Understanding Child Development through Observation

Understanding Child Development through Observation Introduction: Background For observing and evaluating the child development, an online site is accessed where a nursery video is available and in the video the child that I chose to observe is a four year old girl that I will refer to as Amani. She is highly intelligent and confident child; not only has this she had extraordinary skills to socially move around independently. I observe Amani in the school classroom; play area and garden area where she has been involved in different activity. This observation has been conducted between 9.23am until 11.09am of all her activities. The objective of this observation is to make the progressive note of the childs physical, intellectual, emotional, linguistic and social development. In the next section there is description of observation and followed by the evaluation and childs profile. Observation Description Amani stands near to table on which there are name tags of students, she leans to pick her names tag with a little hesitance and picks the tag and pastes it on the name board. During the time she has smile on her face and looks pleased with this activity. Later on she is in her classroom sitting on floor along with her all classmates, she is smiling and has her eyes on her teacher, and paying attention to what teacher is saying intently. She is constantly smiling and moving her body in swinging way. Now, teacher is singing a poem Mary and Amani is singing along with the teacher and continuously smiling with pleasure. Teacher is reading the students story about growing flower plants, teacher speaks of flower planting, that there are some seeds and Maule! You will plant them and they will grow into a beautifulà ¢Ã¢â€š ¬Ã‚ ¦flower Amani says flower with the teacher. Teacher says Maule! What do you think that seeds are going to needà ¢Ã¢â€š ¬Ã‚ ¦ soilà ¢Ã¢â€š ¬Ã‚ ¦ andà ¢Ã¢â€š ¬Ã‚ ¦ Amani cheerfully speaks waterà ¢Ã¢â€š ¬Ã‚ ¦ waterà ¢Ã¢â€š ¬Ã‚ ¦ making herself to be heard. Teacher says that you can go and play and Amani raises her hand cheerfully turns back and forth to her classmates and she walks around touching the different objects, she is in painting area and takes out a color out of jar and write her name with write hand, she put down green color and picks another marker. She gets up and walks to garden yard, wears her apron ties the laces and ribbons. She is standing by a large soil pot from where other children are getting the soil; she has a soil pot and tries to get the soil from one of a child standing closely. Second boy standing next to her has two scoops she tries to snatch the one because other boy is not letting her have the soil scoop. She snatches a scoop off the boy and cheerfully put some soil into the pot and says put some soil and it will make soil she picks a scoop and presses the soil inside the pot and says I am gonna show my soil and sits next to her teacher, she tries to take wax dough and laughs when her teacher refuses to g ive her the wax dough, teacher parts the dough and gives her half of the dough she smells it pleasingly and kneads it with her hand. Teacher says to her how does it feel? she says good. Teacher says how does it feel like? she says soft and cheerfully shifts the dough from hand to another. She says where is the stick to put it? and leaned forward to get the one and crushes an object on the table, the teacher exclaimed Oops! due sudden movement of Amani, she says she needs sticks and she hold the stick plate and put that near to her and picks the sticks one by one and put them in dough. Teacher says you could sing a song? she says yes and walks to the garden accompanied her teacher after finishing the wax dough, she puts the dough near to flower pots and waters the plants with the help of water shower. Now she is sitting in the garden party table and holding a spoon with plate and pretending to be eating with them. She gets up and leans forward to get another spoon and uses the spoon for picking sugar from the pot and pours into a tea cup and picks another pot, a milk pot and pour it into tea cup to make tea. She again pretends to be eating and her teacher says can you please make me a cup of tea, Maule!? she says with a smile yes, and puts sugar in the cup pleasingly, teacher says again what are you putting? she says with a smile I am putting sugar, and pretends to add more sugar into cup with spoon. She is on the garden party table and eating with spoon and drinking and says I have made it and get off the chair. Now she is in the class and standing next to her teacher who is sitting and singing a poem to children sitting on the floor. She sings the poem Mary with her teacher and classmates. According to Sheila Riddall-Leech (2005), observation is the most effective way to understand about the childs development stages, and its aim is to gather observation base information about a childs progress. Riddall-Leech (2005) further expresses that a single observation is not enough to determine whether or not a child is progressing and improving the developmental skills. Any observation should provide the data necessary to enable a professional to make balanced and informed decisions, such as the planning of specific activities to meet childrens needs, or whether to seek professional help. According to OHagan (2001), it is vital that parents are involved in the childs day to day activities in the school setting. In addition, the parents permission for observing child development is also important in the same regard. Evaluation Physical Development In physical development, Amani is observed for Development of Gross Motor Skills as well as Development of Fine Manipulative Skills (DeRobertis, 2008). Physically Amani is observed and found to be healthy and normal child since she continues to show physical activeness and physical involvement in every activity that a child of four year old is supposed to do such as walking, running, bending, carrying objects, and rolling. During observation, she is found to be physically comfortable of her environment like roaming around without any physical unbalance. She has shown almost all characteristics of Development of Gross Motor Skills. However, she has good physical balance yet at one point she shows lack of balance and co-ordination and control of body like leaning against the table and crushing other objects on the table. Another level of physical development observed is Development of Fine Manipulative Skills (DeRobertis, 2008). Just like every normal child of four year old Amani is ob served to able to using equipment, holding and gripping and drawing, writing and building. She is observed to feel, pouring, filling, touching and exploring dough and building another new object with it. She is observed to using objects like scoop and plant shower very efficiently and using spoon, dressing and using laces and ribbons. Intellectual Development Amani is intellectually observed remarkable as she shows intellect of mind and especially of knowledge and understanding. Both in classroom and play area she is observed as attentive, concentrated, understanding and learning child. The attention and concentration level is highly related to her responsive attitude. She shows some imagining and creativity too, working with wax dough and making cake and pudding of it. She is observed to have knowledge such as answering the teachers questions with her knowledge and writing her own name. The most important intellectuality observed in the Amani is her problem solving tendency such as wearing apron and tying the apron laces herself that shows her intense ability to show problem solving attitude. The sensing and concept formation of Amani is observed in play area where she makes pudding with wax dough, where she is asked about the wax and she responds correctly of the question that wax is soft and it shows great understanding and conceptuali zation of the girl. She seems to show good memory like sugar is added in tea and how to use the eating objects. Her understanding and recognition of objects and colors is extraordinary; she seems to differentiate between a light shade of green and vice versa. Since children learn language and other things by asking questions such as what, where, why, there has been lack of asking questions by Amani, and she intends to respond to the questions rather. Emotional Development Emotionally Amani is observed to be independent as she is able to walk around freely without any hesitation. Moreover, there is no hesitation or difficulty in her expression. She is expressive and good at expressing herself. However, she shows little lack of control over her emotions like when she is in her play area to plant a seed in soil she snatched the scoop from her classmate who refuses to hand her that scoop, though there is not any intense situation yet she looks little out of control of her emotions. Besides, she shows a good emotional balance towards her classmates, she seems to show warm towards her classmate. Facial expression is observed as maturely because she intends to smile all the time whenever she is amused to show her pleasure. She continues to responds the teacher apparently pleasantly and in expressive way. She seems to show good interaction with others but little direct eye contact is observed. The overall body movement and body posture is simply frequently wi thout any hesitancy and normally active and responsive. Tone of voice and play attitude is observed as interactive and sociable involvement. There is such as no sudden change in behavior or language tone. Linguistic Development Amani is observed to have language skills of the level of four year old child. She seems to express herself rather using language. In addition, she is observed to use short sentences and no difficulties and hesitation in speaking. Since language development of child depends on its cognitive skills and Amanis cognitive skills is observed as functioning and efficient, her language fluency and efficiency is improved and better than other children in the classroom. The selection of words and fluency in the speaking is extraordinary good with correct use of tense. Social Development However, Amani is observed as an active, balanced and interactive child yet it has been observed that she has very little double-sided interaction with her classmates. She is observed to interact with her teacher but little is observed her interaction with her classmates. She seems to look warmly and positively but she does not show a productive and cooperative interaction; for example, at one point, she rather snatches the scoop from her classmate rather than making a polite request she seems to behave a little intense. Since, a child of 3 or 4 year is capable of waiting of his/her turn and in normal situation can share and cooperate with fellows (Kail, 2007) therefore it was a little surprising aspect of her because she seems to behave normally so far in other development. In addition, social roles and social behavior like learning appropriately and respond to other is observed normally. However, she seems to enjoy being in classroom with other classmates and enjoy the social appea rance. In regard to other social skills like dressing and moving around without any help and doing different activities she is observed doing them independently. She seems to show a parallel social playing behavior like playing alongside but not with another child, not very much interacting and talking to other children in her different activities. She has been observed as cooperative and with high self-esteem- valuing herself as a person and confident. She rather seems to appear a self-reliance person in social development point of view. Child Profile I observed the child thoroughly and assessed her physically, intellectually, emotionally, linguistically, and socially. The overall development of Amani is observed to be normal and healthy. She has shown normal tendency in all level of development including physical, intellectual, emotional, linguistic and social. However, physical development means doing movement either gross or large movement of limbs or fine manipulative movement of fingers (Grych Fincham, 2001). Amani is found to have large movement of her body and her finger by using pencils and writing. Because physical development mainly depends on the body growth and nervous system that sends message from the brain to body it demonstrates the muscles to motivate them to move. There is great relevance of physical development with intellectual development, because if a child physically not fit or shows problems like little movement, hesitation, and inactive, all these symptoms show inefficient intellectual development of chil d. Amani has been observed as physically active and responsive her intellectual and mental capacity can be assessed as normal and frequent. The intellectual development of Amani is found to be mentally active and interactive along with reasoning mind. She seems to understand the environment, the teachings taught in the classroom and questions asked; she seems to answer them intellectually. She is very attentive and concentrated girl along with ability to respond the external environment. She has good imagining, creative ability and problem solving attitude. Moreover, she possesses an ability to utilize conceptualization of her reality and creativity. Emotionally she is a well balanced child with independent attitude; she has got normal body posture, eye contact, language tone and unchanged behavior. Moreover, her body language and facial expressions are even and warm towards other mates. In linguistic development I observed that she has ability to use language to express her and the re is fluency in the way of her language. Socially she is active, balanced and inter-active child, she is warmly and positive towards interacting towards her mates. She has good learning skills as a social roles and social behavior like learning in a group appropriately. She is socially independent and warm and communicative and responsive. She is expressive, social, cooperative and sharing the things. She has got remarkable cognitive skills and memory power. Different social activities like eating, moving in group and responding; these are those abilities which are extraordinary brought on in her. Common child features of asking questions about the things that they do not know or do not understand, in Amanis case it are bit different in the way that she does not asking question but answering the question rather. Another thing that is important to conclude is her overpowering and strong and intense feeling about her movement. She is intelligent, cooperative, talkative, communicative , and furthermore, creative and imaginative with good self confidence. According to Gambrell (1994) the child who is motivated to learn has many reasons to read and it also includes knowledge gaining, on the other hand Amani is not observed for reading, which can prove her learning motivation. Nevertheless, she is motivated to learning and learning in group which is undermining part of her development.

Leibniz: Theory of Monads

Introduction Whether ultimately correct or not, Leibniz rejects both Cartesianism and atomism. What ought not be missed is that throughout his objections Leibniz's focus never strays far from the mereological issues of wholes, parts, their unity, etc. Indeed, the very nature of his arguments against the mechanist project clearly demonstrate Leibniz's underlying concern for the problem of the continuum, which seems never very far from his mind. (Thompson) In rejecting Cartesianism, Leibniz's concern is with its inability to make sense of the whole, except at the expense of the reality of the parts. In rejecting atomism, his concern is with its inability to make sense of the parts, except at the expense of the unity of the whole. Neither can provide illumination sufficient to escape from the second labyrinth, and the entire mechanist project therefore finds itself impaled effectively on both horns of a dilemma. Since the problem of the continuum has so much relevance to the unity of substance, Leibniz considers mechanist philosophy inadequate. (Brown) Remaining entirely in character, it should not be surprising that Leibniz's own metaphysics is most fundamentally an attempt to reconcile the mechanistic philosophy to that of Aristotle. He attempts to take the best of each of these two systems and synthesize a new theory that manages to escape their individual defects. (Thompson)   Monads are the unit of substance which supposedly bridge the gap between the old and the new, and plug the holes in mechanist theories. Thus, it is with this in mind that his argument for the existence of monads must be examined, for it is the very heart of Leibniz's theory of substance. At the core of Leibniz's metaphysics one finds monads, which are dimensionless and â€Å"windowless† centers of force, the true substances that comprise the created universe. Infinite hierarchies of monads populate the continuum of all created things, each one mirroring the rest of the universe from its own unique point of view, expressing every other monad with a greater or lesser degree of clarity. Monads are the â€Å"metaphysical points†, so to speak, which are the indivisible, unified, and simple substances that are the foundation of the created world. (Mercer) Distinguishing Features of Leibniz's Ontology There are two particularly significant distinguishing features of Leibniz's ontology as a whole. In brief, Leibniz's ontology remains as true to his desire to be the great reconciler as it does to his expectations for substance, epistemology, and the problem of the continuum. This ought not be forgotten amidst the details that follow. Monads are a Synthesis of Old and New It is not surprising, in light of Leibniz's reconciliatory nature, that monads bear hallmarks of both Aristotelian and mechanistic philosophy. In terms of the former, they do the work of substantial forms, possessing an entelechy which guarantees that they unfold through time as they ought. In terms of the latter, they do the work of atoms, explaining how features in the phenomenal world (i.e., the macro-level world) come about as a result of changes of state in the real world of monads (i.e., the micro-level world). The monad is, by its very definition, designed to leverage the strengths of the two opposing theories, while simultaneously inheriting none of their defects. (Mercer) From this it is clear that Leibniz's theory of substance is determined by his expectations, and by the perceived failures of mechanism. In assembling it, Leibniz borrows liberally from what he considers the best features of the old and the new. Regarding those aspects in which Leibniz finds either of them inadequate, he crafts his own philosophy so that it avoids said inadequacies, essentially by definition. Qualitative, not Quantitative What is arguably most interesting and quite unique about this synthesis of systems is the shift in focus. To elucidate, Leibniz sees the mechanist philosophy as a fundamentally quantitative and extensive endeavor. The Cartesian defines the very essence of body as extension, which is quantitative in its extensive nature. Similarly, the atomist cannot help but construct the macro-level world by aggregation, through the grouping of many extended entities in the micro-level world, which is also quantitative by nature. Both variants of mechanism therefore sustain a quantitative and extensive view of the relationships between wholes and parts, explaining or reducing qualitative features of the macro-level world in light of or to quantitative features of the micro-level world. (Mercer) Given the problems he finds with quantitative theories, Leibniz concludes that that the correct theory must instead be uniquely qualitative and intensive, rather than quantitative and extensive, and this unique notion is given flesh along very Aristotelian lines. Latta (1965) provides the following apt description: Accordingly, the essence of Leibniz's argument is that a quantitative conception of the relation of whole and parts affords an inadequate theory of substance. The common element in the contrary positions of the Cartesians and the Atomists is the explicit or implicit reduction of qualitative to quantitative differences. And it appears to Leibniz that the solution of the dilemma is to be found in the opposite hypothesis, namely, that the essence of substance is non-quantitative, and that the relation of whole and parts must be conceived as intensive rather than extensive. Thus a ‘simple substance' has no parts, i.e. no quantitative elements, and yet it must comprehend a manifold in unity; that is to say, it must be real, it must be something, it must be qualitative, specifically determined. (p. 27). The suggested intensive view of the relations between parts and wholes is noteworthy for its novelty if nothing else. What Leibniz seems to have in mind is that the parts of a whole somehow â€Å"participate† in that whole, and similarly that the whole somehow â€Å"participates† in all of its parts. The nature of this participation isn't entirely clear, but it is certain that the conception Leibniz holds is not the traditional understanding of the part-whole relation. There is something deeper at work here, some understanding that is intended to allow both the parts and the whole to remain distinct and unified, the parts in themselves and the whole through its special relationship to the parts. (Thompson) What Leibniz seeks is some sense in which the whole somehow mirrors or expresses all of its parts, containing within itself the explanation for why the parts are precisely as they are. And similarly, the parts must somehow mirror or express the larger whole as well, containing within themselves their explanations, while also mirroring the explanation of the whole, albeit with a lesser degree of clarity. The important degree of mutual inter-participation is what is key to the more organic or holistic relationship Leibniz intends. (Swoyer) Despite the present vagueness, however, this much remains clear: Leibniz believes that the part-whole relation in genuine unities must be something far more special than other philosophical systems have taken it to be. Leibniz's use of monads is therefore intended not only to reconcile Aristotle with the mechanists, but also to lay the groundwork necessary to make such a special relationship logically possible and plausible. (Thompson) The Argument From â€Å"The Monadology† In the first few sentences of â€Å"The Monadology†, Leibniz gives one formulation of his argument for the existence of monads, a formulation which might be described most charitably as terse. Though this is not the only argument Leibniz gives for monads, it is probably the most well known. As early as 1671, for example, Leibniz argues for monads qua indivisible unextended things, though in a much different fashion involving the proper beginnings of extended entities. (1969, p. 139-140) Because his earlier argument is even more terse than the later argument it shall not be discussed any further. It is worth mentioning only because its similarities mark it as a clear precursor for Leibniz's later thinking on the subject. Further, Leibniz claims elsewhere that the existence of monads may be inferred from his doctrine of the pre-established harmony, though his reasons for this remain obscure. (1985, p.80) Returning to the better known argument of â€Å"The Monadology†, while it would be unreasonable to fault Leibniz for his brevity in making the argument, it is nevertheless the case that much remains to be said before the argument can be accepted, rejected, or even understood adequately. Because the monad is at the very heart of Leibniz's metaphysics, one might reasonably expect a more complete formulation of his argument to be possible, just as one might expect Leibniz's critics to focus their attacks upon that argument if monads qua simple substances are to be rejected. For the purposes of this essay, it is necessary to understand this argument and the issues underlying it in order to make clear precisely how Leibniz takes the monad to be united and simple. The following is Leibniz's argument for the existence of monads as given in â€Å"The Monadology†: The Monad, of which we shall here speak, is nothing but a simple substance, which enters into compounds. By ‘simple' is meant ‘without parts.' 2.  Ã‚   And there must be simple substances, since there are compounds; for a compound is nothing but a collection or aggregatum of simple things. (1989, p.213) Common Sense Observations Relevant Observations For Leibniz, the observations relevant to a theory of substance are those of entities in the world. As established already, Leibniz simply looks at the world and takes inventory of what he sees. Among the entities perceived he finds what might be called â€Å"macro entities† of a relatively mundane variety such as tables, chairs, rocks, streams, etc., as well as perhaps not so mundane macro entities such as plants, animals and persons. With the aid of the microscope, one may similarly perceive â€Å"micro entities† both mundane (e.g., crystals) and not so mundane (e.g., unicellular organisms). Further, with the aid of a telescope, one may perceive entities at the large end of the macro scale, if not, in fact, objects of an altogether different order of size. (Mercer) There are two primary points of interest as regards this body of observations. The first is that each entity, because it has extension, is divisible into parts. The second is that despite this divisibility into parts, the entities in question are more or less unities in some sense; i.e., each entity is numerically one, and it is what it is rather than something else. To put these two points a bit differently, this body of observations indicates that for all such objects there seems to be a unified whole, just as there seems also to be discernable parts, which are similarly real and unified. A third less interesting but important point is that in each case one seems to find entities at every scale. No matter how high one turns up the telescope or the microscope, one never reaches the end of things. Wherever one looks, one finds worlds within worlds. Existing Theories This body of observations requires explanation. More to the point, Leibniz takes this body of observations to require an explanation in terms of some sort of substance. In virtue of what is it the case that some particular entity is a whole? In virtue of what is it the case that the parts of that entity are themselves both unified and real? Further, what relations are sustained between the wholes and their parts? And finally, what conclusions may be drawn more generally once answers to these questions have been established? These are the sorts of questions Leibniz has in mind when considering existing theories. A successful theory must address them adequately without falling into either internal conceptual contradiction or external contradiction. That is, the theory must cohere with the present body of observations, just as its predictions (if any may be made) must also cohere with both present and future observations. (Thompson) In terms of evaluating mechanist theories, there are only two that Leibniz takes as plausible candidates, Cartesianism and atomism. As established already, Leibniz considers both of these views to be inadequate for explaining the body of observations under consideration. Having already examined Leibniz's reasons for rejecting these systems in some detail we may move directly to the next step, which involves synthesizing a new theory that avoids the inadequacies of mechanism while embracing its strengths. A Novel Theory of Substance If both ends of the spectrum of mechanist philosophy are unacceptable, then why not head for the middle? Leibniz is convinced of unities in the world because of a wealth of observations, and he believes both the Cartesians and the atomists to be unable to explain such unities with their theories. (Thompson, p. 24-6) What is needed according to Leibniz is a theory whose fundamental unit of substance is both real and indivisible. It must be real for the obvious reason that it simply will not do to explain what does exist by appeal to what does not, and it must be indivisible in such a fashion that it may explain the genuine unity of the observed entities in the world. Further, it must provide a qualitative and intensive, rather than quantitative and extensive, construal of the part-whole relation, as previously discussed. Leibniz concludes, therefore, that what is needed is a new, basic unit of substance:  Ã¢â‚¬ ¦physical points are indivisible only in appearance; mathematical points are exact, but they are merely modalities. Only metaphysical points or points of substance (constituted by forms or souls) are exact and real, and without them there would be nothing real, since without true unities there would be no multitude. (1989, 142) This conclusion, which lays the foundation for the development of the remainder of Leibniz's metaphysics, owes its support to the two factors given earlier as motivations. Most central to it is the fundamental assumption that monadic unity is necessary â€Å"at bottom† for the production of all compound things. In light of this, it is possible to summarize the more complete formulation of Leibniz's argument for monads as follows: P1  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Common sense observations show that real, unified entities exist. P2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What is real may be explained only by appeal to something real. P3  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What is unified may be explained only by appeal to something indivisible. C  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Therefore, the explanation for such entities in the world must involve real and indivisible substances, namely, monads. This bears little relation, prima facie, to the less detailed argument given in the first two sections of â€Å"The Monadology†, but it is nevertheless reducible to that argument. P1 amounts to nothing more than the initial premise that compounds exist. P2 and P3 do not appear at all in â€Å"The Monadology†, but it is tolerably clear from the preceding discussion that these principles are indeed assumed by Leibniz. Finally, the conclusion is just a restatement of the conclusion that monads exist. Again, to restate the argument more succinctly: compounds exist, therefore simples exist. The remainder of Leibniz's metaphysical deductions in â€Å"The Monadology† follow from this more complete formulation at least as well as they follow the abbreviated version. Because monads must be both real and indivisible, Leibniz may argue that they can have neither extension nor form and must therefore be immaterial. Because they cannot be divided, Leibniz may still maintain that they cannot go out of existence in any natural way, by the dissolution of parts. Similarly, they cannot come into existence in any natural way, by the aggregation of parts, and so forth. Thus, this more complete formulation of the argument acts as a â€Å"drop in replacement† for its far more concise sibling. Conclusion To summarize, Leibniz's argument for monads is an enthymeme, an argument with an implied premise. Examining the logical derivation suggests a line of thought that Leibniz's other writings explicitly affirm, namely, that there is no reality without unity. With this additional premise in hand, the argument for monads is rendered formally valid. What's more, this additional premise provides a starting point for untangling the issues previously suggested as problems for monadic simplicity. The close tie between reality and unity prompts one to consider what Leibniz means by ‘simple' in a different light. It seems that what he intends in his argument for monads is not merely that they have no parts, but rather that they also include a kind of indivisibility, an inability to be divided in any way that destroys them. If there is no reality without unity, then things that are fatally separable and thus not unified are not intrinsically real. The relation between reality and unity helps suggest the fatal inseparability criterion for simplicity. Further, it also seems that mereological simplicity and fatal inseparability are but negative entailments of a more positive construal of simplicity, namely, ontological simplicity. A thing is ontologically simple if it stands alone, or described negatively if it is self sufficient in the sense that it bears no internal relations of ontological dependence to any other thing. Such an understanding of simplicity resolves the problems raised previously for the mereological construal, helps to make sense of Leibniz's argument for monads, and coheres nicely with the various other texts in which Leibniz uses the term. References Brown, Stuart. The Young Leibniz and His Philosophy. Dordrecht: Kluwer AcademicPublishers, 1999. Leibniz, Gottfried Wilhelm. (1969) Philosophical Papers and Letters, 2d ed. Translated and edited by Leroy E. Loemker. Boston: D. Reidel Publishing Company, Leibniz, Gottfried Wilhelm. (1985) Theodicy. Translated by E. M. Huggard, edited by Austin Farrer. Open Court Publishing Company. Leibniz, Gottfried Wilhelm. (1965) The Monadology and other Philosophical Writings. Translated and edited by Robert Latta. London: Oxford University Press. Leibniz, Gottfried Wilhelm. (1989) Philosophical Essays. Translated and edited by Roger Ariew and Daniel Garber. Indianapolis: Hackett Publishing Company. Mercer, Christia. Leibniz's Metaphysics. Cambridge: Cambridge University Press, 2001. Swoyer, Chris. (1995) Leibnizian Expression. Journal of the History of Philosophy 33 (1), 65-99. Thompson, Garrett. On Leibniz. Belmont: Wadsworth Publishing Company, 2001.

The Global Financial Crisis and the Imf

Table of Contents 1. 0 Objectives2 2. 0 Introduction2 3. 0 Types of Financial Crisis2 3. 0. 1 Banking Crisis2 3. 0. 2 Speculative Bubble3 3. 0. 3 International Crisis3 4. 0 Causes of the Financial Crisis 2007-20083 4. 0. 1 Loose Monetary Policy. 3 4. 0. 2 Global Imbalances. 4 4. 0. 3 Credit Boom. 5 4. 0. 4 Asset Bubble. 5 4. 0. 5 Financial Innovation5 5. 0 Impact of Financial Crisis6 5. 0. 1 Impact to U. S Financial System. 6 5. 0. 2 Economic Growth Rates. 6 5. 0. 3 Personal Finances of US Citizens. 7 5. 0. 4 High Unemployment Rate. 5. 0. 5 Impact on the IMF9 6. 0 Policy Response9 6. 0. 1 Term Auction Facility (TAF). 9 6. 0. 2 Economic Stimulus Act 2008. 10 6. 0. 3 Initial Cuts in Interest Rate. 11 7. 0 IMF Response to the Crisis12 8. 0 Conclusion14 9. 0 References15 1. 0 Objectives Objective of this topic is to giving a scope about the recent global financial crisis 2007 which discussing about the causes and impacts of the crisis and focusing mainly in the United States. Then, it wi ll focus on the policy response of the country towards the crisis.Role of the International Monetary Fund (IMF) is also given attention to understand how it works as the ‘international lender of last resort’. 2. 0 Introduction Financial institutions which play an important role in the economy, act as intermediaries between borrowers and lenders. Channelling of funds to individuals or firm that have bright investment opportunities takes place in the financial markets. Without financial intermediaries, it is difficult for companies to operate business. The economy also cannot operate efficiently if the financial system does not perform the role well.Systematic risk is a risk that could be failures of financial institution that freezing up capital market and eventually reduces the supply of capital to the economy. The United States experienced this systematic failure during 2007 and continues to struggle its consequences until 2009. Financial crisis occur when an economic encounter recession or depression caused by lack of liquidity in financial institution. In this circumstances, financial institutions lose huge part of their value. Financial crisis is not the same as economic crisis which affect the entire economy.A financial crisis can occur in a single sector and not always affect other sectors. The causes of financial crisis are different with the type of crisis. The financial crisis 2007-2008 started in August 2007 as a subprime mortgage crisis concentrated in the United States. The crisis became global but originally started in the financial sector of the United States and soon became global economic crisis. Mostly economies in the world were affected by this crisis because the United States economy can be thought as powerful economy in the world. 3. 0 Types of Financial Crisis . 0. 1 Banking Crisis Banks normally function by providing deposit accounts to people who want to make savings and it can be withdraw anytime. The banks then use these deposits to make loans and charge interest to borrower which are paid over a long period of time. If all the depositors want to withdraw money at one time, the banks will face lack of cash flow and will be bankrupt. This situation is called banking crisis. 3. 0. 2 Speculative Bubble Some people buy stock by speculating the price, hoping that price of the stock will increase in the future.Therefore, if most investor buy stock speculatively, chances that the stock price will increase are be very high. When all the investors want to sell at the same time, then the price will likely to fall. When price of a stock is more than its current price plus dividends and interest, then the stock is said to show a bubble. 3. 0. 3 International Crisis This crisis occurs when a country is forced to devalue its currency. This can happen either because of speculative attack or a country is default in paying its debt. When this occurs, all countries that were trading with this country will be affected .Investors also will lose the value of their investment because the currency has been devalued to lower rate. 4. 0 Causes of the Financial Crisis 2007-2008 4. 0. 1 Loose Monetary Policy. Monetary policy implemented by the Federal Reserve plays an important role in determining the interest rate. It is believed that loose or weak monetary policy implemented by the U. S Federal Reserve is among the cause to the crisis. After the internet or dotcom bubble in 2000, loose monetary policy is applied by the U. S Federal Reserve. The federal funds rate dropped from 5. 8% in January 2001 to 1. 73% in January 2002 and remained low for several years as shown in chart 1. This policy thus encourage U. S consumption, reduced savings and created high current account deficit. The Federal Reserve had made mistake by its decision to keep the federal funds rate too low for too long. The policy therefore responsible for creating the credit boom and housing bubble. In other words, with a low federal fund s target, banks take advantage on cheap funding and made cheap loans available. From year 2000 to 2006, total debt outstanding for the U.S has increased by $13. 5 trillion. The debt to GDP ratio is increased to 350%. This high level of debt made firms and households more exposed to adverse economic shock. Other than that, the Federal Reserve and regulators made mistake in the failure to control the poor underwriting standards in the mortgage markets. The poor underwriting practices can be seen through no down payments, no verification of income, asset and occupation by borrowers. Credit that was widely available suggested poorer loan quality. Chart 1: Loose monetary policy Source: Adapted from The EconomistChart 1 shows that the actual interest rate fell below the Taylor rule, that is the interest rate what historical experience suggest policy should be adapted. The line slopped downward to 1 percent in 2003 to 2004 and then rises until 2006. The Taylor rule line shows what interest rate would have be if the Fed followed the policy that worked well since the early 1980. 4. 0. 2 Global Imbalances. The recent financial crisis happens when there is much liquidity in world capital markets. It is due to the large payment imbalances between the main countries and regions in the world economy.Global imbalances occur when there is huge and continuing current account deficit in the United States. The current account deficit is financed by plenty of flows of capital from emerging and oil exporting countries. As the consequences, the global imbalances encourage financial activity that would not be effective in long time without the development of deep global financial markets. High levels of global liquidity happens when countries such as China built up current account surpluses and foreign exchange reserves, maintaining artificially low exchange rates and a positive saving investment balance.Because of this liquidity level, global real interest rates fell which contribu ted to credit expansion and rising asset prices that drives to the crisis. 4. 0. 3 Credit Boom. Credit boom happens when banks and mortgage brokers encouraged mortgage sales because they earned fees in proportion to the volume of mortgages they wrote. Banks earned large fees by securitizing mortgages, selling them to capital markets in forms of mortgage backed securities (MBS) and collateral debt obligations (CDO). Since banks distributed these mortgages to capital markets as asset backed securities, it has low risk upon the process.Compared to corporate bonds that had low interest rate during the time, these complex and risky products is highly demanded by institutional investors such as hedge fund and insurance companies. Mortgage sales expanded even to those who could not afford them as the banks only focused on earned large fees. When the housing price bubble evaporated or interest rates rose it turned out to be large defaults. Home sales peaked in late 2005 meanwhile home const ruction spending and housing prices decline in early 2006. When the subprime mortgage crisis started in 2007, the entire market began to collapse.The crisis began in the United States, but because the mortgage based financial products has been spread around the world it soon became global financial crisis. 4. 0. 4 Asset Bubble. Another factor to the financial crisis is an asset bubble that leads to unsustainable leverage. Before the start of the crisis, the U. S government implemented a public policy that encourages homeownership. Because of low interest rate, it has led to mortgage lending and households were encouraged by the banks to borrow causing asset (house) price to increase.The borrowing is allowed up to the full value of their property with little regard to their ability to service the debt. Borrowing is encouraged because of the low interest rate made by monetary policy makers. The demand for housing is related to money market interest rates. Thus, the accommodative polic y conducted by the Federal Reserve contributed to the build up of housing demand and asset prices. The term sub-prime mortgage come when lending activities is also approved to people who did not meet the credit requirements that may default to payments. 4. 0. 5 Financial Innovation.Usually, banks and other agents innovate to avoid regulation and boost returns by taking greater risks. When asset prices increase more rapidly, innovation also accelerates as expected gains grow larger. The main innovation is the process of securitization. This complex ‘securitized’ pools of loans promising high returns with low risk. Thus, in the United States, ballooning mortgage loans to riskier borrowers provided the basis for an ever-larger inverted pyramid of structured products. As the housing prices increasing, lenders provide mortgage lending easily.However the mortgage were securitised, that is repackaged and sold as financial instruments to investors for immediate cash. This led t o excessive and irresponsible mortgage lending. The institutions that originated the mortgages such as commercial banks, savings and loans eventually did not holding the mortgages because it has been sold to investors by the investment banks. This innovation has caused massive distortions in incentives and risk management in the financial organizations. It was an instrumental in strengthen the increase in leverage.Starting in 2003, banks involve rapidly in financing activities, investments and hedging operations that hard to assess risks. When asset prices began to fall, financial organization brought down together and spread panic among investors worldwide. This development has caused massive distortions in incentives and risk management arrangements within financial organizations. 5. 0 Impact of Financial Crisis 5. 0. 1 Impact to U. S Financial System. The U. S government has closed 22 banks including Lehman Brothers, Washington Mutual and Indymac.Other than that, it has rescued F reddie Mac, Fannie Mae, Bear Stearns and created a bailout fund around $700 billion to purchase stakes in effected banks. This step is taken in order to restore confidence in the financial markets. However, this $700 billion Troubled Asset Relief Programme (TARP) failed to restore market confidence. Nearly $8. 5 trillion or around 60% of its gross domestic product has been committed by the U. S government to prevent the collapse of its financial system. 5. 0. 2 Economic Growth Rates. The effect of 2007 crisis can be seen clearly on the downturn economic growth globally.As shown in Figure 1, countries in the world are experiencing a downturn in economic activity as the effect of financial crisis. These declines in economic activity have been followed by losses of trillions of dollars in equity markets and a credit squeeze that are affecting households and businesses worldwide. Financing activities such as world trade and oil exploration has been slow during the time of crisis. As sho wn in chart 2 below, real growth rate measured by GDP across the world has been decreased. Real growth rate in reported by the World Bank is 3. 9% in 2007 dropped to 1. 3% in 2008.As the crisis became worsen, economic growth dropped much lower rate to -2. 2% in 2009. The U. S economy has a large proportion in world economy therefore it has slightly similar trend in the growth rate. The U. S real growth rate in 2007 is 1. 9% dropped to -0. 4% and -3. 5% in 2008 and 2009 respectively. Chart 2: GDP – real growth rate (%) Source: Adapted from World Bank data 5. 0. 3 Personal Finances of US Citizens. People have struggled to repay their debts as the direct consequences of the financial practices that produced the crisis. The value of house dropped dramatically for individuals who owned house before the crisis broke out.This caused some people repaying mortgages that are worth more than the current value of their house. Eventually, many people ended up losing the house that they bo ught in years before the crisis broke out. There were high rates of foreclosure in some area of the United States as borrowers cannot repay the loans. Other than that, individuals in the US also suffered from the loss of growth and income that their savings and investments would have produced. This is because interest rates for savings have dropped sharply. Investors and companies experiencing losses as the stock in many companies dropping rapidly.Retirement plans that are usually based on mutual funds and performance of the stock market results not as they had planned as the stock market crashed. They may need to work longer or retirement plans is less than expected before. Moreover, it has become more difficult to borrow money. While expensive loan services have been expanded, people find it hard to obtain low cost loans or credit cards. 5. 0. 4 High Unemployment Rate. The US gross domestic product which is the total amount of goods and services produced by the country was reduced as the effect of the crisis.Companies in the country struggled to cope with the crisis, however lots of people have lost their jobs. Based on chart 3, the uneployment rate grew from 4. 7% in 2006 to 10% in 2010 which was the highest rate in the last few decades. In addition to lose income, unemployment made it worse for many people because it has become difficult to find new job. Many companies are not willing to hire new employer and even a fresh graduates have to compete to find employment. This become a serious problem for many young citizens in the country. Chart 3: Unemployment rate in the US Source:Adapted from U.S. Bureau of Labor Statistics 5. 0. 5 Impact on the IMF The damage caused by the financial crisis is a challenge for the IMF. This is because, its financial resource is not in line with the global economy over the past decade. The United States and other advanced industrial economies are at the center of the crisis. However, the IMF would not have enough resources to provide financial assistance if these countries seek for help. Therefore, the IMF resources need to be increase or the risk would become worse in the future. 6. 0 Policy Response 6. 0. 1 Term Auction Facility (TAF).The Term Auction Facility is introduced in December 2007 so that banks can borrow from the Fed easily. Thus the banks can bid directly for funds from the Fed. This is because investors are not willing to lend when afraid about the condition of many financial institutions affected by the crisis. Consequently bank funding markets were put under severe pressure. The main objective of the TAF was to reduce the spreads in the money markets and in that way increase the flow of credit and lower interest rates. As a result, the TAF helped by encouraging the distribution of liquidity when bank funding markets were under stress.The spread between the London interbank offered rate (Libor) and the overnight indexed swap (OIS) for loans of one-month maturity or longer increased to un usually high levels in the late 2007. It is believed that the increase in the Libor–OIS spread is caused by the heightened risk perceived by investors at the time. Since Libor affects interest rates on a wide variety of loans and securities (for example, home mortgages and corporate loans), the sudden spike in the spread was disruptive to the debt market and negatively affected the economy.The chart 4 and the table below also showed six announcements related to the TAF program. Chart 4: The TAF facility provided term funding through periodic auctions to eligible depository institutions. By providing term funds to banks at regularly scheduled auctions, the TAF may have assured lenders of continued access to future funding and thereby reduced their uncertainty regarding anticipated funding needs. The TAF was a facility designed by the Federal Reserve during the crisis to improve liquidity conditions in various asset markets that is crucial to improve short term funding market. . 0. 2 Economic Stimulus Act 2008. The Economic Stimulus Act 2008 is a response made by the government through several package totalling over $100 billion to individuals and families in the United States. The economic stimulus is designed to boost the U. S economy and prevent further recession. In this programme, the government provide tax rebates to low and middle income taxpayers and tax incentives to stimulate business investment. The purpose of the incentives is that the people will have more money to spend thus increase consumption and the economy.By doing so, the government would expect that it will recover the economy. However it is not as hoped because they spend little although the incentives were given. This can be shown through chart 5. The top line shows personal disposable income increased at the time of rebate. However, the lower line shows consumption did not increase as expected. Chart 5: Increase in income 6. 0. 3 Initial Cuts in Interest Rate. The third policy resp onse to the crisis is sharp reduction in the federal funds rate. When the crisis began in August 2007, the rate was 5. 25% and went down to 2% in April 2008 due to the cut.The lower interest rate then reduced the size of adjustable rate mortgage that was cause of the crisis. The most significant effect of this response is the depreciation of dollar and rise in oil price. In the early 2008, oil price increased almost two fold from $70 per barrel in 2007 to over $140 per barrel. High oil price hit the economy as gasoline price increased dramatically and automobile sales plunged. On the other side, the policy reduction in the federal funds rate that cuts interest rate helped raise oil and other commodity prices thus prolonged the crisis. Exchange rate also has influence to the rise of oil price.As shown in chart 6, reduction of the federal funds rate at top line in July 2007 drives the oil price at the bottom line upward until July 2008. Chart 6: Cut in interest rate and increase in oi l price 7. 0 IMF Response to the Crisis The main role of the IMF is to identify the risks that threaten global economic and financial stability and to develop policy responses. The IMF has a worldwide membership and its mandate is to promote economic and financial stability. It is has been provide forum for discussion of international economic issues and help to reach solution on policy responses.In response to the financial crisis, the IMF boosted their lending to developing countries to help them cope with the crisis and to sustain the economic recovery. To meet ever increasing financing needs of countries hit by the global financial crisis and help strengthen global economic and financial stability, the Fund has greatly expanding its lending capacity since the start of the global crisis. It has done so both by obtaining commitments to increase quota subscriptions of member countries and securing large temporary borrowing agreements from member countries, including recent pledges of $456 billion.Countries affected by the crisis can borrow funds from the IMF. Other than that, there is also debate about reforming the IMF. The reformation issues focus on the need to balance the traditional functions of providing short-term financial assistance and promoting external balance stability in member countries. To achieve the objective, there is a need for a wider responsibility of crisis prevention, supporting financially for countries that, although not suffering actual reserve shortage, are in danger of external shocks and liquidity runs. This measure would prevent more severe impact to member countries as the effect of financial crisis.Since year 2008, the Fund has introduced effective instruments to prevent sudden falls in investors’ trust and the eruption of liquidity crises. As a result, borrowers were able to cope with the global crisis, avoiding large scale banking crises and disruptive exchange rate movements and protecting social spending. To prevent the crisis, the IMF has lending arrangements signed by the IMF and low and middle-income countries during the crisis. These lending arrangements take part from January 2008 and June 2010. The size of the loan arranged by the IMF is larger for country that is more exposed to the crisis especially for large country.As a result this measure can prevent more severe contagion of the crisis to other countries. 8. 0 Conclusion The U. S. economy has suffered a few major shocks in recent years during the crisis. At the start, these shocks include a large declining in house prices and a spike in the prices of oil and other commodities. The decline in house prices reduced the value of mortgage backed securities. Because of leverage, this threatened the ability of many of financial institutions, including major investment banks. These shocks have combined to put the U. S. conomy and many economies throughout the world into a global financial crisis and a deep recession. It is likely the worse since the Great Depression in 1930sRegulatory failure is a main responsibility for the crisis. It is shown that weak regulatory in the financial system leaving the consumers inadequately protected. To cope with this crisis, the IMF had played an effective role. It has come out with a financial assistance by providing loan arrangements to the member countries. However, the financial crisis of 2007 therefore raises doubts in faith of the world financial system and in free enterprise.The financial system has to take appropriate measures and reform to improve the situation in the future. 9. 0 References Acharya, V. V. , Philippon, T. , Richardson, M. , & Roubini, N. (2009). The Financial Crisis of 2007-2009: Causes and Remedies. Barrell, R. , & Davis , P. E. (t. t). The Evolution of the Financial Crisis of 2007-8. National Institute of Economic and Social Research. Blundell-Wignall, A. , Atkinson, P. , & Lee , S. H. (2008). The Current Financial Crisis: Causes and Policy Issues. Financi al Market Trends OECD, 1-21. Campello, M. , Graham, J. , & Harvey, C.R. (2009). The Real Effects of Financial Constraints: Evidence from a Financial Crisis. NBER Working Paper Series. Carmassi, J. , Gros, D. , & Micossi, S. (2009). The Global Financial Crisis: Causes and Cures. Journal of Common Market Studies, 47(5), 997-996. Cecchetti, S. G. (2009). Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis. Journal of Economic Perspectives, 23(1), 51-75. Crotty, J. (2008). Structural Causes of the Global Finacial Crisis: A Critical Assessment of the ‘New Financial Architecture. Didapatkan dari http://scholarwork. mass. edu/econ_workingpaper Driehaus, R. H. (2010). The Crisis of 2008 and Financial Reform. Qualitative Research in Financial Markets, 2(3). doi:10. 1108/17554171011091728 Goodhart, C. A. (t. t). The Regulatory Response to the Financial Crisis. 2009. Didapatkan dari http://hdl. handle. net/10419/26302 Hellwig, M. (2008). Systematic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage financial Crisis. Ivan, P. (2008). Financial Crisis 2008. Saw Centre Financial Studies No. 5. Merrouche, O. , ; Nier, E. (2010). What Caused the global Financial Crisis? Evidence on the Drivers of Financial Imbalances 1997 – 2007. IMF Working Paper. Mishkin, F. S. (1999). Global Financial Instability: Framework, Events, Issues. The Journal of Economic Perspectives, 13(4), 3-20. Didapatkan dari http://links. jstor. org/sici? sici=0895-3309%28199923%2913%3A4%3C3%3AGFIFFEI%3E2. 0. CO%3B2-D Obstfeld, M. , ; Rogoff, K. (2009). Global Imbalances and the Financial Crisis: Products of Common Causes. Reinhart, C. M. , ; Rogoff, K. S. (2009). The Aftermath of Financial Crises. NBER Working Paper Series. Rogoff, K. (1999).International Institutions for Reducing Global Financial Instability. Journal of Economic Perspectives, 13(4), 21-42. Didapatkan dari http://links. jstor. org/sici? sici=0895-3309%28199923%2913%3A4%3C21%3AII FRGF%3E2. 0. CO%3B2-3 Sanford, J. E. , ; Weiss, M. A. (2009). The Global Financial Crisis: Increasing IMF Resources and the Role of Congress. Congressional Research Service, 1-19. Sikka, P. (2009). Financial crisis and the silence of the authors. doi:10. 1016/j. aos. 2009. 01. 004 Taylor, J. B. (t. t). The Financial Crisis and the Policy Respenses: An Empirical Analysis of What Went Wrong. 2008.

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