Tuesday, October 16, 2018

Pain Management in Cardiac Surgery

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Pain Management in Cardiac Surgery


INTRODUCTION


Pain is an unpleasant sensation caused by noxious stimulation of sensory nerve endings. Moseby Dictionary (10), p 866. A nursing diagnosis accepted by the fourth National Conference on Classification of Nursing Diagnosis.


As a symptom pain is defined as a state in which an individual experiences and reports the presence of severe discomfort or an uncomfortable sensation. Moseby Dictionary (10), p 866. Pain assessment is an evaluation of the factors that alleviate or exacerbate a patient's pain. The patient where possible is asked to describe the cause of pain and its intensity and location. Moseby Dictionary (10), p 866.


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Response to pain varies widely among individuals and depends on many different physical and psychological factors, such as pain threshold, fear and anxiety, and ethnicity of the individual involved and the way that they experience their pain. Clinical judgment in pain management in patients, appears to be inadequate as many research papers have shown over time. Lauder (10) p 15.


Post-operative pain for adult cardiac surgical patients has many facets. Mueller et al (000) p 1. Pain can be caused by the incision, chest tubes, multi-intravenous cannulations; just to name a few.


There have been numerous literature reviews and research on pain management within the last three decades, but few studies that have focussed on Cardiac Surgical patients. Meehan (14) p .


ANALYSIS OF RESEARCH FINDINGS


Research studies of pain management of cardiac surgical patients has focussed in five major areas, and they are


1. Types of Pain Management and its Effectiveness


. The Knowledge of Nurses and Doctors of Pain Management


. Education on Pain Management for Patients Pre-surgery


4. Long Terms Effects of Cardiac Surgery and Pain


5. Complications relating to Pain Management


Types of Pain Management and its Effectiveness


Participants in five studies used either, PCA (Patient controlled analgesia) NCA (Nurse controlled analgesia) or Epidural in the post-operative period, post-cardiac surgery. Pettersson et al (000), Turfrey et al (17), Tsang and Brush (17), Boldht et al (18), Melzack et al (187). Unfortunately there has been only a few clinical trials on the use of PCAs among post-operative cardiac patients that have been carried out to date.


Study by Tsang and Brush, used the comparative analyst in design that compared the two groups of patients receiving pain relief. The first group used the PCA the second group used the NCA. The sample size of the study, and compared well with the clinical trials of sixty to eighty sample sizes.


In this study a negative attitude and lack of knowledge amongst nursing staff in ICU was recognised. Also the study of Chuck (17), found similar results. Although scepticism among nurses existed on the use of the PCA. Tsang and Brush (17).


Also due to lack of knowledge, nurses underrated pain or expressed unreasonable concerns regarding opiate induced respiratory depression. In contrast the study of Boldt et al (18), which was a perspective randomised study and the study of Pettersson et al (000), which was a comparative study, both found that better pain management was obtained by using the PCA without the increased side effects compared with the traditional NCA treatment.


The study of Turfrey et al (17), performed a retrospective analysis of patients undergoing cardiac surgery which received a thoracic epidural for their pain management which resulted in good pain management without any complications. This was only one study, and further studies in this type of pain management are warranted to back up the findings of Turfrey et al.


The study of Melzack (187), reviewed patients that underwent many different types of surgery, with only nine having cardiac surgery. The study used questionnaires and observational methods as well as the pain-rating index. The results from the data collected indicated that post surgical pain is poorly controlled; Melzack (187) p7, and can impede the patient's recovery. Overall the method of managing post-operative pain favoured the PCA over the NCA.


The Knowledge of Nurses and Doctors of Pain Management


Increased knowledge about availability of resources for pain management could be expected to reduce incidents of uncontrolled pain. Instead, evidence indicates that moderate to severe pain continues to be sub-optimal throughout the world. Lauder (10), Heath (18), Van Niekerk et al (000), Watt-Watson et al (000), McCaffery and Ferrell (1), Dahlman et al (1).


The study of Heath (18), used the methodology of descriptive / exploratory design, which utilised the established questionnaire, by McCaffery and Ferrell (1). In the study by Lauder (10), it was identified that one major problem of pain management was medical practitioners under prescribing analgesia, and that nurses compounded the problem by under-administrating the medication.


Studies by Lauder (10) and Van Niekerk et al (000) and Watt-Watson et al (000), all identified that further education for both medical practitioners and nurses on pain management would improve their knowledge base, and break down some of the barriers to ineffective pain management in the future. Vignette and Surveys were used in studies by McCaffery and Ferrell (17), Van Niekerk et al (000) and Watt-Watson (000), and questionnaires were used by Lauder (10) and Dahlman (1) to question nurses' knowledge on pain management.


All studies had a variety of problems that needed to be addressed. Some of these problems were nurses' inability to make decisions on pain management when ordered PRN, the lack of knowledge on pain management to their attitudes on pain. Also inadequate policies in many hospitals on guidelines for effective pain management. In the study by Lauder (10), the ethnic background of medical practitioners of their method of pain identification was biased in many cases.


Some studies suggest that a callous disregard for the plight of the patient. Fagerhaugh and Strauss cited in Lauder (10) p18.


Education on Pain Management for Patients Pre-surgery


This area of pain management has been neglected in the past. Kuperberg et al (1). There were three studies that reviewed the education that was given to patients, pre-cardiac surgery. Watt-Watson et al (000) did a pilot study of a randomised controlled trial in design of pre-admission educational booklet and a questionnaire was used to obtain feedback, prior to discharge.


The results were that the educational booklet provided adequate education. In contrast Kuperberg et al (1), using a quanatative research method, using a ten point numerical rating scale of severity of pain pre-operatively and post operatively, also descriptive questions assess beliefs, expectations and perception of pain. The results for this study, indicated that health care professionals generalised, and should individualise pain management.


The study of Nay et al (16), also used questionnaires and the ten point numerical rating scale, which gave results of a poor standard of pain management. Interesting enough 5% of patients surveyed were very satisfied with their post operative analgesic management. Nay et al (16), suggests that this maybe related to patients pre-operatively overestimation of post-operative pain severity.


Long Terms Effects of Cardiac Surgery and Pain


A study by Hunt et al (18) reviewed the quality of life, after coronary artery by-pass surgery, as we are only researching Pain Management we will only review part of this study. The other study by Hunt et al (18), used a cross-sectional study in design, of 1 patients that were given a questionnaire and were followed up twelve months post-surgery.


17% of those patients, still had severe to very severe sternotomy wound pain and 1.8% leg / arm wound pain, and the researchers were surprised at the high incidence after twelve months. The study by Rowe et al (18), was a perspective repeated measure in design, the sample size was of 107 women, who had coronary artery by-pass surgery, and data was collected twelve and eighteen months post-surgery.


Like the study of Hunt et al (18), Rowe et al (18) used the discomfort scale of 0 (No Pain) to 10 (Unbearable Pain) to the rate the patients' pain / discomfort. The study was part of a much larger study. Due to different reasons, only 51 patients participated in this study. Rowe et al (18), also used the satisfaction with life scale, which was a five-item scale which used to measure of cognitive evaluation of life satisfaction.


The results of this study were quite high. At twelve months 47% of women who had had IMA (Internal Mammary Artery) used for grafting experienced chest wall discomfort, and 18% of the women who had Saphenous Veins for grafting.


The findings found that women were able to perform the activities of daily living, but they couldn't identify what would relive their pain, which was not helpful to the Clinician looking for interventions to relief such pain. Rowe et al (18)


Complications relating to Pain Management


The study by O'Connor (1), used randomised control trial in design examined 10 patients undergoing coronary artery by-pass surgery; they were randomly split into three separate groups. Group one used the PCA, group two used a combination of PCA and non-steroidal anti-inflammatory drugs prescribed three time daily, group three used the NCA. The assessment was using VAS (Visual Analogue Scale) and chest X-rays, the radiographer is blinded to which group the patient belongs.


Findings reveal that patients with poor pain management were at greater risk of developing respiratory complications, such as, Atelectasis. O'Connor (1).


The study of Moore et al (14), indicated the instance of sternotomy fractures, although only 10% in the study experienced greater pain, and 1% of these suffered major respiratory compromise, due to pain and further intervention of more effective pain management to improved their pulmonary function.


This was measured by arterial blood gases, oxygen requirements before and after pain relief and respiratory rate. A study by Stenseth et al (16) which was also a randomised control trial had similar findings of reduced pulmonary function following cardiac surgery due to poor pain relief which prevented effective breathing and coughing. This was also verified by arterial blood gases and oxygen before and after pain relief.


FUTURE RESEARCH AND RECOMMENDATIONS


Additional research is essential in the regard to more effective pain management in cardiac surgical patients, as over the last thirty years little research has been done in this area. Meehan (14) p . Many of the research studies reviewed have examined fairly small sample sizes compared to the number of people undergoing cardiac surgery. Australian Bureau of Statistics (18).


Hence replication of studies, in the clinical settings with larger sample sizes would be beneficial and findings may influence the way pain is managed in the future, such as educational programs for both nurses and medical practitioners to improve their knowledge base.


"Education is probably the single most important tool for improving pain management", Lauder (10) p 1.


Pain which prolongs can affect the quality of life after cardiac surgery, and listening to our patients and giving them a better understanding of what to expect when undergoing cardiac surgery , hopefully this will not give them unrealistic expectations of the pain that they are likely to experience. Although conflicting research is evident in which pain management method is more effective, Tsang and Brush (17), Pettersson et al (000), Boldt et al (18), further research in this area could improve the pain management of further cardiac surgical patients especially as the length of stay in hospital after this surgery has shortened over the last ten years. Naughton et al (1).


The studies of Watt-Watson et al (000) and Kuperberg et al (000) indicated that pre-op education and a booklet on their surgery gave patients an insight of what to expect but larger sample sizes in this area need to be undertaken. Although complications related to pain management is only a small percentage of patients undergoing cardiac surgery. O'Connor (1). Further research in this area could possibly reduce those findings even further.


Some of the possible research questions for investigation are


o How could further patient education on pain management improve their quality of life?


o What education do both medical practitioners and nurses require to improve their knowledge?


o What is the most effective pain management for patients undergoing cardiac surgery?


CONCLUSION


Although pain management in cardiac surgery is under researched in the past, there is evidence in the research that has been done to date, which indicates a slightl improvement of the knowledge base of nurses and medical practitioners. Heath (18). There is still need for change within the nursing profession's current practice pain management and it must be actively pursued at the educational, institutional, ward and personal level to optimise the management of patient's pain. Heath (18).


Further research should also be designed with a view to developing and assessing interventions which increase knowledge and also reduce faulty judgments about pain management. Lauder (10). Patient education in recent years has been actively pursued and it is important that further research be continued to give the patient a better understanding of the prospects post-cardiac surgery but not giving them unrealistic expectations regarding their quality of life.


The research on the types of pain management from the NCA to the PCA / Epidural all have a place in obtaining optimal pain management for the patients undergoing cardiac surgery. Although only a small percentage of patients undergoing cardiac surgery develop respiratory problems, due to unmanaged pain further research is warranted to look at preventing this in the future.


Hence in summary, all the areas reviewed about pain management in patients undergoing cardiac surgery require further research to provide optimal care to our patients.


REFERENCE LIST


1. Australian Bureau of Statistics (18) http//www.abs.gov.au; accessed on 7th September, 001


. Boldt J Thaler E Lehmann A Papsdort M Isgaro F, Pain Management in Cardiac Surgery Comparision Between Standard Therapy and Patient Controlled Analgesia Regime, The Journal of Cardiac-Thoracic Vascular Anaesthesia, 1(6) December, 18 pp 654 to 658


. Chuck P, Vital Signs and Nurses' Choice of Titrated Doses of IV Morphine for Relieving Pain Following Cardiac Surgery, Journal of Advanced Nursing, 0(4) pp858 to 865


4. Dahlmann G, Dykes A, Elander G, Patient Evaluation of Pain and Nurses Management of Analgesia After Surgery, Journal of Advanced Nursing, 0(4) October 1 pp 864 to 874


5. Heath L, Nurses' Knowledge and Attitudes Concerning Pain Management in an Australian Hospital, Australian Journal of Advanced Nursing, Vol. 16 () July 18, pages 15 to 17.


6. Hunt J, Hendratta M, Myles P, The Quality of Life After Coronary Artery By-Pass Surgery Heart-Lung, Journal of Acute-Critical Care Vol. November-December 000, pp 401 to 411


7. Lauder J, Clinical Judgement in Pain Management, Journal of Pain, Vol. 4 10, pp 15 to


8. Kuperberg K, Grubbs L, Coronary Artery By-pass Grafts' Surgical Patients' Perception of Acute Post-Operative Pain, Journal of Clinical Nurse Specialists, 11() May 17, pp 116 to 1


REFERENCE LIST (continued)


. Meehan D, McRae M, Rourke D, Analgesia Administration Pain Intensity and Patient Satisfaction in Cardiac Surgical Patients, American Journal of Critical Care, 15 (4), pp 45 to 44


10. Melzack R, Abbott F, Zackon W, Mulder D, Davis M, Pain in a Surgical Ward A Survey of the Duration and Intensity of Pain and the Effectiveness of Medication, Journal of Pain 17, pp 57 to 7


11. McCaffery M, Ferrell B, Nurses Knowledge of Pain Assessment and Management How Much Progress Have We Made, Journal of Pain and Symptom Management, Vol. 14 (), September 17, pp 175 to 186


1. Moore R, Follette D, Berkoff H, Post-Sternotomy Fractures and Pain in Open Heart Surgery, Journal of Chest, Vol. 5 November 14, pp 1 to 14


1. Moseby's Medical, Nursing and Allied Heath Dictionary (rd Edition), CV Moseby Company 10, p 866


14. Mueller XM, Tinguely F, Pain Location, Distribution and Intensity After Cardiac Surgery, Journal of Chest, Vol. August 000, pp1 to 6


15. Nay PJ, Elliott SM, Harrop-Griffiths AW, Post-operative Pain Expectations and Experience After Coronary Artery By-Pass Surgery, Journal of Anaesthesia, 51(8) August 16, pp 741 to 74


16. Naughton C, Prowroznyk A, Feneck R, Reasons for Prolonged Hospital Stays Following Heart Surgery, British Journal of Nursing, Vol. 8(16) September 1, pp 1085 to 1087


17. O'Connor C (MD) Pain Relief and Pulmonary Morbidity After Cardiac Surgery, Journal of Critical Care Medicine 7(10) October 1, pp 14 to 16


18. Pettersson P, Holmer-Lindskey E, Anjou Owall A, Patient Controlled Analgesia v's Nurses' Controlled Analgesia Pain Treatment After Coronary Artery By-Pass Surgery, Journal of Acute Anaesthesiology (Scandanavia), Vol. 44 (1) January 000, pp 4 to 47


1. Rowe MA, King KB, Long Term Discomfort in Women After Coronary Artery By-Pass Surgery, Heart/Lung Journal of Acute Critical Care, Vol. 7 () May / June 18, pp 184 to 188


0. Stensth R, Bjella L, Burg EM, Christiansen O, Levang OW, Gisbold , Effects of Thoracic Epidural Analgesia on Pulmonary Function After Coronary Artery By-Pass Surgery, Europe Journal of Cardiac Thoracic Surgery, 16, pp 85 to 865


1. Tsang J, Brush B, Patient Controlled Analgesia in Post Operative Cardiac Surgery, Journal of Anaesthetic Care, Vol. 7 (5) October 17, pp 464 to 470


. Turfrey DJ, Ray DA, Sutcliffe NP, Ramagg P, Kenny G, Scott PG, Thoracic Epidural Anaesthesia for Coronary Artery Surgery Effects on Post-Operative Complications, Journal of Anaesthesia, 5(11) November 17, pp 100 to 105


. Van Niekerk LM, Martin F, Tasmanian Nurses' Knowledge of Pain Management, Journal of Psychology, 1(), March 000, pp 40 to 4


4. Watt-Watson J, Garfinkel J, Gallup P, Stevens P, Striener D, The Impact of Nurses' Emphatic Response on Pain Management in Acute Care, Journal of Nursing Research, 4 (4) July / August 000, pp 11 to 00


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Brand Management - Mcdonald

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McDonalds Brand Identity Model


In advance of recommending a brand extension for McDonald's Restaurant, an intimate understanding of the Brand's identity is essential. The application of the brand identity model to McDonald's, has been adapted from the interpretation in the David A. Aaker text, 'Building Strong Brands?.


Core Identity


?Food Quality The food is consistent. A Big Mac in Bangkok is engineered to taste like a Big Mac in Winnipeg. A certain degree of customization is possible. It is also of the highest quality.


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?Service Quick, accurate, friendly. Delivered by a mix of young staff and experienced adults.


?Cleanliness The dining area and kitchen are exceptionally clean. A largely visible kitchen is a common feature of McDonald's which raises the stakes and ensures a degree of cleanliness.


?User Traditionally a child-centric environment geared towards the family. Will also appeal to a wider segment, including the individual in need of a quick and tasty meal.


Extended Identity


?Convenience Quick service equates to convenience. The restaurants are numerous, conveniently located, and often offer drive through service.


?Product Scope Hamburgers, French Fries and children's toys. New 'lighter choice?menu items include veggie burgers, salads and other items aimed at healthier living.


?Sub brands Big Mac, Happy Meal etc.


?Corporate Citizenship Ronald McDonald House is a massive children's charity, Social Responsibility Report available online , Sponsor of Olympic athletes, use of local suppliers.


?Brand Personality Iconic. Bright, fun and family oriented.


?Relationship Ties to the community via corporate citizenship initiatives make McDonald's 'part of the neighbourhood?


?Logo The ubiquitous golden arches. Generally visible from a distance.


?Characters Ronald McDonald, the clown.


Value Proposition


?Functional Benefits Quality food, friendly service and good value translate into a positive experience.


?Emotional Benefits Kids can use McDonald's as a place to congregate and share good times (i.e. for a birthday or after a little-league game). Adults can relax knowing that the food delivered is consistent and adored by children.


Disparity between the brand identity model and the brand's image


McDonald's has been experiencing its fair share of difficulties as of late. Since 17 it has lost % of ifs share of the fast food market . In the fourth quarter of 00, McDonald's lost money for the first time ever, with losses totalling $4.8 million USD . Franchisees are disheartened by their lack of input, slimmer margins and increasing costs. Older customers are noticing a decline in the service and cleanliness of the restaurants, teens no longer feel McDonald's is 'cool?and children have been unimpressed with the latest string of toys in their happy meals. The food has developed a reputation as being unhealthy which is damaging in an age when the importance of fitness is being emphasized. The pace of innovation at McDonald's has long been regarded as too slow. The last product that met with success was the chicken McNugget and that was introduced nearly 0 years ago (it took several years to get the McNugget launched ). Former CEO Jack Greenberg acknowledged the problem and stated, 'There's only so much these kids who work for us can do in the restaurant. The more complicated you make it for them, the tougher service is going to be and the slower it's going to be? He addresses a fundamental problem that McDonalds is yet to solve.


Analysts are quick to point out that McDonalds?competition is stiffening as Burger King, Wendys and Taco Bell fight to maintain their market share. Shares of McDonald's fell 14% in the fourth quarter of 00 while the Dow Jones Index gained 5% . All of these problems can be distilled into one observation; McDonald's is not living up to its brands promise and is suffering as a result.


The McDonalds brand is in need of repair


Despite a tarnished brand image, the company has done well in establishing brand equity. McDonald's is an American institution that has touched the lives of many people. The golden arches are firmly entrenched in the American psyche and this gives McDonald's a certain amount of slack when they fail to live up to the customer's expectation. McDonald's has delivered in the past and the brand is powerful enough to weather the current storm. However, the public will not continue to forgive and forget indefinitely. The Company is not oblivious to its problems and has recently assembled marketing and advertising agencies to deliver a new brand direction. The McDonald's corporate press release stated that the result of this conference was a new theme line, 'I'm lovin?it?. No other details were released but one has to hope that this tag line is accompanied by some more relevant changes. The fundamental problems are not going to be fixed by a clever line or a shiny new advertising campaign. McDonald's must focus on its core identity and make the repairs from the top down. This would involve a renewed focus on the Company's QSC standards (quality, service and cleanliness). Intensified training and sufficient janitorial staff would help improve service and cleanliness. The quality of the food remains a matter of personal preference and it would be difficult to elevate people's perceptions of the food quality. All that McDonald's can continue to do here is offer the consistency which it has become synonymous with.


Why a Brand Extension?


McDonald's still possesses a powerful brand. Interbrand, a leading brand strategy and design firm ranked McDonald's as possessing the top brand in 17 (based largely on the valuing of the brand's ability to be extended) . However, the problems identified suggest that the brand would benefit from rejuvenation. The brands status may be enhanced if a successful extension is implemented. Furthermore, the extension strategy is simplified by the leveraging of an already recognizable brand. The existing brand recognition is likely to lower costs of building customer awareness and increase the speed of market penetration . An extension may also help to further differentiate McDonald's from its increased competition and enable the company to remain at the forefront of the consumer's mind when they are making decisions about food.


Extension Policy Considerations


In an effort to determine the most appropriate extension for McDonald's, various considerations were made. Many studies on the viability of extensions draw insights from the 10 Aaker & Keller model . Aaker & Keller proposed and tested a model of consumer brand extension attitude formation identifying three main factors that affected the success of the extension. They were the attitude to the original brand, the 'fit?between the original and extension product and the perceived difficulty of making the extension product . These three factors surfaced regularly during conversations with survey respondents.


It was determined that prior to any extension consideration, it was imperative that a deep understanding of brand meaning was in place. A survey of ten individuals was conducted and the first five minutes of the interview was used to discuss what McDonald's represented or meant to them as customers or non-customers (depending on the subject) . Following the brief conversation, the survey participants looked at six possible brand extensions for McDonald's and asked to rank them in order of McDonald's ability to 'pull it off? After the ranking was completed, the respondent was asked to justify their ranking. Many useful insights were gained from this process, including the following framework for McDonald's new brand extension.


1) Understand the brand. What is it capable of? What is it not capable of?


) Conduct a thumbnail SWOT analysis. Attempt to match up any opportunities with strengths that the Company has. This analysis will allow the brand extension team to identify attractive new markets.


) Speak to people. Conduct a survey to gain insights and confirm findings in the SWOT analysis.


4) An understanding of the brand will allow the Company to address any concerns and tidy up its image prior to its extension implementation.


5) Target the appropriate audience. Avoid the temptation of casting too wide a net during the segmentation process. Inappropriate audience selection will inevitably have negative repercussions on the brand in its original category.


6) Be sure to have a well laid out implementation plan in place. It is easy to conceive of good ideas. It is difficult to get them off the ground.


Rationale for brand extension choice


Based on the framework that relied on research, observation and surveys, I have recommended that McDonald's proceed with an extension into the grocery store. While the concept of the amusement park elicited the most enthusiastic response it was deemed too capital intensive and frivolous during an economic slowdown. Respondents frequently mentioned that it was a good idea but seemed like a difficult extension for McDonald's. After weighing the many options, frozen meals was chosen to explore further. For detailed survey results please see Appendix B.


McDonald's is a large Company and will have manufacturer's anxious to establish relationships with them and produce the product. A favourable deal may be struck if McDonald's leverages its brand's power. Mass production runs will help McDonald's achieve economies of scale in a short period of time. Another reason to proceed into this market is that the research suggests that frozen dinners are well-positioned to continue as one of the fastest growing and most dynamic food categories in North America . Consumers are time-starved and need convenient solutions. This extension will address these customer needs and as a result the product will provide value to the customer.


This extension will be targeting the same audience that McDonald's restaurants target. The meals will be developed for children primarily but also offer alternatives for adults that need a quick meal. McDonald's popularity with children should drive sales and its brand will save consumers time when shopping. The frozen food options have increased lately and having the McDonald's brand at a reasonable price in the grocery store will allow the consumer to dismiss the numerous alternatives.


Important brand associations can be carried into the new offering. Consumers will value the consistency and value that the McDonald's frozen meal offers. A parent will appreciate the fact that after a long day at work they can feed their children something dependable that will not be met unenthusiastically.


A complete implementation process is available in Appendix C.


Conclusion


McDonald's is fortunate in that it has a powerful brand. This presents the Company with any number of possibilities when considering extensions. Much has been made of recent lapses in service and cleanliness, however these problems can be fixed with a modicum of effort.


Certain factors are highly influential in the formation of consumer attitude toward new extensions and these affect the eventual success or failure of the extension. These considerations combined with thorough research into the new product market are essential steps to take prior to proceeding with a brand extension. As long as McDonald's is able to transfer some of what it does well into the new product category (i.e. consistency, value etc.) there is an increased likelihood the effort will succeed.


Appendix B Survey Results


Methodology Respondents were asked to rank in order the extension that they felt McDonald's would be most successful/competent at. Participants consisted of 4 female, 6 male with a mix of 4 McDonald's customers and 6 non-customers. A customer was defined as someone who has eaten at the restaurant in the last month, and intends to eat there again in the near future. Ages ranged from 16 to 6.


Survey Respondent Number 1 4 5 6 7 8 10 Mean Score


Farm Equipment 6 5 5 5 6 6 6 6 6 5.4


Dinnerware 5 6 6 6 4 5 5 6 4 5


Frozen meals in the grocery store 1 4 1 1 1 5 .


Amusement Park 1 1 5 1 .


Day Care Facilities 1 4 1 1 .


Educational, Interactive CD ROM for Children 4 4 4 5 4 4 4 5 .


The below are some of the most insightful qualitative statements and reflections made by respondents.


Farm Equipment


This choice was provided in an effort to evoke negative commentary or raise questions about what McDonald's is 'not good at? It was revealed by most of the respondents that McDonald's would be ill advised to extend into an area that they have 'nothing to do with? Most people saw farm equipment as having no connection to McDonald's current business. Respondent nine was the exception as the subject referred to the attributes of assembly line production and associations with potatoes and farming.


Dinnerware


Dinnerware was consistently dismissed on the basis that McDonald's does not have a high quality or prestigious image which are important attributes in the new product category. One respondent suggested that McDonald's would be better suited to license or produce paper plates and cups.


Frozen Meals at the Grocery Store


A popular choice based on McDonald's obvious association with food products. Respondents noted that this would also take the least effort. People would recognize the brand in the aisles and instantly connect with it. It was noted that the frozen meals would be easy to make consistent which is an attribute that McDonald's wishes to be associated with. Respondent nine was again somewhat unique by wondering, 'if the food is garbage in the restaurants, why it would be any better from a grocery store??


Amusement Park


This is the brand extension that was met with the most enthusiasm. People saw the park as a natural extension of the McDonald's Playlands. One respondent noted the success of a similar Hershey branded theme park. Strong associations with children often caused respondents to assign this a #1 ranking. The idea sparked the most conversation as respondents began sectioning off the proposed park according to McDonald's characters like Grimace and the Hamburglar. When asked if McDonald's still relies on these characters in their marketing, there seemed to be a degree of uncertainty.


Day Care Facilities


Evoked the most diverse responses. People saw value in a chain of consistent facilities where parents could expect a certain level of service and cleanliness. However, one respondent expressed concern regarding the possibility of one of the restaurant's young (inept) employees taking care of their children. In addition concerns about what the children would be fed every day were raised. McDonald's reputation for unhealthy food was touched on by most survey respondents. One respondent addressed the fact that such an extension would be capital intensive and the training requirements would be considerable. It was therefore judged to be less suitable than a more modest extension like frozen meals. Liability issues were also raised.


Educational Interactive CD-ROM


This option was met with relative indifference. The only connect that people saw was through the association with children. There was concern about the ability of McDonald's to deliver educational material and help with the development of children. The same problem was present with the Day Care option.


Appendix A A Thumbnail SWOT Analysis


Strengths McDonald's food is consistent. Staff are friendly given the demand for rapid transactions. The Company is well regarded in the community as a responsible corporate citizen (Ronald McDonald charitable foundations). A well recognized brand.


Weaknesses Perceived quality is slipping, and fast. The cleanliness that McDonald's espouses is clearly not being delivered. Innovation is slow and falling behind its competition. Franchisees would like more autonomy but that may threaten the consistency which McDonald's is so proud of.


Opportunities Leveraging of the strong brand. The brand is basically an untapped gold mine. Stand behind the lighter choice menu. If it catches on, it will go a long way in changing the unhealthy image.


Threats Competitive pressure from Wendy's, Burger King etc. Environmental and anti-globalization groups. General downturn in US economy.


Appendix C Implementation Process ?A 6 P Analysis


Product Variety will be limited initially. Meals will be based on products that are currently available in McDonald's restaurants (i.e. Chicken Nuggets and fries). McDonald's is clearly not gourmet food so they should avoid moving into the premium priced frozen food section. Quality will be similar to the restaurant's (R&D important here) and the packaging design should evoke feelings of the restaurant. The golden arches logo should be prominent. Kid's meals may wish to include a small toy in order to deliver excitement to the child.


Price McDonald's should keep with a value offering. Price is an attractive feature of the restaurant and should be carried over into the grocery store. Many frozen entrees are expensively priced and McDonald's may benefit from positioning themselves as the dependable, affordable alternative.


Promotion Using the extensive networks of franchises is an excellent way of promoting the offering. McDonald's restaurants may wish to offer a special initial sales promotion whereby restaurant customers receive coupons for 50 cents off of a McDonald's frozen meal purchase.


Place McDonald's should aim for significant grocery store penetration. They will likely wish to stay out of the prestigious chains where sales would likely suffer.


People This element of the mix will be less important than in their restaurants. Poorly run grocery stores with bad service should be avoided if possible in order to avoid negative associations with the brand. Relationships with manufacturers and grocery store managers will be an important part of getting the extension off the ground.


Process McDonald's will have to have a closely monitored supply chain. Orders should be delivered in a timely manner to the various grocery stores. The manufacturing may be done by a company that McDonald's is already familiar with. Quality and consistency of the meals should be closely monitored.


Please note that this sample paper on Brand Management - Mcdonald is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Brand Management - Mcdonald, we are here to assist you. Your cheap custom college paper on Brand Management - Mcdonald will be written from scratch, so you do not have to worry about its originality.


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Thursday, October 11, 2018

Racial Profiling

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Imagine driving to work, running late for an important meeting. You are driving the posted speed limit, obeying all traffic laws, and you car is in perfect working order. All of a sudden, flashing red and blue lights are behind you and you're being pulled over. The officer treats you as a suspect right off the bat, smothering you with questions concerning what you're doing, where you're going; yet never really telling you why you've been pulled over. Without any warranted reason the officer wants to search your car. After much hassle you are finally free to go, yet still have no explanation as to why you were pulled over to begin with. Now imagine you are black and the officer is white. You have probably just experienced racial profiling.


Racial profiling is a problem which is gaining widespread notoriety in the United States. It may be the most important homeland issue we face today. Racial profiling is a clear violation of the civil rights of United States citizens. Not only does racial profiling affect civilians, but it actually makes law enforcement ineffective. Most efforts to investigate and eradicate racial profiling have failed due to unclear findings and a lack of accountability on the part of law enforcement. New measures must be taken in conjunction with current measures to curb racial profiling. A stringent federal program to monitor and survey our nation's police officers is needed. The public also needs to become more involved in efforts to stop racial profiling. Until these measures are taken, racial profiling will continue to eat away at the heart of our nation.


Racial profiling is one of the most important civil rights issues facing our country today. Not only does racial profiling affect the direct victims, it negatively affects all people of color, in all generations, of all levels of economic standing. The integrity and accountability of law enforcement agencies is lost due to racial profiling. This integrity is lost in the communities that need effective law enforcement the most, making it close to impossible for police officers to do their jobs. Racial profiling can be defined as "any police-initiated action that that relies on the race, ethnicity or national origin rather than behavior of an individual or information that leads the police to a particular individual who has been identified as being, or having been, engaged in criminal activity" (Ramirez, 1). When referring to traffic stops, racial profiling should be defined as an officers use of race or ethnicity as a factor in deciding to stop, question, search or arrest someone.


There are two types of racial profiling, hard and soft. "Hard profiling uses race as the only factor in assessing criminal suspiciousness" (MacDonald, 1). A good example of hard profiling would be an officer seeing a black person and, without more to go on, pulling him over for a search assuming he may be carrying drugs or weapons. "Soft profiling is using race as one factor among others in gauging criminal suspiciousness" (MacDonald, 1). For instance, imagine police had information that a Latino gang, which drives red Hondas, was running drugs along the freeway. A police officer sees a Latino driving above the speed limit in a red Honda, and pulls him over in hopes of finding drugs. This would be a fine example of soft profiling.


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Racial profiling can also be stretched to include characteristics associated with minority or gang related behavior. Peter Noel points out in his Village Voice article that "a baseball cap, worn at an angle, accounts for 10% of stops. A red or blue bandanna accounts for 0% of stops. Large hooded sweatshirts account for 10 percent of stops" (Noel, 4).


The majority of racial profiling instances occur on the freeway. Police officers are pulling over a disproportionate number of minority drivers in order to look for drugs and other contraband. Even if the driver commits a traffic infraction, the reason the officer pulls him over, as opposed to countless other speeders, is his race. This is considered by many to be racism, and a violation of civil rights.


Racial profiling has been monitored in many jurisdictions, and in most cases has been found to be a significant problem. "A 16 study in Maryland found that while African Americans accounted for only 16.% of the drivers on I-5, they constituted 7.% of the drivers stopped and searched by the Maryland State police" (Ramirez, 1). Numbers such as these are very alarming, and hard to ignore. Such an unbalanced average can only point to racial profiling. In a survey conducted along state highways in Pennsylvania over a period of a week, results showed that "African Americans accounted for 7% of all traffic stops" (ACLU).


Racial profiling affects law-abiding citizens as well as offenders. Innocent people of minority ethnic backgrounds are stopped, questioned and searched for reasons that would not lead to the interrogation of a white driver. Minorities report stops based on minor equipment violations such as items hanging from the rear view mirror, and even stops followed by inquiries such as, "whose car is this you're driving?" or "what are you doing in this neighborhood?"


Racial profiling not only violates the civil rights of entire communities in the name of criminal justice, but it is an ineffective crime prevention tool that ultimately victimizes the people it is supposed to be protecting, the non-criminal public. "In a society dedicated to the ideal of equal justice under the law, forcing one group of citizens to put up with disparate treatment because of the color of their skin is positively abhorrent" claims an editorial in the Cincinnati Post (A Chance To Move On).


Racial profiling is often practiced in areas that need a strong police presence the very most. For police work to run its smoothest and most effectively, their must be trust between the civilians and the police officers. The widespread perception among minorities that they are unfairly targeted by the police because of their race has led to a lack of trust in the police. This mistrust harms both the police and minority communities, by making police work more difficult.


Minority communities need effective policing because minorities are much more likely to be victims of violent crime. They need the protection offered by effective police work, and the police want to do their job well. Mistrust of the police makes this goal all but impossible because it makes people less likely to cooperate with the police by reporting crimes and aiding police investigations. In a personal interview Ben Jordan, an African-American, stated that "I have experienced unfair treatment by police, and I have learned to not trust them or cooperate with them" (Jordan, Ben). Due to these kinds of circumstances, both the public and police lose a lot. The investigation and abolishing of racial profiling serves both the interests of the police and the citizens.


Racial profiling is not only discrimination against minorities, it is also a very poor and ineffective method of policing. A common justification for racial profiling in police stops and searches is that it makes sense to stop and search minorities in greater numbers, because they are more likely to be guilty of drug offenses. The reality of the situation is that minorities are arrested for drug offenses in connection with traffic stops at a high rate because they are targeted at a high rate, not because they are more likely than whites to have drugs in their possession. Studies have shown that even when minorities are searched at higher rates, they are no more likely than whites to be carrying illegal drugs.


Reports have actually found minorities are often less likely to be carrying illegal drugs than white people. For example, a nationwide study of racial percentages relating to arrests found that


The percentage of searches in which contraband was found was the same


for black and white drivers 8%. Washington's attorney general reported


that in 1 the "hit rates", or percentage of searches in which contraband


was found, for motorists stopped by the State Patrol were 10.5% for white


drivers and 1.5% black drivers. New York's attorney general reported


that in "stop 'n' frisk" incidents in 18 and 1, the arrest rates were


1.6% for whites, 11.% for Latinos, and 10.5% for blacks. In 18 the


U.S. customs service reported similar numbers for stops and searches in


airports nationwide. Their hit rates were 6.7% for whites, 6.% for blacks,


and .8% for Latinos. (Murakami, A)


Numbers such as these would more accurately point to white people as the worthy recipients of racial profiling, when the truth is that no one deserves such treatment.


While many studies find that racial profiling is a problem, there are almost as many studies that come back with results that seem to indicate racial profiling is a myth. The testimony of victims should be proof enough that these studies are flawed. So what is it that is making this data come back flawed? Most of these numbers are the results of surveys or questionnaires that are given to police officers. The questions are directly related to race. Officers are asked questions such as "did you know the race of the person before stopping them?" or "did race play a role in this incident?" A task force on racial profiling in Seattle said "the question would give officers an easy way out by saying they did not know the driver's race" (Davila, A). Questions such as these leave things clearly in control of the officer. Most police officers are not going to admit to racism. In a personal interview, police officer Rick French stated "not many of my fellow police officers would be willing to imply racism on their behalf or the behalf of their fellow officers" (French, Rick).


Some people say that the reason studies come back with inaccurate and unreliable results is due to confusion over what should be measured and how it should be applied in studies. There are not easy answers to these questions, as evidenced in this article from Time Magazine


Should we take the percentage of traffic stops for a certain racial group


and hold it against that groups percentage in the population? Or should it


be the percentage of stops vs. the actual driving presence if that group in


the area where the stops were made? If we are talking about the


percentage of people arrested for a certain crime, can we consider, the rate


at which others of their race have been picked up for that crime in the past,


or is that data always tainted by the racism of the cops who arrested them?


(Cloud, )


The best way to handle these data collection techniques is with simple questioning and simple analysis. It must be remembered that the citizens are not on trial here, but the actions of our law enforcement agencies.


Many questionnaires ask for the officers badge number. Questions such as these lead to even more fear on the part of the police officer, fear of consequences. What sane person would voluntarily put their job and reputation on the line? Due to these circumstances, the results of these tests cannot always be trusted. Until someone is playing watchdog, evaluating these officers statements, they carry little weight.


While sometimes flawed, data collection legislation is the first step in abolishing racial profiling. So far, eleven states have enacted legislation addressing racial profiling California, Connecticut, Kansas, Massachusetts, Missouri, North Carolina, Oklahoma, Oregon, Rhode Island, Tennessee, and Washington. Since these states took action, legislators in another thirteen states have introduced bills dealing with racial profiling. The strongest of these policies require mandatory, indefinite data collection by all state and local law enforcement agencies. While this is a start, there are many other steps that need to be taken to end racial profiling.


The first step in dealing with racial profiling is for law enforcement agencies to collect data on the race of all the drivers they stop, as well as information about the circumstances of the stop. Data collection is necessary for identifying the problem, and giving direction in attempts to stop racial profiling on the part of individual officers and entire agencies. Data collection should not be viewed as a study. Studies often lead to delays in truly dealing with the problem at hand. Data collection should be looked at as a way of dealing with the problem. Ongoing monitoring and measuring of police performance is needed to ensure effective police work and to protect the civil rights of the public. Measuring performance and outcomes is already an established element of running most programs and businesses. Law enforcement should be no different.


Racial profiling is an important issue that involves civil rights. It must be treated accordingly. Data collection cannot be voluntary. A voluntary program would be ineffective and place the lives of minorities into the hands of individual agencies that may feel it is in their best interests not to evaluate the problem. Agencies that have something to hide or are not committed to civil rights would not participate in the program. Also, voluntary, locally run programs would collect information in a different manner from other areas, making comparison and analysis close to impossible. The federal government needs to organize and implement this program. "In this instance we believe federal intervention is necessary. It brings, if not an absolute assurance that promises will be kept, the next best thing, a stable, respected, established mechanism for enforcement" (A Chance to Move On).


Data collected in this program should include the location, date and time of the stop. The race, age and gender of the person pulled over should also be recorded. Also included in the data should be the reason for the stop, and any data relating to a search, including the grounds for the search and results of the search.


Data collection should be used as a monitoring tool for protecting civil rights and ensuring ongoing achievement of law enforcement goals. It is not just a tool for measuring the magnitude of the problem at one point in time. These data collection practices must be kept in place indefinitely. Racial profiling is a serious civil rights violation, and an obstacle to the relationship between the police and the public. Racial profiling is not a matter to be taken lightly or that requires a short-term solution. "Data collected in cities around the country indicate that racial profiling is a widespread civil rights violation, one that warrants ongoing monitoring of law enforcement agencies" (Center For Policy Alternatives). These federal surveys and data collection techniques should become regular protocol.


Data collection by the federal government would ensure that local agencies are not covering their own tracks, to avoid the embarrassment and scandal of documented racial profiling. While the data collection would be collected in a written format under this program, there would also be random verbal interrogations. These sessions would be conducted by federal officers, trained in the art of deception, and with a good background in the police field. Having these officers present would go a long way in assessing the validity of claims made by police officers. Officers found to be lying or inconsistent in their answers would be dealt with accordingly.


Technology has given us many new ways of monitoring almost anything. Most citizens deal with the reality of being possibly taped and documented anywhere they are, except in the privacy of their own homes. Many offices now have hidden cameras keeping watch over the actions of their employees. Police work should be no different. If there ever was a job where the importance, violence, and authority involved lend themselves to being accountable for the actions taken, police work is the job.


With the now common technology of digital cameras, these devices should be placed inside of all police vehicles, recording the events that unfold twenty-four hours a day, 7 days a week. This would take much of the guesswork out of judging racial profiling cases and issues. These cameras would send the images to a mainframe computer in an undisclosed area. This would provide indisputable evidence regarding the nature and circumstances surrounding most all police stops. This evidence would be tamperproof, and beyond the power of deception. Police officers would be held to all new levels of accountability in their work. These cameras would also prove to be very useful in almost every other avenue of police work. From random traffic stops gone wrong to homicide, cameras in all police cars would be an invaluable tool.


While much reform is needed within the government and law enforcement agencies, the American public must take action if they truly want racial profiling to disappear. The public must become involved on a grass roots level in working and shaping the government. Those who take no action in their government have no right to complain about their government. Citizens need to be informed when election time rolls around, and vote accordingly. Liberal politicians, often Democrats, have historically been more concerned with issues such as racial profiling. There is never a steadfast rule on which politicians to vote for, and the public must educate themselves individually regarding each election.


The public can voice their opinions and concerns regarding racial profiling through the often forgotten methods of protest. Whether it be the preparation and completion of a petition to be sent to various government agencies, or a letter to the editor of the local newspaper, politicians are eventually forced to listen to the voice of the public. What begins as the hard to discern cry of an individual can lead to the all out wailing of the masses, and the powers that be will be forced to listen.


Victims of racial profiling should take the same steps mentioned above. Reports should also be made to law enforcement agencies of all racial profiling occurrences. The American Civil Liberties Union has an area on their website for civilians to report instances of racial profiling. Once supplied with the information, they will take the appropriate steps to insure justice is had.


In conclusion, racial profiling is an enormous problem, one that threatens to eat away at the soul of our country from the inside out. People cannot be expected to live in a society where law enforcement cannot be trusted. The reasons behind the practice of racial profiling are unjust and impractical. The effectiveness of our law enforcement agencies is spiraling downward, and the lack of trust of police by the public due to racial profiling is certainly not a help. With current measures to abolish racial profiling failing, a new federal program to curtail this disturbing trend must be implemented immediately. The public needs to be become more involved in their government. Until these actions are taken, nothing will change. How awful to live in a world of such irony, where the very people who are supposed to protect us from injustice are those feeding it.


Please note that this sample paper on Racial Profiling is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Racial Profiling, we are here to assist you. Your essay on Racial Profiling will be written from scratch, so you do not have to worry about its originality.


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Gambling

If you order your research paper from our custom writing service you will receive a perfectly written assignment on gambling. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality gambling paper right on time.



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Gambling is a complex and intriguing human activity. When it appeared long ago, it seen as popular, but it has cycled to the opposite extreme to be rebuked, condemned and repressed as a social evil. More precisely, Video Lottery Terminals (VLTs) are one important aspect of gambling that affects gamblers and makes them addicts. These machines are often refered to as the crack cocaine of gambling, one armed bandits or even the devil`s television. First, to uncover the VLTs world, we need to go back and explore the history of these machines. Then, we need to emphasize on the relation between the population and the machines what attracts people and how? Following this, view by a psychological manner, we have to focus on the fact that VLTs are not random and how people are enslaved by them. Also, the explanation of how these slot machines are taking money from people and their effects. Statistics revealed by a professor who studied gambling in Las Vegas said that 78 per cent of pathological gamblers had thought about suicide and 4 per cent had attempted it; 5.5 per cent said they stole from work to pay for their gambling and 7.5 per cent said they filed for brankruptcy. Finally, the role of the government and the economy will be introduced, and some solutions for addicted gamblers must be included.



First, a little historical introduction is important to analyse where the gambling and VLTs came from. The earliest reference to gambling is found in ancient Egypte displaying various board games. Knuckle-bones, from which dice were derived, were popular in Greece and India (Roman board games). Many other little inventions were created; such as the roulette which was introduced into England in 17 (Roulette history) and playing cards, which originated in



VLTs



1th century China, reached Europe through Spain and were brought to America with Columbus in 14.



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Lotteries were known to exist in early Roman times and were used in judicial proceedings to determine guilt and for the selection of politicians. In England and Western Europe around the 16th century, lotteries became a popular mean of raising government revenue for public projects (lottery history). By 170 lotteries were flourishing to the point of a lottery mania and were more active (Lottery history). Horse racing is several thousand years older than Christianity with Homer and Xenaphon. Knowledge of the first horse race is lost in prehistory (Horse racing). It was then made common in the 11th century in London under the interests of Henry VIII. The formation of the Newmarket Jockey club in 1750 paved the way for the formal regulation of racing (Horse racing).



Poker-machines, referred to as slot machines or Video Lottery Machines, were invented by the American Charles Frey in 185. They gained popularity rapidly to become one of the most profitable gaming devices invented (Slot machine history ...,001-00). Profits derived were so fabulous from such little investment and little effort that governments willingly took advantadge and control of these machines. Today, the number of video lottery machines has increased by thousands year after year and the money continues to grow rapidly in the governemnts pocket. From a journal written by Novak (18) it is said that the amount of money players fed into the machines went from $1.4 billion in 16 to $.1 billion in 17 (p. ).



VLTs 4



It is important to examine the relationship between the population and the Video Lottery Terminals. The question that psychologists and sociologists often ask themselves is what attracts people to VLTs? First, the machines are often very attractive because of their splendid colour



and their simpleness. The games are usually visually appealing. Some would like to say that they are architecturally primitive (Golfman, N., December 18), but because they are not complicated to play and there are not many buttons and readings, the players like these machines that require no skill. "And even though it is a chance outcome, it seems that there is some skill involved. So, you get the sense that you are good at what you are doing" (King, M., March 1). Long ago, these boxes were rudimentary with brown and black colours. But today, to attracted even more people, they are striking with fluorescent coulours and are becomming more modern to fit into today's world. It is seen that after playing a couple of times, it is very difficult to resist the temptation to drop a coin when you are given the opportunity. The next point is in fact about control. People think they have control over their game, but they are just pushing a button or pulling a bar. The rest of the job is done by the machine and it decide when to stop. Also, because it is so simple, it is quicker to play. It is also a way to pass time and some people like it better then sports or reading.



In fact, VLTs are easier to play with, you can do many things at the same time while playing and it does not require much of your brain to understand the games. A player can easily have a cigarette, take a sip from his or her beer or even chat on a cell phone while "keeping the game's images in play with some gentle one-fingered pressure applied to a large well-worn button" (Golfman, N., December 18). These machines only provide an illusion of activity. Also, some games are more popular because they stimulate more than others. The Real Games



VLTs 5



such as poker, blackjack and Keno are far more popular than other gaming terminal options (Golfman, N., December 18). If we compare the card game solitaire to Keno, we can see the difference of stimulation. The software for a game of solitaire on a computer is programmed to deal whatever cards it wants. Keno requires merely picking some lucky numbers, hardly a stimulating way to pass the time (Golfman, N., December 18). And with VLTs games like poker or blackjack, you get to chose the cards you want, instead of having it done by the computer. This way, you have a chance where the computer could choose weather you win or lose. When somebody plays these games, he does not have a partner which is often more stimulating. But that is why the Real Games are visually appealing.



Many people think that they have an equal chance to win or lose money when playing with VLTs. The population is not aware that most of these slot machines are not random. In fact, they look random, but thousands of winning combinations have been removed from these games. If VLTs were random, the machine would lose a large amount of money occasionally. But it seems like this does not happen. For example, the Five Reel slot machines are the biggest money makers in Alberta VLTs (Vegas Professor Say..., October 1, 000) and the odds of winning are terrible. The Five Reel game has five pay lines including the three lines across and the diagonal corners. The cost to play is 5 cents per line, per spin, which can be increased to a maximum of $.50 per spin. This game can easily cost $00 per hour, but the jackpot is only $50. How can we really know if VLTs are random or not? When a player pushes the button which activates the spin, is it really him who decides when to stop? No, it is the machine, so we have no control over them. Again with the Five Reel game, only 1% of all combinations (7,6,64) are actually winning spins where the pay out is higher than the original bet; 45% of the combinations



VLTs 6



pay absolutely nothing (means the player lose); 8% pay less than the original bet (the player still lose) and 1% of the combinations return the original bet (Vegas Professor Say ....,October 1, 000). That means you can only win 1% of the time and this is how government make millions of dollars per month. "Your losses and winnings are electronically tallied as you play, (...)" (Cook, J., 1) and this means we have no control over our bet.



Psychologist and sociologist often analyze how VLTs enslave people and take their money. First, the prime objective of slot machines is to make you believe that the winning combinations are imminent so you keep playing and putting your money into the machine. It means that these machines are very quick. It is not like lottery tickets with which you have to wait often half a week or a week to receive the results and see if you win or not. "They are widely available, but you have to wait until Saturday night to get the results of the draw" (King, M., March 1). For VLTs, the rate of play, rate of return, and the rate of feedback are very quick as a matter of seconds. This is one factor of problem gambling. What happens is that instead of spending the money just won to buy a beer or two, "the now pleasantly hooked client will more than likely roll the credits towards the next set of games" (Golfman, N., December 18). Then, before the player can realize it, he has just passed hours in front of the machine, the credits have led to incredible betting and a big amount of money will be gone. The machines seen to have the capacity to enslave the gambler. When a player loses, he usually has the tendency to play again because he wants to win and since VLTs are fast, it is easy to just replay as much as he wants. VLTs can be played as quickly as 0 times a minute. "In that time an enthusiast can set and lose up to $5" (Golfman, N., December 18). So, during an hour, the player can give up almost $00 to the machine.



VLTs 7



Another factor that causes problem gambling is the accessibility of VLTs. They are widely available in bars and casinos. Anybody can have access to them and even teenagers can easily play with the machines. For example, a man living in Montreal, who just finished working and receives a small salary with a wife and kids, can easily go play at the casino and spend all his money. People become addicted to VLTs and cannot stop playing. Also, many VLTs



outlets are open 4 hours and it is not unusual to hear someone's playing 6 hours straight (Novak, V., 18).



After having identified the quickness of the play and the ease of access to VLTs as factors in problem gambling, we can identify a third one. VLTs are not expensive (King, M., March 1). It only cost 5 cents to play with certain machines. Because you only need pocket change to play and because it seems like a really small amount of money, people tend to play longer with a larger amount over time. "It does not seem like a big investment" (King, M., March 1).



There are various effects and consequences of being addicted to gambling. Lots of players are at risk to develop problems. They become absorbed in their game and also they "mobilise their bodies to function with astonishing mechanical dispatch-like rats in a control experiment" (Golfman, N., December 18). Many scientists did experiments with rats and discovered that when they stimulated the rodents brain, the animals kept returning to the place where they were receiving the stimulation. VLTs uses reinforcement as well to make the gamblers play more and more. This refers to any event which increases the probability that a response will occur again (Coon, D., 000). While playing, the reinforcement is money and the response occurs when the players keep playing. This creates addiction and it is considered as a



VLTs 8



disease. Professionals "who specialise in gambling addiction agree that video poker provides an exceptionally fast track of addiction" (Novak, V., 18). Other scientific research show that video games cause addiction and are enjoyed by many players diagnosed with addiction-disease (Golfman, N., December 18). This is why the gamblers always return to play even if they do not have the money for it. It is a great pleasure that they cannot live without it.



There are many effects of the addiction on gamblers. The player can lose all his money and with it, his house and job. He can lose his wife and even kids. Men are often the gamblers and women or children are the ones who are often physically or sexually assaulted (Macionis, Benoit, & Janson, 1). Often, because of this, the player thinks about suicide and can even attempt it. He can also make criminal acts or just steals money. Both of these acts are terrible and can get the person into prison. Some gamblers just go through alcohol and drug abuse to get away from their problems. As an example, a young pizza-franchise manager has a criminal record after feeding the machines for weeks with his store's cash (Novak, V., 18).



Next, the governments are the one who gets the profits. So, do they really want to shut down the VLTs or to ban these machines from bars and casinos? They are "virtually vacuuming up gambling profits directly from the machines into their treasury" (Golfman, N., December 18). Some provinces share as much as 80 per cent of the net revenues produced by VLTs, "making it virtually impossible for government to resist their invading presence" (Golfman, N., December 18). The money from these machines are a form of hidden tax. The Government uses this money to repair roads, pay bills and manage government itself as taxes do. They also spend money on gambling problems (about $150 000 a year in the province of Newfoundland), but it cannot be compared to the $80 million that they collect from bars and casinos with VLTs



VLTs



(Golfman, N., December 18). So, can we say that governments are supporting problem- gamblers as much as they could? Not really. Another example is in South Dakota where VLTs make 70 per cent profit (Vegas Professor Say ....,October 1, 000). Most successful businesses are only making around 10 per cent profit, so video lottery machines are making 60 per cent more profit then other good businesses.



We can really say that lottery terminals are a source of revenue for state budget. They turned gambling into a supposed source of money for causes like education, environment and economic development but, in fact, it is more like a tax to gain money to go in government treasury. "Last year, the VLTs yielded Montana $1 million on tax revenue, South Dakota $5 million, five to ten times what their conventional lotteries do" (Cook, J., 1). Since the 170s, there has been significant expansion of gambling. Various form of gambling were legalize to "increase revenue without having to rely upon more traditional forms of taxation" (Carr, Buchoski, Kofoed & Morgan, 16). Today, VLTs are part of our lives and governments do not want to ban them. It seems that they do not realize the problems that these machines are causing on the population. "The phrase problem gambler is itself still a suspiciously new term, and one that governments refused to recognize until VLTs conquered the landscape" (Golfman, N., December 18).



There are many possible solutions for addictive gamblers. First, we could shut down the machines. In South Carolina, the Supreme Court shut down 6,000 video lottery machines on July 1st, 000. By this, the number of active Gambler's Anonymous groups was cut in three months, from to 16 groups (Vegas Professor Say ....,October 1, 000). In South Carolina, the Governor said that VLTs are a cancer and he wants them out. If all forms of government could



VLTs 10



do the same thing, there would have a lower race of addicted gamblers. This Governor made an effort to ban these machines. "It passed overwhelmingly in the house, then was filibustered to death in the senate, but is sure to resurface next year" (Novak, V., 18). There are other states where there are signs of reassessment taking place. In Louisiana, many people voted to ban the machines starting next year (Novak, V., 18).



As a second solution, reduction in the speed of the units themselves is a possibility. Many casinos say that slowing down the games mean losing clients (Golfman, N., December 18). People get bored with slow games and will stop playing them. For now, it is only a recommendation and it has not yet been applied. Maybe by losing clients, it will reduce the number of addicted gamblers.



The most current solution, or should we say help, is treatment. Scientists are still at the beginning phases of research on the effectiveness of various treatment approaches (King, 1). Some Addiction Centre and Gambler's Anonymous centres offer help to addicted gamblers. These include self-help groups, support groups, therapy, individual and family counselling, family support and number of treatment programs for people who feel they need a break from their surroundings in order to quit gambling (King, 1). The emphases of these centres are on developing strategies to stay "quit" once you have quit. "For example, these strategies can be external (controlling access to money), or cognitive (helping people to understand their thought patterns and how what they think may lead to into gambling or not gambling)" (King, 1).



The shut down of VLTs and the number of people entering some centres are related. When video machines were turned off in South Dakota, the number of individuals receiving treatments for problem gambling diminished abruptly (Carr, Buchoski, Kofoed & Morgan,



VLTs 11



16). This suggests that VLTs present a unique risk for development of problems severe enough for the need of treatments. But the thing is we know that only a very small proportion of those identified as having a problem actually seek treatment. Most of the population do not realize their addiction and continue to play.



In conclusion, in addition of being the biggest revenue producer for governments, video lottery terminals are also the biggest cause of problem gambling. No other style of gambling creates such an hypnotic fascination. It is seen many times that it is very difficult to resist the temptation to drop a coin when given the opportunity. It cannot be denied that problem gambling is a reality and we have to do something to stop it. Solutions such as banning the machines are efficient and we should do it everywhere. As Quinn says, a director of Carolina Psychological Services in Columbia "video lottery machines are not worth the cost to society in lost productivity on the job, crime, divorce and bankruptcy" (Vegas Professor Say ....,October 1, 000).



Carr, R. D., Buchoski, J. E., Kofoed, L., & Morgan, T. J. (January 16). "Video Lottery" and treatment for pathological gambling A natural experiment in South Dakota. South Dakota Journal of Medicine, 4. Retrieved February 5, 00, from http//med.usd.edu/sdsma/16/6010.htm



Cook, J. (1). Legalizing the slots. Forbes, 14.



Coon, D. (000). Essentials of psychology Exploration and application. Belmon, CA Wadsworth/Thomson Learning.



Golfman, N. (December 18). Gambling addicts. Canadian Forum, 77.



Horse racing. (n.d.). Retrieved April nd, 00, from http//www.casinoblackjack.co.uk/horse-racing.html



King, M. (March 1). Spotlight on ... Video Lottery Terminals (VLTs). Retrieved



February 5, 00, from http//www.crha-health.ab.ca/clin/adultpsy/articles/



Spotlite_vlts.htm



Lipsey, R. G. & Ragan, C. T. S. (001). Macroeconomics. Toronto Pearson Education Canada Inc.



Lottery history. (n.d.). Retrieved April nd, 00, from http//www.naspl.org/history.html



Macionis, J. J., Benoit, C. M. & Janson, S. M. (1). Society The basics. Scarborough, ON Prentice Hall Canada Inc.



Novak, V. (18). They call it video crack. Time, 151.



Perritt, G. W. (1). Don't bet on it. Forbes, 14.



Roulette history. (n.d.). Retrieved April nd, 00, from http//www.online-gambling-source.com/roulette-history.html



Roman board games. (n.d.). Retrieved April nd, 00, from http//.personal.psu.edu/users/w/x/wxk116/roma/rbgames.htnl



Slot machine history-who's crazy idea was this anyway? (001-00). Retrieved April nd, 00, from http//www.online-slots.net/slots_history.html



Vegas professor says benefits of video lottery not worth costs.(October 1, 000). Retrieved February 5, 00, from http//www.ncalg.org/news-101a00.htm



Please note that this sample paper on gambling is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on gambling, we are here to assist you. Your essay on gambling will be written from scratch, so you do not have to worry about its originality.



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Tuesday, October 9, 2018

European case Study

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The building of a United Europe is undoubtedly one of the greatest historical undertakings of the 0th century. It is a process grounded in the positive values with which our civilization identifies the preservation of peace, economic and social progress, respect for the person and the predominance of right over might and, over nearly 50 years for which the process has been under way, there have been some moments of crisis but also major successes. Six countries originally rallied to the concept of a united Europe; now there are fifteen, while more than ten others feel drawn to towards the ideal and have applied to join the European Union.


The Birth of the European Monetary System


The economic crisis of the 170s led to the first plans for a single currency. The system of fixed exchange rates attached to the US dollar was abandoned. European leaders agreed to create a currency rope, tying together European currencies.


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Maastricht Treaty


In December of 11 the 15 members of the European Union, meeting in the Dutch town of Maastricht, agreed to set up a single currency as part of a drive towards Economic and Monetary Union. There were strict criteria for joining, including targets for inflation, interest rates and budget deficits. A European Central Bank was established to set interest rates. Price stability was identified as the paramount goal of the European Central Bank's monetary policy. To Enter the Euro-zone, a country must satisfy Convergence Criteria that are the following


· Low inflation


· Low long-term interest rates


· Stable exchange rate


· Small budget deficit (less than % of GDP)


· National debt cannot exceed 60% of GDP


The analysis of our case centers around the following questions


1,Why did members of the EC create the European Monetary System (EMS)?


The EMS was crated in 17 to stabilize foreign exchange and counter inflation among members. It was formed on the initiative of France and Germany for two reasons


Ø To defend Europe's economic interest more effectively on the world stage


Ø Also,due to an ambition to achieve greater economic unity among members.


A, Why did France bother to join?


France had long been the leading advocate of a centralized and independent monetary institution. The country joined to gain credibility from an institution modeled on the Bundesbank of Germany. The Bundesbank of Germany had a renown reputation as an inflation fighter.


B, Was this an easy sell? The idea for an EMS was not an easy sell.


The EMS worked for a while and then fell apart. This led to the creation of the European Monetary Union (EMU) in 18. The EMU was formed as the EMU members came to realize that a single EU currency will provide greater degree of European market integration than fixed rate by removing the threat of EMS currency re-alignments and eliminate costs to traders in the EU of converting one EMS currency to another. Some EU leaders also thought Germany's management of the EMS monetary policy was biased as it placed a one-sided emphasis on Germany's macro-economic goals at the expense of EMS partners.


C, How do you convince less prosperous countries to join?


You convince them to join by showing that the benefit of joining a fixed exchange rate area out weighs the cost. A major benefit of joining a fixed exchange rate is that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do floating rates. This advantage is known "monetary efficiency gain ". One of the costs of joining an exchange rate area is that the country gives up the ability to use its exchange rate and monetary policy for stabilizing output and employment.


, How well did the EMS work?


The EMS was made to stabilize exchange rate and reduce inflation by limiting the margin of fluctuation for each member currency to a small noticeable difference that is acceptable from a central rate. A common European Currency Unit (ECU) was introduced by which the central exchange rates could be set. The European Currency Unit consists of all the European Union Currencies weighted according to the economic importance of each country. When any currency reaches the limit of the margin fluctuation, which is set at .5 percent, the central banks of the respective countries must intervene by selling off the stronger currency and buying the weaker one. This helped to stabilize the currency from dropping too low by decreasing the amount of it on the open market. The European Monetary System also required member governments to take appropriate economic policy steps to prevent continued deviation from the central rate. The EMS helped lower inflation rates in the European Community and eased the economic shock of global currency fluctuations during the 180s. Between 17 and 181 parities within the European Monetary System remained in relative good shape. Two years of stability was a stun to member states, who anticipated sharp tension among members would occur because of fear that Germany may adopt restrictive monetary policy and stronger currency. In late 17, the German mark appreciated against the group member states and was realigned. Also in the late seventies, the German economy was booming when the oil shock hit. Oil prices rose sharply and this led to a rise in import costs and sent the German trade account into a deficit. Furthermore, the German economy lost momentum when the U.S Federal Reserve initiated its high interest rate policy. These events weakened the German Mark and in fact relieved pressure on the EMS. In 181, France elected a socialist president and a socialist majority to the National Assembly. The new government increased expenditures on housing, family allowances, health benefits, and increased minimum wages. These policies improved economic growth in the short run, while major trading partners in Europe were in recession. In 181-8 French prices rose by 1.6% compared with 4.4% for Germany. Frances balance of trade fell sharply into deficit, and severe downward pressure mounted against the franc. Despite realignments of the franc in 181 and 18, Frances current account deficit, inflation rate, and exchange rate all continued to deteriorate. France was under pressure to protect its position in the European Monetary System. The government adopted hard economic measures. Taxes were raised and public spending was cut. The government adopted tough policies because it did not want to weaken the European community. In fact, if France had withdrawn from the European Monetary System, the franc would have lost its value because the French central bank would not be able to stop the pressure on the franc. The European Monetary System didnt reach phase two of the creation of the European Monetary Fund, because Germany feared that the European Monetary Fund would limit its ability to shape national monetary policy and the other members questioned the value of a European Monetary Fund.


The European Monetary System countries had achieved exchange rate stability and some unification in national monetary policy. Nonetheless, wide differences in fiscal policies and national economic performance persisted among European Community countries. So overall the EMS worked fairly well in the early years of its formation but fell apart a few years after its formation.


,What are the forces working for and against the creation of a European Central Bank?


The European Central Bank (ECB) is the pivot of the Euro system. It guarantees that the tasks delegated to it are performed either by its self or via the participating national central banks.


In pursuit of its primary objective, price stability, the ECBs main missions are to


Ø Define and implement the monetary policy of the euro zone;


Ø Conduct foreign exchange operations, hold and manage the official exchange reserves of the countries of the euro zone;


Ø Issue notes in the zone euro;


Ø Promote the smooth operation of payment systems.


Advantages of the ECB


Ø Elimination of foreign exchange transactions costs with other euro-zone countries.


Ø Elimination of exchange rate uncertainty of each countrys currency against the euro, which should improve the quality of information on which consumers and firms base their decisions.


Ø Greater price transparency when all goods are priced in euros may lead to increased competition in the Single Market.


Ø Participation in integrated market-based European financial markets as the result of the elimination of currency risk. This Leads to a more efficient European financial market.


Disadvantages of having the ECB


Ø The country can no longer conduct monetary policy on its own behalf.


Ø The country may have to substantially limit its use of expansionary fiscal policy under the Stability and Growth Pact.


Ø The ECB must keep inflation in check, and contributes to economic efficiency in order to show credibility of the central bank.


Ø The exchange rate is no longer available to cushion asymmetric shocks


Ø Pursue the main objective of the Euro system in maintain price stability in the euro zone, thus preserving the euros purchasing power.


A, Is EMU desirable?


The adoption of a common monetary policy in Europe eliminated the possibility to use monetary policy for the stabilization of country-specific shocks. This is generally considered as the main cost of forming a monetary union.


As monetary policy can no longer address country-specific shocks other solutions need to be found. One possibility would be the adoption of a system of cross-border fiscal transfers to countries hit by exceptionally bad shocks.


Another solution instrument in the hands of national authorities capable to stabilize local macroeconomic conditions is fiscal policy.


B, Is the EMU feasible?


In order to bolster its monetary union with democratic legitimacy, it needs to develop a fully-fledged political system. The present system is a European Union that makes monetary and economic decisions with far-reaching impact on the daily lives of citizens, but at the same time it lacks electoral parliamentary legitimacy creating a democracy gap that is not sustainable in the long run. Therefore, the temptation for Europe is to find the motion to build more or less a federated, political entity closing the democracy gap.


The constitutional convention basically needs to achieve two major objectives in order to reform the EU into a political union. A transparent and efficient vertical sharing of power between the EU and its member states and a horizontal sharing of powers between the three EU-institutions - the Commission, the Council, and the European Parliament.


The EU has tried to reform its institutional set-up ever since the Treaty of Maastricht, which set up EMU without achieving political union. The struggle between an intergovernmental approach and a more federal approach has endured for more than a decade now.


C, Is EMU unavoidable?


Given the facts presented before us and the important role that they play in order to ensure that the requirements are met, for example the % inflation rate. I would have to say that The EMU is not unavoidable.


D, IS European Monetary Union (EMU) unavoidable?


The quest for European monetary unification became a reality on January 1, 1, by the introduction of a common currency, the euro, the establishment of common tariff, the reduction of interest rate and inflation, and the creation of a central bank. The road leading to this day has been momentous and challenging due to the history of Europe and the political establishment who has been longing for a currency to counter the effect of the US dollar in the foreign market. By 185 Europe had seen a temporary upswing economic, which led to the drive for the EMU to expand memberships to 15 countries and developed common monetary and fiscal policy toward GDP such as low interest rate and inflation.


In addition, supporters of the EMU believe that any country located near the euro block will find economically advantageous to become a member. Other argues, that EMU will generate better macroeconomic performance and other economic gains for it members such as major labor market reform and agricultural reform. Even countries are waiting for their membership seen to find the EMU or the euro unavoidable. Today Country such as Greece, Turkey, the former Soviet's States even England want to be a member because of it market value share. One reason is that EMU creates a market of close to 00 million consumers serve by a common currency, 10% more than the US. On the other hand country such as Britain at the beginning, which has been an advocate against the EMU for fear of lost of economic sovereignty, is so wary of the idea that it has not joined the euro.


D, How necessary are budget controls?


By the 10s Europe saw a rise in public debt, inflation and unemployment, which has forced most government to expand public employment and interest rate. The increase in unemployment rates led to a large and constant budgetary drains. First, Finland, France and Germany have reduced both categories of government consumption, although simultaneously taxes have been risen and capital outlays. Second, wage payment has actually risen in France, but public finances benefited from falling interest rates. Third, to offset increase in social benefit and interest payment they have mainly raised taxed. Other countries have so far benefited from lower interest rates, but they have to follow a rigid monetary and fiscal policy. Nevertheless, some countries might be deterred from fiscal expansion by the fear of appreciating their currencies. However, it is not surprising that some countries are finding it difficult to meet the requirements of EMU. "Fiscal tightening in preparation for EMU has tended to raise unemployment and thus benefit payment, leaving a diminished net positive effect on government budgets. Countries where unemployment has come down since the 0s (Finland, the Netherlands, and Ireland) are in relatively good fiscal shape. Countries, where unemployment is high and rising (France, Italy, Germany), are having a hard time adjusting" (1). High unemployment couple with the rigid monetary policy such as such reducing inflation by 1.5% and reducing the government's budget deficit to no more than % of GDP makes budget control difficult to attain in those countries (See chart and Graph in appendix). France and Germany were the countries that were hit the most countries.


E, Why did the EC find it easier to create a common market in goods than in currencies?


Post the Second World War European's leaders envisioned a globalize economy and further enlargement of the union to counter the position of US dollar. The effect of exchange rate and the monetary autonomy made no differences between markets. By 18 Mr. Delors head of the ECU presented the three stages leading to the EBC and the operation of the euro. "Germany served as the anchor state much as the US did in the Breton Woods system… The Delors Report raises the question of fiscal independence" (). The Bundesbank became the leading contender of the EBC. Germany envisioned and designed the ECB as a replica of the Bundesbank because of it volume and it place in the world. For instance Germany's politic dominate the EMS. They set interest rates to suit its own economy, and most other Europeans were then obliged to adapt. In 17, due to the inflexibility of the EMU the community "adopted the snake an exchange rate agreement requiring fluctuations of no more than +/- .5% against the dollar in the currencies of both the member states and some countries that had not yet acceded to the community" ().


F, Will Economic integration drive political integration?


Unlike the US, Europe is not a coherent continent. For the first time Europe's small states see the EU as a guarantee that the continent will be run by law rather than force or military. Each member has the same voting right unlike the United Nation. As the tension between big and small countries emerge, the smaller state see the EU contemplates how to run itself in the future. The head of each countrys central bank has an equal voice in making European monetary policy; the governor of Germanys Bundesbank, for instance, has no more say than the governor of Greeces central bank.


Franco-German Alliance was the center stage for the collapse of EMS. Smaller states fear the their alliance and they will lose control over the vision of the group. By 17, Germany " accounted for the bulk of the group's GDP and the only significant world currency. The Bundesbank was proving itself the economic power in Europe a chastening realization France which had longing itself the senior member of the Franco-German partnership" (4)


4, What are the economic implications outside of Europe


One of the most obvious implications of the start of EMU for the United States--as well as for the world community--was the coming into existence of a new currency, the euro, which is intended to function as a major international currency alongside the U.S. dollar.


It is quite true that the euro may quickly become the currency of choice in the invoicing of trade between companies in the European Union and their foreign counterparts. Companies in regions with strong links to the European Union, such as those in eastern and central Europe, North Africa, and the CFA French franc zone, may also choose to invoice trade in euros. More generally, the euro may well expand its importance in world trade beyond the relative trade weight of the European Union countries, following a path similar to that taken


The economic effects of these potential changes in invoicing practices are likely to be limited. The re-denomination of a significant share of world trade into euros will mainly represent a shift in invoicing practices from the use of former European currencies to euros. The current role of the dollar should not be taken for granted. Once the euro comes into existence, the simple conversion of the EMU countries outstanding securities into euros will contribute to the immediate creation of a major securities market.


This development alone will create a critical mass for a market in euro-denominated securities. It will bring down the costs of conducting transactions, issuing loans, and trading securities below those currently seen for European national currencies--possibly to levels comparable to those for dollars. Since banks are the main intermediaries of cross-border transactions, the banking sector will bear the brunt of the costs associated with the changeover to a common currency. At the same time, however, the larger single market will create new opportunities for banks, particularly in the areas of investment banking and the cross-border sale of deposits, mutual funds, and other savings products.


Moreover, a well-developed market for euro-denominated capital would encourage institutional investors from the United States and elsewhere to acquire diversified European portfolios offered in a single currency. EMU may cause a short-run glut of dollars in the international capital markets, leading the dollar to depreciate and the euro to appreciate, with resulting undesirable effects on trade flows. The reason there could be a dollar glut, is that EMU would eliminate the need for intra-European intervention, reduce the importance of exchange rate management, and allow national central banks to pool reserves for external intervention, thus generally reducing the European central banks need for dollar reserves.


But should a different international monetary system ultimately emerge in which other currencies, such as the euro, play an increasingly important role alongside the dollar, there would be benefits for the United States as well. A common U.S. currency, it is important to note, has many advantages beyond simply reducing transaction costs. It also simplifies choices for households and corporate management, enhances the efficiency with which financial institutions and the payments system function, and promotes competition across the whole productive spectrum.


Please note that this sample paper on European case Study is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on European case Study, we are here to assist you. Your cheap custom college paper on European case Study will be written from scratch, so you do not have to worry about its originality.


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