Thursday, August 15, 2019
Honda Environmental Leadership Essay
Honda Motor Co. is the largest motor cycle manufacturer and a leading automaker in the world. With a worldwide network of over 501 subsidiaries, Hondaââ¬â¢s diverse portfolio includes small sized general purpose engines to scooters and sports cars. The philosophy of Honda Motor Co. is well entrenched with the Japanese culture of pursuing the ââ¬Ëtriple joysââ¬â¢. The triple joys reflect the joys of buying, selling and creating. The company has been particularly recognized world over for its initiatives in tackling environmental challenges. Although environmental concerns and need for reciprocative action became eminent in the mid 1980s, Hondaââ¬â¢s efforts in this direction can be attributed to the 1960s when air pollution was first understood. The environmental leadership at Honda is deeply rooted in the companyââ¬â¢s vision to be ââ¬Ëa company that the society wants to existââ¬â¢ (Honda Motors, 2010). Today people throughout the world have become conscious of the damages automobiles can do to our environment. Thus we see environment friendly automotive technologies emerging in response to uncovering environmental situation. The concept of Green Motoring has taken shape, which involves using alternative fuels in order to reduce air pollution. Among the efforts automotive manufacturers take to contribute to the environment, is the use of fuels generated from bio alcohols and bio mass. Green motoring is now focused on using hydrogen as a fuel (Green Field H 2008). The vision of the company is indeed too radical, at least with respect to environment protection. Wanting to see itself as an entity that the society doesnââ¬â¢t object, is indeed an unprecedented thought, reflecting its understanding of public thinking. This philosophy also highlights the importance it attaches to public perception of environmental degradation. The company seems to believe that the society will allow it to exist only if it is compliance with its expectations. It is therefore no wonder that Honda had taken a leadership role well ahead of its competitors, proactively. The environmental impact has been fully analyzed, encompassing its manufacturing process, the vehicles manufactured, the support activities like administration, transportation etc. The environment friendly initiatives are reflected in all its subsidiaries throughout the world. Honda seems to have made environmental concern a part of its global strategy. All Honda operations throughout the world, have a significant bearing with respect to environment protection for the countries in which they operate. Discussion Honda seeks to create new value by incorporating innovative ideas that reflect the changing needs. The company is committed to the future, by minimizing its effects on the environment and its intake of earthââ¬â¢s resources. A recent survey by DuPont and the Society of Automotive Industry (SAE) has identified environmental concerns as being the biggest challenge for the industry. According to Chris Murphy DuPont director, environmental considerations are transforming vehicle design and development and have become a differentiator in the marketplace. About 54% of the respondents saw fuel efficient vehicles with reduced environmental impact as being primary to the consumers (Laura 2008). On its part, Honda seeks to address climate change, produced due to higher concentration of CO2, CFC and other greenhouses gases. By introducing hybrid and fuel economizing technologies, CO2 emissions are not only reduced in Honda vehicles, but throughout its entire corporate activity. With regard to depletion of resources, Honda has been developing technologies, solar cell development and energy saving technologies. The company is well set to be ahead of the stipulations expected of it, as a vehicle manufacturer. The ongoing regulations are only expected to get tougher with time, and vehicle manufacturer in particular have to be well prepared to achieve the required standards. The Corporate Average Fuel Economy (CAFE) requires cars and SUVs to increase their fuel efficiency by about 4% each year. Thus by 2020, a fuel efficiency of about 35 miles per gallon has to be achieved (Crawley, 2007). The compliance of Honda to environmental concerns is evident from its 1972 development of the CVCC engine in compliance with the US Clean Air Act, which was the worldââ¬â¢s toughest emission regulation of the time. The company pursued its development of catalytic converter and other such clean emission technologies in the last four decades resulting in its vehicles emissions being reduced to 1/1000 of its 1970 levels. Honda is currently promoting its Green Factory initiative worldwide, together with energy conservation and waste reduction initiatives in its non-production activities. About 324 subsidiaries including 224 non-manufacturing companies have been covered by this (Honda Motors, 2010). The direct and indirect energy consumption at Honda Motors is shown in Appendix 1, while region wise energy, water consumption and waste are shown in Appendix 2. The genuine efforts in wanting to pass a beautiful natural environment to the future generation is reflected in the company setting up its own independent goals and working towards the same. Some of the notable concepts in Honda environmental aspirations are: Green Vehicle development: Striving towards development of zero emission for all its vehicles, Honda became the first Japanese company to comply with the recent emission regulations. The company developed a special exhaust air injection system and a programmed system for fuel injection which is currently used in its VFR motorcycle. The companyââ¬â¢s 50cc Giorno Crea scooter is highly fuel efficient and also environment friendly. Fuel Cell Electric Vehicle (FCEV): Even as early as 1986, Honda had been involved in the development of a hydrogen powered fuel cell electric vehicle, today seen in the form of FCX Clarity FCEV. The car has been the result of two decades of work by Hondaââ¬â¢s engineers, in an effort to truly preserve the earthââ¬â¢s environment. The car uses an electric motor and a fuel cell stack and does not emit any CO2. When the fuel cell stack was developed for the first time in 1999, it was too large and bulky. Through continuous research and development the fuel cell stack underwent transformation to become smaller and lighter and yet more powerful (American Honda, 2010). This in turn enabled the vehicle to become elegant and comfortable. The highlights of FCX Clarity FCEV are: â⬠¢ Only water vapor emission â⬠¢ Reduces carbon dioxide emissions significantly â⬠¢ Certified as a zero emission vehicle (ZEV) Green Dealer: The Green dealer concept streamlines and enables efficient use of water, electricity and paper through continuous assessments and improvements of existing systems. The concept is directed at conservation of the environment and keeping the polluting activities to a minimum (HMSI, 2007). Creating an awareness of environment among the employees and the general public is also a part of this scheme. Goal setting: Hondaââ¬â¢s efforts towards environmental preservation are reflected through individually defined targets. In 2006 it set emission reduction goals for CO2 emission, to be reached by 2010. In 2007 the company set targets for reducing environmental impact, also intended to be achieved by 2010. The company is on track to reach targets. The future is only getting tougher for the vehicle manufacturers, though Honda is firmly set to meet the required goals. While setting environmental goals for itself, across global operations, Honda has been too detailed in its approach. The company approached the environment problem from several perspectives. As part of its global environmental policy, Honda sets specific goals with regard to its Life Cycle Assessment System, by which the environmental impact is measured and analyzed. Apart from monitoring and reducing its emissions, it also studied and monitored the impact on environment due to its emissions. The company through its suppliers and partners, thus sought solutions through innovations and technologies, to look for ways to be in harmony with nature. Honda of Canada Manufacturing (HCM) was among the first auto manufacturers to receive the ISO 14001 certification. HCM today recycles about 99% of its production waste and is working towards 100% recycling (Cambridge Center Honda, 2010). The company is credited with bringing the first Low Emission Vehicle (LEV) to Canada. In 2003 when it started production of the Civic GX, the car was rated by the EPA as having the cleanest IC engine in the world. In 2002 March, Honda introduced the Honda life cycle assessment system (LCA) to estimate the environmental impact of its products. CO2 is one of the main elements that are monitored through this assessment of products, from manufacturing to disposal. Corresponding to the levels detected, targets are set for all domains including production, sales and service, and administration, with initiatives implemented to achieve targets. In 2007 Honda introduced the product life cycle assessment system (LCA) which revolves on the CO2 emissions from a single vehicle through its lifetime. The calculations revealed that 78% of CO2 emissions are associated with product use and 6% during its emission. The company can now assess CO2 emissions more accurately, for every aspect of the vehicleââ¬â¢s life, thus contributing to reduction efforts. The CO2 targeted reductions are thus directed at 80% of the total emissions, with regard to LCA. Conclusion and recommendations All sectors of global economy are increasingly coming under environmental regulations to ensure that all business practices, no longer continue with disregard to the environment. The vehicle manufacturers are among the earliest to receive such stipulations as vehicles are a major contributor to pollution. These manufacturers are faced with a challenge of optimizing lean manufacturing and environment conservation. While the two aspects of manufacturing are important, the approaches to both are different, and have a huge bearing on the organizationââ¬â¢s success. Honda is indeed an automaker with a vision for a sustained future, as evident from its setting up environment based goals and policies, proactively. The waste reduction culture at Honda indeed has obvious benefits for the environment (Maxwell, 1998). There are several societies and organizations that make up this world of ours. The culture and priorities of these are widely varied. Not all their approaches and intentions are the same. This reflects their attitude towards environment too. Although we share the same environment, there is no guarantee that competitors would be equally concerned of the environment. When some organizations take immense pain and effort to protect the environment, investing immensely in it, their competitors can easily make profits by avoiding or manipulating these. Environmental protection requires fundamentally an understanding, a concern of oneââ¬â¢s actions on the environment. Honda has set an exceptional example by understanding its actions on the environment, and taking cautious and big steps towards ensuring a sustainable environment. The environment is a common habitat for all, whether one indulges in pollution or not. Organizations should follow the footsteps of Honda with a sense of same involvement and dedication, for only then we can give a future to the following generations.
Wednesday, August 14, 2019
How New York Times vs Sullivan changed political thinking Essay
The history of the American nation has been evidently marked with many landmarks legal interpretations of its constitution. The case of New York Times vs. Sullivan is one good example of landmark cases which greatly changed the political thinking of the American population. It is clear from the underlying proceedings of the Supreme Court on the case that the legal understanding of the first and fourth amendments of the civil right bill is not to allow any recovery for media reports unless the complainant can sufficiently prove acts of malice when making the defamatory report (FindLaw, 2010). This is what marked the many historical appreciations of the media freedom in our legal justice system. It is indeed a direct result of this 1964 ruling that the media gain freedom to sufficient cover the proceedings of civil rights movement thus aiding in the realization of the ultimate inclusion of the black Americanââ¬â¢s right to the civil rights in the American constitution. This essay is written as a critical analysis of the New York Times vs. Sullivan and how it evidently changed political thinking in America. The author first gives an analytical discussion on the underlying facts presented in the case. A discussion on how the case set a precedent for public officials and how that is just another thing to consider for public figures getting into politics is also given Summary of the New York Times vs. Sullivan case 1. The trial courts judgment The case of New York Times vs. Sullivan involved a claim by New York Times in an advertisement that the arrest of Martin Luther king junior was a campaign to compromise his efforts in encouraging the blacks to vote (FindLaw, 2010). The advert claimed that the Montgomery police had been allegedly directed their acts against students who were involved in the civil rights demonstrations. The led to the filing of defamation case against New York Times by Sullivan, a commissioner in the police department at Montgomery (Shah & Anderson, 2007). It is however here to be made clear that the advert was not directly mentioning Sullivan but Sullivan claimed that it was targeting him since he was the chief supervision of the police department in Montgomery. he low court trial judge in Alabaman found the New York Times guilty of committing an actual malice defamatory statements against a public officer and ordered them to pay Sullivan damage worthy half a million US dollars. 2. The Supreme Courtââ¬â¢s judgment and its reflection on the first and fourteenth amendment It is however to be realized that the New York Times did not accept the lower court juryââ¬â¢s judgment thus forcing to file an appeal with the supreme cou rt in the quest realizing a fair and just judgment (Tysoe, 2008). At the Supreme Court, the judges clearly confirmed that the provisions of the first amendment of the civil rights bill did not allow a public officer to be granted damages for defamation unless he or she clearly proves that such statements were made will actual malice against them. Still citing the fourteenth amendment to the constitution, the court ruled out that the states is not obliged to award damages for defamation to a public offices based on falsified claims unless the officers sufficiently proves actual malice in the statements (Shah & Anderson, 2007). It is also clear from the proceedings at the Supreme Court that an individual statement can never its protection under the American constitution even if it appears in the form of a paid advert. The judges claimed that it is not the purpose of the government to judge the truth and that a public officer must live to take critics from the public unless they can sufficiently proof malicious acts in the statements (Write & Lidsky, 2004). It was evidently claimed that any act of allowing Sullivan to be paid damages for insufficiently qualified claims of malice could act as a loophole for compromising any future critics to public officers. Still to be noted here is the fact that such any act could greatly compromise genuine critics for fear of intimidation, a move which could evidently compromise the just and fair provision of services by public officers to the general public. It is based on this reasons that the Supreme Court ruled against the lower courts ruling thus favoring New York Times. How New York Times vs. Sullivan set a precedent for public officials The first lesson is that it became evidently clear that a public official is subject to public criticism. It is quite clear from existing historical information that the realization of just and fair rules and regulations in the American nation has never been without social movements. Still clear is the fact that such realizations were heavily compromised with public office power interferences (Wright & Lidsky, 2004). The civil right movement of the twentieth century is no exception to this. It is based on this reasoning and by applying the principles of conclusion by sufficient reasoning that the 1964 interpretation of the American constitution served to protect the political elite and/or public officials from imposing force to the public. Another change that was brought by the impact of the New York Times vs. Sullivan case ruling is that the political elite in the community must be role models (Tysoe, 2008). It is found in the proceedings of the Supreme Court ruling that public officials should be open to critics from the public domain. This was made to emphasis the fact that such are the leaders who should lead the American nation to the next level of fairness and justice for all in the society. It was only by instilling the fact that the general public has a constitutional right to critique their leaders that political comments made by leaders are subject to self liability. This is what has made the political elite of the American nation respectful of the constitutional provisions thus sufficiently realizing greater levels of justice and fairness in the society (Melbourne University Law Review, 2001). Still proved by the case is the fact that sufficiently prove of defamation by actual malice is the ultimate reason for claiming legal awarding of damages (Melbourne University Law Review, 2001). The proceedings at the Supreme Court clearly established that the constitutional protection of claimed statement can not be negated due to the fact that such have been expressed in the context of a paid advertisement. This clear makes public officials subject to proving of actual malice in their damage claim suits. It is to be clearly noted that most true expression which go to the media can be easily disputed by the source (FindLaw, 2010). However, the question of whether or not to get defamatory damages remains subject to the provision of substantial evidence proving actual malice in the presentation of the expressions. How New York Times vs. Sullivan is just another thing to consider for public figures getting into politics The ruling in the case of the New York Times vs. Sullivan also instilled the lesson that no one in the American land is above the rule of law as provided in the constitution. Clear from the ruling of the lower court, it can be claimed that the jury sort less evidence to make the judgment in favor of Sullivan (Wright & Lidsky, 2004). This could be closely attributed to the fact that the government was out to control the progression of the Martin Luther King led civil rights movement. It is however clear from the Supreme Court judgment that despite such previous rulings on the case the constitutional provisions must be respected and applied equally to all in the society (Melbourne University Law Review, 2001). The provision for proving actual malice for compensation of defamation of an individualââ¬â¢s reputation should equally respect all even the politically advantaged in the society. It is this that made political influence on justice provisions mitigated thus respecting the rule of rule as reflected in the constitutional provision for independence of the judiciary. Another lesson from the case is that of limiting claim for awarding damage due to purported defamatory speech (Tysoe, 2008). From the advertisement that led to the defamation claims by Sullivan, it is quite clear that it claimed to be the onset of a new pattern of modern freedom. According to the ruling of the Supreme Court, it is quite clear that the constitution sufficiently protects the human right to speech. It is due to this that it found no sufficient claim of defamation in Sullivanââ¬â¢s claims due to the fact that the students involve were being deprived of their constitutional right to speech (Shah & Anderson, 2007). It is based on this reasoning that the ruling changing our political approaches to reflective our constitutional right to speech. The last lesson from the case ruling is that it made it clear that freedom of the press must be respected. It is to be noted here that the sole duties of the media is to provide news to the general public on occurrences around them. It is due to this reason that any act of compromise quality and accuracy of such news must be mitigated. Still to be understood here is the fact that the advertisement published by the New York Times was made for overseeing the fair and just execution of the underlying demands of the civil rights movement (Melbourne University Law Review, 2001). This is what made the ruling a greatly political influence blow in civil matters. Still realized from the ruling is the ultimate realizing of freedom of press. Indeed the New York Times vs. Sullivan led to the protection of the media against intimidation in covering the civil rights movement.à It is thus clear that the ruling changed the perception the political and public officials had with regard to the media in the society. Conclusion In conclusion, it has been clearly established that the Supreme Court ruling in the case of the New York Times vs. Sullivan marked the dawn of respect for freedom to speech and the press by public officials. It is thus clear that such a case qualifies to be a landmark case in the history of the American nation. It is this court ruling which mitigated misuse of public office and/or political power to impose legal awards for damages without sufficiently prove of actual malice.
Spotlighting municipal goverments in Texas Research Paper
Spotlighting municipal goverments in Texas - Research Paper Example The paper will also consider the policies put in place by the cityââ¬â¢s government to promote economic growth in the city. Houston is the largest city in Texas. It is also the fourth largest city in the whole of the United States of America. The form of government in the city of Houston is a strong and stable mayoral form of municipal government. There is devolution of power from the central Texas government to the city, in which the municipal government sets up rules that are relevant to the city. The city council in Houston consists of three major categories of officials, that is, the mayor, the city controller and 16 members of the city council. The city mayor holds several functions that include but not limited to The cityââ¬â¢s chief administrator An executive officer to the city council An official representative of the city in the central government The general manager of the city Ensuring that law and order are enforced within the city The city controller, on the other hand, performs mainly the function of certifying the funds available to the city council before these funds are used and/or disbursements are processed. The 16 members of the city council operate in conjunction with the cityââ¬â¢s mayor. ... The elections of the city officials are culturally non-partisan, in which the party affiliation of a particular candidate, plays an inferior role in his/her election. Elections are carried out after every two years for all the city officials (mayor, city controller or council members), and they can serve to a maximum of three terms in office. The city controllerââ¬â¢s election is customarily independent of the election of the mayor and the city council members. For the 16 council members, elections from districts contribute eleven members while the remaining five are at large, elected by all voters of the city (Feld and Donald 896) The fact that the districts, as well as the city at large, participate in the elections of the city council officials, it implies that these are very strong positions. The eleven council members from the districts represent the districts at large, indicating that the views of the citizens in these districts have a representation at any council meeting. The mayorââ¬â¢s position is a very strong seat given the powers bestowed upon him/her from the Houstonââ¬â¢s 1991 referendum (the roles listed above). The mayorââ¬â¢s role as the chief executive officer, as well as the cityââ¬â¢s chief administrator, makes him/her an important official in ensuring a progressive development in the city. The cityââ¬â¢s ratio of revenue spending to available resources balance is a crucial role the mayor must give a consideration (Feld and Donald 912). The issuance of social services like schools, health facilities, recreation, and security has at times been a challenge to many cities. Financial issues like health insurance, pensions, and employee pay also add up to the many challenges that
Tuesday, August 13, 2019
Power of will and choice Research Paper Example | Topics and Well Written Essays - 1000 words
Power of will and choice - Research Paper Example Among many other works of literature we have studied are ââ¬Ëthe hunger gamesââ¬â¢ by Suzanne and ââ¬Ëtwilightââ¬â¢ by Myer which are all topical and hence the following analysis. Books of literature are normally written to communicate certain topics as shown and the two books are no exception. This paper therefore intends to analyze the thematic representations these two books as they are written in the contemporary US environment. Our analysis revolves around the theme of power in choice as presented within the two books. Power dynamics within the ââ¬Ëhunger gamesââ¬â¢ is seen through the eyes of two young persons engaged in the games which are conducted annually with a motive of selecting the district to which food aid would be advanced. The plotting of the story covers the disparity in power between formerly thirteen districts but currently twelve and the capitol, which ideally represents power (Collins, 3-18). The capital district capitol represents the source of power or influence and which is depicted to rule over the rest of the districts. Poverty, hunger and general misery is shown to dominate the twelve districts while great wealth and technological advancement is what characterizes the capitol district. As a way of executing the power, the capitol district invents a mechanism through which food and such other humanitarian aid would be advanced to the rest of the districts through the hunger games, which are conducted annually. Every district therefore selects young representatives who would participate in fighting contests and the winner defines the district, which will receive the food aid over the year. The capitol district is therefore shown to have the capacity and power to advance food aid to the rest of the districts at will though this is not the case. The program to involve the districts in the hunger games is shown through the literature to be informed by the selfish ambitions of the power district to rule through oppressio n. Totalitarian governance in the country is the main thematic depiction of the book, which shows how capitol adopts the games in order to punish the twelve districts because of rebellion in the past, which lead to destruction of the thirteen districts. Besides, the fights, which are televised, serve as entertainment to the capitol while at the same time conveying the message of capitolââ¬â¢s power as well as lack of remorse towards the twelve districts. In fact, this is therefore a clear depiction of power influence and the theme of wrong choices as contrasted with good choices. To begin with, the adoption of such annual games has historically been developed from the fateful rebellion, which led to total destruction of the thirteenth district after all the districts within the country chose to revolt against capitol and its rule. Choice was therefore involved in the decision and the capitol district equally chose to retract through so much power that led to total destruction of one of the districts. Besides, out of choice, the capitol district and its power devised the games, which involve young adults who are selected through lottery to participate. Besides the games being entertaining to the capitol dwellers, they serve as memorial to the power of the capitol district as well as the capitols lack of remorse. It is therefore worth noting that capitol had the capacity to help other districts without engaging them into such deadly wars and rule effectively through equal regard to all persons. This is not however the case as revealed through the mechanisms adopted to exert authority towards the natives of the rest of the d
Monday, August 12, 2019
Analysis three macroeconomic factors in the UK and how do they affect Essay
Analysis three macroeconomic factors in the UK and how do they affect the profitability of Sainsbury company - Essay Example It can be stated that the GDP growth will positively impact towards improving the profitability of Sainsburyââ¬â¢s. GDP also positively impacts upon public spending which is a crucial aspect for a retail organisation such as Sainsburyââ¬â¢s as it can enable them to garner more profit. Though, slower growth of GDP can create unemployment, which can in turn affect Sainsburyââ¬â¢s profitability as new recruitment can be stopped by the organisation along with investing in any new purchases until the economy gets better (Economy Watch, 2009). Interest Rate and Inflation Rate UK interest rate in Marchââ¬â¢ 2011 had been registered at 0.5% which is a record low (BBC, 2011). In February 2011, inflation rate of UK rose to 4.4% (BBC, 2011). Interest rate has a major impact on time value of money. Changes in case of inflation rate generally result in alterations in the interest rate. These two factors are the key decision making factors for making any investment decision since these factors have a straight impact upon the ââ¬Ëinvestment yieldââ¬â¢. In case of the UK, the record low interest rate will support the investment on shares. Rising interest rates slows down the inflation.
Sunday, August 11, 2019
Chapter Thirteen Reading Response Assignment Example | Topics and Well Written Essays - 250 words
Chapter Thirteen Reading Response - Assignment Example Notre-Dame-Du-Haut is a representation of religious discovery through its architectural design. Besides, its interior design provides a cave-like experience. The two works of art I responded to most negatively were Robert Frankââ¬â¢s photograph ââ¬ËTrolley, New Orleansââ¬â¢ and Yasujiro Ozuââ¬â¢s photograph ââ¬ËTokyo Storyââ¬â¢. Both pieces of art depict a rather sad state of affairs. In particular, ââ¬ËTrolley, New Orleansââ¬â¢ shows the psychological separateness among the Americans despite the faà §ade of well-being in post-war America. ââ¬ËTokyo Storyââ¬â¢ is centered on the theme of disillusionment of Japanese families post war. One work of art I would like to know more about is Pompidou Center in Paris, France designed by Renzo Piano and Richard Rogers. It is a magnificent piece of architecture beautifully decorated with lights, movable walls and visible escalators. I am fascinated by creativity; therefore, would be very much interested in learning more about
Saturday, August 10, 2019
Globalisation Essay Example | Topics and Well Written Essays - 1500 words - 1
Globalisation - Essay Example However, interrelations and dependence among the different economies of the world was present from the historical period but what appears to be new with the concept of globalization is the intensification of the awareness of people. Local transformations as well as extensions of social relations laterally through time and space are parts of the process of globalization. Thus, with globalization the society will be without borders and boundaries with no specified cultural territories. This often results in dominance of the developed countries of the world over the poor economies in their efforts of decision making which often leads to the exploitation of the dominant economy leading to their degradation of the environment and human rights suppression. Thus, the objectives of the global economists are to suppress the negative impacts of the globalization process so that the positivities of the phenomenon could dominate. (Globalization101, n.d.: Waters, 2001, pp. 2-4) Background of glob alization There have been constant debates among economist regarding whether globalization is a unique phenomenon of the recent modern period. However, history reveals that trade relations existed among economies from historical age. There were also cultural interactions among countries, and work relations as people migrated to different countries of the world for better living from the time immemorial. From the years before the First World War capital flows from one country to the other, trade relations between countries and immigration of workers existed. The change that ultimately occurred with globalization is the increase in the volume of unrestricted trade, doubling of the capital flows amongst economies and rise in the number of the migrants. For over the past twenty years the features of globalization also took a change of course. Globalization that was previously restricted to the developed economies of the world spread among the developing economies with the opening of the markets of these nations through liberalization. Thus, the economic relations among the nations underwent a huge change with the spread of globalization across the borders of the rich countries. With globalization, the trade pattern experienced considerable change. The developing economies of the world that previously exports raw materials to the developed world emerged as serious competitors of manufacturing products of the industrialized nations. Thus with the increasing trade relations the developing economies mainly India and China experienced continuous economic growth. With globalization and increased trade relations world production increased by about 30% which further increases international trade by almost 80%. This resulted in reducing the cost of production through specialization of products and thus helped in increasing the living standards of people. The increase in the trade of service sector implies that nations are becoming richer. With the advancement of technology and communication trade in services has been popularized in recent years. The developing countries that opened up market through policies like trade liberalization, deregulation of the capital markets and privatization of state owned industries experience huge capital inflows and stands as the emerging economies of t
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