it is there where competing companies for globalization are found. It is argued that globalization produces competition leading to standardization.   Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Hence, we could say that triad could really be a fast track for an aspiring company wanting to have globalization and standardization since the triad provides the venue and the opportunities.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To conclude, it could be said that will eventually trigger globalization while the latter will result in economic integration of the whole world. .   Globalization is seen to promote further interdependence among countries in East Asian economies as they pass through different stages of development.   MNE being classified as triad-based MNEs indicate that triad first conquers first their own region or triad to sell their products before actually becoming global, hence a company must first become a major player in a country within the triad, then it becomes regional until it becomes global.   However, being part of the triad based does not mean that they will eventually become global, because strategy is still a choice.   Bibliography: Jessop, B. (n.d.) Reflections on Globalization and Its (Il)logic(s), Lancaster University, Department of Sociology{www document} URL   http://www.lancs.ac.uk/fss/sociology/papers/jessop-reflections-on-globalization.pdf, Accessed October 28,2006 International Economic Letter, Number 52 (1999), Globalism {www document} URL http://www.sba.oakland.edu/econpage/newsletters/NewsLetter52.htm ,   Accessed October 28,2006 Moore and Rugman (2005), Globalization is about Regionalization, Mcgill International Review, {www document}   URL   http://www.irsam.ca/mir/Moore%5B27-30%5D.pdf, Accessed October 28,2006   Wikipedia, 2006, Standardization {www document} URL   http://en.wikipedia.org/wiki/Standardization, Accessed December 8, 2006. Wikipedia, 2006, List of Countries by GDP, {www document} URL   http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29, Accessed October 28,2006

From the Farm, Inc Marketing Plan Essay Example for Free

From the Farm, Inc Marketing Plan Essay The purpose of this paper is to determine how to drive more sales to From the Farm’s website as well as increase overall brand awareness through the use of targeted marketing and advertising programs and also to gain a deeper insight of prospective customers which can assist in forming target market segments and creating targeted marketing and advertising programs that cater to those segments. Furthermore, we need to determine how to remain cost-effective with these proposed improvements to the marketing programs. Being a small e-commerce startup with limited funds and personnel, FTF has struggled for over four years to create effective marketing programs and have seen very little positive impact of their past marketing efforts. The lack of an effective marketing strategy which includes targeted advertising has led to increased and somewhat unnecessary marketing costs because several of the marketing campaigns are built on the premise of â€Å"testing it out† and seeing what kind of response it gets. The implementation of targeted marketing and advertising programs can not only increase From the Farm’s sales revenue, but also be more cost-effective since the campaigns are targeted and relevant to their audience. In addition, an improved digital marketing strategy can help FromTheFarm. com improve their overall market positioning due to the fact that they will gain a better understanding of their customers through the data that is collected and thus enable them to build a more effect online marketing strategy. Furthermore, this enhanced insight of their customers can also enable them to improve their product development and product offerings on their website. All of these things combined can definitely contribute to growing their sales revenue and more importantly, by having targeted marketing and advertising programs, they can ensure that every dollar spent is not a dollar wasted. Company Background From The Farm, Inc. (FTF) is a privately-owned e-commerce company headquartered in Stockton, California which specializes in the sales and home delivery of gourmet and organic foods and produce. FTF was founded in 2008 with the purpose and intent of becoming â€Å"America’s Online Farmer’s Market†. According to a report done by the United States Department of Agriculture (USDA), farmers only earned an average of $0. 16 for every dollar spent on the food they produced (Canning, 2011). FTF’s mission is to provide an online marketplace which connects customers with American Family farms by offering farm-fresh products and other specialty food items delivered straight to their door. By allowing customer to purchase directly from the farmer though the website, they cut out the middle man, and therefore give customers the opportunity to taste and experience what truly fresh food and produce tastes like while also supporting the success and livelihood of hard-working farmers all over the county. FromTheFarm. com is currently funded by its parent company, Onions, Etc. , one of the largest onion distributors in the United States. Currently, FTF only has two full-time employees – the Chief Marketing Officer (CMO)/General Manager and a Marketing Specialist – in addition to the Founder/CEO, one marketing intern, and one contract-based Marketing/PR Consultant. Any other tasks with regards to finance and accounting are handled by Onions, Etc. personnel and all IT related tasks are outsourced to an outside IT firm and web design firm. FTF has undergone major organizational changes in the past twelve months, in an effort to restructure the marketing team with the intention of implementing an improved marketing strategy in order to grow sales and increase brand awareness. Due to limited funds and personnel, FTF has struggled to create an effective targeted marketing and advertising strategy and as a result have not seen much growth since being founded in 2008. 1. 0 Market Summary and Target Audience Being that From the Farm is a small, family-owned company they do not have the financial strength that other larger food retailers have; however they still have a tremendous opportunity to capture the market being that the food e-commerce market has yet to be penetrated. According to a recent report by eMarketer, as of 2012, U. S. -commerce sales have grown to $224. 2 billion and are expected to grow to $361. 9 billion by 2016. Currently, online food and beverage sales is the smallest U. S. e-commerce category, however, this segment reached sales of $5. 09 billion and experienced a 17% growth in 2012 (eMarketer, 2012). Another report by Nielsen indicates that the sales rate for consumer packaged goods online is expected to reach $25 billion by 2014. This t rending growth can be attributed to the fact that more and more consumers are beginning to do their grocery shopping online (Nielsen, 2011). FTF can definitely capitalize on this emerging trend since the online grocery shopping experience is primarily fueled by a needs-driven experience since there are a greater variety of options available online. In addition, e-commerce allows for smaller companies such as FTF to compete against â€Å"Big Brand† companies since the big brand physical advantages become nonexistent and opens up the opportunity to create a niche brand for customers who prefer to buy their food and groceries online. With a creative and effectively targeted market program, FTF can reach a significant amount of customers online and leverage unique and exclusive products such as tropical fruits, figs, Piedmontese beef, and fresh cherries to capture these customers. There is a huge opportunity to capitalize on the available internet marketing technologies being that there is so much data available through these marketing channels and the fact that many consumers are turning to e-commerce to purchase goods. According to a recent Digital Marketing Report by eMarketer, â€Å"88. % of US internet users ages 14 and up will browse or research products online in 2012, an 83. 9% of that group will make at least one purchase via the web during that year† (Peart, Utreras, Wang, 2011). Target Market Since From the Farm is a food e-commerce company, it is easy to assume that this website and its products can appeal to the masses. There is a large assortment of foods from fresh fruit and produce includin g exotic tropical fruits to certified organic meats to an array of desserts which means that FTF has something to offer every kind of customer. FTF’s customers will consist of individuals who are 25 years old and up and have a wide range of preferences when it comes to food, whether it may be parents looking for healthy foods for their kids or health conscious individuals who prefer organic and gluten-free products or chefs and restaurant owners that need to order in bulk, From the Farm can accommodate a very diverse set of needs. Nonetheless, From the Farm’s products aren’t just for those who want to purchase these items for personal consumption because From the Farm also offers products that can be sent as gifts. As stated previously, From the Farm’s customer base is diverse since it consists of individuals with varying needs and preferences when it comes to food selections. The primary market that FTF will target is the online grocery shopper market. The profile of typical online shoppers is as follows: single or dual-income households with no children and are technically savvy, affluent, and time poor. This group consists of early adopters of new technology and is heavy internet users who regularly purchase goods online. Convenience is a main factor for this group and they have little to no concern about product price or delivery charges. The other major category within this market is families with young children. Similar to the previously discussed category, this category includes single parents, dual-income households, middle-income and above average-earning households. The key differentiator is that this category has one or more children, typically with at least one child under the age of five years old. This group consists of adults in their late 20s to 40s. The individuals in this category turn to online grocery shopping because it saves them time, is less hectic, and overall more convenient in nature. Other categories include college students and military families who are not located close to a standard-size store or who wish to purchase products found only in their home regions. In addition, the elderly, disabled and those individuals who find it difficult to get out of the house make up a significant share of online grocery shoppers. As such, the share of senior citizens and disabled individuals has grown over the past five years and is expected to continue growing in the future. Furthermore, online grocery shoppers are more than twice as likely as the average internet user to go online to read and post product reviews, download coupons and search for recipes, according to a study by the Nielsen Company from September 2009 (Panteva, 2012).

The post washington consensus development

The post washington consensus development There have been several discussions about whether or not the Washington consensus and the post Washington consensus (alos referred to as the new consensus) approach to development are fundamentally different approaches to development. The World Bank and International Monetary fund critics are quick to say both approaches are the same, and that the Washington consensus was just repackaged and given a new brand, name and identity in the Post Washington consensus development approach. Although it is easy to see how it can be assumed that the underlying fundamentals of the Washington consensus and the post Washington consensus are unchanged because the latter still encompasses the principles of the former that was generally a focus on market reform as the approach for growth and development. However, the fact that the post Washington consensus builds on market reform and includes various other elements ignored by the Washington consensus like institutional reform and good governance whic h are elements that extend the goals of the new consensus and enable it to promote ‘sustainable, egalitarian, and democratic development (Stiglitz 2001:17). These additions and extensive goals therefore make both approaches fundamentally different from one another, even though they both advocate market reform (which is where the similarities end). While the Washington consensus focused on the perfection of the market the post Washington consensus does the exact opposite, it points out market limitations and ways of correcting such limitations (Stiglitz 2001). The purpose of this paper is to illustrate just how different both approaches are by looking at the foundational economic theories they are built on, the components of both approaches and their methodology. The Washington consensus is an approach to development that involves various economic policy prescriptions that are designed to move an economy towards economic growth and development when implemented. They include ten basic polices that create a liberal market and economy. According to Williamson who coined the term and the originator of the list, they include: Macroeconomic stability (restoring fiscal discipline by controlling budget deficit) Redirecting expenditure (reduction of government spending) Tax Reform (involved increasing tax and value added tax.) Financial liberalization Unified Exchange rate (to encourage and ease trade) ‘Replacement of quantitative trade restrictions by Tariffs (trade liberalization) Abolishment of Barriers to entry of foreign direct investments (Liberalizes FDI) ‘Privatization of state owned enterprises (reduce government spending) Deregulation (reduce state interference) ‘Legal system should provide secure property rights (Williamson 2005: 35-42) The policies under the Washington consensus are designed to liberalize various sectors of an economy. They are also directed towards increasing market efficiency, productivity and growth. Not all the policies under the consensus are implemented at the same time and in most cases, there is a lot of mixing and matching done by the governments implementing these policies with a few policies being more popular than others. Williamson (2005: 43) notes that ‘(i)n terms of which reform(s) [policies] were most widely implemented, there have been widespread attempts to tighten fiscal policy, introduce extensive financial and trade liberalization, eliminate restrictions on foreign direct investment, and promote privatization and deregulation. These policies have earned the Washington consensus a bad reputation of increasing poverty because ‘adjustment and stabilization policies tend to depress real wages, as control over money wages is combined with devaluation (Stewart 1991:1849), unemployment coupled with other various adverse effects from such policies on the poor in a country lead to social decay. The failures of such policies are evident in various developing countries like Bolivia, Nigeria, and Zambia (discussed in Adefulu, 1991) whose economies after adopting stabilization and adjustment policies experienced stagnant or slow growth. These countries experienced worse situations than they were in before the implementation of the structural adjustment programme under the Washington consensus policies prescribed by the World Bank and the International monetary fund in the 1980s. The failure of this approach to development gave rise to creation of a new development approach know as the Post Washington consensus which also included some of the policies listed above in relation to its market reform component. However, it focused not just on economic growth through market reforms but also included elements to enhance social growth and welfare and thus encourag es sustainable development. It eased and monitored the effects of the market reform policies on the poor by paying attention to social issues and advocating the creation of safety nets. This new approach addressed areas that had been ignored by the Washington consensus and as a result of this, it provides a better-rounded approach to development. Unlike the Washington consensus: It aims at stabilizing the real economy as well as inflation It tries to improve financial sector regulation, rather than assuming that liberalization is the only game in town It includes competition policy It considers various mechanisms of improving government efficiency, rather than seeking to minimize governments role It focuses on improving human capital formation It seeks to increase the transfer of technology to developing countries. (Williamson, 2005:45) Including these accompanying elements to the market reform policies was based on the recognition that ‘[m]aking markets work requires more than just low inflation; it requires sound financial regulation, competition policy, and policies to facilitate the transfer of technology and to encourage transparency, to cite some fundamental issues neglected by the Washington consensus (Stiglitz, 2001:17). The emphasis placed on trade liberalization, deregulation, and privatization under the Washington consensus approach often lead policymakers to disregard the importance of various factors like competition, which contribute to the effectiveness of a market economy and which may be just as important as economic success (Stiglitz, 2001:20-21). The Washington consensus and Post-Washington consensus not only differ based on their development goals, the economic theories and principles on which they are based upon are from different schools of thought. The former based on the logic of Keynesian economics of liberalization and the mantra of lazzie faire allows the market to stabilize itself with little or more preferably no government intervention. The Washington consensus therefore was founded on the neo-classical economic theory centered on the idea of instrumental rationality (North 1995). Instrumental rationality implies that individuals in the market make decision in such a way that creates a perfect market. Their decisions are made based on factors that offer them maximum utility. Under instrumental rationality it is assumed that ‘values are accepted and given as constant, objective decision of the world as it is can be postulated and.. decision makers computational powers are unlimited (North, 1995:7) thus when an imperfection arises in the market because of this factors, the market will correct the imperfections itself. Therefore, there is no need for government intervention. Under this approach government, interference is seen to disturb the flow of the market and impede its efficiency and growth of the economy. The Post-Washington consensus is however eclectic, drawing from the logic of different economic principles. It draws from both the principles of the new development economics, and the new institutional economics (NIE) which understand and value the role the state plays in the regulation of market functions. New development economics according to Ben Fine (2006) was created to accommodate the shift towards the post Washington Consensus. It extends beyond only economic principles and includes other fields of study like sociology and non-economic factors. It also places emphasis on market imperfections and asymmetrical information amongst parties in a market. In this theory in ‘contrast to economic approach, institutions, customs, as well as economic and social structures are taken seriously rather than presumed to be equivalent to as an â€Å"as if† market situation (Fine, 2006 :8) NIE advocates the significance of institutions, and their importance in solving the problem of transaction costs that may exists in the market due to asymmetrical information. Institutions are an important aspect because they â€Å"are the rules of the game of a society, or, more formally, are the humanly devised constraints that structure human interaction† (North, 1995: 23). They could be formal in the sense of laws created to govern and informal based on norms. The post- Washington consensus as a development approach recognises the fact that markets in developing countries often carry a high cost of transaction, which deters investment and slows down market productivity. Transaction costs arising from asymmetrical information will often lessen confidence in the market and cause insecurity. To remedy the problem institutions are required because; ‘â€Å"efficient institutions lessen insecurity and thereby increase readiness to invest†'(North,1991 in German Fed Ministry, 2004: 7). ‘Over the long term, dynamic growth processes can only be sustained when institutions exist that encourage the growth of productivity and guarantee a high degree of stability, that is, reduce vulnerability to external shocks. (German Fed Ministry, 2004: 7) Another difference between both development approaches is in relation to their view on state intervention in the market. The Washington consensus approach views government intervention as an interference with â€Å"market perfection†. Under this approach, the market will resolve its problems and set the right price, and government or state intervention disrupts this ability and therefore create imperfections and inefficiency. A good illustration is of African countries like Nigeria and Ghana who after independence interfered with the export markets using commission boards and â€Å"monosponies† (singles buyer where there are many sellers) for their agricultural products (discussed in Bates 1981). The boards had an influence on market prices and could afford to be inefficient because the cost of inefficiency could be easily transferred from the states board to the farmers and consumers (Bates 1981). This supports the Neo-liberal view that when states are involved in mark ets, macroeconomic rationality if foregone for their preference of macroeconomic policy instruments. The Washington consensus follows the policy of a non-interventionist state or one with minimal role in markets. The post Washington consensus however, draws from the example of the East Asian countries miracle (which attributes most of its success to state intervention in markets) and promotes the importance of government intervention because of imperfections that already exist within the market. It advocates that the state regulate the market through the creation of institutions, legal framework, and property rights. All of which will solve the problems that exist in an imperfect market like inadequate flow of information and allow proper contracts to be drawn between transacting partners. The government according to the logic of the post Washington consensus ‘should serve as a compliment to markets, undertaking actions that make markets work better and correcting market failu res (Stiglitz, 2001:41). The Washington consensus approach to development as mentioned previously wanted little or no state intervention and disregarded the role of the state. The post Washington consensus approach however, values state role so much so that the approach includes elements designed to better the governance of a developing state in the form of good governance and democracy. Under this new consensus because the state is seen as an important factor for growth and development, it provides for the reform of the state itself. The post Washington consensus recognises the fact that most developing countries are faced with government inefficiency, corruption and bureaucracy. The approach therefore proposes that states should practice good governance, which entails democracy, transparency, and rule of law to mention a few. The post-Washington consensus approach to development considers the practice of good governance as a pre-requisite for sustainable economic growth and development. Under this approach , states role, efficiency or lack thereof and politics is taken into consideration for development purposes, while the Washington consensus approach lacks this attention to governance issues. The disregard for state issues is due to ‘[n]eo-liberalisms skepticism of the state and autonomous exaltation of individual [and the view that] the stateneeds to be extricated from the marketEconomic reforms accordingly take priority over political reforms and civil liberties (Abrahamsen, 2000:30) under the Washington consensus. The post Washington consensus approach to development considers factors outside of economics for instance education and health care. This is another fundamental difference between it and the Washington consensus. The new consensus values the importance of such elements to the development process unlike the Washington consensus that disregards them. Under the new consensus, there is an understanding that development needs to be sustainable and in this regard, it provides for elements that carry it in that direction. Education allows for the development of human capital and the society. If the people are developed, they can move development along by making valuable contributions in the society. According to Stiglitz (2001:46), ‘promoting human capital isa policy that can help promote economic development, equality, participation and democracy. The East Asian countries for instance Japan (Stiglitz, 2001) placed an emphasis on educating its citizens by making basic education compul sory make viable examples of how educating a countrys citizens can contribute to sustainable economic growth and development. Social aspects like education ignored by the Washington consensus is regarded an important element of the post Washington consensus approach. The post Washington consensus approach to development is created in a way that ensures its effects are long-term on the economy as supposed to the short-term effect of the Washington consensus. It achieves this because of its broader goal and dedication to issues outside the realm of economics and the market. According to Stiglitz (2001:68) ‘The new development strategy takes as its core objective development, the transformation of society, this fact and its inclusion of social factors as part of the development agenda ensures that it encourages sustainable development and not only the growth of gross domestic product (GDP). Participation and sense of ownership is another aspect in which both approaches to development have fundamental differences. The Washington consensus approach pays little or no attention to fostering the sense of owner ship instead it reduced state ownership through the heavy promotion of instant privatization. The post Washington consensus on the other hand recognizes that fostering a sense of ownership and participation of developing country governments and its people has an effect on how effective the programs being adopted will be. The government has to implement the development programs that have been recommended by international institutions and if the developing country feel like they are in control and have an opinion about the changes going on in their country they might ensure that the programmes are implemented effectively and not on a superficial level. Lack of proper implementation on part of developing nations government is one explanation offered by the World Bank as a reason for the failure of the structural adjustment programs under the Washington consensus. By including a sense of ownership and encouraging participation, the post Washington agenda ensures that the new approach to development does not face the same problem. The differences between both approaches also extend to how their various components are implemented. For instance, privatization, which is an element of both development strategies as a part of the market reform component of the Washington and Post Washington consensus, has been implemented and understood differently under both approaches. The concept of privatization under the Washington Consensus was to reduce government spending and deficit while removing inefficient state enterprises and creating economic stability. Sale of state owned companies would create revenue and competition between private owners would make enterprises more efficient and more productive therefore it had to be immediate. The post Washington consensus however views privatization as something that has to occur gradually, most importantly after the necessary institutions that would enhance competition has been put in place and not before. The premise for this is that just because public enterprises are made p rivate does not guarantee their efficiency because if the proper institutions were not in place to encourage their efficiency they would not be as productive as expected. The post Washington consensus is however not against privatization, as Stiglitz (2001:38) comments: ‘The Washington consensus is right- privatization is important. The government needs to devote its scarce resources to areas where private sector does not and is not likely to enter. The new consensus is in support of privatizing public enterprises that are unnecessary and can be undertaken by the private sector with institutions to aid its efficiency already in place. Nonetheless, the approaches to privatization under both development programs are different. Both approaches though having a common goal, which is to bring about growth and development, go about it in different ways and have different fundamentals. The Washington consensus approach to development places emphasis on economic growth through increase in GDP levels and market reform. Its fundamental objective is to make market forces more efficient and increase productivity within the economy. This approach is a strong advocate for policies involving deregulation, privatization and stabilization. The post- Washington consensus approach (devised after failure of the previous consensus) on the other hand focuses on development through societal transformation. This approach goes beyond the market approach of the Washington consensus to include broader goals and social factors like health care and education. The new consensus core objective is a more equal, egalitarian and democratic type of development (Stiglitz, 2001:17). The broader goals and objectives pursued under the post-Was hington consensus makes it fundamentally different from the Washington Consensus approach to development. Bibliography Abrahamsen, Rita (2000). 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