The Suez Crisis Key in the Decolonization of Africa

In 1922, Britain granted Egypt limited independence, ending its protectorate status and creating a sovereign state with Sultan Ahmad Fuad as king. In actuality, however, Egypt only achieved the same rights as British dominion states like Australia, Canada, and South Africa. Egyptian foreign affairs, the defense of Egypt against foreign aggressors, the protection of foreign interests in Egypt, the protection of minorities (ie Europeans, who formed only 10 percent of the population, albeit the wealthiest part), and the security of communications between the rest of the British Empire and Britain itself through the Suez Canal, were still under direct control of Britain. Although Egypt was ostensibly ruled by King Faud and his prime minister, the British high commissioner was a significant power. Britains intention was for Egypt to achieve independence through a carefully controlled, and potentially long-term, timetable. Decolonized Egypt suffered the same problems that later African states encountered. Its economic strength lay in its cotton crop, effectively a cash crop for the cotton mills of northern England. It was important to Britain that they maintained control over the production of raw cotton, and they stopped Egyptian nationalists from pushing the creation of a local textile industry and gaining economic independence. World War II Interrupts Nationalistic Developments World War II postponed further confrontation between British post-colonialists and Egyptian nationalists. Egypt represented a strategic interest for the Allies—it controlled the route through North Africa to the oil-rich regions of the middle east, and provided the all-important trade and communications route through the Suez Canal to the rest of Britains empire. Egypt became a base for Allied operations in North Africa. The Monarchists After World War II, however, the question of complete economic independence was important to all political groups in Egypt. There were three different approaches: the Saadist Institutional Party (SIP) which represented the liberal tradition of the monarchists was heavily discredited by their history of accommodation for foreign business interests and the support of an apparently decadent royal court. The Muslim Brotherhood Opposition to the liberals came from the Muslim Brotherhood who wished to create an Egyptian/Islamic state which would exclude Westernized interests. In 1948 they assassinated the SIP prime minister Mahmoud an-Nukrashi Pasha as a reaction to demands that they disband. His replacement, Ibrahim Abd al-Hadi Pasha, sent thousands of Muslim Brotherhood members to detention camps, and the Brotherhoods leader Hassan el Banna, was assassinated. The Free Officers A third group emerged amongst young Egyptian army officers, recruited from the lower middle-classes in Egypt but educated in English and trained for the military by Britain. They rejected both the liberal tradition of privilege and inequality and the Muslim Brotherhood Islamic traditionalism for a nationalistic viewpoint of economic independence and prosperity. This would be achieved through the development of industry (especially textiles). For this, they needed a strong national power supply and looked to damming the Nile for hydroelectricity. Declaring a Republic On the 22nd-23rd of July 1952, a cabal of army officers, known as the free officers, led by Lieutenant Colonel Gamal Abdel Nasser overthrew King Faruk in a coup dà ©tat. Following a brief experiment with civilian rule, the revolution continued with the declaration of a republic on 18 June 1953, and Nasser becoming Chairman of the Revolutionary Command Council. Funding the Aswan High Dam Nasser had grand plans—envisaging a pan-Arab revolution, led by Egypt, which would push the British out of the Middle East. Britain was particularly wary of Nassers plans. Increasing nationalism in Egypt also had France worried—they were facing similar moves by Islamic nationalists in Morocco, Algeria, and Tunisia. The third country to be perturbed by increasing Arabic nationalism was Israel. Although they had won the 1948 Arab-Israeli War, and were growing economically and militarily (primarily backed by arms sales from France), Nassers plans could only lead to more conflict. The United States of America, under President Eisenhower, was desperately trying to play down Arab-Israeli tensions. To see this dream come to fruition and for Egypt to become an industrial nation, Nasser needed to find funding for the Aswan High Dam project. Domestic funds were not available—during the previous decades, Egyptian businessmen had moved funds out of the country, fearing a program of nationalization for both crown property and what limited industry existed. Nasser, however, found a willing source of funds with the US. The US wanted to ensure stability in the Middle East, so they could concentrate on the growing threat of communism elsewhere. They agreed to give Egypt $56 million directly, and another $200 million through the world bank The US Reneges on the Aswan High Dam Funding Deal Unfortunately, Nasser was also making overtures (selling cotton, buying arms) to the Soviet Union, Czechoslovakia, and communist China—and on July 19, 1956, the US canceled the funding deal citing Egypts ties to USSR. Unable to find alternative funding, Nasser looked to the one thorn in his side—the control of the Suez Canal by Britain and France. If the canal was under Egyptian authority it could rapidly create the funds needed for the Aswan High Dam project, conceivably in less than five years! Nasser Nationalizes the Suez Canal On July 26, 1956, Nasser announced plans to nationalize the Suez Canal, Britain responded by freezing Egyptian assets and then mobilizing its armed forces. Things escalated, with Egypt blocking the straits of Tiran, at the mouth of the Gulf of Aqaba, which was important to Israel. Britain, France, and Israel conspired to end Nassers domination of Arab politics and return the Suez Canal to European control. They thought that the US would back them—only three years before the CIA had backed a coup dà ©tat in Iran. However, Eisenhower was furious—he was facing re-election and didnt want to risk the Jewish vote at home by publicly castigating Israel for warmongering. Tripartite Invasion On 13 October the USSR vetoed an Anglo-French proposal to take control of the Suez Canal (Soviet ship-pilots were already assisting Egypt in running the canal). Israel had condemned the UNs failure to resolve the Suez Canal crisis and warned that they would have to take military action, and on October 29th, they invaded the Sinai peninsula. On November 5th British and French forces made an airborne landing at Port Said and Port Fuad and occupied the canal zone. International pressure mounted against the Tripartite powers, especially from both the US and Soviets. Eisenhower sponsored a UN resolution for a cease-fire on November 1st, and on 7 November the UN voted 65 to 1 that invading powers should quit Egyptian territory. The invasion officially ended on 29 November and all British and French troops were withdrawn by December 24th. Israel, however, refused to give up Gaza (it was put under UN administration on March 7, 1957). The Suez Crisis for Africa and the World The failure of the Tripartite Invasion and the actions of both the USA and USSR showed African nationalists throughout the continent that international power had moved from its colonial masters to the two new superpowers. Britain and France lost considerable face and influence. In Britain Anthony Edens government disintegrated and power passed to Harold Macmillan. Macmillan would be known as the decolonizer of the British Empire and would make his famous wind of change speech in 1960. Having seen Nasser take on and win against Britain and France, nationalists throughout Africa set to with greater determination in the struggle for independence. On the world stage, USSR took the opportunity of Eisenhowers preoccupation with the Suez Crisis to invade Budapest, further escalating the cold war. Europe, having seen the US side against Britain and France, was set on the path to the creation of the EEC. But whilst Africa gained in its struggle for independence from colonialism, it also lost. The US and USSR discovered that it was a great place to fight the Cold War—troops and funding started to pour in as they vied for special relationships with Africas future leaders, a new form of colonialism by the back door.

Cultural Diversity Is Important For The Success Of Our...

Cultural diversity must be embraced in all spheres of society. When society discriminates those who are different, either by race, ethnicity, religion, etc., then we start to see tension that can lead to major negative outcomes. Recognizing how to embrace cultural diversity in education is the start to a healthy society. According to Terry and Irving, â€Å"The term culturally diverse students will be used to refer to ‘students who may be distinguished [from the mainstream culture] by ethnicity, social class, and/or language’ (pg.110). Some examples of these refer to those students who are from racial/ethnic minority groups, students whose primary language is not English, and students who are from low-income or poor households (pg.110). According to Terry and Irving, â€Å"There is extensive evidence suggesting that students from culturally and linguistically diverse backgrounds experience poorer educational outcomes than their peers,† (pg.112). This is the reason why diversity education is crucial to the success of our students. According to statista, in 2014, 62.2% of the population living in the United States were white alone. That means that 37.8% of the population have different ethnicities such as Hispanic, African American, Asian, Two or more races, American Indian and Alaska Native, and Native Hawaiian and Other Pacific Islander. In 2060 predictions indicate that there will be 43.6% white alone and 56.4% other ethnicities (statista.com). Most of the population inShow MoreRelatedGraduation Speech : High School Essay1739 Words   |  7 Pagesvery distinct categories that students are a part of: â€Å"Hispanic† and â€Å"everyone else†. Over the past decade the school district has seen a dramatic increase in the number of Hispanic students that are being enrolled in our district. 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Children should be provided with essential information about who they are and what is important, making an effort for this to happen creates a setting that is rich in possibilitiesRead MorePromoting Cross Cultural Competence For Pre Service Teachers Through Multicultural Education Experiences Essay1390 Words   |  6 PagesThrough the article â€Å"Fostering Cross Cultural Competence in Pre-service Teachers Through Multicultural Education Experiences†, author Dr. Jared Keengwe discusses the growing conflict of diversity in American classrooms. Dr. Keengwe argues that 21st century educators are not properly prepared to teach, or communicate effectively with stude nts of diverse backgrounds. In many examples provided throughout the article, Dr. Keengwe presents the negative attributes associated with such educators who lackRead MoreExplain Sociocultural Theory And Give An Example1122 Words   |  5 Pagescan alter ones thoughts and actions. The type of social interactions someone experiences can influence attitude, character, knowledge, feelings, and other attributes (Bucher). Social forces even alter the way we view and explain our personal successes. However, even though our life experiences can alter what we do, they do not alter who we are. Every choice we make is something that we ultimately can control (Bucher). In the book the author includes a personal example of sociocultural theory. He talksRead MoreTexas Schools and DIversity Essay1641 Words   |  7 PagesIn 2007-2008, Texas schools had a large ethnic distribution of students. Specifically, African American students made up 14.3% of the overall student population; the Hispanic student population was 47.2%; and 34.8% of the student population was White. The smallest groups represented included Native American and Asian/Pacific Islanders with Native American students and teachers representing only 0.3% of students (Texas Education Agency, 2009). According to demographic projections, minority populationsRead MoreEducating Through A Multicultural Perspective Essay1644 Words   |  7 Pages Consequently, our educational system is the cornerstone for providing equal opportunity for all persons. Therefore, as the United States continues to be immersed with individuals from various cultures, the educational system must consistently seek t o assure that educational opportunities are equally distributed to our students. In order for this task to be accomplished, developing a well-defined illustration of what multicultural education is necessary. With the shifting cultural texture and demographicsRead MoreDiversity And Cultural Issues Of Tesol Education1545 Words   |  7 PagesEDUC600 I001 Fall 15 Final Reflection Journal: Diversity and Cultural Issues in TESOL Education During the course entitled Diversity and Cultural Issues in TESOL Education, issues of diversity and culture, as well as methods, strategies, and approaches for engaging English language learners were examined. Students all over the world learn English for a variety of reasons. Some students must study English as a requirement. Other students may wish to travel, study abroad, or work in the global marketplaceRead MoreEducating All Students : Creating Culturally Responsive Teachers, Classrooms, And Schools992 Words   |  4 Pagesway the students are treaty can affect their learning. It keeps narrating the story of a teacher that had to learn her students’ roots, their culture values, to get to know them in order to reach them in an academically level. The cultural values are very important and cannot be overlooked, they shape our intrinsic motivation. Many families try to keep their values and belief intact at home, so their children when they step in a classroom. Monica Brow n, is the Department editor of Diversity DispatchRead MoreCulture Is Central For Learning1500 Words   |  6 Pagesprocess of groups and individuals. Pedagogy recognizes, responds to, and praises the important cultures that are equitable access to education for students from all cultures. According to Gloria Ladson−Billings, It is an approach that empowers students intellectually, socially, emotionally, and politically by using cultural referents to impart knowledge, skills and attitudes.† Improving the school achievement of students of color who currently are not doing well in school requires comprehensive knowledge

Woody Allen †Annie Hall Free Essays

Changes Woody Allen’s Annie Hall is a film that depicts the life of a character named Alvy Singer, a comedian who always seems nervous, is full of self-loathing, doesn‘t have a positive perspective on life, had an unhappy childhood and has been divorced twice. He knows he has problems but can’t figure out how to solve them in a dignified way so uses sex as a substitute. By the end of the film however, he shows a significant change in his outlook on life, due mostly to his recent relationship with a woman named Annie Hall. We will write a custom essay sample on Woody Allen – Annie Hall or any similar topic only for you Order Now They end their relationship but Alvy learns from it, makes changes in his life, and uses it as a stepping stone into his future. The first moment where he shows change is when he compliments Annie after her first performance at a night club. She thinks she did horribly so he gives her reasons why she wasn’t as bad as she thought which cheers her up. This signifies Alvy turning a bad situation into a good one and shows confidence for the first time. Another moment where he shows change is his meeting with Annie in Los Angeles after they have broken up for good. He does things that he is usually reluctant to do: leaving New York City, driving a car, and eating at a health food restaurant. Although it doesn’t end like he hoped, he accepts that they aren’t going to be together any longer and doesn‘t complain, which is his usual response. In addition, he shows growth when he writes a play about his relationship with Annie, which shows their last meeting in L. A. but with an alternate ending with them together; proving that the relationship affected him enough to analyze and critique it. He views the relationship as a learning experience and uses the play to articulate his experience in a productive way, something he hasn’t done yet. Lastly, the ending of the film shows the most significant change from Alvy. He meets with Annie and seems genuinely happy to spend time with her and says he’s glad that he got to know her, contrary to his prior notion to have sex to solve his problems. Alvy’s first noticeable change occurs after Annie’s audition at the club. It’s her first time and she thinks that her performance was awful because the audience wasn’t paying attention and there were distractions such as microphone feedback, dropping glass, and a ringing phone. After her performance, they’re walking down the street and he cheers her up by telling her that the crowd was â€Å"a tad restless† and that she has a â€Å"wonderful voice† (42). He usually saw things in a negative light before this moment and this was the first time in the film where he turned a bad situation into a better one. This helped Annie continue her singing and she improved later because of Alvy and opened new doors for her, thanks to Alvy’s persuasion and change of view. He saw the possible relationship between them as something worthwhile and it ultimately led up to his transformation at the end of the movie. He makes her feel better–confident enough to brag, â€Å"Yeah, you know something? I never even took a lesson, either† (42). She accepts his support and Alvy realizes he would need to support her through rough times to keep the relationship rolling. And it meant that he would have to adjust his views and habits to keep her happy. They both changed a little in this scene with both of them being more positive toward bleak situations and Alvy bringing benefits out of this situation. After this, he convinces her to kiss him saying that it will â€Å"digest their food better† (43). Maybe he said this joke just to have sex with Annie (which he does in a few scenes) and wouldn’t be much of a change. But he wanted to be in a long term relationship because he told Annie that he wouldn’t let her quit singing. He foresaw that he could help her become a better person and maybe figure himself out along the way, reiterating that he was aware of his problems and wanted to change his ways. After they break up and Annie moves to Los Angeles, Alvy takes the initiative for the first time and flies to L. A. from New York City to try and convince her to marry him. He rents a car to see her and when he tells her this on the phone, she seems surprised causing Alvy to say â€Å"What-why is that such a miracle? † (97). He isn’t fond of California and despises driving so it’s obvious that he wants to be with Annie because he’s doing things he that he usually doesn’t and tries new things to get what he wants. Even Annie notices the change because she knows that Alvy doesn’t like driving. He fights to get back with Annie, a noteworthy change for a man who has been divorced twice and uses sex to relieve his problems. When Alvy arrives at a health food restaurant, he tells the waitress â€Å"I’m gonna . . . I’m gonna have the alfalfa sprouts and, uh, a plate of mashed yeast† (97). It’s a very dd combination, but his choice proves that he was willing to try new things to be with Annie. He figures that he has to make adjustments in his own life in order to better suit Annie’s way of life. But they immediately start bickering with Annie vehemently saying â€Å"Alvy, you’re incapable of enjoying life, you know that? I mean your li fe is New York City. You’re just this person. You’re like this island unto yourself† (98). Alvy then stutters on but doesn’t say anything coherent, her words hitting him like two tons of bricks, knowing that what she said was true. He knows that his problems are unlike other people’s. He knows that he has to change his negative perspective on life if he ever wants to be with Annie or get into any other meaningful relationship. He knows that no one knows him like Annie. So he accepts her criticism for the first time and takes her words into consideration. He realizes he would have to stop living â€Å"self-consciously in his own world of illusion† (Conard 109). The play Alvy is directing about his rendezvous with Annie in Los Angeles indicates that he used their relationship to his advantage and now understands himself better. He writes what really happens until he makes his character say â€Å"Okay, if that’s all that we’ve been through together means to you, I guess it’s better if we just said goodbye, once and for all! † (102). Although it may seem immature of him to change the ending to end on his own terms, it proves that he knew that he could’ve acted better instead of arguing with Annie the entire time. That moment was monumental in his transformation and is still working it out in his head. He also changed the last scene to end in his favor with Annie saying â€Å"Wait! I’m-I’m gonna . . go with you† and â€Å"I love you†(102). This shows growth in Alvy because he is expressing his heartbreak in a healthy manner instead of feeling sorry for himself. Also, changing the ending suggests that he knows he can control his life now that he has a better perspective on it. In reality though, she told Alvy that she didn’t love him so he ma kes her say it to envision how he would have liked it to end, on his own terms and with his own decisions. After this scene he looks at the audience and says â€Å" Tsch, whatta you want? It was my first play. You know, you know how you’re always tryin’ t’ get things to come out perfect in art because, uh, it’s real difficult in life† (102). He knows that he’s changed but still has some work to do in order to get the ending he wants. His life isn’t perfect and uses the play to figure himself out and is still using that relationship to become a better person. He’s now able to reflect on his mistakes and turn them around to work for him. The final part of Alvy’s transformation is shown when he runs into Annie in New York and they go out for lunch. After lunch, they â€Å"shake hands and kiss each other friendly like† (105). Their prior encounter ended in disarray and she wouldn’t have kissed him if she didn’t have a good time this time around. It can be interpreted that Alvy has changed for the better and Annie has noticed this change, causing the friendly kiss. He then exclaims â€Å"I realized what a terrific person she was and-and how much fun it was just knowing her† (105). She was the first woman that he came across that he actually appreciated rather than use for sex. He’s glad that he got to know her because she helped him change his perspective on relationships from lust and sex to just having a partner who can make him better himself. It’s clear that he views relationships differently when he tells his last joke, this guy goes to a psychiatrist and says ‘Doc, uh, my brother’s crazy. He thinks he’s a chicken. ’ And, uh, the doctor says, ‘Well, why don’t you turn him in? ’ And the guy says, ‘I would, but I need the eggs. ’ Well, I guess that’s pretty much how I feel about relationships. You know, they’re totally irrational and crazy and absurd and . . but, uh, I guess we keep goin’ through it because, uh, most of us need the eggs. (105) He realizes that we all go through the tribulations of relationships because of what lies at the end of the road. It may be positive or negative and in Alvy’s case, it turned out that it made him a better person. He now knows how to handle a relationship and knows that it’s not all about him. After dealing with his problems, he learns that the aftermath can benefit him. Annie Hall may be a romantic comedy, but we can use it to help ourselves. According to Michael Castrignano’s biography on Allen, he was divorced twice before the release of this movie, similar to Alvy. Alvy used to be a negative person who didn’t want to solve his problems but after a bad situation, turned his life around. He learned how to turn a negative into a positive, that he has to take the initiative, how to express himself instead of feeling sorry, and that relationships can’t be all about sex. Perhaps Allen used Alvy to help himself and we in turn can use Alvy as an example on how to deal with our problems. We may not necessarily have the same types of problems but we can make turn a negative into a positive. He reflected on the whole situation and used it to change his views on life. We all go through bad times but if we change our perspectives on certain things, we can usually benefit from it. Works Cited Castrignano, Michael. â€Å"Biography for Woody Allen. † IMDb. 2010. 25 March 2010 http://www. imdb. com/name/nm0000095/bio Conard, Mark T. , ed. , and Aeon J. Skoble, ed. Woody Allen and Philosophy: You Mean My Whole Fallacy is Wrong? Peru: Open Court, 2004. Four Films of Woody Allen. New York: Random House, 1982. How to cite Woody Allen – Annie Hall, Essay examples

Credit Availability and Asset Price †Free Samples to Students

Question: Discuss about the Credit Availability and Asset Price. Answer: Introduction Great white whale of finance theory was one of the reasons behind creation of asset bubble. The reason should be known to all the individuals who involve in financial planning activities as well as overall economy (Sornette, 2017). In case, there is sudden crash in the asset price takes place that will leave behind growth in a dwindling state of years. An Asset bubble can be referring to a phenomenon where there is rise in prices of assets as compared to real prices (Taffler, Agarwal and Wang 2017). The reason behind the increase is because of price instability of assets and lead to sudden fall in the prices (the fall may be either down to its real price or even below in some cases). There are two perspectives explained below that will help in understanding the causes of an asset bubble. In this contemporary or modern world, role of central banks plays important role and carries equal attention in the financial environment. However, it is expected by the central banks that they should manage the economic growth as well as engage in preserving towards attainment of sustainable prosperity. This can be gained by either using or manipulating tools such as interest rates at its disposal (Selvakumar and Kirubakaran 2016). According to classical economists, their opinion is opposite regarding them as they treat them useless and reason behind it is abnormal market behavior. These classical economists believe that there is intervention by central banks of the country as well as interlinked monitory that becomes sole reason behind creation of asset bubble. In one of the Book titled as Early speculative bubbles and increases in the money supply, it was written by Douglas E. French about printing of currencies by the central banks. It was mentioned as this activity lowers the interest rate than its normal rates as well as motivates investors to undertake investments that were not possible otherwise. Lowering of interest rate creates asset bubble and this will have volatile implications. However, the sudden outburst of the bubble can lead to liquidation of the mal investments. In his book, he explained that careful study of the history depicts that government meddling with the financial as well as monetary affairs lead to economic booms and inevitable bursts (Nemoto 2017). Therefore, other mainstream economists kept blaming the phenomenon on the animal spirits of the market participants. The Keynesian perspective As per Keynesian perspective, it is believed that there is nothing wrong or odd when there are recessions or depression taking place in the market. In this theory, it states that these activities bound to happen as well as there is nothing that anyone can perform to control the situation or even stop it in that case. It further explains the point where role of central banks is to reduce the aftermath of the depressions as far as possible. As compared to other classical theories, the Keynesian perspective focus on the importance of central banks and the theory does not claim central banks to be reason for creation of asset bubble. Before creating any of the asset bubble, asset needs to pass through different stages. On careful study about the stages, it help shareholder to evaluate in which cycle the asset is presently located as well as their future prospect of the assets. It is even needed to find out whether the asset will be able to fulfill the requirement of the investor. Inception- Inception is the starting stage of creation of asset bubble at a certain point through the prices of the assets that may be treated unjustifiable at the end. The reason behind increased price is because of some of the valid points. For instance- the dot com bubble was created because of optimism of the people or in that case larger mass for bringing development in the technology that took place at that point of time. It can be treated logical now because of the number of person using internet was increasing on rapid basis. It was believed by the investors that technology sector will helps them to get high yield in the future and this is the reason behind creation of an asset bubble that started with that mindset of investment. Gaining momentum- The increased rate in the asset prices may be slow at the starting. After that, it is the investors who come in the scenario and there is increase in the rate of prices on substantial basis. However, increased asset process can be further accelerated by media coverage as well as professional comments at the same time (Albrecht et al. 2017). Euphoria- When the greed of the investors overcomes the caution, this is the time when asset bubble reaching this state (Euphoria). In this. The investors try to justify the cause behind increase price by knowing the fact that the assets fundamentals are strong as well as would be even stronger in the upcoming financial years. In the case study on Morocco Real Estate Bubble, it is properly mentioned about the situation at the time of booming period of the economy (Andonov, Eichholtz and Kok 2015). This is the time where real estate developers predict population growth as well as higher purchasing power of the citizen. Therefore, the investors have already believed in building up towns for population that can accommodate 3,00,000 residents. On the other hand, the population inhabiting the town comprises of 32,000 people. Profit making- On reaching specific level, all the prudent investors start engaging in liquidating their investment. It will be difficult to predict the process as well as time of profit booking by the investors. In this stage, the investors have the tendency to sell their investments as well as engage in booking their profits. This can be done by selling their assets at higher price (Ashfaq 2016). Panic In this stage, the sentiment of the investors gets reversed when there is substantial amount of profit booking taking place. The sentiment of the investors who were thinking of pushing the prices in the above situation now waits for taking U-turn. This is due to panic because of many failure cases of a bank (Bhala, Yeh and Bhala 2016). Revulsion- In this stage, investors shows no interest in purchasing any further stocks or reinvesting in them because of previous bad experience with it and that lead to drastic fall in the stock prices. However, prices of the asset do not increase again because of reduction in the stock prices as well as simultaneous non-participation of the investors for that point of time (Bredin, Conlon and Pot 2015). Comparison between Black, Black Thursday and the Japanese crash Black Monday is referred to a crash that took place in the stock market in and across the world on 19th of October 1987 and the day was Monday. Due to this crash, there was eradication of huge amount of shareholders value for very short span of time frame. The effect started in Hong Kong and slowly and gradually spread like a wild fire to all of Europe and then hit United States. The other markets were even affected by this crash that resulted in huge amount of value (Chen and Huang 2018). The crash had affected the markets in and across the world and it was quite immense by nature. The value of the markets of countries such as Hong Kong, United Kingdom, Australia, Spain and Canada fell down by 45.5%, 26.45%, 41.8%, 31% and 22.5% respectively. The crash had affected New Zealand the most as compared to other countries. The market value fell down by 60% from its peak value as recorded by it by the end of 1987. Therefore, it took several years for these countries to get normal economy and recovering from the change (Clark 2016). There are different economists who all states the reasons for the crash were due to overvaluation, program trading as well as illiquidity and market psychology. Most of the public were of the opinion that program trading as one of the sole reason behind this crash. The working of program trading executes large amount of stick that is traded based upon external inputs as and when received. However, the systems made usage of arbitrage as well as portfolio insurance strategies. Black Thursday is referred as one of the worst market crashes that were faced by United States on 24th of October 1929. The reason behind this crash was the effect it had in economy of United Sates for that duration. The country suffered from this crash for 12-year long Great Depression and would even included most of the other industrialized western countries (Dimmock, Gerken and Marietta-Westberg 2015). Both Black Thursday as well as The Great Depression together pulled off financial crisis that would be referred as the largest crash during 20th century. The crash even resulted in depression in Europe. The economists could not understand the intensity of the crash that took place in United States. Under the aftermath of the crash, the intense connectivity at that time was understood properly that took place within the countries. The real cause behind this worst crash in United States was due to involvement of manufacturing business as well as steel production business that had recorded historic profits at that point of time. The people thought that the stocks will never come down that lead to over speculation. Due to that, loan amount taken by the people for funding their investments was more than $8.5 billon and this was quite higher to that of total currency present in United States at that point of time (Dymski and Shabani 2017). Japanese crash in 1920s In the year 1927, there took place financial panic under the reign of emperor Hirohito of Japan. Due to this crisis, the Prime Minister (Wakatsuki Reijiro) had been brought down the government and after that Zaibatsu had taken over the banking industry in Japan. The real cause behind creation of an economic bubble resulted from an increased amount of investment on the part of public who look for benefits of increased production capability in the name of business. With this crisis, the country faced slow economic downturn and even Great Kanto Earthquakes in the year 1923 resulted in further worsening of the condition. By the year 1927, it is noted that the government involved in contemplating redeeming of bonds and there was rumor that the banks are engaging in holding these bonds (Fender et al. 2017). After studying about worst crashes that took place in the stock market, the common thing noticed was the belief of the investors on matters relating to the performance of specific sector. As far as Black Monday was concerned, the investors were of the opinion that prices of technology sector companies will never come down. The case was same during Black Thursday as well as Japanese crash. During these crashes also, the investors had believed that prices of steel producing company will never come done and they will deemed to perform well in the future. The investor believed that the market will have constant trend for longer period of time and this had resulted in downfall in the economy (Fu et al. 2018). Therefore, this was the direct result after creation of any economic bubble because of the demand asked by the investors in this market. Movements that can be taken to prevent another financial crisis in the future Avoiding using misleading mortgage products- It is advisable to avoid any misleading mortgage products. Some of the economies in this world still aim at providing mortgage products that have teaser rate (Monk, Sharma and Sinclair 2017). This means the mortgage products have more appealing introductory rate for initial 2 to 3 years and after that, the interest will suddenly shot up. This sudden change creates immense economic burden by the borrower that results in defaulting position at some point of time. Improving the capital ratios of the banks- It is advisable to make an attempt to improve the capital ratios of the banks. Before the crisis period, it was noted that because of the boom in the economy, the banks started providing ridiculous amount of loans and this lead to degrading capital ratios on regular basis. This activity by the banks had led to vulnerability at the time of credit crunch period (Kotsantonis, Pinney and Serafeim 2016). However, if banks are to keep capital with them, it would thereby assist them to face the situations such as abnormal exuberance on the part of people. However, the funds that are kept by the banks can be remitted back in case of difficult times. Putting cap on dividend and pay- It is advisable to put cap on the dividend and star paying after that. After studying about Great Depression, certain facts can be gathered hat states that during that period, the bank faced loss of more than $60 million and they had to even pay dividend to the tune of $60 million. In addition to that, banks that had their listing in Stock Exchange faced huge pressure in paying dividend as well as keeping their reserves lower. As far as banks are concerned, they should prefer using German Model to overcome the issue (Jackson 2018). Monetary policy- On analysis, it is found out that central bank plays major role and the role is immense. To that, it is seen that the interest rates are kept lower for given period of time and this was noted prior to any depression. The main emphasis put by the banks is to look after the inflation rates. However, the banks generally miss out aftermaths of the bursting of the economic bubble that is being created in the economy because of the steps undertaken for controlling inflation (Galbraith 2017). Ponzi is one of the pyramid structure schemes that basically functions on the rob Peter to pay Paul principle based on the definition stated by the US Financial regulator Securities Exchange Commission (Zhu et al. 2017). Under such scheme, the fraudster promises one investor that they will be getting huge returns on his money and then uses the money for paying back the dues of other investors. After the money comes in from any new investors, it is noted that the system collapses at that time. In this entire scheme, the loser is the person who is making the last transaction in investment with the fraudster because all the other investors are cleared by the returns and there is no funds left behind to pay newest entrant. Charles Ponzi was one of the fraudster and the scheme was named under his name. He had promised the investors of New Zealand to give a return of 40% on their investments as compared to the 5% current return that they were earning from their saving accounts. However, th e returns that were to be paid by this person was from the profits he would expect from the exchange rates difference in US dollars and any other currencies for the purpose of purchasing as well as selling international coupons at a profit (Wolinsky and Rubin 2014). This success of the scheme was noticeable where Charles Ponzi earned whopping of more than $420000 till May 1920 that can be converted as $5.13 million in 2017 currency. During the month of June, people started investing more than $2.5 million in this Ponzi scheme and by the month end; he was able to rank in millions of dollars per week as it were rising. Charles Ponzi had purchased international coupon to the tune of only $20 and this was noted after the collapse of entire system that was based on such small amount or rather it can be treated as zero amount investment done by him (Nash, Bouchard and Malm 2018). As far as rich families were concerned, they had huge funds to invest upon. However, they do not have enough knowledge about the same for investment related decision-making process. To be on the safer side, they believe in keeping huge funds under the custody of wealth managers as well as private banks and hedge funds. After that, these selected institutions approaches specialist funds managers who have been consistent in their performance. To that, the select consistent performer named is Madoff. This person was popular as he had guided people with funds for a fee. The problem started when he started paying the profits back to the clients first and then invest the money thereafter. After financial crisis hitting the economy, all the clients start coming to Madoff and ask him for money. The fraud was exposed because of the absence of money of such huge amount at that point of time. Reference List Albrecht, C., Morales, V., Baldwin, J.K. and Scott, S.D., 2017. Ezubao: a Chinese Ponzi scheme with a twist.Journal of Financial Crime,24(2), pp.256-259. 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