Exploring the aims of the Mercantile System

Exploring the aims of the Mercantile System Mercantilism is the main economic system, which is used within the 16th to 18th centuries. Its main goal is to increase the wealth of the country through imposing governmental regulation concerning all of the commercial interests in the nation. It was argued that national strength can be maximized through limiting the amount of imports via tariffs and raising the amount of exports. It discusses that the economic strength of every country is related mainly to the repair of positive trade balance. It aims at the idea of making every country use export techniques more than import techniques as a way to remain in an economic and political viable position. So, positive trade balance upon the mercantilist thought concludes in a way of using gold in the practice of countrys treasury (Mark Blaug). The Scottish economist Adam Smith (1723-1790) was the man who was responsible for the term mercantile system. So, mercantilism was in a contrary side of Smiths ideas of free enterprise, free trade, and the free move of people and goods. One of the main assertions of mercantilism is the national wealth that will appear through the accumulation and import of gold or any other precious metals, like silver (Paul Johnson). Being an economic system, mercantilism leads to make foreign competition and discouragement of direct foreign investment. This term supposes  that the wealth of any nation will primarily depend on the ownership of precious metals as silver and gold, but this system cannot be achieved forever, because the universal economy would be stagnant when all countries wanted to make exports without imports. After a  very short time,  a lot of people started to act against the mercantilism idea and stressed the very bad need of free trade. The continuous pressure result was found in the implementation of laissez faire economics in the 19th century (Lars Magnusson). Mercantilism, being a historical period, had been associated with the increase of a particular structure of capitalism in Europe which referred to it to be merchant capitalism. It was a doctrine developed by different economic writers in this period that call for the powerful alliance among the monarchial system and merchants. Nowadays, the mercantilism term is used to view the protectionist trade policies when combined with other governmental policies, directly or indirectly in particular industries to acquire the regional or national trade advantage. Mercantilism has associated with the nationalistic economic policies shunned by free trade and advocates that argue for minimum state interference in the international and domestic marketplace (Henry William Spiegel). The mercantile system stated different policies of nationalistic trade thought to acquire the wealth of the nation. It can be achieved via five basic elements of mercantilism, as indicated by David L. Sills: The first one is nationalism and policy start together with all possible policy directed towards the nationalism. The second element is foreign trade that should always be thought of in light of its effects on the states stock of owning precious metals. The third one is lacking domestic mines of gold or silver; the precious metals should be collected by excess the exports over the imports. The forth element is governmental trade authorities that should strive to limit imports and give encouragement to exports. The last element is the economic and political foreign policy that should be coordinated in order for the achievement of these goals (Mark Blaug). While most of them closely associated with 18th century in Europe, the mercantilism term has been used in order to refer to the aggrandizements general principle of state authority for the economic benefit of the capitalist class through controlling and manipulating trade. For example, during the colonial times it took the shape of military control on trade routes and large tariffs imposed on imported goods in general and manufactured products in particular (Lars Magnusson). The mercantilist practices rationale, upon the imperatives of colonial conquest and empire, had been reflected in the eighteenth century concepts of the profits origin and the exchange nature. While being the goal of for-profit entity, the mercantilists managed to apply this opinion to the whole nation. This is in contrary to the belief of the ideology of marketplace done by classical economists. This exchange should be done on the aspect of equivalents. Moreover, mercantilists believed that the seller can gain via the loss of the buyer. Therefore, the nation will become richer when it sells or exports more than it buys or imports. Gold or any other money sources will be amassed to benefit the state. The opinion related to the surplus or profit happened in the unequal exchange in commodities was perfectly cope with the mercantilist policy in controlling the trade terms (Paul Johnson). Mercantilism had played an important role but not a dominant role in the transition period from feudalism to the industrial capitalism. However, mercantilism did benefit greatly large merchant companies to ship home goods through trade routes maintained and protected by the country. Foreign trade was the necessary thought to be done for gold accumulation because the domestic trade cannot generate a net profit or surplus. Struggling by this view of the profits origin, merchants used exports as a necessary means of acquiring surplus profits. The merchants, such as all better policy makers, argued that using this policy would benefit in turn the whole state Henry William Spiegel). These policies in order to achieve these goals involving state subsidies of the export industries, high tariff was used to encourage home production in the prohibition on the gold sale to foreigners, the subsidization of basic industries when necessary, the control over certain kinds of capital, and the relentless gold import and the raw materials from different colonies. The most of these policies contained strict control in trade routes and the prices stabilization in state currency (Steele G. R.). Throughout the mercantilist period, the merchants had controlled the trading system, but not the production of services and goods. Before the start of industrial capitalism, the production was on the line of crafts system that embodied remnants of the very old feudal arrangement. In addition, the industrial capitalism emerged the merchants power. They would come to see them taking over or being involved in the production means that would enhance their profits through giving them the control over the labor productivity. However, the merchants cannot control the production means, as the primary concern lies on selling and buying. The policies of mercantilists encouraged the imports of raw materials that in turn can be manufactured to make different products. The finished goods can be sold and exported subsequently in high price in comparison with the original cost. So, it found its way to the treasury of the nation (Mark Blaug). The foundation of the mercantile system started with the beginnings of the capitalism in sixteenth and seventeenth century in Europe. At this time France, Spain, and some of the Low Countries as Holland and Belgium were transformed into economies in merchant-dominated. So, the modern states were emerging of being as a political complement in the merchant economy. This system indicated that it was regulated by the competitive labor market. It led to the formation of a new class of people that found them being free from feudal system to the land to be only forced to sell the labor to ensure subsistence. The emerging was also a class of manufacturing and industrial entrepreneurs recruited from the declining merchant class (Lars Magnusson). The merchant class paved the way of losing control over the new economic system to the forces of the capitalist competition when profits and price were regulated through the accumulation and production of capital. When trading was essential for the emerging of industrial capitalist system, the transactions were viewed as a sharing out in the total of selling price among the purchasers and buyers, including the merchant. The concept of mercantile idea, which trade led to the profits in the whole system, paved the way to the opinion of the classical economist that the production and reinvestment of profit was the actual source of the wealth of countries (Paul Johnson). When the general perception of the term of mercantilism being one of a very long era in the history of economic thought, the mercantilist authors were business and professional people that wrote and made known of their thoughts in a long time before economics came to be a separate academic discipline. Many representative of the mercantilist writings were English and French writers of the 17th century. These practical thinkers sought the protection, order, and stability essential for the expansion of their activities. This in turn will benefit the state. In exchange for the military protection of the trading routes, they succeeded in acquiring the monopolistic subsidization from crown when the country extends its material means for the colonization. Wealth found to both the merchant elite and the state in form of gold and different raw materials to add its value, and then exported in form of the finished goods. Mercantilists saw production to be very important because it only led to t he surplus of exports (Mark Blaug). When the merchant class had been far from cohesive, the disagreements about policy in the merchant class were different to the aims of a common goal of expanding the extent of trade surplus. The mercantilists encouraged exports, except the machinery, plant and equipment, which might help foreign competitors. They discouraged imports, except in raw materials and precious metals. The colonies, including the Americas, had served as a primary export market and the tax revenue source, military bases, and a source of silver, gold, and raw materials. The strong navy and the military war machine were vital to the maintenance and implementation of these policies (Lars Magnusson). As production became more important, the capitalists realized that in controlling production, this would be possible to decrease costs, increase productivity, and undercut the competitors by lowering prices. The line of thinking led economists like Adam Smith to oppose the idea that gold constituted wealth. In the powerful critique of mercantilists, Adam Smith had pointed out that money reflected the wealth produced while expressing the value of goods and services that offered in the marketplace. Moreover, struggles among merchants in trade monopolies and prices made conflict to all the detriment concerned. Many criticisms of mercantilism had culminated in a devastating critique that is known as the specie flow mechanism. The Scottish philosopher and political economist called David Hume (1711-1776) had pointed out that the very success of a nations mercantilist policies will set in motion forces, which would tend to reverse trade surplus, through the normal operation in markets. All owing in the money free flow, at this time especially gold, it was discussed that would tend to result in balance of trade equilibrium (Lars Magnusson). While the specie-flow mechanism of Hume is the most known critique of the mercantilist thought, his opposition to mercantilist thinking started as early as the late 17th century. The main idea was that the success of mercantilist policies will trigger unintended consequences. So, the positive trade balance refers to money positive net flow, because a lot of money is coming in rather than going out. This situation would evolve where too much amounts of money is chasing few goods, where the system is operating in full capacity, money is not hoarded but kept in circulation. The only logical effect is to raise prices. As opposed to the countries mercantilist surplus, money is flowing out that result in the fall of prices. The deficit countries will become more competitive in time. Trade will shift their thinking resulting in trade equilibrium. That doctrine will later become known as the quantity theory of money (Mark Blaug). In light of historical influence, mercantilist policy expanded the decrease of the feudal economy and the system of guild crafts of production. The state policy and merchant system complemented each other. The main objective was to indicate growth of foreign trade while encouraging the inflow of the precious metals and the raw materials to which the value could be added for exports. So, mercantilism served to rapid the transition of Europe from the land-based economy to the monetary economy. Though pure mercantilism is considered a dead economic issue, but vestiges of it remain (Henry William Spiegel). Mercantilism, in the seventeenth and eighteenth centuries, many European countries believed that the world wealth was finite and limited. Whatever one of the countries gained, the another one lost. In order to ensure their own share, those countries issued an economic policy calling it mercantilism. Because England had followed mercantilism, this policy affected profoundly the American colonies in the years that precede independence. The cornerstone of mercantilism is that the country supply of silver and gold reflected its wealth and its economic strength. In addition, the gold enabled countries to acquire military arms. The Countries worked in many ways to raise their silver and gold stores, but the foreign trade became the basic avenue. When exporting more goods than imported, the mercantile countries could demand the difference in gold which is the principal international currency of those times (Lars Magnusson). The trading countries such as England saw their colonies to be useful players in the mercantile game. It looked to its colonies for getting raw materials that could be obtained at low cost. So, colonies became markets for the English exports. By mercantilism, England had forged the early weaknesses and strengths of the young American economy. Starting from the first of the Navigation Acts in 1660, the laws passed during the 17th and 18th centuries tightened England control of the American trade and economy. For example, when requiring the colonies to trade through the British Empire, England had limited any trade competition might be presented by its colonies. The laws against manufacturing also forced the colonies to import manufactured goods from the mother country. The products manufactured were routed within England, and shipping was only limited to English or colonial carriers (Steele, G. R.). Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Being an economic system, mercantilism leads to make foreign competition and discouragement of direct foreign investment. This term supposes  that the wealth of any nation will primarily depend on the ownership of precious metals as silver and gold, but this system cannot be achieved forever, because the universal economy would be stagnant when all countries wanted to make exports without imports. After a  very short time,  a lot of people started to act against the mercantilism idea and stressed the very bad need of free trade. The continuous pressure result was found in the implementation of laissez faire economics in the  19th century (Lars Magnusson). The most important economic rationale for mercantilism in the 16th century was the consolidation of the centers of regional power of the feudal era through large competitive nation-states. Other contributing factors were in the establishment of colonies out of Europe, the growth of commerce and industry in Europe relative to agriculture, and the increase in the breadth and volume of trade, and the increase in using metallic monetary systems, particularly silver and gold, relative to barter transactions. Within the mercantilist period, the military conflict among states was both more extensive and more frequent than at any time in history. The navies and armies of the main protagonists were not temporary forces raised to specify a specific threat or objective, but they were professional forces. The primary economic objective of the government was to command sufficient quantity of the hard currency to support the military that would deter attacks by other countries and help its own ter ritorial expansion. The policies took so many forms. Governments may provide capital to new industries, exempt new industries from guild rules and taxes, establish monopolies over local and colonial markets, and grant titles and pensions to successful producers. In trade policy the government assisted local industry by imposing tariffs, quotas, and prohibitions on imports of goods that competed with local manufacturers. Governments also prohibited the export of tools and capital equipment and the emigration of skilled labor that would allow foreign countries, and even the colonies of the home country, to compete in the production of manufactured goods. At the same time, diplomats encouraged foreign manufacturers to move to the diplomats own countries (Lars Magnusson). Shipping was particularly important during the mercantile period. With the growth of colonies and the shipment of gold from the New World into Spain and Portugal, control of the oceans was considered vitally important to national power. Because ships could be used for merchant or military purposes, the governments of the era developed strong merchant marines. In France Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders (Steele, G. R.). In England the Navigation Laws of 1650 and 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and her colonies had to be carried in either English or colonial vessels. The Staple Act of 1663 extended the Navigation Act by requiring that all colonial exports to Europe be landed through an English port before being reexported to Europe. Navigation policies by France, England, and other powers were directed primarily against the Dutch, who dominated commercial marine activity in the sixteenth and seventeenth centuries (Steele, G. R.). During the mercantilist era it was often suggested, if not actually believed, that the principal benefit of foreign trade was the importation of gold and silver. According to this view the benefits to one nation were matched by costs to the other countries that exported gold and silver, and there were no net gains from trade. For countries almost constantly on the verge of war, draining one another of valuable silver and gold was thought to be almost as desirable as the direct benefits of trade (Geoffrey Parker). Adam Smith refuted the idea that the wealth of a nation is measured by the size of the treasury in his famous treatise, The Wealth of Countries, a book rightly considered to be the foundation of modern economic theory. Smith made a number of important criticisms of mercantilist made a number of important criticisms of mercantilist doctrine. First, he demonstrated that trade, when freely initiated, benefits both parties. In modern jargon it is a positive-sum game. Second, he argued that specialization in production allows for economies of scale, which improves efficiency and growth. Finally, Smith argued that the collusive relationship between government and industry was harmful to the general population. While the mercantilist policies were designed to benefit the government and the commercial class, the doctrines of laissez-faire, or free markets, which originated with Smith, interpreted economic welfare in a far wider sense of encompassing the entire population (Lars Magnusson). While The Wealth of Nations is generally considered to mark the end of the mercantilist era, the laissez-faire doctrines of free-market economics also reflect a general disenchantment with the imperialist policies of nation states. The Napoleonic Wars in Europe and the Revolutionary War in the United States heralded the end of the period of military confrontation in Europe and the mercantilist policies that supported it. Despite these policies and the wars that they are associated with, the mercantilist period was one of generally rapid growth, particularly in England. This is partly because the governments were not very effective in enforcing the policies that they espoused. While the government could prohibit imports, for example, it lacked the resources to stop the smuggling that the prohibition would create. In addition, the variety of new products that were created during the industrial revolution made it difficult to enforce the industrial policies that were associated with mercantilist doctrine. By 1860 England had removed the last vestiges of the mercantile era. Industrial regulations, monopolies, and tariffs were abolished, and emigration and machinery exports were freed. In large part because of her free trade policies, England became the dominant economic power in Europe. Englands success as a manufacturing and financial power, coupled with the United States as an emerging agricultural pow erhouse, led to the resumption of protectionist pressures in Europe and the arms race between Germany, France, and England, which ultimately resulted in World War I (Geoffrey Parker). Protectionism remained important in the interwar period. World War I had destroyed the international monetary system based upon the gold standard. After the war manipulation of the exchange rate was added to the governments list of trade weapons. A country could simultaneously lower the international prices of its exports and increase the local currency price of its imports by devaluing its currency against the currencies of its trading partners. This competitive devaluation was practiced by many countries during the Great Depression of the thirties and led to a sharp reduction in world trade (Steele, G. R.). A number of factors led to the reemergence of mercantilist policies after World War II. The Great Depression created doubts about the efficacy and stability of free-market economies, and an emerging body of economic thought ranging from Keynesian countercyclical policies to Marxist centrally planned systems created a new role for governments in the control of economic affairs. In addition, the wartime partnership between government and industry in the United States created a relationship-the military-industrial complex, in Eisenhowers words-that also encouraged activist government policies. In Europe the shortage of dollars after the war induced governments to restrict imports and negotiate bilateral trading agreements to economize on scarce foreign exchange resources. These policies severely restricted the volume of intra-Europe trade and impeded the recovery process in Europe in the immediate postwar period (Geoffrey Parker). The economic strength of the United States, however, provided the stability that permitted the world to emerge out of the postwar chaos into a new era of prosperity and growth. The Marshall Plan provided American resources that overcame the most acute dollar shortages. The Bretton Woods agreement established a new system of relatively stable exchange rates that encouraged the free flow of goods and capital. Finally, the signing of GATT (General Agreement on Tariffs and Trade) in 1947 marked the official recognition of the need to establish an international order of multilateral free trade (Lars Magnusson). The mercantilist era has passed. Modern economists accept Adam Smiths insight that free trade leads to international specialization of labor and, usually, to greater economic well-being for all countries. But some mercantilist policies continue to exist. Indeed, the surge of protectionist sentiment that began with the oil crisis in the midseventies and expanded with the global recession of the early eighties has led some economists to label the modern pro-export, anti-import attitude as neomercantilism. (Steele, G. R.) Although several rounds of multilateral trade negotiations have succeeded in reducing tariffs on most industrial goods to less than 5 percent, trade in agricultural goods remains heavily protected though tariffs or subsidies in Europe, Japan, and the United States. Countries have also responded to GATT by erecting different nontariff barriers to trade. The Long Term Arrangement on Cotton Textiles (1962) was the first major departure from the key GATT rule of nondiscrimination. Discriminatory nontariff barriers are typically used by industrialized countries to protect mature industries from competition from Japan and newly industrialized countries like Brazil, Korea, and Taiwan. These nontariff barriers include voluntary export restraints, orderly marketing arrangements, health and safety codes, and licensing requirements. And the U.S. Jones Act, which prohibits shipment of goods between U.S. ports on foreign ships, is the modern counterpart of Englands Navigation Laws (Lars Magnusson ). Modern mercantilist practices arise from the same source as the mercantilist policies in the sixteenth to the eighteenth century. Groups with political power use that power to secure government intervention to protect their interests, while claiming to seek benefits for the nation as a whole. Of the false tenants of mercantilism that remain today, the most pernicious is the idea that imports reduce domestic employment. This argument is most often made by American automobile manufacturers in their claim for protection against Japanese imports. But the revenue that the exporter receives must be ultimately spent on American exports, either immediately or subsequently when American investments are liquidated. Another mercantilist view that persists today is that a current account deficit is bad. When a country runs a current account deficit, it is borrowing capital from the rest of the world in order to purchase more goods and services than it sells. But this policy promotes economic wea lth if the return on the capital borrowed exceeds the cost of borrowing. Many developing countries with high internal returns on capital have run current account deficits for extremely long periods, while enjoying rapid growth and solvency (Geoffrey Parker).

Customer Satisfaction Towards E-Banking Services: a Case Study on Ific Bank Ltd.

Prelude In a constantly changing world of today, where past is replaced by dynamic present and the dynamic present is being replaced by more challenging future, the old ways of doing things is no longer valid. Change is permanent and a reality. Those who are not able to keep pace with the changes are destined to loose the race. Science and technology is changing the way financial institutions perform their transactions. Today’s banks are shaking by these technological changes. Life has never been so easy, comfortable, and luxurious. Science and technology have brought our life to this stage. But a new technology brings with it not only the potential for success but also a never-ending series of questions regarding its design, its value to its users, ultimate use and acceptability. E-banking is the waves of the future. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels. For many consumers, electronic banking means 24-hours access to cash through an Automated Teller Machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. E-banking is a form of banking where funds are transferred through an exchange of electronic signals between financial institution, rather than exchange of cash, cheeks or other negotiable instruments. With the expansion of global Information and Communication Technology (ICT) infrastructure and the internet, e-banking is set to play a pivotal role in the national economy, proper software, infrastructure, cyber low and skilled manpower are important for the implementation of e-banking in a country. The concept of e-banking includes all types of banking activities performed through electronic networks. E-banking includes activities like payment of bills and invoices, transfer of funds between accounts, applying for a loan, payment of loan installments, sending funds to third parties via emails or internet connections regardless of where the client is located. Since e-banking offers some smart services benefiting both banks and customers compared with traditional banking system, it has become imperative to make necessary room for the scheduled banks to flourish e- banking. Since e-banking offers some smart services benefiting both banks and customers compared with traditional banking system, it has become imperative to make necessary room for the scheduled banks to flourish e-banking. Among others, attractiveness of e-banking includes: ? it lowers transaction cost; ? provide 24-hour services; ? ensure increased security and control over transactions; ? reduces fraud risk; ? performs higher volume of transactions with less time; ? increases number and volume of value payment through banks; ? llows remote transactions facilities that replace physical presence of a customer in a bank branch and; ? increases transaction speed and accuracy. On the other hand, traditional banking is time-consuming and more costly and therefore, e-banking is replacing traditional banking all over the world. Especially with the increasing acceptability of digital signatures around the world, e-banking has made life much easier and banking much faster and more pleasant, for cus tomers as well as for bankers. Problem Statement Customer satisfaction is required for the banking sector to raise profitability, business growth and success. Customer perception is very important to add value of the banking services and products. E-banking is the waves of the future. It can provide speedier, faster, reliable services to the customers for which they are relatively happy. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels. A new technology brings with it not only the potential for success, but also a never-ending series of questions regarding its design, its value to the user, its ultimate use and acceptability. Although there has been significant effort made to eliminate paper-based payment transactions, the basic way of handling payments by consumers has not changed. The study has been undertaken to evaluate the reaction of the customers towards the e-banking services. Research Objectives E-banking services provide smart replacement of traditional banking services and benefit both the bankers and the customers. But in Bangladesh, due to presence of some constrains, e-banking is not flourishing as it should do. The main objective of this research study is to find out the reaction of the customers towards the e-banking services. In this context, the specific objectives would be to observe – ? The types of e-banking facilities a bank, in this case IFIC Bank Ltd. , offers to its customers; ? The factors that satisfy the customers in receiving e-banking facilities offered by the bank; ? The constraints the customers face in adopting e-banking facilities; ? The expectations and recommendations of the customers towards e-banking services. Literature Review A. E-Banking in Bangladesh In Bangladesh, e-banking facilities are yet to be fully developed although some technology driven products and services have been in operation over the last few years. The existing technology driven products and services offered by the traditional banks are ATM services, debit card and credit card, transactions through POS terminals, inter-branch online transactions through individualized online closed network of individual bank, limited customer services provided through internet and membership of SWIFT allowing scheduled banks to conduct wireless transactions especially e-transactions. All these technology based products and services have obviously unlocked the way to step toward e-banking. Moreover, as a part of modernizing national payment and settlement system, Bangladesh Automated Clearing House (BACH) that includes Bangladesh Automated Cheque Processing System (BACPS), and Bangladesh Electronic Fund Transfer Network (BEFTN), is being implemented under the â€Å"Remittance and Payments Partnership† (RPP) project of the Bangladesh Bank funded by DFID-UK is expected to speed up the adoption of e-banking as well. E-banking at per international standard is yet to develop in Bangladesh. At present, several private commercial banks (PCBs) and foreign commercial banks (FCBs) offer limited services of telebanking, internet banking, and online banking facilities working within the branches of individual bank in a closed network environment. As a part of stepping towards e-banking, the FCBs have played the pioneering role with adoption of modern technology in retail banking during the early 1990s whereas the state-owned commercial banks (SCBs) and PCBs came forward with such services in a limited scale during the late 1990s. Moreover, the banking industry as a whole, except for the four specialized banks (SBs), rushed to offer technology based banking services during the middle of the current decade. Online Banking: Transactions in online banking are performed within closed network for which the customer use specialized software provided by the respective bank. International standard online banking facilities are expanding in Bangladesh. At present, 29 scheduled banks offer any branch banking facilities through their respective bank online network that provides facilities like transaction through any branch under the respective bank online network; payment against pay order or pay order encashment, demand draft encashment, opening or redemption of FDR from any branch of the same bank; remote fund transfer, cash withdrawal, cash deposit, account statement, clearing and balance enquiry within branches of the same bank; and L/C opening, loan repayment facility to and from any branch of respective bank under its own online network. Inter-bank transactions or transaction between inter bank branches are yet to expand. Under the modernization program of the National Payment and Settlement System, Bangladesh Automated Clearing House (which includes Bangladesh Automated Cheque Processing System and Bangladesh Electronic Fund Transfer Network) came into effect from September 2009 followed by implementation of online banking at per international standard in near future. Internet Banking: Internet banking refers to the use of internet as a remote delivery channel for banking services which permits the customer to conduct transactions from any terminal with access to the internet. It is the WWW through which banks can reach their customers directly with no intermediaries. Internet banking in true sense is still absent in Bangladesh. Only 7 out of 47 banks are providing some banking services via internet that include account balance enquiry, fund transfer among accounts of the same customer, opening or modifying term deposit account, cheque book or pay order request, exchange rate or interest rate enquiry, bills payment, account summary, account details, account activity, standing instructions, loan repayment, loan information, statement request, ,cheque status enquiry, stop payment cheque, refill prepaid card, password change, L/C application, bank guarantee application, lost card (debit/credit) reporting, pay credit card dues, view credit card statement, or check balance. The core banking activities like fund transfer to third party, cross border transactions and so on are still uncovered by internet banking offered by the scheduled banks in Bangladesh. Mobile Banking: Mobile banking (also known as M-banking or SMS banking) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. Mobile banking is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device. The standard package of activities that mobile banking covers are: mini-statements and checking of account history; alerts on account activity or passing of set thresholds; monitoring of term deposits; access to loan statements; access to card statements; mutual funds/equity statements; insurance policy management; pension plan management; status on cheque, stop payment on cheque; ordering check books; balance checking in the account; recent transactions; due date of payment (functionality for stop, change and deleting of payments); PIN provision, change of PIN and reminder over the internet; blocking of (lost/stolen) cards; domestic and international fund transfers; micro-payment handling; mobile recharging; commercial payment processing; bill payment processing; peer to peer payments; withdrawal at banking agent; and deposit at banking agent. Despite huge prospects, only a few banks adopted mobile banking in Bangladesh during the last year. Tele Banking: Tele banking refers to the services provided through phone that requires the customers to dial a particular telephone number to have access to an account which provides several options of services. Despite huge potential, telebanking services have not been widened enough in daily banking activities in Bangladesh. Only four banks so far provide a few options of telebanking services such as detail account information, balance inquiry, information about products or services, ATM card activation, cheque book related service, bills payment, credit card service and so on. Funds transfer between current, savings and credit card account, stock exchange transactions etc are still inaccessible through telebanking in Bangladesh. B. Prospects of e-Banking in Bangladesh E-banking is now a global phenomenon. Apart from the developed countries, the developing countries are experiencing strong growth in e-banking. The government’s emphasis on building a digital Bangladesh, setting up ICT park, raising allocation for developing ICT infrastructure, waiving taxes on computer peripherals and other measures including the automation program of banking sector led by the Bangladesh Bank and competition among the scheduled banks in improving customer services have accelerated the prospects of e-banking in Bangladesh. Bangladesh Bank is implementing the RPP project for modernizing national payment and settlement system. The BACH including BACPS and BEFTN has started functioning from September 2009 followed by the development of inter-bank online network. The project plans to go for real time gross settlement (RTGS) by 2012. It has been made mandatory for all head offices of the scheduled banks to be connected with Bangladesh Bank for satisfying BACH and BEFTN. These efforts would allow the scheduled banks to be connected to each other for conducting inter-bank online transactions in near future and this would smoothen the introduction of e-banking in Bangladesh. Internet services came to Bangladesh with connectivity in 1996. Digital telephone exchanges have been established in 389 upazilas and 17 growth centres. Work is underway to cover the rest of the upazilas under digital exchange system. Meanwhile, Bangladesh has joined the information super-highway by connecting itself with international submarine cable system in 2006. A total of 159 Internet Service Providers (ISPs) have now been connected with this system of which 64 are actively providing services. Internet connection is slow with bandwidth range 32 kbps to 56 kbps for dial up and 64 kbps to 8 mbps for broadband. The establishment of internet exchange is under implementation. Encryption laws to accept electronic authentication of transactions has been enacted in 2006 and Voice over Internet Protocol (VoIP) has been legalized. Under this scenario, as a part of government decision of building digital Bangladesh, the existing capabilities of ICT sector is likely to increase rapidly in bringing all upazilas under internet services and this will contribute in widening the scope of e-banking throughout the country. Although all branches of FCBs and 99% branches of PCBs were computerized by December 2006, the average for all bank branches was 37% since only 4% and 16% of SBs and SCBs respectively were computerized. Out of a total of 6,565 branches in 2006, 2,426 were computerized of which 651 branches of 22 PCBs and 7 FCBs together were providing any-branch-banking facility under respective bank online network. During the period, the number of ATM booths and POS terminals stood at 478 and 4,647 respectively covering important merchant outlets in six divisional cities and some other important district towns in Bangladesh while 43 banks became the member of SWIFT and 25 banks adopted router connection. Since about 50% of total bank branches belong to SCBs spread throughout the country including the rural areas, ICT penetration is crucial for this category of banks. The recent corporatization of the NCBs, would influence the banks in this category to be competitive through improving their service quality incorporating the use of modern technology. Although all these are positive developments, more attention is needed to enhance ICT capabilities of the banking system especially the SCBs for successful implementation of e-banking all over the country. Although e-banking has bright prospects, it involves some financial risks as well. The major risk of e-banking includes operational risks (e. g. security risks, system design, implementation and maintenance risks); customer misuse of products and services risks; legal risks (e. g. without proper legal support, money laundering may be influenced); strategic risks; reputation risks (e. g. in case the bank fails to provide secure and trouble free e-banking services, this will cause reputation risk); credit risks; market risks; and liquidity risks. Therefore, identification of relevant risks, and formulation and implementation of proper risk mitigation policies and strategies are important for the scheduled banks while performing e-banking. In Bangladesh, despite huge demand from the business community as well as the retail customers particularly the urban customers, the expansion of e-banking is beset with several infrastructural, institutional, and regulatory constraints such as unavailability of a backbone network connecting the whole country; inadequacy of reliable and secure information infrastructure especially telecommunication infrastructure; sluggish ICT penetration in banking sector; insufficient legal and regulatory support for adopting e-banking and so on. In Bangladesh, telephone connectivity is inadequate, cost of PCs are still beyond purchasing capacity of most people, internet connection is costly, IT literacy is yet to reach satisfactory level, banking sector lacks skilled IT personnel, and huge investment requirement for establishing technology based banking services are prime drawbacks. Despite the constraints, efforts by the Bangladesh Bank in modernizing the country's payment system and commitment by the government in building ‘Digital Bangladesh’ have brought competition among the scheduled banks to improve banking services and rapidly adopt e-banking on a wider scale. Research Design Since the research is conducted to find out the factors that satisfy the customers towards e-banking, the constraints they face in adopting e-banking facilities and their expectations and recommendations towards e-banking, the research is particularly suited as an exploratory research. Data Collection Methods For the purpose of the study both primary and secondary data have been used. Primary data have been collected from the customers through depth interview with the help of a questionnaire, which is attached with this report in Appendix I. In case of secondary data, the data has been collected from the websites, brochures, annual reports, and manuals of IFIC Bank Ltd. Sample Design The target population for the study was all the customers of IFIC Bank Ltd. who receive e-banking services from the bank. Elephant Road Branch of IFIC Bank Ltd. is selected as the sampling unit. All the customers of the branch who have used e-banking services constituted the sampling frame. A sample size of 30 customers has been selected. The sample was selected using convenience sampling. Analysis Qualitative analysis of the facts found through depth interview of the customers and secondary data collected through other sources is done throughout the research. This qualitative analysis is totally a judgmental analysis of the researcher. Here, no quantitative analysis is done. To find out the reactions of the customers towards e-banking services it is tried to find out whether the customers use the e-banking services frequently; people of which occupation use the service frequently; if the customers are comfortable with using the e-banking services or not; if they are satisfied what factors make them satisfied; if the customers are facing constraints, what type of constraints they are facing; what the customers suggest to diversify away those constraints; and lastly what the customers expect more from the bank regarding e-banking services. Overview of IFIC Bank Ltd. International Finance Investment and Commerce Bank Limited (IFIC Bank) is a banking company incorporated in the People's Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions abroad. The Government held 49 per cent shares and the rest 51 per cent were held by the sponsors and general public. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. The Government of the People’s Republic of Bangladesh now holds 35% of the share capital of the Bank. Leading industrialists of the country having vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public. The Bank’s mission is to provide service to the clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make its position unique in giving quality service to all institutions and individuals. The bank is committed to the welfare and economic prosperity of the people and the community, for it drives from them the inspiration and drive for onward progress to prosperity. The bank wants to be the leader among banks in Bangladesh and make indelible mark as an active partner in regional banking operating beyond the national boundary. In an intensely competitive and complex financial and business environment, we particularly focus on growth and profitability of all concerned. Milestones in the development of IFIC BANK |1976 |Established as an Investment & Finance Company under arrangement of joint venture with the govt. of Bangladesh. | |1980 |Commenced operation in Foreign Exchange Business in a limited scale. | |1982 |Obtained permission from the Govt. to operate as a commercial bank. | |Set up a its first overseas joint venture (Bank of Maldives Limited) in the Republic of Maldives (IFIC's share in Bank | | |of Maldives Limited was subsequently sold to Maldives Govt. in 1992) | |1983 |Commenced operation as a full-fledged commercial bank in Bangladesh. | |1985 |Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (subsequently| | |renamed as Oman International Exchange, LLC). | |1987 |Set up its first overseas branch in Pakistan at Karachi. | |1993 |Set up its second overseas branch in Pakistan at Lahore. |1994 |Set up its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Ltd. | |1999 |Set up its 2nd joint venture in Nepal for lease financing, titled Nepal Bangladesh Finance & leasing Co. Ltd. which was| | |merged with NBBL in 2007 | |2003 |Overseas Branches in Pakistan amalgamated with NDLC, to establish a joint venture bank: NDLC-IFIC Bank Ltd. , | | |subsequently renamed as NIB Bank Ltd. | |2005 |Acquired MISYS solution for real time on-line banking application. | | |Core Risk Management implemented. | |2006 |Corporate Branding introduced. | |Visa Principal and Plus (Issuer and Require) Program Participant Membership obtained. | |2008 |Observing 25th Anniversary of Customer Satisfaction. | |2009 |64 Branches offering Real Time On-line banking facility. | Services Offered by IFIC Bank Ltd. Corporate Banking IFIC Bank is providing a wide range of financial services, offering specialist advice and products to corporate clients to meet diverse demands of changing market scenario. Products and services for commercial and business customers include: Working Capital Finance, Project Finance, Term Finance, Trade Finance, Lease Finance, Syndication Loan etc. Retail Banking Retail Banking is mass-banking facility for individual customers to avail banking services directly from the wide branch network all over the country. The bank provides one-stop financial services to all individual customers through its innovative products & services to cater their need. With a view to provide faster and more convenient centralized online banking services, now, all its branches have been brought under the real time online banking system. IFIC Bank offers a wide variety of deposit products, loan product & value added services to suit the customer’s banking requirements. Products and services for individual customer include: Consumer Finance, Deposit Product, Card, NRB Account, Student File, SMS Banking etc. SME Banking The growth of Small and Medium enterprises (SMEs) in terms of size and number has multiple effects on the national economy, specifically on employment generation, GDP growth, and poverty alleviation in Bangladesh. At present, Small & Medium Enterprise sector is playing a vital role in creation of new generation entrepreneurs and ‘Entrepreneurs Culture' in the country. Experience shows that borrowers of small enterprise sector prefers collateral free loan since normally they cannot offer high value security to cover the exposure. To facilitate SME sector of the country, IFIC Bank provides collateral free credit facilities to the small & medium entrepreneurs across the country whose access to traditional credit facilities are very limited. The bank is offering 15 different products for selected target groups, such as – Easy Commercial Loan, Retailers Loan, Muldhan Loan, Women Entrepreneur’s Loan (Protyasha), Transport Loan, Working Capital Loan, Project Loan, letter of Contractor's Loan, Bidder's Loan, Working Capital Loan, Project Loan, Letter of Guarantee, Letter of Credit Loan against Imported Merchandize (LIM), Loan against Trust Receipt etc. E-Banking Services Offered by IFIC Bank Ltd. Since the beginning of its journey as a commercial bank in 1983, IFIC Bank has been giving great emphasis on the adoption of modern technology. It became the pioneer in the field of automation by introducing computerized branch banking right in the same year. Subsequently, all the branches were brought under similar automated platforms with upgraded software applications to offer all the critical banking features. At present all 82 domestic branches are fully computerized under networked environment. The Bank has taken up a new project with Misys International Banking System Inc. (UK) to further upgrade its banking operation to state-of-art world class on-line banking solutions to provide faster and even more convenient centralized services to the clients. Besides, the Bank is also operating fully on-line Automated Teller Machine (ATM) services under the banner Q-Cash at a number of locations in Dhaka and Chittagong. The ATM facilities are available to the customers at Q-Cash booth. At present, there are five ATM booths of the bank. IFIC Bank Ltd. or achieving customer satisfaction and for surviving in this competitive market has concentrated on offering different types of e-banking services to its customers. Different e-banking services offered by the bank are fully online branch banking facilities, credit card, debit card, prepaid card, SMS banking facilities etc. IFIC Credit Card IFIC Bank VISA Credit Cards are issued in two types namely Gold and Classic for both local and international use. The Local Cards can be used at any ATM displaying VISA Logo for withdrawal of cash and at any POS displaying VISA Logo for purchase of goods & services within Bangladesh whereas the International Cards can be used at any ATM and POS displaying VISA logo anywhere in the world. International credit card is a dual currency card and as such one can use the same plastic at home & abroad. Classic cards are for lower limits and less costly. IFIC credit cardholders can enjoy 20 to 50 days interest free period depending on the date of transaction and the date of statement generation. Interest free period will not be allowed for cash advance. The customers can repay any amount not less than the minimum payment due within the due date and keep account regular to enjoy revolving credit facility. Customers can enjoy credit facility at lower interest rate of 2% per month. Customers can enjoy cash withdrawal facility up to 60% of the credit limit through ATMs. One can enjoy up to 100% of your credit limit through Bank POS from any branch of IFIC Bank Limited. First two supplementary cards are free. Customers can select any two from their near & dear persons and give them supplementary credit cards. They can also enjoy and share their credit limit. They can also allow specific limits for them within their credit limit. No interest will be calculated on the amount other than cash advance if the total billing amount is paid within the payment due date. In case of part payment or no payment, interest @2% per month will be applied from the date of transaction on daily product basis until the outstanding balance is fully paid. IFIC Debit Card IFIC Bank VISA Debit Card can be used at any ATM displaying VISA Logo for withdrawal of cash and at any POS displaying VISA Logo for purchase of goods & services within Bangladesh. ATM transactions are to be secured by Personal Identification Number (PIN) known by the concerned customer only. POS transactions will not require PIN. However, all the transactions are to be authorized by the system electronically. IFIC debit card is issued against any individual savings/ current account maintained with any branch of IFIC Bank Limited. The designated savings/current account can be operated by using the debit card without using cheques any time. The customers are not required to pay any charge for transactions at Merchant Point of Sale (POS) for purchasing goods and services. For cash withdrawal from ATM/Branches, a little charge may be applied. No interest will be calculated on cash withdrawal or purchases. No minimum amount due and no hassle of payment of monthly bills. IFIC Prepaid Card IFIC Bank VISA Prepaid Card can be used at any ATM displaying VISA Logo for withdrawal of cash and at any POS displaying VISA Logo for purchase of goods & services within Bangladesh. ATM transactions are to be secured by Personal Identification Number (PIN) known by the concerned customer only. POS transactions will not require PIN. However, all the transactions are to be authorized by the system electronically. Prepaid card is safer than carrying cash and more convenient than writing cheques. IFIC Prepaid card is issued by the branches instantly on filling-up the Application Form and making initial deposit. There is no need to have any account with the Bank. Prepaid card are suitable for the customers who does not maintain any account with IFIC. No interest will be calculated on cash withdrawal or purchases. No minimum amount due and no hassle of payment of monthly bills. Bank POS are available at all the branches of the Bank. Any IFIC Card Holder can withdraw cash from any branch of IFIC Bank Ltd. through Bank POS. Credit Card Holders can withdraw cash up to 100% of their credit limit. SMS Banking IFIC Bank Ltd. atered the demand of time in the era of modern banking technology through SMS Banking Service. It is indeed a fast, secure, convenient, economical and quickest way of banking. The service is available round the clock seven days a week. Customers can check their balance, account inf ormation, or even get your mini account statements through IFIC SMS Banking Service by using their mobile phones. Services available by SMS banking are as follows: Account Service ? Balance Enquiry ? Mini Statement Request (Last 5 Transactions) ? Foreign exchange Rate enquiry ? Fixed Deposit Rate enquiry ? Interest Rate enquiry ? Branch Location enquiry ? PIN Change ? Bank Product Information ? Greetings Loan Installment Notification (overdue) ? Any other Massage Card Services ? Current Outstanding Balance ? Mini Statement Request ( Last 5 Transactions) ? Minimum Payment Due ? Payment Due Date ? Payment Due Alert ? Transaction Notification Analysis The concept of e-banking includes all types of banking activities performed through electronic networks. In Bangladesh, despite huge demand e-banking is not flourishing as it should do. On the other hand, customer satisfaction is required for the banking sector to raise profitability, business growth and success. Customer perception is ve ry important to add value of the banking services and products. Through this study it is tried to find out whether the customers are appreciating the e-banking services offered to them or not; factors that satisfy them in receiving e-banking services from banks; the constraints they face regarding this matter and what they expect from the banks regarding e-banking services. For conducting the research, data from both primary and secondary sources are collected. Primary data are collected by doing depth interview of the customers with the help of a questionnaire, which is given in the Appendix I. This research study is based on the case study on IFIC Bank Ltd. The sampling unit is the Elephant Road branch of the bank and 30 regular customers of the branch are used as sample for conducting the research. To find out the reactions of the customers towards e-banking services it is tried to find out whether the customers use the e-banking services frequently; people of which occupation use the service frequently; if the customers are comfortable with using the e-banking services or not; if they are satisfied what factors make them satisfied; if the customers are facing constraints, what type of constraints they are facing; what the customers suggest to diversify away those constraints; and lastly what the customers expect more from the bank regarding e-banking services. The research is an explorative research. That is why only qualitative research has been done on the facts found through depth interview and on the basis of secondary data collected. Nature of Respondents The research is conducted based on the opinion of 30 regular customers of IFIC bank Ltd. , Elephant Road branch. Of the respondents 4 customers are businessman, 15 are service holders, 4 are students, 5 are housewives, 1 is teacher and 1 is a retired banker. Among the respondents, 11 respondents are female and the rest of them are male. Types of E-banking Services Used by the Respondents IFIC Bank mainly provides 5 kinds of e-banking services, namely, online transaction, debit card, credit card, prepaid card, SMS banking service. Other than these ATM booths and POS terminals of the bank or other ones having VISA logo provides e-banking services to the customers. Among the respondents, all of them use online transactions; 23 customers use debit cards; 10 customers use credit cards; 11 customers use SMS banking facilities. Among the customers no one uses prepaid card service. Frequency of Usage of E-banking Services by the Respondents Among the respondents, 9 customers use e-banking services highly frequently; 13 of them use with medium frequency and 8 of them use with low frequency. Businessmen and some of the service holders use e-banking services highly frequently. Some service holders and students use with medium frequency and lastly rest of the service holders and housewives, generally, use with low frequency. Factors Satisfied the Customers regarding E-banking Services IFIC Bank has started offering e-banking services to its customers only recently, which is not more than 2 years. So the customers, who do regular transactions in the bank, are very satisfied with the type of e-banking services they are receiving from the bank. All the customers of the bank can enjoy online banking facilities. Even two years before there was branch banking system. So, the customers had to go to branch to branch for their transaction making purposes. But now, with the introduction of online banking, they can do their transactions from any branch in Bangladesh without any encumbrance. Recently, all the 82 branches of the bank are providing online banking services to the customers. So, the customers are feeling it convenient to uses e-banking services. Usage of debit and credit cards has made customers life easy. People do not have to go to branches to withdraw money. Rather they can use the ATM booths of the bank or other ones showing VISA logo and withdraw money. They can also check their account balances and get mini statements of their accounts using ATM booth. Customers can use POS terminals showing VISA logo to purchase goods and services and pay bills. SMS banking also has made customers life easy. They can use their mobile phones for balance checking, getting any kind of relevant enquiries or for making relevant requests. So, the customers are feeling it is easy to use e-banking services as it saves a lot of time and cost. Some customers feel it is safe to use e-banking facilities. A lots of paperwork and manual work has been eliminated with the introduction of e-banking services, which reduces the chance of errors. According to above analysis, it is found that the factors for which customers are satisfied with e-banking service are convenience, availability of quick services, easy services and safety. Constraints Faced by the Customers Many of the respondents have said that they are facing constraints using e-banking services offered by IFIC bank. Some customers say that they cannot depend on the e-banking services, like debit cards, credit cards. They have the fear of security. They have some misconceptions regarding these services. They say that, it would be easier for others to do fraudulent activities with their accounts or cards if they use them. For this reason, some customers do not use these services although they bear the cards. Some customers have lack of awareness regarding the benefit of e-banking services. They are not aware of safety, easiness and benefit of using e-banking services. Some customers have lack of dependency on e-banking services. They rather feel it safe to do TT rather than doing online transactions. They do not understand the speediness of using e-banking services and like traditional and manual work. Some customers find it costly using e-banking services. Cost of using debit cards and credit cards are very high according to them. Again, the bank has only 5 ATM booths of its own and POS terminals are available only in the branches, which does not bear extra cost, but they are only few in number. Other organizations’ ATM booths and POS terminals cost extra charges which the customers do not like to bear. According to above discussion, it is found that the constraints the customers face are fear of security, lack of awareness, lack of dependency, and cost. Expectations and Recommendations of the Customers Regarding E-banking Services According to the customers, the expectations from the bank and recommendations for the bank are as follows: ? The bank should install more ATM booths of its own to different locations to make it available, easy, convenient and less costly for the customers to use the facilities. ? The bank should have some programs to create awareness and increase dependency about the products they offer to customers. The bank can distribute brochures, leaflets to its customers informing them about advantages of using the services. The bank can also send letters to the customers informing about the products. Some customers have requested that it would be better if the letters are sent in Bangla rather than in English. ? As some customers think that using e-banking services are costly for them, the bank may reduce the cost of these services or may give some discounts. ? The bank should concentrate more on the safety of the services. ? The bank should do more advertisement about their products. Some customers are not even aware about the SMS banking service and the prepaid card service is offered by the bank. ? The bankers should be more helpful in making the customers aware and understand about the new e-banking services offered by the bank. Conclusion Customer satisfaction is required for the banking sector to raise profitability, business growth and success. Customer perception is very important to add value of the banking services and products. E-banking is the waves of the future. It can provide speedier, faster, reliable services to the customers for which they are relatively happy. It provides enormous benefits to consumers in terms of case and cost of transactions, either through internet, telephone or other electronic delivery channels. A new technology brings with it not only the potential for success, but also a never-ending series of questions regarding its design, its value to the user, its ultimate use and acceptability. The research has been undertaken to evaluate the reaction of the customers towards the e-banking services. The research was an exploratory research. Qualitative analysis of the data collected from both primary and secondary sources are done. Primary data was collected by doing depth interview of the customers of Elephant Road branch IFIC Bank Ltd. Sample size was 30. According to the analysis the factors for which make customers satisfied with e-banking service are convenience, availability of quick services, easy services and safety. The constraints the customers face from receiving e-banking services from the bank are fear of security, lack of awareness, lack of dependency, and high cost. The customers expect that the bank should be more careful and concentrate on informing the information about the newly launched products to its customers to increase awareness and dependency on those products. The bank should make the services more convenient to the customers. And it should also take care of the security matters of the customers. ———————– Target Population: All the customers of IFIC Bank Ltd. who use e-banking services offered by the bank Sampling Unit: Elephant Road branch of IFIC Bank ltd. Sampling Frame: Name of all the customers of the branch who have used e-banking services Sample Size: 30 Sampling Technique: Convenience Sampling Exhibit 1: Sample Design

How Does Black History Month Relate to Education ?

The very essence and importance of Black History Month is to the whole world. It is of importance to educate the world and make sure that everyone is aware of the trials and hardships that we had to go through starting with slavery. There are various way that you can tie this significant month with education. Most Africans American do not realize how you need education to learn about these significant events that we lead up to today. Black History Month is celebrated during the month of February each year. Black History Month is not just a month but each day is a celebration for what our ancestors went through.During Black History Month, there days where we look at the things that all our ancestors and famous African Americans did for us like Rosa Parks, Martin Luther King Jr, and the Little Rock Nine. All of these people had a special affect on the lives of African Americans today. They all had one thing in common also which was standing up for what they believe in. Rosa Parks allow ed for us to sit in front of the bus, Martin Luther King Jr had a dream which we are still working on, and the Little Rock Nine allowed for the schools to become integrated.Schools, churches, and the community help with this celebration. Most schools celebrate Black History Month especially predominately African American schools because without the events that African Americans went through, there would be no integrated schools, teams, or even jobs. Some might think that we still would have been slaves, not have the ability to interact with other races, or even still living without freedom or respect. Some would also say that we as African Americans would still be treated disrespectfully or like an untamed animal.Not knowing about this month, would not allow for us to have freedom or even our rights. We as the a society need to make sure that we keep educating people especially African Americans on what we have been through and what we fought for especially with the people that foug ht for us including our ancestors. People take our rights and the freedom that we gained for granted. Without black history, we would not have a month, rights, freedom, or even equality.They all went through disrespectful trials to make sure African Americans now can have the comfort to live. These events led us up to today with African Americans having the ability to go to school and to gain an education. African Americans and other races need an education to take them to follow their dreams on what ever they want to do. Now we are at the year 2013, where there are many African Americans succeeding and taking over the world such as our President Barack Obama.

Genghis Kh The Great And France s Napoleon Bonaparte Essay

Genghis Khan united Mongol tribes and through conquest was able to bring peace and stability under Mongol rule and should be viewed with admiration instead infamy. Historically the Mongols were known as an almost unstoppable force that brought with it death and destruction all across Eurasia (Biran, Michal 2004). This long-standing view only offers a glimpse of the Mongol Empire and as a result Genghis Khan has been more comparable to figures such as Joseph Stalin of the Soviet Union for his Empire’s brutal war tactics and strategy. They do not dispute that he was a ruthless conqueror responsible for the deaths of thousands of innocent people. Yet, some of these experts point out, so were a number of larger-than-life Western military leaders, including Greece s Alexander the Great and France s Napolà ©on Bonaparte (Nardo, Don 2011). Not enough credit has been attributed to the Mongol Empire for their nonmilitary achievements. The period of Mongol rule has been called Pax Mong olica meaning Mongol Peace and is used to describe the beneficial consequences that reached the people of Eurasia on the political, social, and economic scale. Noted scholar George Land described the Mongol legacy as â€Å"Beneath the rhetoric and propaganda, behind the battles and massacres, hidden by the often self-generated myths and legends, the reality of the two centuries of Mongol ascendancy was often one of regeneration, creativity, and growth.† Before Genghis Khan united his people and established