The Ancient City Of Pompeii Is Best Known For Being Covered By An Erup

The ancient city of Pompeii is best known for being covered by an erupting volcano and being almost forgotten. From the time the city was rediscovered in the 1700s scientists and archeologists have managed to piece together evidence to show not just how people died but how they lived. We now know that before the eruption of Mt Vesuvius on August 24 79 AD Pompeii was a resort town. From the remains of Pompeii scholars have deducted the socioeconomic, religious and political life of Pompeii's last inhabitants. Pompeii was a city where women declared themselves the equal of men. Women could own land, operate businesses, be priestesses and were often educated. Despite these equalities Pompeiian women were still mostly owned by men and from birth knew their position. New born boys were placed at the father's feet while newborn girls were given straight to the nurse. Most girls were bought up by their mothers at home learning weaving and other domestic skills. Upper-class girls however were taught to read and write either at school or at home by slave tutors. It was believed by some that educated women made better wives and mothers. Literacy amongst the upper class (both women and men) was a symbol of status and respect. One of the most famous Pompeiian artifacts the fresco of the merchant Terentius Neo and his wife, depicts her holding a wax tablet and a stylus. Girls were considered grown up by the age of 14 when marriages were usually arranged by their family with the objective of uniting good families. At this time a woman would leave her father's ownership and become the property of her husband. As many women as possible were kept married and bearing children. Women were expected to be married by the age of 20 and it was law to remarry after the death of ones husband. As at this time in Roman history there were fewer females than males so women could marry and remarry with ease. A woman's major role was to be a good wife and mother. Motherhood was considered the esteemed occupation. In Pompeii women often entered into a business partnership with their husbands. They were allowed to keep profits themselves. It was common for a widow to take over her husband's business. Wives of traders and craftsmen often ran the front of the shop while their husbands made the products or dealt with other aspects of the business. Women could own property and could decide how to administer it. Julia Felix is an example of an independent woman who inherited a large fortune in her own right. Tablets found at Herculaneum (a smaller city destroyed by the same eruption) show that women could buy sell and lease but were not allowed to become bankers. Women in Pompeii worked in, owned and operated many of the taverns, inns and bars, which often served as brothels a topic I will cover later. (more detail) Archeologists have uncovered written evidence recording the role of women in the medical profession. These women's status was recognised by law and their fees were regulated. Many women worked in this profession as midwives, physicians and doctors. Records have also been found mentioning husband and wife medical teams. As Pompeii had a large foreign trade it is not suprising that women from the East came to Pompeii selling luxury items such as dyes, perfumes, clothes and food stuffs. Lower class women also worked in the trades. Some worked independently sewing and mending garments, while others worked as bakery assistants or in the fulling mills. However the status of these women was low like their pay rate. Like in most places female slaves existed in Pompeii. These women performed a wide range of tasks depending on the owner's needs. Apart from household duties some of these slave women operated as nannies or wet nurses while others managed their owner's businesses or worked as labourers. Wealthy women had their own personal attendants which was another duty of these slaves. Eumachia was Pompeii's most prominent woman . She came from a wealthy and respected family and rose to hold a position of unusual importance as a priestess. She was also patroness of the fuller's guild (cleaners, dyers and clothing makers).

The role of the US dollar as the worlds reserve currency

The role of the US dollar as the worlds reserve currency The United States dollar has acted as the world’s reserve currency for more than sixty years. According to Carbaugh (2009, p. 519), the US dollar emerged as the world reserve currency after World War II. The United States was not adversely affected by war. In addition, the US experienced an increment in the inflow of gold and during 1930s and 1940s. The resultant effect is that the dollar became the reserve currency.Advertising We will write a custom essay sample on The role of the US dollar as the world’s reserve currency specifically for you for only $16.05 $11/page Learn More Over the past decades, the dollar has been considered to be the ‘almighty’ (Robinson, 2009, p.148). Most governments have over the years considered the US dollar to be an efficient mode of holding currency as illustrated in figure 1. One of the reasons which explain why the dollar has continued to be the world’s reserve currency relates to trade. Tod ay, most governments reserve the dollar in their central banks so as to purchase goods in the foreign market. The US dollar was generally accepted as the reserve currency because the US firms produced high quality goods at low cost. As a world reserve currency, the US dollar’s role was to enhance the level of confidence in trade and investment. In addition, the US dollar has over the years been used by most countries which do not have a gold standard to back their currencies. As a result, the dollar enhances the level of confidence in investors. In most cases, emerging economies have discretion with regard to the reserves they wish to hold. However, they have to hold a currency which instills a high level of confidence on their local currency. This explains why China has liked its Yuan on the dollar. Figure 1 Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Source: The US T reasury Secondly, the US dollar cautioned countries against balance of payment deficits. Over the past few decades, the US dollar has been relatively stable compared to other currencies. According to Epstein and Graham (1993, p.74), a reserve currency must have a relatively high and stable value. These characteristics make the reserve currency to be an attractive asset and also instill confidence amongst investors. As a world reserve currency, the dollar ensured that countries do not experience balance of payment deficits. From figure 1, it is evident that there was an increment in the volume of dollars accumulated by governments from 1997. One of the reasons for this relates to the occurrence of the 1997 Asian financial crisis. The crisis led to countries such as Indonesia, Thailand and South Korea experiencing balance of payment deficits. As a result, there was an increment in demand for dollars. The first reason for the increased calls for a new reserve currency is the existence of increased global financial instability. For a period of 13 years, the US dollar was considered as the world reserve currency. However, there was a decline in the degree at which the dollar is considered as the reserve currency from 2000 onwards. A report by Peterson Institute for International Economics (PIIE) revealed a decline in the dollar’s share with regard to foreign exchange reserve with a margin of 4.3%. By 2009, the US dollar comprised approximately 60% of the total world reserves. The euro, the yen and pound followed as accounting for less than 30% as illustrated by the graph (Chu, 2010, para. 2). One of the reasons which explain the decline in the prominence of the dollar is the fact that the US is experiencing a budget deficit. The resultant effect is that US has increased its dependence on borrowing to finance its economic. The occurrence of the 2008/2009 global financial crisis illustrates the weakness inherent in the existing international monetary system.Ad vertising We will write a custom essay sample on The role of the US dollar as the world’s reserve currency specifically for you for only $16.05 $11/page Learn More Those arguing for introduction of a new reserve currency system cite the need to develop financial stability. The instability of the dollar has led to increased calls for a new international monetary system to be introduced especially by emerging economies such as China and Brazil. According to Hill (2009, p.54), emerging economies mainly depend on the international trade in order to stimulate their economic growth and development. However, the current reserve system does not offer efficient international liquidity. The resultant effect is that most of these economies were affected by spillovers of global shocks. The emerging economies were adversely affected by the intensity and severity of the resulting financial shock spillovers. Despite the fact that these economies had accumulated a s ubstantial amount of foreign reserves, the shortage of the dollar was a test on the effectiveness of the financial system. The crisis also limited these countries from accessing the international interbank markets in addition to increasing the cost of borrowing foreign currency (dollar). This culminated into a significant decline in these countries rate of economic growth. The second main reason for calls of a new reserve system relates to the Triffin dilemma. Most of the proponents for a new reserve system argue that dependence of a currency of a dominant country as the world’s reserve currency can lead to emergence of the Triffin dilemma (Lee, 2010, p.1). According to Reinert, Rajan, Glass and Davis (2008, p.1143), the most successful developing countries are achieving their success by borrowing financial capital from the international market. The resultant effect is that the lending country experiences a balance of payment deficit. The debt may rise to high levels. This ma y culminate into a decline in the level of confidence on the value of their reserved assets. Katz and Holmes (2008, p.69), are of the opinion that decline in level of confidence means that individuals would not consider the dollar the world’s reserve currency.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, the borrowing country continues to accumulate foreign reserves. Currently, there is no system to force the reserve-issuer or the supply country to undertake adjustments so as to fix the imbalance. In turn, this would negatively affect the fixed exchange system culminating into global economic instability (Lee, 2010, p.1). In order to deal with these issues, the International Monetary Fund resolved to introduce a new reserve asset referred to as the Special Drawing Rights (SDRs) in 1969. The main objective was to enhance the fixed exchange regime. ActionAid (2009, p.4), defines SDR to include a form of money which the IMF can develop by crediting accounts of the members. This is done at an exchange rate which is determined by a number of major currencies. The main currencies considered in the SDR include the US dollar, Japanese yen, the euro and the pound sterling. SDR is determined b y calculating the average of the four major currencies using a weighted formula w hich is re-evaluated after 5 years to ensure relevance of the currencies (ActionAid, 2009, p.4). The aim of the SDRs is to improve international liquidity. In November 2010, the IMF decided to review the SDR by adjusting the weights of the respective currencies on the bases f the volume of exports and amount of reserves which are denominated by the currency held by member countries (International Monetary Fund, 2011, para. 7). According to Reinert Rajan, Glass and Davis (2008, p.1020), this new international currency system will enable countries to attain diversification in their reserve holdings. In addition, it is possible to hold SDR at a relatively low cost compared to holding major currencies. Reference List ActionAid. 2009. Special Drawing Rights (SDRs) and the global reserve system. Web. Carbaugh, R., 2009. International economics. Mason, Ohio: South-Western Cengage Learning. Chu, D., 2010. Chinese Yuan versus the US dollar : in the case of global reserve  currency. Web. Ep stein, G., 1993. Creating a new world economy: forces of change and plans for  action. Philadelphia: Temple University. Hill, C., 2009. Global business today. New York: McGraw-Hill. International Monetary Fund. 1996. Annual report. New York: International Monetary Fund. International Monetary Fund. 2011. Poverty reduction and growth facility. Web. Katz, J. Holmes, F., 2008. The goldwatcher: demystifying gold investing. Hoboken, NJ: John Wiley. Lee, J.W., 2010. Will the renminbi emerge as an international reserve currency? Web. Reinert, K., Rajan, R., Glass, A. Davis, L., 2008. The Princeton encyclopedia of the  world economy. New York: Princeton. Robinson, J., 2009. Bankruptcy of our nation: 12 key strategies for protecting your  finances in these uncertain times. Green Forest, AR: New Leaf Press.

British Politics and the European Union Essay Example | Topics and Well Written Essays - 1750 words

British Politics and the European Union - Essay Example As observed by Scheffler (2008: 37), the media has been given whole opportunity to highlight the weaknesses of European Union and as a result, the sense of skepticism has continued to deepen. This has also resulted into the deepening of the differences between the parties in the integration and hence resulting into a more sophisticated debate on the merits of the integration. This is believed to be one of the reasons that have shaped the British approach to Europe which is important as well before one can describe British as an awkward partner in the union (Bache & Jordan, 2006:4). However, these are failures of the government and do not justify the British awkwardness with respect to the affairs of the integration. As stated by Booker & Richard (2003:174), however, all independent nations would want to benefit from all the economic integrations tat they are engaged in and hence would participate in the affairs of such integrations if they benefit. Lack of favoritism policies of the European Union is therefore perceived as a reason for awkwardness.However, as stated by Bache & Jordan (2006:5), the late membership of Britain to the European Union must have cost the nation greatly. Since Britain joined the European Union late after other members states had joined and set rules and regulations, some politicians have argued that the rules were set in favor of the existing members. As a result, Britain has not benefited much from the joining of the integration (2006:5).... dent nations would want to benefit from all the economic integrations tat they are engaged in and hence would participate in the affairs of such integrations if they benefit. Lack of favoritism policies of the European Union is therefore perceived as a reason for awkwardness. However, as stated by Bache & Jordan (2006:5), the late membership of Britain to the European Union must have cost the nation greatly. Since Britain joined the European Union late after other members states had joined and set rules and regulations, some politicians have argued that the rules were set in favor of the existing members. As a result, Britain has not benefited much from the joining of the integration. This means that the policies and regulations of the integration do not benefit the nation. The rules that were set in favor of the founding members states therefore presents a technical constraint to Britain and hence presents it as an awkward member. This reflects the fact that the political practices as well as the constitutional attitudes of the founders of the European Union are different from those that the United Kingdom was accustomed. The relationship between the integration and the United Kingdom is therefore very difficult as the nations and the Union’s policies and constitutions are not homogenous. The differences in the constitution have therefore presented difficulties with regard to the United Kingdom’s relation to the integration. For example, the basis of the European Union is the separation of the powers of institutions as well as political coalitions unlike the British’s emphasis on centralized state, an adversarial â€Å"winner take all† as a style of party politics and the informal constitution. In this context, it is difficult for the nation to benefit adequately