Hey Hey Hey Essay Research Paper The free essay sample

Hey Hey Hey Essay, Research Paper The Great Depression By: Raymond Torres Electronic mail: SableLvr17 @ aol.com The 1920 # 8217 ; s was a period of general prosperity for many Americans but the decennary ended with the most serious depression in United States history. When Herbert Hoover ( 31st president ) took curse into office in March 1929, trade was dining, industry was booming. Unemployment was low, rewards were up, monetary values were steady and corporations were doing large net incomes and paying fat dividends. Before the terminal of Hoover # 8217 ; s first twelvemonth in office, the stock market had collapsed. The state was get downing to skid into the worst depression in history. By the clip Hoover left office in 1933, many citizens had lost faith in their concern leaders. Some had begun to oppugn the American economic system and even democracy itself. The Roaring Twenties was an epoch dominated by Republican presidents: Warren Harding ( 1920-1923 ) , Calvin Coolidge ( 1923-1929 ) and Herbert Hoover ( 1929-1933 ) . We will write a custom essay sample on Hey Hey Hey Essay Research Paper The or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Under their conservative economic doctrine of laissez-faire ( # 8221 ; go forth it entirely # 8221 ; ) , markets were allowed to run without authorities intervention. Taxes and ordinance were slashed dramatically, monopolies were allowed to organize, and inequality of wealth and income reached record degrees. The state was on the conservative # 8217 ; s preferred gilded criterion, and the Federal Reserve was non allowed to significantly alter the money supply. During October, 1929, the stock market had some bad yearss. Then, all of a sudden, on October 24 [ otherwise known as Black Thursday ] , monetary values began to fall, and purchasers on border had to sell their stocks. The haste to sell made monetary values fall even faster. In the 1920 # 8217 ; s, after World War I, danger signals were evident that a great Depression was coming. A major cause of the Depression was that the wage of workers did non increase at all. Because of this, they couldn # 8217 ; t afford manufactu red goods. While the mills were still fabricating goods, Americans weren # 8217 ; t able to afford them and the mills made no money. There were serious failings in the economic system that had barely been noticed up to so. As we have seen, while the end product of American workers in creased steadily during the mid-twentiess, their rewards had non kept gait. At the same clip, concern net incomes and the incomes of the wealthy had shot up. In 1929, the 36,000 wealthiest households in America had a combine income equal to that of the about 12 million households with incomes of less than $ 1500 per twelvemonth. Yet the cost of necessities for a household was $ 2000 a twelvemonth. This meant that # 8220 ; prosperity # 8221 ; # 8211 ; the whole economic system # 8211 ; depended on the disbursement and reinvestment of their money by the wealthy and by concern houses. When the stock market terror frightened them, they stopped disbursement and puting. As for the staying mass of people, they could non pick up the slack. They had bought all they could on clip, and they had no trim hard currency. Most consumers could no longer afford to purchase the new autos and wirelesss and iceboxs. Inventories piled up. Factories laid away more and more workers. Another major cause related to husbandmans. Farmers weren # 8217 ; t making to good because they were bring forthing more harvests and farm merchandises than could be sold at high monetary values. Therefore, they made a really little net income. This deficient net income wouldn # 8217 ; t let the husbandmans to buy new machinery and because of this they could non bring forth goods promptly plenty. A new program was created called the installment program. This program was established because many Americans didn # 8217 ; Ts have adequate money to purchase goods and services that were needed or wanted. The installment program stated that people could purchase merchandises on recognition and do monthly payments. The one m ajor job with this thought was that people shortly found out that they couldn # 8217 ; t afford to do the monthly payments. In 1929, the stock market crashed. Many Americans purchased stocks because they were certain of the economic system. Peoples started selling their stocks at a fast gait ; over 16 million stocks were sold! Numerous stock monetary values dropped to fraction of their value. Banks lost money from the stock market and from Americans who couldn # 8217 ; t pay back their loans. Many mills lost money and went out of concern because of this great calamity. By the 1930 # 8217 ; s, 25 % of all workers [ 13 million workers ] , lost their occupations. The inkinesss and unskilled workers were ever the first to be fire. Farmers had no money and weren # 8217 ; t capable of paying their mortgages. Americans traveled throughout the state looking for a topographic point to work to back up themselves and their households. Another failing in the economic system lay in our deali ngss with the remainder of the universe. As a consequence of the war, many states owed the United States money. Yet our # 8220 ; duty # 8221 ; walls kept them from merchandising with us. So we had to do loans and investings abroad if the foreign states were to payt us. Once the flow of American money slowed down, these states could non pay their debts. And they could no longer afford to purchase American goods. This was another cause for mills to close down, throwing still more Americans out of work. The rise of # 8220 ; keeping companies # 8221 ; had created particular jobs that did non rapidly run into the oculus. During the 1920 # 8217 ; s more and more of these companies had been formed to keep the stock of other companies. Business power was being concentrated in fewer custodies. Besides, investing trusts were set up to seel their ain stock and so put the returns in the stock market. Naturally, the investing trusts and keeping companies depended on the net incomes of the c ompanies they held. If anything happened to those, the keeping companies and investing trusts would fall in. Then assurance in concern throughout the state would drop even more. The worst defect in the economic system of the late 1920 # 8217 ; s was the stock market itself. It provided a gaming sphere where caprices, baseless frights, and undue hopes could trip catastrophe. The stock market provided a phase where the whole state could watch the monetary value of Wall Street # 8217 ; s stocks travel blessing and the flop! This was difficult for citizens to recognize why the monetary value and non the value of the states merchandise were # 8220 ; roller-coastering. # 8221 ; Doubt and fright spread across the state. The Great Crash became the Great Depression. The mill proprietors who could non sell their merchandises slowed down their mills and laid off workers. Idle workers who had lost their nest eggs could non afford to purchase anything. Still more mills closed down. The prost ration of the stock market had signaled the prostration of industry and helped to convey on a terrible economic depression non merely in the United Sates, but in the developed states around the universe. Before the terminal of 1932 there were 12 million able-bodies Americans who were unemployed. Many who had occupations were working merely part-time. When they could non afford to pay their rent, they had to squash in with friends and relations. Thousands took to the roads, floating from topographic point to topographic point, urgently trusting that somehow in the following town they would happen a occupation. Respectable Americans who merely a few months before had lived in nice houses now had to seek shelter in shanty-towns of cartons and wood garbages on vacant tonss. These were a called # 8220 ; Hoovervilles. # 8221 ; The immature people with no money, no occupation, and no chances did non make bold marry. Within three old ages, the figure of matrimonies dropped by one-quarter. College registrations sank. Millions went hungry. Children cried for the nutrient their parents could non give them. Two-thirdss of the kids in New York City suffered from malnutr ition. Some parents went wandering around through alleys, rooting in garbage pails for scraps to try to keep their families alive. By the 1932 hundreds of banks had failed, hundreds of mills and factories had closed, mortgages on farms and houses were being foreclosed in large numbers, and more and more people were unemployed. The presidential campaign of 1932, in which the candidate was Franklin Delano Roosevelt, was wages on the issues of Prohibition and the economic crisis. The democratic platform declared for outright repeal of the 18th Amendment and promised a â€Å"new deal† in economic and social matters to bring about recovery from the Depression. The republicans did not call for outright repeal and, in regard to the Depression, warned against the danger to business and the nation finances if the social and economic philosophies of the Democrats were substituted for the sound of conservative ideas of the Hoover administration. Secretary of the Treasury Andrew Mellon took the tradition approach that the government should do nothing to end the depression or ease its effects. But when the collapse came, President Hoover tried hard to help. He use all the familiar ways to relieve suffering. He called upon cities, states, and all private charities to help feed the hungry. He brought business and labor leaders together to the White House, where they promised to keep up wages and keep the factories going. He actually cut his own presidential salary by one-fifth. In November 1929, Hoover even took the daring step for those days of persuading Congress to cut income taxes. He hoped this would leave people some money to buy goods to keep the factories going. But for most people income taxes were still so low that a tax cut made little difference. A family with a $4000 income saw its tax decline from $5.63 to $1.88. The wealthy, of course, saved much more. But they were frightened of the future and so did not dare to increase their spending. President Hoov er tried really hard to make the times better for the unemployed first by setting aside almost $800 million for public works like the now Hoover Dam. Conditions, however, failed to improve. His other policies , the â€Å"Reconstruction Finance Corporation (RFC)† and the Home Loan Bank Act, also didn’t make much difference. When Franklin Delano won the election on the Democratic ticket, their was a hope for a change in lifestyle from the Depression. His promise of a â€Å"new deal† gave Americans hope for what he could do for them. Two days after his inauguration he ordered a â€Å"bank holiday† for all banks in the country to close. When they reopened, people felt more safe putting their money in banks with the government backing up. FDR’s â€Å"New Deal† became what started the nations turn around. With such programs as the CCC (employing single males from the ages of 17-28 to do community labor like road buildings), the FERA (used $250 mil lion to aid the unemployed, elderly, and sick) and the AAA (paid farmers to grow less), the NIRA (set up price controls), the WPA (creating as many jobs as possible), and others, Franklin Roosevelt became one of the most successful leader this country has ever had. Throughout his presidency, he almost single-handedly changed the fate of America. He turned this country around so we could be a great nation again. In May of 1933, the Agricultural Adjustment Act was passed. The aim of this act was to raise the farm prices by growing less. The farmers were paid not to use all of their land to plant crops. The money came from tax on millers, meat packers, and other food industries. In June of that same year, the Farm Credit Act was passed. This act helped farmers get low interest loans. With this act, farmers wouldn’t lose their farms to the banks that held the mortgages. The farmers who lost their farms already would also receive low interest loans. A great novelist, born in 1902, by the name of John Steinbeck, grew up during the Depression near the fertile Salinas Valley and wrote many books of fiction based on his background and experiences during that time and area of the country. One of his greatest works would be the Grapes of Wrath. In this book, Steinbeck describes the farmers plight during the Great Depression and drought. When the rains failed to come, the grass began to disappear. As the farmers watched their plants turn brown and the dirt slowly turn to dust they began to fear what was to come. In the water-cut gullies the earth dusted down in dry little streams. AS the sharp sun struck day after day, the leaves of the young corn became stiff and erect; then it was June and the sun shone more fiercely. The brown lines on the corn leaves widened and move in on the central ribs. The weeds frayed and edged back toward their roots. The air was thin and the sky more pal; and every day the earth paled (Steinbeck, 2-3). The farmers worst fears were reali zed when their corn and other crops began to die. The dust became so bad, they had to cover their mouths with handkerchiefs so they could breath (Steinbeck, 3). When the drought hit the Great plains and the soil turned to dust, many farmers moved to California because they could no longer farm their land. The drought began to affect other parts of the country. In 1930, Virginia’s belt of fertile land dried up. Ponds, streams, and springs all dried up and the great Mississippi River water level sank lower than ever recorded. Small farmers every where began to feel the drought. Their small gardens were ruined and their corn crops was cut almost down to nothing. The hay and grass needed to feed their livestock was no longer available. They now face a major problem – how to feed their livestock. The silos were rapidly emptying and the barns in many cases were empty. The farmers were terrified that the government feed loans wouldn’t be available to keep the livestock from dying. In many cases, the Red Cross was making allowances for deed to keep alive livestock. The small farmers of fruit trees and vegetable plants depend on others who ran canneries to bottle and can their produce. The people they depended upon were the same people that hired scientists to experiment on the fruits and vegetables to come up with better tasting and yielding produce. Thus, the small farmers were dependent on these same rich landowners for almost everything. They couldn’t harvest their produce on their own so they sold it to the rich landowners and thus made very little money on their produce (Steinbeck 444-447) The farmers found themselves in debt caused by the purchase of land, tools, animals and other items bought on credit. This credit was due to the bank and when the farmers found themselves unable to repay their debts the bank took away everything they had. The Great Depression was the end result of World War I. It affected the rich and poor alike, fac tory workers and farmers, bankers and stockbrokers. In short, it affected everyone; no one was left untouched. But of all the people hurt, farmers were the worst off. John Steinbeck chose to write about farmers hoping that Americans would recognize their plight and correct the situation. The Great Depression is known to be the worst economic disaster in United States History. For this reason, the Depression caused many people to change their ideas about the government and economy. As a great man once said â€Å"Those who can not remember the past, are condemned to repeat it.† Let’s pray that the United States people and government never have to go through what the people of the 1920’s – 1930’s had to go through.

Dance Discourse Community Essay Essay Example

Dance: Discourse Community Essay Essay On May 13, 2016, was my last appearance dancing on stage performing in front of 550 people. I go back to this moment and realize, wow was I really in a discourse community this entire time of my high school career. A discourse community â€Å"testifies to the increasingly common assumption that discourse operates within conventions defined by communities, be they academic disciplines or social groups.† We’re living in a society where possibilities are endless.There’s greatness in every individual; however, one must realize that greatness requires a lot of dedication, sacrifices, resilience, and perseverance. I successfully uphold my role in a discourse community of high school dance drill team. Having the opportunity to express my discourse community within these three essential qualities, gives you a great amount of essence to flow into my mindset of my discourse community and why it dominates me as a person. Dance has transformed me into a leader during my high school years to express a quality of overcoming obstacles of being an inexperienced dancer, advanced terminology and expanding my learning qualities. Have you ever been in a community, or didn’t know 100% sure if you were in a community and asked yourself do you really have the necessary tools to possess qualities in this community? Well these were the numerous of thoughts that were going through a maze in my brain as I joined my community.As a freshman in high school, I tried out for the Illusions Dance Team. It was an exciting time for me, I worked diligently so that I can be part of an extraordinary organization. Although, I worked hard daily, there were dancers who had extensive training, such as ballet and gymnastics. These students started training at the age of 5 years old. They had a tremendous amount of experience. I had no prior professional training. However, I was determined to perform well. On the dance team, I had the opportunity to become an officer. We will write a custom essay sample on Dance: Discourse Community Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Dance: Discourse Community Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Dance: Discourse Community Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Jimi Hendrix vs Kurt Cobain essays

Jimi Hendrix vs Kurt Cobain essays History has always been marked by great music. Every generation has its own unique genre; from classical to swing, people have always found a song or a melody that seemed as if it was written just for them. However, truly great music is created by a certain type of genius. It takes more than the average guy to forge a classic like Stairway to Heaven. Two men in the late twentieth century were such masterminds: Jimi Hendrix and Kurt Cobain. While both will live forever in musical infamy, they will remain legends for different reasons. One of the most important factors in becoming a rock legend is bringing about a revolution, opening people to something bold and new. Kurt Cobain, along with his band, Nirvana, changed rock music forever. In a time when music was becoming mass-produced, emotionless muck, Cobain brought about something that was repulsively beautiful and alive. He introduced grunge rock to the world: music filled with screaming distortion, tremendous angst, and overwhelming passion rarely seen from the generation that invented the term whatever. Nevertheless, let us not forget a similar revolution, which took place over a decade earlier. In an era when hippies wandered free and drugs were just mind expanding, another such musical phenomenon occurred. A young black man caught the ear of millions with his awe-inspiring guitar tunes. This man was Jimi Hendrix. Unlike Cobain, Hendrix wrote music to support and inspire his followers, as opposed to creating a method of shock treatment through music . Hendrix created brilliant melodies along with lyrics that touched the hearts of all who would listen. One habit that both musicians shared was the ability to excite and invigorate listeners, especially live audiences. Cobain had the ability to make thousands of slackers stand up and scream for more. Throughout his many tours, Cobain always arrived to a packed venue fi ...

Music Essay Example | Topics and Well Written Essays - 250 words - 2

Music - Essay Example Mozart’s ability to deviate from this provided the listener a welcome sense of surprise and emotions of the unexpected when listening to his works. All of these factors helped to add to the new and fresh flavor that Mozart’s music brought to his contemporary audience. Likewise, in keeping with his ability to bend and/or break the rules of music, Mozart combined many different styles of music into his pieces, drawing from the breadth and range of contemporary and historical works to augment his ideas. Sonatas generally begin with an introduction. This is shortly followed by an exposition that explores a series of themes. Following this is the development of harmony and texture of the exposition. After a sometimes lengthy development, the piece refers back to a recapitulation of the original exposition. Afterwards the sonata is oftentimes concluded by a coda. Beethoven’s third piano concerto is interesting in the fact that it also broke many of the musical norms that existed at his time. What is of special interest about this piece in particular is the range and modality of the minor keys that are exhibited therein. For instance, the first movement of the piece begins in c minor, the second movement progresses to E major, and the third is in Eb major. What is unique about this is the fact that it is yet another example of how Beethoven broke the â€Å"rules† of composition and music as they existed in the 18th century. Instead of adhering to the rigid structure that defined the concerto, Mozart was able to break out from this and develop upon ideas that had not been previously explored. Although to us, his music is nothing new, to the audiences of that time, the piece was pushing the boundaries of convention. Likewise, as a direct result of his practices, Beethoven helped to shift the dynamic of how music was played and composed by his contemporaries as

Project Management - planning, conduct, administering, and closing Essay

Project Management - planning, conduct, administering, and closing supply chains [sap5] - Essay Example There are companies that successfully manage internal aspects of their supply chain plan. However, external issues create a greater problem, specifically for  small businesses (Kouvelis, Chambers and Wang, 2006). Small firms have smaller network of  suppliers by building relationships and increasing efficiency hence lowering risk. Ordinarily, certain industries experience higher  supply chain  risks. For instance, pharmaceutical and food companies have strong foundation and understanding of strategy for safeguarding against supply chain problems and interruptions. Effective strategies on supply chain management improve aspects of business like operations and customer service. Code of Conduct Responsibility for people and the environment affects supply chain operations. The role of supply chain includes verifying compliance, making demands, and creating long-term relationships with suppliers (Tyndall, 2004). Moreover, it has to support efforts for sustainable improvements. Cod e of Conduct forms the fundamentals of efforts for improving work environment and working conditions for manufactured products. The code comprises demands pertaining environmental impacts and human rights targeting operations, suppliers and manufacturers. The Code of conduct requirements are derived from the Rights of the Child and the UN Declaration on Human Rights. All manufacturers and suppliers should ratify the Code of Conduct so as to be part of the supply chain. The responsibility of Suppliers is in ensuring that their own manufacturers and suppliers adhere to the Code (Kouvelis, Chambers and Wang, 2006). Manufacturers and Suppliers who cannot or will not sign the Code or live up to organizational needs may not be allowed business. The Code requirements include prohibition of child or forced labour, non discrimination based on personal characteristics or beliefs. Workplace health and safety should be prioritized alongside safe and correct handling of waste and hazardous subst ances. Ultimately, the working conditions must be acceptable. Administering Supply Chain Administering supply chain requires performance of cost-to-serve analysis and regular demand. Fundamentals of segmentation are based on profitability of customers, products and demand dynamics. This analysis gives the required information meant to tailor supply chain policies and service concessions meant to raise the overall profitability of the portfolio. The change in the dynamics of demand and profitability in today's quickly changing business landscape has institutionalized a standard cadence. In the recent past, demand has been regarded as a single requirement to reactions of supply chain. Today, demand signals emanates from forecasts, orders, and safety stock coming from different channels such as Web, retail, enterprise and distributors (Kouvelis, Chambers and Wang, 2006). Furthermore, demand signals originate from different customer types where large, highly profitably customers are com pared to small, unprofitable customers. Besides, diverse customers have different fulfilling relationships depending on the service needed, the customer volume and profitability, and customer support channels. One of the problems facing supply chain managers is the dynamics of supply chain cost structures. There is a greater fluctuation on fuel costs, labor costs, and currency exchange rates for low-cost countries. Profitable sourcing strategies will change to

Impact of globalization on the cultural environment of business China Essay

Impact of globalization on the cultural environment of business China - Essay Example China’s economy has shifted from being developing to being the fourth largest economy in the world. This is attributed to the high capital flows across its borders and hence, globalization. Globalization has had substantive impact on the business environment in Chinese organizations. The following paper critically investigates and analyses globalization’s impact on the cultural business environment in Chinese organizations. Globalization is viewed differently by economists and business leaders. According to Lui, Anti-globalists views capitalize on the cons of this phenomenon which include employment insecurity associated by production shifts. Another major minus of globalization is pay cuts due to increased competition associated to opening up local markets to global competition. Lastly, global companies are associated with social injustices in their business practices and unfair working conditions such as slavery and mismanagement of the environment. Pro-globalists maintain a strong view that globalization lead to higher standards of living. They argue that competitive markets lead to more efficiency in resource utilization, elimination of monopoly markets and how it promotes democracy all over the world. To understand what net impact globalization has, it is vital to appreciate that globalization refers to a process based on the formation of a single market of goods, services and factors of productions, including capital, labor, technology and natural resources, covering all the economic regions of all countries. The two main aspects which led to the sudden transformation were sophistication in information technology field and innovation of internet. In this process, national and international markets are combined in to a single complex whole. In the world economy, globalization lead to an increased dependency on different

Economic thought from ancient societies

Economic thought from ancient societies INTRODUCTION The oriental school of economic thought basically deals with the study of the origin of economic thought from various ancient societies including the Hindu, Hebrew, Indian, Roman, Greek, and Islamic societies. It has been observed that the main area looked into by the Hebrews and Hindus was based on agricultural economics and all this information was drawn from the writing of the pious law givers who were present at the time. These ancient writings consisted of ideas on various economic aspects such as: division of labour, cottage industries, forest and mines, trade and trading practices, concept of wealth, transport, banking and loans, etc. Some of the writers who also played a role in the development of this economic thought include Roman writers such as Cicero, Pliny Gato, Varro and Columella. During this period, and until the industrial revolution, economics was not a separate discipline but part of philosophy. Its evolution into a distinct discipline of study in the social sciences can be attributed greatly to these early writers. Roman law also developed the contract recognizing that planning and commitments over time are necessary for efficient production and trade. This large body of law was unified as the Corpus Juris Civilis in the 530s AD by Justinian, who was Emperor of the Eastern Roman Empire. In Ancient India, Chulavamsa records that Parakramabahu of Sri Lanka had debased the currency of Ancient Sri Lanka in order to produce money to support this large scale infrastructure projects. Parakramabahu also pioneered free trade during his reign. Many of the topics discussed during these ancient times are still prevalent in modern economics, including discussions on the management of a solid and efficient economy and the ethics of economics. These ancient thoughts als o focused on issues of welfare, for instance, redistribution of wealth during a famine. STATEMENT OF THE PROBLEM Ancient economic thought is very much wide and its study provides a broad basis for comparison of the ancient approach to economic issues as compared to issues arising in the modern world economies. The large number of ancient thinkers who contributed to this thought differed in beliefs and practices. Also, information on some of these ancient cultural-economic practices is very scanty and thus makes this enquiry into the oriental school of economic thought necessary so as to be able to get a better understanding of the underlying economic issues of both the past and present. JUSTIFICATION With the evolution of economics, many writers have come up with different theories about different areas in the subject. So as to be able to critically assess these different theories and understand the unity which connects us with the ancient times, knowledge on the origin of the early stages of economic thought is necessary for one to be able to take a well informed and unbiased stand on contentious economic issues arising today and hence the need for this study. OBJECTIVES OF THE STUDY To understand the principles and concepts of the oriental school of economic thought. To know the key contributors of ancient economic thought. To evaluate and criticize how the ancient societies carried out their economic activities. To find out the major contributions of the oriental school of thought to the body of knowledge that exists today. To get a clearer understanding of the position of economics as a distinct member of a group of social sciences. Ancient near East Economic organizations in the earliest civilizations of the Fertile Crescent were driven by the need to efficiently grow crops in the river basins. The Euphrates and Nile Valleys were homes to earliest examples of codified measurements written in base 60 and Egyptian fractions. Keepers of royal granaries and absentee Egyptian land owners reported in the Heganakht Papyri. Historians of this period note that the major tool of accounting for agrarian societies, the sales used to measure grain inventory, reflected dual religious and ethical symbolic meaning. The Erlenmeyer tablets give a picture of Sumerian production in the Euphrates valley around 2, 200 2, 100 B.C., and shows an understanding of the relationship between grain and labour inputs (valued in female labour days) and outputs and an emphasis on efficiency. Egyptians measured work output in man-days. The development of sophisticated economic administration continued in the Euphrates and Nile Valleys during the Babylonian Empi re and Egyptian Empires when trading units spread through the Near East within monetary systems. Egyptian fraction and base 60 monetary units were extended in use and diversity to Greek, early Islamic culture, and medieval cultures. By 1202 A.D, Leonardo Pisa Fibonacci use of zero and Vedic-Islamic numerals motivated Europeans to apply zero as an exponent, birthing modern decimals 350 years later. The city states of Sumer developed a trade market economy based originally on the commodity money of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbours later developed the earliest system of economics using a metric of various commodities, which was fixed in a legal code. The early law codes from Sumer could be considered the first (written) economic formula, and had many attributes still in use in the current price system today, such as codified amounts of money for business deals (interest rates), fines in money for wrong doing, inheritance rules, laws concerning how private property is to be taxed or divided, etc. Ancient Greco-Roman world Some prominent classical scholars assert that relevant economic thought was based on metaphysical principles which are incommensurate with contemporary dominant economic theories such as neo-classical economics. However, several ancient Greek and Roman thinkers made various economic observations especially Aristotle and Xenophon. Many other Greek writings show understanding of sophisticated economic concepts. For instance, a form of Greshams law is presented in Aristophanes Frogs, and beyond Platos application of sophisticated mathematical advances influenced by the Pythagoreans in his appreciation of flat money in his Laws: (742 a-b) and in the pseudo-Platonic dialogue, Eryxlas. Bryson of Heraclea was a neo-platonic who is cited as having heavily influenced early Muslim economic scholarship. The influence of Babylonian and Persian thought on Greek administrative economics is present in the work of Greek historian Xenophon. Discussions of economic principles are especially present in his Oeconomicus, his biography of Cyrus the Great, Cyropaedia, Hiero and Ways and Means. Hiero is a minor work which includes discussion of leaders stimulating private production and technology through various means including public recognition and awarding of prizes. Ways and Means is a short treatise on economic development, and showed an understanding of the importance of taking advantage of economies of scale and advocated laws promoting foreign merchants. The Oeconomicus disc uses the administration of agricultural land. In the work, subjective personal value of goods is analyzed and compared with exchange value; Xenophon gives an example of a horse which may be of no use to a person who does not know how to handle it, but still has exchange value. In Cyropaedia, Xenophon presents what in hindsight can be seen as the foundation for a theory of fair exchange in the market which will result in the analysis of better fit or suitability to either party who wants to purchase the same item. Xenophon discusses the concept of division of labour, referencing specialized cooks and workers in a shoe making shop. Marx attributes to Cyropaedia the idea that the division of labour correlates to the size of a market. Roman law developed the contract recognizing that planning and commitments over time are necessary for efficient production and trade. Ancient India Chulavamsa records that Parakramabahu I of Sri Lanka had debased the currency of Ancient Sri Lanka in order to produce monies to support his large scale infrastructure projects. Parakramabahu I also pioneered free trade during his reign, a war was fought with Burma to defend free trade. Chanakya (c. 350 BC 275 BC) considered economic issues. He was a professor of Political Science at the Takshashila University of Ancient India, and later the Prime Minister of the Mauryan Emperor, Chandragupta Maurya. He wrote the Arthashastra (science of material gain). Many of the topics discussed in the Arthashastra are still prevalent in modern economics, including its discussions in the management of an efficient and solid economy. Chanakya also focuses on issues of welfare, for instance, redistribution of wealth during a famine and the collective ethics that hold a society together. The Arthashastra argues for an autocracy managing an efficient or solid economy. The qualities described are in effect that of a command economy. It discusses the ethics of economics and the duties and obligations of a king. Chanakya writes on the economic duties of a king: The king shall be ever active in the management of the economy. The root of wealth is economic activity and lack of it brings material distress. In the absence of fruitful economic activity, both current prosperity and future growth will be destroyed. A king can achieve the desired objectives and abundance of riches by undertaking productive economic activity. Ancient China Ideal and effective economic policy was long sort for in ancient China, one of the greatest early reformers being the Emperor Qin Shi Huang (r. 221 BC 210 BC), who standardized coin currency throughout the old warring states once he unified them under a strong central bureaucracy (which the Zhou dynasty had always lacked). However, one of the greatest reformists in China lived during the medieval Song dynasty (960 1279 AD), that being Chancellor Wang Anshi (1021 1086 AD). Wang Anshis political faction of the New Policies Group enacted a series of reforms that centered on military reform, bureaucratic reform and economic reform. The economic reforms included low cost loans for farmers who he considered the backbone of the Chinese economy in terms of production of goods and the greatest source of the land tax. Replacing the corvee labour service with a tax instead, he enacted government monopolies on crucial industries producing tea, salt, and wine, introduction of local militia to ease the budget spending on the official standing army of one million troops and the establishment of a Finance Planning Commission staffed largely by political loyalists so that his reforms could pass quickly with less time for conservatives to oppose it in court. Medieval Islamic World To some degree, the early Muslims based their economic analyses on the Quran (such as the opposition of riba, interest) and from Sunnah, the sayings and doings of Muhammad. Early Muslim thinkers, Al-Ghazali (1058 1111 A.D.) classified economics as one of the sciences connected with religion, along with metaphysics, ethics and psychology. Authors have noted, however, that this connection has not caused early Muslim economic thought to remain static. Persian philosopher Nasir al-Din-al-Tusi (1201 1274) presents an early definition of economics (what he calls Hekmat-e-madani, the science of city life) in discourse three of his ethics: the study of universal laws governing the public interest welfare: in so far as they are directed, through cooperation, toward the optimal (i.e. perfection). Many scholars trace the history of economic thought through the Muslim world, which was in a Golden Age from the 8th to 13th century and whose philosophy continued the work of the Greek Hellenistic thinkers and came to influence Aquinas when Europe rediscovered Greek philosophy through Arabic translation. A common theme among these scholars was the praise of economic activity and even self-interested accumulation of wealth. The influence of earlier Greek and Hellenistic thought on the Muslim world began largely when Abbasid Caliph al-Mamun, who sponsored the translation of Greek texts into Arabic in the 9th century by Syrian Christians in Baghdad. But already by that time numerous Muslim scholars had written on economic issues, and early Muslim leaders had shown sophisticated attempts to enforce fiscal and monetary financing, use of deficit financing, use of taxes to encourage production, use of credit instruments for banking, including rudimentary savings and checking of accounts, a nd contract law. The origins of capitalism and free markets can be traced back to Caliphate where the first market economy and earliest form of merchant capitalism took root between the 8th and 12th centuries, which some refer to as Islamic capitalism. A vigorous monetary economy was created on the basis of expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent. Innovative new business techniques and forms of business organizations were introduced by economists, merchants and traders during this time. Such innovations included the earliest trading companies, credit cards, big businesses, contracts, bills of exchange, long distance, international trade, the first forms of partnerships and the earliest forms of credit, debt, profit, loss, capital (al-mal), capital accumulation (nama-al-mal), circulating capital, capital expenditure, revenue, cheques, promissory notes, trusts, startup companies, savings accounts, transactional accounts, pawning, loaning, exchange rates, bankers, money changers, ledgers, deposits, assignments, the double entry bookkeeping system, and lawsuits. MAIN FINDINGS After going through the history of the oriental school of thought in the previous section, the following economic aspects come out clearly as having been discovered and practiced by these early thinkers: The Concept of Production and Technology Ancient leaders stimulated private production and technology through various means including public recognition and awarding of prizes to successful inventors and producers. Economies of Scale Ways and Means was a short treatise on economic development written by Xenophon, which showed an understanding of the importance of taking advantage of economies of scale in production activity and advocated for laws promoting foreign merchants. Administration of Agricultural Land Agriculture was considered the most dignified occupation. In ancient India, the state took a leading part in developing agriculture and also demanded a fixed share of the gross produce. Price system The early law codes from Sumer were the first (written) economic formula, and had many attributes still in use in the current price system today, such as codified amounts of money for business deals (interest rates), fines in money for wrong doing, inheritance rules, laws concerning how private property is to be taxed or divided, etc. Grain and Labour Inputs Relationship The Erlenmeyer tablets gave a picture of Sumerian production in the Euphrates valley around 2, 200 2, 100 B.C., and showed an understanding of the relationship between grain and labour inputs (valued in female labour days) and outputs and an emphasis on efficiency in production. Output of Work The Egyptians measured work output in man-days. Monetary Units The Egyptian fraction and base 60 monetary units were extended in use and diversity to Greek, early Islamic culture, and medieval cultures. By 1202 A.D, Leonardo Pisa Fibonacci use of zero and Vedic-Islamic numerals motivated Europeans to apply zero as an exponent, birthing modern decimals 350 years later and hence the development of monetary units. Value Subjective personal value of goods was analyzed and compared with exchange value. Xenophon gave an example of a horse which may be of no use to a person who does not know how to handle it, but still has exchange value. Theory of Fair Exchange Xenophon presented what in hindsight could be seen as the foundation of a theory of fair exchange in the market which will result in the analysis of better fit or suitability to either party who wants to purchase the same item. Division of Labour Xenophon discussed the concept of division of labour, with reference to specialized cooks and workers in a shoe making shop who specialised in different tasks. Free Trade Parakramabahu I pioneered free trade during his reign, this is evident because a war was fought with Burma to defend free trade in ancient India. Welfare In India the leaders insisted on ensuring that the population as a whole has to be well looked after. For example, Chanakya focused on issues of welfare, for instance, redistribution of wealth during a famine and the collective ethics that held a society together. Standardized Coin Currency Emperor Qin Shi Huang of Ancient China, standardized coin currency throughout the old warring states after he unified them under a strong central bureaucracy. Low Cost Loans For Farmers In Ancient China Wang Anshis political faction of the New Policies Group enacted a series of reforms that centered on military reform, bureaucratic reform and economic reform. The economic reforms included low cost loans for farmers whom he considered to be the backbone of the Chinese economy in terms of production of goods and the greatest source of the land tax. Land Tax This was a source of revenue for the Ancient Chinese government from farmers, because during that period agriculture was the main driver of the economy. Fiscal and Monetary Financing The Muslim leaders enforced various policy measures including fiscal and monetary financing, use of deficit financing, use of taxes to encourage production and use of credit instruments for banking. Banking The early Muslim leaders had shown sophisticated attempts indlucing rudimentary savings and checking accounts, and contract law. Monetary Economy Between the 8th and 12th centuries, which some refer to as the period of Islamic capitalism, a vigorous monetary economy was created on the basis of expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent of each other. SUGGESTIONS The social organization manifested by the ancient civilizations should be critically looked at and applied to solve some socioeconomic problems still present today, especially in the developing nations. The organization of government and formulation of policies during the ancient times leaves a lot to be admired. Governments of the modern economies should pick some of these values. The concept of politics being looked at separately from economics and policy formulation should be followed in todays modern economies for faster development and equality in the distribution of wealth. Welfare economics should be taken as seriously as it was taken in ancient times. For example, during periods of drought or famine, governments should not let particular groups of people suffer and instead they should distribute the available resources to the entire population. CONCLUSION Theres no question or doubt as to whether ancient economic philosophies are still in extensive use today. The modern economy has evolved over centuries to become what it is today. The study of the history of economic thought enables the student to appreciate the contributions various writers have made to development of economics as a discipline. Although ancient economic theories were sometimes unclear, contradictory, or presented in a rudimentary manner, they form the basis of economic analysis today. These theories are still being used today by the worlds largest and most complicated and sophisticated economies. BIBLIPGRAPHY Falgas, Matthew E.; Zarkadoulia, A. Effie, (2006). Arab Science in the Golden Age (750-1258) and Today. The FASEB Journal 20(10): 1581-1586. Hosseini, S. Hamid (2003). Contributions of Medieval Muslim Scholars to the History of Economic Thought and their Impact: A Refutation of the Schumpeterian Great Gap. S. Lowry (2003). Ancient Medieval Economics. In Biddle, Jeff E.; Davis, Jon B.; Samuels, Warren J.A Companion to the History of Economic Thought. Malden, MA: Blackwell pp. 11-27. Schumpeter, Joseph (1954). History of Economic Analysis. New York, Oxford University Press.