Oil and Gas Exploration and Production

Question: Discuss the issues concerning the process of negotiation and mission and Vision of the Government in relation to Negotiation? Answer: Introduction Nations that are rich in natural resources tend to use these resources to obtain funds. The governments of these resource-rich nations enter into oil and natural gas contracts with the international oil companies. The international oil companies is thereby enabled to develop and explore these resources. These negotiations are very challenging in the present times. The negotiation process is a very challenging aspect as a lot is at stake, and a lot of research, knowledge and technical knowhow is required to get a good bargain at these negotiation processes. The oil-rich nations regard the oil and gas resources to be the assets of the nation as a whole and not the property of individual members of the society, irrespective of the rights over the surface land. Oil-rich nations are eager to involve the participation of the international oil companies for the exploration of their natural resources. These oil companies are well equipped for exploiting and marketing the said resources. The governments faces many problems while negotiating the terms of the contract. This is owing to the fact that oil companies have high knowledge regarding the exploration processes and also they are highly experienced in negotiating these contracts. The oil companies generally get a good bargain on these contracts. The oil companies approach these contracts in a cynical, aggressive nad inflexible manner (3 oil gas contracts for Aker Kvaerner, 2007). In this paper, we will evaluate the various aspects of oil and gas negotiations between the governments and the international oil companies and would emphasize the significant areas of these contracts which the governments should keep in mind while negotiating the oil and natural gas contracts (Ario et al., 2013). Issues concerning the process of negotiation The oil contracts emerge out of the direct negotiation between the parties, and various complex issues are involved in these types of contracts. The various factors that the governments must keep in mind while undergoing a process of negotiation for oil and natural gas contracts may be summarized as follows; Time Factor Time plays a very important role in the negotiation process of the oil and gas contracts. These contracts are to a great extent dependent on time responsive factors, like, the economic and political situation which is prevalent in the host country and the possibility of variation of such factors in future; the present market price of oil as oil prices vary considerably. Keeping these factors in mind the oil contracts are supposed to be drafted. The terms of the contract must be such that they end up surviving the challenge of time (Babusiaux, 2004). Such survival is only possible if the terms of the contract are responsive to the foreseeable as well as unforeseeable changes and demands. The only solution to the problem of dealing with the ever changing circumstances is to make the contracts responsive to such changes and not static. The drafting of the terms of the contracts must be such that in case, the rules and regulations governing exploration or the laws of the host country change, the government should compensate the oil companies (Bantekas, 2009). Interests of the Indigenous Communities The oil contracts are entered into between the oil companies and the governments, but there are many stake holders of these contracts. For instance, the indigenous communities, the surface land owners. These groups of individuals are not part of the formal negotiation process, but their interests have to taken into consideration while entering into these contracts. The government has to make sure that the demands of the indigenous communities are met through the process of negotiation. Mostly the indigenous communities demand jobs and compensation. Since, many-a-times the oil companies make commitments but do not meet the commitments, the governments should take steps to ensure that such commitments are met (Bath, 2012). Transparency The negotiators must conduct the negotiation process in a transparent manner. In fact, transparency of the negotiation process is one of the aspects which ensures that the contracts are acceptable to the public. By transparency, we mean that the terms of the contract and the consideration involved must be disclosed to the public at large. Transparency is a mode by which corruption may be controlled. If the government officials are aware that the terms of the contract are susceptible to being criticized by the public, they will deter from incorporating such terms in the contract (Bindemann, 2000). Conflict of Interest Conflict of interest is a common feature of these contracts. On the one hand, the government is acting as a business entity with the motive of profit maximization out of the negotiations on the other hand the government has to act as a protector of the interests of the public and attempt to magnetize the participation of the oil companies (Bret-Rouzaut and Favennec, 2011). So the government has to play dual roles of acting as a successful business negotiator, and also it must keep in mind public good. Negotiators The team that would negotiate the contracts on behalf of the government must be chosen very carefully. The process of negotiation is an art. A good negotiator is capable enough to segregate the negotiable factors, such as compensation from the non negotiable ones like giving importance to the concerns of the oil companies. The oil companies has an upper hand in these negotiation processes because of their experience, technical knowhow, and financial stability. Since the governments of the host countries generally lack these resources they must hire skilled negotiators having expertise in all the aspects that are involved in an oil contract. The negotiators ought to keep in mind that the purpose of the negotiation is to reach a mutually agreeable point that serves the inertest of both parties concerned. Better bargain in a negotiation process would not be possible without expert advice (Contracts. Future Prices and Their Duration Left to Negotiation, 1923). Contractual Framework The form of contract which would be adopted to give effect to the negotiations is one of the critical decisions that the parties have to take. The government and the oil companies may decide to enter into any of the following types of contracts; Licensing or Concession Agreements These agreements are in vogue since the beginning of the 1900s. Under this type of agreement, the oil companies acquires exclusive rights for exploring, developing and selling the oil or the minerals for a specific period. These are single ended contracts. This is one of the commonly used modes of contracting by the oil companies and the governments of the oil-rich nations. The host companies receives lump sum bonus from the oil companies as consideration of granting the exclusive rights (Crump, 2011). These contracts are very advantageous for the governments of developing countries. This is a straight forward mode of contracting between the parties. In fact, the extent of advice and support required for entering into this type of contract is far less. But this type of contract is not free from disadvantage. The commercial aspect of the negotiation process is a disadvantage to the developing countries when entering into this type of contract. Joint Venture Agreement A joint venture agreement is entered into between parties when the parties are consensual about entering into a joint venture with respect to oil exploration. While entering into a joint venture, the parties concerned must possess adequate knowledge about the interest, business modes and goals of each other (Ghandi and Lin, 2014). If the parties are not consensual on these aspects, the joint venture would not be a success. Owing to the open-ended nature of the joint venture agreements neither the governments nor the oil companies are very keen to enter into this type of agreements. The only advantage that the government can get by entering into joint venture is that it would be able to count on the expertise of the companies and would not have to make decisions on its own. The government is in a position to share profits with the oil companies under this type of agreement. There is also a risk associated with the process of profit sharing. The government will have to share the associated risks and costs along with the oil company. This type of contract engages the direct participation of the government of the host country. Production-Sharing Agreements (referred to as the PSA') The peculiar aspect of this type of agreement is that the citizens of the host country are in fact the owners of the oil and minerals and not private entities. The responsibility of operating and managing the oil resources lies with the oil companies. The PSA is similar to a licensing agreement in many aspects. In both these agreements, the government of the host country receives a signing bonus. The expenses of operation are to reimbursed by the government to the oil companies. Current expenditure must be reimbursed immediately, and reimbursement of capital expenditure may be done over years. The oil companies under this agreement have to pay taxes applicable under the laws of the host country but in most cases the government tends to waive the taxes and the amount is included in the profits of the government. If the existing legal system in the host country is not accurate, a PSA would not be successful (Jennings, 2002). This type of agreement is very advantageous for the governments as all associated risks with oil exploration are vested on the oil companies. The only expenditure of the host government is the cost that it has to incur for proper negotiation. Even in case of failure of the exploration project, the government would not have to incur the losses. The governments of the host countries have an opportunity of earning profits with this type of contract without making the investment (Sas, 1989). The fact that A PSA is an inclusive document is a disadvantage if this type of contract for the government. Service Agreements In addition to the above-stated types of contracts, the parties may as well enter into service agreements. In essence, this type of agreement allows disbursement. This agreement does not prove to be a useful one in the long run (Mabadi, n.d.). Terms of Contracts There are certain provisions that may form a part of all the types of contracts and agreements described in the above section. These include the following; Parties When the government enters into the contract, the direct party to the contract must be chosen very carefully keeping in mind that if the government, itself, becomes a party to the contract then it would be directly responsible and the liability of the government would be unlimited. But on the other hand if one of the enterprises of the government is a party then this liability would be limited (Martin, 2009). Stabilization Stabilization clauses are not of much benefit to the governments as it has the effect of making the laws of the host country inapplicable and as a consequence the oil companies may demand compensation from the government (Mosburg, 1983). Work Plan The government of the host countries must insist on such a work plan that clearly provides the circumstances under which an exploration project may be shelved or delayed. This is essential because the oil companies have a tendency of setting aside or delaying projects that are not very profitable. Termination The provisions regarding termination must be clearly laid down in the contract. All instances under which a contract may be terminated must be exhaustively laid down (nawawi and rahayu, n.d.). Mission and Vision of the Government in relation to Negotiation The prime reason owing to which the governments of the host countries are keen to enter into these oil and natural gas contracts is securing funds for the development of the country. The governments earn huge profits out of these contracts which it an utilize for developing the infrastructure of the country. The oil companies try to maximize their profits out of the negotiation process but the government must keep in mind the development of the country. If the government fails to secure its interests in the negotiation process then the oil companies would take up the maximum share of the profits and the country would not be able to gain anything out of the contract (Oil and gas exploration and production: reserves, costs, contracts, 2005). Thus, the government must put forward certain terms before the companies. These terms should encompass the following; Corporate Social Responsibility (also referred to as CSR) During the process of negotiation, the government may compel the international oil companies to abide by its CSR while carrying on the exploration project in the host country. The government may require that al the rules applicable to the domestic companies with regard to CSR would be applicable to the oil company as well during the tenure of the project (OIL AND GAS: New Contracts, 2008). If the government does not emphasize this point, there is every possibility that the company would evade the obligation of CSR and the coutry would lose an opportunity of development. Job Oil projects involve a lot of capital and man power. The government may require the oil company to provide jobs to the people of the indigenous communities. If the unemployment prevailing in the host country can be taken care of, the country would be able to strengthen its financial standing. These clauses are profitable for the companies as well because they get local labor and do not have to get labor from outside. Sustainable Development Sustainable development is a very important concept in the present times. Ecological balance can be maintained by way of adopting sustainable development techniques. The government may require the oil company to maintain the sustainability of the environment (Soyer and Tettenborn, n.d.). Oil and natural gases deplete with continued usage. Thus, the companies should take care that such quantity is extracted which is capable of being restored. Thus, the permitted quantity for extraction must be specified by the government to the oil companies so that they do not extract above the specified level. Development of the Country The government may also require the oil companies to make endeavor for the overall development of the country (Thornton, 1992). These may include, setting up hospitals and schools, developing the roadways, providing funds for development of sectors like, health care and education, etc. Conclusion From the above discussion, we may conclude that there are several aspects which the government must take care of while negotiating the terms of a contract of oil and natural gas with the international oil companies. The oil companies are profit oriented and thus it is the responsibility of the government to make sure that such terms are entered in the contract which in the long run would be beneficial to the country as a whole. Since a lot is at stake the governments should make sure that the negotiation is done in a proper manner so as to be able to get a better bargain. The good negotiation would enable the government to maintain the economic, social and environmental well being of the country. References 3 oil gas contracts for Aker Kvaerner. (2007). Pump Industry Analyst, 2007(8), p.3. Ario, A., Reuer, J., Mayer, K. and Jan, J. (2013). Contracts, Negotiation, and Learning: An Examination of Termination Provisions. Journal of Management Studies, 51(3), pp.379-405. Babusiaux, D. (2004). Oil and gas exploration and production. Paris: Editions Technip. Bantekas, I. (2009). Oil and Gas Production Contracts. The Journal of World Energy Law Business, 2(3), pp.263-264. Bath, D. (2012). India Legal aspects of oil and gas projects for foreign investors. ac, 1999(21). Bindemann, K. (2000). The response of oil contracts to extreme price movements. Oxford: Dept. of Economics [Oxford University]. Bret-Rouzaut, N. and Favennec, J. (2011). Oil and gas exploration and production. Paris, France: Editions Technip. Contracts. Future Prices and Their Duration Left to Negotiation. (1923). Columbia Law Review, 23(8), p.783. Crump, L. (2011). Negotiation Process and Negotiation Context. International Negotiation, 16(2), pp.197-227. Ghandi, A. and Lin, C. (2014). Oil and gas service contracts around the world: A review. Energy Strategy Reviews, 3, pp.63-71. Jennings, A. (2002). Oil and gas exploration contracts. London: Sweet Maxwell. Mabadi, A. (n.d.). Transfer of Technology in Oil and Gas Contracts. SSRN Electronic Journal. Martin, T. (2009). Oil and Gas Exploration Contracts. The Journal of World Energy Law Business, 2(2), pp.173-174. Mosburg, L. (1983). Contracts used in oil and gas operations. Oklahoma City, Okla.: Institute for Energy Development. nawawi, a. and rahayu, s. (n.d.). Sharing Revenue of Oil and Gas Industry between Center and Local Government from Legal Perspective. SSRN Electronic Journal. Oil and gas exploration and production: reserves, costs, contracts. (2005). Choice Reviews Online, 42(07), pp.42-4042-42-4042. OIL AND GAS: New Contracts. (2008). Africa Research Bulletin: Economic, Financial and Technical Series, 45(3), pp.17792B-17792C. Sas, B. (1989). Legal Aspects of Risk Management and Forward Oil Trading: The Forward Oil Markets and their Contracts. Journal of Energy Natural Resources Law, 7(1), pp.1-33. Soyer, B. and Tettenborn, A. (n.d.). Offshore contracts and liabilities. Thornton, W. (1912). The law relating to oil and gas. Cincinnati: W.H. Anderson.

International Economics The World Bank Economic Review

Questions: The Standard Trade Model extends the theories of Absolute and Comparative Advantage to incorporate the importance of increasing Opportunity Costs in international trade. The Heckscher-Ohlin Theory extends these models further by seeking to explain the underlying determinants of Comparative Advantage. (1) Explain briefly the main features of each of the concepts or theories highlighted in bold and italics above and how they are related to each other. (2) Evaluate whether these theories are sufficient to adequately account for why countries engage in international trade and the benefits that such trade can yield for them. (3) With reference to your own home nation, or any other nation known well to you, examine the extent to which that nation actively engages in international trade or practices restrictions upon such trade. Answers: Introduction International economics uses the same fundamental methods of analysis like other domains of economics. This is because; the motives and the behaviour of the participants are same in the international trade as they are in domestic exchange. This paper will briefly explain some concepts of international economics, like, standard trade model; absolute advantage; comparative advantage and Heckscher-Ohlin Theory. It will also evaluate whether these theories are sufficient to understand why countries are engaged in international trade. Moreover, one nation will be selected to examine its engagement in international trade and its restrictions upon such practices. Theories of Trade Absolute Advantage and Comparative Advantage Absolute advantage and comparative advantage are two fundamental ideas in international trade. Here, the discussion will be made based on two countries and two commodities. Absolute advantage implies the capability of the country to produce a certain good more efficiently than other country. The capability is measured by comparing the resource engagement to produce that good. This means that, the country is said to have absolute advantage in producing a product, when it can produce the particular good with less of a given resource than its competitor nation. In other words, the cost of production of one country is less than the other one. Therefore, the absolute advantage compares the productivity of different countries. According to this theory, the country will produce that commodity, which they can produce by engaging less resource (Krugman, Obsfeld and Melitz 2015). However, the limitation of this concept is that, it might happen that a country is resourceful and has absolute adv antage in all commodities. However, one country will not produce all the goods if it has option for trade. Therefore, it has to decide which good it should produce and import to another country. Hence, the concept of opportunity cost arises. Opportunity cost is the cost that arises due to shifting its resources from one good to another. Suppose the country can allocate its resources in goods, clothes and food. To produce one extra unit of clothes the country has to sacrifice some units of food. The forgone amount of food is the opportunity cost of the one unit of extra clothes. The country has a comparative advantage in producing a good if the opportunity cost of producing that good is lesser than the other country. According to this theory, the country will produce and trade that commodity whose opportunity cost is less, i.e. in which it has comparative advantage. The difference between opportunity costs provides the chances of a mutually beneficial rearrangement of the world production (Feenstra 2015). This solves the problem of absolute advantage, because even if the country has absolute advantage in all goods, the different countries have different comparative advantages. When the countries produce the good in which they have comparative advantage, both of them benefit from trading. This is because each of them will get the commodity at a price that is lower than its own opportunity cost of producing that particular good. This drives the country to specialize in that good, which has the lowest opportunity cost. Standard Trade Model The Standard Trade Model extends the absolute advantage and comparative advantage theory by incorporating the importance of opportunity cost. In presence of Autarkic situation, the equilibrium occurs when the community indifference curve is tangible to the Production Possibility Frontier. The slope of the tangent gives the equilibrium relative price. This slope also indicates opportunity cost of producing one good in terms of forgone amount of another good (Gandolfo 2014). The standard model of trade is driven by the differences in the opportunity cost. The following diagram (Figure 1) represents the autarkic situation in two countries. The nation 2 has less opportunity cost in producing cloth, reflected by the flatter slope (Green Line). Hence, it will specialize in Cloth. Similarly, the nation 1 will specialize in Food production. The Figure 1 represents an autarkic situation. Figure 1: Autarkic Situation Now the trade has taken place between these two countries. The movement of production due trade will change the point of production along the PPF curve. At the new point of production, the countries will be able to trade and produce more of the commodity in which it has less opportunity cost. The community indifference curves of the both countries will shift to the higher position. The following Figure 2 represents the trade of the two nations. At point , the export and import of both nations matches with each other. Heckscher-Ohlin Model Figure 2: International Trade The resource of the country influences the trading pattern. The Heckscher-Ohlin model uses the concept of comparative advantage. It shows that the resources influence the comparative advantage. The abundant factors of production and the intensity of the factors used, determines in which the country has comparative advantage. This model assumes that, there are two countries and two commodities; the two factors of production are capital and labour (Van Marrewijk, Ottens and Schueller 2012). Suppose the two goods are A and B respectively. The cost of production depends on the factor price. If the wage, the cost of labour, rises then price of the good whose production uses labour will also rise. However, how much the factor price influences the commodity price depends on how much of that factor is involved to produce that good. The For example, if the production of commodity A uses few labours then a rise in wage will not have much effect on the price of the commodity. In contrast, if the production of commodity B requires more number of labours, then a rise in the price of factor will lead to significant rise in the price of the good B. Hence, there is one-to-one correspondence between wage-rental ratio and the ratio of price of good A to that of B (Krugman et al. 2015). The major components of Heckscher- Ohlin Model are: Rybczynski Theorem; Factor Price Equalization Theorem; Stolper- Samuelson Theorem (Guillo and Perez-Sebastian 2015). Sufficiency of the Trade Theories How both countries are benefitted from trade can be explained by utilizing the concepts of theories of trade discussed above. The countries are different from each other in terms of factor abundances. When the trade is taking place between two countries the relative price tends to converge. The country produces and trades the goods in which it has comparative advantage. By this way, the country can send one commodity to foreign country and receives another commodity, at lower price than it would have charged given the goods were produced in the home country. However, it is important to verify whether the both countries are gaining from trade. When the relative price of a commodity is greater than the opportunity cost of producing that good, then the country specializes in that commodity and exports it to foreign market . The country can produce a particular good more efficiently and indirectly produce the other good in the foreign market. Similarly, the foreign country indirectly pro duces the good in which it is inefficient. Hence both are gaining from trade. Moreover, the benefits of both countries can be verified by countrys new possibility of consumption. This is represented in the following Figure 3. Figure 3: Gains from Trade (comparative advantage) Moreover, the countries are involved in trade due to resource scarcity. Since, the country produces commodity that requires resources in which the country is rich in, it can still avail the good that uses the scarce resources, without involving those resources. Therefore, each countrys consumption possibilities are expanded through trade. The economy as a whole consumes more of both good. This can be illustrated through the following diagram, Figure 4. In this diagram, two countries relative price and PPFs have been represented. It can be seen that due to nations participation in trade, both countries have shifted to higher indifference curve. This indicates that the two countries are consuming more of both commodities than the autarkic situation (Rosnick 2013). Figure 4: Gains from Trade (H-O Model) United Kingdoms Participation in International Trade Restriction With the growing development in the poor countries and due to the effect of globalization, the developed countries like United Kingdom have lost market share in exporting goods. However, the country has maintained its exports of service sector. United Kingdom is the sixth largest trader in the world and third largest exporters of service. The exports and imports of goods and services totaled 1256 billion USD. The share of UKs service export peaked in 2004; however, it fell down in 2007 and continued till 2010 (Gov.uk, 2012). On the other hand, the goods exports of UK declined in 2010. This country accounts for 22.8 % financial services export but only exports 2.6% of construction service export . The pharmaceutical export is significantly large. UK constitutes 3.3% of Singapores export (Gov.uk 2012). The growth in trade performance of this country within 2002 to 2008 was faster than the trade growth in the 1990s. However, the growth of international trade was halted during the global crisis. During this time the exchange rate depreciated by 25%. This made the export of this country more competitive and made import much costlier (De Propris 2013). Though it has helped the country expand its volume of export but could not reduce the demand for import. As a result of this the net trade balance is negative for this country. Moreover, the trade balance of this nation is still negative due to large gap in export and import (Inman 2016). United Kingdom has comparative advantage in Creative Industry; Tidal industry and Robotics and Autonomous Systems. This country has become efficient in generating knowledge and information. They are more developing their culture through their creativity. A creative economy comprises of art, crafts, fashion; Design; film etc. Human capital is the ultimate source of this industry (Ganotakis 2012). It is also global leader in marine energy. The research and development of advanced machineries might lead this country to become a leader in robotics industry. UK is a part of the harmonized trade system of European Union and it follows export and import regulations of EC Commission. The services can be imported and exported freely in UK. However, there is some exceptions, such that, restrictions on technology with significant military application. In this case, an export license is required. Objects like cultural interest, such as, artwork, old manuscript etc. also requires license from Arts Council (Gov.uk, 2012). Since, the creative industry is contributing significantly in the nations GDP, the UK government aims to protect this industry and hence, has imposed import restrictions. In order to protect the originality of this industry, the country is strengthening the intellectual property rights (Flew 2014). A custom duty relief is given when this country re-import EU goods that has been previously exported to EU for processing. The profits made by UK enterprises through exports are taxed like any other profits made in domestic market (ni businessinfo.co.uk, 2016). If a person is going abroad for export his services, then also the UK National Insurance Contribution needs to be paid by that person (Borchert, Gootiiz and Mattoo 2013). Various business culture; legal environments and languages create confusion when engaging in international trade. Therefore, the country tries to formulate rules and restrictions in such a way that cannot create any further confusion and considers the interest of both parties. UK is a member nation of WTO, hence it enjoys benefits from it. In short it can be said that United Kingdom practices free trade internationally. The authority has made few restrictions on import. However, it has some restrictions on exports. However, the restrictions are imposed for the purpose of well-being of the people as a whole. The depreciated sterling has made the exports more attractive to the international market. Moreover, the export of Creative industry is growing and contributing significant benefits to the net trade balance. The export in services is growing unlike the export of goods by UK. Conclusion From the above discussion, it can be said that countries engaged in international trade gains from trade. The paper has theorized some important concepts of international trade. It has discussed whether countries are benefitted from trade and the theories are sufficient to explain these benefits. At the end, the paper has taken United Kingdom to analyze the performance of the international trade and regulation practice in the country. It has identified some industries that has comparative advantages, and the country is specializing in it to gain more benefits from trade. References Borchert, I., Gootiiz, B. and Mattoo, A., 2013. Policy barriers to international trade in services: evidence from a new database.The World Bank Economic Review, p.lht017. De Propris, L., 2013. How are creative industries weathering the crisis?.Cambridge journal of regions, economy and society, p.rss025. Feenstra, R.C., 2015.Advanced international trade: theory and evidence. Princeton university press. Flew, T., 2014. Creative industries: a new pathway.InterMEDIA,42(1), pp.11-13. Gandolfo, G., 2014. Introduction to International Trade Theory and Policy. InInternational Trade Theory and Policy(pp. 3-7). Springer Berlin Heidelberg. Ganotakis, P., 2012. Founders human capital and the performance of UK new technology based firms.Small Business Economics,39(2), pp.495-515. Gov.uk. (2012).Creative and cultural: international trade regulations - Detailed guidance - GOV.UK. [online] Available at: https://www.gov.uk/guidance/creative-industries-complying-with-import-and-export-regulations [Accessed 1 Apr. 2016]. Gov.uk. (2012).Import and export of manufactured goods - GOV.UK. [online] Available at: https://www.gov.uk/government/collections/import-and-export-of-manufactured-goods [Accessed 1 Apr. 2016]. Gov.uk. (2012).Import and export of manufactured goods - GOV.UK. [online] Available at: https://www.gov.uk/government/collections/import-and-export-of-manufactured-goods [Accessed 1 Apr. 2016]. Guillo, M.D. and Perezà ¢Ã¢â€š ¬Ã‚ Sebastian, F., 2015. Convergence in a Dynamic HeckscherOhlin Model with Land.Review of Development Economics,19(3), pp.725-734. Inman, P. (2016).UK trade deficit widens further as exports suffer. [online] the Guardian. Available at: https://www.theguardian.com/business/2016/feb/09/uk-trade-deficit-widens-further-imports-exports [Accessed 1 Apr. 2016]. Krugman, P.R., Obstfeld, M. and Melitz, M., 2015.International trade: theory and policy. Prentice Hall. nibusinessinfo.co.uk. (2016).UK regulations and taxes for international trade in services. [online] Available at: https://www.nibusinessinfo.co.uk/content/uk-regulations-and-taxes-international-trade-services [Accessed 1 Apr. 2016]. Rosnick, D., 2013. Gains from Trade?.The net effect of the Trans-Pacific Partnership Agreement on US Wages. Van Marrewijk, C., Ottens, D. and Schueller, S., 2012.International Economics. Oxford University Press.

University of Connecticut University Scholar Program

Thinking about applying to or attending the University of Connecticut? Maybe learning more about their University Scholar Program might help you make your decision. The Award The University of Connecticut’s University Scholar Program is one of the most prestigious undergraduate programs at UConn. The Program is available to all undergraduates in the University’s schools and colleges. It is designed to give students the opportunity to design and pursue a project or research they are interested in, and to tailor an individualized curriculum for their final three semesters at UConn. University Scholars are awarded the General University Fee for the duration of the program (3 semesters) and are also able to take advantage of additional university benefits. See the full list here. Application Process The University Scholar Program is a 3-semester program, and it is typically done during the last 3 semesters at UConn. Thus, students typically apply the fall of their junior year. Students who are interested in applying should brainstorm the general area of study they wish to pursue during the course of the program, and speak with faculty members to help plan their proposal and for advice. Students are highly recommended to read past successful proposals before putting together their own. The application requires a letter of intent, project proposal and a plan of study. Deadlines September 11, 2017: Letter of Intent Due November 6, 2017: Application Due (Project Proposal and Plan of Study) December 22, 2017: Applicants will be notified of Selection Committee’s Decision There will be information sessions during the spring for sophomores who are interested in applying the next fall. Campus Culture The UConn University Scholar Program is certainly appealing, but it is one of the many programs that UConn offers. If you’re still not sure if UConn is the school for you, here are some recommendations and suggestions from current UConn students: AALBIRUNI University of Connecticut ‘19 My school is located in the middle of nowhere, lingering on the border of Massachusetts and Connecticut. Despite its isolation, the community of the University of Connecticut is closer to home than many think, because there is a diversity of individuals, many whom I know from the same region. Every person in Connecticut can name at least two other people who went to the UConn. UConn hosts a dynamic community where everyone knows each other. Unlock his full UConn application file!Bc5123 University of Connecticut ‘19 I applied at the last possible second because my college essay sill needed some work. My advice is to apply early. If you know that you want to go to UConn apply for early action or early decision. These students are the ones that get considered for the honors program first (and if youre in the honors program you get half tuition). The earlier you apply, the better chance you have of getting in and getting a nice scholarship, so dont waste time! Unlock her full successful UConn application file! Want to learn more about UConn and how to get in? Ourpremium plansoffer different level of profile access and data insights that can help you get into your dream school. Unlock any of ourpackagesor search ourundergraduate profile databaseto find specific profiles that can help you make an informed choice about where to apply!

How to Write Essays About Technology

How to Write Essays About TechnologyThere are several sample essays about technology that you can use to help you write your own essay on this topic. The reason why it is so important to be well-informed on this subject is because the topics that you discuss may make or break your chances of getting a job, or even of landing an interview. Of course, the ones that come out sounding like a resume are the ones that will get you hired.One way to begin is to download a sample essay written about technology. This essay can be used to start your learning curve, or it can be used to help you sharpen your writing skills as you write the essay. A student who is not prepared to write on the subject can use the sample to provide them with some pointers.Additionally, many colleges and universities offer free online courses in which students are able to get access to quality writing samples. When these courses are being offered, it will also offer tips and techniques on how to use computers effect ively. These courses can help students learn to not only master basic computer skills, but also have them able to deal with problems they may encounter when they try to use the computer on their own. These courses are well worth the cost, and they will provide valuable information that students can use in their work.To begin writing a short essay on technology, you will want to start by researching the topic on your own. By going to the library, or to your local bookstore, you will be able to get books on the topic. If you do not know much about computers, you can even go to an online library, or look for information online about the topic that you are going to discuss.Once you know more about the topic, you can begin a brief introduction to the topic by using the sample essays that are available online. Although there are many different opinions about this topic, many college students feel that the internet has had a great impact on their education. By using resources online, you w ill have an edge on those students who haven't taken advantage of the internet.By gathering all of the different perspectives on this topic, you will be able to create a written opinion piece that gives a voice to those who haven't always been heard. While this may not be the way that you would wish to write, you will be surprised at how good you will be at writing about technology after you begin to write about it. Once you know how to start writing, it will be very easy for you to finish a long essay on the topic.In addition to writing essays about technology, you can also create a thesis statement for your research. When you write this short statement, you are giving your final draft a thesis. You should also be sure to write this statement from the perspective of the reader so that you can create a clear and concise essay.It will be very difficult to edit an essay written about technology, but if you are careful and carefully edit, you can write a very good essay that will gain you more interest and respect than you could ever imagine. You don't need to be a writing genius to learn how to write about technology. Simply take advantage of what resources are available and use them to help you create a truly impressive essay.

Flirts and Philanderers

Flirts and Philanderers Flirts and Philanderers Flirts and Philanderers By Maeve Maddox When I was a child, I learned that the name Philadelphia derives from the Greek words philos (loving) and adelphos (brother) and that William Penn chose the name because he wanted to establish â€Å"a city of brotherly love.† I’ve recently learned that the word philander derives from the Greek words philos (loving) and andro (man/male) and that in ancient Greek it meant â€Å"a lover of men.† According to a note in the OED, the word in Hellenistic Greek could also be applied to a woman who loved the man who was her husband. Philander was appropriated by 17th century poets as a stock name for a lover and came to be used for any man known for his popularity with women: You know I was always a Philander among the ladies.† (OED citation, 1785) In modern use, philander has become a verb that has in turn produced the agent noun philanderer. philander (verb): to engage in casual sexual encounters. Used chiefly of men. philanderer (noun): a man who philanders. Both the OED and Merriam-Webster give flirt as a synonym for philanderer, but philanderer is more negative and gender-specific than flirt. Either a man or a woman may be a flirt, but a philanderer is a man. Another difference is that flirting applies to a playful sort of sexual innuendo that does not assume sexual activity, while philandering connotes promiscuity and lack of marital or romantic integrity. Here are examples of recent use of philandering and philanderer: Power and  philandering  seem to go hand in hand.   Actor Jon Hamm has played the  philandering  ad executive Don Draper on the American Movie Classics show Mad Men. Unlike many presidents,  Nixon  had never been suspected of being a  philanderer. [In] 2007, Vitter was exposed as a paying philanderer. Here are some additional words that are or have been used to describe men of loose character: Casanova Don Juan Lothario playboy rake rouà © skirt-chaser womanizer Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Is She a "Lady" or a "Woman"?16 Misquoted QuotationsA "Diploma" is not a "Degree"

Terrorism Waves In America Research Paper Example | Topics and Well Written Essays - 3750 words

Terrorism Waves In America - Research Paper Example This study is structured around the hypothesis that terrorism in the US lacks particular/substantive definition due to evolutionary forces experienced under different waves. The definition of terrorism is therefore multifaceted according to the various waves experienced. Terror is a deep-rooted phenomenon in the modern world. Though having begun in the late nineteenth century in Russia, the modern terror has evolved to cover the whole world, with the US such a hard hit victim. The simplest definition of a wave is an activity cycle per a given period characterized by phases of contractions as well as expansions. According to the report, each wave as described had a particular predominant defining feature, which also would explain the naming. This paper makes a conclusion that , terrorism is the use of force unlawfully against a person or property with a motive of intimidating and or coercing a sovereign government, the population of civilians or such a segment guided by an objective of political as well as social gain. This definition serves as the basis of the paper with the understanding that it is not wholly universally accepted but that it has common features that are ascribed to terror activities in general. Terrorism activities in the United States have nevertheless been very dynamic and this explains the evolution of the definitions accorded to terrorism in the states. The terrorism waves are ‘anarchist wave,’ ‘anti colonial wave,’ ‘new left wave’ as well as ‘religious wave’.

The Middle Ages Essay Example | Topics and Well Written Essays - 750 words

The Middle Ages - Essay Example The medieval age was characterized by ignorance. During this age, people were not concerned to know the truth about their surroundings. Religion was a central aspect of people’s lives; people obeyed and believed everything that was taught by religion without caring about the come. This is evident from the relationship that existed between the religion and the society. During the medieval period, Christianity was the main religion in Europe. Christianity remained critical to the people and everything reflected the teachings of Christianity. Works of literature written during this era were classified as secular or Christian literature. It is obvious that secular literature was not celebrated as Christian literature was. This is because people did not appreciate change in the society or change from the known to unknown. The ignorance period that characterized the medieval age resulted from people’s lack of appreciation for change. The medieval age was also characterized by major calamities such as Black Death, famine and civil wars. The Black Death is considered as the worst calamity that affected Europe during the middle ages. Although the Black Death affected Europe during the upper middle age, its effects continued to be experienced even in the early modern age. This calamity is believed to have caused the deaths of nearly one third of the European population. The great famine of the middle ages and the civil wars also caused numerous deaths. The conservative nature of the people or their lack of accepting changes was responsible for the calamities that affected people during the middle ages. For instance, the great famine never resulted from bad weather condition, but due to lack of crop rotation and adopting the cultivation of new crop. In addition, the conflicts that led to the civil wars resulted from the need of the people to deviate from the known ways of life or governance. Anyone who tried to introd uce change was considered as the enemy of the people. These facts are well captured in medieval literature. During this time, books or any other literature material reflected what was already known by the society. Introduction of new ideas or knowledge was greatly opposed by the people. This explains why the middle ages experienced minimal advancement in literature. The classification of literature between secular and Christian literature also explains lack of development in middle age literature. The preference of Christian literature among the people of the Middle Ages also indicates that artists had few things to write about. This is because artists could only write finite things about Christianity as compared to the secular literature. People’s lack to appreciate change is the main factor that caused low intellectual developments during the middle ages. Although religious leaders and scholars knew the truth about nature, they kept the knowledge to themselves due to the fe ar of victimization. Most of this knowledge was in the fields of science and astronomy. Although science and astronomy were significant bodies of knowledge during the middle ages, they were dependent on philosophy and religion. This is a contradiction since both science and astronomy depends on facts and logical analysis. For example during the middle ages, the earth was considered flat. However, scholars and some religious leaders knew