Global Economics Essay Example | Topics and Well Written Essays - 500 words - 1

Global Economics - Essay Example In my view, the creation of such institutions is a laudable effort and involved outstanding foresight considering the current landscape of the world economy. However, its sweeping power and influence over a country could prove disastrous in the event of miscalculation or error in analysis. In essence, the idea behind the IMF’s existence is crisis prevention rescuing nations by lending intermediation and surveillance. Policy reform is pertinent in the whole equation where the IMF is concerned and that is why its terms serves as objects of criticisms due to a popular perception of IMF’s manipulation and intrusion in a country’s sovereignty. One of the most controversial impositions of the IMF, for instance, is the austerity measure as condition to a borrowing country. â€Å"The IMF held that excessive government intervention was the fundamental cause of debt crisis. Their plan therefore involved eliminating public enterprises, sharply reducing government subsidies and deficit spending, weakening cost-of-living allowances, and decontrolling prices and exchange rates.† (Pollin, p. 146) This particular measure has been under fire because, although it achieved some success in increasing a country’s ability to service its debt, it sacrifice s the incomes of ordinary people, hence collapsing the mass purchasing power and living standards in a country. The austerity program is widely perceived as one of the failures of the IMF. For one, it has failed in achieving for Argentina some sort of stability amid its debt crisis in the late 1970s. The austerity measure caused the collapse of domestic investment as throughout the crisis years’ large numbers of capitalists spirited their money out of the country in search of safer and higher-yielding havens. (Pollin, p. 146) Not a few experts have decried that the IMF has very little incidence of success.

Leadership Essay Example | Topics and Well Written Essays - 1250 words - 2

Leadership - Essay Example It further assumed that leadership traits are intrinsic rather than extrinsic which, simply stated, means that great leaders are born rather made. This was a very traditional view and has come a long way since its inception (Cherry, 2012). The second in line was the Trait Theory which was used from the 1930’s to 1940’s. This emphasized that great leaders whether born or made should have certain qualities and traits like creativity, intelligence, responsibility and other related values. This model focused entirely on the analysis of the mental, physical and social characteristics to help understand what combinations are found among great leaders. Nonetheless, it was concluded that traits are not solely responsible for the success of a leader. Hence, the Behavioral Theory emerged in the 1950’s (Cherry, 2012). This theory emphasized the behaviors of a great leader to help realize a common behavior necessary to be a great leader. It defined that a great leader would either be concerned with the task at hand or with the people under him. The Contingency Theory of 1960’s argued that to truly understand the leadership potential different situations have to be analyzed. This means that under certain conditions some leaders perform well while in other conditions they might do poorly. Therefore, the leadership potential is contingent on the situation in which the leader is placed. The 1970’s saw the rise of Transactional Leadership Theories, whose foundation was based on the mutual benefit that both the leader and the follower derive from the overall leadership experience (N.A., Leadership Theories, 2012). This transaction between the two should have some sort of reinforcement to ensure that positive outcomes are reiterated while the negative behaviors are subdued. The most recent Leadership Theory to have surfaced is mostly referred to by the professionals as the Transformational Leadership Theory. The essence of this theory is to esta blish a strong relationship between the leader and the follower through interaction to help build up trust. The direct results are seen in the form of increased motivation for both the leaders and the followers. The leaders exercise their charismatic personalities and persuasive nature to influence those around them. The use of flexible regulations ensures the followers feel a sense of belonging and can relate to the leader and its purpose in achieving the goals. (N.A., Leadership Theories, 2012) The most relevant theory at present times is the Transformational Theory. This theory was initially introduced by the leadership expert James MacGregor Burns, who said such a leadership can be witnessed when â€Å"leaders and followers make each other to advance to a higher level of moral and motivation.† (Cherry, Transformational Leadership, 2012) Such leaders exhibit strong vision and personality to motivate their followers and pursue a common goal. A transformational leader is ori ented toward long-term goals and focuses on the development of new