Annotated Bibliography On Functions And Functions

#include #include #include #include #include #include int PID[100], CPU_time[100], IO_time[100], arrival_time[100], flags[100],ID_ready[100]; int rQ[100], bQ[100]; int f_CPU = 0, r_CPU = 0, f_IO = 0, r_IO = 0; // a function that dequeue an element from a queue int deque(int state, int N, int ID) { int temp, var, i, index; if (state == 0) { //deque from ready_queue var = rQ[f_CPU]; rQ[f_CPU] = -1; f_CPU++; if (f_CPU == N) f_CPU = 0; } if (state == 1) { //deque from blocked_queue for (i = 0; i N; i++) { //search for ID in the blocked queue if (bQ[i] == ID) { index = i; break; } } if (bQ[f_IO] != ID) { //sort the elements of the blocked_queue to deque from the place pointed by f_IO temp = bQ[f_IO]; bQ[f_IO] = ID; bQ[index] = temp; } var = bQ[f_IO]; bQ[f_IO] = -1; f_IO++; if (f_IO == N) //check if end of queue reached f_IO = 0; flags[ID] = 0; } return var; } // a function that enqueue an element in a queue void enque(int _id, int state, int N) { if (state == 0) { //enque in ready_queue rQ[r_CPU] = _id; r_CPU++; if (r_CPU == N) r_CPU = 0; } else { //enque in blocked_queue bQ[r_IO] = _id; r_IO++; if (r_IO == N) r_IO = 0; flags[_id] = 1; } } // a function for first come first served algorithm void FCFS(int N) { int n, m, k, p, j, ID, time = 0, temp, counter = -1, run_flag = 0, finish_counter = 0; int turnaround_time[N], data[N]; float run_count = 0; FILE *output = fopen(FCFS.out,Show MoreRelatedRoles and Functions of a Manager- Annotated Bibliography2143 Words   |  9 Pages------------------------------------------------------------------------------------------------------------ What is a director’s role? 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The Physics Of An Object Essay - 2575 Words

This experiment is about obtaining data that express the acceleration obtained when the force applied to an object varies. Thus, different hanging masses will be hitched to a cart to observe the impact on the acceleration. As the mass of the cart will remain the same, the purpose of the procedure is to verify the relation between the applied force on an object and its acceleration which is, according to Isaac Newton, F=ma. The results of this experiment are useful because it has an impact on all calculations about dynamic motion. For instance, the force exerted by a car’s motor on the wheels will influence the velocity of the car. To keep the car safe, an engineer will have to calibrate the throttle and to do so, the relation between the force applied and the acceleration has to be known. Another example is the conveyor. A lot of them are made with a mechanism using air pressure. To move the objects on those kind of conveyor, air is projected on the mobiles so they have an acc eleration. Thus, Newton’s second law has to be known and proved so all the component of the conveyor keep synchronised. Identification of variables: Independent variable : the traction force applied on the cart (N) Dependent variable: the acceleration of the cart (m/s2) Controlled variables: - Mass of the cart - Type of surfaces - Angle of the linear track - Temperature At the beginning of the experiment, a hanging mass is measured and hitched to the cart. 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The Technological Revolution

Question: Describe about transportation required to get to the destination, activities that should be carried out while at the destination and preparation for uneventful encounters such as custom. Answer: Name of the Destination The destination that is being chosen here is American Samoa; a place that is located between Hawaii and New Zealand. A place lying almost 100km east of the island country Samoa, and the citizens of the American Samoa are the nationals of US but they are not the citizens (Beckman, 2015). The people of the American Samoa, although, could move around in the America Samoa as well as in the mainland of US, freely. The most important city of American Samoa is Pago Pago, where there is an international airport, although in the village of Utulei, American Samoa has the governors office. American Samoa is a place that consists of group of islands, and these islands are located in the South of the Pacific Ocean. The islands that form the American Samoa, include, Tutuila, Ofu, Tau, Olosega, Rose Island, Swaine Island and the Aunuu. Total Cost of the 2 Week Trip The trip will start from the Pago Pago international airport; therefore, it is important to have the flights ticket ready. If the round tickets are available for the trip then it will be wise to have the return tickets, because at the time of return the tickets may not be available. The tickets available for the round trip, costs around $2023. After reaching the airport, reaching American Samoa will only be possible either by boat, bus or by cars in rent. The American Samoa harbor is located near the airport (Waxman, Buenconsejo-Lum, Cremer, Feldman, Ault, Cain, Diaz, 2016). The cruise ships for the passengers are generally inexpensive because the government is mostly controlling it. The anchorage charges of the cruise ships are as less low as $7.50 a month. Therefore, it can be estimated that a minimum price of around one or two dollars. According to the tour advisor, the boats could also be taken in rent to visits the islands of American Samoa. The rental charges of these boats ar e around 100 Samoan Tala, which is equal to around $39.54. If buses are taken in rent then it will cost around one or two dollars. It is better to take the boats in rent; it will give a better feel of the place. There are beach fales and resorts in American Samoa, and the rent of these resorts are around $150. The beach fales, although is not very expensive and the rent of these beach fales are around $54 to $60. Therefore, it can be estimated that the trip would cost around $4500 to $5000. Transportation Required to Get to the Destination The trip to the America Samoa will start from the Pago Pago airport, therefore one of the most important transport system for this trip, is the plane. After reaching the America Samoa, the time comes to visit different destination. There are many islands in America Samoa, which the people could visits and could have their stay there. The people could visit the island in four possible ways; this includes the airways the buses, the boats and the cars in rent (Taumoepeau, 2015). The airways are the most convenient way of transport, because it takes not more than 30 to 40 minutes for transportation through airways. The buses can also be used for transportation, especially if the budget is limited. The cost of travelling through the buses is not at all expensive, It takes only or two dollars, to move around in the buses. If relaxation is something that should be given more importance, then renting a car should be given more importance. The feel of the whole trip could be enjoyed most by travelling through the boat. The boats are not at all very expensive and at the same time, it is a very useful means of transport for visiting the island. Activities that should be carried out while at the destination If a visit to the America Samoa is made, then a positive visit should be made to the Fagatele Bay National Marine Sanctuary. It is one of the most important destinations, because it consists of tropical relief, and it is filled with bright colored tropic fish. Among the tropical fishes that are there the butterfly, parrot and the damselfish forms a part of it. The national sanctuary also consists of a sea creatures like octopus, crabs and lobster (Lau, Musso, Fournier, Parola, Raoult Weinstein, 2016).. Apart from the National Sanctuary, the National Park of America Samoa is an important destination where, a visit can be made. The finest landscapes and the seascapes of the island make the place not only beautiful but at the same time serene at the same time. The initiative of making the landscape and seascape beautiful is taken by the US Congress and the leaders of the Samoan village (Harrison Pratt, 2015). Activities like snorkeling can be carried out in beaches like those that the Toaga where exploring the pristine coral reef will be a real fun. Adventure activities like hiking can be carried out in the rain forests that are there in the mountains. There is a hiking trail on the right-hand-side of the Pago Pago uphill that will lead to the Mt. Alva in two hours. The view that is there from the Mt. Alva is the best view of the whole destination. There is although, a risk related to this particular adventure sports. The trail that is there on the other side of the uphill, leads to the village of Vatia. The availability of buses in the village of Vatia is very less therefore, returning to the capital city, Pago Pago could be a challenge. The nightlife activities in America Samoa are also very interesting and therefore, these activities should be carried out in this particular trip. Shopping is another important activity that could be carried out in America Samoa, where there are several kiosks, which would help in this shopping (Koth, 2015). Preparation for Uneventful Encounters Such as Custom The trip to America Samoa will be a visa-free entry for the citizens of United States, although the passport is required for the entry. The departments of the customs, which work under the America customs, make sure that the excise duties and the tax duties are carried out properly (Connell, 2015). They make sure that all the person entering and leaving the place is searched properly along with their baggage. The customs make sure that there are no illicit imports of the goods like arms and ammunition, narcotics or any other kind of weapons. The America Samoa not only has their customs officers in airport but they are also present in the seaport as well. The customs officers in the seaport make sure that they search both the cargo and the passenger ships. The baggage of almost thousands passengers are checked daily. It is in the Pago Pago harbor, where the task of immigration as well as customs clearance is being carried out (Crews Lawson, 2015). During the time of trip, therefore, it should be kept in mind that while travelling things containing narcotic should not be carried. Proper preparation should be taken so that the customs are being avoided and the trip is a peaceful visit (Romero, 2015). The immigration department of America Samoa goes through a thorough inspection of the cargo and the baggage and accordingly they collect the excise tax as well. Daily operations that are being carried out in the immigration department, include, daily immigration operations and enforcement and at the same time, it include alien ID issuance as well. References Beckman, M. (2015). Pilot study: influence of the Samoan dog population on visitors. Connell, J. (2015). Samoa and Tonga: Migration and Remittances in the Twenty-first Century.Migration and Development: Perspectives from Small States, 122-185. Crews, D. E., Lawson, A. J. (2015). International migration, population structure and economic development in American Samoa.Migration and Development,4(1), 23-38. Harrison, D., Pratt, S. (2015). 1 Tourism in Pacific island countries.Tourism in Pacific Islands: Current Issues and Future Challenges,48, 1. Koth, B. (2015). 13 Hosting bluewater sailors.Tourism in Pacific Islands: Current Issues and Future Challenges,48, 219. Lau, C., Musso, D., Fournier, P. E., Parola, P., Raoult, D., Weinstein, P. (2016). Absence of serological evidence of Rickettsia spp., Bartonella spp., Ehrlichia spp. and Coxiella burnetii infections in American Samoa.Ticks and tick-borne diseases. Romero, V. C. (2015).Everyday law for immigrants. Routledge. Taumoepeau, S. (2015). 11 Air transportation and tourism linkages in the South Pacific islands.Tourism in Pacific Islands: Current Issues and Future Challenges,48, 183. Taumoepeau, S. (2015). 11 Air transportation and tourism linkages in the South Pacific islands.Tourism in Pacific Islands: Current Issues and Future Challenges,48, 183. Waxman, A. G., Buenconsejo-Lum, L. E., Cremer, M., Feldman, S., Ault, K. A., Cain, J. M., Diaz, M. L. (2016). Cervical Cancer Screening in the United StatesAffiliated Pacific Islands: Options and Opportunities.Journal of lower genital tract disease,20(1), 97-104.

Sentencing Recommendation for Pete Smith an Example of the Topic Government and Law Essays by

Sentencing Recommendation for Pete Smith by Expert Tutor Maya | 01 Aug 2016 The majority of criminals presently experiencing their sentences in society correction plans are criminals convicted of the felony, or minor misdemeanor charges (that is: 1st offender DUI's, petty burglary, drugs, etc) and are commonly composed of folks judged to be of little danger to humanity. The sentencing proposal for Pete Smith is rehabilitation. The meaning of rehabilitation is to bring back to good condition or valuable life, as through treatment and tutoring. This restoring intention is intended for effectively recover illicit wrongdoers and transforming offenders so they will not persist to commit misdeeds. Need essay sample on "Sentencing Recommendation for Pete Smith" topic? We will write a custom essay sample specifically for you Proceed Rehabilitation-oriented courses for instance cognitive knacks, edification, pay services and life skills are aimed at changing the offender to avoid impending wicked activities of the treated person. If we stop Smith from testing prohibited drugs and instruct him a constructive skill, so, when returned to habitual society, he will possess the attitudes and facilities to function within the rules of society. Rehabilitation confirms the humanitarian behavior of Smith as it considers his social weaknesses and aspires to recommend a 'way out' of the criminal activities. Characteristically rehabilitation follows the three bases of behavior amendment, drug rehabilitation and re-education of abilities. By targeting these modules, Smith is offered the likelihood of reforming learnt the criminal way of life, acquiring help with drug evils and working on the fundamental skills obligatory to stay alive in society. The swing towards dealing convicts in a more sympathetic way allowed the perception of rehabilitation to be a valid solution in felony control approach. The intervening reality is that people can be transformed and if we start rehabilitating in time, we may be competent to stop youth felons from becoming mature felons. Reference: Frase, R.S. (2001), Sentencing and Sanctions in Western Countries, Oxford University Press, pp. 267-268.

Reparation Payments to the Descendants of Slaves essays

Reparation Payments to the Descendants of Slaves essays The issue of reparation payments to the descendants of slaves has been in question lately. Many people are having trouble looking a both sides of the argument. Many others can answer yes or no to the question, but they do not know how to back up their answer. Back when slavery started, the whites brought over boatloads of people from Africa. These African people were brought against their will and make to work for free. The only thing they received from their owner was poorly constructed shelter and very little food. Once reconstruction of the Union started, Black rights were established. Many Southerners did not honor these Black rights. African-Americans were often humiliated and punished for being Black. They had to use separate restaurants, water fountains, restrooms, basically everything. They might have to walk twenty extra miles just to reach a colored water fountain. African-Americans were treated very unfairly back then. Obviously things have changed a lot since those times. African-Americans are now able to do everything that whites are able to do. Equal right are established and the rules are now followed. They are no longer suffering for being Black. Back to the posed question. Should the government of the United States make restitution payments to the descendents of slave for the misery their ancestors went through over two hundred years ago? My answer is no because we have more than made up for the mistakes of the slave owners. Lincoln argued this point in his Second Inauguration. He basically stated that the bloodshed of the Civil War had consumed all the debts owed to the slaves. Lincoln announced at Gettysburg that all who fought and died in the war made it possible for the new freedom the slaves acquired. The war is no the only reason I disagree with the restitution payments. We are already paying our debts to slaves descendents in one way through affirmative action programs that have been in pl...

10 newbie nurse confessions

10 newbie nurse confessions Nurses who are new to the profession often face a variety of unique challenges. On top of the long hours, tremendous responsibility, stress, and demands of the job, there’s the fact that the health and wellbeing of others is literally in your hands. That can be a lot to handle, even for the most seasoned and experienced nurses, and the first few months and years on the job can often be a real learning experience. As a new nurse, you may be wondering if all new nurses face the same hurdles as they learn the realities of the profession each day. It can be really beneficial for newbie nurses to hear the thoughts and confessions of fellow nurses, which can help them draw strength and wisdom from the community of dedicated nursing professionals.Or perhaps you’re still at the stage where you’re thinking of becoming a nurse and are wondering if the realities of the job match your ideas about what you think it’ll be like. If this is where you are, hearing the stor ies of new nurses can be incredibly valuable and empower you to make the right decision about whether or not becoming a nurse is the right move for you.Nurse.org recently released an article titled â€Å"10 Things I Wish I Knew Before Becoming a Nurse,†Ã‚  which contains a wealth of wit and wisdom from newbie nurses across the country. Use this valuable information to draw strength and gain new insights into the nursing profession.Here’s a look at the 10 things these nurses discuss.1. It’s okay that you don’t know everything.Just as life is a series of discoveries and learning experiences, so is being a nurse. Be prepared to enter the profession not knowing everything- and realize that although you never will know absolutely everything, if you let yourself be open to learning and growing then each day on the job will make you a better nurse.2. Be prepared to be on your own.Although as a nurse you’re always a part of a system of healthcare professio nals who each play a crucial role in ensuring that patients have access to a broad spectrum of beneficial services, you may be surprised to learn that you’ll have a great deal of autonomy when deciding how to tackle issues on the job. Trust your training and instincts, and ask for help from veteran nurses on your team if you need it.3. Slow down.Always remember that as a nurse, the decisions you make will have significant consequences on your patients’ wellbeing. Therefore, it’s always worth it to slow down and take the time to make thoughtful decisions. Although a crucial part of being a nurse is the ability to make quick decisions in the middle of a crisis, whenever feasible you should take the time you need to make sure you’re making the right decisions.4. Show gratitude.The environments nurses typically work in can be stressful and pressure-filled, to say the least. Helping to create a more cordial, pleasant, and positive work atmosphere- by always sh owing gratitude to your colleagues and patients- can go a long way towards making a difficult job a little easier. Showing gratitude can also help strengthen your professional relationships, which is always a good idea- especially if you’re new to the field and can benefit from the wisdom and guidance of your coworkers.5. Your patients always come first.If the nursing profession has a â€Å"Golden Rule† then this is it. Never forget why you’re doing what you’re doing as a nurse- to help serve the needs of your patients who are in mentally, physically, and emotionally vulnerable situations and are relying on you for help and care. It’s why you became a nurse in the first place, and staying true to this noble mission will help see you through each work day.6. Be prepared to change.Being a nurse is a life-changing journey- working in a field that encompasses such a profound life and death continuum will inevitable change you. If you stay true to your mission and let the job change you for the better, you’ll become a more empathetic, intuitive, and effective nurse.7. Don’t forget to care for yourself.This may sound obvious, but you’d be surprised by how many nurses who get so focused and wrapped up in taking care of the needs of others that they neglect their own basic needs- and when this happens it isn’t long before their ability to do their jobs effectively is compromised. Never forget that taking care of yourself will better allow you to take care of others.8. A bad shift does not make you a bad nurse.This can be one of the toughest lessons a nurse will have to face. No one is perfect and none of us have a completely error-free track record at work, but mistakes can be especially devastating for nurses because of the critical life and death nature of their work. Every nurse must learn that on-the-job mistakes happen, and the goal should be to make each mistake a learning opportunity along the road to being the very best professional you can possibly be.9. Don’t be afraid to ask questions.Avoiding asking questions out of fear that you’ll appear ignorant or unprepared is a big mistake- don’t forget that no nurse, especially those who are new to the job, knows everything. The best way to learn is to ask questions. So be sure to push through any hesitancy that you may be feeling and ask questions when you need to.10. Always listen to your patients.In the daily rush and pressure of being a nurse, it can be easy to forget this basic tenet- but you shouldn’t. Don’t assume that just because you’re the professional that you’ll have all the answers regarding what your patients need. Asking them how they’re feeling, what they’re experiencing, and what they need and listening to them when they need to be heard will make every patient encounter better- both for you and for them.There you have it- 10 things veteran nurses wish they knew before they became nurses. Draw strength from their confessions, learn from their experiences, and move forward in your journey towards becoming the best nurse you can possibly be. Good luck!

Economic Report Essay Example | Topics and Well Written Essays - 1500 words

Economic Report - Essay Example Presidents’ economic performance based on the real Gross Domestic Products The two presidential terms, the first term of president Barrack Obama and the last term of President George W. Bush were characterized by the worst economic performance since World War II. The real Gross Domestic Product (GDP) grew by only 4% during the second term of President George W. Bush’s tenure, which was the weakest since World War II. During the first term of Obama’s tenure, the real GDP grew by 5.9%, the second weakest since World War II. According to NBER (National Bureau of economic research), the most recent recession began in 2007 and ended in 2009. NBER states that economic recession starts when growth is at the peak, and then the nation begins to experience slow economic activity. A recession comes to an end and economic expansion begins after the economic activities hit the economic trough and start to grow again. It can be concluded that the most recent economic growth wa s lowest during the last term of George W. Bush and started to peak during Barrack Obama’s first term. ... W. Bush, and through superb economic policies, he managed to transform it into a surplus of 2.4% of the GDP in 2000. In addition, federal spending dropped from 22% of GDP in 1992 to 18.4% in 2000. It can be concluded that during Clinton’s era, the economy experienced the highest growth of GDP at 14% due to sound economic policies, low interest rates, and reduced spending that resulted in a relatively low deficient rate. However, some critics state that Bill Clinton’s economic policies encouraged subprime lending, housing bubble, and economic boom, which were instrumental in starting the great recession (Tanzi 58). George H. W. Bush can be remembered for spurring the economy that buoyed Clinton’s economic prosperity. He inherited from Reagan an economy that had started to enter the recession phase after experiencing a considerable economic prosperity. During his era, the GDP grew by 8.8%, which was a bit higher than those posted by Barrack Obama and George W. Bush . Although his presidency was marked by excessive spending on wars, such as the Gulf War, he managed to contain inflation and provided a good economic pathway for the prosperity of the economy during Bill Clinton’s era (Grabowski, Self, and Shields 71). Presidents’ economic performance based on civilian unemployment rate The United States of America has experienced eleven recessions since 1948. The federal and state governments have applied several measures to combat recession and minimize civilian unemployment through tax cuts and stimulus spending. In the early 1980s, the economy endured a recession, and the rate of unemployment was at double digits. The main reason was that the federal government was trying to minimize the inflation that was affecting

Tolapp Corporation Essay Example | Topics and Well Written Essays - 1250 words

Tolapp Corporation - Essay Example Majority of the products are manufactured locally and sold through their business partners that include few of the largest retailers like Sears, Wal-Mart and Best Buy. The company has been continuously focusing on the customers’ requirements and developing strategies to expand its base in the global market. Mission Statement Analysis of the Mission Statement through the Nine Components In today’s world most of the modern companies while deciding their mission statement consider to address the nine components for ensuring strategic management. Though it is not necessary to include all the nine components however Tolapp Corporation’s mission statement will be analyzed through all the nine components. Customers: Tolapp Corporation’s products are targeted towards the household families who take care about their houses. The products have been developed to provide conveniences to the family members while taking measures to keep their houses clean and to prepare food items (Southwest University, 2011). Products and Services: Tolapp Corporation’s product line consists of microwave, lawn mowers and lawn furniture among other power tools (Southwest University, 2011). ... Philosophy: The management of Tolapp Corporation values their human capital as they consider it to be the biggest asset of the company. The management prioritizes the customers’ requirements and ensures that the products are developed and modified according to the consumers’ needs (Southwest University, 2011). Self-concept: Tolapp Corporation believes that their designing and engineering units comprise the best in industry talents which give them the competitive advantage over their rivals (Southwest University, 2011). Concern for Public Image: Over the years, the company, through its products, has developed brand awareness and trust within their customers in the United States (Southwest University, 2011). Concern for Employees: The company, Tolapp Corporation has established a grievance cell to address the issues of the employees quickly as well as effectively (Southwest University, 2011). The mission statement of the company is that they are determined in providing be st in class technologies in the household appliances with adding value to its products. They look forward towards innovating products that will provide lifetime experiences to its customers. Principles to be used to prioritize the Implementation Steps The objective of the company is to spread its business in the overseas market for generating increased demands. Thus, the management of Tolapp Corporation needs to consider few principles according to the priorities that are essential in fielding its base in the global markets. The first initiative of the management is to assess the regional needs. This assessment will help the company to locate which regions will be beneficial in terms of operating costs, effective distribution options and

‘Never Let Me Go’ and ‘My Sisters Keeper’ Essay Example for Free

‘Never Let Me Go’ and ‘My Sisters Keeper’ Essay Both ‘Never Let Me Go’ by Kazuo Ishiguro and ‘My Sisters Keeper’ by Jodi Picoult explore issues that are widely discussed but rarely put into practice. For example the most famously known cloned experiment is Dolly the sheep which was in 1996 and there have been very few cases where a family have decided to create another child for the use of medical reasons, the first case of this in the UK was in 2002. Both novels focus on people or one person who have been created for the use of other people. Both of the novels are coming of age stories, in which the main characters question their identity as they grow into young adults. Anna was created for a bone marrow donor for her sister. As a young child Anna has had no control over the purpose her life, until she reaches thirteen and she starts to become aware that she is could change the situation and so finds a lawyer, and asks him for help. In Chapter One she says ‘I was born for a specific purpose. I was born because a scientist managed to hook up my mother’s eggs and my father’s sperm to create a specific combination of precious genetic material.’ In ‘Never Let Me Go’ Kathy along with many others is a clone that was created as an organ donor for the use of other people or ‘originals’ as they are referred to in the novel. Kathy struggles to understand her true place in the world. Like Anna, Kathy also questioned her identity and has been confused and frustrated about who she really is. There are several points throughout the novel where Kathy looks through magazines to try and find her original. She continues to question her past and her childhood and as she explores her history, readers are able to have a clear understanding of who Kathy is and why she has found it difficult to discover an identity. The Authors explore the moral question of how scientific and medical advances are able to benefit other people. This a present day issue which may challenge the readers views on alternative solutions to medical issues and their views on the value of human life and the importance of identity. At the start of ‘My Sisters Keeper’ Anna’s prologue sets the tone of the novel. She says ‘In my first memory, I am three years old and I am trying to kill my sister.’ This may provide the readers with a subtle hint of what is going to happen. It reveals her honesty even at such a young age with her desire to have her own identity. This continues with ‘As we got older, I didn’t seem to exist, except in relation to her.’ However in ‘Never Let Me Go’ the readers are instantly introduced into Kathy’s. She talks about working and so the readers believe she has a job as a career for people who are donors, yet they don’t know that she is also a donor so the readers will perceive her as a normal person. Also within the first chapter of ‘Never Let Me Go’ Kathy talks about herself, Tommy and Ruth who are her closest friends throughout the book. Ishiguro introduces the characters with strong personalities, as is shown through Tommy’s expressive release of his anger, ‘He began to scream and shout’ and ‘he was raving, flinging his limbs about, at the sky, at the wind’. Kathy and Ruth are also seen as average children with their laughing, talking and sniggering. For the readers the characters are automatically seem as normal children.

My Philosophy :: Philosophy Education Teaching Teachers Essays

My Philosophy Everyday we learn, whether we are conscious of it or not. Since primate times to the new generations. Primates taught their kids how to hunt, those kids taught the next generation, and the chain of teaching still exists because we still learn new data, and information every day in our lives. We gain this new information primarily from our parents and teachers. I thank God for all the people who had taught me the things that I know, and helped me to realize that education is a necessity in my life. Education is a necessity in our lives. We need to go to school to become well prepare persons in the future. If I did not have the education I have today, probably I would be working at a Jack in the Box fast food restaurant, or at Wal-Mart. I am not saying that these work places are not dignify, but I would not had the benefits I have, and all the knowledge I have conquer through out the years of education, and experience. Becoming a teacher is one of the greatest experiences in my life. I will confess, teaching was not in my plans, but Gadsden School District gave me the opportunity to become a music teacher. In the district, I found out that becoming an educator is not about money, vacation, or sick leaves. This profession has to do with the satisfaction of seeing your kids accomplish their dreams, and goals. We all have experience these wonderful school satisfactions, through kindergarten, all the way to University. I remember when I f irst wrote my name in a piece of paper, I was all happy because of what I have accomplished. Since then, I have achieved many goals, and dreams. Now, I have realized that I am giving the same educational opportunities to f ind fulfillment to my music students. This fulfillment is visible when I teach them a new rhythm, or a new song. Like myself, my music students walk out of my classroom happy, and proud due to the new knowledge they have accomplish. On the other hand, I could not have achieved these goals and dreams without the help of all my professors. In all the years I have been going to school, many teachers are still in my mind.

Death by Scrabble by Charlie Fish Essay

In the short story Death By Scrabble, Charlie Fish tells a story of a bitter man who is contemplating killing his wife as they engage in a game of Scrabble. Throughout the game, the man notices that the words played on the board manifest into action. After he figures out the words played are coming true, he tries to play words so he can kill her. In the end, he ends up dying after his wife plays the word â€Å"death†. The man expresses his extreme anger and resentment toward his wife throughout the story. The husband and wife seem to share mutual feelings of hatred. He tells himself that if the letters â€Å"give him a sign† he will kill her right then and there. He tries to manipulate the game so he can kill his wife but he is killed instead. The fact that he ultimately dies makes him a static character. Another reason he is to be considered a static character is that he did not gain any insight throughout the story. He failed to see that blaming his wife for is happiness won’t make him any happier. The theme of the story is blame. The husband expresses throughout the duration of the story that he blames his wife for his misery. He fails to realize that she most likely possesses similar feelings of unhappiness. He reasons that if she were dead he would be happier. The central idea of the story is escapist. The husband wants to escape his marriage so badly that he plots to murder his wife. He blames her for his unhappiness and feels he can escape his misery by killing her. Sadly, the main character lacked the insight to see that other people cannot be to blame for your own happiness.

Links To Theory Through Observation.

EYES was established under the Childcare Act 2006 and is compulsory for all early years' providers that have o register with Posted for children age three to the end of the academic year in which they turn five. During reflection I will also be considering some theorists and their theories on learning through play and the benefits or criticisms they imply in relation to each observation. Child A pushes a lorry around table, watching as the wheels go round. He plays alongside others without interaction. Picking up the lorry he carries it to another area of nursery and kneels on the floor, again watching as he pushes lorry around the carpet.Another child approaches so he picks up the lorry taking it to a able with other vehicles on. Holding on to the lorry he picks up a small car, looking at a child opposite he says â€Å"My lorry is big†. The child agrees with child A saying ‘Yes because lorries are bigger than cars†. Child A smiles and replies â€Å"My lorry' is b igger†. He puts lorry on table and lines up two cars and a small bus alongside it and repeats â€Å"My lorry is bigger†. From the observation it was recognized that child A achieved several milestones for his age in conformity with the Development Matters in the FEES criteria.These include Mathematics (Shape Space and Measure) he is beginning to use the language f size, Physical Development (Moving and Handling) he squats with steadiness to rest or play with object on the ground and rises to feet without using hands, Communication and Language (Speaking and understanding) he uses language as a powerful means of widening contacts, sharing thoughts and developing understanding of simple concepts e. G. Big/little (Early Education 2012). The EYE-S categories children's development according to age which was influenced by Paginating theory.Jean Pigged is credited with the cognitive-developmental theory that views the child â€Å"as actively constructing knowledge and cognit ive development as taking place in stages† (Beer, 2000, p. 21). He introduced the term schema and its use was popularized through his work based on his four development stages, Seniority (0-errs), Pre Operational (2-6 or 7), Concrete Operational (6 or 7-11 or 12) and Formal Operational (1 1 or 12). Chris They (2007) was influenced by Piglets' schemas and developmental stages and building on Piglets' work she applied this theory to the observation and analysis of young children's learning.Focusing on young children's spontaneous play and activity she suggested that there re several ways of defining schema, although not a single one on which everyone would agree. During the observation it was identified that child A was performing some schemas in accordance to Pigged and Atheist' schema theory. Pushing the lorry around the table exhibits a rotation schema, taking the lorry to different areas exhibits a transporting schema and lining up the vehicles exhibits a positioning schema all of which Dowling (2013) suggests are mathematical schemas.Pigged viewed children as ‘lone scientists' who had all the cognitive mechanisms to learn independently from personal experiences and environmental aspects. He believed in the importance of children learning through exploring and finding new knowledge in many different situations without any need for teachers or more mature peers input (Nutrition, 2006). However in their response to schema-related play Bruce (1999) and Mead (1999), (in London, 2001) both highlighted the role of more mature ‘others' in influencing children's development.This is also posited by Level Viscosity who criticized Piglets' lone scientist beliefs, emphasizing the need for support from families, communities and other children to extend a child's learning in his Zone of Proximal Development (ZIP) theory (Pound, 2005). Visigoths' ZIP has been defined as â€Å"the distance between the actual developmental level as determined by independen t problem solving and the level of potential development as determined through problem solving under adult guidance, or in collaboration with more capable peers† (Viscosity, 1 978, p. 6). These theories were recognized from the observation when Child A communicated his thoughts on the size of the lorry to another child who confirmed his original schema of size but extended his level of thought by explaining lorries are bigger than cars. As the other child was more knowledgeable on size and mathematical language he was blew to provoke adaptation in child As' original schema allowing him to assimilate and accommodate this new information also showing evidence Of Piglets developmental theory (McLeod, 2009).Although further observations or adult led activities would be required to ascertain child As' equilibration. Upon reflection, had a teacher or LISP been present during this activity an opportunity to develop child As' mathematical knowledge further on shape, space and language could be met by comparing vehicle sizes and modeling language for size, big, bigger, biggest. Child B points to her tights saying â€Å"Look De, blue, red, blue' to L SP who replies â€Å"Oh yes, well done you spotted a pattern† child B smiles. â€Å"Do you think you can make a pattern? Asks LISP, child B nods following L SP to table with colored cubes and pattern cards. LISP hands child B a two colored pattern card modeling how to copy it. Child B follows card repeating pattern. LISP praises child B giving her a sticker, child B smiles examining sticker. Child B picks another two colored pattern card and copies it independently saying â€Å"l can do this one†. After praising child B LISP leaves table. Child B makes a two colored pattern without card calling to L SP Look I made my own pattern†, L SP praises and rewards child B with another sticker. Child B turns to a friend saying â€Å"l got two Stickers†.As in first observation, regarding the FEES, ch ild B is achieving several milestones within the seven areas of learning and development relevant to her age range of 40-months. She is also demonstrating characteristics of effective learning also specified in EYES these being, Playing and Exploring (engagement), finding out and exploring and being willing to ‘have a go', Active Learning (motivation), being involved and concentrating, keeping trying enjoying achieving what they set out to do and Creating and Thinking Critically (thinking), having their own ideas, making links, choosing ways to do things.However mathematically it was notable that child B aged 53 months is above her milestone development in shape space and measure aspect of FEES as she was able to recognize, create and describe patterns, which are Early Learning Goals (LEG). Legs' are the next developmental milestones of EYES and usually occur around age 60+ months (Education, 2012). This contrasts Piglets' theory that children learn in stages, achieving one st age before bovine onto the next.Maria Interiors also criticized this theory as she believed in focusing On the individualized nature Of learning and recognized â€Å"all children were capable of learning but they need to work at their own pace† (Groan et al, 2011, p. 41). This was highlighted in observation as child B is developing at her own pace and achieving a higher development milestone without completing all aspects of the 40-60 math shape space and measure category of FEES.Although Interiors criticized Piglets' development stage theory she believed, like Pigged that children learn by exploring alone and felt hat children were teaching themselves by absorbing information from their environment (Daley et al, 2006). Without intervention from the LISP child B would not have extended her knowledge or language of pattern and an opportunity would have been missed, sometimes it is therefore necessary to have the support Of an adult or more knowledgeable peer.This is supported by Burner whose scaffolding theory stated the importance of the role of a practitioner to extend children's learning (Doherty, 2009). Scaffolding refers to assistance which â€Å"enables a child or novice to solve a problem, carry out a ask or a goal which would be beyond his unassisted efforts† (Burner, 2006 p. 199). Child B had spotted the pattern but until the LISP assisted her and pointed out she had spotted a ‘pattern' child 8 did not have the language to describe it.

Using the Spanish Verb Hacer

Using the Spanish Verb Hacer Hacer is one of the most versatile verbs in the Spanish language, and it is used in a wide range of expressions that youll use daily. Although it is often said to mean to make or to do, in context it can refer to almost any activity as well as the act of becoming. Except as a simple question ( ¿hace? can mean something like will that do? and  ¿quà © haces? means what are you doing? or what are you making?), hacer very seldom stands alone. It is almost always followed by a noun. Key Takeaways Although  hacer  often is translated as to make or to do, it can be used in many other ways, including time and weather expressions.The reflexive form  hacerse  can also mean to become or to turn into.Hacer  is irregular in nearly all its forms. Uses for Hacer Here are some of the most common uses of hacer: To indicate the making or creation of something: A number of translations of the verb can be used in English depending on what is being made. Vamos a hacer una pgina web. (Were going to design a web page.)Hizo una casa grande en Chicago. (He built a large house in Chicago.)Hice un libro sobre mi tà ­a. (I wrote a book about my aunt.)El rbol hace sombra. (The tree provides shade.) As a general verb meaning to do: Hacer can refer to an activity in general, or it can replace a verb used earlier. No hizo nada. (She didnt do anything.)Yo comà ­a mucho y à ©l hacà ­a el mismo. (I ate a lot and he did the same.)Haz lo que digo, no lo que hago. (Do what I say, not what I do.)Hice mal en no estudiar. (I did wrong not to study.) As part of an expression or idiom indicating an act of some kind:  ¿Quieres hacer una pregunta? (Do you want to ask a question?)El acto terrorista le hizo daà ±o a mucha gente. (The terrorist act hurt a lot of people.)Hizo pedazos el comprobante. (He tore the receipt into pieces.) In weather terms: Typically, weather terms use a third-person singular form of hacer followed by a noun. Hace frà ­o. (Its cold.)Hacà ­a viento por todas partes. (It was windy everywhere.) In time expressions: Typically, hace is followed by a period of time to indicate how long ago something happened or started. El dà ³lar cae a niveles de hace dos aà ±os. (The dollar is falling to levels of two years ago.)Este virus se descubrià ³ hace poco tiempo. (This virus was discovered a short time ago.)La tengo desde hace tres dà ­as y estoy muy contento con ella. (I have had it since three days ago and am very happy with it.) To show causation: In some cases, hacer is used similarly to the English make to indicate why sometime happened. Ella me hace feliz. (She makes me happy.)Eso me hizo sentir mal. (That made me feel bad.) To indicate the act of becoming: The reflexive form hacerse is often used to indicate change. Se hace ms feliz. (Hes becoming happier.)Me hice hindà º. (I became a Hindu.)Se hicieron amigos. (They became friends.) In various impersonal expressions: In some cases, hacer can become the equivalent of to be. Hace un dà ­a esplà ©ndido. (Its a terrific day.)Voy si hace falta. (Im going if its necessary.)Hay gente que hace carrera sin talento. (There are people who are successful without talent.) To indicate the taking of a role: The role can be deliberate or not. Hizo el papel estelar en El Barbero de Sevilla. (He had the starring role in The Barber of Seville.)Hacà ­a el tonto con perfeccià ³n. (He played the perfect fool.)Hizo como que no entendà ­a nada. (She acted as if she understood nothing.) To indicate how something seems: The reflexive form is sometimes used in this way. Piorno se hace simptico por su acento caribeà ±o. (Piorno seems friendly because of his Caribbean accent.)Las horas se hacà ­an muy largas. (The hours seemed very long.) Conjugation of Hacer Like most much-used verbs, hacers conjugation is highly irregular. Here are the conjugations of the irregular indicative forms, with irregular conjugations in boldface: Present: yo hago, tà º haces, à ©l/ella/usted hace, hay (impersonal), nosotros/nosotras hacemos, vosotros/vosotras hacà ©is, ellos/ellas/ustedes hacen. Preterite: yo hice, tà º hiciste, à ©l/ella/usted hizo, hay nosotros/nosotras hicimos, vosotros/vosotras hicisteis, ellos/ellas/ustedes hicieron. Future: yo harà ©, tà º harà ©s, à ©l/ella/usted har, nosotros/nosotras haremos, vosotros/vosotras harà ©is, ellos/ellas/ustedes harn. Conditional: yo harà ­a, tà º harà ­as, à ©l/ella/usted harà ­a, nosotros/nosotras harà ­amos, vosotros/vosotras harà ­ais, ellos/ellas/ustedes harà ­an.

MLA Style Parenthetical Citations

MLA Style Parenthetical Citations Many high school teachers  require students to use MLA format  for their papers.  When a teacher requires a certain style, it means they expect you to follow guidelines for formatting  line spacing, margins, and the  title page  in a specific way. Your teacher may provide a style guide. As you write your paper in MLA format, you will be referencing things you found in your research and will need to indicate exactly where you found the information. As an alternative to  using footnotes (which are common in Chicago format),  this can be done with parenthetical citations. These  are brief  notations that explain where you found your facts. Any time you make reference to someone elses idea, either through paraphrasing or quoting them directly, you must provide this notation. It will include  the author’s name and the page number from their work. Here is an example of parenthetical citation: Even today, many children are born outside the safety of hospitals (Kasserman 182). This indicates that you are using information found in a book by somebody named Kasserman (last name) and it was found on page 182. You may also give the same information in another way if you want to name the author in your sentence. You might want to do this to add variety to your paper: According to Laura Kasserman, â€Å"many children today do not benefit from the sanitary conditions which are available in modern facilities† (182). Many children are born outside the safety of hospitals. Be sure to use quotation marks when quoting someone directly.

A Theology of 'Feed my sheep' ministry in the context of New Life Essay

A Theology of 'Feed my sheep' ministry in the context of New Life Church - Essay Example As examples of The Bible are analyzed additional measures to comprehending practical applications for the clergy. The lesson of John 21: 15-17 is an example of the analysis conducted. When analyzed, there is a deeper understanding to the call which received by Jesus and how this applies to the church with congruent applications for today. A. Brief Overview of the Problem The purpose of this paper is based on an examination of the meaning and interpretations of John 21: 15-17. The meaning related to John 21: 15-17 carry a variety of symbolical interpretations and expectations with the conversation of Jesus to Peter. The interpretations not only expand with the basic interpretation of the Bible in the commentary, but the structure and meaning also carry different explanations used within the context of the church. The concept is not only based on exploration of the main context for the event which occurred but also applies to using the expression as a basis for ministry today and applying the context of the event to the needs of today’s church. Exploring the true meaning of John 21.15 – 17 and understanding the meanings related to the overall words then provides a deeper application for ministry today. When exploring the main story, one is able to create an overall understanding of mechanics required for the functioning of the church. B. The Aim of the Study The aim of this study is to first explore all possible interpretations of John 21. 15-17. This follows with ways in which the interpretation applies to today’s church and the understanding of how the explanations apply to practical needs for the 21st century church. Defining the explanations that are a part of the general context today then allows an expansion of possibilities for the church and ministry while linking back to the metaphors, symbols and interpretations that began with the stories and references in the Bible. The importance of this expression is not only one which provides a variety of insights from the potential meaning. The aim also shows how this applies to the current context in society and the relations associated with the church. C. Significance of the Study There are several areas of significance with the story in John 21. 15-17. This begins with the symbolism of Jesus asking Peter the same question three times, which has symbolic and other meanings related to the main concept. The concept combines with potential symbolism and interpretations with the response given by Jesus about feeding his sheep and with the love which Peter states he has for Jesus. The dialogue which occurs has various meanings and is able to apply to the needed concepts for today’s society. Understanding the historical, symbolic and overall meaning of the Biblical passage then becomes important in the context of understanding more of the relationships in the Bible and of creating a deeper meaning for those living in today’s society. D. Methodology Chosen There are three main methodologies used together to compliment the interpretations of John 21. 15-17. The first is observations that occur when reading and interpreting the ideology. From the observations, certain conclusion and ideologies are interpreted through the context of the phrase. The observations come from the literary interpretation that is often used with this r evelation. This is important to note because it is the most common recognition when using the story and testimonial and is currently applied in the context of observation and ministerial interpretation. This is followed with scholarly research that is a part of others who have interpreted the meaning of this phrase through a

Company Assignment Example | Topics and Well Written Essays - 500 words

Company - Assignment Example The company operates in countries that average 37 and employs 28,400 workers directly as of mid-2013. 65% of these are in Europe, 26% is based in Asia, while 95 is based in the Americas (Düblin 8). Most employees in Europe work in Germany, France, and Switzerland. Richemont reported revenues of â‚ ¬10.150 billion in 2013, which was up from â‚ ¬8.868 billion the previous year (Düblin 10). Some strengths of the company include its high position of 6th in the Swiss Market Index, being the 2nd largest luxury goods company, and its large employee base, while it also encompasses several world-renown luxury brands like Piaget and Cartier among others. Its biggest weakness is that it has limited presence in emerging economies. Richemont’s HR brand is one of the most respected in the world, especially with regards to its highly trained staff, highly competitive remuneration packages, and its family culture. The main responsibilities of their group HR function are to develop processes, establish policies, and offer strategic direction to constituent brands’ HR functions with regards to best practices in HR management (Düblin 22). The main clients for the group HR are its brand HR teams. The HR’s plans, strategies, and direction were influenced by the 2009 financial crisis, especially with regards to restrictions on recruitment. This led them to focus on effectiveness and quality, while also shifting their focus from an approach solely based on skills to one also based on personality with regards to ambition, attitude, willingness to learn, and ability to learn (Düblin 23). This was to ensure that employees could fit into the Richemont family culture. Fitting employees into this culture also requires that Richemont find a balance between locals and expats for its overseas offices. This also ensures that their HR function embraces diversity in their work culture. This fit into

History II Essay Example | Topics and Well Written Essays - 500 words

History II - Essay Example Japanese targeted Pearl Harbor and attacked Pearl Harbor. Pearl Harbor is located on the west of Honolulu on the island of Oahu, Hawaii. It is under the command of United States Pacific Fleet. Japanese army attacked the Pearl Harbor on the 7th of December 1941. The impact of this attack was massive and began World War II. In the past the Pearl Harbor contained a shallow entrance and it was impossible for the large ships to enter the harbor (Hakim 93). The United States pacific fleet was previously located at the San Diego. Then President Franklin D. Roosevelt relocated it and sent it to the Hawaii (Hakim 149). The American invasion in the Hawaii made changes to the harbor and the rules related to it. The main motive of making of Pearl Harbor as narrated by United State is to protect the sailor and other men which are related to whaling industry (Hakim 152). It was decided to make pearl harbor a duty free harbor to increase the trade in the vicinity. By the start of the 1900 to 1908 t he American Navy expanded and improved the services (Hakim 153). On the day of 7th December 1941 Japanese imposed a surprise military attack on the United States Navy at the Pearl Harbor. According to Japanese the imposed military action is to avoid United States Navy to interfere in the Japanese invasion to the other parts of the world (Hoyt 104). The Japanese air strike nearly crushed many of the United States naval ships.

Development of the Caspian Oil and Gas Sector

Development of the Caspian Oil and Gas Sector Caspian Oil Gas Role of FDI in Economic Development of Azerbaijan, Kazakhstan and Turkmenistan Abstract This paper underlines the foreign direct investment strategy formulation process in the three energy-rich countries of the Caspian Region: Azerbaijan, Kazakhstan and Turkmenistan. The study comparatively analysis the investment climate in three selected countries and more specifically it examines the foreign direct investment in oil and gas industry and its role in economic development of each country. The research examines the investment climate in Azerbaijan, Kazakhstan and Turkmenistan and factors influencing the foreign investor’s decision-making in oil and gas sector. The first part of this paper overviews the Caspian region and its oil and gas reserves. More specifically this part summarises the role of foreign direct investment in oil and gas industry and how it promotes economic development of Caspian basin countries, namely Azerbaijan, Kazakhstan and Turkmenistan. The second part presents the theoretical framework of foreign direct investment. This part also reviews the previous empirical findings on types, determinants and motives of foreign direct investment. The part 3 comparatively analysis foreign direct investment performance in selected countries and factors which may influence the ability of a country to attract foreign investment. This part also overviews the investment climates in Azerbaijan, Kazakhstan and Turkmenistan. Part 4 concludes. Key Words: FDI, Caspian Sea region, Oil and Gas, Azerbaijan, Kazakhstan, Turkmenistan. 1 Introduction The Overview of the Caspian Sea Region It is wide recognized that foreign direct investment (FDI) can play an important role in the development process of many countries and it is much required. Economies in transition, such as those in Central Asia and the Caucasus, are no exception as they realize the important role of FDI in strengthening their transition process. While some of them have sizable deposits of oil, gas and minerals which are major attractions to foreign investors, others, being less endowed, have more difficulty to attract FDI to their fledgling industrial and service sectors. But in even those countries which are well endowed with natural resources, there is a thrust to diversify their economies away from over-dependence on those resources and to develop viable value-added manufacturing industries and services. FDI can play a major catalytic role in this process. Just a decade years ago the areas on each side of the Caspian Sea – Central Asia to its east side and the Transcaucasia to its west were largely unknown. These regions were provinces of the Soviet Empire important to the outside world neither politically nor economically. Now its is well known that the Caspian Sea is largest land-locked body of water on Earth, bordered by Azerbaijan, Russia, Kazakhstan, Turkmenistan and Iran – the Caspian basin countries (see Map 1). Amongst the five countries only Iran is a member of the Organization of Petroleum Exporting Countries. Kazakhstan, Azerbaijan and Turkmenistan became independent after collapse of Soviet Union in 1991. Once a centre of global commerce, the Caspian Sea region has languished in obscurity ever since the rise of the sailing ship rendered the Silk Road obsolete a half millennium ago (Olcott, 1998). After discovery of oil and gas resources in the Caspian offshore and shore areas, this region became very important oil and gas sector in global context. Moreover, owing to energy security and geopolitical reasons, the Caspian region became very attractive for the West. Azerbaijan became one of the world’s first oil sectors after crude oil production started in Baku in the middle of 19th century. The oil production in Central Asia started in the beginning of the 20th century. Azerbaijan recorded about 70% of Soviet oil production by end of 1940. The former Soviet Union controlled almost all natural resources in Soviet Republics. At the time of their independence, Soviet republics were quasi-states (Olcott, 1998). Each republic has its own president and prime minister, local and national legislatures. The political and economic liberalisation of the Soviet Union in the mid-1980s attracted foreign investors and oil and gas companies interested in exploration and production prospects. The collapse of the Soviet Union gave further opportunities for the liberalisation of investment regulations. By the late 1990s the Caspian region was comparatively politically stable region, and a number of countries significantly improved investment regimes to their oil and gas sectors. Historically, energy industry in Azerbaijan, Russia, Kazakhstan, Turkmenistan and Uzbekistan is very important sector for the economy growth of these countries. However, poor management of natural resources and poor investment climate in these countries lead to disparities emergent between the countries in socio-economic terms. Nowadays, it is well recognized that foreign investment plays a vital role in the development of the oil and gas sector for such countries as Azerbaijan, Kazakhstan and Turkmenistan and significantly stimulates social and economic development of each of these countries. 1.2 Research Questions The presence of potentially vast oil and gas reserves is a part of the foreign investment attraction into the Caspian Sea region. On the other hand, it is important to note that while the quantity of proven reserves undoubtedly plays a significant role in estimating a region’s production and export potential, the other decisive factors for attraction foreign direct investment into this region are undeveloped market, cheap labour and cheap inputs and weak competition. This paper focuses on foreign direct investment strategy formulation process in the three energy-rich countries of the Caspian Region: Azerbaijan, Kazakhstan and Turkmenistan; and on what foreign direct investment strategy in each country are based. The study comparatively analysis the investment climate in three selected countries and more specifically it examines the foreign direct investment in oil and gas industry and performance by each country. The significant number of researches in regard to foreign direct investment mostly explains the investment strategy in the developed countries, when limited study has done on investment in less-developed countries or emerging countries. The selected countries Azerbaijan, Kazakhstan and Turkmenistan are transition countries and to a certain extent new participants in the competition to attract foreign investment. These countries can offer many potential advantages to foreign investor, especially in oil and gas sector of business. The research examines the investment climate in Azerbaijan, Kazakhstan and Turkmenistan and factors influencing the foreign investor’s decision-making in oil and gas sector. There is no much research which explores the determinants of investment in Azerbaijan, Kazakhstan and Turkmenistan, the stereotypes and perceptions that foreign investors have about these countries and what could be done to increase the foreign direct investment flow into these countries. This paper surveys these parts by investigating the multinational oil companies operating in Azerbaijan, Kazakhstan and Turkmenistan. The data from different energy agencies were gathered for comparative analysis of oil and gas data as well as foreign direct investment in different countries. This would not only let one to have a picture of various state strategies related to foreign investment, but could also provide the valuable outlook of the most advantageous approach for transition countries in doing business with foreign investors. 1.3 The Legal Status of Caspian Sea A large share of oil and gas reserves in Central Asia and Caucasus are thought to lie under he Caspian Sea. The question of the ownership of those resources, including the right to license and tax their development, is being argued by the Caspian littoral countries. The legal debate over the Caspian Sea can be tracked back to the 1921 Treaty to Moscow, reaffirmed in 1935, which declared that the inland Caspian Sea belonged to Russia (Kemp, 2000). Later Russia sent a note to the United Nations dated from 5th October 1994, where Russian Ministry of Foreign Affairs stated that the Caspian Sea should not be subject to the provisions of international maritime law (International Energy Agency, 1998). The importance of the application of international law is that a â€Å"sea† under the 1982 Law of the Sea Convention would be subject to separation into national zones for the development of its mineral resources. Russia stated that until all five of the Caspian littoral states (Azerbaijan, Russia, Kazakhstan, Turkmenistan, and Iran) came to a common decision on some other arrangement, the legal status of the Caspian Sea was subject only to the provisions of the more general (Treaty of Friendship between Iran and the USSR of 26 February 1921 and Treaty between Iran and the USSR on Trade and Maritime Navigation of 26 March 1940). Nevertheless, the ongoing legal uncertainty does not seem considerably decreased foreign investment in the Caspian Sea region. Advantageous geological prospects, with potential of a major oil and gas resource base, show significant motivations for companies to invest in this important producing region, preferably from the beginning of its development. 1.4 Current Production and Proven Reserves in Caspian Region Caspian oil presents a lot of opportunities for world oil markets and for the region itself (Energy Charter Secretariat, 2008): The appearance of new production sources would expand world oil supplies. Major quantities of Caspian oil would ease the pressure on the Persian Gulf production capacity and provide an additional hedge against oil supply disruptions Profits from oil exports could stimulate economic growth and improve the standard of living in the Caspian energy-rich counties. The availability of Caspian energy supplies in world markets will likewise improve the prospects for economic growth and political stability in the Caspian basin countries. Nowadays the Caspian Sea region is important, but not major supplier of crude oil to world markets, based upon estimates by British Petroleum (BP) and the Energy Information Administration (EIA). In 2005 the Caspian region produced 2.1 million barrels per day, or 2 per cent of total world production (see Table 1). Kazakhstan’s production rapidly increased since the late 1990s, accounted for 67 per cent and Azerbaijan for 22 per cent of regional crude oil production in 2005. The Caspian Sea region’s comparative contribution to world natural gas supplies is larger than that for oil. Gas production of 3.0 trillion cubic feet per year in 2005 was 3 percent of world production (Energy Information Administration, 2006). Turkmenistan is the largest producer; with production of 2.0 trillion cubic feet per year, it accounts for almost two-thirds of the region’s gas production. (see Figure 1). Unlike oil, the region’s proven reserves of natural gas are a higher proportion of the world total than is its natural gas production. The estimate of proven reserves of natural gas in the Caspian Sea region for the end of 2006 published by Energy Information Administration is 232 trillion cubic feet per year, which represents 4 per cent of the world total (see Table 2). Table 1Oil Production in the Caspian Sea Region 1. Proven reserves are defined by the EIA 2. Possible reserves 3. Other estimates (EIA/IEO 2006) 3.45 million barrels per day, (World Oil, 10 March 2004) 3 million ^Only Caspian area oil and gas production Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. Table 2Gas Production in the Caspian Sea Region ^Only Caspian area gas production Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. Figure 1 Gas Production in Caspian Sea region (1992-2004) Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. 1.5 Role of Oil and Gas in the Economic Development of Caspian Region The development of oil and gas resources in the Caspian region is mostly important for the development of economies in the Central Asian and Transcaucasia. In 1995 the energy sector’s share of gross domestic product (GDP) was an estimated 14.6 percent in Azerbaijan, 10.1 percent in Kazakhstan, 10.2 percent in Turkmenistan (International Energy Agency, 1998). Foreign investment attracted to the oil and gas sector in Caspian region could offer significant profits for the region’s governments and stimulate investment in other economic sectors. The attract foreign investment the host Governments should take discreet measures to ensure the development of an sufficient legal and administrative infrastructure, including institution building and personnel training, to handle the inflow of oil related revenues and to help ensure the countries’ efficient and equitable development. International Monetary Fund (2003) expressed concerns that unless regional governments introduce further administrative reforms, they risk being overwhelmed by new oil wealth. Particularly, corruption is a peril. Economic development motivated by foreign investment in the oil and gas industry helps to guarantee the financial independence of the Central Asian and Transcaucasian states. The transition to the market economy and the economic dislocations originated by collapse of Soviet Union left Azerbaijan, Kazakhstan and Turkmenistan without adequate funds to develop oil and gas resources. Governments of these countries are looking for private investment (mainly from foreign companies) that would play significant role in the development of oil and gas industry. Besides financial capital, a foreign investor brings a modern technology to local industry, including environmentally sound production techniques and modern management approaches. The Caspian Sea region countries are competing with each other for foreign investment. Oil and gas companies have a wide choice of where to make investment. The foreign investor considers the opportunities that offer the best financial returns. However, the investment climate is vital for company’s decision on where to invest. As a result, Kazakhstan and Azerbaijan took considerable steps in creating attractive investment climates. Kazakhstan concentrated on building a body of law applicable to all projects, while Azerbaijan focused primarily on modified production sharing agreements (International Monetary Fund, 2003). By the beginning of 1998, cumulative foreign direct investment in the oil and gas sectors of Central Asia and Transcaucasia had reached an estimated 3 billion of American dollars, nearly one third of which was placed in 1997. Future investment commitments in the region from contracts already signed total over 40 billion of America dollars (International Energy Agency, 1998). So far most foreign investment has been in Kazakhstan and Azerbaijan. Gas-endowed Turkmenistan started to attract foreign investment later than the others due to Government dictatorship and poor investment climate. Caspian oil development has gained a great deal of political and commercial momentum since the first foreign companies came there at the end of 1980s (Ruseckas, 2000). Since then the most important external factor influencing Caspian oil development is the price of oil. Principally if oil prices remain at present high level it is possible the more optimistic projects will be started. The Caspian Sea region could possibly produce approximately 4 million barrels per day by 2010. In any case, the Caspian Sea states require a stable legal regime to develop, produce, transport and market its natural resources. 1.5.1 Summary data on Azerbaijan Owing to extensive oil reserves, Azerbaijan is a major oil producer since the middle of the last century. Between 1990 and 1995 Azerbaijan’s gross domestic product dropped 58 percent (International Energy Agency, 1998). Oil production fell by only 25 percent mainly because of continuing oil product exports to neighbouring countries and an increasing use of heavy fuel oil in domestic power stations to alternative for imported gas. Due to the tightening of monetary and budgetary policies, the fiscal deficit dropped from 11.4 percent of gross domestic product in 1995 to less than 2 percent in 1996. In 2006 Azerbaijans real gross domestic product grew by 31 percent when the oil production in this region significantly increased. Azerbaijans anticipate for sustained economic growth is in its managing of large oil and natural gas resources in the Caspian Sea region, through effective management of the resulting revenue stream, and non-oil sector diversification (Energy Information Administration, 2006). During the beginning of transition most Azerbaijan onshore oil fields were in decline and required momentous new investment to develop large-scale offshore projects and to reconstruct existing fields. Since independence Azerbaijan signed several agreements with foreign oil companies. While maintaining full state ownership over energy companies, Azerbaijan was quick to invite foreign investors to assume a direct role in the development of its hydrocarbon reserves (Thompson, 2004). In 1992 most of the Azerbaijan oil sector assets were merged in two state oil companies – Azerineft and Azneftkimiya. The new merger was called the State Oil Company of the Azerbaijan Republic or SOCAR. While Government organizations handle production and exploration agreements with foreign companies, SOCAR is body to all international companies developing new oil and gas projects in Azerbaijan. After the first commercial oil flows through the Baku-Tbilisi-Ceyhan pipeline during summer 2006 and the increasing oil production from the Azeri-Chirag-Guneshli project, oil revenues are expected to contribute to a doubling of Azerbaijan’s gross domestic product by 2008 (Thompson, 2004). Energy Information Administration (2007) reports that though the oil sector represented around 10 percent of Azerbaijan’s gross domestic product in 2005, it is already projected to double to almost 20 percent of gross domestic product in 2007 (see Table 3). To manage the revenues, former President of Azerbaijan Heydar Aliyev formed a State Oil Fund in 1999, which is designed to use money obtained from oil-related foreign investment for poverty reduction, education and raising rural living standards. As of the end of 2006, the State Oil Fund reported assets of almost 2 billion US dollars, but the fund’s assets are expected to increase to 36 billion US dollars by 2010 (Energy Information Administration, 2006). Table 3Azerbaijan: Economy and Energy (in millions US dollars) 2003 2004 2005 2006 2007 2010 Oil Production (thousand barrels per day) 320 319 441 648 860 1,300 Oil Exports (thousand barrels per day) 215 204 314 521 721 N/A Foreign Direct Investment 3,285 3,556 1,680 -219 -4,750 476 FDI in Oil Sector 3,246 3,461 1,459 -573 -5,198 366 Oil Sector Revenue 886 946 1,337 2,921 5,272 19,417 As share of total rev (%) 42% 38% 39% 51% 59% N/A As share of total GDP (%) N/A N/A 9.8% 15% 19.7% 43.3% Oil Fund Assets 816 972 1,394 1,936 3,093 36,387 Source: Energy Information Administration: Short Term Energy Outlook, 2007; International Monetary Fund (IMF), Article IV Consultation, Staff Report, No 07/191, June 2007 1.5.2 Summary Data on Kazakhstan As it was the case in most other former Soviet Union countries, Kazakhstan’s first attempts at economic reform were effectively taken in response to Russias one-sided price reforms in 1992. After Kazak oil production had suddenly declined for two years in the end of 1993, inflation had out of control. The efforts to create an economic union with Russia and other former Soviet Union countries didn’t meet expectations of the Kazakh Government. Looking at the dynamic Asian economies as a model, the Kazakh Government turned to market style policies. However, the government increased hard budget constraints and restrictive monetary policies due to attempts to solve non-payment problem through state financing. The remained net debts after netting out inter-industry arrears were financed from Government budget and the central bank. In 1993 International Monetary Fund (IMF) granted Kazakhstan a one-year standby package. To maintain IMF collaboration and to stop the decline in gross domestic product, the Kazakh government implemented a second stabilisation program in 1995. But this time hard budget constraints and monetary policy were strengthened by excluding of government financing of net positions in inter-enterprise debts and retreating government guarantees for loans granted by foreign and domestic banks. In the middle of 1996, the International Monetary Fund approved an Extended Fund Facility (EFF) of 446 million US dollars for three years (IMF, 2003). According to International Monetary Fund (2003) the decision was made in light of a wide-ranging three-year reform programme submitted by the government, as well as the positive longer term prospects for production and exports of energy and non-ferrous metals. In 1996, Kazakhstan experienced its first positive economic growth since 1989. 1.5.3 Summary Data on Turkmenistan Preceding the collapse of the Soviet Union approximately 8 percent Turkmenistan’s gross domestic product was generated by gas exports to the rest of the USSR mostly to Belarus, Ukraine and the Caucasus. Another 5 percent of gross domestic product was earned from cotton exports. Gas and cotton exports continue to be used to cover the import of considerable amounts of grain and capital equipment from other former Soviet Republics. While estimates for the fall of gross domestic product between 1990 and 1995 vary depending on how adjustments to official gross domestic product are made, International Monetary Fund and European Bank of Reconstruction and Development agree on about -35 percent (IMF, 2003). This is much less than the 58 percent drop in Turkmen gas production. The rest of the economy is basically agricultural. The cotton industry has been less affected by the downfall of the Soviet Union. The government gradually liberalised some prices beginning in 1992. A presidential decree of 1995 removed price controls on all products except for about 50 items, including energy. The government introduced the manat as the national currency in 1993. In 1995 it unified the previously separate official and commercial exchange rates, which subsequently became determined by inter-bank auctions for foreign exchange. Between 1992 and 1995 the government compensated for the shortfall in revenue from taxes on gas production and exports by cutting expenditures and replacing subsidies to the economy with additional allocations of credit at largely negative interest rates. Controlled prices were adjusted repeatedly but declined in real terms for natural gas and for oil products through 1994. The share of gas related revenues in the central budget declined from 60 percent in 1992 to under 20 percent in 1995, which lowered the share of total budgetary revenue in GDP from 40 percent to 10 percent during this period. Due to drastic expenditure cuts in government wages and investment, including maintenance, the central budget deficit remained fairly stable over this period. It also helped that new excise taxes were introduced in 1995 on petrol (55 percent) and diesel (60 percent). This resulted in some recovery of government capital spending. The easy money policy was changed slowly in 1995 and 1996. During this time foreign exchange surrender requirements of state-owned enterprises to the Foreign Exchange Reserve Fund (FERF) were increased to 50 percent for gas and oil exports, and the money allocated directly to the central budget. Prior to that, this fund had been used to award credits to the economy, contributing to monetary expansion. In 1995 and 1996, bank credit allocation was reduced, real interest rates rose (due to credit auctions with deregulated interest rates), and reserve requirements for banks were increased. However, the pursuit of these policies was not smooth, in part due to the limited political autonomy of the Central Bank. Nevertheless, inflation decelerated by 50 percent towards the end of 1995 and is estimated to have been 445 percent in 1996, and 21 percent in 1997. Despite plummeting gas exports in recent years, Turkmenistan’s current account was slightly positive in 1994 and 1995, as long as arrears owed to the country are not taken into account. If such arrears are counted the 1995 balance swings from an estimated surplus of 54 million US Dollars to a deficit of 289 million US Dollars. The situation has probably continued to deteriorate due to weak gas exports. 2 Theoretical Frameworks 2.1 Overview of Foreign Direct Investment Theories There is variety of empirical studies on theoretical models explaining foreign direct investment (FDI) and its determinants. The various approaches from different disciplines such as economics, international business, organisation and management explain numerous characteristics of this phenomenon. The following dissimilar methods, explaining foreign direct investment as the location decision of multinational enterprises are mostly acknowledged in empirical literature on FDI: Ownership advantages as determinants of foreign direct investment (including monopolistic advantage and internalisation theory) based on imperfect competition models and the view that multinational enterprises (MNEs) are firms with market power (Hymer, 1960; Buckley and Casson, 1979; Kindleberger, 1969; Caves, 1971 for ownership advantages) Determinants according to the Neoclassical Trade Theory and the Heckscher-Ohlin model, where capital moves across countries due to differences in capital returns (for example Markusen et al, 1995,pp. 98-128; Aliber, 1970); Determinants of foreign direct investment in Dunning’s ownership-location-internalization (OLI) framework, which brought together traditional trade economics, ownership advantages and internalisation theory (Dunning, 1977; 1979); Determinants of foreign direct investment according to the horizontal FDI model or Proximity- Concentration Hypothesis (Krugman, 1983; Markusen, 1984; Ethier, 1986; Horstmann and Markusen, 1992; Brainard, 1993); Determinants of foreign direct investment according to the vertical FDI model, Factor-Proportions Hypothesis or the theory Development of the Caspian Oil and Gas Sector Development of the Caspian Oil and Gas Sector Caspian Oil Gas Role of FDI in Economic Development of Azerbaijan, Kazakhstan and Turkmenistan Abstract This paper underlines the foreign direct investment strategy formulation process in the three energy-rich countries of the Caspian Region: Azerbaijan, Kazakhstan and Turkmenistan. The study comparatively analysis the investment climate in three selected countries and more specifically it examines the foreign direct investment in oil and gas industry and its role in economic development of each country. The research examines the investment climate in Azerbaijan, Kazakhstan and Turkmenistan and factors influencing the foreign investor’s decision-making in oil and gas sector. The first part of this paper overviews the Caspian region and its oil and gas reserves. More specifically this part summarises the role of foreign direct investment in oil and gas industry and how it promotes economic development of Caspian basin countries, namely Azerbaijan, Kazakhstan and Turkmenistan. The second part presents the theoretical framework of foreign direct investment. This part also reviews the previous empirical findings on types, determinants and motives of foreign direct investment. The part 3 comparatively analysis foreign direct investment performance in selected countries and factors which may influence the ability of a country to attract foreign investment. This part also overviews the investment climates in Azerbaijan, Kazakhstan and Turkmenistan. Part 4 concludes. Key Words: FDI, Caspian Sea region, Oil and Gas, Azerbaijan, Kazakhstan, Turkmenistan. 1 Introduction The Overview of the Caspian Sea Region It is wide recognized that foreign direct investment (FDI) can play an important role in the development process of many countries and it is much required. Economies in transition, such as those in Central Asia and the Caucasus, are no exception as they realize the important role of FDI in strengthening their transition process. While some of them have sizable deposits of oil, gas and minerals which are major attractions to foreign investors, others, being less endowed, have more difficulty to attract FDI to their fledgling industrial and service sectors. But in even those countries which are well endowed with natural resources, there is a thrust to diversify their economies away from over-dependence on those resources and to develop viable value-added manufacturing industries and services. FDI can play a major catalytic role in this process. Just a decade years ago the areas on each side of the Caspian Sea – Central Asia to its east side and the Transcaucasia to its west were largely unknown. These regions were provinces of the Soviet Empire important to the outside world neither politically nor economically. Now its is well known that the Caspian Sea is largest land-locked body of water on Earth, bordered by Azerbaijan, Russia, Kazakhstan, Turkmenistan and Iran – the Caspian basin countries (see Map 1). Amongst the five countries only Iran is a member of the Organization of Petroleum Exporting Countries. Kazakhstan, Azerbaijan and Turkmenistan became independent after collapse of Soviet Union in 1991. Once a centre of global commerce, the Caspian Sea region has languished in obscurity ever since the rise of the sailing ship rendered the Silk Road obsolete a half millennium ago (Olcott, 1998). After discovery of oil and gas resources in the Caspian offshore and shore areas, this region became very important oil and gas sector in global context. Moreover, owing to energy security and geopolitical reasons, the Caspian region became very attractive for the West. Azerbaijan became one of the world’s first oil sectors after crude oil production started in Baku in the middle of 19th century. The oil production in Central Asia started in the beginning of the 20th century. Azerbaijan recorded about 70% of Soviet oil production by end of 1940. The former Soviet Union controlled almost all natural resources in Soviet Republics. At the time of their independence, Soviet republics were quasi-states (Olcott, 1998). Each republic has its own president and prime minister, local and national legislatures. The political and economic liberalisation of the Soviet Union in the mid-1980s attracted foreign investors and oil and gas companies interested in exploration and production prospects. The collapse of the Soviet Union gave further opportunities for the liberalisation of investment regulations. By the late 1990s the Caspian region was comparatively politically stable region, and a number of countries significantly improved investment regimes to their oil and gas sectors. Historically, energy industry in Azerbaijan, Russia, Kazakhstan, Turkmenistan and Uzbekistan is very important sector for the economy growth of these countries. However, poor management of natural resources and poor investment climate in these countries lead to disparities emergent between the countries in socio-economic terms. Nowadays, it is well recognized that foreign investment plays a vital role in the development of the oil and gas sector for such countries as Azerbaijan, Kazakhstan and Turkmenistan and significantly stimulates social and economic development of each of these countries. 1.2 Research Questions The presence of potentially vast oil and gas reserves is a part of the foreign investment attraction into the Caspian Sea region. On the other hand, it is important to note that while the quantity of proven reserves undoubtedly plays a significant role in estimating a region’s production and export potential, the other decisive factors for attraction foreign direct investment into this region are undeveloped market, cheap labour and cheap inputs and weak competition. This paper focuses on foreign direct investment strategy formulation process in the three energy-rich countries of the Caspian Region: Azerbaijan, Kazakhstan and Turkmenistan; and on what foreign direct investment strategy in each country are based. The study comparatively analysis the investment climate in three selected countries and more specifically it examines the foreign direct investment in oil and gas industry and performance by each country. The significant number of researches in regard to foreign direct investment mostly explains the investment strategy in the developed countries, when limited study has done on investment in less-developed countries or emerging countries. The selected countries Azerbaijan, Kazakhstan and Turkmenistan are transition countries and to a certain extent new participants in the competition to attract foreign investment. These countries can offer many potential advantages to foreign investor, especially in oil and gas sector of business. The research examines the investment climate in Azerbaijan, Kazakhstan and Turkmenistan and factors influencing the foreign investor’s decision-making in oil and gas sector. There is no much research which explores the determinants of investment in Azerbaijan, Kazakhstan and Turkmenistan, the stereotypes and perceptions that foreign investors have about these countries and what could be done to increase the foreign direct investment flow into these countries. This paper surveys these parts by investigating the multinational oil companies operating in Azerbaijan, Kazakhstan and Turkmenistan. The data from different energy agencies were gathered for comparative analysis of oil and gas data as well as foreign direct investment in different countries. This would not only let one to have a picture of various state strategies related to foreign investment, but could also provide the valuable outlook of the most advantageous approach for transition countries in doing business with foreign investors. 1.3 The Legal Status of Caspian Sea A large share of oil and gas reserves in Central Asia and Caucasus are thought to lie under he Caspian Sea. The question of the ownership of those resources, including the right to license and tax their development, is being argued by the Caspian littoral countries. The legal debate over the Caspian Sea can be tracked back to the 1921 Treaty to Moscow, reaffirmed in 1935, which declared that the inland Caspian Sea belonged to Russia (Kemp, 2000). Later Russia sent a note to the United Nations dated from 5th October 1994, where Russian Ministry of Foreign Affairs stated that the Caspian Sea should not be subject to the provisions of international maritime law (International Energy Agency, 1998). The importance of the application of international law is that a â€Å"sea† under the 1982 Law of the Sea Convention would be subject to separation into national zones for the development of its mineral resources. Russia stated that until all five of the Caspian littoral states (Azerbaijan, Russia, Kazakhstan, Turkmenistan, and Iran) came to a common decision on some other arrangement, the legal status of the Caspian Sea was subject only to the provisions of the more general (Treaty of Friendship between Iran and the USSR of 26 February 1921 and Treaty between Iran and the USSR on Trade and Maritime Navigation of 26 March 1940). Nevertheless, the ongoing legal uncertainty does not seem considerably decreased foreign investment in the Caspian Sea region. Advantageous geological prospects, with potential of a major oil and gas resource base, show significant motivations for companies to invest in this important producing region, preferably from the beginning of its development. 1.4 Current Production and Proven Reserves in Caspian Region Caspian oil presents a lot of opportunities for world oil markets and for the region itself (Energy Charter Secretariat, 2008): The appearance of new production sources would expand world oil supplies. Major quantities of Caspian oil would ease the pressure on the Persian Gulf production capacity and provide an additional hedge against oil supply disruptions Profits from oil exports could stimulate economic growth and improve the standard of living in the Caspian energy-rich counties. The availability of Caspian energy supplies in world markets will likewise improve the prospects for economic growth and political stability in the Caspian basin countries. Nowadays the Caspian Sea region is important, but not major supplier of crude oil to world markets, based upon estimates by British Petroleum (BP) and the Energy Information Administration (EIA). In 2005 the Caspian region produced 2.1 million barrels per day, or 2 per cent of total world production (see Table 1). Kazakhstan’s production rapidly increased since the late 1990s, accounted for 67 per cent and Azerbaijan for 22 per cent of regional crude oil production in 2005. The Caspian Sea region’s comparative contribution to world natural gas supplies is larger than that for oil. Gas production of 3.0 trillion cubic feet per year in 2005 was 3 percent of world production (Energy Information Administration, 2006). Turkmenistan is the largest producer; with production of 2.0 trillion cubic feet per year, it accounts for almost two-thirds of the region’s gas production. (see Figure 1). Unlike oil, the region’s proven reserves of natural gas are a higher proportion of the world total than is its natural gas production. The estimate of proven reserves of natural gas in the Caspian Sea region for the end of 2006 published by Energy Information Administration is 232 trillion cubic feet per year, which represents 4 per cent of the world total (see Table 2). Table 1Oil Production in the Caspian Sea Region 1. Proven reserves are defined by the EIA 2. Possible reserves 3. Other estimates (EIA/IEO 2006) 3.45 million barrels per day, (World Oil, 10 March 2004) 3 million ^Only Caspian area oil and gas production Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. Table 2Gas Production in the Caspian Sea Region ^Only Caspian area gas production Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. Figure 1 Gas Production in Caspian Sea region (1992-2004) Source: Energy Information Administration (EIA): Caspian Sea Region: Survey of Key Oil and Gas Statistics and Forecasts, July 2006. 1.5 Role of Oil and Gas in the Economic Development of Caspian Region The development of oil and gas resources in the Caspian region is mostly important for the development of economies in the Central Asian and Transcaucasia. In 1995 the energy sector’s share of gross domestic product (GDP) was an estimated 14.6 percent in Azerbaijan, 10.1 percent in Kazakhstan, 10.2 percent in Turkmenistan (International Energy Agency, 1998). Foreign investment attracted to the oil and gas sector in Caspian region could offer significant profits for the region’s governments and stimulate investment in other economic sectors. The attract foreign investment the host Governments should take discreet measures to ensure the development of an sufficient legal and administrative infrastructure, including institution building and personnel training, to handle the inflow of oil related revenues and to help ensure the countries’ efficient and equitable development. International Monetary Fund (2003) expressed concerns that unless regional governments introduce further administrative reforms, they risk being overwhelmed by new oil wealth. Particularly, corruption is a peril. Economic development motivated by foreign investment in the oil and gas industry helps to guarantee the financial independence of the Central Asian and Transcaucasian states. The transition to the market economy and the economic dislocations originated by collapse of Soviet Union left Azerbaijan, Kazakhstan and Turkmenistan without adequate funds to develop oil and gas resources. Governments of these countries are looking for private investment (mainly from foreign companies) that would play significant role in the development of oil and gas industry. Besides financial capital, a foreign investor brings a modern technology to local industry, including environmentally sound production techniques and modern management approaches. The Caspian Sea region countries are competing with each other for foreign investment. Oil and gas companies have a wide choice of where to make investment. The foreign investor considers the opportunities that offer the best financial returns. However, the investment climate is vital for company’s decision on where to invest. As a result, Kazakhstan and Azerbaijan took considerable steps in creating attractive investment climates. Kazakhstan concentrated on building a body of law applicable to all projects, while Azerbaijan focused primarily on modified production sharing agreements (International Monetary Fund, 2003). By the beginning of 1998, cumulative foreign direct investment in the oil and gas sectors of Central Asia and Transcaucasia had reached an estimated 3 billion of American dollars, nearly one third of which was placed in 1997. Future investment commitments in the region from contracts already signed total over 40 billion of America dollars (International Energy Agency, 1998). So far most foreign investment has been in Kazakhstan and Azerbaijan. Gas-endowed Turkmenistan started to attract foreign investment later than the others due to Government dictatorship and poor investment climate. Caspian oil development has gained a great deal of political and commercial momentum since the first foreign companies came there at the end of 1980s (Ruseckas, 2000). Since then the most important external factor influencing Caspian oil development is the price of oil. Principally if oil prices remain at present high level it is possible the more optimistic projects will be started. The Caspian Sea region could possibly produce approximately 4 million barrels per day by 2010. In any case, the Caspian Sea states require a stable legal regime to develop, produce, transport and market its natural resources. 1.5.1 Summary data on Azerbaijan Owing to extensive oil reserves, Azerbaijan is a major oil producer since the middle of the last century. Between 1990 and 1995 Azerbaijan’s gross domestic product dropped 58 percent (International Energy Agency, 1998). Oil production fell by only 25 percent mainly because of continuing oil product exports to neighbouring countries and an increasing use of heavy fuel oil in domestic power stations to alternative for imported gas. Due to the tightening of monetary and budgetary policies, the fiscal deficit dropped from 11.4 percent of gross domestic product in 1995 to less than 2 percent in 1996. In 2006 Azerbaijans real gross domestic product grew by 31 percent when the oil production in this region significantly increased. Azerbaijans anticipate for sustained economic growth is in its managing of large oil and natural gas resources in the Caspian Sea region, through effective management of the resulting revenue stream, and non-oil sector diversification (Energy Information Administration, 2006). During the beginning of transition most Azerbaijan onshore oil fields were in decline and required momentous new investment to develop large-scale offshore projects and to reconstruct existing fields. Since independence Azerbaijan signed several agreements with foreign oil companies. While maintaining full state ownership over energy companies, Azerbaijan was quick to invite foreign investors to assume a direct role in the development of its hydrocarbon reserves (Thompson, 2004). In 1992 most of the Azerbaijan oil sector assets were merged in two state oil companies – Azerineft and Azneftkimiya. The new merger was called the State Oil Company of the Azerbaijan Republic or SOCAR. While Government organizations handle production and exploration agreements with foreign companies, SOCAR is body to all international companies developing new oil and gas projects in Azerbaijan. After the first commercial oil flows through the Baku-Tbilisi-Ceyhan pipeline during summer 2006 and the increasing oil production from the Azeri-Chirag-Guneshli project, oil revenues are expected to contribute to a doubling of Azerbaijan’s gross domestic product by 2008 (Thompson, 2004). Energy Information Administration (2007) reports that though the oil sector represented around 10 percent of Azerbaijan’s gross domestic product in 2005, it is already projected to double to almost 20 percent of gross domestic product in 2007 (see Table 3). To manage the revenues, former President of Azerbaijan Heydar Aliyev formed a State Oil Fund in 1999, which is designed to use money obtained from oil-related foreign investment for poverty reduction, education and raising rural living standards. As of the end of 2006, the State Oil Fund reported assets of almost 2 billion US dollars, but the fund’s assets are expected to increase to 36 billion US dollars by 2010 (Energy Information Administration, 2006). Table 3Azerbaijan: Economy and Energy (in millions US dollars) 2003 2004 2005 2006 2007 2010 Oil Production (thousand barrels per day) 320 319 441 648 860 1,300 Oil Exports (thousand barrels per day) 215 204 314 521 721 N/A Foreign Direct Investment 3,285 3,556 1,680 -219 -4,750 476 FDI in Oil Sector 3,246 3,461 1,459 -573 -5,198 366 Oil Sector Revenue 886 946 1,337 2,921 5,272 19,417 As share of total rev (%) 42% 38% 39% 51% 59% N/A As share of total GDP (%) N/A N/A 9.8% 15% 19.7% 43.3% Oil Fund Assets 816 972 1,394 1,936 3,093 36,387 Source: Energy Information Administration: Short Term Energy Outlook, 2007; International Monetary Fund (IMF), Article IV Consultation, Staff Report, No 07/191, June 2007 1.5.2 Summary Data on Kazakhstan As it was the case in most other former Soviet Union countries, Kazakhstan’s first attempts at economic reform were effectively taken in response to Russias one-sided price reforms in 1992. After Kazak oil production had suddenly declined for two years in the end of 1993, inflation had out of control. The efforts to create an economic union with Russia and other former Soviet Union countries didn’t meet expectations of the Kazakh Government. Looking at the dynamic Asian economies as a model, the Kazakh Government turned to market style policies. However, the government increased hard budget constraints and restrictive monetary policies due to attempts to solve non-payment problem through state financing. The remained net debts after netting out inter-industry arrears were financed from Government budget and the central bank. In 1993 International Monetary Fund (IMF) granted Kazakhstan a one-year standby package. To maintain IMF collaboration and to stop the decline in gross domestic product, the Kazakh government implemented a second stabilisation program in 1995. But this time hard budget constraints and monetary policy were strengthened by excluding of government financing of net positions in inter-enterprise debts and retreating government guarantees for loans granted by foreign and domestic banks. In the middle of 1996, the International Monetary Fund approved an Extended Fund Facility (EFF) of 446 million US dollars for three years (IMF, 2003). According to International Monetary Fund (2003) the decision was made in light of a wide-ranging three-year reform programme submitted by the government, as well as the positive longer term prospects for production and exports of energy and non-ferrous metals. In 1996, Kazakhstan experienced its first positive economic growth since 1989. 1.5.3 Summary Data on Turkmenistan Preceding the collapse of the Soviet Union approximately 8 percent Turkmenistan’s gross domestic product was generated by gas exports to the rest of the USSR mostly to Belarus, Ukraine and the Caucasus. Another 5 percent of gross domestic product was earned from cotton exports. Gas and cotton exports continue to be used to cover the import of considerable amounts of grain and capital equipment from other former Soviet Republics. While estimates for the fall of gross domestic product between 1990 and 1995 vary depending on how adjustments to official gross domestic product are made, International Monetary Fund and European Bank of Reconstruction and Development agree on about -35 percent (IMF, 2003). This is much less than the 58 percent drop in Turkmen gas production. The rest of the economy is basically agricultural. The cotton industry has been less affected by the downfall of the Soviet Union. The government gradually liberalised some prices beginning in 1992. A presidential decree of 1995 removed price controls on all products except for about 50 items, including energy. The government introduced the manat as the national currency in 1993. In 1995 it unified the previously separate official and commercial exchange rates, which subsequently became determined by inter-bank auctions for foreign exchange. Between 1992 and 1995 the government compensated for the shortfall in revenue from taxes on gas production and exports by cutting expenditures and replacing subsidies to the economy with additional allocations of credit at largely negative interest rates. Controlled prices were adjusted repeatedly but declined in real terms for natural gas and for oil products through 1994. The share of gas related revenues in the central budget declined from 60 percent in 1992 to under 20 percent in 1995, which lowered the share of total budgetary revenue in GDP from 40 percent to 10 percent during this period. Due to drastic expenditure cuts in government wages and investment, including maintenance, the central budget deficit remained fairly stable over this period. It also helped that new excise taxes were introduced in 1995 on petrol (55 percent) and diesel (60 percent). This resulted in some recovery of government capital spending. The easy money policy was changed slowly in 1995 and 1996. During this time foreign exchange surrender requirements of state-owned enterprises to the Foreign Exchange Reserve Fund (FERF) were increased to 50 percent for gas and oil exports, and the money allocated directly to the central budget. Prior to that, this fund had been used to award credits to the economy, contributing to monetary expansion. In 1995 and 1996, bank credit allocation was reduced, real interest rates rose (due to credit auctions with deregulated interest rates), and reserve requirements for banks were increased. However, the pursuit of these policies was not smooth, in part due to the limited political autonomy of the Central Bank. Nevertheless, inflation decelerated by 50 percent towards the end of 1995 and is estimated to have been 445 percent in 1996, and 21 percent in 1997. Despite plummeting gas exports in recent years, Turkmenistan’s current account was slightly positive in 1994 and 1995, as long as arrears owed to the country are not taken into account. If such arrears are counted the 1995 balance swings from an estimated surplus of 54 million US Dollars to a deficit of 289 million US Dollars. The situation has probably continued to deteriorate due to weak gas exports. 2 Theoretical Frameworks 2.1 Overview of Foreign Direct Investment Theories There is variety of empirical studies on theoretical models explaining foreign direct investment (FDI) and its determinants. The various approaches from different disciplines such as economics, international business, organisation and management explain numerous characteristics of this phenomenon. The following dissimilar methods, explaining foreign direct investment as the location decision of multinational enterprises are mostly acknowledged in empirical literature on FDI: Ownership advantages as determinants of foreign direct investment (including monopolistic advantage and internalisation theory) based on imperfect competition models and the view that multinational enterprises (MNEs) are firms with market power (Hymer, 1960; Buckley and Casson, 1979; Kindleberger, 1969; Caves, 1971 for ownership advantages) Determinants according to the Neoclassical Trade Theory and the Heckscher-Ohlin model, where capital moves across countries due to differences in capital returns (for example Markusen et al, 1995,pp. 98-128; Aliber, 1970); Determinants of foreign direct investment in Dunning’s ownership-location-internalization (OLI) framework, which brought together traditional trade economics, ownership advantages and internalisation theory (Dunning, 1977; 1979); Determinants of foreign direct investment according to the horizontal FDI model or Proximity- Concentration Hypothesis (Krugman, 1983; Markusen, 1984; Ethier, 1986; Horstmann and Markusen, 1992; Brainard, 1993); Determinants of foreign direct investment according to the vertical FDI model, Factor-Proportions Hypothesis or the theory