Financial Trends Paper Essay Example | Topics and Well Written Essays - 1000 words

Financial Trends Paper - Essay Example The trend was a fall before the rise. The same could be observed in the behavior of net income of the company for the same three-year period, that there was a fall and an improvement after the fall. Net profit margin measures the company’s profitability performance (Bernstein, 1993) and is computed by dividing net income over the total revenues. In case of general motors a consistent 0.01 net profit margins were observed for the three year period. This indicates a rather lack of improvement in the company’s performance for the past three years despite the seeming increase in revenues from total sales for 2005 of US$192.6 billion to US $207.3 billion for 2006. This means the cost of the company was very high for the company which needs a deeper analysis as shown below: It would appear the company was still having some mark-ups from revenues, hence it may deduced that it is selling at above is production cost as evidenced by the positive gross profit rate from 2004 through 2006. The loss was felt only in 2005 when operating loss showed a rate of negative 0.01 value. This means that the company has higher operating expenses for 2005 compared with 2006 and 2004. Further analysis revealed that 2005 has high selling and administrative expenses in addition to the decline in revues from 2004 to 2005. Over all 2005 operation was a losing year by the company. When the three year ratios above are analyzed in relation to the trends established earlier in the behavior of the revenues and net income, it may be observed that there was big improvement in the return on equity (Meigs and Meigs, 1995) of the company from 2004 to 2006 although there was a deterioration in the return on assets from 0% in 2004 to -1% in 2006. This means that changes made were beneficial to the stockholder and that having too many assets are not necessarily better for the company if it will result to a better return to equity.

Stereotype, whether positive or negative, are harmful Essay Example for Free

Stereotype, whether positive or negative, are harmful Essay In todays world, many people has different stereotype about somebody. There are positive and negative, but both of them are harmful to people. People always stereotype about other people who they dont fully know them. In Archbishop Riordan High School, most of the students think Chinese students are very good at math. In fact, some of the Chinese students are very bad at math. This maybe harmful to those Chinese students who did badly at math, because it makes them think they are different to a normal Chinese student. It shows not only negative stereotype will be harmful to people but also positive stereotype will cause harmful to people. Some writer make positive and negative on their essay. In I Want a Wife, Judy Brady is a female who stands on a male view about getting a wife. She discuss about what kinds of wife a male would want to get. She mentions I want a wife who will take care of my physical needs, I want a wife who will take care of the details of my social life, and I want a wife who is sensitive to my sexual needs. (P. 37) She thinks male usually make both positive and negative stereotype about female. In this essay, male think a female has to care everything about his husband, take care of the children, and stay home cleaning. In fact, females are getting more independents today. They want to get money by themselves and dont want to stay home take care of everything. Even though it is positive stereotype about a female who can take care of everything that happens at home, but it is still making negative stereotype about a female cant work other than staying home. This will cause harmful to a female who is going to marry a person that stereotype female like the writer did. Another writer that writes essay about stereotype is Brent staples. He writes about his experiences of racism or stereotype in Black Men and Public Space. He mentions At dark, shadowy intersection, I could cross in front of a car stopped at a traffic light and elicit the thunk, thunk, thunk, thunk of the driver-black, white, male, or female- hammering down the door locks. (P. 2) This is showing people stereotype about the writer. They think he may take their car or do something bad to them, so they lock the door locks. Another time is One day, rushing into the office of a magazine I was writing for with a deadline story in hand, I was mistaken for a burglar. The office manager called security and, with an ad hoc posse, pursued me through the labyrinthine halls, nearly to my editors door. (P. 3) The office manager has stereotype the writer as a burglar even though he is working at the office of a magazine. This might make the writer feel harmful, because people make negative stereotype about him as a bad person, like a burglar. There is a stereotype called cultural stereotype. Judith Ortiz Cofer writes an essay called The Myth of the Latin woman which is about cultural stereotype. This essay is about a Latin girl facing different culture people. She remembers what happens to her at her first dance. I remember the boy who took me to my first formal dance leaning over to plant a sloppy, over-eager kiss painfully on my mouth; when I didnt respond with sufficient passion, he remarked resentfully: I thought you Latin girls were supposed to mature early, (P. 106) The boy mentions about Latin girls were suppose to mature early, which shows this boy is making a positive cultural stereotyping about the writer. In fact, the writer didnt grow into womanhood yet and this might cause harm to the writers heart. I Want a Wife, Black Men and Public Space and The Myth of the Latin Woman had proved example of both positive and negative stereotype. Some people think it is fine to make positive stereotype about other people. In fact, these three essays had proved that not only negative stereotype will cause harmful to people, but also positive stereotype will cause harmful to people. Hopefully, people will stop causing harmful to other people by stop stereotyping about other.

Influence of Money and Media on Elections

Influence of Money and Media on Elections During elections, electoral networks drive the â€Å"every vote counts† campaign, but the voter appeal is lost due to the high value placed in high-proficiency media and the conniving, slick interest groups that use propaganda to persuade voter turn-out. There lie many problems in the world of politics. Nasty campaigning and slamming ones opponent have become a commonplace in todays society. The root of these distinct problems doesnt stem directly from the candidates themselves, but rather the national committees for the Republicans and Democrats that represent them. The money which is spent by the massive institutions to their partys candidate in each election is overwhelming, but also impacts the public persona which is seen through the exorbitant and high-priced media campaigns that seduce public interest There are very specific rules that are governed rigidly regarding campaign financing. However the major national committees for the Republicans and Democrats have found ways around this system. The campaign financing rules are simple. Individual people are permitted to give $1000 per candidate per election, whereas interest groups are allowed to donate up to $5000 per candidate per election. In comparison to the hundreds of millions of dollars spent by both major parties, these are relatively small amounts of money. These national committees of the major parties use non-federal accounts to accumulate what is known as â€Å"soft money.† There are no limits on how much a party can spend at local levels for grass roots party building. The money in the non-federal regulated accounts is funneled to states, which are used to endorse or bash one of the candidates. Each major political party spends soft money in places where they have available seats in office and where they know they can retain them. This allows them to ensure more political influence in Congress. If a party feels they cannot steal a seat from the other party, the committee is less likely to spend soft money to keep up. The significance of this is that the candidate who spends the most money often wins. Though the large corporations and interest groups are the source of the influence, the political candidate is the face that the American people see to represent their party. This reality has caused voters to doubt whether their individual vote even counts. With each election, more Americans feel that the ultimate cause of who wins is determined by the amount of political wealth and media attention they have acquired. The solution to the problem is simple reform of the laws which govern campaign financing. While the answer may be simple to achieve, the solution is quite a different story. The major parties control the lawmaking body of the United States. Many of these congressmen owe their political position to what is known as soft money. This soft money comes from interest groups and major corporations; leaving the legislators in a very tough position. However if they were to reform the laws, the roles of these interest groups and the money of these corporations would be greatly diminished. It would provide a level playing field in all congressional districts around the nation. Eliminating soft money from politics would be to restore purity in a sense to the political process. Reforming the laws would ensure that political parties can not influence elections through money. It would also prevent interest groups and large corporations from controlling large aspects of todays government. For instance, the new law could set limits on how much money can be spent on television and radio advertisement. When this amount of money has been reached, the candidates could use no more political money for this type of advertisement. By the same token any amount of money could be spent on pamphlets and brochures. Educating voters on the issues and specific candidates stance on those issues is more alluring than oppressing and berating ones political opponent through media advertisement. This would allow the American people to decide based mainly on the issues presented, not through biased media influence. Campaign finance reform is a very hot topic. It seems that many people are jumping on the bandwagon hoping for some good press when a law is finally passed. With our most recent 2008 election, the candidates were undoubtedly fighting for votes in a close election, since the two of them set a record in soft money spent during an election. We need to fight to make politics about prevalent issues and leadership once again and take our country back from large corporations and interest groups that have assumed control through their large resources and persuading media influence.

Obstacles In Team Dynamics Essay -- Teamwork

Obstacles in Team Dynamics Abstract Students face obstacles on a daily basis. These may include personal, financial obstacles or obstacles at work. There are many ways to deal with them, and due to human nature, they are dealt with uniquely. Working within a team environment brings its own obstacles. This paper will discuss obstacles in team dynamics and how to overcome them. Obstacles in Team Dynamics By the time people reach adulthood, they have gone through many obstacles in their lives. Perhaps an individual has been passed over at work, had someone close to them die, lost a job, or just lost direction. Those are some of life's many obstacles. As part of a group, there are obstacles that have to be overcome in a team environment. What are they and how does an individual get past the issues that arise in team dynamics? The prevalence of obstacles inserted into a team dynamic increases the likelihood that a team will fail in its mission. What is Team Dynamics? First, we will answer the question, "What is team dynamics?" "A team is defined as a group of two or more individuals engaged in some joint action with a specific mission or goal. Team dynamics are defined as the motivating and driving forces that propel a team toward its goal or mission." (Six Sigma Team Dynamics, The Elusive Key to Project Success). There is usually much diversity in a group. We have different ethnic backgrounds, intelligence, goalsÂ…. Humans in general are non-trusting. Building up trust in a team is not easy. No matter how hard he works, grades could still be low due to poor performance of another team member. Taking individual responsibility for everyone's grades is not an option. I have heard there is no "I" in t... ...g (1997). Learning to Work as a Team Player. Retrieved March 26, 2007, from http://www.rec.org/REC/Programs/EMTC/Insight/vol22/technique.html. Bayt.com. Tips to Succeeding as a Team Player. Retrieved March 21, 2007, from http://jobs14bayt.com/job/career-article-762.adp. Brown, Tom (1992). Why Teams Go Bust. Industry Week. Cleveland. 241 (5) 20. Retrieved March 28, 2007, from ProQuest database. Dearlove, Des (2002). The Secret of Teamwork; [Final 1 Edition]. The Times. London (UK). Aug 8, 2002, pg.7. Retrieved March 27, 2007, from ProQuest database. Ehlen, Dave (1994). Supporting High Performance Teams. Manage. Dayton. Nov 1994 46 (2) 32. Retrieved 18 March 2007, from ProQuest database. Six Sigma Team Dynamics, The Elusive Key to Project Success. Retrieved March 27, 2007, from http://media.wiley.com/product_data/excerpt/71/04712227/0471222771.pdf

War and Propaganda: A Look at How the Two Have Been Inseparable Though Time :: Essays Papers

War and Propaganda: A Look at How the Two Have Been Inseparable Though Time There have been many wars that the Unites States has been a part of. Some were fought on American soil, others fought abroad. But through it all, there has always been a need for the public’s support. And what better way to get that support than by putting information out there for the public. Now of course this is biased information that it put forth in front of the general public; just enough to get people caring and thinking about the war, but not enough to keep them fully educated on the subject. Once people start knowing too much and researching, it becomes something that they either feel has too much support, or they take stands that the government does not want. The different media that is out there is geared towards the general public knowing the truth. But I pose the question that â€Å"what is the truth?† especially back in the old days? Who, but those who put the information out, knew what was really going on when it came to wars and the enemies? This is why I thought it might be interesting to look at the way the citizens were swayed towards believing certain things during the war. Why was there such a scare about the Japanese being in the United States during WWII? The propaganda that was out at the time was highly against the Japanese, even the Japanese Americans, calling them the enemy. While it is sad to know that these sentiments are true, it is important to remember the past and to learn from it. History of Propaganda Propaganda has been a human activity as far back as reliable recorded evidence exists. The writings of Romans like Livy are considered masterpieces of pro-Roman statist propaganda. The term itself originates with the Roman Catholic Sacred Congregation for the Propagation of the Faith, the department of the pontifical administration charged with the spread of Catholicism and with the regulation of ecclesiastical affairs in non-Catholic countries (mission territory). The actual Latin stem propagand- conveys a sense of "that which ought to be spread". Propaganda techniques were first codified and applied in a scientific manner by journalist Walter Lippman and psychologist Edward Bernays (nephew of Sigmund Freud) early in the 20th century. During World War I, Lippman and Bernays were hired by the United States president Woodrow Wilson to sway popular opinion to enter the war on the side of Britain.

Character analysis of “The Hitch-Hiker” by Roald Dahl Essay

The hitch hiker’s appearance was described as a small ratty faced man with grey teeth, rat like eyes, slightly pointed ears, wearing a cloth hat, greyish coloured jacket with enormous pockets. In other words, he looked like a human rat. In my opinion I think that Roald Dahl describes the hitch hiker similarly to a rat so that it makes the reader assume that the hitch hiker is probably a looney-toon, murderer or some other sort of criminal. Once the reader assume that, it will make them predict that something bad or interesting will happen involving the narrator and hitch hiker. The hitch hiker’s appearance as a rat also predicts his personality. When normal human beings think of ratty type people, their stereotypical reaction will be that the person is selfish, backstabbing, dirty, smelly, disloyal, violent and probably a criminal. At the beginning of the story, the narrator asks the hitch hiker why the he was going to the horse races if he wasn’t going to bet, the hitch hiker acts as if he didn’t hear the question and doesn’t seem to like it. These actions predict that something is up, otherwise why wouldn’t he answer the question. In the story, the hitch hiker has very fast hands. He managed to roll up a cigarette in just 5 seconds. He also managed to knick off the narrators watch, wallet, shoelace, driving license, key ring with keys, coins, a letter, a diary, and an expensive sapphire and pearl ring, belonging to the narrators wife. The hitch hikers extremely talented hands make the readers assume that the hitch hiker’s job, that he has been hiding all along, had something to do with his hands, leading the reader to assume that he was probably a pick pocket. Yet again Roald Dahl makes the readers assume something and then surprises the reader; in this case the hitch hiker is actually a finger smith, apparently the top position in the pick pocket career. When the hitch hiker speaks, he has an accent, for example he says, ‘guv’nor’ ‘od’carrier’. This lets the readers know that he is probably not from London, and from the country side. The most noticeable thing about the hitch hiker’s speech is that he manages to criticize everything as if he looks down on every type of job out there. For example when the narrator guesses the hitch hikers job as a piano player, the hitch hiker responds saying, â€Å"My job, is a hundred times more difficult than a piano player, any twerp can learn how to do that.† When the narrator guesses that the hitch hiker is a card player, the hitch hiker responds saying, â€Å"Me! A rotten cardsharper? That’s a miserable racket if ever there was one.†The hitch hiker criticizing every job makes the reader think that he must be incredibly skilled and talented, and that his job is the most knowledgeable job out there. Yet again, Roald Dahl surprises the readers that the hitch hiker is in the criminal business even though all the clues add up to it. The relationship between the narrator and hitch hiker is very surprising and unpredictable. It turns out that they become friends in the end despite the fact that the hitch hiker is a criminal and the narrator is a successful writer. I think that Roald Dahl teaches a little lesson in this story that even the two most opposite type people can have something in common and become friends.

Global Crisis, Recession & Uneven Recovery

Global Crisis, Recession and Uneven Recovery by Y. V. Reddy Book Review by Nidhi Choudhari There is enough on this earth to meet the needs of all, but not the greed of all. Mahatma Gandhi Why I picked up Y. V. Reddy’s Book There have been a large number of books published on current global financial crisis therefore; selection of this particular book on the subject requires some reasoning. First, there are not many books written by central bankers on the topic.Central banks have been central in the management of the crisis and therefore, Dr Reddy’s book provides a central banker’s assessment of the crisis and its impact. Second, on personal level, I have worked in RBI between September 2006 and December 2011 and was witness to the measures taken by Reserve Bank before and during the crisis under the able leadership of Dr Y. V. Reddy, the Governor, Reserve Bank of India (2003-2008). Having worked under his visionary leadership, I opted to take his book, â€Å"Glo bal Crisis, Recession and Uneven Recovery† for review.Third, Dr Reddy led the course of financial pragmatism in times of relentless deregulation and ensured that Indian financial system does not fall into the blind race to bottom in regulation. Finally, having read Dr Reddy’s previous book on the topic viz. â€Å"India and the Global Financial Crisis: Managing Money and Finance†, I was very keen on reading its sequel viz. â€Å"Global Crisis, Recession and Uneven Recovery†. For all these reasons, I selected this book and am thankful to Madam Nidhi Sharma for approving this book for review.The reviewed book is a collection of 27 speeches (given in the form of 27 chapters in 5 parts), Dr Reddy delivered at different points of time during and after the crisis. These chapters give a deeper insight into the actions taken by the RBI to mitigate the impact of the crisis in India and how India remained largely unaffected due to adequate regulatory mechanisms. Dr R eddy has also been a member of the Commission of Experts of The President of the UN General Assembly on Reforms of The International Monetary and Financial System popularly known as Stiglitz Commission after its chairman Joseph Stiglitz.He has given several references about the recommendations of this UN Commission in the book. The 19th Chapter in the book is about the UN Commission recommendations about global crisis. Hence, the reader of the book gets an understanding of the global thinking on the crisis and its after effects. What’s there in the Book Economists have compared the current global financial crisis to that of the Great Recession of 1930s. The current crisis has in fact, affected all countries across the world in different degrees and that way, it was truly a global recession.Today, the crisis is over however the recovery has started at different paces in different places. Dr Reddy is of the view that the recovery from the global crisis is going to be prolonged and uneven. The book â€Å"Global Crisis, Recession and Uneven Recovery† provides an experienced policymaker’s understanding of the genesis, progression and impact of the financial crisis, and of the lessons it offered. It is written at a time when Indian economy is facing several challenges in terms of slowdown in growth rate, inflation, ballooning fiscal and current account deficit etc.The book contains Dr Reddy’s perspective and analysis of the crisis, recession and recovery in a simple, lucid and non-technical manner which appeals the reader. There are five sections in the book containing 27 chapters in all. The five sections relate to the global financial crisis and its aftermath, financial sector: retrospect and prospects, public policy: challenges and responses, global financial architecture: the debates and India: performance and prospects respectively. The first section of the book gives a lucid account of the financial crisis and its consequences in si x chapters.In the first chapter, Dr Reddy talks about the role played by central banks before, during and after the crisis. He writes that the accountability in regard to management of the crisis of the crisis will have to be shared between the central bank, the Ministry of Finance and, to some extent, the government as a whole. The author writes about the consequences of the crisis viz. rebalancing of power between the regulator and the regulated, shift in balance of in favour of Asia, rise of G-20 on the global platform and a cautious approach towards self-correcting efficiency of markets etc.Explanations with regard to the causes of the global financial crisis and an overview of the prolonged extensive excesses that acted synchronically to cause the global crisis are discussed in detail. The second section of the book focuses on the future of the financial sector with some cautious remarks about uncertain recovery and prospects for the futures. The author highlights the role of f inancial regulation in developing countries. Dr Reddy writes that â€Å"the causes and crossborder transmission of the crisis may differ significantly between the advanced as well as between the developing economies. There is a detailed chapter on countercyclical policies adopted by the RBI in the financial sector and also on the proposals for financial sector regulatory reforms from the perspective of developing countries. He discusses the future of globalisation of finance and the global regulation of the financial sector. The last chapter of this section provides a broad framework for global financial regulation. The third section deals with the public policy challenges and responses that emerged during the current global crisis.He has discussed the feasibility of Tobin Tax and Financial Sector Taxation in light of current crisis. Dr Reddy has also thrown light on the developmental dimension of the financial sector, fiscal implications of the global crisis and macroeconomic fram eworks that are emerging for ensuring overall global financial stability. The forth section raises a very important concern of modern times i. e. reform of global financial architecture comprising of the World Bank, the IMF and the WTO. In this section, Dr Reddy has discussed the recommendations of the UN Commission on the global crisis.He has also analysed the G-20 framework and its future prospects. Finally the book focuses on India's performance and prospects; India's experience in regulating the financial sector; and the need for reform in India's financial sector. The author also compares Indian situation with that of Asia and the global economy in terms of resilience and recovery after the crisis. The last chapter in concluding section draws attention to the exit strategies being considered at the global as well as national level by the authorities to revert back to normality.Take Away from the Book As the book is entitled â€Å"Global Crisis, Recession and Uneven Recoveryâ⠂¬ , the biggest take away after reading of the book would be a clear and better understanding of these three terms viz. (1) Global Crisis, (2) Recession and (3) Uneven Recovery. I personally would like to share my understanding of these three aspects in greater detail with the help of excerpts from the book in the following points: Global Crisis: Reasons, Consequences and Lessons Learnt Several reasons have been cited for the recent crisis viz. ailure of state, market, governance, intellect and morality. Dr Reddy writes, â€Å"The current global crisis originated in multiple causes that reinforced each other. Extensive excesses on several fronts, which occurred in a synchronised fashion, precipitated the crisis. These excesses were observed in liquidity, macroeconomic imbalances, focus on inflation, inequalities, financialisation, leverage, risk-taking, deregulation, financial innovation, networking, greed, globalisation and concentration. 1 While discussing the moral aspect of g lobal crisis, Dr Reddy writes, â€Å"†¦ the large sections of society favoured individualism, narrowly emphasising value for money as consumers and returns on money as investors over other aspects of social behaviour, such as being good citizen or extending corporate loyalty to the institution. †2 Dr Reddy discusses the race to bottom in regulation of financial sector as one of the most crucial reason for the global financial crisis.He writes, â€Å"†¦the excesses in financial sector occurred under a benign public policy that believed the costs of regulation to be greater than its benefits†¦ Even the existing regulation was stymied by excessive innovations in finance that aimed to avoid the prescribed regulatory capital, and injected complexity to undermine the rules of transparency prescribed by regulators. †3 As far as consequences of the crisis are concerned, Dr Reddy is of the view that the current crisis will result in rebalancing of ideological, in stitutional and operational functioning of states and 1 2Page 46, Chapter 3 Page 43, Chapter 2 3 Page 59, Chapter 4 markets. He writes, â€Å"â€Å"In recent years, there has been an almost irrefutable presumption in favour of markets and this may be replaced with a refutable presumption in favour of the markets. †4 As a result of the crisis, the irrefutable support for unfettered markets stands discredited and so also the belief that the growth of the financial sector leads to economic development. Also, the crisis has added to the objectives of central banks an additional responsibility i. e. inancial stability. The RBI has also taken it to its objectives alongwith growth and price stability. The author calls for redefining the core banking and recommends treatment of commercial banking as a public utility. He writes, â€Å"†¦universal banking will be de-emphasised and narrow banking, in the sense of banks concentrating on core commercial banking or deposits and lend ing will be emphasised†¦ In brief, commercial banking is likely to be closer to a public utility than before, and hence subject to regulations akin to public utilities. 5 He further stresses, â€Å"It should be recognised that there will be no banks if there are no depositors. †6 As regards lessons from the crisis, Dr Reddy suggests that â€Å"†¦improving transparency and regulatory oversight of hedge funds, credit rating agencies and over-the-counter (OTC) derivatives should become a priority in the light of the experience from the crisis. †7 Interestingly, the author suggests in the light of observations of the Warwick Commission Report that the scope for and desirability of an ‘unlevelled’ playing field as an instrument of financial sector regulation ought to be explored. As a thinker and an oracle who sees the future of financial sector with great precision, he writes, â€Å"†¦the crisis is global; actions are national; benefits could b e selective or universal; but burdens in the future may have to be largely borne by the masses who bear no responsibility for the crisis, and those who did not benefit materially from the events that led the crisis. †9 Recession In Chapter 6, the author discusses the Great Recession of 2009 in detail and thereafter as per the demand of the subject.He clarifies the concepts of depression, recession and slowdown. A slowdown is a clear fall in the growth of an economy. It is usually a short-term phenomenon lasting say a quarter or a year. The author defines slowdown as a drop in the growth rate by one percentage point. To him, recession refers to a sustained decline in the overall economic activity for a period of more than one year. Depression lasts longer than recession and refers to a longer and larger decline in business activity, mainly reflected in huge drop in output and unemployment. 4 5Page 28, Chapter 1 Page 78, Chapter 5 6 Page 217, Chapter 14 7 Page 172, Chapter 12 8 Page 157, Chapter 10 9 Page 63, Chapter 4 Uneven Recovery If the Great Recession was uneven, so is the recovery. 10 Dr Reddy discusses several responses to the crisis at different points in several chapters. He writes in Chapter 4, â€Å"Initially, the response of monetary authorities, followed by fiscal measures, was confined to the US, UK, Switzerland, other European countries, and Japan, but it was soon realised that it was necessary to involve other countries as well in globally coordinated actions. The author has discussed five possible patterns that could be followed by the countries in their course of recovery. The highly resilient economies may observe rapid recovery from the crisis while less resilient economies would require a longer time to adjust to the new realities and ensure real recovery. Some economies may suffer from double dip recession before complete recovery while some other countries may prefer taking structural measures over a prolonged period thereby opting for a slow but positive recovery after recession.Some countries may register a low level of economic activity for a prolonged period and therefore suffer from recession for a much longer period than the rest of the world. Critique of the Book I consider myself too small to write a critique of the book written by Y. V. Reddy; however, as a reader of global crisis literature I have observed a few points which I will share with the readers of this book review.This book being written by a Central Banker is largely concerned with central bank’s role in dealing with such crisis and redefining of the role of central banks in the wake of need for financial stability. In this pursuit, the role of government in dealing with such crisis has been ignored to some extent. Similarly, the book was published in the year 2011 when a number of countries in Europe were facing sovereign debt crisis however, only a passing reference is made to such an important global event which has pushed many countries in double dip recession.Apart from this, the book is worth reading by all economics lovers and also all policy makers as it gives a deeper insight into the global crisis, recession and recovery. To sum up, I would prefer to quote Sir Howard Davies, Director London School of Economics who applauds the book in the following words, â€Å"Dr Reddy’s (book) fills an important gap†¦ He has lived at the heart of financial system and understands its strengths and weaknesses†¦ His analysis of the problems of the global financial architecture is particularly acute. † 10 Page 93, Chapter 6