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Literature Topics and Economics
2 Literature Topics and Economics
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Institution
Introduction
2. James Thomson, The Seasons
One of the most dominant features in the poem, “The Seasons” by James Thomson is its depiction of nature. From the preface to the end of the poem, Thomson acknowledges that there exists no other subject that is more amusing, elevating or ready to arouse the poetical enthusiasm, philosophical reflection, and moral sentiment than works of nature. The description of nature in this poem is a precursor for frequent meditations on numerous and different contemporary interests and ideas (Millar, 2003). The poem incorporates reflections on social and natural condition of man. It also reflects on the nature as the depiction of poetic renderings of the current notions pertaining to natural history, political enthusiasm, political comments, divine ordering mind, and praise of friends among others (Millar, 2003). Its themes and motifs are related to the recognizable natural universe. Thomson stirs the joy and glory that comes with the revitalizing nature in Spring, the magnificence of summer, the tranquility of autumn, as well as the obvious cruelty of winter. This poem had a tremendous appeal on both Romantics and Augustans and influenced both of them in a significant manner (Millar, 2003). It is said to foreshadow of Romantic Revolution in the literary world as it practically inaugurated the trend pertaining to descriptive meditative poetry. This category of poetry often used the descriptive detail in an effort to make up a certain mood. This was seen clearly in his praise for nature and countryside, not to mention his exaltation of what he calls “Retirement in Solitude” (Millar, 2003).
Slavery in Politics and Practice (200 words)
Slavery is one of the most popular topics in many works of literature. This is because the history of many nations is rooted in slavery where a country is either a slave master or a slave. In the essay “Taxation No Tyranny”, slavery is presented as acceptable and as a mutual relationship that is beneficial to both the slave and the master. The author tends to insinuate that both the slave and the slave master suffer the same fate. He states that a mother country is similar to a body with numerous parts or colonies (Johnson, 1913). In essence, they are affected by similar things albeit in different magnitudes. In addition, Samuel states that as much as chains are dreadful they are extremely crucial in deterring anarchy. They are, however, to be used only on individuals who cannot be restrained without them. However, these sentiments are not shared by Olaudah Equiano. In this autobiography titled “The Interesting Narrative of the Life of Olaudah Equiano, Or Gustavus Vassa, The African”, Equiano outlines the pathetic position that slaves occupy. The former slave depicts slavery as a vice that involves selling people for money like commodities. This situation is utterly degrading as seen in the episode where Equiano exercised his entrepreneurial skills in the hope of buying his freedom (Equiano, 1913). The two authors differ in their attitude towards slavery. Samuel seems to be fairly comfortable with the notion of slavery while Equiano resents it.
Monetary Policy: Objectives, Strengths and the Cause-Effect Chain
Monetary policy refers to a policy that employs the central banks’ regulation for the supply of money in the market so as to ensure stability of the economy. This policy is applied with the sole aim of fostering sustainable economic growth, as well as ensuring that inflation is held to a minimum. The effectiveness of monetary policy rests in the cause-effect chain. The supply of money is known to affect interest rates, which in return affects investments. It is worth noting that investment is one of the key components of aggregate demand, which in return is a key component of Gross Domestic Product. In essence, any change in investment translates into a change in the equilibrium GDP (Walsh, 2003).
Monetary policy has various objectives. First, it has the objective of ensuring rapid economic growth by regulating real interest rate, as well as its resultant effect on investment. In addition, monetary policy has to ensure price stability or that the value of money is stable. Monetary policy also ensures the stability of the exchange rate by modifying the foreign exchange reserves so as to influence the demand foreign exchange (Walsh, 2003). This, in effect, helps in stabilizing the exchange rate. Moreover, monetary policy has the objective of maintaining Balance of Payment Equilibrium. BOP may either have a BOP surplus or BOP Deficit. BOP Deficit reflects stringency in the supply of money while BOP Surplus underlines an excess money supply. The monetary policy would aim at maintaining monetary equilibrium thereby attaining BOP equilibrium(Walsh, 2003) . Monetary policy also aims at ensuring full employment in the economy, a situation that would be characterized by the absence of involuntary unemployment. Lastly, it also aims at ensuring equal distribution of income.
Monetary policy comes with a number of strengths. It is worth noting that monetary policy is a short-run action that enables policy makers to evaluate economic conditions, thereby promoting low inflation and sustainable economic growth in the long-term (Walsh, 2003). Monetary policy is also known to put a limit or roof on the housing costs, and the amount of rent placed on tenants. In addition, monetary policy sets limits pertaining to spending habits and debts by the government. This prevents the country from going into debt, something that would be disastrous for small countries (Walsh, 2003). Monetary policy also places restrictions as to tax collection. It controls the areas from which the government derives its taxes, as well as the frequency of collecting these taxes.
Reference
Equiano, O., (1789). The Interesting Narrative of the Life of Olaudah Equiano, or Gustavus Vassa, the African. London: Author
Millar, A., (1938). The Works of Mr. Thomson, 2 volumes. London: Millar
Walsh C.E., (2003). Monetary Theory and Policy, 2nd Edition. New York: MIT Press
Johnson, S (1913). Taxation No Tyranny: An Answer To The Resolutions And Address Of The American Congress. New York: Pafraets & Company
McDonaldization
McDonaldization
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McDonaldization
McDonaldization is a concept developed by an American Sociologist, George Ritzer, and refers to the specific kind of rationalizing production, consumption, and work which has become prominent in the 20th century. According to George Ritzer, the McDonaldization of a society is a phenomenon that takes place when the society, its organizations, and its institutions are adapted to have similar characteristics found in the fast food chains (Ritzer, 2002). These include calculability, efficiency, predictability, and control. An example of a McDonaldized company is Walmart. Walmart is an American multinational retailer that operates a chain of grocery stores, supermarkets, discount stores, hypermarkets, and neighborhood markets. Walmart fulfills the four key concepts of McDonaldization.
The first concept is efficiency. According to Ritzer, efficiency involves a managerial focus on minimizing the time that is required to complete individual tasks and also to complete the whole process or operation of distribution and production (Ritzer, 2002). In the case of Walmart, it has services that help its customers. It contains pick-up services where customers can order their products online, and arrive at the stores physically where their products are loaded into their cars by Walmart workers. There are also delivery services where customers can order their products through online channels and have their products delivered to their place of residence. There are also self-check-out lanes found inside their stores. These lanes can be used by the customers to ring up or bag their products instead of depending on the worker to do it. Most of these tasks by Walmart enhance distribution efficiency.
The second concept is calculability. According to Ritzer, calculability is the focus put on counting things (Quantifiable objectives) rather than quality evaluation (Subjective ones) (Ritzer, 2002). Walmart, through its commercials and articles, lets its customers be aware of the low prices they offer and they will be able to live better with them. The calculability category consists of the services and all the prices that Walmart offers. This is a good strategy since this enables the company to attract more customers by telling them what they would want to hear which is giving those memberships, discounts, low prices and so much more.
The third concept is Predictability. Predictability is the assurance that the services and the products would be the same in all locals and over time (Ritzer, 2002). Walmart is well known for the predictability of its products. It has a similar store design, store layout, same products, and similar services that are offered. This is a good strategy since if one of Walmart’s stores has anything different then it would not be fair for other stores not to have a similar thing. For example, Walmart has a different name in Mexico ‘Wal-Mex’ from ‘ASDA’ in the United States. The names are distinct but everything else is the same and people think of Walmart when they hear such names.
The fourth concept is control. Control is exercised by the management to make sure that the workers act and appear the same on daily basis. It also refers to the use of technology and robots to replace or reduce human employees where possible (Ritzer, 2002). Walmart has all its products prepackaged and ready to be placed at their respective positions in the stores. There are also self-check-out areas where customers scan their products and purchase them afterward. Overall, Walmart customers and employees just push buttons and then computers do the rest of the work. This helps make work easier for both customers and employees.
I, therefore, think that McDonaldization helps Walmart o operate better and more efficiently. With the services offered, self-check-out lanes that help the employees to the customers would make the customers come back again. McDonaldization is a positive due to how it makes things convenient. This is because today, people want things to get done quickly and with ease and McDonaldization is one of the methods to make this a reality.
References
Ritzer, G. (2002). An introduction to McDonaldization. McDonaldization: The Reader, 2, 4-25.
McDonald’s
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McDonald’s
As discussed in chapter 8, customer satisfaction is the primary determinant of whether the customer prefers one store or product over another rival one. In the case of McDonald’s, it is clear that its customers were very dissatisfied with the events. The global restaurant chain faced problems in China due to shortages in meat. Shanghai Husi Food Co. supplied McDonald’s with all its meat; hence severing the relationship over outdated meat to the restaurant caused an acute shortage. Customers visiting McDonald’s for their favorite meat burgers and other meat products must have been very disappointed. McDonald’s should have implemented several strategies concerning customer service to ensure they did not lose their customers completely.
One of the reasons why people all over the world love McDonald’s is their delicious food and the assured quality. To discover that they had been deliberately supplied with outdated meat was quite shocking, and McDonald’s did the right thing severing ties with Shanghai Husi Food Co. the first thing for the company to do to regain goodwill is to explain the situation to the customers. They should say that they are still negotiating with suppliers to ensure that the customers get the best quality of meat. Such an assurance would show that the company cares about its customers and makes no compromise on quality, even if it means temporary losses. Another thing that McDonald’s can do to keep customers happy is to have promotional discounts as a way of apology. For example, they can sell some items at half price or give every tenth customer free drinks. Workers at the restaurants should be careful to listen keenly to the customers’ concerns and complaints and assure them that their concerns were valid. The company should also put out a statement on their social media platforms accompanied by an apology for the inconvenience.