Canadian Economy, Labor, And The Global World Essay Example for Free

Canadian Economy, Labor, And The Global World Essay The Federal Open Market Committee report indicates a decline in output and employment. Household spending has been increasing gradually though there have been several constraints such as high unemployment rates, tight credit, and slight income growth. The United States is the biggest trading partner to Canada and economic slumps within the American economy affect the Canadian economy negatively as well. Such a decline in output will affect the Canadian economy since a decline in goods that Canada obtains from the United States will mean the country will lack them and have to find other countries to trade with. In addition, the low output will result in American businesses importing less goods from Canada that they use in the process of producing their goods. The high unemployment will affect Canadian labor based on the large number of Canadians who work in the United States. During an economic recession as this one most foreign workers lack unemployment in other countries as governments give first priority to their domestic workers first. As such, American nationals would be considered first during employment exercises while the Canadians will be left out and stay unemployed until the economy is seen to have recovered. The role of the state in a global world The worlds today is a global one with people from different countries, social backgrounds and cultures interacting on a daily basis. States are part of these interactions as well as they encompass the geographical boundaries that divide our continents into smaller units. States exist as a result of a host of reasons such as political, historical, economic, social, cultural and militaristic. States form different corners of the world are carrying out trade with one another as a result of the growth of the idea of competitive advantage that allows countries to export what they have in abundance and import what they lack. Apart from trade, there are numerous organizations and agreements around the world that have brought numerous countries together in pursuit of common goals so as to create a modern world that is safe and productive to live in. As such, a state has to find a way to effectively take part in such a global world despite having its own independent political, social, cultural, and corporate way of doing things. This requires states to come up with policies that will enable them to actively take part within the global world without compromising their independence (Plattner, 2002). This creates the need for due attention to the theoretical rationales of the state’s formation that ensure that the state remains pertinent in the global world. This is in line with the fact that domestic policies can not be made to treat the economy as a closed entity but need to consider the implications and counterbalancing effects that arise from globalization. The state has a role in the global world that is aimed at legislating its policies that protect its domestic market as well as give opportunity for its country’s participation in globalization. Labor unions in a global world Globalization has grown over the years and has now become an important part of our corporate and social lives. Labor is one of the institutions that have been greatly affected by globalization as businesses and institutions are now able to employ individuals from anywhere in the world as far as they have the required skills and knowledge needed for the job. With the growth of capitalism and international trade, most companies realized the only way to stay in business and continue making huge profits was to cut down on overall expenses and labor costs were one of the expenses cut. The growth of globalization has also lead to the development of outsourcing where businesses have some of the operations carried out by other institutions that are specialized in that field and therefore do not have to employ people to carry out those jobs internally. Most businesses are opening factories in foreign markets that have cheaper labor such as China and Indonesia. As such, labor unions have responded in order to protect their domestic workers from the increasing amount of unemployment that could result from the employment of foreign workers who could be asking for lower wages and salaries as compared to the domestic workers. Labor unions have responded to globalization by engaging in several strategies that limit the negative effects of globalization on labor. One such strategy has been the opposition towards free trade initiatives and agreements involving several countries. One such agreement has been the North American Free Trade Agreement by asking for there to be provisions within the agreement for the inclusion of a charter that would entail a number of labor principles that would be put into effect and enforced by both domestic and international courts. Secondly, labor unions have began to organize regional as well as international organizations that seek to harmonize the labor needs of their members. This is the case especially for multinational companies that operate in several countries where unions facilitate workers from the different factories in the various countries to be able to have collective bargaining of their needs (Herod, 2002). Thirdly, labor unions have been involved in the process of developing labor regulations that are incorporated in most business codes of conduct. Due to the possibility of business including legally correct phrases that could be detrimental to workers when effected and which would affect workers negatively. By have access to the policy formulation stage, unions are able to prevent the inclusion of such codes and policies that would end up leaving workers at a disadvantaged position. How the federal government responded to growing labor militancy The onset of the depression found the provincial as well as municipal governments in debt following expansion in infrastructure. This was at a time when Mackenzie was the prime minister and he held the belief that the crisis would pass thus failed to provide aid to the provinces. The federal government was reluctant in making efforts of reviving the economy that followed the depression (Robert, 2009). After the depression the government started a relief plan faced with mounting pressure from World War 1 veterans who demanded to be protected from poverty that was known as the New Deal The federal government under R. B Bennett campaigned on high tariffs as well as large scale spending. The federal government also increased welfare and assistance programs as well as programs intended to increase work opportunities. This was a move that led the federal government to more deficit (Neatby, 1963). This worsened the situation based on the fact that it caused a great number of government employees to loose their jobs as well as the cancelation of many public works projects that were underway. The federal government had a burden of the Canadian National Railway that had been highly affected by the depression. The government has as well taken over a number of railways that were bankrupt and out-of-date over the period of the world war. This increased the debt that the government had to a massive sum that was hard to be repaid at the time based on the hard financial time that the nation faced. The decrease in trade had made the Canadian National Railway to loose substantial amounts of funds a crisis that had been worsened by the depression. This created a burden for the federal government on the basis that it had to bail out the CNR baring in mind that the government was as well facing other debts. The failure of the federal government to revive the economy led to its defeat by the liberal party. The future for Keynesian economics Keynesian economics is struggling as it seems to have a dimming future. Since the 1970s when Keynesian economics faced a significant decline due to its failure as a result of the resultant high inflation rates and economic recessions, there has been an emergence of monetarism. In the 1980s, classical as well as supply-side economics have increasingly challenged the appropriateness of Keynesian economics further (Rousseas, 1986). As a result, Keynesian economists have responded to this decline and have created new schools of thought based on early Keynesian economics. These are †¢ The neoclassical Keynesianism †¢ The post-Keynesianism †¢ The new Keynesianism All these school of thoughts have emerged mainly as a response to the criticisms that new classical economists have raised against Keynesian economics (Gordon, 1990). Due to the focus on the demand side, Keynesian economics has proved to be important especially during economic revival after recessions as was witnessed after the recent 2008-2009 global recession where most affected countries engaged in Keynesian economics by providing economic stimulus packages aimed at reviving the economy again. This is based on the Keynesian view that markets usually lack a mechanism to self correct themselves and therefore government interventions are required to restore the economy once again. References Gordon, R. J. (1990). â€Å"What Is New-Keynesian Economics? † Journal of Economic Literature 28, no. 3 1115–1171. Herod, A. (2002). â€Å"Organizing globally, organizing locally: union spatial strategy in a global economy. † In Harrod, J. Robert, O. Global Unions? Theory and Strategies of organized labor in the global political economy. London: Routledge. Neatby, H. B. (1963). William Lyon Mackenzie King, 1924-1932: The Lonely Heights. Toronto: University of Toronto Press. Plattner, M. (2002). â€Å"Globalization and Self-Government†, Journal of Democracy 13(3): 54-67. Robert, L. (2009). The Workplace and Economic Crisis: Canadian Textile Firms, 1929-1935, Enterprise and Society, Vol. 10 Issue 3, pp 498-528. Rousseas, S. (1986). Post-Keynesian Monetary Economics. London: Macmillan.

Symbolism Used In Young Goodman Brown English Literature Essay

Symbolism Used In Young Goodman Brown English Literature Essay The short story Young Goodman Brown by Nathanial Hawthorne is written as an allegory and focuses on the temptation that human nature faces daily. Due to the style in which the story is written it is necessary to focus on the symbolism to try and understand the underlying meaning of the story. While reading the story the reader is able to experience different reactions and feelings due to the fact that the symbolism makes the story more relatable. The reader is then left at many times to wonder and assume the significance of each character, idea, name or object holds in the story. It seems that it is necessary to incorporate the symbolism into the story because without it the audience wouldnt have been bothered to discover what the story really represents. The beginning of the story starts out with Young Goodman Brown and his wife Faith in their home talking. He is explaining to her that he needs to go on a journey This one night must I tarry away from thee. My journey, as thou callest it, forth and back again, must needs to be done (Meyer 325) and that when he gets back they can finally enjoy their newly married life. She continuously asks him not to go prithee put off your journey until sunrise, and sleep in your own bed tonight (325), and while he considers it for a point in time, he ends up leaving anyways. She begs him to be careful and at first the reader is unaware of where he is going, but he makes it clear that he must go and that it serves some evil purpose. After Faith assures him that she will be awaiting his return, he feels more confident in his journey. By her restoring the idea that she will be waiting for him Faith shows that she symbolizes the true idea of Faith and innocence. Through the story it also seems that she symbolizes his faith in religion and staying true to his religion and resisting the urge to fall into the temptation of Evil. When she asks him to stay, and he considers it, it was symbolizing that, while he was being tempted to sin, his faith in his religion and to his innocence kept calling him back. Although he didnt want to necessarily abandon his faith, he felt he had to go on this journey now that he knew that when he came back from his journey she would be there. This is symbolizes the true idea of religion, that is that there is always a rebirth and somebody is always able to reconcile their sins once they realize what theyve done and take responsibility for their past indiscretions. A little ways into the story after Young Goodman Brown leaves Faith, he wonders into the Forest with a new appreciation for being alone. However a little ways into the forest he realizes that he might not be the only person in this forest There may be a devilish Indian behind every tree, What if the devil himself should be at my very elbow? (325). The reader may then start to think, that although Young Goodman Brown wanted to go on this journey he is now fully aware, that whatever evil purpose this journey serves, he may come face to face right with the devil and not even know it. At the next moment when he comes across the old man, he doesnt think much of this old man except that he looks like an older version of himself, but it seems clear that this old man serves some sort of purpose. When the old man asks him where he has been, he answers Faith kept me back awhile (326) symbolizing both the fact that his wife kept trying to keep him from going and also that his religious faith ke pt summoning him back telling him not to go. The reader is then constantly left wondering exactly who this man is, especially as he appears right after Young Goodman Brown makes the statement about how the devil could be right next to him, and he would have no idea. It is at this point that he begins to have some doubts about going any further on his journey and makes the reader wonder why he would be so hesitant to continue. Based on the story it seems that the old man symbolizes the devil and Young Goodman Brown was hesitant to continue his journey because he was concerned that if was to continue he may come upon the devil in a human form. It really does seem that the old man is the devil in disguise, showing how easy it is to get caught up in temptation as it human nature to surround everybody. The old man would symbolize this because nobody would expect temptation to come in the form of an old man, especially an old man that reminds a person of them. That is why it seems important that Young Goodman Brown referred to the old man as an older version of himself. For Young Goodman Brown to make a statement about the devil, so early in his journey it makes it seem as if he expected the devil to appear and he hoped that his faith would keep him safe. At one point the old man tries to persuade Goodman Brown to venture further into the forest even when he doesnt want to anymore Too far! Too far! (326) symbolizing that once youve been tempted to do something wrong, all it takes to bring yourself back is to realize it is wrong. However the old man was able to convince him to carry on. This shows that temptation has a strange way of enticing people do things they dont always want to do, because in the end they hope in the end their faith will stop them from any harm. The forest itself seems to be one if not the most important symbol because he willingly walked into the forest and could have just as easily walked out once he came upon the old man. The forest did not keep him hostage, he could have left any time, he had a way out but instead he chose to continue, symbolizing that in life nobody can make a person do something they dont want to do. Although he felt that the old man was nothing but trouble he was intrigued by the things the old man was saying and was willing to follow him, even though he knew in the back of his mind that he was abandoning his faith, both literally and figuratively. It seems that the symbolism used throughout the short story Young Goodman Brown is an important part of the story. The symbolism used helps the reader to understand the under lying meaning behind the characters and objects that Young Goodman Brown encountered. In the end it seemed to be that the resemblance between the old man and Young Goodman Brown was more than just coincidence. This comparison was used to explain the whole story that it was not the devil that caused him to make these mistakes, but Young Goodman Brown himself, and that idea symbolizes that no matter what temptation a person encounters, nobody can make a person do evil but themselves. Work Cited Meyer, Michael. The Compact Bedford Introduction to Literature: Boston/New York: Bedford/ST. Martins. 2009. Print

Why Renault entered into joint venture with Mahindra

Why Renault entered into joint venture with Mahindra Internal Benefits: Joint ventures are formed in quest of managing companys resources in efficient manner. This includes techniques to reducing cost and risk that the firm faces, obtaining scarce resources, obtaining cheap factors of production (land, labour and capital), to include new information and increase the managerial know how so that productivity can be increased and to retain innovative employees of the firm. There are many capital intensive techniques followed by companies in oil and gas exploration, metals processing and mineral extraction. Internal benefit include building companys core strengths  Ã‚   Helps in to develop economies of scale by gaining access to other financial resources Joint venture help company to acquire new technologies and customers and gives access to knowledge, skills and better management Competitive Benefits: Joint venture helps companies to restructure their organisational structure. Competitive advantage is achieved by vertical integration or consolidation of the firms. This also helps the firms to have an influence on industry structure and competitors. Responding to the new globalisation trend this approach may help in creation of more effective competitors. Some other benefits are: Joint ventures are helpful in building competitive barriers against the new entrants. They act as a defensive strategy in response to the converging markets Helps in creation of small and competitive units of the firm in various geographical locations It also helps in reducing the time cycle to the market they are involved in Strategic Benefits: Joint ventures help in companies to implement change in their strategic position. This helps in better creation and exploitation of synergies among the two companies. Joint venture facilitate in the transfer of technology and diversification of the firm. Technology transfer helps in building knowledge to expand into key markets It also helps to develop new products and improve productivity by shared expertise and lower costs because indulging in research activities to develop new products can be time-consuming and costly. Small businesses also gain lead-time In the total number of joint venture formed, many were international joint ventures. Many of them were due to the cost involved in the operations. Companies in some industry depend on the technology to reduce costs. Joint ventures are favourable for them because they help them in accumulating money and people to work in short time, with not much time wasted in training and later to develop specialisation in a specific activity. This all leads to reduced exploration and production costs and thereby increase in the profit margins. Joint ventures are not as easy to manage as we are talking about. Sometimes companies are forced to follow a joint venture strategy because of the host countrys business regulations. For example China does not allow outside company to own a majority of domestic business. Mexico requires the companies for any foreign company which is operating in the country to have a joint venture with a domestic company. In addition to government regulations, other reasons f or multinational joint ventures as mentioned above are cutting the costs of doing business, sharing risks with acquiring technological information and management expertise from other companies. Kogut (1988) gave 3 different reasons for the existence of joint ventures. They were: Transaction cost approach: The cost aspect of a transaction in joint ventures helps in explaining joint ventures in terms of market failure for intermediate inputs in the production, various asset specificity, and high uncertainty over specifying and monitoring performance. As inspired by Penroses (1959) work, it is specified and shown in recent development in management research that to one should analyze and develop a firms strategy by focusing on its resources instead of the external environment. Two key behavioural assumptions of TC theory are opportunism and bounded rationality (Williamson 1991a). The transaction theory suggests that if firms with complementary resources try to produce individually then they will have to fight for the scarce resources and acquire them at greater cost. Another major motive behind joint venturing is the possibility of creating Ricardian rents. A Ricardian rent means the presence of scarce resources which generate higher profits than other resource s of the same type. Strategic behaviour approach: A joint venture addresses the difficulties faced by the organisation by providing a superior alignment of incentives through the mutual dedication of resources and by sharing the residual value of the venture. Joint venture is established in a spirit of mutual trust and commitment to its long-term success, the potential threats posed by opportunism and a small-numbers condition can be reduced. Organisational learning approach: Joint Ventures help in organisation learning Williamson (1991b) extends his analysis to strategic alliances, which is said to have the hybrid mode of governance, which are considered to occupy positions between the two ends of the market-hierarchy continuum. These hybrids in joint ventures are said to have stronger incentives and adaptive capabilities than hierarchies, which helps in providing more administrative control than markets. In global industries with globalisation there is higher need for organisational learning. This asks the firm manager to look for global efficiency, which later plays an important role in resource based theory. In a joint-venture setting, there is interaction and communication between the members of different firms. This information flow increases the boundary permeability with respect to the partners resources. This helps in offering an opportunity for learning. A popular example of this is ToyotaGM joint venture, in wh ich both partners had clear learning objectives (Adler and Cole 1993). Another use of joint ventures is to get rid of a business unit, that is, disposal of resources. Nanda and Williamson (1995) have argued that converting the business unit into a joint venture between the parent and buyer helps in selling of the unit. The joint venture operates for several years during which buyer learn about the operations of the unit is going to acquire and slowly resources will be integrated with those of the buyer. By initially running the business as a joint venture, the buyer in benefit of obtaining hands-on management experience and an insiders s view of its operation. Seller also has interest to teach the skill and tricks to buyer of business, since the price that the buyer is willing to pay when buying out the business depends on the joint ventures performance. Firms often go for the local partners in the domestic market in which they want to mark a presence, these are because of the following reasons: Items readily capitalised Human resource needs Government regulations and incentives Market access needs and speed of entry Knowledge needs and learning of new marketing methods A joint venture is formed only when all the organizations involved individually arrive at a positive net benefit calculation. For example, one partner considers the joint venture as an opportunity for learning a new technology while the other uses the venture to further exploit the technology. When two firms have had a great deal of experience of working together, they get to know more about one anothers culture and management style, and adjust their own accordingly thus the two firms are in a better position to explore collaborative opportunities compared to other firms which dont form any alliance with other firms. This all leads to identify ways of complementing joint venture their resources effectively for creating rents. This involves the proper analysis of costs involved in different companies. For example If there exist two oil companies which want to set up a new drilling platform in ocean areas, and neither one has capability to finance the project on its own, so the simple solution to them is to look for joint venture. That way, they share the costs of setup of drilling platform and other projects which later helps them in reducing their individual risk should they find no oil. That is a decided advantage to many business people. A complete study of operation, management and finance has to be done to successfully implement the joint venture. Joint ventures are quite helpful to some companies in gaining access to foreign markets. Sometimes both the firms forget the primary objective of their operation and just form joint venture to come into foreign market. These products bring in the foreign domestic investments in the host country through the firm with which joint venture is formed. So many governments give incentives for joint ventures. Joint ventures are a sometimes used to boost up the creeping sale. This can be the first step in acquisition of a business. It can also be used to act as catalyst for change, which is by bringing in a partner one, can stimulate more entrepreneurial activity in a particular area of a firms business. Joint venture also helps in expansion of customer base by expanding the scope and utilising other firms strength in different geographic market, using its distribution or sales network International joint ventures have also been pushed by international financial institutions such as the International Monetary Fund, the World Bank, and the World Trade Organization, who have given incentives by forming policies to eliminate trade barriers and deregulate foreign ownership restrictions and the international flow of capital. This helped in creating a climate in which international investment and partnerships have become increasingly attractive. In new scenario joint ventures have become means by which companies seek to expand profit margins and market share. In addition, regional trade areas such as the North American Free Trade Agreement (NAFTA), the European Union (EU), and the Association of South and East Asian Nations (ASEAN) have worked to establish favourable conditions for joint ventures within specific, relatively localized regions. Why Renault entered into joint venture with Mahindra Mahindra? As told by the CEO of Renault Mr. Carlos Ghosn this joint venture was seen to be useful to mark a new step in Renaults global expansion strategy. The joint venture has started the Renault operation in the Indian market which is highly emerging market with respect to automotive sector. As Renault had no experience with the needs of Indian customer joint venture with MM was seen to help to create the first right hand drive version of Logan created to meet the needs of our Indian customers. Renault was also eyeing to mark its presence in Indian market in short period of time, Mahindra and Mahindra gave them that adequate platform. In the beginning of 2005 Renault designers visualized a low-cost car that was to retail for under Euro 5000. The car had quite good features however it looked robust and trustworthy compared to the sleek beauties manufactured by the Japanese and the Koreans. The car became a big hit and enjoyed pampering from buyers in most parts of Europe. Europeans liked the cars no-frill appeal. Renault thought of entering into Indian market, when it analysed the companies it sought upon Mahindra and Mahindra which was the main force behind the Tata Group. Mahindra and Mahindra helped Tata Motors for over ten years helping them build the modern day passenger vehicle. Mahindra also in seeing the future prospects of snatching the opportunity and mark its presence in Indian market started working in unison with Renault and started building and selling the Logan in India. Both Mahindra and Renault shared the profit of gaining knowledge and expertise. MM would get all important expertise needed to build monocoque or unitary construction. Renault, on the other hand, would gain direct knowledge of the cost-effective supplier base that Mahindra enjoyed in India. A labour-intensive car plant was established as against a fully automated one to analyze the quality and cost-effective work force available in India. The two groups concluded a framework agreement for setting up a joint venture in India with Mahindra retaining a 51 per cent share and Renault 49 per cent. The JV will be called Mahindra Renault Ltd. The estimated project amount was 125 million Euros. With other European automotive counterparties like Fiat and Skoda had little presence this venture was also seen a major competition to them. Mahindra did a customer research in Logan segment and found strong response for this C-segment car. Renault was looking for major global expansion; along with India it was also starting its operations in Romania, Russia, Morocco, Colombia and Iran. Renault was looking for a long term relationship with Mahindra and Mahindra and was looking for greater prospects in coming years of 2010 to 2012. Renault chose Mahindra and Mahindra because of the following reasons: Mahindra Group a US $ 2.5 billion company is the market leader in multi-utility vehicles and tractors in India. Mahindra and Mahindra had 55 years of manufacturing experience MM had built its high network of distributors and suppliers in India efficiently Mahindra group had built a strong base in technology, engineering, marketing and finance (Mahindra intertrade and MM financial services Ltd.). It also has a significant presence in key sectors of the Indian economy High presence in automotive components, information technology telecom (Mahindra British Telecom), and infrastructure development (Mahindra GESCO, Mahindra Holidays Resorts India Ltd.) Mahindra had a reputation of providing TATA Motors the platform to harness the automotive growth in India MM had not much presence in Sedan segment i.e. C-segment so Renault had no fears of having conflicts of interest Mahindra as a brand was a trusted brand in India. With the leverage of Mahindra as a brand Renault was also leveraging its own brand in Logan, as the joint venture was called Mahindra-Renault The transfer of knowledge and technology was mutually beneficial for Renault and Mahindra, it was good symbiotic relationship

The Feminist Approach to Antigone and A Dolls House Essay example --

An expression commonly used by high school students around the age of fourteen to seventeen is â€Å"JESSICA! I AM HUNGRY, MAKE ME A SANDWICH.† This can be related to other countries in the present day as well as in the past. The play Antigone written by Sophocles, a young girl decides to follow the rules of the Gods rather than the rules of man, especially when it came to the proper burial of her brother Polynices. Antigone decides to bury her brother even though it was against the civil laws to even mourn him. This action is pertinent to the feminists of the day because Creon treats Antigone with absolutely no respect and acts as if she is ignorant. Likewise in the play A Dolls House written by Ibsen, Nora, the main character, takes out a loan in defiance of laws that denied women the right to borrow money or even the right to work outside of the home. Nora shows her true strengths when her husband is dying and she needs the money, but as the play progresses one can see more and more of her strengths as far as her willingness to work like men. Nora and Antigone show great strength and are active in the sense that they work hard to get what they want. Lastly, both Nora and Antigone appear to change through the plots. Nora and Antigone show so many different amazing strengths for women of their day. In Antigone when Antigone is presenting the idea to bury Polynices to Ismene she says â€Å"I’ll bury him myself and even if I die in the act that death will be a glory†(Sophocles 18) . This means that she will go to any length to make sure Polynices has a proper burial. The reason this is so important is that she knows that Creon has already made a decree that no one should even mourn Polynices let alone bury him. It shows great strength to ... ...a and Antigone in this doltish way to show the members of their society and our society today that a woman can be smart. Ibsen and Sophocles were way ahead of their time. Most women even back in the 1800’s went from the hand of one man to the next. They listened and obeyed everything that their fathers said then when they were old enough to get married they listened and obeyed to everything their husband said, and that was how there life was. Antigone and Nora show women, in particular, in 440 B.C. and in the 1800’s that it was a good thing to be independent and stand up for what you believe in. They show the whole audience and the world even today that they are strong and courageous and have great motivation that helps them get through their life whether that means they end their own life or they move away from the men holding them back from their full potential.

Rights of Leadership: The Propaganda of Race and Class During the Aboli

Rights of Leadership: The Propaganda of Race and Class During the Abolitionist Movement Henry Highland Garnet and William Lloyd Garrison were two of the most instrumental leaders of the Abolitionist Movement. Their social backgrounds and experiences were responsible for contrasting the two leaders and influenced their approaches, beliefs and solutions to the abolishment of slavery. Their opinions and approaches were voiced in terms of the role of the political process, the role of moral persuasion and the role of violence as a means to an end. Though both Garnet and Garrison shared a common interest in the anti-slavery movement they differed greatly in their rhetoric and advocacy styles and techniques. Garrison, who was from a poor New England family was involved from an early age in the business of publishing as an apprentice to a printer, a job that laid the foundation for what would later be a career as editor of the Liberator, a paper that actively addressed controversial issues about the eradication of slavery. Although Garrison addressed issues concerning the eradication of slavery, he also focused on other causes such as temperance and women's voting rights. Due to his involvement in advocating for many other reforms, his critics accused him of being unfocused on the issue of abolition. Oppositely, Garnet focused solely on the elevation of the Black community which included a more extreme and active means to end slavery. Garnet, who escaped slavery with his family to the North, was still subject to racial violence. One incident that exemplified the racial aggression was when his house had been looted and his sister had been arrested as a "fugitive from labor." This event in the early part of his life was an introdu... ...Korngold, Ralph. Two Friends of Man: The Story of William Lloyd Garrison and Wendell Phillips and Their Relationship with Abraham Lincoln. Boston: Little, Brown and Co., 1950. Nye, Russel B. William Lloyd Garrison and the Humanitarian Reformers. Boston: Little, Brown and Co., 1955. Pillsbury, Parker. Acts of the Anti-Slavery Apostles. Concord, 1883. Rogers, William B. "We are All Together Now" : Frederick Douglass, William Lloyd Garrison, and the Prophetic Tradition. New York: Garland Publishing, 1995. Ruchames, Louis, comp. The Abolitionists: A Collection of Their Writings. New York: Capricorn Books, 1963. Schor, Joel. Henry Highland Garnet: A Voice of Black Radicalism in the Nineteenth Century. London: Greenwood Press, 1977. Walters, Ronald G. The Antislavery Appeal: American Abolitionism After 1830. Baltimore: Johns Hopkins University Press, 1976.

The Similarities and Differences Between Professional Football and Basketball

humanism A new concept of human individuality, originating in the citystates of fourteenth- and fifteenth-century Italy, that was based on desire for excellence in scholarship, creative work, and education. The humanist movement spread to northern Europe, France, England, and elsewhere, and continued to flourish until the mid-seventeenth century. Among its more familiar literary figures are, in Italy, Dante Alighieri, Francesco Petrarca (known as Petrarch), Giovanni Boccaccio, Baldassare Castiglione, and Niccolo Machiavelli; in England, Thomas More, Francis Bacon, and John Milton; in France, Francois Rabelais and Michel de Montaigne.Books setting forth an ideal of the well-formed individual, ruler, or commonwealth are a major aspect of the humanist movement, from Leonardo Bruni’s Dialogues ( –? ) to Roger Ascham’s Schoolmaster ( ), Machiavelli’s The Prince ( , publ. ), Castiglione’s The Courtier (ca. , publ. ), and More’s Utopia ( ). Durin g the Renaissance the term humanista meant nothing more than a teacher of Latin. But the Latin classics proved to be the key to the era’s renewed understanding of the individual’s goals and ideas.Latin authors addressed issues like the dignity of man, the role of fate, and the strength of human will: the factors in life that make for human happiness, or flourishing. HUMANISM 145 (Greek was somewhat less familiar, at least at first, among the humanists; Petrarch and Dante could not read it. ) The Renaissance’s new studia humanitatis contrasts with the earlier medieval version of education, which consisted of the trivium (grammar, rhetoric, and dialectic) and the quadrivium (arithmetic, music, geometry, and astronomy).In the medieval scheme, there was little room for the study of history or moral philosophy. Now, though, education could be based on the ethical ideas suggested by the ancients in their literary and philosophical speculations. The key terms of the It alian humanists are fame, fortune, glory, and virtue. They see creative achievement and knowledge as heroic tasks, analogous to the brave deeds of conquerors and emperors. In the Middle Ages, prior to the humanist revolution, the sense of history was providential, based on the sacred narrative of the Bible, and moving from creation to revelation and edemption. (Saint Augustine’s City of God [ – / ] was the major commentary on this narrative. ) In the Italian Renaissance, with political life controlled by rivalrous city-states, history became a matter of daring strategy, not scriptural validation. Providential history did not disappear, of course; it was a significant influence in the Reformation. But it had been challenged. Another aspect of the humanist movement was its sense of intimacy with the classical past. Petrarch wrote a series of familiar letters addressed to Homer, Virgil, Cicero, Livy, and others.Allied to this closeness with antiquity was a desire to corr ect the distortions of ancient texts, to recover them in their original fullness. The ambition to search for the source characterized the humanist attitude toward religious texts and ideas. The great Netherlandish humanist Desiderius Erasmus translated the New Testament into Latin ( ), saving the sacred text from the errors committed in the Vulgate (the medieval Latin Bible, in the universally read version produced by Saint Jerome). In an effort analogous to his philological study of the original text of the Bible, Erasmus in his Colloquies ( reacted against the medieval corruptions of church hierarchy. Through his description in the Colloquies of friendly, egalitarian conversation on both spiritual and worldly matters, he tried to regain the original ethical ideal of Christian community and decency: a humorous, liberal-minded fellowship. For humanists like Castiglione in The Courtier, the self became a work of art, with the individual’s â€Å"knowledge and skill informed by proportion and 146 HUMANISM grace† ( Joseph Mazzeo). The Swiss historian Jacob Burckhardt, in his great Civilization of the Renaissance in Italy ( , first described the ambition of figures like Leonardo da Vinci and the architect Leon Battista Alberti to become the uomo universale, or universal man. Here Burckhardt evokes the supremely well-rounded, eccentrically talented Alberti (who became worldfamous as the inventor of the laws of perspective): â€Å"In all by which praise is won, Leon Battista was from childhood the first: . . . with his feet together, he could spring over a man’s head; . . . in the cathedral, he threw a coin in the air till it was heard to ring against the distant roof. . . He acquired every sort of accomplishment and dexterity, cross-examining artists, scholars and artisans of all descriptions, down to the cobblers, about the secrets and peculiarities of their craft. . . . He also wrote an Italian treatise on domestic life in four books; and eve n a funeral oration on his dog. . . . And all that he had and knew he imparted, as rich natures always do, without the least reserve, giving away his chief discoveries for nothing. † Burckhardt concludes by remarking, of this godlike lusus naturae, that â€Å"an iron will pervaded and sustained his whole personality. Alberti proved that the individual can do anything, and with perfect style. The humanist was an intellectual hero and adventurer. His interest in magic and mystical lore, like Francis Bacon’s devotion to science, was a way to achieve power over the secret sources of nature. For Pico della Mirandola, author of the Oration on the Dignity of Man ( ), the human self was distinguished by flexibility and aspiration, and was capable of raising itself almost to divine level: wrestling successfully with the Protean, the endlessly various, character of God’s creation.The Renaissance is the real home of humanism. But Victorian sages like Matthew Arnold, Thomas Carlyle, and John Ruskin shared the humanist belief in individual aspiration and excellence, necessarily grounded in the strength of the surrounding culture. Their concerns lived on in the works of American critics a hundred years later: for example, Lionel Trilling and Irving Howe. In the early twentieth century, a â€Å"new humanism† was promoted by the literary critics Irving Babbitt and Paul Elmer More, who reacted against the overly specialized aspects of philology as it was then practiced.But Babbitt and More were felt to be too vaguely emotive, their moralizing too glib. When critics like Robert Penn Warren and Cleanth Brooks turned, in the s, toward a stricter consideration of the technical aspects of poetic lan- HUMANISM 147 guage, they were in fact promoting another version of the humanist ideal: man as the hero of articulation, expressing his precarious and uniquely complicated existence, and fighting with the weapons of skilled ambiguity, irony, and paradox (see NC ). Humanism can be a pejorative term in current literary and cultural criticism, especially in the disciplines of cultural studies and new historicism. This turn began with the philosopher Martin Heidegger, whose â€Å"Letter on Humanism† ( ) criticized Jean-Paul Sartre for his humanist existentialism. Heidegger asserted that man, Sartre’s focus, was a limited concept and should be superseded by the notion of Being (in German, Sein or Dasein, two distinct but related terms).Later philosophers like Michel Foucault and Jacques Derrida, both highly influential in literary studies, followed Heidegger’s lead in questioning the centrality of the human. But humanism always seems to return, if humanism is understood as the commitment to asking whether particular goals, practices, and ideas serve or damage the hope for human excellence and happiness. The definition of humanist ideals remains a constant concern of philosophy and cultural commentary, as seen recently i n the works of thinkers like Martha Nussbaum and Tzvetan Todorov.On Renaissance ideas of humanism, see Joseph Mazzeo, Renaissance and Revolution ( ); Paul Oskar Kristeller, Renaissance Thought ( ); Hans Baron, The Crisis of the Early Italian Renaissance ( ); Eugenio Garin, Italian Humanism ( ); and Thomas M. Greene, The Vulnerable Text ( ). Constance Jordan provides an interesting account of Renaissance humanism in its attitude toward women in Renaissance Feminism ( ). Rebecca Bushnell in A Culture of Teaching ( ) connects Renaissance ideals with contemporary American debates over education.

Indian Luxury Consumer Essay

The Indian Luxury Consumer: Rapidly maturing and looking for more Any study of the luxury market needs to conclusively address core questions around the luxury customer – Who, What and Where. To fully understand answers to these questions, we interviewed existing and prospective customers across various locations, income and age groups. We also interviewed industry leaders across all luxury categories on the Indian consumer and the changes that they have observed over the last few years. In this section, we shall provide answers to three basic questions: 1. What constitutes luxury in India? 2. Who is the luxury consumer? What has changed in the last 2-3 years? 3. How is the behavior of the luxury consumer changing? 4. What are their specific tastes and preferences? 5. Where do they make their purchase? Luxury in India – more aspirational luxury than ultimate luxury Industry leaders across categories believe that luxury is not only determined by price. Exclusivity is a far more important parameter for a product or service to be called luxury. As such customization, uniqueness, and even understatement is important. Design, use of exquisite materials, presentation and personalized service all contribute to luxury. Consumers also talk about exclusivity, uniqueness and appeal to personal taste. This is not as yet corroborated by increased sales of â€Å"ultimate and subtle† luxury products. The majority of the market is still far away from this definition and brand/logo/badge value drive luxury purchases very clearly. Size, flashiness, clearly visible logos, well known brand are the key considerations in the purchase. That said, traditional attributes such as high quality, heritage, longevity, the â€Å"stories† associated with brands are beginning to emerge as drivers of purchase. Bulk of the Indian market is still dominated by the more accessible and aspirational luxury products. Status – announcing your arrival into the elite segment of the society – is the biggest motivation still. The mindset is still that of an â€Å"aspirer† not that of a â€Å"connoisseur†. The Indian luxury consumer – new insights The Indian luxury consumer has been studied a few times now. Various segments have been identiofied by earlier studies. The old money/new money/gold cuffs/.. (Luxury Brands) and Industrialist/Corporate/Professional/ (Economic Times – A. T. Kearney India Luxury Review 2007). The focus of our consumer research was to find out how the consumer has evolved in the last 3-4 years. The accepted wisdom is that industrialists and traditionally wealthy families is the largest segment, senior corporate executives are a smaller but emerging segment and young professionals are entering the market. Our research has shown that by and large the consumer segments that constitute the bulk of the market have not changed significantly, although finer sub-segments are now more apparent: Medium size enterprise owners: This is the largest segment in terms of number – these are typically the medium enterprise owners – industrialists and traders who run businesses with revenues upwards of 50 cr. The source of their spending is the surpluses generated by the business. Many of these have grown as the economy grew rapidly in the last twenty years. Their wealth is their passport to the elite segment of the society and conspicuous consumption is their way of announcing it to the society. The children who tend to be second or third generation are the bigger spenders, having been educated abroad and hence familiar with brands and the luxury way of living. They are now educating and enticing their more conservative elder generation into spending. Interviews also reveal that those who generate cash need to necessarily spend it and luxury goods are a good avenue for spending. These are very frequent luxury consumers and consume the entire gamut of products and services and some assets like cars and real estate. These consumers shop around for deals and bargains, including international travel. Traditionally wealthy families / large industrialists: This group comprises two sub-segments – the first is the traditionally wealthy families – who have been consuming luxury for several decades and go for the finer things in life. The largest business houses in the country and historically wealthy Marwari, Gujarati, Parsi, Punjabi families epitomize this class. The other sub segment comprises the promoters of some very large businesses which have come up in the last two decades and have created disproportionate wealth very quickly. Builders, miners, diamond merchants, stock brokers, new age enterprise owners fall in this category. Many of them have migrated to the highest ladder of luxury consumption very quickly by acquiring yachts, jets, houses and really expensive cars. Corporate executives: Senior executives of corporate India who are paid in excess of Rs. 1 crore and bankers who earn big bonuses epitomize this category. These executives are well traveled and are aware of brands. Most of these are in their mid-late forties and represent some of the brightest minds in the country. Many of them though have come from middle class backgrounds and hence have a conservative approach on conspicuous spending. While they can well afford to spend, their propensity to spend is low. A gradual change is being seen as they see more and more of their compatriots spend. These consumers spend on some luxury products such as watches, accessories, select apparel, fine dining, international and domestic travel and high end cars. They also tend to shop on their frequent international trips to get the best deals. Self employed professionals: These comprise of professionals such as lawyers, doctors and architects: A small but niche segment, comprising the top stars in their profession, who have made it big. While many of these come from middle class backgrounds, they use their new found wealth to live a good life. They shop for the entire range of products and services although are found less often at the absolute top end of the ladder. Young professionals: Working in service industries – these earn the least compared to the others, but since they don’t have family responsibilities, the disposable part of the income is high. They are in tune with the latest fashion trends, travel abroad once in a while and believe in spending on what they fancy. They tend to consume entry level products and are infrequent consumers. Other segments: Expatriates: Expatriates in the country are growing and they are staying for longer periods: These are on expatriate packages and are accustomed to luxury consumption in other parts of the world. However most of these fly back very frequently and stack up on their luxury products need on these trips. Luxury services and assets (mostly cars) are influenced in a small way by this segment. The segment is definitely driving the increasing awareness and need for luxury products Politicians and bureaucrats: Interviews reveal that politicians and bureaucrats are a large segment for all luxury products, but have a much more pronounced preference for jewellery, watches, cars and real estate. Contrary to the popular perception that is generated by the flashy lifestyles of film and television actors, they are not large spenders by themselves and collectively it is still not a large segment. Luxury consumption of film and TV stars is paid for by the producers. They alsoi shop abroad a lot. Many celebrities belong to rich business families and owe their luxury consumption to their family wealth or get a lot of luxury products as gifts. Citywise sub-segments: There are sub-segments in each city that drive most of the purchases: * Mumbai – stock brokers, diamond merchants/exporters * Delhi – industrialists, traditionally wealthy, politicians, bureaucrats * Chennai – traditionally rich, industrialists * Bangalore – builders, IT top brass * Kolkata – traditionally wealthy Marwari businessmen, traders Age profile. The average consumer is still young – between 30-45. This is in line with the overall demographics and is expected to stay that way for some time. It is thus a young luxury market in contrast with some of the mature markets like Europe and the USA where the average consumer is much older (need some data here). Consumer Behavior We found that while the average Indian luxury customer values High Quality, Exclusivity and Social Appeal as key drivers of luxury purchase, they are also very Price Conscious and often straddled with a â€Å"middle-class mindset†. Corporate Professionals in particular tend to be more price sensitive than the Traditionally Wealthy and Business Owners. This is also due to the fact that the average â€Å"fashion consciousness† of Indian consumers is still quite low – most consumers prefer â€Å"well known† brands and make luxury purchases for â€Å"brand value† and not â€Å"fashion value†. The table below summarises the typical behavior patterns of the consumers in each of the segments | Medium Size Enterprise Owners| Traditionally Wealthy Families & Large Industrialists| Corporate Executives| Self Employed Professionals| Young Professionals| Average Age| | | | | |. Awareness| Low| High| High| Medium| High| Fashion consciousness ( apparel and accessories)| Low| High| Low| Low| High| Price Consciousness| High| Low| High| Very High| Very High| Badge Consciousness| High| Medium-Low| High| High| Very High| Propensity to buy overseas| High| High| High| High| High| Greater awareness – rapidly increasing and the entry of brands, development of malls and magazines has helped. Compared to three-four years ago, the number of people who can correctly pronounce Chanel and Gucci correctly has increased dramatically, although there is still a long way to go. What is interesting to note is that the Indian luxury customer is maturing rapidly and brand awareness has increased significantly over the past 3-5 years. Brands are beginning to see loyal customers who have their preferred set of brands. Among brands, the pedigree of a brand is very important. There is a heritage value with luxury brands – customer typically put more value on brands that have been around for many years. When it came to Indian brands, there is clearly a mixed perception. While most customers were willing to purchase luxury services from Indian players, the luxury products market still has a long way to go. Specifically in services, Indian service quality is considered to be at par with the best in the world. Within products, the categories that customer preferred have a high class value attached to it. Hence very select categories like jewellery and Indian designer apparel products are considered ‘luxury’. Fashion consciousness – changing very fast, dressing for a look increasing in the metros – still a long way to go – in the words of one of the luxury fashion CEOs – Indians are â€Å"sartorially challenged†. The younger members of the rich families and the young professionals are leading are leading the pack. Badge consciousness – continuing, no doubt. A logo is probably the most important thing about a product. It is easier to sell a pair of sunglasses or a polo shirt where the logo is clearly visible than a shirt where it is not so obvious. Price consciousness – here to stay. The entire industry acknowledges this and both the principals and the Indian parties strive hard to match prices to make it price neutral for the Indian consumer who would not mind taking a flight to Singapore or Dubai or ask someone to get it, if the difference is more than 3-5%. The economics is simple – its costs 15-20,000 for a return trip (economy of course! ) to Dubai or Singapore. On a product costing upwards of Rs. 200,000, this is less than 10% of the product price. That puts a limit on the amount of premium that anyone will be willing to pay for products that can be easily purchased overseas and carried back. The grey market will willingly carry products for a fraction of the cost of a return trip. The only exception is cars – where it is not possible to bring it in – either legitimately or smuggled. Propensity to buy overseas – reducing but still very significant. One interesting observation is that Indian luxury customers are not averse to buying from India, just that they feel there are better avenues abroad. One of the key challenges is to provide luxury shopping destinations that offer a variety of brands under one roof. While most of them purchased from boutiques in New York or Malls in Dubai, in India there are not many avenues for luxury purchase. While most consumers also make luxury purchases in India, shopping abroad is still by far the preferred option. Consumers have certain perceptions about luxury shopping in India, that have held them back making large scale and frequent purchases in the local market. Interviews with industry leaders reveals that the consumer wants the same package here – merchandise (range, freshness), convenience (location), price and experience (ambience, service) – with an extra expectation of service, given that this is India, where labor is cheap. The development of the Indian duty free has meant that Indians have an option of buying duty free products in India when they arrive rather than carting it all the way from popular shopping destinations overseas. Consumers still believe that the widest, most recent range is not available here and that prices are more expensive here, though at least two of these clearly are myths that need to be broken. In fashion, collections are designed for the whole world once, no one creates separate collections for India and old collections are not available. Width of range is a trade-off that has to be made depending on the depth of the market, so that is a possibility. Converting the overseas market is a big challenge for retailers. Propensity to buy from the grey market – by all accounts, this is reducing in established brands. Concerted efforts by players to bring in the latest merchandise, efforts by brands to supply products at lower prices to India and Indian retailers willing to work on thin margins has meant that the consumer now gets a good bargain. New brands which consumers want and are not available find their way through this channel. Driver of Luxury consumption: Number of HNIs, HNI Wealth or Household Income? It is generally accepted that luxury market size is positively correlated to household income (GDP/capita), the number of high networth individuals and/or their wealth. Discussions on luxury are never complete without a reference to these parameters. A correlation between the size of the luxury market, the GDP/capita, number of HNIs and HNI wealth over the years 2004-2009 shows that in terms of importance the number of high networth individuals is the most important driver, followed closely by GDP/capita and HNI wealth. Interviews with leading luxury brands in India points to the fact that family wealth is a very strong determinant of spending than household income. Consumer interviews with traditionally wealthy families indicates a very interesting pattern – they are habitual consumers of luxury and less price conscious. Some of the segments mentioned above would fall in the HNI category. However luxury consumption in India is not limited to only the HNIs. The masstige phenomenon can be observed very clearly in India. Luxury products in India are appealing to, and purchased by, middle-class consumers that do not fit the typical profile of an elite consumer segment. For these shoppers, luxury represents status and prestige, a place in society that they fit into as a result of their purchase of high-end products. This phenomenon is observed even in the large mature markets such as UK, where a large number of individual consumers buy very small volumes. Luxury goods companies develop products that re-enforce the â€Å"masstige† and drive volumes. As such it is very important to look at the other indicator of the market – the GDP/capita. In India given the fact that wealth is being created due to the rapid growth, growing household incomes are converting the middle class into emerging luxury consumers. As such there is a large segment (below the 1 cr income category) where while the wealth might be low, it is the incomes that are driving the consumption. Measured in PPP terms, 25 -100 lakhs in India is equal to $ XX-YY,000 of income in the US or EUR AA-BB,000 in Europe, which is definitely a luxury consumer. The above two factors combine to make the consumer spectrum in India very broad. Our research shows that sporadic/ infrequent luxury consumption for products and services begins when annual household income goes upwards of Rs. 20 lakhs, becomes frequent when annual household income crosses the Rs. 1 crore mark and becomes habitual when the wealth crosses the HNI milestone ($1 mn in liquid assets). For luxury assets, the markers are understandably much higher and even within assets, the ladder become quite steep as one goes higher. For example, consumer for private jets would be the top 200-400 richest families in the country – the billionaires, super rich families (the HNIs) – anywhere around 200-400 families – such as the private jets, yachts and the largest houses – earning anywhere upwards of 50 cr per annum or with family wealth in excess of 100 cr. The spectrum thus begins at rupee millionaires and goes all the way to real billionaires. While the small traditionally super wealthy families who know what absolute or real exclusive luxury means, and can be called connoisseurs, bulk of the incremental wealth generation in India has been the the handiwork of new age businessmen/industrialists – who were not so wealthy a couple of generations ago. As the â€Å"new money† matures, one can expect that the tastes and preferences will also evolve. | | Rupee Millionaires| Near Millionaires| Real Millionaires| Category| Household Income| 10-25 lakhs| 25 lakhs – 1 cr| 1-5 cr| 5 cr+| | Networth/Wealth| | | | |. Estimated number of households| 2,373,000| 1,292,000| 141,000| Typical Occupations| Service Industry professionals| Corporate Executives, Self Employed Professionals| Medium Enterprise OwnersTraditionally wealthyCompany CEOs, top bankers| Large IndustrialistsTraditionally wealthy| Luxury products| Low ticket value items such as leather accessories ties, cuff-links,Wines and spirits, personal care| Watches, some apparel, accessories| All| All| Luxury Services| Spas, Infrequent fine dining| Travel, frequent fine dining, hotels, spas| All| Luxury Assets| | | Cars, YachtsReal estate, Paintings| Private jets|. Geographical distribution of consumers Luxury consumption in the country has so far been concentrated in Delhi and Mumbai with Bangalore being a distant third. Brands have been thinking of expanding their footprint beyond these cities and have been wondering about where their next store should be opened. We now believe that the distribution of the rupee millionaires is a good indicator of the luxury consumer distribution in the country. We also believe that for luxury consumption to take off a minimum critical mass is needed in a city. While Delhi and Mumbai continue to be the mainstay markets for luxury consumption, there are several other cities with a large base of potential luxury consumers. A look at the figure below suggests that while Mumbai, Delhi and Bangalore are the top three cities, other cities also have significant potential for luxury consumption. Show a chart between the number of families (X-axis) and the growth 2006-2009 (Y-axis) and number of such households as the bubble size. Use the data below. Year| 2006-07| 2009-10| | Income Category| Annual income >Rs. 10,00,000/-| CAGR| Top 20 Cities ranked on the basis of Annual Market Size| Number of Households| Number of Households| | Delhi| 132,258 | 348,000| 38%| Mumbai| 98,164 | 347,000| 52%| Bangalore| 101,550 | 126,000| 7%| Thane| 69,658 | 137,000| 25%| Pune| 57,130 | 106,000| 23%| Chennai| 28,025 | 109,000| 57%| Ahmadabad| 45,224 | 91,000| 26%| Hyderabad| 26,670 | 69,000| 37%| Surat| 34,457 | 60,000| 20%| Coimbatore| 18,076 | 37,000| 27%| Salt Lake (Urban Areas in â€Å"North 24 Parganas† district)| 14,373 | 65,000| 65%| Kolkata| 15,790 | 94,000| 81%| Thiruvallur| 17,837 | 22,000| 7%| Lucknow| 20,654 | 29,000| 12%|. Jaipur| 27,011 | 21,000| -8%| Vadodara| 22,911 | 53,000| 32%| Nagpur| 23,637 | 46,000| 25%| Kancheepuram| 13,920 | 24,000| 20%| | 767,345 | 1,784,000 | 32%| Source: Indicus Analytics| | | | Extrapolating the growth rates seen in these cities, over the next 3 years implies that several new cities will become potential centres of luxury consumption. Kolkata, Chennai, Hyderabad, Pune, Vadodara are high potential destinations to watch out for. A quick comparison with China shows that there are atleast 20 cities/towns where luxury brands are present. Comparison between luxury stores in India and China. | LV| Burberry| Chanel| Hugo Boss| Beijing| 3| 2| 2| 9| Shanghai| 3| 2| 5| 5| Other Tier I| 6| 6| 0| 8| Tier II| 12| 10| 1| 22| Others| 11| 13| 0| 43| | LV| Burberry| Chanel| Hugo Boss| Mumbai| 2| 1| -| 1| Delhi| 2| 1| 1| 1| Bangalore| 1| 1| -| 1| Others| -| 1| -| -| We believe in the next 5-7 years, atleast 5-7 new towns will get added on the luxury map of India. We also believe that the potential in Delhi and Mumbai has not been fully exploited and that there exist a few more micro markets within these cities that need to be tapped. Pockets of wealth and good infrastructure could be the next big destinations. In Mumbai, South Mumbai, Central Mumbai, Bandra/Juhu, Powai and Thane are micro markets which are far enough from each other, have concentration of wealthy families and decent infrastructure. In Delhi, similar micro markets could be South Delhi, Gurgaon, Saket, †¦.. In summary, while the Indian luxury market is evolving, so is the luxury customer. Understanding the nuances of the customer is extremely critical to succeed in this dynamic industry.