Thursday, October 31, 2019

Human Resource Management Positive Discipline Policy Essay

Human Resource Management Positive Discipline Policy - Essay Example Additionally, by creating a policy which is applicable to a blanket range of offenses against the company or the company’s clients, the employees as well as the owners do not have to go through a debate process of judging the level of the offense and the level of the punishment or reprimand. Coming in late to work is certainly an offence but it seldom mandates the same level of punishment as would the act of stealing from a client or a complete breakdown in security protocols for an organization dealing with sensitive information or material (Ploskina, 2001). By having a policy for employee discipline, both the company and the employees are protected from being harmed. It can be argued that this is not the best policy but it can be shown that due to its common acceptance and the use of similar policies across many different companies it is familiar to a lot of workers. This can be very useful since workers would not have to be explained the procedures every time this policy is applied. For the majority of employees the knowledge of the three strikes system would be more or less ingrained and those who would like to get the details about the policy can simply read the document to get answers for any questions that they may have. Secondly, the policy saves a lot of time and money for a company in terms of being compliant with different government regulations as per the Sarbanes-Oxley Act or the HIPAA regulations since the employee discipline and fiduciary responsibilities mandated by these regulations can be internalized in the policy rules. By internalizing the applicable government regulations and using discipline methods used and recommended by the government e.g. zero tolerance for certain offenses and three strikes for others, the company can reduce the cost of compliance (Lundquist, 2005). McManus (2006) takes an interesting view of rules, regulations and discipline policies like the one used by us and says

Tuesday, October 29, 2019

Cowgirl Chocolates Essay Example for Free

Cowgirl Chocolates Essay In 1997, Marilyn Lysohir and her husband Ross Coates began making and distributing chocolates and other treats in addition to working as an artist in Moscow. Cowgirl Chocolates are all-natural, kosher chocolates that are unique in that they contain hot pepper as an ingredient. When you first put one in your mouth, it will taste smooth like other high quality chocolates. After a second or two, youll taste the fiery pepper. Marilyn admits that not everyone can take the heat of her chocolates. However, enough people enjoy both chocolate and spice to keep Marilyn busy shipping her candies from Moscow to all over the world. Cowgirl Chocolates come in mint, orange, lime-tequila, espresso, and milk chocolate. Although espresso is the hottest, all five flavors are hot. In order to appease people who prefer chocolate without spice, this year Marilyn has started making mild-mannered milk chocolate and dark chocolate truffles. Also in the line of Cowgirl Chocolates products, are a spicy caramel sauce and merchandise with the company logo and the tongue-in-cheek warning: sissies stay away. Cowgirl Chocolates quickly began earning awards and gaining attention. Among the eleven awards that Marilyn keeps in her garage are two Golden Chiles, awarded by Chile Pepper Magazine. The critical success of Cowgirl Chocolates inspired Marilyn to adapt and increase the size of her operation. Today, Cowgirl Chocolates are made in cooperation with Seattle Chocolates. Marilyn makes the caramel sauce in a specialty kitchen in Sandpoint. As it turns out, shipping Cowgirl products to numerous locations throughout the world has proven to be the most difficult part of the business.

Sunday, October 27, 2019

Challenges And Opportunities That Social Media Networks Offer Media Essay

Challenges And Opportunities That Social Media Networks Offer Media Essay Traditional media v/s new age media The availability of digital media such as satellite and mobile phones, the digital television and most importantly the internet, as a means for communication makes Internet Marketing (IM) very different from the Conventional Marketing. McDonald and Wilson (1999) elaborately highlighted the key difference between traditional media and new media. With particular emphasises on IM the authors proposed what they call The 6 Is of e-marketing mix. The authors posit that the relevance of the 6 Is are twofold (i) they draw emphasis on the practical aspects of IM such as direct response and personalization and (ii) provide an understanding of strategic issues such as restructuring of the industry and the changes in the integrated channel communications. The 6 Is of e-marketing mix Interactivity In the case of traditional media the marketing message is predominately broadcasted from a company to its target audience, thereby implying the existence of a push factor. This process of communication provides little scope for interaction with the customers. However, on the Internet, contact is initiated by the customer who, in most cases, is seeking information, implying the existence of a pull factor (Deighton, 1996). Intelligence The internet renders itself as a cost effective means of conducting market research. The internet is an especially useful tool in gathering information about customer perceptions about the product/ service. Individualism (Fig 1.14) pg 30 As illustrated in the diagram above, new media forms allow marketing communications to be tailored to the individual that the message is meant for, unlike in the case of traditional media wherein communication is mass media and the same message is disseminated to its audiences. (Lasswell 1984, Katz and Lazarsfeld 1955) Further, the inherent feature of personalisation that new media forms offer to marketers is an important building block in managing relationships with customers. Integration (diagram: A New Marketing Paradigm for Electronic Commerce) The conventional marketing communication model witnesses a fundamental alteration in the presence of a hypermedia Computer-Mediated Environment (CME) like the internet (Hoffman and Novak 1996). The internet enables an increased scope for an integrated marketing communication. The CME communication model provides a platform for consumers to interact with each other, the medium and the company itself. The most drastic departure from the traditional media is the opportunity for the consumers to generate content onto the medium. Hence, in the CME model the primary relationship is with the receiver and the CME, and not between the sender and the receiver, which is the case in traditional media.( Hoffman, 1996) The active role of the consumers makes it imperative for marketers to integrate their communication messages. Industry restructuring. Concepts such as disintermediation and reintermediation (Chaffey et al, 2003) are important considerations for companies that operate in a CME. Disintermediation refers to the process of eliminating conventional intermediaries such as agents and brokers, who previously linked the company to its customers. Reintermediation is the process of creating new age intermediaries between the company and its customer, given the presence of the internet. These new age intermediaries are often referred to as cybermediaries (Shankar et al, 1996) and include virtual communities like forums, fan clubs and user groups, search engines like Google and Bing , virtual resellers like Amazon and eBay. Independence of location The internet provides the possibility of an increased reach of a companys marketing communications to the global audience. This can often translate into reaching international markets and audiences. Social media networks: AN INTRODUCTION Social media networks, though a relatively new terrain for most companies and brand managers had its humble beginnings when Open Diary was founded in 1950s with the intent to create a community of diary writers. A few years later, Tom Truscott and Jim Ellis introduced Usenet, letting its users post articles to its groups. (Kaplan et al, 2010). Dating sites that enabled its users to create profiles and even update pictures and online forums, which were the more user friendly and sophisticated versions of BBSs (Bulletin Board Systems), are all building blocks of the social media networks as we know it today. With the passage of time and the technological developments that . SOCIAL MEDIA NETWORKS: OPPOTUNTIES AND CHALLENGES Social networking sites: Social networking sites like face book, my space, twitter and orkut are platforms for Internet users to create individual profiles with personal information, make new friends and connect with old ones and even for business networking, in some cases. Users can use certain applications which help them connect to each other through instant messaging and sending emails between each other, creating personalised profiles for themselves which can be accessed by colleagues and friends etc. Such applications are known as Social networking sites. Personal profiles are highly specialised as they are suited to the users needs. He/she can upload audio files, videos, blogs as well photos into the profile which can be shared to other friends. Facebook is considered to be the largest social networking site and it is interesting to note that it was originally founded by US based Mark Zuckerberg who wanted to stay in touch with his friends in Harvard Unviersity. Myspace is also another example of a social networking site which has over 250 million users worldwide. SNS are being used for market research with regard to netnography as well as creating brand communities by different companies. SNS have also been used especially well for promoting movies for example when film makers create a fan page of their movie which allows user to access information such as trailers, photos and download games for free. Similarly companies sponsoring football clubs have used SNS such as Myspace to allow fans to feel closer to the teams they support. Apart from marketing their products through SNS other companies go to the extent of using SNS as a distribution channel for their products for example 1-800- flowers a US based florist has allowed facebook users to send virtual flowers to whomsoever they desire or send the real ones by directing users to their company website. VIRTUAL WORLDS Platforms which exhibit a 3 Dimensional environment through which personalised avatar forms of users can interact with each other similar to how they would in real life are known as virtual worlds. These virtual worlds could possibly be the best form of Social Media since they involve the maximum social presence of individuals rather than only some aspects of social life. There are two forms of Virtual Worlds. VIRTUAL GAME WORLD Firstly there are the virtual game worlds which involve users following strict rules through online role playing games (MMORPG). This has gained popularity and now even standard game consoles such as the Sony Playstation and the Microsoft X box allow multiplayer options to connect with users all over the world. A famous example of a widespread virtual gaming world is the World of Warcraft which has more than 8.5 million users as well as Sonys EverQuest. These games have become such an important part of lives for some people that they start replicating their online role playing character in real life. It is also possible to leverage the popularity of virtual games into traditional communication campaigns. A good example is when Toyota used figures from the World of Warcraft into one of its car advertisements. VIRTUAL SOCIAL WORLDS The second form of virtual words is the virtual social world which allows users to live a virtual life online. Similar to the virtual game worlds, virtual social worlds have users in the form of avatars all set in a 3D environment though there is one major difference which is the absence of strict rules to which users have to abide and stick by. This allows more room for freedom and self presentation and thus it has been slowly seen that users or residents of the realm bring several aspects of their real life into the online world. (Haenlein Kaplan, 2009; Kaplan Haenlein, 2009a, 2009b). A perfect example for virtual social worlds is the Second Life application which was created by Linden Research Inc. This virtual world allows day to day activities such as talking to other users, walking and even enjoying virtual sunshine. Attention to detail goes a step further due to the possibility of designing own clothes and furniture as well as buying and selling goods for virtual money. These virtual social worlds allow a large range of opportunities for marketers especially because they can get good market research virtually as well launch a product into the virtual market to see how it fairs.

Friday, October 25, 2019

The Effect of Cultural Difference on Intercultural Marriage Essay

The Effect of Cultural Difference on Intercultural Marriage As the world integrates, more and more people are leaving their mother lands to visit, study and work overseas. Young people now have more opportunities to meet prospective partners from other cultures than they had in the past. â€Å"The number of intercultural couples is increasing worldwide.† (Klein, par.3) Many intercultural couples claim that their relationships do not differentiate from monoculture relationships at first. Passionate love bonds them. When their relationships come to a stable stage after a while, however, cultural difference immerges. The couples can certainly benefit from cultural difference yet they also have to face the challenges resulted from it. This paper will examine such effect that cultural difference takes on intercultural marriage According to Dugan Romano, intercultural couples increase self-knowledge by being forced to examine and define their own values, ideas, and prejudices. (Romano 179) They all feel richer and less parochial after they spend many years together trying to work things through. They are able to be exposed into other cultures thoroughly as well as to strengthen the understandings of their own cultures. Cultural difference also introduces more lifestyle options to intercultural couples, which will enrich their life. Even if a couple ends up choosing one’s home country as their permanent residence, they will definitely visit the other’s hometown pretty often. Sometimes they live in a third country, which means they’ll go to both of their home countries from time to time. They have chances to travel in many places, experience different customs, and have friends from diverse backgrounds. â€Å"My mom told me it was her int... ... For people who are considering entering intercultural marriage, it is very important to seriously weigh the pros and cons of the cultural difference before making a final decision. Works Cited Drumm, Tamula. â€Å"Mixed Marriage- Why Expats Marry Forefingers and Then What Happens.† Transitions Abroad July/ August 2001 Transitions Abroud Publishing, Inc. . Klein, Amy. â€Å"Marrying Across Cultures.† Studio Classroom April 2004 Studio Classroom Magazine . Larabell, Joseph. â€Å"Sobering Advice for Anyone Contemplating a Across-cultural Marriage.† Joseph L.(Joe) Larabell the Suburban Eclectic 9 June 2003 Joseph Larabell . Romano, Dugan. Intercultural Marriage/Promises and Pitfalls. Yarmouth, MN: Intercultural P, 1997. Xu, Mingyang. â€Å"A Chinese-American Mixed Marriage---A Mini Story.† Hua Xia Wen Zhai CND Magazine March 1993 China News Digest International, Inc. .

Thursday, October 24, 2019

Human Resource Managers in a Multinational Company Essay

1. ‘To what extent are human resource managers in a multinational company restricted by cultural and institutional factors in implementing policies and practices across their subsidiaries? Discuss your answer giving examples.’ In the face of globalization, organisations struggle to develop the human resource management strategy (HRMS) between global integration and local differentiation. This is regarded as a critical concern for multinational enterprises (MNEs) since they suffer from cultural and institutional differences to integrate HRM practices and shape HRM activities to operate abroad. Regarding that, each cultural and institutional factors are developed over its history with unique insight into managing the organisation, the appropriate HRM practice would vary. The differentiation in national culture and institution call the different management practices that need to be concerned significantly especially for multinational companies’ managers. Researchers highlight the congruence between these factors and HR practice for higher organsational performance. When the HRM practice fits with the basic value shared by employees, the job satisfaction, employee motivation and commitment will be attained. This comes with the implication that cultural and institutional factors are pivotal in shaping the decisions and policies of managers of organisations. In this essay, it will explain what is the institutional and cultural factor with theoretical approach. After that it will suggest implications of institutional and cultural perspective for International Human Resource Management to answer how these factors influence in implementing management policies and practices. According to Hofstede (1991), Culture refers to the â€Å"shared sets of beliefs, values and norms† that is programmed into an actor’s mind. It is regarded as the psychological ‘software’ and sets of informal rule, while institution is more ‘hardware’ of modified and negotiated legal systems that actors follow. The institutionalism emphasises the legitimacy, which organsations struggle to acquiring and maintaining in relation to the environment. One of the new institutionalist theories, the ‘Variety of capitalism’, treats the corporation as a relationships network that locates organisation in its  stakeholders with employees and with competitors. The approach highlights the importance of institutional complementarities that argue the success of an organisation depending on the capability to coordinate effectively. The theory draws two types of political and economic structures across nations. One is the liberal market economic orientation (LME) and the other is the coordinated market economic orientation (CME). Companies in some North-Western European countries including Germany and Switzerland with CMEs tend to have highly structured arrangements in labour market that form strong trade union. Banks in these countries are highly coordinated with firms and have long-term capital. In contrast, there are loose hire and fire labour market regulations and dispersed international investors in the U.K and U.S.A where classified as LMEs. The source of finance in these countries is the stock market, with the clear difference. The figure1 demonstrates that corporations in these different types of systems do not operate in the same market. Figure 1. Institutions across sub-spheres of the political economy Source: Hall and Soskice, (2001) It shows the positions of OCED countries that describe institutional character in the financial and labour market. The higher development in a stock market implies higher dependency on market coordination with emphasis on financial criteria, whereas a higher degree of protection for employees is likely to rely more on non-market criteria. The flexible labour market in LMEs is suitable to easy access to stock market capital. Due to the competitive market conditions, firms in LME markets highly emphasise the financial performance rather than long-term strategies. Nervous investors such as those from the hedge fund tend to hesitate to investing in companies with long-term and uncertain employee training that ties capital in workers’ skills. Conversely, long-term employment arrangement and long-term capital remain in the essence of CMEs. The institutional considerations lead to different types of organisational behavior and investment patterns that shape different HRM policies and practices. Firms in LMEs emphasise short-term competition that likely treat  employees as disposable resources. Employees’ performances are appraised individually with a financial incentive system so managers are empowered to control HRM with considerable autonomy. Investments in employee training and development are classified as ‘overhead.’ `In contrast, HRM polices in CMEs regard employees as valuable assets for sustaining a competitive advantage thus tend to make a greater effort in investments in product innovation and employee development encouraging employment stability. In the system, the higher degrees of job security and work force commitment are derived, since its employment regulation and laws are protected from strong trade union and government. Moreover, different business systems across nations also significantly impact HRM issues. The issues including working hours, scheme of performance appraisal and job contract are highly influenced by local institutional arrangement. The MNCs in Japan prioritize work organisation, which contains quality oriented and flexible practice, and their HR practices are adopted to be suitable with this approach. Likewise, German MNCs, where short run financial ratio is not a greater concern, rely more on long term strategies that highly regulate the hours of work and worker participation. In this regard, the ability of MNCs to fit various institutional arrangements with the local environment is essential to have an advantage in global operations. The evidence from the survey conducted by Guest and Hoque (1996) show that MNCs in Germany do not implement their ‘best practices’ into subsidiaries in the U.K. such as long-term employment plans, union perception and employee training. Another crucial factor managers from MNCs should consider for effective HRM is culture. It is assumed as ‘the major source of differentiation’ in managerial behavior among different nations. One of the most widely cited approaches to culture, Hofstede’s study (1980), classifies four cultural dimensions based on the survey data from 116,000 IBM employees. The study suggests possible origin and consequence for managerial behavior in different dimension contexts. Power distance reflects the dependent relationship between superior and subordinate. Companies in high power distance subordinate have high dependence to superior with greater reverence through the hierarchical structure. Uncertainty avoidance measures different degrees of preparation for future risk and ambiguity. In risk adverse  organisations, rule making and bureaucracy are placed to deal with possibilities of risk and members prefer to behave what they are expected. Individualism versus collectivism dimension reveals the different level of desire to feeling that they belong with a group. At last, masculinity versus femininity dimension presents different values that masculine and feminine society prefer differently. Highly masculine societies have a higher tendency to be competitive since high earning and challenging careers are important values for employees. In societies with femininity tendencies, values related to satisfaction, security and cooperation are emphasised. The study highlights the importance of culture to coordinate different managerial behavior for international businesses. Another cross-cultural approach, Hall’s study (1976) classifies cultures into low and high context cultures, each with distinct demands and preferences. The culture characterizes the nature of human relationship, communication and authority. For example, the line of distinction between high and low context cultural communication has been particularly documented. According to Hall and Hall (1990), in high context communication, speakers tend to utilize relative indirect style of communication. On the other hand, in low context communication, speakers often employ more or less direct communication style. Clearly, these communication dimensions area is an overlap of the individualism-collectivism from Hofstede’s study. Collectivist societies often concern about minimizing the chances of hurting other parties. These groups emphasise the value conformity and traditions. It is for this reason that they prefer to use high context communication. The team members of collectivists often prefer communicating directly with their leaders. They are often concerned about avoiding responses that are negative, a move that is aimed at maintaining harmony. Any form of communication is aimed at fostering interpersonal communication. The tendency is reversed in individualist societies where each member pays more attention to personal goals and interests. The different communication styles and human relationships naturally relate to the different preferences of organisational structure that shape the HRM practices and policies. The culture influences multiple aspects of HRM, thus it is likely to be  effective when HR practice and policy fit with the culture. In regard to recruitment, collectivistic cultures prefer network based recruitment method like employee referrals. The method is supposed to enhance employee commitment and loyalty that strengthens the social network. Since collectivism highlights cooperation rather than individual achievement, it more considers candidates’ ascribed statuses more than personal skills and knowledge. Conversely, employers in an individualistic organisation select candidates based on necessary abilities through highly structured methods such as bureaucratic interviews. Similarly, the organisation with high uncertainty avoidance index prefers open recruitment with the use of more structured selection method as it is highly correlated with formalisation. In terms of performance appraisal, individualised appraisal and rewards are highly correlated with individualism and lower degree of uncertainty avoidance. Regarding that various reward practices based on individual performance would result in uncertainty it is less likely to emerge in risk adverse society. The incentive scheme may also not be needed in high power distance cultures since subordinates are more likely to be motivated by superiors’ direction. The merit-based selection and promotion, which consider individual performance and contribution to the organisation is related to individualism and low level of power distance. It is opposed to the value from collectivism and femininity that emphasise group harmony and cooperation. In conclusion, institution and culture significantly influence in managerial behavior. It is needed to take institutional and cultural factors into consideration in shaping and adopting management policies and practices. Cultural and institutional factors are so varied that they integrate all the factors oriented towards social and ethical responsibilities, which is a major focus for contemporary organisations. Cultural values demands that decision and policies that managers make reflect the interests of the society, including those of the institutions. Since the inappropriate management concept may trigger misunderstanding and conflict among subsidiaries it is vital for effective management. Clearly, Institutional and cultural researches contribute to analysing and understanding various manifestations of HR across a border. However, managers should take careful  consideration before implementing specific HR practices or policies to prevent overly deterministic connection from the theoretical context. In order to achieve successful performance, MNCs have to adjust and moderate management practice in accordance with the local environment. The differences in a business system, local environment and culture between home and host countries are the significant determinants for both evolutions. References: [1] Aycan, Z. (2005), ‘The interplay between cultural and institutional/structural contingencies in human resource management practices’, International Journal of Human Resource Management, 16(7), pp. 1083-1119. [2] Earley, P.C. (1994), ‘Self or group? Cultural effects of training on self-efficacy and Performance’, Administrative Science Quarterly, 39(1), pp. 89-117. [3] Gomez-Mejia, L.Y & Welbourne, T. (1991), ‘Compensation strategies in a global context’, Human Resource Planning, 14. pp. 29-42 [4] Guest. D. & Hoque, K. (1996) ‘National Ownership and HR Practices in UK Greenfield Sites’, Human Resource Management Journal, 6(4), pp. 50-74. [5] Hall, E.T. (1976), Beyond culture, New York: Anchor Books [6] Hall, E.T. & Hall, M.R. (1990) ‘Understanding Cultural Differences’, Yarmouth, MA: Intercultural Press. [7] Hall, P.A. & Soskice, D. (2001) ‘An introduction to varieties of capitalism’ in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press [8] Hofstede, G. (1980), Culture’s Consequences: International Differences in Work-related Values, California: Sage Publications [9] Hofstede, G. (1991), Cultures and Organizations: Software of the Mind, Berkshire: McGraw-Hill [10] Tsui, A.S., Nifadkar, S.S. & Ou, A.Y. (2007) ‘Cross-national, cross-cultural organizational behaviour research: Advances, gaps and recommendations’, Journal of Management, 33 (3), pp. 426–478. ——————————————– [ 1 ]. Earley, P.C. (1994), ‘Self or group? Cultural effects of training on self-efficacy and Performance’, Administrative Science Quarterly, 39(1), 89-117 [ 2 ]. Hall, P.A. & Soskice, D. (2001) ‘An introduction to varieties of capitalism’ in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press, Page 1. [ 3 ]. Hall, P.A. & Soskice, D. (2001) ‘An introduction to varieties of capitalism’ in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press, Page 4. [ 4 ]. Tsui, A.S., Nifadkar, S.S. & Ou, A.Y. (2007) ‘Cross-national, cross-cultural organizational behavior research: Advances, gaps and recommendations’, Journal of Management, 33 (3), pp. 426–478. [ 5 ]. Aycan, Z. (2005), ‘The interplay between cultural and institutional/structural contingencies in human resource management practices’, Internationa l Journal of Human Resource Management, 16(7), pp. 1083-1119. [ 6 ]. Gomez-Mejia, L.Y & Welbourne, T. (1991), ‘Compensation strategies in a global context’, Human Resource Planning, 14. pp. 29-42

Tuesday, October 22, 2019

10 Facts That Will Make Economics Dissertations More Interesting Even to Professors

10 Facts That Will Make Economics Dissertations More Interesting Even to Professors The world of economics is a young and not well-explored terra incognita. There is an abundance of thesis topics for economics among which the student can select the most appealing one. It is possible to conduct a full-fledged investigation with the high practical value. Economics dissertations are among the most required ones, and writing one will surely bring you a decent reputation regardless of its potential difficulty. Continue reading below to get acquainted with 10 fascinating facts from the world of economics. The practice of full-life hiring in Japan.  The system of full-life hiring in Japan, when the worker stays at the same company from the first day of hiring until the last was established starting with the last century when large economical conglomerates emerged out of small manufactures. Such a type of work became totally new, and there were no similar economical models neither in Europe nor in the US. The hiring became possible due to socio mental peculiarities of the nation and the philosophy of paternalism within the corporation that is adaptable to all spheres of Japanese society.Such model contributed greatly to the development of the country as the corporation does everything possible to satisfy the needs of the workers and the employees, in return, do everything for the prosperity of the company. Such methodology is beneficial for both company and state due to the economic growth of the country. Pigou taxation implementation.  In order to deal with the growing rate of environmental pollution, most economists offer to implement a so-called Pigou Tax on harmful emissions. The aim of this tax is to lower the negative factors from industrial activity of the companies. To avoid high taxes, companies from the entire world will develop more rational and cost-effective businesses.The companies have issued the limit for emissions quantity, and if the companies manage to fit into the limit, they can sell the remaining quota to other companies increasing their profit. However, the methodology of short-term implementation is currently in development but has a great potential. The Big Mac index.  The economic level of the world can be estimated in hamburger, and that is not a joke. London Economist journal in the 1980s has used the term The Big Mac index as the means of purchasing capability of the world currencies. The product served as perfect indexation means due to its universality and presence in almost any country in the world. Basically, in 2001, the price was 2.5USD, and in Switzerland, it cost 3.7USD, while in Malaysia the price was only 1.2USD. As a result, in Malaysia, you can buy more burgers per dollar than in previous two countries as the country has the lowest currency rate among all. Shock-therapy.  This is one of the numerous economic theories that is based on implementing the radical economic theories in order to take the country out of the crisis. The topic seems rather effective in terms of putting into practice as the government takes the leading part in this procedure. There is no equal position regarding its efficiency, and there are numerous groups of both opponents and supporters of the theory. The religion does matter.  It is surprising, yet true that economics is composed not only of numbers and formulas. In some cases, even a joke can undermine the state of affairs as it happened after caricature case in Denmark when a joking picture of Muhammad was published in the magazine.   The Muslim population disliked such a dishonorable treatment of the prophet so much that they started to ignore the Danish products. After half a year of such silent treatment, the gross export level of Denmark reduced by 15.5%. Until public excuses were made, the government has lost 134 million euros. The experts consider that losses were even greater as the potential investments and service sectors were not taken under thorough examination. The alternate labor shops existed.  In 1827, there was a first alternate labor shop established in Cincinnati by the anarchist Josiah Warren. It was possible to purchase goods with 7% markup, and that was much cheaper than buying from the competitors. The customers paid for goods not with money but with an equivalent of physical labor. The standard rate was 5 kg of grain per working hour. People could pay not only for goods but also for some special services in this manner. The US is the prison nation.  It is sad to admit, but 2.5 million of American citizens inhabit the prison cells. The number is greater than the population of Dallas, Philadelphia, and even New Mexico State. It has got 25% of the world’s imprisoned population. People have to pay the taxes for maintaining the lives of the criminals, and each of the incarcerates costs 60 thousand dollars for a year of captivity. That is the yearly salary of an average teacher. Being old is extremely expensive.  53% of the US population is afraid to retire as, by rough calculations, they will have to prepare quarter millions of dollars for medical expenses with all extra payments and prescriptions. People start to save money at a very early age of 40-45 years. Africa can become top grain producer of the world.  60% of African soil is not used for growing crops, and that is the greatest chance to invest in the horticulture sector. This approach will eliminate the unemployment as such a branch of industry will generate 8 million jobs until 2020. With proper reforms, the country can transform into the world agriculture leader. Beijing breaks all standards.  At the moment, China is the world leader in consumption of cement and iron ore – 53% and 48% of the world resources respectively. With such a tempo of growth, till the end of 2025, China will create near 50 thousand skyscrapers that are a rough equivalent of 10 New York Cities. The given information is only a peak of a giant iceberg that waits for the conquerors who will reveal all the secrets and bring them to the scientific society. References: Jokn V. Van Sickle Professor of Economics, Wabash College. ECONOMICS. D. Van Nostrand Company, Inc.  https://mises.org/sites/default/files/Introduction%20to%20Economics_5.pdf Kenichi Ohno. The Economic Development of Japan The Path Traveled by Japan as a Developing Country. National Graduate Institute for Policy Studies 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677,  grips.ac.jp/forum/pdf06/EDJ.pdf Frederick Golooba-Mutebi. Africa Rising: The Rwanda Story. Perspectives. Issue 1 February 2014 20- https://www.boell.de/sites/default/files/2014_1_perspectives_africa.pdf Albert Keidel. China’s Economic Fluctuations Implications for Its Rural Economy. CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE  https://carnegieendowment.org/files/keidel_china_fluctuations_final.pdf San Vicente Portes, Luis Atal, Vidya. (2014). The Big Mac Index: A Shortcut To Inflation And Exchange Rate Dynamics? Price Tracking And Predictive Properties. International Business Economics Research Journal (IBER). 13. 751. 10.19030/iber.v13i4.8683.  https://www.researchgate.net/profile/Vidya_Atal/publication/297747002_The_Big_Mac_Index_A_Shortcut_To_Inflation_And_Exchange_Rate_Dynamics_Price_Tracking_And_Predictive_Properties/links/5728bc3f08ae2efbfdb7e321/The-Big-Mac-Index-A-Shortcut-To-Inflation-And-Exchange-Rate-Dynamics-Price-Tracking-And-Predictive-Properties.pdf?origin=publication_detail Davies, J.C.H. Kuipers, Giselinde Lewis, Paul Martin, Rod Oring, Elliott Raskin, Victor. (2008). The Muhammad cartoons and humor research: A collection of essays. Humor International Journal of Humor Research. 21. 10.1515/HUMOR.2008.001. http://dcpis.upf.edu/~ricard-zapata/~ricard-zapata/muhammad%20cartoons.pdf