Political Socialization Essay

Both my parents are independents; and I used to identify myself as independent. However, I believe school was the political socialization agent that has had the greatest impact in my judgments and decisions related to politics. This process began in my country, Venezuela, there I learned about world and Venezuelan history, patriotism, symbols, basic institutions and values of politics in school. I was always taught to stand for my principles and beliefs. Therefore, from seven to twelve grades I got involved with my schools’ Student Government Group. At that time, I was able to make a difference in issues related to students and staff interests; I also made a difference in the community by organizing conservationist campaigns, good neighbor activities, and beautification of our city projects, to mention some. Most of the time I felt that I was not bonded to any of the country’s political parties, but shortly after entering college I began to work and there were the opportunities for involvement within the system. Unfortunately, my country’s political situation started to deteriorate with the intended of a military take over. Later on, it was totally crushed with the actual Presidential election of the perpetrator, current President, Hugo Chaves. My trust and faith in a democracy were shattered until I decided to come to the US. Now, I appreciate and love this country very much for all the opportunities existing to me. I also feel that my opinions in American politics, ethics and other subjects are well-informed and once again school has marked and amplified them. On the other hand, I believe that a person’s knowledge of politics cannot simply come from their own personal experience or through the lessons learned from others directly. For instance, the mass media influences individuals by what they report and what they do not report; and it does not frequently discuss alternatives to the way society is fundamentally structured. In conclusion, I think much of the political knowledge people have comes from a combination of agents, for me in priority basis are: school, my values, and the mass media. I also think that my family has the least impact on me as political socialization agent because they were never inclined to any political party and this was not an important subject of discussion in my house.

Importance of Reading Essay

Reading has at all times and in all ages been a source of knowledge, of happiness, of pleasure and even moral courage. In today’s world with so much more to know and to learn and also the need for a conscious effort to conquer the divisive forces, the importance of reading has increased. In the olden days if reading was not cultivated or encouraged, there was a substitute for it in the religious sermon and in the oral tradition. The practice of telling stories at bed time compensated to some extent for the lack of reading. In the nineteenth century Victorian households used to get together for an hour or so in the evenings and listen to books being read aloud. But today we not only read, we also want to read more and more and catch up with the events taking place around us. The various courses and classes being conducted in rapid reading support this belief. The amount of reading one should get through is of course nobody’s business. There is no end to it for there is a variety of subjects to read about. The daily newspaper or the popular magazine while it discusses topical issues and raised controversies, it also provokes thought and throws light on human nature. It brings the news of wars, rebellions, organizations, political stances, heroic deeds etc. , together and helps knit a world of some sort. There is then the serious reading undertaken for research and for satisfying one’s longing for knowledge. It may be a subject of scientific significance, or a subject of historic or philosophic importance – varying according to the taste of the person. This kind of reading disciplines the mind and trains one for critical and original thinking. There is yet another kind of reading -reading for pleasure. Though serious reading is also a source of pleasure, reading which is devoted mainly to it differs in one respect. It grows upon one, it gives before demanding and it soothes and relieves tension and loneliness. The only kind of reading which neither stimulates thought nor provides knowledge is one which is approached negatively, with the simple motive of escape and of â€Å"killing† time. A person who is widely read is able to mix with others: he is a better conversationalist than those who do not read. He can stand his ground. Reading broadens the vision. it is in a way a substitute for travel. It is not possible to travel as much as one would like to and reading can fill in the gap created by the lack of travel. â€Å"Reading†, as Bacon wrote in his essay. ‘Of Studies’. â€Å"maketh a full man: conference a ready man: and writing an exact man†. Thus a widely-read man is a better conversationalist and is able to see the other point of view. Literature is a form of art which can cross barriers and if one does not know the language in which a piece of literature is written, one is willing sometimes to learn the language. Even if one does not learn a language one reads the literary work in translation. This contributes to the growth of understanding and tolerance amongst people. Reading also helps one to see the present in relation to the past and the future, and thus develop a historical perspective. Care is needed to ensure that reading does not become a substitute for real life. The moment one ceases to enjoy the ordinary pleasures and happiness of life and is content to enjoy them vicariously through fictional and historical representations, one loses all the benefits of reading and loses contact with life. With the cinema and television taking up a great deal of attention of children, teenagers and even adults, the habit of serious reading is dying out. People are content to read abridged versions. see films, go through illustrated comics and be content. But just as reading should not become a substitute for the joy of living or drive out the other forms of entertainment, other substitutes should not be accepted for the pleasure of reading which lies in the act itself. One may be selective, may be discriminating but no one can afford to shut himself off from this rich and ever-growing world of literature.

Frederick Douglass Essay Example | Topics and Well Written Essays - 1000 words - 1

Frederick Douglass - Essay Example ille Convention, Frederick Douglas presented some of his grievances against the government that were based on the political and social status of black Americans in the United States. His main complaint was that even after the abolition of slavery, the prejudice against black Americans was rampant and a norm in American society. He observed that the justice system and the clergy were also turning a blind eye towards the discrimination experienced by black Americans (Douglass, p. 2). In particular, he criticized the Lynch law which made the black American community increasingly vulnerable to hate crimes by prejudiced people (Douglass, p. 3). Douglas also stated his grievance against the prejudices demonstrated towards black people in seeking employment and justice. Another grievance that he held against the government was the disenfranchisement of the black Americans. The civil right of political participation was not being protected. He decried that the American government was not ensuring fair representation and that the electoral process was flawed. By disenfranchising the black population, the government was preventing them to be represented as political leaders in the states where they are in a majority (Douglass, p. 5). He argued for a fairer electoral system where the black population was given an equal right to vote and be elected. He stressed that it was the responsibility of the government to ensure that the law was applied uniformly without regard to the colour of the skin of the citizens. Douglas stated that the government was responsible to ensure that the freedoms and civil rights granted in the American Constitution were not denied to any citizen. In his struggle for racial equality in the United States, Martin Luther King practiced non-violence. He was a believer in dialogue and negotiation to create mutual understanding between the white and black races so that both could enjoy their civil rights equally in society (King, p. 3). Writing from jail

The Misunderstood Motorcycle Rider Essay Example | Topics and Well Written Essays - 1250 words

The Misunderstood Motorcycle Rider - Essay Example Initially, relevant statistics would be provided as a brief overview of motorcycle riders in the United States, prior into delving on the reasons for preference in this mode of transportation. The pros and cons of this particular endeavor would thereby be detailed, with specific support and references from riders who are members of identified registered motorcycle clubs in the country. Finally, a concluding portion would highlight the points that were discussed and present personal ideas based on the evaluation of issues that were expounded. Brief Overview of Motorcycle Riding The National Highway Transportation Safety Administration (NHTSA) is an organization that has been tasked to monitor data and information pertinent to motorcycle riders in the United States (NHTSA). Its mission is explicitly stated as â€Å"reducing crash-related injuries and fatalities while ensuring the highest standards of safety on the nation's roadways† (NHTSA par. 1). There were reportedly â€Å"a n estimated 7 million motorcycles on the US roadways each year, compared to approximately 130 million passenger cars† (NHTSA par. 2). ... emergency department (ED) for a non-fatal motorcycle-related injury† (par. 2), noted as an all time unprecedented high for motorcycle deaths that were exhibited and compared to other motor vehicle crash data during the stipulated period. Despite the alarming figures, there are riders who have signified preference for motorcycles for reasons discussed below. Benefits of Motorcycle Riding In a study written by Lawrence, Max & Miller for the NHTSA on â€Å"Costs of Injuries Resulting from Motorcycle Crashes†, the authors effectively revealed that motorcycles are comparatively categorized as one of the most cost efficient vehicles in terms of the amount and volume of fuel consumption needed to cover a destined location. Likewise, motorcycles provide speed and easy options to manuever through tight spaces between vehicles and other travel areas. In addition, joining motorcycle clubs have added benefits in terms of achieving some specifically identified mission or goals. For U .S. Military Vets MC (Michigan) club, for example, their organization which was reportedly established in 1987 explicitly stated the following objectives, to wit: â€Å"* To provide a club for qualified military veterans, which offers brotherhood and an opportunity to establish relationships with other military veterans who have served in the defense of the United States of America. * To establish and support a strong sense of pride in having served in the active military service of the United States of America. * To improve the image of military veterans and bikers to the general public† ( U.S. Military Vets MC (Michigan) 1). From their set of objectives, it was apparent that joining a motorcycle club provides the

JFK's Influence on the Civil Rights Movement Essay

JFK's Influence on the Civil Rights Movement - Essay Example The movement was more or less non-violent in nature. The civil rights movement of the people of America was a success as the protest was resultant into changes in attitude of the people of America mainly the upper class towards the African-Americans. From a broader perspective not all who stressed for racial fairness between 1954 and 1968 did so in the expectation of endorsingpeaceful social change. A noteworthyshare of the civil rights drive was, however, dedicated to the idea of diplomatic challenges, rather than bloodstainedconfrontation or attack, to change racist establishments. Historian does believe that USA President John F. Kennedy was a significant character associated with the civil rights movement in the USA. The paper is critically analyzing the role played by USA president John F. Kennedy during the 1960s civil rights movement in the USA. The thesis associated with this paper is: Is John F Kennedy is the most influential president of the USA in terms of implementation o f Civil Rights and other policy implementation. John F Kennedy was considered as one of the key player in the successful implementation of civil rights movement in the USA.As a matter of fact his role in the civil rights movement of 1960s was considered as of his greatest legacies. His speech during 1963 while framing the civil rights as both legitimate and moral authoritative force helped to a great extent to form the Civil Rights Act of 1964 and made him an icon of the movement. During 1960, there was a President election scheduled to be held in the USA and candidates for that post John F. Kennedy and Richard Nixon. The movement was so intense that neither of them was able to ignore that. John F. Kennedy was the winner of that election and his sympathy for civil rights leader Martin Luther King when he was in jail was a great step taken by him which created an image of his

Marketing professional Essay Example | Topics and Well Written Essays - 1500 words

Marketing professional - Essay Example The revenue base of the industry has increased at a constant rate of 3.5% and only decreased in 2008-2009 after the business donors cut-back. NFP organisations offer a wide array of services including operating hospitals, schools, and churches, as well as participating in community causes and fundraising events. The products offered a range from a sausage snack to Doctor of Philosophy degree. The prominent factor leading to the growth of NFP in Australia is the government support. This occurs in the form of direct funding, indirect funding e.g. concessions, and providence of a regulatory environment. The government offers financial services to these organisations as recognition for the value of their services in upholding the community welfare. Commercial enterprises have also contributed in the growth of NFPs through philanthropy support. Competition for government contracts and members services has enabled the NFPs to adopt efficient and superior strategies necessary for improvemen t of their competitive orientation. The NFPs associate with commercial entities on many occasions to improve social outcomes of some of their activities. The services offered by NFPs are superior to the ones offered by profit organisations in terms of the fields in which they operate and the basic character. They offer services of higher quality compared to commercial enterprises because they are non-profit oriented. NFP organisations competition with commercial enterprises in Australian is high. Amid this, they command wider acceptability among the society as people oppose the idea of commercialising community services. NFP organisations are inclined to serve people with the greatest need, thus, ensuring equity. Lack of extra charges for their services as required for profit generation makes their services cheaper than those of the commercial organisations. This attracts clientele as well as broadening the customer base leading to widening of service providence. Their focus on one community or group of people at a time cultivates loyalty and attracts preference among the service recipients. NFP organisations have rapidly expanded due to their characteristic property of potential flexibility and adaptability as they are not profit-oriented. This implies that they are capable of taking risks related to the creation of new business opportunities. NFP organisations have widely been accepted in Australia because of their advocacy role. They push for societal advancement as well as the change in government role as they are not market beholden. They are better placed to act as pioneers in various fields through identifying and solve the unaddressed societal problems (Salamon, Hems and Chinnock, 2000). NFP organisations serve as vehicles through which individuals and groups can express their opinions on various issues. This contributes into community building and democratisation through encouraging social interaction that creates the attitudes of trust and reciprocit y. Organisational growth has also been realised by the ability of these organisations to overcome the constraints related to their daily operations. Regulatory constraints are minimised through transforming their legal structures and processes to conform in line with the Australian federal requirements. Their growth has also been sustained through formulation of strategies necessary for overcoming

The Iconic image of Mao hangs at the Tiananmen Square and Its Futher Essay

The Iconic image of Mao hangs at the Tiananmen Square and Its Futher Implications - Essay Example Further, the face of China today was an entirely different one before. The penetration of the imperialists deteriorated the economic situation of the country. Political disloyalty and fraud emerged as corruption began to have an effect when the British East India Company earned massive revenues by co-operating with China’s corrupt public officers. The Japanese people attempted to take control of the nation by its Twenty-One Demand that gained severe protests. Mao Tse-Tung or most popularly known as Mao Zedong was one of the young intellectuals who set off the pioneering work of establishing the first Marxism study cluster that aimed to integrate the theories and principles of Marx in the political system of China. In 1921, he co-founded the Chinese Communist Party (CCP), which, together with the Kuomintang (KMT), battled against the guerrilla leaders and warlords who ruled lots of Northern China. The [Student’s Last Name] 2 Chinese Communist Party (CCP) – under t he leadership of Mao Zedong – eventually took spearhead and control over the entire nation on a completely different path. A Short Biography of Mao Zedong and His Contributions to the Political Scheme of China Mao Zedong was the leading and primary Chinese communist chairman and leader of the 20th century and the chief forefather of the People's Republic of China (PRC) in 1949. He was born on December 26, 1893, and was raised in a peasant family in a small village of Shaoshan, Hunan province of China. He was a stubborn rebel of his father's unusually strict disciplinary authority. He was initially introduced to subjects like the Chinese history, literature and philosophy but was also opened up to the thoughts and philosophies of progressive Confucian activists namely K'yang Yu-Wei. Mao moved to Changsa - the capital of the province - where he shortly worked as a combatant of the Republican army that defeated the Qing Dynasty in 1911 revolutionary action. During his stay in Ch angsa, he studied various topics of the Western civilizations including Western Philosophy and was likewise immensely motivated by several liberal newspapers and journalistic printed materials including the New Youth, established by the radical lead Chen Duxiu. In 1918, after completing his studies from the Hunan Teachers College, he voyaged to Peking, now Beijing, and got hold of a job in the Peking University Library under the supervision of Li Dazhao - the chief librarian of the university. Li was highly involved with the study of Marxism and eventually, Mao joined the study group and together they delved into the political and social philosophy of Marxism and in the long run became a keen reader of Marxist writings. Mao printed and circulated articles picking holes with the outdated, old-style standards [Student’s Last Name] 3 of Confucianism. The circulation occurred during the "May Fourth Movement of 1919" where scholars, learners and thinkers were convened for the even tual transformation and innovation of China. Mao emphasized the substantial weight of physical power and mental determination in the fight against custom. In the year 1921, Mao co-founded the Chinese Communist Party (CCP). Albeit he was an avid reader of Marxist writings, he geographically tilted a bit from Marxism when he sensed that in an Asian civilization, communists had to give more focus on the rural areas or the countryside instead of giving so much attention to the urban towns. In actual fact,

Essay Assignment Example | Topics and Well Written Essays - 2000 words - 1

Essay - Assignment Example Moreover, the modernism paradigm is inherently intertwined with culture and Eysteinsson and Liska argue that in terms of literary criticism, â€Å"modernism constitutes one of the most prominent fields of literary studies today† (Eysteinsson and Liska, 2007:1). Indeed, leading anthologist Rainey asserts that in literary terms â€Å"modernists were giants, monsters of nature who loomed so large that contemporaries could only gape at them in awe† (Rainey 2007, p.xix) However, whilst modernism is instrumental in approaching literary context, it is evident that â€Å"it is however, a field that stands in a very ambiguous relationship to the present literary and cultural situation†¦Ã¢â‚¬ ¦ scholars and critics are seeking to draw a balance sheet with modernism† (Eysteinsson and Liska, 2007:1). The concept of modernism in the cultural consciousness evolved through the end of Queen Victoria’s reign between the nineteenth and twentieth century. Indeed, Gillies and Mahood (2007) refer to publisher Grant Allen’s remarks in 1889 that â€Å"everybody nowadays talks about evolution. Like electricity, the cholera, women’s rights, the great mining boom, and the Eastern question, it is â€Å"in the air† (In Gillies & Mahood, 2007: 3). To this end, it is evident that the cultural transition between the nineteenth and twentieth century towards a modernist socio-cultural model is a central causal factor in explaining the particular distinction of early twentieth century literature in the modernist discourse. For example, if we consider this proposition contextually, Gillies and Mahood refer to Aldous Huxley’s female protagonist Lucy Tantamount in â€Å"Point Counter Point† (1928) comments that â€Å"living modernly’s, living quickly†. Moreover, constant references to â€Å"make it new† meshed â€Å"itself in ever increasingly formalised definitions of

Inside's Coke's Diversity Story Case Study Example | Topics and Well Written Essays - 2000 words

Inside's Coke's Diversity Story - Case Study Example Discrimination on the basis of color and gender is not new to the U.S. But laws and social feeling has contributed much to see that racial discrimination is non existent at least in the near future. This is a care where the Judiciary directed and supervised the erring company to make amends and diversify its policies to end discrimination. The law suit Ingram, et al. v. The Coca-Cola Company (Case No. 1-98-CV-3679 (RWS) was filed by the plaintiffs for "Four named plaintiffs, (Linda Ingram, Kimberly Gray Orton and Elvenyia Barton-Gibson.), represented a class of 2200 current and former salaried, African-American employees of Coca-Cola in this class action filed April 1999 in the Northern District of Georgia. The case involved race discrimination in promotions, compensation and evaluations. Among other things, the plaintiffs alleged a substantial difference in pay between African-American and white employees; a "glass ceiling" that kept African-Americans from advancing past entry-level management positions; "glass walls" that channeled African-Americans to management in areas like human resources and away from power centers such as marketing and finance; and senior management knowledge of these problems since 1995 and a failure to remedy them."1i The allegation was that there was... The court heard the matter which was taken up for settlement. "The plaintiffs claimed Coke discriminated against black salaried employees in pay, promotions and performance evaluations. The settlement covers black salaried employees in the United States who worked at Coke at any time between April 22, 1995, and June 14, 2000." The Plaintiffs counsel on their website further comment on the case as under: "In early 2000, the Court ordered both sides into mediation. The parties reached agreement on a Settlement-In-Principle on June 14, 2000. A final Settlement Agreement, valued at $192.5 million and designed to ensure dramatic reform of Coca-Cola's employment practices, was officially approved by the Court on June 7, 2001. Since the Settlement Agreement went into effect, the court-appointed task force chaired by Alexis Herman, former Secretary of Labor has issued annual task force reports highlighting the progress the Coca-Cola Company has made in complying with the Settlement Agreement."2 The views expressed on the issue by the news media and the website of major organizations of Human Rights welcomed the settlement move. For example the Interfaith Centre for Corporate Responsibility (ICCR) called it laudable and its post at the site on the day says: "On November 16th, The Coca-Cola Company agreed to pay more than $192 million in cash and equity payments in the largest racial discrimination lawsuit in U.S. history. The settlement resolved a federal class action lawsuit brought by African American employees against the company in April of 1999 and mandates major changes unprecedented in corporate history. Coke's Chairman Doug Daft has made it clear that he intends to root out discrimination at the company and restore the trust of the

Henry Lee Lucas Essay Example for Free

Henry Lee Lucas Essay Henry Lee Lucas On July 11th 1983, a drifter named Henry Lee Lucas was arrested for illegal possession of a fire arm by a felon. Lucas was not at all happy about being locked up, because they were supposedly depriving him of cigarettes and coffee. After being locked up for 4 days, he admitted to one of the jailers that he had â€Å"done some bad things†. He told that he had killed for the last 10 years. He was already a suspect in 2 murders, and the offices were sure that they would soon have enough information to close these 2 cases. Lucas admitted that he had killed Kate Rich and Becky Powell. While in court for these murders, he admitted that he’d had sex with the body, cut it into pieces and burned it in a wood stove. He also said that he had killed at least a hundred more. Police started questioning Lucas about other unsolved murders all over the country. He would admit to them and tell them some details about the crime that would link him to it. Over a period of time, he started offering more information about murders that he had not even been questioned about. He said that he usually picked up hitchhikers then he would quickly kill them and have sex with the body because he preferred sexual contact with a corpse. He generally used a knife or strangulation, but said that he liked to try different methods so that he didn’t leave a pattern for the police to follow. Lucas also later confessed to killing his mother. He said that she was an alcoholic and was mean to him. Some claims say that she supported the family by bootlegging and prostitution. Lucas claimed that his mother made him watch her entertain her clients. He claims that after walking out of the room one time because he was disgusted with her actions, she found him and hit him in the head with a wooden board. He said that after that, he had dizzy spells and headaches. On January 11, 1960, Lucas and his mother got into an argument and Lucas grabbed a knife and plunged it into her neck. He was convicted of second degree murder and sentenced to 20 years. He served 10. Another claim that he made was that of one of his mother’s clients. He said that this man turned him on to bestiality by showing him how to have sex with the corpse of a dog or sheep. He said that he first killed someone just before he turned 15. He said that the reason was so that he could see what it felt like to have sex with a human. Lucas had a traveling companion/lover named Odis Toole. Toole supposedly assisted Lucas in these heinous crimes. Toole’s niece, Becky Powell, began to travel with them. Lucas began to fall in love with her. He decided to take Becky for himself, so he and Becky left Toole and went to TX. Toole was not happy about them leaving. He had lost his longtime lover and his niece. He supposedly killed several people over a 6 month period of time. He also confessed to kidnapping and killing a small boy named, Adam Walsh. Adam’s father was inspired after the killing of his son, to start the popular show, America’s Most Wanted. After living in TX for a while, Becky wanted to come home. Lucas resisted, but later told her to gather her things. They began to hitchhike. He continued trying to get her to change her mind. She did not. At one point, they got into an argument and she slapped him. He took his knife and stabbed her in the heart. He drug her off over and embankment and had sex with her corpse. He cut her up into 9 pieces and spread them over a field. He later returned and gathered the pieces and buried them under a tree. He then returned to where they were living in TX, and to a lady named Kate Rich. He wanted to kill again. He asked Kate if she wanted to help him look for Becky (knowing that she was dead). She agreed and went with him. He drove to the end of a dirt road and stabbed Kate in the side, puncturing her heart. He was immediately aroused. He dragged her from the car and had sex with her body. He cut her up, also, and took her back to where they were living in TX and put her in a stove to burn her remains. After much investigation, and examination of the times and places that some of the murders took place that Lucas had admitted to , police began to question whether or not he was telling the truth. They later figured out that he was lying about several of the instances, because some of them were even committed when he was locked up for other crimes that he had committed. It was also found that he was known to be in a different place when he claimed to have killed in another state many miles away. Lucas claimed to have committed over 360 murders. It was eventually claimed that the police were so interested in closing some of their open murder cases that they would show Lucas the case files to â€Å"refresh his memory†. He in turn used it to his benefit by tying himself to the murders by telling evidence that was never released to the public. The police actually cleared around 213 cases through Lucas’ confessions. He was convicted of only 11 homicides; although some criminologist say that he was responsible for between 40-50 murders. In 1998, Gov. George W. Bush of TX commuted the death penalty that Lucas was handed, to a sentence of life.

Causes Of The European Sovereign Debt Crisis Economics Essay

Causes Of The European Sovereign Debt Crisis Economics Essay Europe currently experiences a severe sovereign debt crisis. The debt crisis in some member states of the euro area has raised public uncertainty about the viability of European Economic and Monetary Union (EMU) and the euros future. While the execution of the euro in the year 1999 created many interest in regional monetary integration and even monetary unification in several corners of the world, the present crisis had the opposed effect, even raising expectations of the euro area breaking up. The crisis has illustrated the problems and tensions that will ineluctably arise within a monetary union when imbalances build up and become unbearable. The causes of the European crisis will be further review below. Also, we would describes why the Greece crisis could cause so much havoc to the global economy. CAUSES OF THE EUROPEAN SOVEREIGN DEBT CRISIS European countries had just weathered the 2008-2009 crisis and were set up hopes for recovery. However, on November 2009 George Papandreous newly elected Socialist government in Greece revealed that the predecessor government had lied to the public about the true picture of Greeces public finances, that the budget deficit for 2009 would be 12.7% instead of 4.6% of Gross Domestic Product (GDP), as previously reported. That revelation created a panic atmosphere among lenders or bondholders, as credit agencies lowered their ratings of Greeces sovereign debt, which is the first time in 10 years that Greeces rating falls below the investment grade. The country has then realized itself hardly to borrow or even roll over existing debt except at prohibitively high interest rates. The disclosure of the actual Greek fiscal condition raised serious doubts about the countrys ability to meet its obligation. The following downgrades rating and ever rising interest rates led to an exacerbation of Greeces capital markets access that made it even more difficult and nearly impossible for the government to refinance itself, leading a downward spiral for the Greeks economy. Therefore at that point, the government forced to appeal to its European Union members and IMF for bailout. However, the bailout failed to recover market trust in the Greek economy. In addition, it failed to cease contagion of the crisis to other nations in the euro area. Precisely, the crisis of Greek and the hesitant political response from the other European nations raised issues over the debt condition and the structural and competitiveness problems of the economically weaker periphery member countries of the euro area, named PIIGS (Portugal, Ireland, Italy, Greece, and Spain). As a result, the costs of borrowing for the PIIGS lifted significantly and the cost of insuring sovereign debt against default soared as their creditability to repay the debt have vanished. The crisis also creates awareness of the existing imbalances in the euro area, which form a serious problem. The below are the major causes of the crisis: Banking crisis fuelling sovereign debt crisis and vice versa It is wrong to assume that the European debt crisis is actually caused by thriftless government spending, especially because of the luxurious social security systems. Rather, the origins of the European debt crisis can be traced back to the global financial crisis occurred in 2008-2009, which spilled over into a sovereign debt crisis in various euro area countries in early 2010. In order to offset the rapid falls in output, euro area governments responded with counter-cyclical fiscal policies that lifted fiscal deficits. Then, fiscal positions become worse as the tax revenues fell and transfer payments grew larger due to the increased unemployment rate during the crisis. In many countries, government bailouts of banking systems also contributed to an increase in public debt. Private debt turned to public debt, be it through banking crises or the burst of housing bubbles, leading to the sovereign debt crisis. Between 2007 and 2010, the debt to GDP ratio of the euro area increased from 66.3% to 85.4%. Greece is a unique case in the sense that the Greek debt level had already been relatively high before the crisis, which is 107.7% of GDP in 2007. Greek debt, which has been on a continuous rise since 2003, has arrived at a level of 144.9% of GDP in 2010. Similar to Greece, Italy had a debt level more than 100% of GDP prior to the crisis, but the debt to GDP ratio fell between Italys adoption of the euro in 1999 and 2007. Among the countries in euro area, the most dramatic increase in public debt occurred in Ireland, where the countrys debt problems can be clearly arise to the countrys banking crisis. Ireland did not face a fiscal or debt problem until the year 2008. Accordingly, the Irish debt to GDP ratio fell gradually over this period from 64.3% to 24.9%, with Ireland being one of the EU countries with the least public debt burden. The condition changed in the course of the Irish banking crisis in September 2008 when the European governments and institutions and also the US government guaranteed most liabilities of Irish-owned banks. As a result, the Irish deficit ballooned and the debt to GDP ratio shot up from 24.9% in 2007 to 94.9% in 2010. The ensuing exacerbation of Irelands access to capital markets in the autumn 2010 led it to seek for international financial rescue package by the IMF and the EU of over à ¢Ã¢â‚¬Å¡Ã‚ ¬90 billion in November 2011 to finance its borrowing and bank recapitaliz ation needs. Similar to Ireland, Spain did not face a fiscal or debt problem before 2008. Spains destiny changed when the global financial crisis put a sudden end to the long cycle of high growth that had been accompanied by a construction and real estate boom. When output contracted in 2008, the Spanish housing bubble burst and hence destabilized the entire banking system. Even in Portugal, which had seen a steady rise of its debt to GDP ratio after joining the euro area in 1999, which its debt stood at 49.6% of GDP, which is so far the largest increase of public debt happened during and after the 2008-2009 crises, with debt soaring from 26.6% in 2007 to 94.9% in 2010. Therefore, the sovereign debt crisis has been directly connected to the global financial crisis and the ensuing problems of European countries banking sectors after the bankruptcy of Lehman Brothers. With exacerbating public finances, sovereign risk has increased and deteriorated banks balance sheets. The interdependence between sovereign credit and banking systems has been at the key of the crisis as sovereign debt of euro area countries are held in large quantities by euro area banks. Mispricing of risk and misallocation of capital A key element that led to the crisis was a mispricing of risk by capital markets and an ensuing misallocation of capital in the previous years before the outbreak of the crisis. European monetary unification brought about a convergence of interest rates among euro area members. Spreads of sovereign bonds of the PIIGS over Germany narrowed rapidly in the run up to EMU membership and almost gone once they had become the euro area members. Sovereign risk of all euro area countries, including the PIIGS, was priced more or less the same as German sovereign debt. This is due to the risk of euro area central government bonds was weighted at zero in regulatory capital calculations and because the Euro treated such debt as risk-free collateral when these were offered as collateral for repos and other collateral financing trades. It is now apparent that the availability of cheap credit brought to an unbearable accumulation of private (as in Ireland, Portugal, and Spain) and public (as in Greece and Portugal) debt in todays crisis countries. The decrease in real interest rates in the periphery countries after they join the euro area and the inflowing capital supplied unbearable developments, including excessive credit dynamics and real estate bubbles in Spain and excessive fiscal spending in Greece. It also decreased the tension for economic reform to enhance competitiveness within the monetary union as countries could simply finance their current account deficits through a plenty of capital inflow. Imbalances in the euro area A high level of public debt is not a problem, as long as the government can refinance itself and roll over its debt. This requires public debt and the interest burden to grow slower than the economy and the tax base. This is no longer the case in the PIIGS anymore. Current debt crisis in the PIIGS is hence not merely a debt crisis; it is first and governing a competitiveness and growth crisis that has contributed to structural imbalances within the euro area. The structural imbalances, caused by high current-account deficits of the periphery countries and matching surpluses in core countries, are at the origin of the current problems since a lack of competitiveness impedes the periphery countries chances of growing out of the crisis. Essentially, deficit countries need to become surplus countries to service their debt. However, the fact that the PIIGS are members of a monetary union and hence competitiveness cannot be recovered by means of currency devaluation makes the adjustment much difficult. Lack of trust in European governments crisis responses The crisis is not just an economic disaster, but also a political disaster, arises from erratic responses and pressures among euro area governments, representing surplus and deficit countries with contradictory interests. European leaders were believed that a balance of payments crisis was impossible within a monetary union. Since such a problem was not considered a priori, no crisis resolution mechanism had been taken into account. European policymakers hence faced the challenge of crafting a crisis response in the midst of crisis. The worries of the surplus countries, led by Germany, that an easy bailout of Greece would set a negative precedent and create moral hazard problems with other deficit countries, especially the larger euro area members Italy and Spain. Fears of moral hazard and a transfer union, where deficit countries would have to be financed permanently, made surplus countries also refused to advocate proposals such as those for Eurobonds. The slow negotiation processes between governments, which have needed to safeguard support from their domestic constituencies, have evoked the impression of a European political system was ill-equipped to overcome any financial crisis.