Advantages Of Autonomous Vehicles

Advantages Of Autonomous Vehicles Autonomous cars, or cars that run without a human driver, have been in development for over the past few decades, starting from the late 70s and extending towards the present date and even beyond. During the early stages, the autonomous vehicles were slow in speed and even in reaction time. Nowadays, with technological advancement, coupled with better research knowledge and funding towards further development, product improvement has clearly been observed. From the early days of mechanical feedback systems to modern software incorporation, numerous improvements have been made. 2. Advantages of Autonomous Vehicles Finding from the World health Organization (WHO) several years ago regarding automobile accidents: Accidents expenditure in the United States reached $230 billion; with over $30 billion going into health care. Such will only increase, because the road accidents are expected to be the third largest killer worldwide by 2020. There are two possible approaches to make cars safer. Systems can be implemented to make a car accident less lethal or to prevent accidents. Also, from an energy and efficiency point of view, in general, people are not able to drive the best as well. Having computers to do the driving is going to save energy significantly. However, since vehicles are networked and with traffic flow synchronized, it is an apples-to-orange comparison. Autonomous cars wont have to tackle congestion and stop-and-go traffic, as is present today. Road travel will speed up, more predictability, and passengers will have ample space to focus on other things while travelling. The vehicles will be a lot less heavy. There will be a reduced need for designs to deal with impacts, as the heavy vehicles of today are driven by error prone humans, nor a need to be equipped with protection instruments to protect drivers (e.g. crumple zones, airbags, or even seatbelts). Further advantages of driverless vehicles, aside from the significant safety and energy benefits that would be presented with their use, will be an increase in transportation access. Aged, restricted mobility, poor, and even the language illiterate individuals can safely travel. It will be like having a chauffeur at all times. 3. Integrating technology to make an autonomous vehicle For vehicles to be made autonomous will require advanced sensors and actuators to coordinate hand in hand. Definition of sensor and actuator Sensor A device that detects or measures a physical property and records, indicates, or otherwise responds to it Actuator An actuator is a mechanism responsible for the movement or control of a machine, apparatus or system. It utilizes energy, commonly transported by air, electrical current, or fluid, and translates that into a type of motion. 3.1. Sensors in an autonomous car In an autonomous vehicle, apart from speed sensors, sensors are used for lane position tracking as well as front obstruction detection. This comes in the form of radars. If lane positioning or safety distance is not within safety parameters, the sensor will send signals to the microcontroller. From there, the microcontroller will coordinate the various actuators such as throttle, steering and brakes to enable the vehicle to stay within the parameter. Various sensors used in the mobilization operation of autonomous cars includes a radar reflective stripe system with a vision based system for lane location sensing, a radar system and a scanning laser range finding system for the detection of obstacles ahead of the autonomous car, and various assisting sensors including off-centre looking radars and one angular rate gyroscope. Figure 1 shows a sketch of an autonomous car with the various sensors, actuators and operating devices. 3.2. Actuators in an autonomous car Brake Actuators Coordinate car speed with the sensors and/or users pre-input. Used for slowing down the car when there is a need to. Steering Actuator The steering actuator is a motor controlled by the car in-built microprocessor. The microcontroller takes in signals from the various sensors to steer the car which is done by directing the motor for controlling the angle of the wheels. Throttle Actuators Used for controlling the output of the cars engine based on the sensor or users pre-input. This will increase and reduce the speed of the vehicle as well as maintain. 3.3. Current technologies, design and construction concept used to realize various sensors and actuators in an autonomous vehicle 3.3.1. Electronic Scanning Radar Electronic Scanning Radar is an inexpensive effective object-detection system that utilizes electromagnetic waves, specifically radio waves, to determine the range, direction, or speed of both mobilized and stationary objects. Radio waves or microwaves transition from the radar sensor bounces off any object in their path. The object will then return a tiny portion of the waves energy to the antenna which is normally located at the same spot as the transmitter. Radar technology has the ability to measure positions and speed vectors of multiple targets at the same time, with precise accuracy, within a short time frame. Detection and tracking algorithms are normally given in a one-box-design and some manufacturers allow space for vehicle/customer/application specific code in the radar systems. The ESR enables a wide coverage at mid-range and high-resolution long range using stand-alone radar. Wide and mid-range coverage not only enables vehicles cutting in from adjacent lanes to be detected, but also determines vehicles and pedestrians along the width of the vehicle. Long-range coverage gives accurate range and speed data, with great object discrimination that can identify as much as 64 targets in the vehicles path. The ESR also allows powerful functionality which includes the following: -adaptive cruise control -forward collision warning -brake support -headway alert 3.3.2. Brake actuator One method of braking widely used by autonomous vehicles, although also widely used in contemporary vehicles, is the disc braking system. The main components of disc brakes comprise the following: Brake pads Caliper containing a piston Rotor that is mounted to the hub The disc brake is quite similar to the brakes on a bicycle. Bicycle brakes use a caliper, which forces the brake pads against the wheel. In a disc brake, the pads forces on the rotor instead of the wheel, and with the force being transmitted hydraulically instead of a cable. Friction between each pad and the disc slows the vehicle down. A moving car contains kinetic energy and by stopping the car, the brakes are actually removing this energy. The brakes do this by converting the kinetic energy into that of heat. Therefore, in most cars, ventilation is provided for the brakes. 3.3.3. Adaptive Cruise Control Adaptive cruise control utilizes forward-looking radar with its installation located at the back of the grill of a vehicle, to identify the speed and distance of the vehicle in front of it. Adaptive cruise control is of the same principal as conventional cruise control in that it maintains the vehicle pre-set speed. However, unlike the contemporary cruise control, this implementation can automatically adjust the speed to maintain a safe distance from vehicles along the same lane. This is performed through a radar headway sensor, digital signal processor as well as a longitudinal controller. If the front vehicle slows down, or should another object get detected, the system will send a signal to the engine or braking system to slow down. Subsequently, when the road gets cleared, the system will increase the vehicle speed back to the set value. Cruise control is an example of a closed-loop control system Closed and Open Loop Explained In a closed-loop configuration, a feedback component is being sent together with the input. The difference in the input and feedback signals is sent to the controller. In response to the difference, the controller acts on the process forcing the output to change in a direction that will cause reduction in the difference of the input signal and the feedback component. A closed-loop system has the ability to regulate itself in the midst of disturbances or variations in its own characteristics. Hence, a closed-loop system has an advantage over that of an open-loop Likewise, a cruise control has an input signal of a desired velocity. This goes through any number of amplifiers in the mode of transfer functions and gains, and then, outputs a signal which the motor utilizes to modify its power. Disturbances in the system may include wind speed, bumps on the road, etc. When these obstacles affect the speed of the car, data passes through from the end of the control system in the form of velocity data to the beginning, where it makes appropriate changes to the input signals so it can then properly adjust the speed of the car. Closed loop control systems has its output compared with the desired parameter settings and the process is varied in order for the output to satisfy the requirement. The accelerator of a conventional man-driven vehicle, on the other hand, is an example for an open-loop control. This is a simple link between the gas pedal and the car engine. When stepped on, the engine propels the car, and this does not stop until you remove the input signal (Pedal stepped on with continued pressure). Should there be obstacles along the way, this will affect the speed of the vehicle so long as pedal is being stepped on to a certain particular extend. Open-loop systems provides an output according to the desired set point irrespective to the changes that occur due to certain disturbances in the process. An open-loop control system is influenced directly, and only, by an input signal, without the beneficial use of a feedback. 3.3.4. Oxygen Sensor A vehicle oxygen sensor, also known as a lambda sensor, is a small sensor installed into the exhaust system of a petrol engine for the measurement of the oxygen concentration that remains in the exhaust gas to enable an electronic control unit (ECU) to control the efficiency of the engine combustion process. In majority of all modern automobiles, including autonomous ones, these sensors are installed at the engines exhaust manifold to identify whether the mixture of air together with gasoline going into the engine is rich or lean. That means too much or too little fuel respectively. 3.3.5. CAN-bus CAN Bus is a multiplexed wiring system commonly utilized in the connection of intelligent devices such as Electronic Control Units (ECU) on vehicles, allowing data to be transferred in reliable manner at a lower cost. This also reduces the need for massive amounts of cables In a vehicle. CAN stands for Controller Area Network and it was development was by Bosch, in 1980. Majority of new vehicles utilizes this system and it is becoming more difficult to install after-market products without the use of a CAN Bus Interface. CAN bus is commonly used in autonomous vehicles. 4. Capabilities and Potentials as well as the limitation for the various telematic devices in an autonomous vehicle 4.1. Disc Brakes Today, in almost all automobiles, both conventional and autonomous, disc brakes are the most found .They are better at stopping vehicles than many other type of brakes; which is why they are still in existence since 1902. High speed vehicles need better brakes to slow them down, so most probably a disc brake would be installed. Limitation Heat retention is a common problem with disc brakes. Unfortunately, this causes brake fade. It is where the brake components have absorbed all the heat they can possibly withstand. This means they are unable to absorb more energy and thus, will not be able to slow the car further. 4.2. Cruise Control It is definitely better to be in an autonomous vehicle. This makes life for the user easier as he do not need to drive. Also, with humans in control of the vehicle, a higher tendency of error occurs. In autonomous vehicles, one of the components that make the technology possible is the cruise control. The cruise control aids in automatically controlling the speed as well as maintaining a safe distance from the car in front. This makes travelling safer. Limitation The cruise control of todays autonomous vehicles can only track the car ahead of the equipped vehicle. This means safety is only taken in reference from the front, and not from the back. In the later part of this report, we will look into the intelligent cruise control. 4.3. Radar Sensor Radar aids in making a vehicle autonomous. Current technology enables radar to accurately detect at greater distances, identify up to 64 targets and can be integrated to an autonomous vehicle to assist in many various operations such as cruise control, braking, collision warning and headway alert. Limitation: Current implementations do not permit collision avoidance when environment is obscured with smokes and dust. 4.4. CAN-bus With the huge reduction in wiring, this leads to the following:- (i) Vast reduction in production cost; which also leads to lower retail cost. (ii) Lighter weight for vehicle, thus leading to improved fuel consumption. (b) Reduced number of interconnections, which leads to improved reliability. Limitations Installation is relatively costly, and the requirement for specialised knowledge is needed for maintenance and repair of the vehicle. 5. Continued improvements for Sensors and Actuators in autonomous vehicles The first segment in this section discusses about the improvement in intelligence provided in a sensor over the years and how it has brought about major improvements. Second section will talk about the future sensors and actuators development in autonomous vehicles. 5.1.1. Increased level of intelligence provided in sensors has and explanation to why enhancing the intelligence of a typical sensor may encourage improved performance. This section discusses the details and describes the evolution of a critical sensor in the implementation of a safety critical active controller in passenger cars called ABS (Antilock Brake System). ABS works on the principle of optimizing the wheels slips (for maximizing the brake force) in the car during the event of braking. Wheel slips are defined as below: The critical task in controlling the braking wheels of the car boils down to evaluating the speed of the vehicle and hence estimating the deceleration desired and actually achieved. The difference of which triggers the actual hydraulic pressure build up in each wheel. The complex task of vehicle velocity estimation is done through using wheel speed sensors in each wheel of the car as shown below: Until the advent of active wheel speed sensors recently, global automotive industry was using the passive wheel speed sensors for calculating the wheel speeds. 5.1.1.1. Passive Sensors Passive sensors operate with a steel tone ring application. These variable reluctance sensors are used to measure speed/position of the vehicles tone ring. As the magnetic flux through the coil of the sensor is changed, so does the resulting voltage which is then measured and used to calculate wheel speed. This technology is considered outdated and is typically bypassed for active intelligent sensors. 5.1.1.2. Active Sensors (Intelligent) Standard active wheel speed sensors operate on the Hall Effect. They are able to be used with a magnetic encoder or steel tone ring application. As the magnetic flux changes (created by an internal magnet or the magnetic encoder), the hall sensor creates an output current which can be measured and converted into wheel speed. Standard WSS only measure wheel speed and do not have any additional signals for vehicle operation. A Hall element (square shaped semiconductor layer) is supplied by a permanent current (I const). Applying a magnetic field perpendicular to the current flow the electrons are deflected due to the Lorenz force. This deflection can be measured as Hall voltage, which is perpendicular to the magnetic field (B) and the current flow (I const). The Hall voltage (V Hall) is directly proportional to the external magnetic field. The magnetic field is established either by a magnetic encoder or internal sensor magnet. These active sensors offer benefits when compared to passive sensors. The dominant factors that took the stride towards active intelligent wheel speed sensors were: Weight reduction. Size reduction. Reduction in Cost but improvement in performance. Low speed detection benefits. Passive sensors had the hurdle of building enough reluctance at low vehicle speeds but with active sensors wheel speeds can be detected with changing magnetic fields at as low as ~0.1 m/sec. Direction detection. With developing ASICs and also the magnetic encoders thereby made wheel speed sensors smarter and hence has led to the advantage of vehicle motion direction detection in the sensors. It effectively has offloaded the software task of direction detection by many folds. With detection possible at such low vehicle speeds a new development of Hill Hold Controllers was triggered in the industry. 5.1.2. Intelligent sensor and the mechanism for transferring the measurement to a central data logger or processor. Example is explained in the above question. The mechanism for transferring the measurement to a processor in this case it is ABS controller is here: CAN Bus ABS Controller Pressure application on each wheel Hydraulic controller With reference to the diagram above: The data or pulses/signals from the wheel speed sensors are collected in the special ASICs designed for this purpose from there a SPI bus architecture is used to transfer it to the software layer (HSW box above). Filtering and certain algorithms regarding determination of data usability are made in the stat machine of the software layer. Usable and filtered data is further passed down to the ABS controller through the CAN bus. ABS determines the pressure targets for each wheel and hydraulic controller applies the set targets on the individual wheels for attaining the desired stopping distance of the car. 5.2 Future Development for Sensors and Actuators in autonomous vehicles 5.2.1. Brakes In the future, the hydraulic line may not ever again be needed in an automobiles braking system. In fact, in a recent study performed by Frost Sullivan, it is predicted that, after the year 2010, the automobile industry will begin to replace hydraulic-braking systems with that of brake-by-wire. The utilization of the brake-by-wire technologies like the electro-mechanical braking system and the electronic-wedge brake is predicted to be the norm for future vehicles. This method of braking uses electronic signals instead of mechanical to achieve braking power. The electro mechanical barking system or EMB will not require hydraulic lines due to the activation of the brake being done within the wheel assembly itself. Instead of utilizing calipers, this system uses a wheel brake module. The module comprises of disc brakes and an electric motor which will be the one that activates the brakes during activation. As it is, this method of braking is known as brake-by-wire. Certain automobile companies have almost already fully implemented this system into their automobiles, namely Toyota and Mercedes. However, a full brake-by-wire system has yet to come out and will only be out in the near future. 5.2.2 Radar Future implementations will be the autonomous vehicle navigation and obstacle detection sensor radar. This device, currently being tested, will assist in reducing the quantity of separated components that is required to satisfy the needs of an autonomous vehicle. The navigation and obstacle detection can be done with just one component device. If being mounted on a suitable spot on a vehicle, this all-rounder obstacles detection and navigation radar will eliminate the need for multiple contemporary radars. This will reduce the weight of the vehicle and thus, saving on fuel cost. Furthermore, future implementations will enable obstacle avoidance and prevent collision even when environment is obscured with smokes and dust. 5.2.3. Intelligent Cruise Control In cars nowadays and in autonomous vehicles, the cruise control will only strive to maintain a safe distance from the front car. Unfortunately, this does not include the back car. With this new implementation, the spacing from the back vehicle will also be taken into consideration, together with the spacing from the front vehicle. This system also works and serves especially well when lane switching is being performed. This is due to the inadequate gap tendency between the front and back vehicle. 6. Conclusion The earlier sections in this report has aimed to bring about the ideas of current technology implementations of an autonomous vehicle. As demonstrated, there are still flaws within the system. However, with the intelligence of sensors increasing constantly, it is almost sure that many of the problems faced by autonomous vehicle manufacturers will be solved in the near future.

Audience Appeal in Romeo and Juliet Essays -- Romeo and Juliet Shakesp

Audience Appeal in Romeo and Juliet Despite the fact that the play Romeo and Juliet was written several hundred years ago, explain how it continues to appeal to an audience today. Despite the fact that the play "Romeo and Juliet" was written several hundred years ago, explain how it continues to appeal to an audience today. Referring to the play how does Shakespeare creates tension for the audience? Explain the use of language and the way the actors convey suspense and excitement. Refer specifically to Act 3 Scenes 4 and 5, to illustrate your views. The story of "Romeo and Juliet" appeals to people because it contains so many things, which they can relate to. The story contains emotions such as love (between Romeo and Juliet), hate (between the two families), Sadness (there are five deaths during the play) and humour (Mercutio (innuendos), the Nurse and Peter). Contrasts of ideas and the opposition between the characters make a play interesting. There are many such conflicts within the story of "Romeo and Juliet" The central of these conflicts been the feud between the two families, the Montagues and the Capulets. There is no apparent cause of this "ancient grudge" despite this many people die because of it. The members of each family seem to have an instinct to hate or even kill members of the other. There is also the contrast between life and death. This contrast can be connected with fate, which in Shakespeares' time was believed in a lot more than today. In the prologue we are told that Romeo and Juliet are "star-crossed lovers", "From forth the fatal lions of these two foes, A pair of star-crossed lovers take their life;" you could say that this means that they are ill fated, or t... ...ne shows the extent of Romeos' love for Juliet. His final speech is full of love and it shows that his suicide is not a reckless act. He loves Juliet more than life itself and believes that the only way in which the can be together is in death. He does not kill him self out of spite or the feeling of despair, but out of his love for Juliet and his unwillingness to carry on living without her. In conclusion the play "Romeo and Juliet" still appeals to an audience today as it did when it was written for many reasons. These include the use of tension to keep to audience on edge and the interesting use of language such as innuendoes and puns. Also the content of emotions and contrasts. Alough I did not enjoy the play "Romeo and Juliet" as much as some of Shakespeares' other plays, I still think that the way in which Shakespeare wrote it was very effective.

Gender Issues Related to Intersection Theory Essay

The society we are living in strives to attain equality in all aspects. These include the people’s race, class, and gender. It is evident that most places in the world today would want equal treatment for everyone, no matter what color of skin you have, no matter what class you were brought up into, and no matter what your gender is. There still are obvious distinctions between people, but it is not much of a concern in today’s society. This is what most of us aims for, despite the obstacles getting in the way. Despite all the efforts towards breaking the barriers of inequality, it still remains a big problem for our society, as it is difficult to do away with the things that people have been accustomed to. The most prevalent of all are gender related issues, the superiority complex between men and women, who get to boss around and who get to follow. These gender related issues can be traced back in the early years of the world’s history, as it was the men who were deemed to be superior to women. They were the ones which held great positions in the society, while women were treated as an ornament or something material. Later studies in the interaction of people in the society came up with the concept of an â€Å"intersection theory. † The intersection theory is a concept which relates a person’s race, socioeconomic status, and gender to their personal constructs and perceptions of reality. There was a growing call for the consideration of various interactions and interrelations among the people’s races, classes and their gender. Aggregations between women or men are not enough to be able to describe an individual’s position in a society he or she belongs to. Those who advocate this intersection theory aimed to devise new research strategies wherein they could effectively incorporate all three dimensions of stratification (race, class, gender) simultaneously in just a single frame of analysis. According to an article, gender class, race, and culture are the essential or the core components of a person’s identity formation, and are interlocking categories of experience that affects various aspects of human life. This is from the article The Intersection of Race, Gender, and Class: An Overview and Guide to Teaching. According to this, throughout a person’s life, the factors which continually shape an individual’s image of himself and his place in the world are essentially the identity constructs of gender, race, class and culture. This article attempts to explore various multiple and dynamic intersections of one’s gender with race, culture, and class in the aspect of psychosocial identity formation. This is in order to reduce or minimize the risk from homogenizing or the polarization of the society’s understandings of these various characteristics. The goal was to be able to promote a dialogue among various helping professionals when it comes to the role of these simultaneous intersections, including its effect on the lives of clients, as well as address their problems, and to mainly empower them as individuals. This is much better than focusing on one aspect of identity only. In an article by Susanna George, she discusses about the intersectional approach which has been used for quite some time already, but is not duly recognized by many regarding concerns about gender, race, and class. The article Why Intersectionality Works talks more in terms of the positive consequences brought about by these identities. When it comes to the context of gender, George discusses that women continued to ponder on how gender affected their lives. But women are not the only ones involved with gender or sexism. Men as well, are driven towards an orientation towards success, competition, and the need to be in control because they are gendered beings, and were greatly influenced by these rigid and sexist discourses about how men should be and should not be. A series of seminars entitled Theorizing Race, Gender, and Class: A New Paradigm for Social Research, discussed how the society is slowly adapting towards the things being taught to a group of diverse audience. This is spearheaded by Dr. Bart Landry, wherein he talks about the emerging paradigm of Intersection Theory and Analysis. Through this, people are able to understand more about what is being taught, since their race, ethnicity, and gender are put into consideration. The problems regarding writing and teaching are being scrutinized so that the concern regarding the intersection of racial, ethnic, sexual, as well as the national origin diversities are being met and properly addressed. An article by the group, PeaceWomen: Women’s International League for Peace and Freedom tackled about various relationships among women’s gender identity constructs, in line with the economic justice. The article Statement on Global Economy: Gender, Class and Racism hypothesized on various relationships regarding gender self-definition, as well as female identity development statuses and between gender self-acceptance and female identity development statuses. They also integrated feminist analysis of economic issues at a global level, where they intersected various elements of information that affects economy on the largest scale. Some of these hypothesis were supported and strengthened, including the finding which positively correlates gender self definition and self acceptance to ethnic identity. In David Levering Lewis Beyond Exclusivity: Writing Race, Class, Gender into U. S. History, the author discussed how scholars heavily relied on various images of race, class, and gender being viewed as â€Å"intersecting and interlocking† types of oppression and disempowerment mainly on women. This clearly defined how various feminists were able to come up with premises stating that race, class, and gender are social structural locations. These structural locations are the ones responsible for shaping up various perspectives. They also stated that there is no individual who is all-oppressed or all-oppressing, and that the meanings of race, class and gender are usually localized. These three all depend on and mutually constitute each other. In an article by Karen Hardee, there is a discussion on how gender, access and quality of care in reproductive services varied from different places. The factors include social categories of gender, sexuality, class and ethnicity including their relation to various subjectivities has attracted several theoretical attentions. The article The Intersection of Gender, Access, and Quality of Care in Reproductive Services: Examples from Kenya, India, and Guatemala, showed how the authors considered how these identities of class, gender and sexuality interrelate in practice. They achieved this b drawing and pondering on an empirical study of several women in the wine industry which they have undertaken, as well as the selection of some contemporary works which could be considered as links to multiple social categories. Conclusion Gender issues can be viewed from various perspectives. It could be from the point of view of the oppressed or from the vantage point of the oppressor. But looking closely at these issues, we could see that it is somewhat related to matters of equal importance. This includes concerns like race, class, or ethnicity, and no matter how one looks at it, there is truly a relationship between different identities. Because of this, it is important not to tackle one issue alone, instead take them as a whole, in order to better understand the matter. Gender issues are indeed, matters which should not be taken lightly. Quality of Sources: http://www. cofc. edu/~winfield/socy354/intersections. html This source is not biased because it demonstrated how intersection theory can be applied in various empirical studies through a series of testing. It is also from an educational institution which is why the information can be verified through an inquiry. http://www. isiswomen. org/wia/wiawcar/intersectionality. htm This source is biased because the author injected her own opinion regarding the concept of intersection of gender with other identities. This information is from a feminist organization, so the bias is clearly towards women. www. bsos. umd. edu/socy/People/Faculty/Syllabi/socy682_blandry. pdf This source is somewhat biased, as the author gave his perspective on the topic, injecting personal accounts and opinions in her discussions. But the credibility is still there, and it aims to educate people through a series of seminars. http://www. peacewomen. org/resources/Racial_Discrimination/csw2001race. html This source is somewhat biased, as it discussed various issues on gender and the global economy while addressing on the concerns of women empowerment. This information is also from a feminist organization so the bias would be towards women. silverdialogues. fas. nyu. edu/docs/CP/301/leveringlewis. pdf This source is biased as it offered the authors own perspective regarding the concepts of social inequality, including the various intersections of class, age, gender, ethnicity, and race. The content however, is credible, as it is supported by concrete information from other sources presented by the author. www. prb. org/pdf05/IntersectionOfGender. pdf The source is not biased and is credible because it illustrates various situations on the intersection of gender with other identities in the context of different countries. It is descriptive without the author injecting her personal views on the topic. http://www. classism. org/home_intersection. html The source is biased because it seeks to persuade people regarding the various identities, so its bias would be those who are negatively affected by this matter. http://gateway. nlm. nih. gov/MeetingAbstracts/102262300. html The source is not biased and is credible because it conducted a series of tests in order to arrive at a certain conclusion, without the author injecting personal opinion about the research and how it should turn out.http://he-cda. wiley. com/WileyCDA/HigherEdTitle/productCd-0787976636. html The source is biased because the article is highly opinionated, where arguments from the author are mainly her own perspective. www. courts. state. pa. us/Index/Supreme/BiasCmte/FinalReport. ch14. pdf The article is not biased, as it was able to arrive at a conclusion by means of a series of test regarding a certain concern. References: 2002. The Intersection of Racial and Gender Bias. www. courts. state. pa. us/Index/Supreme/BiasCmte/FinalReport.ch14. pdf. February 4, 2008. Classism. org. 2007. Intersections: Race, Class & Gender. http://www. classism. org/home_intersection. html. February 4, 2008. Susanna George. 2001. Why Intersectionality Works. http://www. isiswomen. org/wia/wiawcar/intersectionality. htm. February 4, 2008. Karen Hardee. 2005. The Intersection of Gender, Access, and Quality of Care in Reproductive Services: Examples from Kenya, India, and Guatemala. www. prb. org/pdf05/IntersectionOfGender. pdf. February 4, 2008. Bart Landry. 2003. Theorizing Race, Gender, and Class: A New Paradigm for Social Research. www. bsos. umd. edu/socy/People/Faculty/Syllabi/socy682_blandry. pdf. February 4, 2008. David Levering Lewis. 2001. Beyond Exclusivity: Writing Race, Class, Gender Into U. S. History. silverdialogues. fas. nyu. edu/docs/CP/301/leveringlewis. pdf. February 4, 2008 PeaceWomen. org. 2001. Statement on Global Economy: Gender, Class and Racism. http://www. peacewomen. org/resources/Racial_Discrimination/csw2001race. html. February 4, 2008. L. Roberts. 2003. The Intersection of Race, Ethnicity, Class and Gender in Adolescent Dating Relationships: An Exploratory Study of Intimate Violence and HIV Risk. http://gateway. nlm. nih. gov/MeetingAbstracts/102262300. html. February 4, 2008. Amy J. Schulz. 2005. Gender, Race, Class and Health: Intersectional Approaches. http://he-cda. wiley. com/WileyCDA/HigherEdTitle/productCd-0787976636. html. February 4, 2008. The Institute for Teaching and Research on Women. 2006. The Intersection of Race, Gender, and Class: An Overview and Guide to Teaching. http://www. cofc. edu/~winfield/socy354/intersections. html. February 4, 2008.

Recent Global Economic Recession - Free Essay Example

Sample details Pages: 14 Words: 4086 Downloads: 10 Date added: 2017/09/23 Category Advertising Essay Type Argumentative essay Tags: Investment Essay Did you like this example? Foreign Investment during the recent global economic recession ABSTRACT:- The year 2008 marked the end of a growth cycle in international investment that started in 2004 and saw world foreign direct investment (FDI) inflows reach a historic record of $1. 9 trillion in 2007. Since then FDIs have been decreasing. The fall in global FDI in 2008–2009 is the result of two major factors affecting domestic as well as international investment. First, the capability of firms to invest has been reduced by a fall in access to financial resources, both internally – due to a decline in corporate profits – and externally – due to the lower availability and higher cost of finance. Second, the propensity to invest has been affected negatively by economic prospects, especially in developed countries that are hit by the most. The setback in FDI has particularly affected cross-border mergers and acquisitions (MAs), the value of which was in sharp decline in 2008 a nd early 2009 as compared to the previous year’s historic high. It has also taken the form of a rising wave of divestments and restructurings. Nevertheless, some favorable factors for FDI growth are still at work, some of which are even a consequence of the crisis itself. Public policies will obviously play a major role in the restoration of favourable conditions for a quick recovery in FDI flows. Structural reforms aimed at ensuring more stability in the global financial system, renewed commitment to an open environment for inward and outward FDI and the implementation of policies aimed at promoting investment and innovation are key issues in this respect. INTRODUCTION:- The current global financial crisis has its roots in the US, Europe and other advanced countries. Its proximate causes include sub-prime lending, faulty distribution models, unsustainable financial engineering and derivatives usage, and faulty credit rating by agencies, a lax regulation and large globa l imbalances in those countries. But the fundamental cause of the crisis was the loose and excessively accommodative monetary policy followed by the US and other advanced economies from 2002-04. The global economic crisis has triggered a slowdown in global economic growth that is manifesting itself in a demand-driven fall in international trade exacerbated by the deficit of credit and trade finance; falling commodity prices; declining remittances; contracting foreign direct investment (FDI); and the potential of declining official development assistance (ODA). With a globalized system, a credit crunch can ripple through the entire (real) economy very quickly turning a global financial crisis into a global economic crisis. EFFECT ON FOREIGN INVESTMENT:- The financial instability triggered by the United States subprime crisis which began in summer 2007 has led to a progressive deterioration of the investment situation. Foreign direct investment (FDI) flows declined by more than 20% in 2008 . In 2007, the capital outflows from US to emerging market economies spurted to around $600 billion per annum, only to crash soon . The effect of the sudden reverse flow of capital (particularly of portfolio investments) was a particularly traumatic experience for the EMEs. It had severe implications for their monetary management and financial stability. The global crisis has a direct bearing on capital inflows into India. The rate of FDI inflow recorded an increase in 2008-09 compared to the previous year, the FIIs (net) recorded heavy stream of outflows from India in 2008-09 contrary to a healthy rate of inflow in the previous year . A major challenge for developing countries is to continue to attract foreign investment during the crisis to stimulate economic activity, especially for investments that serve long-term development goals and enhance competitiveness (e. g. investments in infrastructure, agriculture, sustainable energy, material/resource/energy efficiency and technology). While 2007 was a record year for FDI to developing countries , equity finance is under pressure and corporate and project finance is already weakening . The proposed Xstrata takeover of a South African mining conglomerate was put on hold as the financing was harder due to the credit crunch . There are several other examples e. g. in India . In the face of the global economic slowdown (and recession in a number of major economies), tighter credit conditions and falling corporate profits, many companies have announced plans to curtail production, lay off workers and cut capital expenditure, all of which has implications for FDI . However, the impact of the crisis varies widely, depending on region and country, with consequences for the geographic pattern of FDI flows . The current crisis began in the developed world, though it is rapidly spreading to developing and transition economies. Developed countries have thus been directly hit by the financial crisis, wh ile its effects on developing economies have so far been indirect in most cases, with varying degrees of severity among regions and countries. This has direct consequences on the geographical patterns of FDI inflows. There is ample evidence that the global crisis is having a negative impact on international investment. Tighter credit conditions and lower corporate profits have weakened companies’ capability to finance their overseas projects; while the global economic recession and a heightened appreciation of risks have eroded business confidence. Many large TNCs have revised their global expansion plans downward, and divestments have taken place . The trend is widespread, hitting all sectors and all three major types of foreign investment (i. e. market-, efficiency- and resource-seeking foreign investment) . FDI flows to financial services, automotive industries, building materials, intermediate goods, and some consumption goods have been the most significantly affect ed, but the consequences of the crisis have been quickly expanding to FDI in other activities, ranging from the primary sector to non-financial services. Concrete examples of decreases in FDI †¢Financial services are experiencing a wave of restructuring in most affected countries. AIG of the United States, for example, is selling off its Japanese and Philippines insurance affiliates . In the mining industry, Rio Tinto (United Kingdom and Australia) and Anglo American (United Kingdom) have indicated that they will reconsider their global expansion plans in the light of waning business confidence and the worsening economic outlook . British Petroleum announced in October 2008 that it will cut 5,000 jobs worldwide in 2009, mainly in developed markets . †¢In the Democratic Republic of the Congo, for example, there has been a spate of mine closures forced by the global economic downturn, and fly-by-night investors have undermined the mining industry’s sustainability and the welfare of its workers. In the automotive industry, leading United States automobile maker General Motors announced in November 2008 – even before the bailout granted by the United States Federal Government – plans to cut costs and capital spending while raising funds through the sale of assets . Daewoo, a subsidiary of General Motors, announced that it would temporarily close Republic of Korea factories in the same month . Opel, a subsidiary of General Motors, has asked for more public support from the German Government . Ford shut down its operations in Berdaux, France, due to poor sales, from October 2008 to January 2009 . French automaker PSA halted its car production in China, and it intends to temporarily close factories in Spain and France. Another French automaker, Renault, also plans to reduce jobs significantly in Europe. Nissan also eliminated 20,000 jobs . †¢Lafarge the world’s largest cement producer also sold its cement and aggregates u nits in Italy to local group Sacci . †¢GlaxoSmithKline (United Kingdom), the world’s second largest drug maker by revenue, is cutting its operations in the United States . French cosmetics group L’Oreal, faced with a sales slump, announced in November that it would close two factories in Europe, one in Monaco and one in Wales (United Kingdom) . †¢ArcelorMittal (Luxembourg) and POSCO (Republic of Korea) have started to revise their growth plans . The setback in FDI has particularly affected cross-border mergers and acquisitions (MAs). It has also taken the form of a rising wave of divestments and restructurings. International Greenfield investments have been less impacted to this point, but could be increasingly affected in 2009 as a large number of projects are presently being cancelled or postponed. In developing and transition economies, FDI inflows have so far remained more resilient. The growth rate of FDI inflows to developing countries, while lower t han in 2007 (when it exceeded 20 per cent) should still reached 4 per cent. The situation is rapidly deteriorating. UNCTAD estimates that global FDI inflows declined by 15 per cent in 2008, to about $1. 6 trillion This sharp decrease marks the end of a growth cycle which lasted four years. Further decline is anticipated for 2009, especially as regards flows into developing countries. While the decrease in FDI inflows has hit developed countries the hardest, some developing economies with open but weak financial systems are also very vulnerable to external shocks . They face unprecedented challenges from the possible drying up of financial flows from both official and private sources. For example, FDI inflows are expected to have declined sharply in such countries as Indonesia, the Republic of Korea, Pakistan, Singapore and Turkey, due to fallout from the financial crisis. A major exception is the United States, where FDI flows may have risen by 38 per cent in 2008 to $321 bill ion (annex table). This can be explained by two major factors: foreign parent companies may have transferred capital to their United States affiliates in financial distress, in the form of equity or intra-company loans, and/or the crisis in the United States economy has triggered new opportunities for the acquisition of local firms by foreign interests . Reduced access to finance. Financial factors have negatively affected TNCs’ capacity to invest , both internally and externally, as tighter credit conditions and lower corporate profits curtail TNCs’ financial resources for overseas investment projects (as well as domestic ones). On the one hand, credit has become less abundant and more expensive. The external funding environment for non-financial companies has deteriorated markedly since mid-2008 , making it more difficult for them to invest in foreign operations or to make cross-border MA deals. The gloomy evolution of markets, including the looming sharp econo mic recession worldwide (and even recession in a number of developed countries) and a heightened appreciation of risk, has also reduced firms’ propensity to invest for further expansion both domestically and internationally of production capacity. Risk aversion. Companies’ investment plans may also be scaled back due to a high level of perceived risks and uncertainties, in order to develop resilience to possible â€Å"worst-case† scenarios regarding financial and economic conditions . There has been a recent rise in divestments and restructuring of operations. Companies indeed undertake divestments and make cuts in existing production capacity – either by shutting down plants or factory lines, or by selling some of their assets to other companies– to restructure foreign operations, save costs, or improve their balance-sheet situation, especially through lowering the debt-equity ratio . There is also evidence that cross-border MAs have already be en sharply affected as a direct consequence of the crisis, with a 17 per cent decline in cross-border MAs in the first 10 months of 2008 as compared to the same period of 2007. The decline in cross-border MAs is of utmost importance for FDI flows, which are strongly correlated with cross-border MA amounts. However, positive driving forces remain at work. There are a number of reasons why TNCs might remain committed to FDI, even in the midst of the crisis. First, a number of large emerging economies, such as Brazil, China, India and the Russian Federation, have remained attractive to FDI, particularly to market-seeking FDI. They maintained relatively high economic growth rates (compared to advanced economies) in 2008 . As prospects continue to deteriorate in developed countries (more markedly than in developing ones), investors will favour the relatively more profitable options available in developing countries . Examples of FDI in developing and transition economies arising fr om continuing market opportunities in those countries, or the longer-time horizons of investing TNCs include: †¢PepsiCo announced in early November that it would invest an additional $1 billion to expand its production in China in the next four years , while at the same time shutting down six factories and laying off 3,300 workers in the United States in order to cut costs . Italian automaker Fiat Group and OJSC Sollers signed a letter of intent in November to expand production of Fiat cars in the Russian Federation , where demand remains strong, despite the slowdown in the automobile industry in Europe and the United States. This is part of the shift of production towards emerging economies. For example, in 2008, the total number of car sales in the â€Å"BRIC† countries (Brazil, the Russian Federation, India and China) was expected to exceed that in the United States . Second, financial crises and tough economic periods also offer opportunities to companies to buy a ssets at â€Å"bargain prices† and take advantage of large-scale industry consolidation in some activities. For aggressive, cash-rich TNCs – or those from cash-rich countries – the acquisition of undervalued assets may boost their investment in both developed and developing countries, depending on the circumstance and opportunities . Examples of increases in FDI through cross-border MAs:- Japanese financial companies have recently acquired several United States financial companies affected by the financial crisis . †¢Financial companies established abroad by Icelandic firms were also bought up: Glitnir AB (a branch of Glitnir in Sweden), and DLG Ltd. and Kaupthing Singer Friedland Premium Finance Ltd. in the United Kingdom, both of which were owned by Kaupthing Bank, were acquired by HQ AB (Sweden), DM Plc (United Kingdom) and Close Brothers Group Plc (United Kingdom), respectively, in 2008 . Several mega MA deals (those with an acquisition value of over $ 1 billion) have occurred in manufacturing industries (such as computer equipment, aircraft and pharmaceuticals) in the United States since September 2008 . Third, companies are still committed to increasing their level of internationalization in the medium term, a finding which constitutes a significant indicator for a future upturn in FDI flows . Large TNCs around the world still seem to be eager to pursue internationalization strategies (and thus increase FDI expenditures in the medium-to-long term). Fourth, new sources of FDI have emerged, especially from the South. Emerging economies and countries well-endowed with natural resources are becoming a growing source of FDI, either through the internationalization strategies carried out by their TNCs, or through the investment activities of their SWFs. FDI inflows The global economic crisis has translated into a sharp decline in FDI inflows both for developed and developing countries. FDI into developed countries in 2008 decreased by an estimated 25 per cent compared to 2007, mainly as a result of the protracted and deepening problems affecting financial institutions and the liquidity crisis in financial markets. As cross-border mergers and acquisitions account for the bulk of FDI in most developed countries, these countries are particularly vulnerable to the credit crunch . Almost all developing countries and countries with economies in transition have been affected by the global financial and economic crisis, but to different degrees. The setback is associated with a rising wave of restructuring and divestment and the cancellation of a large number of Greenfield projects, as well as a decline in cross-border mergers and acquisitions. Compared to cross-border mergers and acquisitions, international Greenfield investments were less impacted in 2008. But they were increasingly being affected in 2009, as a large number of projects awere being cancelled or postponed. FDI outflows FDI outflows from the Uni ted States went down as large repatriations of reinvested earnings and debt from foreign affiliates of the United States corporate sector took place and new investments abroad were halted . FDI outflows from Europe also declined. FDI outflows from the South slowed down, but to a lesser degree than those from the North. Therefore, the share of developing countries in global FDI outflows continues to rise, highlighting an increasingly significant presence of TNCs from the South. Many of them see their capability and propensity to invest abroad inevitably weakened due to the global financial crisis. However, in a few dynamically growing countries, the driving forces of capital outflows, such as a large amount of foreign currency reserves, enhanced firm competitiveness and supportive government policies are still at work . In addition, companies and sovereign wealth funds from these economies are, in general, less affected by the financial turmoil than are enterprises in developed countries; they may continue to be active in overseas investment as part of their long-term strategies and become more important actors in the global FDI arena . For them, the global financial crisis and tough economic period ahead may create good opportunities to buy bargain assets, which can help promote cross-border mergers and acquisitions. However, they have also become more cautious in view of the considerable financial losses that some recent overseas investments have caused. POLICY RESPONSES – KEEPING INTERNATIONAL TRADE AND INVESTMENT FLOWING AND REVIEWING DEVELOPMENT STRATEGIES India has made changes in its FDI regulations several times. One in December 2008, wherein larger share of foreign ownership in many activities such as industrial parks, mining and petroleum, air transport was decided. And the other in February 2009 , which facilitated application of caps on foreign ownership in strategic sector (defence, aviation, telecommunications). It also swt out new paramenters to calculate parameters for calculation of indirect foreign investment in an Indian company . It further clarified the circumstances in which an Indian company with foreign investment will be required to obtain government approval for making downstream investments in India. Another protectionist measures include state initiatives to come up with a funding package of $6. 8 billion or 300 billion rupees – this fund will be used for infrastructure, i. e. schools, roads, and hospitals . The offers announced by Union Finance Minister, Pranab Mukherjee, in Union Budget 2010-11, to enhance investment ambiance in India on February 26, 2010 entail: †¢Measures implemented to un-complicate the FDI system †¢System for computation of indirect foreign investment in Indian firms has been comprehensively classified. †¢Entire liberalization of costing and imbursement of technology transmit charges and trademark, and royalty expenses. Additionally, the Indian government has permitted the Foreign Investment Promotion Board (FIPB), to sanction FDI tenders of up to US$ 358. 3 million. The global financial and economic crisis has stimulated consideration and implementation of mitigating policies and measures by countries and the international community. Some of these measures are valid in terms of safeguarding domestic industries and jobs . The challenge is to restore the credibility and stability of the international financial system, to provide stimulus to economic growth and to encourage investment and innovation. A number of policy initiatives at the national level could stimulate FDI. Three categories of policy measures can be distinguished. First, many developed countries have adopted large-scale bailout plans and rescue packages for the financial sector . Providing State guarantees to financial institutions could have a crowding-in effect on FDI, as these companies might be considered as â€Å"safe† investments by foreign in vestors. Moreover, some countries have even actively sought the participation of foreign investors in individual rescue deals . Second, several countries – such as the United States, France, Germany and Spain – have announced large public investment programmes, mainly aimed at infrastructure investments, which not only builds confidence in economy but also opens up investment opportunities by TNCs. Third, a number of countries have adopted fiscal or monetary stimulus measures which might also have a positive impact on FDI flows. PROTECTIONISM IS STILL A THREAT Over recent months, many national governments have resorted to various policy measures to safeguard domestic industries and employment affected by the global crisis. With regard to investment, there are few signs of deliberate government actions to impede the cross-border flow of investment in reaction to the crisis. However, there is a risk that the massive increase in state intervention and the greater ro le of governments as economic agents could have a downside in terms of indirectly impacting investment policies, especially in terms of active policies favoring investment domestically and discouraging investing abroad. One of the more interesting aspects of the current wave of investment protectionism is governments† response to sovereign investments. The number and size of worldwide SovereignWealth Funds (â€Å"SWFs†) have both seen substantial increase between 1990 and today. Numerous governments in developed countries have partially or fully nationalized domestic companies or are envisaging such a step . For instance, the French Government established a Strategic Investment Fund in December 2008 , which since then has acquired shares in several distressed companies. In February 2009, it augmented its capital participation in VALEO, a French producer of car parts . Reducing foreign investment, including divestment abroad, may be an economic necessity and may be unavoidable even in the absence of state intervention. Much depends on whether the trend towards more state ownership and control remains a temporary â€Å"fire fighting† measure during the crisis, or whether it results in more permanent structural changes with long-term implications. Nationalization policies and increasing state interference reduce investment opportunities for private investors – domestic and foreign – and may create an investment disincentive. While many private investors may currently not have much interest in acquiring enterprises that were or are to be bailed out, state ownership or control may become a more serious investment obstacle in the future if it is maintained after the actual crisis is over. A key global priority must be to resist and arrest tendencies towards protectionism and economic nationalism. In this regard, confidence in the multilateral trading system must be strengthened, with strong support by all countries to concl ude the Doha Round on balanced and pro-development terms on an urgent basis. To avoid divestment, developing countries need to consider how to accommodate the cost-saving strategies of TNCs. For instance, a number of developing countries have included tax relief in their economic stimulus packages . CONCLUSION: The negative impact of the current financial crisis and the economic aftermath from it on FDI are likely to become stronger, and a further decline in global FDI flows is expected at least in the short-to-medium term. Countries with healthy macroeconomic fundamentals and robust financial systems are likely to recover sooner. Despite clear signals of economic slowdown, a number of large dynamically growing economies may remain attractive to market-seeking FDI, There are however a few positive forces still at work that can provide some relief to global investment flows. These include, for example, investment opportunities triggered by cheap asset prices and industry restru cturing, large amounts of financial resources available in some dynamically growing countries such as sovereign wealth funds, and quick expansion of new activities such as fuel switching, renewable energy, material/resource/energy efficiency and some other environment-related industries. The crisis was less destructive to FDI than had been feared. While investment budgets, including those for FDI, were squeezed during the crisis, TNCs did not engage in wholesale divestment of their foreign affiliates. The crisis did, however, accentuate one recent trend, namely the shifting of TNCs? geographical focus to developing and transition economies. Also, the various economic stimulus programmes recently launched in many countries may have a positive impact on FDI inflows. The commitment of G20 leaders to take steps to facilitate trade and investment may also help to improve business confidence among companies. BIBLIOGRAPHY:- Articles †¢The Global Economic Downturn and Protectioni sm, Raymond J. Ahearn, Congressional Research Service †¢Protectionism And Sovereign Investment Post Global Recession, Dr. Efraim Chalamish , OECD Global Forum on International Investment †¢UNCTAD Investment Brief, Global FDI in Decline due to the Financial Crisis, and a Further Drop Expected, November 1, 2009 †¢Does Foreign Direct Investment Promote Development? , Theodore H. Moran, Edward M. 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