The Fundamental Problem Of Exchange In Long Distance Trade Essay Example for Free

The Fundamental Problem Of Exchange In Long Distance Trade Essay How did medieval merchants solve the fundamental problem of exchange in long distance trade? What light does this shed on the prosperity of the Venetian Republic and Portugal before 1700? Trading has been an elementary part of economies since the advantages of it were discovered. The ability to exchange goods greatly contributes to economic efficiency as it enables us to capture gains from natural comparative advantage and division of labour. There are evident gains from trade when a country has an absolute advantage in the production of a good. A country is said to have absolute advantage in production if it can produce the same amount of output with less inputs relative to other countries. This brings about a stronger economy, as there is greater specialisation and technical innovation, which has positive impact on the economy in the long run. There are also gains in trade when a country has a comparative advantage in the production of a good. This is when the opportunity cost for producing a good is lower than that of another country. This results in a higher aggregate output, which means that gains can be split between both countries. The fundamental problem of exchange has existed since the advantages of trade were discovered. It says that even if there are potential gains from trade, trade may still not occur as the lender will not want to lend without being assured that the borrower will not invest the money in a hopeless venture, or take the money and run. It is very difficult to be sure that the person on the other end of a deal will fulfil their contractual obligation. In short, in the absence of commitment, an exchange will not take place. The arguments against trade, if the other side of the bargain wants the maximum gain for him or herself, can be seen very clearly by using the one-sided prisoners dilemma. Player I has the choice of either conducting an exchange or not. If no exchange is conducted, then both player I and II realise no gain. If player I does decide to exchange, player II has the choice to either cooperate or to renege. Both sides gain if player II cooperates, but if we are assuming that player II wants to maximise their own self interest then player II will decide to renege, in which case player I will be worse off. It is possible however that player I will anticipate this happening and so decide not to exchange in the first place. This leaves us in the initial position of both sides not realising any gains from trade and no one being any better or worse off. For the trade to therefore take place, it is essential that player II can guarantee that they will keep to their side of the bargain and not renege. A way for this to successfully occur arose in Europe, as institutions were developed through the formation of merchant guilds. Economic institutions are defined here as a system of social factors, such as rules, beliefs, norms and organisations, that guide, enable and constrain the actions of individuals; thereby generating regularities of behaviour. Merchant guilds were formed in order to act as a deterrent of opportunistic behaviour, both between merchants themselves and between merchants and the state. Within the merchant community itself, the majority of merchants traded through networks of kinship and the exchange of hostages. Networks worked extremely well in deterring opportunistic behaviour, as those with good reputations would carry out many trades, as they were trusted in the community. The fact that reputations also took a long time to build up and could be quickly erased made them of extreme value to people. It was also possible to use strategic marriages and trade through families if you wanted to be sure both sides of a trade were secure. As a medieval ruler would have a local monopoly of the area he ruled, he would be faced with the temptation of abusing his power and appropriating merchants. Merchants therefore devised a solution to combat this problem, which was by organising a boycott of a state that abused the rights of a merchant. This deters predatory behaviour by the ruler, as it is not desirable to deprive the population, the ruler and the merchants the benefits of trade. It therefore has the potential to work very well, but the problem is that it can be very difficult to sustain as some merchants may see ways of maximising their personal gains by renegotiating with the ruler, causing the boycott to deteriorate. It was therefore vital if planning a state boycott to ensure rules were set out to prevent this from happening. Venice played a major role in re-opening the Mediterranean economy to western European commerce after the post-Roman Empire collapse, and the establishment of effective protection for merchants was crucial in this. Venice was very different to other economies of its time as the state was able to create an institutional framework that was favourable to merchant capitalism. It did many things, including the creation of political and legal institutions that guaranteed property rights and enforced contracts; it created a government bonds market, a fiscal system and a democratic system of governance. The creation of the government bonds market was one of the earliest financial markets created. It formed ways of raising funds for the government through compulsory loans on which interest was regularly paid, which is directly comparable to modern day government bonds. It is possible to see just how prosperous the Venetian Republic was in comparison to other European countries by looking at the GDP per Capita it had. In 1500, it had a GDP of $1100, which was far larger than other countries; the UK had a GDP of $714, Spain $698 and the second highest GDP per capita was Belgium with $875. This shows just how prosperous the Venetian Republic really was. Between 1147 and 1249, Portugal emerged from Arab rule. It did so with a significantly different political regime in comparison with that of Venice, as military aristocracy and the church became major landowners, and the interests of the church and the state became very closely linked. The fact that it was placed very well geographically meant that it was able to develop a strong empire through its unearthing of new trade routes and voyages of discovery. The Portuguese state was willing to give Jewish merchants and scholars refuge after they were driven out of Spain, as they recognised the value they had to society through the skills they were able to bring. They were able to provide scientific development, as well as being providing valuable links in trading with the Islamic world. This allowed important networks to be built up, which increased the volume of trade that Portugal came into contact with and so built up its strength as an empire. Although Portugal was extremely successful in its core business areas of shipping and trade, this success did not lead to successful wider development. This can be seen when looking at figures for per capita income before the nineteenth century, which gives an estimate of the per capita income of Portugal of $632. This is far lower than other relatively similarly dominant economies, such as Italy and Belgium, who had per capita incomes of $1100 and $875 respectively. The reason for this can be given by the fact that in general, agriculture and industry were the determining factors when analysing the per capita incomes, and in Portugal these industries were quite underdeveloped relative to other countries. In comparison to Portugal, Venice was far more prosperous. Not only when looking at the per capita incomes, but also when seeing how much more developed the Venetian institutional framework was. It was formed to be favourable to merchant capitalism, which vastly strengthened its trading platform as a country, and therefore the amount of money it was able to make. Trading was only possible through solving the fundamental problem of exchange. Over time, ways of solving the problem became more sophisticated; from using boycotts and networks of trust, to legal frameworks and courts of law. We have been able to become more affluent as economies due to the advantages that trade brings us, as can be seen looking at examples of economies from hundreds of years ago that first experienced the prosperity that trade brought. We have also been able to see the importance that institutions hold in nurturing and maintaining an environment that is favourable to trade, namely in Venice. References: The Fundamental Problem of Exchange: A research agenda in Historical Institutional Analysis Avner Greif, 2000 Cambridge University Press Maryam Shakiba L100

Henry VIIIs Reformation Essay -- Papers

Henry VIII's Reformation In 1529 Henry VIII started to reform the Catholic Church in England, however there are different opinions as to why he began these controversial changes. The orthodox view concurs that there was a vast anti-clerical feeling in 16th century England; the corrupt church was unpopular with the masses. However the revisionist view claims that the reformation was actually due to politics. Henry needed a male heir and therefore needed a divorce. The needs and wants of the masses were not taken into consideration. In this essay I am going to look at England pre-reformation and reach my own opinion of whether or not England was actually in need of a reformation in 1529. There were lots of anti-catholic movements going on at the time such as the Lutheran movement and also Lollardry. This suggests that people were growing tired with the Catholic Church and therefore looking towards other religions. The Lollards were an active group based in England. Lollardy appealed to the lower and middle classes and its idea's closely matched those of Luther. They denied the existence of purgatory, rejected the pope and spoke out against war. It wished to see a reduction in church wealth and the bible translated into English. They encouraged new ideas and criticism of the church. However it is difficult to interpret just how much Lollardry actually influenced the reformation. It undoubtedly helped to weaken the church and open peoples eyes to new ideas, yet it was also relatively small scale and wouldn't have affected many people. However there was generally an anti-clerical feeling amongst people. The clergy of that time a... ...ay or another, none of the were indicating that the church needed to go through a full scale reformation but rather that the church needed to reform itself, they were calling for a reformation from within the church, they wanted the clergy to improve themselves. The Catholic Church in England deniably did have some faults, but generally people were content and satisfied with it. It wasn't the institution in decline as it is often portrayed but actually just as popular as it had always been. People were happy with what they knew and therefore didn't like the idea of a new church and religion, which is why there were protests after the reformation. Henry VIII and his parliament undoubtedly exaggerated these faults in order to reform the church for their own political needs, rather than the needs of the ordinary people. Henry VIII's Reformation Essay -- Papers Henry VIII's Reformation In 1529 Henry VIII started to reform the Catholic Church in England, however there are different opinions as to why he began these controversial changes. The orthodox view concurs that there was a vast anti-clerical feeling in 16th century England; the corrupt church was unpopular with the masses. However the revisionist view claims that the reformation was actually due to politics. Henry needed a male heir and therefore needed a divorce. The needs and wants of the masses were not taken into consideration. In this essay I am going to look at England pre-reformation and reach my own opinion of whether or not England was actually in need of a reformation in 1529. There were lots of anti-catholic movements going on at the time such as the Lutheran movement and also Lollardry. This suggests that people were growing tired with the Catholic Church and therefore looking towards other religions. The Lollards were an active group based in England. Lollardy appealed to the lower and middle classes and its idea's closely matched those of Luther. They denied the existence of purgatory, rejected the pope and spoke out against war. It wished to see a reduction in church wealth and the bible translated into English. They encouraged new ideas and criticism of the church. However it is difficult to interpret just how much Lollardry actually influenced the reformation. It undoubtedly helped to weaken the church and open peoples eyes to new ideas, yet it was also relatively small scale and wouldn't have affected many people. However there was generally an anti-clerical feeling amongst people. The clergy of that time a... ...ay or another, none of the were indicating that the church needed to go through a full scale reformation but rather that the church needed to reform itself, they were calling for a reformation from within the church, they wanted the clergy to improve themselves. The Catholic Church in England deniably did have some faults, but generally people were content and satisfied with it. It wasn't the institution in decline as it is often portrayed but actually just as popular as it had always been. People were happy with what they knew and therefore didn't like the idea of a new church and religion, which is why there were protests after the reformation. Henry VIII and his parliament undoubtedly exaggerated these faults in order to reform the church for their own political needs, rather than the needs of the ordinary people.

Cost Accounting – Acct 3334 Chapter 9 Solutions

Chapter 9 solutions (P9-28, -29, -40)   9-28 (10 min. ) CDenominator-level problem 1. Budgeted fixed manufacturing overhead costs rates: Budgeted Fixed Budgeted Fixed Denominator Manufacturing Budgeted Manufacturing Level Capacity Overhead per Capacity Overhead CostConceptPeriodLevelRate Theoretical$4, 560, 0003, 600 $ 1, 266. 67Practical4,560,0002,4001,900. 00 Normal4,560,0001,2003,800. 00 Master-budget4,560,0001,4403,166. 67 The rates are different because of varying denominator-level concepts. Theoretical and practical capacity levels are driven by supply-side concepts, i. e. , â€Å"how much can produce? † Normal and master-budget capacity levels are driven by demand-side concepts, i. e. , â€Å"how much can we sell? † (or â€Å"how much should we produce? †) 2. In order to incorporate fixed manufacturing costs into unit product costs, fixed manufacturing costs have to be unitized for inventory costing.Absorption costing is the method used for tax reporting and for financial reporting using generally accepted accounting principles. The choice of a denominator level becomes relevant under absorption costing because fixed costs are accounted for along with variable costs at the individual product level. Variable and throughput costing account for fixed costs as a lump sum, expensed in the period incurred. 3. The variances that arise from use of the theoretical or practical level concepts will signal that there is a divergence between the supply of capacity and the demand for capacity.This is useful input to managers. As a general rule, however, it is important not to place undue reliance on the production volume variance as a measure of the economic costs of unused capacity. 4. Under a cost-based pricing system, the choice of a master-budget level denominator will lead to high prices when demand is low (more fixed costs allocated to the individual product level), further eroding demand; conversely it will lead to low prices when demand is high, forgoing profits.This has been referred to as the downward demand spiral—the continuing reduction in demand that occurs when the prices of competitors are not met and demand drops, resulting in even higher unit costs and even more reluctance to meet the prices of competitors. The positive aspect of the master-budget denominator level is that it indicates the price at which all costs per unit would be recovered to enable the company to make a profit. Master-budget denominator level is also a good benchmark against which to evaluate performance. -40(20 min. )Cost allocation, downward demand spiral. 1. = = Budgeted denominator level=2,920,000 meals WHM is using budgeted usage as its denominator level for calculating the budgeted fixed costs per meal in 2007. 2. Alternative denominator levels include: a. Capacity available. The data in the problem note that the facility can serve 3,650,000 meals a year. With this denominator level, there will be budgeted unused capacity, which could be recorded as a separate line in the cost report for the Santa Monica facility. . Budgeted usage of capacity. With the 2007 budgeted usage of 2,920,000 meals, the fixed costs charge is $1. 80 per meal. The marketplace is signalling that WHM’s own central food-catering facility is not providing value for the costs charged. If Cheung decides to raise prices to recover fixed costs from a declining demand base, he will likely encounter the downward demand spiral: Budgeted Denominator(1)| Variable Cost per Meal(2)| Fixed Cost per Meal$5,256,000 ? 1)(3)| Total Cost per Meal(4)| 3,650,000| $4. 56| $1. 44| $6. 00| 2,920,000| 4. 56| 1. 80| 6. 36| 2,550,000| 4. 56| 2. 06| 6. 62| 2,000,000| 4. 56| 2. 63| 7. 19| Cheung might adopt a contribution margin approach, which means viewing the $4. 56 variable cost as the only per-unit cost and the $5,256,000 as a fixed cost. Alternatively, Cheung could use practical capacity to cost the meals and work to reduce costs of unused capa city. 3. Three factors managers should consider in pricing decisions: a. Customers.Cheung is facing customers who are dissatisfied with both the cost and the quality of the meal service. Three of the 10 hospitals have already elected to use an outside canteen service. b. Competitors. For the three hospitals terminating use of the Santa Monica facility, at least one competitor is more cost-effective. The seven remaining hospitals likely will be very interested in how this competitor performs at the three hospitals. c. Costs. Jenkins should consider ways to reduce both the variable costs per meal and the fixed costs.

Statement of Academic/Career Goals & Statement of Need

Growing up without the presence and help of a father seemed to be pretty difficult for me and for the rest of my family. My father passed away when I was 13 years old and since then my mother had to raise me and my other two siblings with all the best she can. We were able to go to school and study with my mother’s perseverance for us to finish our studies. She has high hopes and dreams for the three of us. I am currently an undergraduate majoring in Chemistry and I intend to apply in the school of pharmacy. I believe that having a major in chemistry is also a footstep and a good preparation for me to take pharmacy and be a pharmacist someday in the future, since both two majors and field are connected to each other. Furthermore, I realized and see myself far more interested in becoming a pharmacist instead of a chemist. When I was in Taiwan, I worked to be able to sustain my family’s needs and support myself in school since my mother is the only one raising me and my other two siblings. She sacrificed a lot just for us to live a normal life and give us all our needs. From then, I decided to work so that I can save money and send myself to College and earn a degree and fly someday with flying colors. Getting a college degree is one of my major goals right now. I came all the way from Taiwan in order to pursue my dreams in the future. I took the risk of studying here in the U. S. because I believe that the education here will give me a lot of opportunities whenever I go and whatever I do after earning and finishing a degree. Ever since when I was a child, I already learned to value education, as my parents especially my mother taught us and always reminds us that education is one of the most important things in the world. She believes that giving the best education to children is the greatest treasure that a parent can give to their child. That is why I highly value and treasure education. One evidence is that since elementary days, I am always included and counted as one of the top students in our class. My mother has instilled in our minds that even though we are not financially blessed we should still be thankful that we can study and go to school and build our dreams in the future unlike any other kids and people who do not have the privilege to go to school and have the opportunity to be successful in their life. Thus, making me strive harder not only in school but to everything that I do as well, I always want to make my father and mother proud. As I have mentioned above, valuing education and studying really hard gave me a lot of recognition in school. Elementary, middle school, high school and college, throughout those years I was able to maintain a high grade on all of my subjects and made my parents especially my mother proud of what I have achieved. I am also proud of myself that I was able to keep up on school even though I was working while studying that time in Taiwan. It was a very difficult time but I was able to manage and made it. Being a working student is the only way I know to be able to continue my studies and help and repay my mother as well for all the sacrifices and hardships she faced from the time my father died and she shouldered everything. Making it to the College of arts and Sciences is one thing I consider to be an academic excellence. Not to mention, I was also a dean’s list on 2007-fall semester and joined the chemistry school department symposium once this year. I am also a lifelong volunteer in a Taiwanese social organization that aims to take care of impoverished individuals in persistent vegetative state (PVS) that suffers and having a difficult time in nursing home environments. It breaks my heart to see the patients/ senior citizens in that place, that is why I took the opportunity to volunteer and extend my help, love, care and concern for those patients who needed it. By next year, I am planning to join the school tutor program to be able to teach math and chemistry courses and help other students. I believe that I have the knowledge and the skill to do it, thus making me feel confident to join such programs in school. Acquiring a GPA of 3. 5 as an international student makes me feel confident and qualified to apply in the Carl D. and Peggy G. Pursell scholarship program. I realized that entering in pharmacy school is what I really want in the future. Being a pharmacist is not just an ordinary career, it is one of the most important jobs in the society. Having the full interest of taking this major gives me strength and hope to be able to take and finish it in the required period of time. It is just the problem of financial matters that hinders me to achieve all my dreams and goals in the future. Because my mother is already old and retired from her work, the only financial support I can get is from my mother’s pension and from the money that I saved way back when I was still working in Taiwan. Since I am a student here, that does not give me the authority to work and earn money to support myself in school and all my basic needs. For that reason, I believe that having the opportunity to be a scholar, I will be able to continue my studies and later have a degree in pharmacy as I have promised to my mother. I promised that she will be proud of me because sooner or later, I will be graduating and will have the chance to fulfill all my dreams and my mother’s dreams for me. I want to make my mother proud. I have a very strong commitment to education; I believe that if I am granted with the Carl D. and Peggy G. Pursell Scholarship, I will be able to earn an unyielding grade point average and graduate with the skills and experience I will need to build my career as a pharmacist. I strongly believe that this university will provide me necessary knowledge to enhance my capabilities and help me improve and develop my skills. As I regard education with utmost importance, I will make sure not to waste any of my time in taking this major. I am prepared to perform all my tasks as a student. I am confident that I will be able to finish my major and become a successful pharmacist with the help of this scholarship program if ever I will be granted with it. I am ready to serve and help people with all the knowledge and skills that I have acquired and will learn later in the course of pursuing pharmacy and I hope that I will be granted this scholarship so that I can continue my studies and build a good future for myself and for the rest of my family, most especially for my mother.

Antecedents and Pronouns in the French Grammar Glossary

Antecedents and Pronouns in the French Grammar Glossary An antecedent is the previously mentioned or implied word, phrase, or clause that a pronoun replaces.  The pronoun typically agrees with the antecedent in gender, number, and/or grammatical function. Pronouns Agree With Their Antecedents Pronouns are words that stand in for nouns.  There are many different kinds of pronouns, but they can be divided into two main categories: personal (je, tu, il, nous, vous, ils), which changes according to the grammatical person it represents; and impersonal (adverbial, demonstrative, indefinite demonstrative, indefinites, interrogatives, negatives, possessives, relatives and indefinite relatives). The latter range from the adverbial y and en to the demonstrative celui, celle, ceux, celles and the popular relative pronoun  (qui, que, lequel, dont, and oà º), which links a dependent clause to a main clause and may replace a subject, direct object, indirect object or preposition. Examples   Pronouns and their antecedents, with which each pronoun agrees in form or function, are bolded. Nous regardons la tà ©là ©.We are watching TV. Jai achetà © un livre.  Il a à ©tà © à ©crit en 1999.I bought a  book.  It  was written in 1999. Je  lui  parle.Im talking  to  him. Si nous allons faire un gà ¢teau, nous devons le faire maintenant.If were going to make a cake, we need to do it now. Je  lui  parle.Im talking  to  him. Je cherche lartiste.  Il  Ãƒ ©tudie Paris.Im looking for the artist. Hes studying in Paris.Je cherche lartiste  qui  Ãƒ ©tudie Paris.Im looking for the artist whos studying in Paris.

Role of the White House Press Corps in American Democracy

Role of the White House Press Corps in American Democracy The White House press corps is a group of about 250 journalists whose job is to write about, broadcast and photograph the activities and policy decisions made by the  president of the United States and his administration. The White House press corps is comprised of  print and digital reporters, radio and television journalists, and photographers and videographers employed by competing  news organizations.   What makes the journalists  in the White House press corps unique among political beat reporters is their physical proximity to the president of the United States, the most powerful elected official in the free world, and his administration. Members of the White House press corps travel with the president and are hired to follow his every move.   The job of White House correspondent is considered to be among the most prestigious positions in political journalism because, as one writer put it, they work in a town where proximity to power is everything, where grown men and women would forsake a football field size suite of offices in the Eisenhower Executive Office Building for a shared cubicle in a bullpen in the West Wing. The First White House Correspondents The first journalist considered to be a White House correspondent was William â€Å"Fatty† Price, who was trying out for a job at the Washington Evening Star. Price, whose 300-pound frame earned him the nickname, was directed to go to the White House to find a story in President Grover Cleveland’s administration in 1896. Price made a habit of stationing himself outside the North Portico, where White House visitors couldn’t escape his questions. Price got the job and used the material he gathered to write a column called â€Å"At the White House.† Other newspapers took notice, according to W. Dale Nelson, a former Associated Press reporter and author of â€Å"Who Speaks For the President?: The White House Press Secretary from Cleveland to Clinton.† Wrote Nelson: â€Å"Competitors quickly caught on, and the White House became a news beat.† The first reporters in the White House press corps worked sources from the outside in, loitering on the White House grounds.  But they insinuated themselves into the presidents residence in the early 1900s, working over a single table in President Theodore Roosevelts White House. In a 1996 report,  The White House Beat at the Century Mark, Martha Joynt Kumar wrote for Towson State University and The Center for Political Leadership and Participation at the University of Maryland: The table was perched outside of the office of the Presidents secretary, who briefed reporters on a daily basis. With their own observed territory, reporters established a property claim in the White House. From that point forward, reporters had space they could call their own. The value of their space is found in its propinquity to the President and to his Private Secretary. They were outside the Private Secretarys office and a short walk down the hall from where the President had his office. Members of the White House press corps eventually won their own press room in the White House. They occupy a space in the West Wing to this day and are organized in the White House Correspondents Association.   Why Correspondents Get to Work in the White House There are three key developments that made journalists a permanent presence in the White House, according to Kumar. They are: The precedents set in coverage of specific events including the death of President James Garfield  and as the constant presence of reporters on presidential trips. Presidents and their White House staffs got used to having reporters hanging around and, finally, let them have some inside work space, she wrote.Developments in the news business. News organizations gradually came to view the President and his White House as subjects of continuing interest to their readers, Kumar wrote.Heightened public awareness of presidential power as a force in our national political system. The public developed an interest in presidents at a time when the chief executive was called upon to provide direction in domestic and foreign policy on a more routine basis than had previously been the case, Kumar wrote.   The journalists assigned to cover the president are stationed in a dedicated â€Å"press room† located in the West Wing of the president’s residence. The journalists meet almost daily with the president’s press secretary in the James S. Brady Briefing Room, which is named for the press secretary to President Ronald Reagan. Role in Democracy The journalists who made up the White House press corps in its early years had far more access to the president than the reporters of today. In the early 1900s, it was not uncommon for news reporters to gather around the desk of the president and ask questions in rapid-fire succession. The sessions were unscripted and unrehearsed, and therefore often yielded actual news. Those journalists provided an objective, unvarnished first draft of history and an up-close account of the presidents every move. Reporters working in the White House today have far less access to the president and his administration and are presented with little information by the presidents press secretary. Daily exchanges between the president and reporters - once a staple of the beat - have almost been eliminated, the Columbia Journalism Review reported in 2016. Veteran investigative reporter Seymour Hersh told the publication: â€Å"I’ve never seen the White House press corps so weak. It looks like they are all angling for invitations to a White House dinner.† Indeed, the prestige of the White House press corps has been diminished over the decades, its reporters seen as accepting spoonfed information. This is an unfair assessment; modern presidents have worked to obstruct journalists from gathering information. Relationship With the President The criticism that members of the White House press corps are too cozy with the president is not a new one; it most surfaces under Democratic administrations because members of the media are often seen as being liberal. That the White House Correspondents Association holds an annual dinner attended by U.S. presidents does not help matters.   Still, the relationship between almost every modern president and the White House press corps has been rocky. The stories of intimidation perpetrated by presidential administrations on journalists are legendary - from Richard Nixons ban on reporters who wrote unflattering stories about him, to Barack Obamas crackdown on leaks and threats on reporters who didnt cooperate, to George W. Bushs statement that the media claim they didnt represent America and his use of executive privilege to hide information from the press.   Even Donald Trump has threatened to kick reporters out of the press room, at the beginning of his term. His administration considered the media â€Å"the opposition party. To date, no president has tossed the press out of the White House, perhaps out of deference to the age-old strategy of keeping friends close - and perceived enemies closer. More Reading The Fascinating History of the White House Press Room: Town CountryThe President, the Press and Proximity: White House Historical AssociationThe Press Has Always Been a Guest in the President’s Home: LongreadsHistory of the White House Correspondents’ Association: White House Correspondents’ AssociationThe White House Beat at the Century Mark:  Martha Joynt KumarDo We Need a White House Press Corps?: Columbia Journalism Review

Creation of the Office of the Director of National Intelligence Essay

Creation of the Office of the Director of National Intelligence - Essay Example In the 20th century intelligence agencies of United States of America were named among the best in the business. The performance of United States secret agencies was commendable throughout the Cold War era. After the fall of Soviet Union the world became Uni-polar and there was no significant threat that the country faced, at least from another country. But this illusion of total control and dominance over the world was shattered with the attacks of 9/11. It was something no one in the world was expecting and it forced United States to rethink its overall intelligence capability. The 9/11 attacks were a blow to the confidence of United States and it led to major restructuring of intelligence agencies. After 9/11 United States decided to make a new intelligence institution called the Office of Director of National Intelligence. In this essay the details of this agency will be discussed alongside with the details of its creation. A general overview of the intelligence agencies of the c ountry will also be given. The need for this separate institution will be discussed and future threats this office may be able to counter will be explained. History and General Overview of Intelligence Agencies of USA Intelligence agencies of United States of America have a long history. Since the creation of United States of America secretive agencies have a large role in the government operations. Founding fathers of America knew the importance of a secret agency that will protect the country from foreign and domestic threats. George Washington in his first Presidential State of the Union address requested Congress to establish a secret service fund for different secret activities (Central Intelligence Agency 2007). Since then secret agencies have conducted activities in foreign countries for the short and long term interest of United States. For a major part of 19th century Britain was a great danger for United States therefore most activities of secret agencies of United States were targeted against Britain. Agents were also sent in different colonial regions in order to extend the influence of United States and protect the interest of the country. In the early and middle of 19th century the aim of United States was to protect itself and gain power. The Civil War was the first big hurdle United States had to face after the war of 1812. The war endangered the sovereignty of the country. Secret spies also played a great role in the civil war on both sides (Central Intelligence Agency 2007). Propaganda schemes were followed by both the side and secret agents were used. After the Civil War United States of America realized that the country needed a formal intelligence organization that could protect the interest of the state domestically and internationally. Before this informal intelligence missions were carried out but as the country developed there was a need of a formal intelligence structure. In 1880s the first two formal intelligence agencies were made. The first was the Military Intelligence Division and the second was Office of Naval Intelligence (Central Intelligence Agency 2007). Over the period of time intelligence agencies became more organized and acquired superior skills. More divisions were made and covert operations continued in the first half of 20th century. In the First World War the efforts of US intelligence agencies were not very successful mainly due to the lack of funding. But before the Second World War, United States had developed a great system of intelligence gathering and many agencies were working in order to collect intelligence. The intelligence failure of Pearl Harbor was the greatest intelligence fail