Economic Crisis in Dubai

Table of Contents Abstract Introduction The Economic Crisis in Dubai Abu Dhabi’s Financial Help Behind Abu Dhabi’s intervention Conclusion References Abstract This research article evaluates the debt fiasco in Dubai. The paper starts with the distinction between Dubai and Dubai world, and then proceeds to describe the nature of the liability crisis in Dubai. Additionally, the research evaluates the intervention by Abu Dhabi, reviewing the reasons and effects of the intervention. Finally, the article evaluates the crisis outcomes.Advertising We will write a custom research paper sample on Economic Crisis in Dubai specifically for you for only $16.05 $11/page Learn More Dubai is an UAE emirate. The UAE is a union of seven emirates in the Persian Gulf. The emirates are ruled by emirs. In most cases the rule is by personal decisions of the emirs. Dubai has significantly transformed from an oil dependent state to the present situation where oil accounts for about 10% of the economy. It has grown from an oil-based economy to diversification in areas of business characteristics of western economies. The Dubai government approached the diversification by increasing public spending on investment and to boost venture capital. This means that the government is involved in most projects within the emirate. The government does this through a venture company. Dubai world is the venture company that runs different investment portfolios in varied fields on behalf of the government. The Dubai economy ranks third globally, while its per capita income is placed fourth. There has been speedy growth promoted by the government’s effort to brand the emirate as an economic hub full of opportunities. The government has also adopted a laissez-fare approach to social issues, unlike other Muslim states. The government’s efforts led to a rapid increase in the volume of construction projects. Landed-property industry grew rapidly with numerous building projects being initiated. Most ventures were financed through credit from the global finance. The problem started in 2008, with the exponential growth in landed property in Dubai. There was an over expectation on the industry and investors started projects with increased growth postulates. This was, however, compromised by the worldwide crisis which led to reduced spending and the consequent lack of demand in numerous good and services businesses. This debacle was revealed when the Dubai government presented a declaration to urge its creditors to reschedule the debt repayment. Some Islamic bonds were near maturity and the government had no money to honor its obligations. It requested creditors for a standstill and a redrafting of the payment schedule. The ensuing debt crisis extended through 2009 and is still felt in 2011.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The government of Abu Dhabi promptly countered the crisis together with the central Bank of UAE. They offered Dubai a $10 billion loan. This was meant to cater for the immediate loan repayment of the matured bonds. Financial analysts link the progression of the predicament to the government’s investment in landed property in US. Others opine that the crisis was a result of personalized decisions practice which is the phenomenon of the emirate’s government. Blame has also been laid on the Islamic bonds, Sukuk of Nahkeel. However, more objective analysis reveals that the Dubai government and Dubai World used public funds increasingly indiscriminately in the last decade The speculations on the state defaulting on it’s a loan may have stirred the Abu Dhabi into action. Defaulting would have affected the cost of borrowing and reduced admittance to global money markets. Furthermore, Abu Dhabi may have eyedfor compromise from Dubai in return for bailing he r out. Introduction Dubai is an UAE emirate. It precedes only Abu Dhabi in land size. In terms of population size, it is the largest. The emirate has a town in the northern coastline bearing the identical name. Abu Dhabi is the only other emirate with veto power in the UAE government. From the initial settlement in 1833, the occupation of the region by UK in 1892, and the discovery of oil in 1966, the region increasingly grown. Reference to Dubai often refers to the city. The city has attained a global configuration and is an economic hive. It has grown from an oil-based economy to diversification in areas of business characteristics of western economies (Davidson, 2008). However, this growth was upset during the economic crisis experienced during 2007. Dubai world is a venture company that runs different investment portfolios in varied fields on behalf of the government. It is tasked with the duty of promoting Dubai and giving it international credence in the world of business. The PM oversees the corporation. The corporation is a holding outfit. It has various companies in its structure. The most featured in this article is Nakheel, the property division of the corporation. At the centre of the crisis is the investment division of Dubai world. The government, through Dubai World, borrowed money to finance development projects in the emirate. These projects were aimed at aiding the emirate in its quest to move from oil dependence. The projects targeted the service industry especially tourism. Most projects were tied to luxury. Other projects have been dubbed as attempts to compete with western nations. The economy did not grow according to postulates, and this led to the collapse of the landed property sector.Advertising We will write a custom research paper sample on Economic Crisis in Dubai specifically for you for only $16.05 $11/page Learn More The Economic Crisis in Dubai UAE has exhibited incredibly high growth trends acros s the globe. The GDP exceeded the $ 0.27 trillion mark in 2009. The economy ranks third globally, while its per capita income is placed fourth. The UAE is exceedingly urbanized. The economy was initially dependent on oil, but receding oil reserves led to diversification to other portfolios. This included service, tourism and construction sectors. This led to a rapid increase in the volume of construction projects. The ventures included high rise erections, lavish hotels and resorts across the region. Consequently, the rate of property shot as the demand increased. In 2008, there was a reducing demand for the luxury buildings and tourism resulting in the crash of the economy. As a result of the recession in the construction industry, banks experienced losses. The problem started in 2008, with the exponential growth in landed property in Dubai. The over-expectation in the performance of the industry created surplus supply. The result was a descent in property worth. The crash was as w orse as 40 % drop in property value by 2009. The dawdling transactions were accompanied by reduced profit precincts (OBG, 2008). This debacle was revealed when the Dubai government presented a declaration to urge its creditors to reschedule the debt repayment. This declaration led to more panic in the fiscal arena. The drop in demand and the slump in growth had created a debt crisis for Dubai World. Dubai World responded abruptly by asking creditors to reschedule loan repayment, this response caused further damage, locally and globally. The declaration was initially indistinguishable either as delay or default. This was until the response by the UAE. The crisis has extended to 2011. This was evidenced following the government’s revelation about 200 property transactions withheld from execution following the crisis (Gammell, 2011). This information is supposed to have been accompanied by plans for a bond issue. These documents showed that RERA, the landed property regulatory b ody, had evaluated the chances of the projects being completed as minimal. Statistic further indicated a fall in the sum worth of landed property transaction from 119.4 billion dirham in 2010 compared to 152.9 billion in 2009. This was convoyed by reductions in land sales by 14.9%, with only 129 projects completed since 2009.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Abu Dhabi’s Financial Help The government of Abu Dhabi promptly countered the crisis together with the central Bank of UAE. They provided a $ 10 billion bailout for Dubai World. The state firm had got stuck in billions of debts following the unpredicted slowed growth in the construction sector. 41% of the funds were to expedite the payment of the company’s immediate debts (Mathiason, 2009). The remaining portion was set to aid in fulfilling their commitments to creditors and contractors. Financial analysts link the progression of the predicament to the government’s investment in real estate in the US. Emaar, the foreign investment docket of Dubai world, bankrupted while investing in the US, transferring the US crisis to the Emirates. This position is, however, tentative due to the nature of Islamic banking. Though it has been acclaimed for being resilient during the worldwide turmoil, it is still not connected to the global financial system (Zubair, 2010). A maj or characteristic of countries in the region is that they are ruled by personalized decisions practice. This means that the initiation of modern autonomous institutions has been little. The investment decision of Dubai World to lease hefty sums of money for venture during the boom period of 2005-2007, was largely personal decision. These decisions may be decent, but the lack of democratic institutions meant that no keen re-evaluation of such decisions was done. Analysts opine that the fiscal policies in the country cannot be substantially analyzed because of lack of reports on many areas. The Islamic bonds, Sukuk of Nahkeel were also presumed to be the cause of the crisis in Dubai. Their perceived contribution in the debacle was because they were the subject of the declaration requesting a stand still. The declaration was in November due to the Islamic bonds that were due on December. Due to the Islamic prohibition on the collection of interests, the Sukuks, though referred as Islam ic bonds, are quite different. The Sukuk certificates embody tenure claims in the subject tangible assets. This means that the holders of Sukuks are beneficial owners of the property, and entitled to the profits of the ventures. In the secondary markets, the Sukuks holders sell the Sukuk, but not the debt claim which is illegal (Salah, 2010). Under these policies, concerns for guarantees and proprietary protection are complicated. In fact, analysts argue that the contractual agreements in these bonds are inadequate in offering protection to guarantors in case of insolvency. However, the percentage of the value of the Sukuks in the whole volume of money involved, has led to analysts disqualifying the claim on their share of the debacle. The debts in Sukuks accounted for only 6-7% of the entire debt (Zuhair, 2010). A more objective analysis reveals that the Dubai government and Dubai World used public funds increasingly indiscriminately in the last decade. The funds were used in a var iety of property developments, many of which were in an effort to match up with other big economies. These projects had little social benefits and guarantee of lucrative private proceeds. The effects of this were an disproportionate leverage visible in the crisis; projects halting, repatriation of experts and general out-flux of human resource (Lerner, 2009). Behind Abu Dhabi’s intervention The speculations on the state defaulting on it’s a loan may have stirred the Abu Dhabi into action. If the default was effective, it would have been record since the Argentinean crisis. The impact on the property market, inside Dubai, Abu Dhabi and the rest of the globe would have been extensive (Bianchi, 2009). The investment funds are from rich western countries. The financing banks, such as RBS and standard chartered were heavily exposed. The effect on these banks would have destroyed the Dubai’s and UAE reputation as an economic hub. Default on the loans would compromise future investments. IMF postulated that the crisis could affect markets by making them less upbeat about quasi–sovereign and private risks. This would have the effect of hiking the cost of borrowing and reduction in admittance to global money markets (IMF, 2010). The reduction in the value of property has affected the economies with investor losing on large scale due to lack of demand. The intervention of Abu Dhabi has been seen as a face-lift to the state, resulting from its claim to take care of Dubai. This claim aided in heightening the investor’s confidence in the market and led to the boom. Another cited reason for Abu Dhabi’s intervention is the cohesiveness of the UAE. If the UAE led by Abu Dhabi let Dubai deal with the debt crisis alone, it would have compromised the union’s cohesiveness. The degeneration would have culminated in the loss of the collective bargain held by the Union. Abu Dhabi may be eyeing for compromise from Dubai in return for b ailing her out. These concessions may include trade with Iran, and the development of Emirates Airlines in later days. Notable observations include the renaming of the unprecedented tower after completion. The tower was earmarked Burj Dubai; however, after completion it was renamed Burj Khalifa, in honor of the ruler of Abu Dhabi. Additionally, images of the ruler line up roads and lobbies of major hotels (Christensen, 2011). Analysts also have cited a reign-in approach to the bail out. Abu Dhabi has viewed Dubai as errant, and some of the concessions have been noted on the leissez-fare approach to policies (Shaffer Ziyadov, 2012). In an IMF report, the institution estimated a short term rollover risk as a result of the maturation of $ 60 billion in debts during the 2011-12 period. It further opines that the government and linked corporate firms might fail to refund the debt due to elevated government support expenditure. This would increase the strain on fiscal accounts and the fi nancial system (IMF, 2011). Conclusion The debt predicament has battered the country toughly. Positively is has exposed the weakness of the system providing channels for reformulation of fiscal policies in the region. The personalized nature of the administrative process has been critiqued. However, as recent trends indicate, there is observed revival of the industry, with peaking property prices. This is owed to the relatively stable political atmosphere, oil and its hands-free approaches to development. The move of Abu Dhabi was hailed globally, and was very instrumental in saving the image of Dubai internationally. The intervention reassured investors about the security of their investments, and thereby securing future prospects. However, the restructuring of the debt repayment has merely postponed it, and there are persistent fears of a recurrence in the 2015-2016 period, when the new deadlines mature. More permanent solutions lie in reducing consumption per head in the UAE. Thi s is very high in the region, 27 dollars per individual daily. Personal loans grew by over 10% in 2009 and are expected to grow. These occurrences reduce investable savings and increases inflation. The introduction of expenditure tax would serve well in the region. The effect would to cut israf (wasteful spending) and release more funds for economic development. The over dependency on western imports has resulted in huge outflows of cash. More inter Muslim trade would benefit the region. Apart from solving the out flux, it could promote mutual investment, preventing the necessity of huge loans fro the global financial market. Furthermore, as cited by other analysts, there is need for a migration from short-term commercial financing to long-term investment facilities. Concerning the Islamic bonds, the doubt and controversy surrounding then must be solved. There operation must be legally flawless to reduce panic from investors. References Bianchi, S. (2009). Dubai debt freeze to hit p roperty recovery. The Wall Street Journal. Web. The article was written soon after the announcement from Dubai world asking for a debt payment reschedule. The author compares the debt crisis to the Argentinean debt, if Dubai defaulted. The author sought the opinion of a partner at an investment firm, HEXAM capital, with operations in Dubai. This makes the article valuable because, apart from presenting some facts about the crisis, it presents the opinion of an investor affected by the crisis. It presents an example of how investor’s perception of the Dubai market was affected by the crisis. The data presented in the article is extracted from several firms, making it a fair representation of the situation then. Christensen, S. (2011). Frommer’s Dubai. New York, NY: John Wiley Sons. This book, and the Frommer’s, series is a tourist guide. This book presented the conversion of Dubai from an oil-dependent nation to an economic hub and a tourist destination. It also gives insight to the nature of the projects undertaken by the government. It shows the government’s emphasis on luxury oriented structures. It also portrays the emirate’s liberal atmosphere in regard to religion, dressing and entertainment. This is one area that sets Dubai apart from other Arab nations. Davidson, C. M. (2008). Dubai: the vulnerability of success. New York, NY: Columbia University Press. This book looks into the history of Dubai since it was first settled up to the present situation. It also discusses the shift from reliance on oil to other forms of economic activities. This book shed light on the way the emirates are ruled which was helpful in determining what led to the crisis. Additionally, the book addresses the problems of a rapidly growing economy, such as Dubai. Gammell, K. (2011). Dubai’s financial crisis laid bare as 217 new properties axed. The Telegraph. Web. This article presented up-to-date information on the debt crisis in Dubai. I t provides insight into the current status on the debt crisis, and the persistent effects of the crisis. It evaluates the latest RERA reports on the state of landed property development. The author, also makes mention of the extravagance of the Dubai government in landmark projects. However, the value of the article to this work is its elucidation on the current intervention on the debacle through a bond issue. It shows how the property market has not recovered from the debt crisis. IMF. (2010). Dubai hit by credit crunch. Finance and Development, 47(1), 52. This IMF report first introduces the antecedents to the debt debacle through an evaluative perspective. The report, however, focuses on the future implications of the crisis to Duabi. It mentions an array of effects in the medium-term and long-term outlook. It also provides data on previous, current and projected growth rates. It evaluates the effects of the crisis to the fiscal market, especially, the banks. Additionally, the a rticle evaluates the contribution of fiscal policy to the crisis. IMF. (2011). Staff country reports. Washington, D.C: IMF. The IMF documents contain comprehensive evaluation of Dubai with supporting data and tables. It focuses on policy and its effect on financial institutions in the UAE. It provides ample investigation on the economic effects of the debt crisis, providing graphical and tabled presentations on various economic indexes. The report, however, focuses on policies being implemented after the crisis and the response of the property market to these policies. Importantly, it sheds light on the effect of the rescheduling of the debts, and the new dates of the debts maturation. Lerner, J. (2009). Boulevard of broken dreams: why public effort to boost entrepreneurship and venture capital have failed and what to do about it. New Jersey, NJ: Princeton University Press. This book starts by evaluating whether bureaucrats can help entrepreneurs. It goes on to discuss how governmen ts fail due to ineffectual implementation. Additionally, it highlights the pitfalls presented by sovereign funds. Dubai has adopted public expenditure to boost venture. The government, through Dubai world, embarked of getting credit and utilizing it in endeavors to boost entrepreneurship in the country. This book highlights the effectiveness of such approaches and why they fail. This is connected to the crisis, since the debts were sourced by the government. Mathiason, N. (2009). UAE central bank vows to honor Dubai’s debts. The Guardian. Web. The article was written soon after the announcement of the central bank of Abu Dhabi announced its plans to finance Dubai’s debt. It presents the figures on the sums the banks intended to release to Dubai. Most importantly, it features the opinions of financial institutions regarding the intervention. It includes a quoted response from Stan chart CEO regarding the intervention. This is important since the bank was one of the chie f financiers in the region. It also highlights the apprehension among investors and financiers regarding the fate of their investments and debts, consecutively. Oxford Business Group. (2008). the report: Dubai 2008. Oxford, OX: Oxford Business Group. The author organization facilitates investment in Dubai. This book written before the crisis helps the understanding of the pre-crisis Dubai. This focuses on its development, diversification and democratization through the years. Though it may be biased in an attempt to sway investors, it provides a fare basis for comparison with the post-crisis Dubai. It provides historical information, geographical and demographic information. The document contains comprehensive evaluation of Dubai with supporting data and tables. Reynard, C. Marr, J. (2010). Investing in emerging markets: the BRIC economies and beyond. UK: John Wiley Sons. The book discusses the precariousness of emerging markets. It evaluates the opportunities and accompanying ris ks presented by emerging markets. The article evaluates the risks faced by investors in emerging markets, of which Dubai is one. In the book’s focus on Dubai, it critically evaluates the government’s expenditure, and its contribution to the crisis. It provided insight into the nature of the government’s projects, and the contribution of this to the crisis. It also provides postulates of the future effects of the debt. Salah, O. (2010). Dubai debt crisis: a legal analysis of the Nakheel Sukuk. Berkley J. International Law Publicist. 4, 20- 32. The article comprehensively evaluates the nature of the Islamic bond and how they work. It starts with an evaluation into the conditions surrounding the formulation of Islamic bonds. Further, it evaluates how the bonds operate, and the security offered to financiers in the use of the bonds. This was important in deciding whether they contributed to the crisis. The article also evaluates the possible courses of actions which were available to the bond owners if default had arisen. This helped give insight into the reasons for intervention by Abu Dhabi. Shaffer, B. Ziyadov, T. (2012). Beyond the resource curse. Pennsylvania, PA: University of Pennsylvania Press. The book evaluates the politics and economies of countries with numerous resources, for example oil. It evaluates the constant perils and policies in these countries. The book evaluates the post oil economy of Dubai. In Dubai, it evaluates the causes of debacle. It discusses the antecedents to the boom, and the occurrences during the boom period. Finally, it evaluates what ended the boom leading to the crisis. It compares the government and the private sector culpability in the crisis. This was useful in determining what led to the crisis. Zubair, H. (2010). Dubai financial crisis: causes, bail out and after, a case study. Journal of Islamic Banking and Finance, 47-55. The article is primary resource. Zubair analyzed the crisis from inside the region. The article analyzes the crisis from the start, giving insight into the form of government in Dubai and how the form of government has affected the economic situation in Dubai both in the pre and post crisis period. While discussing the bailout offer, the author cites the possible reasons and issues of concessions incurred by Dubai. The article also attempts to look beyond the immediacy of the crisis, evaluating policy concerns. This research paper on Economic Crisis in Dubai was written and submitted by user DeadG1rl to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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Within the genre of Wisdom, there are many definitions on the categories of the literature. Biblical Wisdom is focused on practicality. It is on how we ought to live here and now. In Job and Qoheleth we find practical discussion spilling over into the broader meaning of life and the challenges of life. Wisdom books along with the Wisdom literature of other cultures move with in an ambience of the religious, in general, but not overtaken by a religious outlook. Proper fear of the lord is an often theme in Wisdom. What you find in Wisdom often doesnt have a necessary connection to religion. For this reason, these books appeal to the agnostics of today. This Wisdom also appeals to agnostic writers who find something they can hold onto in Christianity or in religion in general. Something that they value and is essential or creedal in nature. Many of the Proverbs show this side; the interpretation may be Christian but keep a cross cultural appeal as their beauty. Wisdom literature is also a good source of evangelization. For example, Paul goes in to the Areopagus (Acts 17) and the people start to mock him before he speaks. Paul uses some well-known verses of Greek authors and poets to bridge a common understanding and that have a bridge to the pagan audience. He succeeded in bridging the culture gap on their love of knowledge and love for wisdom and learning. In an increasingly secularized culture we will encounter these Pauline episodes more often. Wisdom literature is characterized by being called secularized as it is often devoid of any specific Christian content. The non-religious nature of Wisdom literature is not necessarily bad. A tinge of secularity doesnt hurt in the study of theology and the practice of ones own faith. With respect to Creation, Wisdom books move within a religious atmosphere but are not taken over by a religion. Creation is a work of Gods hands and therefore intrinsically good and should be stewarded carefully. By properly understanding those points, we come to an understanding about ourselves as the crowning glory of creation. Humans are made in the image and likeness of God (imago dei). If forgotten, any statement on theology is foundationless. Many denominations believe Man is fallen, evil or corrupt. But we are inherently good and this is not oblivious to everyone. Wisdom by which many generations of cultures is elevated, affirmed, and ratified in the books of Wisdom and are given the stamp of Divine Inspiration. Due to the straightforward nature of the Wisdom, we must be careful to not over analyze the literature or over analogize. Church Fathers interpret the books at the Literal and Sapiential meaning. So we too should not look too deeply in search of the obvious literal meaning as the Wisdom books wear their meaning on their sleeve. Many parts of the Wisdom books are difficult to date. Poetry is difficult to date and uses play on words, vocabulary and sometimes antiquated terms to bring together literary elements that are difficult to pin down a specific time and place. For example in Job there is not a single identifiable historical reference in the book. We cannot locate it accurately in time. We study the vocabulary, but Job has one of the broadest ranges in the bible. All of the personalities are literary creations and cannot be attached to an actual person. The place names are intentionally made obscure [Job lived in the land of Uz]. A similar Wisdom text to that of Job is found in the Persian Shahnameh (The Epic of Kings) by Hakim Abol Qasem Ferdowsi Tousi. In this Persian Wisdom book, the theological emphasis regarding God being unfathomable and unchallengeable is similar to the teaching at the end of the book of Job. In Sirach the author tells us who he is in the preface and can accurately date. A simila r Wisdom text to that of Sirach (and Proverbs) is found in Prologue of The Code of Hammurabi King of Babylon (from about 2250 BCE). The Psalms were written over a very broad period of time. Some were composed in the 10th century BCE and have their literary roots in earlier times. Job, Proverbs and Psalms express the heart of humanity; common things that people have experience of and understanding in. Sophia or wisdom is the understanding of the cosmos as a whole in terms of its ultimate cause and principle. So the search for wisdom is our search for whatever it is that is first in itself that is THE cause of the things that are first for us in sense perception. In studying Wisdom we can come to see the importance of Creation in biblical thought and in Jewish/Christian faith. We can also come to see the interdependence and interrelatedness in the reality of the biblical world view. Nothing is profane in the Wisdom book. All is sacred somehow. Perhaps we will need to adjust our perspective in order to see and understand and perceive that inter-relatedness of all reality. In studying Wisdom today, we are seeking to look into the life and times of Jesus. Jesus frequently spoke in a manner of the Wisdom literature and we find He spoke of Solomon in his teachings of the Gospels. Studying the Wisdom literature will give us a broader appreciation of the Bible in general. The Book of Job describe how the main theme of this book is developed, how we read it in the light of Christian Revelation, and how its message may come into use in pastoral situation. The Book of Job points us to (in the Christian era) the belief in the God revealed to us in the person Jesus Christ. This book can only be fully grasped in the light of the Cross and Resurrection of Christ. Job is all about suffering and theodicy. Job is steadfast, not patient in this reading. The scenes have been deliberately worked to set before the reader a picture of a living saint, one who has won divine approval for his lifestyle and who holds firmly to God despite cruel afflictions. In this book Satan is one of the sons of God, the members of the heavenly court who do the Lords bidding and serve as his counsel. (Murphy 36) The devil does not make us do it, but only shows us and we do the rest and the manner of which evil manifests itself in life varies. The office of Satan was responsible for putting a person to the test. A person whose job it is to prosecute or point out things persons do not want to see. A Satan is a person who God has commissioned and Devils Advocate is the actual title of Promoter of the Faith. For Ancient Israel, there was a dark side, to God that was simply accepted. This dark side resulted from the worldview that attributed to divine agency all that happens, evil as well as good. In the first chapter of Job, his sons and daughters are taken away; livestock are also taken away from Job. The Satan goes back and asks God for further trial. In the next chapter, the Satan gives sores to Job and Job sits in ashes (a gesture of mourning/sadness). Jobs wife asks if he is still holding to his innocentness. Job still does not sin with his lips, but oscillates between despair and ardent faith. In the third chapter, Job gives his perish the day on which I was born plaintive speech of deep darkness. This is the dark night of the soul. This is the type of thought that goes through peoples minds before suicide. Only known to God is the moral culpability or responsibility of the action by the suicide. But there is hope for the survivors on the Via Dolorosa. When we walk in this valley, we know that Christ walked there before us. Authentic hope is there. The Crucifixion cannot be taken for granted. We cannot presume that all the suffering we go through is for nothing and that the person is presumptuously in heaven. The taking of a life is wrong. God still loves the departed and there is the possibility of redemption but we must then walk the dolorosa. Job is a model of Virtue and of Patience and of Friendship with God. Job 4 begins 28 chapters of a cycle of speeches by Jobs friends (Eliphaz, Bildad, and Zophar). The three friends have the outlook that associates earthly rewards with goodness and earthly punishment with evil. This is the gospel of prosperity. In Job 5:8-27, his friends give a fraudulent response to his state: God rewards good people and punishes bad people. Job acknowledges his guilt, but no sin that merits the suffering that is being visited upon him. In Job 13:3, Job pushes back saying If he should kill me, I will wait for him; I will defend my conduct before him. And this shall be my salvation that no impious man can come into his presence. In Job 13:15-16, Job is saying that he has a clean conscience. He dares God to smite him. He has such confidence that God will respect a clean conscience and respect that he will defend himself. The cycle of speeches by the three friends begins to wrap up and Jobs understanding of his plight begins to open up. He expresses an inchoate belief in some kind of resurrection (this is a pre-curser to NT belief). In Job 29, he has an introspec tive moment and describes what it was like to have favor with God. He looks to the past with rose-colored glasses with all the what if statements. Through this questioning, his spirit begins to change and moves closer to God. We must trust in God even though we may not see the reason as to why we are going through a trial. In Job 29:15, he says he was eyes to the blind and feet to the lame. He was so devoted to helpless people that he perceived himself in their suffering. He intimately associated himself with the others plight that they became one (charity). The Theological Virtues: Faith, Hope, and Love are so called because we are imbued with these virtues (being gifts of grace) as they have God as their ultimate end. Elihus (name meaning He is my God) speeches follow with the theme arrogance with God will bring you punishment. His friends realize Job is able to rebut them, but Job has not come to any conclusion on his own. But this does not lift his suffering. In Job 38:1-40:2 and 40:6-41:26, we see that God is always patiently listening. At the end, God speaks: How dare you question My ways. God never says that Job is in fact guilty of sin and that is why he is punishing him. He is angry with Job for Jobs method of dealing with the justice, righteousness and sovereign right to deal with His goodness. Job did not give in to the facile explanations of his friends. He knew he did deserve what had happened, but he had not blasphemed, murdered, or done anything else of seriousness. He is just like most of us. When confronted with his friends trying to pawn off his suffering, he knew it was false. This is similar to the Deuteronomistic line of thinking: Do wrong and be punished, do right and be blessed. Contemporary evangelical points focus on the being blessed or the book of prosperity. Until tragedy or suffering strikes and then we see these preachers drift away and become disillusioned. At the end of the speeches by God, Job realizes that he has nothing to oppose the wisdom of God. Gods wisdom is entirely other, beyond that which Job can attain. Job realizes he has no right to question Gods Will. Gods Will is always good, and beyond that silence. He confides his very being to the Lord: I know my Creator lives. The mystery is not always solved. The suffering and questions may remain and this is alright. If there is no mystery left, then that person as perpetrated a fraud on you. God walks with us (by Job) in times of suffering. In such situations, the simple answer never works. We must walk with the person. We deny the transcendence of God if we think we understand everything. We best understand God when we are in suffering with someone. To share in the suffering, we come to understand Him better. He has gone before us on this path of suffering. Describe the progression of biblical thought on women that is found in the wisdom books and in the related passages which we have studied. Where do these views leave us with respect to our Christian views? You may wish to recall figures such as the wife of Job, Lady Wisdom or the Ideal wife from Proverbs, and others. Perhaps the best way to sum up the book of Proverbs and possible all of Wisdom literature is the line from Deuteronomy I have set before you life and death, blessing and curse; therefore choose life. (Deut. 30:19) This is the choice that is laid out before us and Lady Wisdom and Lady Folly are anthropomorphic language that helps express the allurements of each. The Proverbs are an expansion of the Decalogue. It is the practical how to for everyday life and implementing the policies laid out in the Decalogue. Wisdom is often personified as feminine, perhaps in part because, in Hebrew, wisdom is a feminine noun. Grammar does not fully explain, however, Proverbs interest in repeated and varied development of the female persona. The female imagery for Lady Wisdom is also closely connected to her negative counterpart in Proverbs, that embodiment of evil referred to as the loose woman (Lady Folly). The part played by women in the Book of Proverbs is worthy of note. High praise is given to the virtuous woman in Proverbs 31:10-31 and also in a number of sayings scattered throughout the book. It is evident that monogamy is contemplated throughout as the regular married relationship (Prv 5:18), whatever deviations might be permitted by the law for the hardness of mens hearts. He who finds a wife finds a good thing, and obtains favor from the LORD, (Prv 18:22) provided, of course, that she be a good wife. There is another kind of wife, whose shortcomings are denounced in righteous language: A good wife is the crown of her husband, but she who brings shame is like rottenness in his bones. (Prv 12:4) By contrast with the woman of virtue, the sage utters stern warnings against the foolish woman, the brawling and ill-tempered woman, and above all the strange woman whose house is the way to Sheol. (Prv 7:27) A variation on the feministic imagery is seen again in Proverbs 1:20-33 and 8:1-21, where she appears as a prophet, calling out for followers in the most public places: in the street and squares, at the busiest corner and the city gates (1:21-22), on the heights and at the crossroads (8:2). Her rhetoric offers enticement and warning. To the one who chooses her way, she offers wealth and power. To those who ignore her counsel, she promises mockery when panic strikes and ultimately death (1:26, 32). Lady Wisdoms vocabulary mirrors that of prophetic language. She calls, (Prv 1:24) is refused, stretches out her hand, (Prv 1:28) needs to be sought and found (Prv 8:17) [compare 2 Chr 15:2, Is 6:9-10, 65:1-2; Hos 5:6, Am 8:12 [C.V.Camp]]. The prophets use such language to describe the relationship of Israel to God while Wisdom speaks of relationship with herself. In all these moral precepts it is presumed that men and women are free agents, responsible for the way in which they exercise the power of choice. Yet there is no suggestion that it is possible to lead a moral life without having any regard to religious considerations. Disregard of God leads to moral ruin (Prv 22:14), but by the fear of the Lord a man avoids evil. (Prv 16:6) Wisdom is to be embraced and is counterbalanced with Folly. Folly caused the Exile and shame. Wisdom will keep us out of it and on the right path. The Jewish people did not have a clearly defined afterlife. The Sadducees did not believe in the Resurrection or the ideal of Sheol (abode of the dead). Because of this, the focus on passing on to the children is dominant of ones inheritance. Proverbs is filled with Father/Son and Mother/Son and Child language imagery. Look to those who have gone before you in this life. Imitate them and learn the lessons from them and pass them on to your children (and so forth). In literature today, books given to children have a point or lesson imparted. This is a sort of an attempt to pass on our wisdom to our children. The end of Proverbs 31 talks about the place of women in Israel. It talks about the ideal woman and gives a description of one who is familiar to the post-Exilic reader. In literature that is a little more recent, Julian of Norwich treats Christ as Mother. This is not a feminist notion. Julians tradition comes from her identification of the second person of the Trinity with the traditional character of Wisdom and her understanding of the identity between Mother Church and the Mystical Body of Christ. For Julian, Christ is the Church, and the Church is the Mother. Christ is Wisdom, and Wisdom is the feminine. Julian never uses anything but masculine pronouns in referring to Christ. She also never characterizes Christ as mother, but describes motherhood as preexisting in Christ. Earthly motherhood, she says is an imitation and reflection of Christ. It is not a characteristic of femininity that Christ shares, but a characteristic of Christ that women share. Wisdom has always been personified as feminine and in some instances to such a degree that Wisdom is characterized as the feminine aspect of God. Lady Wisdom is a personification of a mental power that claims to have preceded creation and to exist in a daughter-like relationship to God. She transcends the mundane reality and human minds. The wisdom that Lady Wisdom signifies corresponds to the teachings of human sages. In Proverbs, the voice of Wisdom and the voice of the teacher do not blend. The teacher, in this case a father, offers wise and lifesaving teachings to his son. The teacher is wise, but wisdom itself transcends any human wisdom. Being personified as a woman, she is a heavenly creature, residing in angelic proximity to God. (John Bright, History of Israel). At the same time, she is traversing the streets and speaking to all. This image tells us that the various proverbs of the father and of Israels sages speak with the same voice: that of Wisdoms own voice. The collection of wisdom literature tells us that in the observations of the sages of ancient Israel and of the wisdom taught in the home both echo transcendent wisdom.

King Of The Seas :: essays research papers fc

From the many inventions that emerged from the American Civil War, the Ironclad, designed by Captain John Ericsson and Robert L. Stevens, has impacted the world by advancing naval warfare technology. It gave America more influence in Europe and put America ahead of Europe in naval matters. The impact and influence changed naval warfares forever by forcing wooden ships to become obsolete. The Ironclad was among the first technological and modern tools of war. Its impact on technology in navies can still be seen today in the designs and the construction of naval ships.(Mac Bride,1) It has impacted technology in the way ships are built. Because of the ironclads the ships that are used in wars today are much safer. They are stronger and easier to maneuver. The first ironclad to ironclad battle between the Merrimac and the Monitor was long and drawn out. Although neither one emerged victorious, the world began to see what a major improvement in warfare these ironclads were. A reporter fro m the Norfolk Day wrote: â€Å"This work will create a revolution in naval warfare. Americas improvement has impacted naval history in a way that no other invention ever has!† (Davis,135) Many times in United States history the major nations of the world, such as England, France and Germany, have ignored the United States in political matters but this invention and the ironclad to ironclad battle changed a large percentage of their attitudes toward the United States. It made America become feared and respected by large European nations and all the major nations looked at this invention with pure respect and awe. (Love,29) The invention of the ironclad has helped to push America higher on the ladder to becoming a major world power and to be included in major decisions of the world. The ironclads caused a long range of reaction in navies and gave America a push for the influence they wanted in Europe. Many say that the invention of the ironclad is quite possibly one of the chie f reasons for the continued existence of the United States. (Mac Bride,43) In the past people have often thought of naval ships as only tools of war. Many never considered that a ship could be useful in improving foreign policy and in pushing for American influence, but when Europe heard about this invention they began to realize that America had an adequate navy and the largest and finest # destroyers in the world.

Hamlet’s Indecision Essay

Hamlet, the Prince of Denmark, is a bright young man with many talents. He is an academic, a witty orator, and a flawless actor. Certainly, he has the potential to do anything he wants which may have included, in the future, being the King of Denmark. His aptitude for all things calls into question why there is a great delay between Hamlet’s decision to avenge his father’s murder and the actual revenge. It is Hamlet’s idealism which leads to indecision and the reevaluation of his choice to kill Claudius. Hamlet actions should not attributed to mental illness but the purity of his soul. He believes fully that men were born good and were meant to do good things. His strong belief system contrasts strikingly with the reality and corruption of the world when he returns home. He comments on the state of Denmark and more specifically his father’s house, â€Å"‘Tis an unweeded garden that grows to seed; Things rank and gross in nature possess it merely† (Act I, sc ii). He is disgusted not just by his home community but the evil which existed in his family. He finds it difficult to resolve his illusions of what his world was with the reality of the situation. It is his idealist personality which allows him to conceal his bitterness while his internal will pressures him to avenge his father’s death. Hamlet attempts to use logic, a typical idealist characteristic, to determine what course of action he must take. Hamlet struggles with idea that he may be a coward for his inaction. At this point in the play Hamlet does not understand that it is his ‘goodness’ that is delaying his revenge. Despite his nightly supernatural chat with the ghost of his murdered father, he is still unsure if justice should be done by his own hand. Hamlet understands that if Claudius did kill his father he must kill Claudius. He understands that in a world of lies it was hard to tell truth from fiction, and a sinner from a saint. Therefore, Hamlet must have independent proof that his uncle murdered his father. A play within a play is the only way Hamlet, besides direct conformation, is going to be able to tell if Claudius is guilty. It is for this reason that Hamlet invites players in to perform a â€Å"murderous† play to ferret out the truth from his mother and new father. Hamlet’s inability to understand the motives of evil in actions and thought can also be attributed to his sole idealistic viewpoint. He does not understand why anyone would commit murder and therefore he is uncertain that he had ability to violently kill a man. Murderous revenge represents everything that Hamlet is not. Hamlet’s rational intellect allowed him the clarity of mind to understand both the good and bad in the act of the revenge. The mental degradation of Hamlet, is believed to be insanity by the other characters but it was clear to the audience that he is merely coming to terms with what he believes to be right. Hamlet is a religious man and murder was a sin. Hamlet is a man of classical philosophy and revenge is not rational. Choosing to appear mentally impair is good strategy because if the characters believe he is unwell, he will not be able to figure out the true. Hamlet’s true character remains unblemished. Hamlet is a man who believes in chivalry, and slaughter is not gentle. It is those idealistic qualities which causes the postponement of Claudius’ death. It is in the moment that Hamlet allows his emotion to dominate over his intellect that Claudius was killed. He is consumed by the thoughts of his father’s demise and is haunted by the knowledge that his father’s soul will not be able to rest until his death is avenged. Hamlet willfully concludes, â€Å"My thoughts be bloody or be nothing worth† (Act IV sc iv). It is then that Hamlet finally had the ability to suppress his idealistic nature, and do what is right. The murder is not a well planned scheme and occurs in the heat of the moment. Hamlet, after the murder of Claudius never once wavers in his decision. He has done what is right and believes that â€Å"There is a special providence in the fall of a sparrow† (Act V sc ii). Oddly enough fatalism is part of idealistic theory and therefore Hamlet always remains true to himself and his idealism. Hamlet’s idealism makes him the perfect tragic protagonist and leads to theme of indecision. Without his intense regard for the ideals of truth, justice, goodness and beauty there would be no play. His fatal flaw, the belief that men and therefore the world are inherently good, created a moral dilemma which the characters, and plot revolves. Even Hamlet, the academic, comments on the presence of hamartia in human nature. He stated: oft it chances in particular men That for some vicious mole of nature in them, As in their birth, wherein they are not guilty, By the o’ergrowth of some complexion, Oft breaking down the pales and forts of reason, Their virtues else, be they as pure as grace, As infinite as man may undergo, Shall in the general censure take corruption From that particular fault. (Act 1, sc 4). Hamlet continues late in the resolution of the play, â€Å"though I am not spleenative and rash Yet have I in me something dangerous† (Act V. sc i. ) Hamlet’s idealistic nature mismatched with his pragmatic circumstances, which creates the ultimate theme and driving force behind all the rising action, falling action, and resolution of this tragedy.

Muhaug essays

Muhaug essays There is Nothing Wrong with Mu Huang During the late 1990s a new product was born. In an age that more than 40 million people in the United States are considered obese, a shining light of hope was seen (Obesity-A National Epidemic). A new craze of overnight results seemed to take over the television and magazine ads. Hundreds of before and after pictures backed up the overnight claims. They depicted everyone from weight lifters wanting to shred unwanted fat, to common house moms wanting a new look. This shining light was an herb called Mu Huang that was discovered by the Chinese decades ago (Ephedra is an Herb). Mu Huang extract was started to be used in dietary supplements, spiking the metabolism into burning more fat without the traditional amount of exercise. This shining light didnt come without its risks. In the years to come Mu Huang would be blamed for a rash of untimely deaths. These untimely deaths eventually contributed to the ban in early 2004. If you are a healthy individual, taking Mu Huang extract e ven with its risks would have been better for you in the long run so is shouldnt have been banned. Mu Huang (more commonly referred to as Ephedrine, or Ephedra) seemed to be the new age caffeine. There also seemed to be another use for the product aside from burning fat. Since it seemed to out match caffeine as a pick-me-up, Ephedrine was used in products such as Stackers and Yellow Jackets. A lot of people also noticed that with the pick up they were just generally happier. So it wasnt uncommon to hear them referred to as happy pills. There seemed to be no limitations to the uses of this product. The biggest drive for the Ephedrine uptake to the American society is the fact that second only to smoking, obesity is the leading killer of people in the United States (Obesity-A National Epidemic). It is easy to understand how this can happen. If you go to th...

The Radicalism of the American Revolution vs. the French Rev essays

The Radicalism of the American Revolution vs. the French Rev essays It is indeed true that our Revolution was strikingly unlike that of France, and that most of those who originated it had no other than political programme. The American and French Revolutions were both bourgeois revolutions fought under the banner of the rights of man-individual liberty, equality before the law, opposition to tyrannical government. Yet these upheavals were very different from one another. The Great French Revolution of 1789-1793 was the most radical of the bourgeois revolutions. What happened in France was a radical social revolution. What happened in the America of Washington and Jefferson was not because of the hypocrisy of the chattel slavery system that remained intact after the American Revolution. France underwent a massive downward redistribution of wealth and a radical change in class structure. Not so in America. How is it that the democratic principles inscribed in the Declaration of Independence were written by a slaveholder? The basic underlying cause of the War of Independence was the increasing conflict of economic interests between the propertied classes in the American colonies-Southern plantation owners and Northern merchant-traders-and Britains ruling circles. In order to mobilize the mass of the white populace-small farmers, artisans and shopkeepers-to risk their lives and livelihoods in going to war against Britain, the wealthy colonial elite had to tell them that all men, having been created equal, were entitled to life, liberty and the pursuit of happiness. At the level of practical politics, black chattel slavery made the democratic enfranchisement of white farmers and artisans in the early American republic less economically threatening to the Southern ruling class. Liberal planters like Jefferson could advocate extending voting rights to most white males since their own labor force, on which their wealth and social power depended, was made up entir...

Nursing Precpetor Essay Example | Topics and Well Written Essays - 1750 words

Nursing Precpetor - Essay Example This definition describes the many roles or functions the preceptor fills, and illustrates how difficult and complex it is to be a preceptor. Furthermore, being a preceptor is especially important since it affects the quality of care given by preceptees (the new nurses or student nurses which are taught and guided by the preceptors) to patients. As highlighted in the analysis of the available literature on the subject, preceptorship is an "essential part of the socialization and professional development of nurses with a new registerable qualification" (OMalley, Cunlitte & Breeze, 2000. It was also found by Davis (2003) that the professional development of nurses, which is incorporated in the preceptorship program, is linked to high quality service provision (as cited in Davidson, Glasper & Donaldson, 2005). Hence, it is obvious that the preceptorship improves the quality of care being given to patients. A preceptor has many responsibilities, which can be divided into two groups- fundamental responsibilities and procedural responsibilities. The ones of the former group are: commitment to the role of the preceptor and desire to teach and share expertise with co-workers. The responsibilities of the latter group, the procedural responsibilities, include: orientation and socialization or the preceptees to the unit, assessment of the developing objectives of the preceptees, being a role model, observing and evaluating the preceptees, giving constructive criticism and supporting, facilitating preceptees development, supervising patient care provided by the preceptees to ensure it is safe and competent nursing, documenting a summary of the preceptees performance and maintaining strict confidentiality of all preceptee-related information (OMalley, Cunlitte & Breeze, 2000, Smith, 2006). The complexity and multiplicity of the preceptors responsibilities were recognized by Cerinus and Ferguson (1994), and were

Operation Management in Ikea to meet eco-friendly product for Coursework

Operation Management in Ikea to meet eco-friendly product for customers - Coursework Example In the next section, the researcher will brief about business background of the company. IKEA is renowned multinational Dutch furniture retailer having Swedish origin and the company was founded by Ingvar Kamprad in 1943 (IKEA PS, 2012). The company is headquartered at is Leiden, Netherlands and at present, the company is maintaining its global operation with the retail portfolio of more than 300 stores (Euromonitor International, 2009). From operational perspectives, product portfolio of the company includes customized home furnishing solution, assembled furniture, home furnishing products and large furniture (IKEA, 2013a). The furniture retail giant earns annual revenue of â‚ ¬20 billion from its business operation across the globe. IKEA has created unique selling proposition (USP) by offering Scandinavian designed future at affordable price to customers while target market for the company includes couples waiting for baby, students, working professionals, couples planning to marry and students (IKEA, 2013a). These customer groups are ready to experiment with choic e of furniture design but they are not ready to invest huge amount in furniture purchasing. As the researcher has selected Product Design as key sustainability and value chain indicator for idea hence the study will only focus on operation management initiatives of IKEA to deliver eco-friendly products to customers. According to IKEA Group (2011), the company has set environment sustainability criterion for the products and a product has to pass all the criteria during value chain process in order to get the certification. However, detail of the product design related value chain integration will be discussed in the later sections. According to IKEA Group (2011), the company does not change its mission and vision statement with the change of operating environment. The company