Odysseus By Homer s The Odyssey - 891 Words

In Homer’s The Odyssey, Odysseus endures an arduous voyage filled with countless dangers. Although he is praised by comrades and countrymen as a wise, heroic king, Odysseus does not actually live up to his name as he begins this trip back to Ithaka. Through his journey though, Odysseus corrects his reckless, undisciplined, and arrogant actions, learning responsibility, restraint, and humility in the process. Although Odysseus is the captain of a fleet, he initially takes no responsibility for the welfare of his crew. When exploring unknown lands, he often â€Å"sent out two picked men and a runner to learn what race of men that land sustained.† *(147) The king delegates the task solely to fulfill his own curiosity, without consideration of any dangers his men might face, such as intoxication in the land of the Lotus Eaters and cannibalism in the land of the Laistrygonians. Due to his indiscretion, Odysseus puts his men in unnecessary peril. Not only does Odysseusâ€℠¢ decisions lead to the death of crewmates, his choices also brutalize innocent people. He lacks the control to restrain himself and his crew from pointless violence. At the first stop on the journey, the land of the Kikones, the king and his crew â€Å"stormed that place and killed the men who fought.† (146) Extending their barbarism, they plundered and â€Å"enslaved the women, to make division, equal share to all†. (146) Odysseus has no control of reason, causing irrational bloodshed and atrocities upon mere strangers.Show MoreRelatedSimilarities Between Katniss And Odysseus And Homer s The Odyssey1867 Words   |  8 Pagesend, are similar. Katniss and Odysseus both experienced the epic hero cycle and display similar characteristics. In the Hunger Games, Katniss Everdeen was a girl whose purpose was to find a way to support her mother and younger sister. That is until she took the place of her sister as a tribute in the Hunger Games, an annual game held by the ruli ng Capitol as punishment for previous rebellions. The only way out of the games was to kill. In Homer’s The Odyssey, Odysseus was a war hero who was tryingRead MoreAnalysis Of Homer s Odyssey : Odysseus And His Son Telemachus1434 Words   |  6 Pagesspiritual growth brought about that freedom. Homer, as little as we know about him, seemed to want to tell a great story of adventure, spiritual growth and triumph. It is said that â€Å"the Greek view offers humankind the greatest hope for change, growth, and freedom, because it claims that there are no restrictions upon our growth. Humans choose their particular fate and are therefore free to see their limitations and transcend them† (Apatow 81). Homer s story explains just that, in order to experienceRead MoreCharacter Traits of Odysseus in Homer ´s Odyssey Essay508 Words   |  3 Pages Odysseus, king of Ithaca, was probably on of the greatest warriors in the history of Ancient Greece. It is said that the poet, Homer, wrote the story of the Odyssey. In this story, Odysseus and his crew are trying to make their voyage back home to Ithaca after they have fought with the Trojans. During the long journey, Odysseus will show some of his character traits which include his bravery, cleverness, and wisdom that will assist him with the situations he encounters on his journey home. Read MoreOdysseus And His Throne : A Hero Of Homer s Odyssey995 Words   |  4 PagesOdysseus and His Throne Known as a hero of Homer’s epic poem the Odyssey, Odysseus was king of Ithaca and a legend amongst men. He was also an important figure in Homer’s Iliad. In Latin, he was known as Ulysses or Ulixes in Roman mythology hence there may originally have been two separate figures, one called something like Odysseus, the other something like Ulixes, who were combined into one complex personality.[1] Son of Laertes and Anticleia, Odysseus was renowned for being cunning and cleverRead MoreAnalysis Of Homer s Odyssey, The Story Of Odysseus And His Son1341 Words   |  6 PagesIn The Odyssey, the stories of Odysseus and his son, Telemachus, are explained to the reader in ways that create contrasts between the two characters. These contrasts provide an opportunity to observe how the young Telemachus developed a stronger sense of self confidence and traits that form the foundation for heroism, which is likely part of the reason why he was included in the story in the first place. The following discussion compares and contrasts Telemachus with his father, the hero OdysseusRead MoreOdyssey Death and Rebirth in the Odyssey1402 Words   |  6 PagesThe Odyssey, by Homer, is a classical piece of Greek literature. Throughout The Odyssey, the Blind Bard makes use of many literary techniques in order to lend meaning to the poem beyond its existence as a work of historic fiction and aid his readers in the comprehension of the tale. One of these techniques is the use of motifs. A motif is a recurring theme that is used throughout the work. In The Odyssey, Homer makes use of many motifs including eating/drinking, Odysseus sRead MoreHistory, Symbolism, and Characters in Homer’s The Odyssey 1118 Words   |  5 Pages In The Odyssey, it takes Odysseus twenty years to make it home from the Trojan War. On his journey home, he runs into many obstacles and creatures that he must overcome. He encounters the sirens, the Cyclops, and others. Each event in this epic poem has a symbolic meaning behind it. Homer writes about the history, symbolism, and the characters in The Odyssey. The Odyssey is about the Greek gods and heroes and their adventures (Makman). Odysseus is the main character, and he is going on a questRead MoreEssay on Archetypes in the Odessey718 Words   |  3 PagesArchetypes in The Odyssey In Homers epic poem â€Å"The Odyssey† there are many archetypes, many of which were the origin of the archetype. An archetype is a character type, place, or symbol, every culture shares. In â€Å"The Odyssey† Homer uses archetypes to evoke meaning to the story. Some examples of archetypes in â€Å"The Odyssey† are the temptress, and the father-son conflict. In the story â€Å"The Odyssey† there are a couple temptress’. Two examples are Calypso and the sirens. In â€Å"The Odyssey† Calypso keepsRead MoreWomen in the Odyssey1646 Words   |  7 Pagesimportant positions and purposes within it`s routine were filled by males. This societal organization is often times reflected in many pieces of literature of various time periods, however there are texts in which contrary to the patriarchal society models, women are given substantial importance within the plot. Homer`s The Odyssey, Heart of Darnkness by Joseph Conrad and Aeschylus`s Oresteia each demonstrate or conceal female importance in a given society. The Odyssey was written in a time when men playedRead MoreThe Odyssey By Homer s Odyssey1267 Words   |  6 PagesLife in The Odyssey In The Odyssey, Odysseus is constantly being challenged. He is being challenged, so Homer can show us the standards for life in The Odyssey. There is no doubt that Odysseus is a great man, Homer even says so in the beginning lines of the text. Although Odysseus is a great man, he also makes mistakes but not any that he doesn t pay for. We learn the representation of life in The Odyssey through Odysseus challenges. Throughout the book, Odysseus specifically struggles with arrogance

Renaissance Art The Renaissance Period - 867 Words

Renaissance Art The Renaissance time period was home to many new ideas in art. This includes new artists bringing forth ideas that had yet to be discovered and made popular. New themes and types of art were also being brought forward during this period. Numerous artists had to of been present to make Renaissance art the way it is. Some of the world’s most famous artists were working during this time period, including Leonardo da Vinci, and other artists like Sandro Botticelli and Lorenzo Ghiberti. Leonardo di ser Piero da Vinci, better known as Leonardo da Vinci, was a Florentine artist and is probably one of the most recognized artists of the Renaissance. Two of his well-known works include the Mona Lisa and The Last Supper (Leonardo†¦show more content†¦This period housed many depictions of the Virgin Mary, including Cimabue’s Enthroned Madonna and Child. Mary was seen as the perfect example of feminine virtue, showing chastity, piety, humility, and maternity. Images of the Madonna, or Mary, whether sculpture or painting, encouraged women to live up to her. Mary wasn’t the only woman that was looked up to in Renaissance art. Women could be portrayed as witches, saints, temptresses, or members of the working class, and their image would still be an encouragement to dress and behave properly. (Jacobs) As for paintings and sculptures, Renaissance art was very plentiful in these types of art, with many of the famous pieces of this time period being paintings, such as the Mona Lisa or Birth of Venus. Along with themes, new types of art were being discovered and used during this time period, and old types were resurfacing. This included the return of printmaking, like etchings, engravings, and woodcuts, from the Gothic period, which expanded greatly during the Renaissance. (Boorsch) Printmaking was a well known and widely used form of art during the late 15th and early 16th century Renaissance. Although this was late in the time period, Rembrandt was known for his etchings and drypoints. The process of etching and engraving is carried out by taking a metal or copper plate and covering it with an acid-resistant substance. The printmaker draws into the metal, exposing the plate. â€Å"Acid is then used toShow MoreRelatedArt and History: The Renaissance and the Mannerist Periods1449 Words   |  6 PagesArt and history Since the human race began, human beings have made attempts to demonstrate how they feel about life, religion and other topics through artwork creations. This has been achieved through paintings, architecture, and sculpture or cave drawings. this artwork has acted like a time capsule and has made it possible for people to see the views artists had on the world during their time.as technology and time progressed there was also progression in the world of art. The art of Europe comprisesRead MoreEssay on An Analysis of the Renaissance and Romanticism Art Periods1241 Words   |  5 PagesEarlier Historical Art Period In the early 1300s, Europeans began to shed the dark and oppressing mindsets of the Middle Ages. This sparked a revolution that would begin in Italy and spread throughout Europe, and is known today as the Renaissance. The word Renaissance literally (and fittingly) means ‘rebirth’ – making it a fitting title for a period where interest in learning, philosophy, and the classical arts were ‘reborn’. Where the Middle Ages took the meaning out of the arts – using paintingsRead MoreRenaissance Ideals of Humanism Are Expressed in the Italian Art of the Period970 Words   |  4 PagesDiscuss how Renaissance ideals of humanism are expressed in the Italian art of the period, referring to specific works and artists. During the fourteenth century Italy witnessed notable changes, which throughout the next couple of centuries extended towards northern Europe. This was later described as the Renaissance, the cultural achievements through sixteenth centuries; those achievements rest on the economic and political developments of earlier centuries. (Western Society, 413) This wasRead MoreArt Analysis: Renaissance Period vs. Italian Baroque1461 Words   |  6 Pagesï » ¿Comparing and Contrasting Two Work of Art Introduction: It is always interesting to know how a singular topic can be treated so differently by two different artists. There is not only the more obvious difference of the techniques that have been employed, but there is also the difference in the way they perceive the topic. There is also the era and the region and influence of their background which has a direct impact on the work of Art that they produce. In this paper, we will try to developRead MoreEssay on Surrealism and Harlem Renaissance Two Historical Art Periods973 Words   |  4 PagesSURREALISM AND HARLEM RENAISSANCE Surrealism and Harlem Renaissance Two Historical Art Periods Elisa Montoya Western Governor’s University RIWT Task 1 May 13, 2013 SURREALISM AND HARLEM RENNAISANCE Comparing and Contrasting the Two Art Periods â€Å"Surrealism and Harlem Renaissance† 2 While there are many different historical art periods I will bring together two that I found to be extremely interesting. There are so many wonderful facts about all the different art periods that I’ve chosenRead MoreThe Renaissance Was A Period Of The Art And Learning Styles Based On Greco Roman Inspiration975 Words   |  4 PagesThe Renaissance was a period of the â€Å"rebirth† of the art and learning styles based on Greco-Roman inspiration. These ideas had been lost in Europe due to the Dark Ages. The Renaissance began in the 1300s, and it reached its crowning point during the 1500s. During this time, trading was thriving, and this allowed for innovative ideas to spread. Trade routes from the Middle East and far East brought mathematical and scientific advancements to Europe. The profits from trade allowed prosperous merchantsRead MoreArt History: Filippo Brunelleschi Scuptor and Architect of the Renaissance Period1378 Words   |  6 PagesArt History: Renais sance Filippo Brunelleschi was one of the greatest sculptors and architects of the Renaissance. His architectural achievements consist of some of the most well known and impressive structures not only of the Renaissance, but today. Not only were his structures amazing, but during his time he also invented new technology that would allow for his structures to be built. What would happen if Brunelleschi never designed architecture? We would have lost his inventions, his structuresRead MoreEssay on Renaisssance versus Baroque Periods967 Words   |  4 PagesThe baroque and renaissance periods are two different periods. The renaissance period rolled into the baroque era. There were changes made over the years from the baroque to the renaissance period. Differences in style accumulated along with views of art and music. Baroque era covers the period between 1600 and 1750 beginning with Monte Verdi (birth of opera) and ended with deaths of Bach and Handel. The term baroque music is borrowed from the art history. It follows the Renaissance era (1400-1600)Read MoreArt : Comparing Medieval Art to Renaissance Art1248 Words   |  5 PagesArt Appreciation Name: Chadwick West Instructor: xxxxxxxxxxxx Course: Art Appreciation, ART 137 School: xxxxxxxxxxxxxxx December 19, 2012 Comparing Medieval Art to Renaissance Art Medieval art period Medieval art covers a large scope of time. The period covered over 1000 years of art in Europe, Middle East and North Africa. The period was characterized by major art movements based on national art and regional art. There was alsoRead MoreHow Humanism Affected Art in the Renaissance764 Words   |  3 Pagesaffected the art of the Renaissance because of how Renaissance artists became increasingly interested with humanist concepts, and because of how they tried to incorporate humanist beliefs into their art. Artists conveyed their humanist beliefs by using new techniques such as perspective, and by painting more realistic figures. In addition, humanism encouraged artists to paint using new secular themes that were rediscovered along with classical art and texts. The artists of the Italian Renaissance expressed

Estate Securitization and Corporate Strategy †MyAssignmenthelp.com

Question: Discuss about the Estate Securitization and Corporate Strategy. Answer: Introduction The corporate real estate is the business property and the furniture which is used by the business for their operational purposes. It supports the business operations of the organization, increase convenience or comfort of the employees and different workplace requirements. The corporate real estate is the division of the organization which manages the real property of the organization for its own operations. A big organization typically includes, the main headquarters, branch offices, manufacturing unit and the retail unit. The corporate real estate manager is concerned with the planning, buying, administration and designing of the real-estate property. The professionals in the Corporate Real Estate managers try to fill the demand of the business organizations by purchasing or procuring the furniture and the real estate. The real estate management is closely related to the facilities management and the real estate management. In the corporate portfolio, the residential sites are ver y rare and they primarily focus on the office, commercial properties and the manufacturing sites (Lindholm Levinen, 2006). The primary aim of the corporate real estate managers is the cost containment wherein all the requirements of the employees must be fulfilled. In this regard, the present report will shed light on the evolution of the corporate real estate in the present times and the current practices of the corporate real estate managers to address the needs of different generations. The corporate leaders in the business organizations do not perceive the potential of the real estate in the achievement of the business goals. The real estate property is considered as a cost of conducting operations rather than adding value to the business. In the recent times, there are several factors such as the globalization of the business, changes in technology, transformation to the service economy, changes in the workplace design has increased the challenges of the firms regarding how real estate fits into the strategic plan of the organization. The present is challenging and highly competitive business environment and requires physical, functional and financial flexibility to increase the performance of the employees. There are different workplace requirements of different personnel of a business organization. The HR managers of the organization require well-furnished workplaces in attractive locations which can be easily modified later. On the other hand, the financial department of the organization is focused on reducing the cost and the financial exposure to organization. The property decisions are highly critical in the business organization, their recruitment and retention within the organization. Other than that, it is also critical in enhancing the performance of the employees and increasing their satisfaction with the workplace. The corporate managers need to select the appropriate property for the business organization as the site selection can enhance the brand image of the organization. However, it is quite diffi cult to quantify the effect of positive property image on the corporate image. The primary aim of the business corporations is to increase the value of the corporation and establish aims to drive the business growth of the organization. The positive workplace can increase the employee morale, satisfaction and the productivity of the organization. Although in the past, it was considered as a burden, now it considered as a major business discipline which can align the efforts of the organization with the main strategy of the organization. Traditionally, the Corporate Real Estate (CRE) decisions were made on a random basis and without consultation with the other business units such as the human resource department, technology and the operations department (Rianne Barry, 2014). Moreover, the business decisions were driven by the immediate business needs of the organization rather than the long-term strategy. The negligence of the Corporate Real Estate (CRE) can have several negative effects on the organization. It hinders an organization to achieve its full potential. It is also important to strategically invest in the Corporate Real Estate as it is one of the costliest resource of the organization only after the labor cost. In the past, the corporate real estate managers were focused on the cost reduction of the organization. However, it is not the right strategy for the business organizations. A company can choose different real estate strategies; however, achieving alignment means to choose adequate CRE strategy which can support the corporate goals. Current Practices of Corporate Real Estate There are several functions of the corporate real estate manager such as forecasting the number of employees and the demand for the office space. The real estate managers are in the deterministic position to decide how the space will be utilized within the office environment. The managers should be able to reduce the inefficient spaces and analyze the office space provision. Today, the organizations have adopted space less growth strategy which means that the increase in the employee number does not require increase in the workstations. With the economic development, there is an additional issue of changing demographics of the workforce. There is a possibility that different generations are working at the same office space and all of these generations have different expectations from the workplace. The generations present at the office space can be categorized in three categories, namely, baby boomers (born between 1946 and 1964), generation X (born between 1965 and 1980) and the generation Y (born between 1982 and 2000) (Barry, 2011). The baby boomers are in their late working years and have seen the shift of the workplace from industrialized operations to the office based sitting jobs. The baby boomers are considered to have good work ethics. They are social, outgoing and like to work in teams. They are desire to the part of the management and all the major decision-making process. They also want personal interaction with the other members of the team and the management. A liberal style of leadership is more appropriate for the people of this generation (Brounen, 2003). The Generation X has an altogether different relationship with the work. They consider work as a significant yet small part of life ad consider it as means to earn living and enjoy their lives. They are self-reliant, curious and work in an independent manner. However, several times, they may question the information of the baby boomers which might upset them. Generation Y workers have a more participative approach towards work and focus on work-life balance. With the increased competition, the work load on the generation Y employees is very high, which has raised the concern about the work-life balance. They are focused and goal-oriented. They are technology enthusiast and have the capability to multitask with other operations. The generation Y workers are an integral part of the entire workforce. There are several characteristics of the generation Y workers which distinguishes them with the entire workforce. A significant amount of the Generation Y become the part of the workforce. These workers remain connected with their peers and colleagues with the help of social media and other online platforms ((Barry, 2011). They have a multi-tasking approach and remain constantly with the help of social media. The young generation do not like ambiguity and prefer immediate directions and clear feedback. The corporate real estate manager has to observe the characteristics of the users of different generations and have to come up with the best decisions. The office location is determined near the urban or semi-urban settings. The workplace should also be a reflection of the lifestyle of the people and it may include several various supporting facilities such as restaurants and the coffee shops. They also desire that they get opportunity to customize their desk and create some identity for themselves. The creativity or the productivity of the employees can be improved by implementing different strategies. The working environment should focus on facilitating the communication between different employees. The ambience and the atmosphere of the organization should not be judged and it should be positive and highly costly (Appel-Meulenbroek Haynes, 2014). The generation X is little bit older that the generation Y. There are several characteristics of the generation Y for which the corporate real estate manager has to implement different strategies. Firstly, the generation Y workers make only a small portion of the entire workforce. Secondly, they are transformational which means they always want to be connected through social media and the mobile devices. Other than that, the generation Y have the ability to multitask as they use several digital devices at the same time. The generation Y have different work ethics and they need to be consulted regarding the management decisions. They desire challenging task without any ambiguity and require clear directions and immediate feedbacks. With the identification of the requirements of the different generations, several changes should be made at the workplace to make it user friendly. The location of office should be in urban or semi-urban location as it will assist in the recruitment of the employees without the worry of public transportation (Gibler, Black Moon, 2002). The generation Y workers consider the office as an extension of the home life and use different support spaces such as gym, restaurant and coffee shops. The generation Y workers prefer to have their own desk and try to adapt their workspace according to their personal preference. It is important to balance a strike between the office space and the productive workers. The generation Y workers perceive that the creativity and the productivity of the employees can be enhanced by facilitating the interaction with other people, establishing a nice atmosphere and providing technical support. The generation Y workers should work in environmentally friendly work space. The generation Y workers require that their demands should be addressed. The workspace requirements for the older generation of baby boomers and the generation X is different and should be considered while designing the workplace. A significant portion of the workforce comprises of the people above the age of 50; therefore, it is important to adapt the workforce according to these employees. There are certain factors such as shrinking pension funds retained knowledge, legislations and the longevity of the employees (Langford Haynes, 2015). A financial services company in Australia utilized the corporate retail management strategy for the workplace. The research partner of the organization was University of Melbourne, Australia. The research findings stated that there should be support for different working styles. The people from different generations should be able to work together in a collaborative manner. Today, most of the business organizations are focusing on collaboration through open work environment; however, it has resulted in the loss of private space required for contemplation. There should be three specific types of spaces which can enhance the productivity of the older generation. It can also enhance the productivity of the workers of all ages. There are three types of spaces required in an ideal workplace, namely, space to concentrate, space to collaborate and the space to contemplate. The organization should also support the psycho-social requirements of the older generation. There are certain physical and mental requirements of the older generation workers which could support the well-being of the older generations (Barry, 2011). The vision of the older generation tends to get worse with age; therefore, it is important to give considerations to provide special lighting which can assist the vision of the older generation. Other than that, there will be hearing issues with the people above the age of 40s. These people might have difficulty in hearing in an open office environment. It is important to reduce the background noise of such people. Conclusion It can be concluded that the corporate real estate has developed as an important discipline in the business organizations. The aim of the corporate real estate managers is to align the business strategy with the real estate property of the organization. At the present, several generations are working together within the business organization. It is important that facilities are provides as per the needs of different generations. The comfort and the convenience of the employees is directly related to their productivity. Therefore, it is essential to design the workplace as per the needs of different generations. References Lindholm, A. Levinen, K.I. (2006). A framework for identifying and measuring value added by corporate real estate. Journal of Corporate Real Estate, 8(1), pp. 38-46. Rianne, A.M. and Barry, H. (2014). An overview of steps and tools for the corporate real estate strategy alignment process. Corporate Real Estate Journal, 4 (1), 44-61. Barry, B. (2011). The impact of generational differences on the workplace. Journal of Corporate Real Estate, 13 (2), 98-108. Haynes, B., Nunnington, N., Eccles, T. (2017). Corporate Real Estate Asset Management: Strategy and Implementation. Routledge. Jensen, P.A., Voordt, T. (2016). Facilities Management and Corporate Real Estate Management as Value Drivers: How to Manage and Measure Adding Value. Taylor Francis. Gibler, K., Black, R., Moon, K. (2002). Time, place, space, technology and corporate real estate strategy.Journal of Real Estate Research,24(3), 235-262. Langford, L., Haynes, B. (2015). An investigation into how corporate real estate in the financial services industry can add value through alignment and methods of performance measurement.Journal of Corporate Real Estate,17(1), 46-62. Appel-Meulenbroek, R., Haynes, B. (2014). An overview of steps and tools for the corporate real estate strategy alignment process.Corporate real estate journal,4(1), 44-61. Brounen, D. (2003). Real estate securitization and corporate strategy. From bricks to bucks. Rozenberg Publishers.

Wrong Medicine For Asia Essays - Stock Market Crashes, Money

Wrong Medicine For Asia The Wrong Medicine for Asia By JEFFREY D. SACHS CAMBRIDGE, Mass. -- In a matter of just a few months, the Asian economies went from being the darlings of the investment community to being virtual pariahs. There was a touch of the absurd in the unfolding drama, as international money managers harshly castigated the very same Asian governments they were praising just months before. The International Monetary Fund has just announced a second bailout package for the region, about $20 billion for Indonesia. That should, in principal, boost confidence. But if it is tied to orthodox financial conditions, including budget cuts and sharply higher interest rates, the package could do more harm than good, transforming a currency crisis into a rip-roaring economic downturn. In the Great Depression, panicked investors fled from weak banks in the United States and abroad. Since banks borrow short term in order to lend long term, they can be thrown into crisis when a large number of depositors suddenly line up to withdraw money. In the days before deposit insurance, individual depositors would all try to be first in line for withdrawals. In 1933, the Federal Reserve played it disastrously wrong. Rather than lending money to the banks to calm the panic and to show the depositors that they could indeed still get their money out, the Fed tightened credit, as financial orthodoxy prescribed. Confidence sank, and the banking system crumbled. The Asian crisis is akin to a bank run. Investors are lining up to be the first out of the region. Much of the panic is a self-feeding frenzy: even if the economies were fundamentally healthy at the start of the panic, nobody wants to be the last one out when currencies are weakening and banks are tottering because of the rapid drain of foreign loans. I t is somehow comforting, as in a good morality tale, to blame corruption and mismanagement in Asia for the crisis. Yes, these exist, and they weaken economic life. But the crisis itself is more pedestrian: no economy can easily weather a panicked withdrawal of confidence, especially if the money was flooding in just months before. The I.M.F. has arrived quickly on the scene, but the East Asian financial crisis is very different from the set of problems that the I.M.F. typically aims to solve. The I.M.F.'s usual target is a government living beyond its means, financing budget deficits by printing money at the central bank. The result is inflation, together with a weakening currency and a drain of foreign exchange reserves. In these circumstances, financial orthodoxy makes sense: cut the budget deficit and restrict central bank credits to the government. The result will be to cut inflation and end the weakening of the currency and loss of foreign exchange reserves. In Southeast Asia, this story simply doesn't apply. Indonesia, Malaysia, the Philippines and Thailand have all been running budget surpluses, not deficits. Inflation has been low in all of the countries. Foreign exchange reserves, until this past year, were stable or rising, not falling. The problems emerged in the private sector. In all of the countries, international money market managers and investment banks went on a lending binge from 1993 to 1996. To a varying extent in all of the countries, the short-term borrowing from abroad was used, unwisely, to support long-term investments in real estate and other non-exporting sectors. This year, the bubble burst. Investors woke up to the weakening in Asia's export growth. A combination of rising wage costs, competition from China and lower demand for Asia's exports (especially electronics) caused exports to stagnate in 1996 and the first part of 1997. It became clear that if the Asians were going to compete, their currencies would need to fall against the dollar so their costs of production would be lower. It also became clear that with foreign lending diverted into real estate ventures, there was some risk that the borrowers, especially banks and finance companies, would be unable to service the debts if the exchange rates weakened. After all, rentals on real estate developments would be earned in local currency, while the debts would have to be repaid in dollars. The weaknesses in the Asian economies