Effects Of Media On Globalization Essay

Media and globalization go hand in hand. Although researchers in both fields may have divergent views on the extent of influence of each on the other, it is evident that the two have a correlation and will always be in tandem. Terhi Rantanen acknowledges that media and globalization are closely interlinked. Whereas most communication scholars focus the role of media in the process of globalization they are opposed to media being relegated to a socio-cultural study. They think media affects all arenas globalization including politics and economics. On the other hand, experts of globalization are in agreement that globalization would be impossible without media and communications As the name suggests, globalization is to make something local go worldwide; to have a reach beyond the borders of one’s locality. Media does extend people beyond their national borders and globalization does affect media. The focus of this paper will be on the effects of globalization on media. It will determine how globalization has changed media in Britain through the: – Modifications in language of media. – Innovation and increased use of new media – Increased and profound focus   on global issues – A closer relationship and shared culture by people from different continents – Increased income and transnational corporations Media in Britain has had to adapt different languages to attract a new international audience. Globalization from a business perspective means leaving one’s country and selling one’s goods and services to another country. Therefore, it follows that one has to adjust to the national language of the people so as to trade. Media is a commercial venture like any other and making profit is the end goal. The audience reach, response and retention have to be massive to realize any benefits, monetary or otherwise. Evidently, the globe is the largest untapped market for British media. To maximise on this new frontier, one has to know and effectively apply the correct vocabulary, intonations and other aspects of language to capture and retain their attention of the prospective audience in a foreign country. The world has 6,912 living languages. It would be impossible to broadcast in all languages but a media institution that broadcasts or prints its information in the major and popular languages of the world has an advantage over a rival entity that only does so in English. Take an example of BBC World Service, the leading international broadcaster that broadcasts in 33 languages including Urdu, Swahili, Chinese, French, Shona, Spanish etc. Why does it do so? It diffuses its message in all these other languages because of globalization. BBC no longer appertains to the British. It is now an intercontinental brand name. Consequently, to boost the audience numbers, the national broadcaster has to present programs which non English speakers can also understand. BBC’s purpose for existence is ‘to enrich people lives with programmes and services that inform, educate and entertain,’ Indeed, if BBC had not started broadcasting 75 years ago in other languages, today it would not be the leading international broadcaster that it claims to be nor would have such universal brand recognition. Globalization has provoked the creation of new production for new media. As the labour costs and other production costs in the West including Britain rise to unprecedented heights, manufacturers of new media apparatus such as computer chips and other components are relocating their business to cheaper assemblage destinations. According to Lievrouw et al. new media is not only the content but also the infrastructure that supports production, distribution and exhibition of this content. They emphasize that institution of satellite broadcasting and telecommunication networks which sustain the seamless content supply, actively supports the globalization of new media. Also these networks encourage the international growth of local, regional and global markets. ‘Communication and new media systems have supported the expansion of business beyond national markets to a system whereby components are developed, manufactured, assembled, and sold far from where corporations (Transnational) exercise control. In short, globalization has encouraged advancement of communications technologies thus improving the quality and quantity of intercontinental information and commerce which has encouraged further globalization. This endless cycle has led to opening of factories in developing countries which benefit from the new income. The British Media has increased the coverage and space of international issues. They are running more in depth programs and writing feature articles on events taking part in other parts of the world. For instance, at the beginning of this year violence broke out in a tiny East Africa country called Kenya that was once a former colony of Britain. During this period Sky Broadcasting Corporation, British Broadcasting Corporation(BBC), the Daily Mail and The Guardian gave us blow by blow accounts of the breaking news. Why did they give so much time to such a story from a far off state? Well, Kenya was of great strategic to Britain. Britons have business interests and some have family members residing there. The world was really compressed because this chaos taking place in Kenya was part of their reality as well. Globalization has affected how Britons and the media understand the world. As the media advances and increases in complexity it is not enough to just listen, watch or read the news. Britons want more than just excerpts. The news, especially international news, are analysed; experts are summoned; explanations and predictions are made. Reuters diffuses political, economic and social news in over 23 languages through its wire services. This information comes complete with historical backgrounds and expert opinion. Globalization has in fact led to Vilanilam writes ‘Reuters main business is not simply transmitting news of daily political events it also supplies the media with news of financial transactions worldwide. . . . In short, the world’s financial transactions and their impact on the immediate and long term interests of its allies are of primary concern to Reuters. ’ Therefore because British media also has an interest in the global information, it has to reinvent itself and broaden its perspective so that it can keep with an audience that has increased consciousness of world around them. Bryn et al describe globalization as a schoolboy who listens in India who eats American cereal, listens to a Canadian pop singer is a schoolboy on a Japanese manufactured MP3 player, wears American Jeans , converses to his parents in Hindi, and goes for English language classes. This phenomenon has indeed has linked between people of different land masses together and in this same way it has helped to propel brand names from western countries to developing countries in the southern and eastern part of the hemisphere. How has it affected media in Britain? The media has played a part in this process and has benefited through transmission of adverts to foreign countries. British Media has extended its programming and publications to the other side of the globe. The Indian boy would get know all this brand names and the MP3 because he saw it in Sky International or BBC Click program. The media in Britain is enhancing the homogeneity of people with different racial, ethnic and political affiliations already began by the process of globalization. Hence, globalization and media have a symbiotic relationship The globalization trend has led to the rise of so called new media in Britain. Bill Jones says that, ‘By 2005, nearly 36 million people or nearly 60% of UK homes, have a PC . . . . ‘ . Globalization has forced Britons to modernize the way they access information. They no longer rely on the old media such as television and radio or newspapers. Nowadays Britons are spending more time at watching news, reading newspapers on the Internet. This is because globalization means that business, politics; society in general has gone global. To keep on top of what the trends, one has to have the fastest media available. The Web contains more information than any source of media. It can be portable and one does not have to be in a fixed place to access the precious information necessary for survival. Apart from the PCs Britons have Ipods to download music from their favourite international artists, MP3 players to watch their favourite UEFA club match. Globalization has brought economic growth to the media industry in terms of the massive annual incomes derived by companies who endeavour to globalize. O’Loughlin et al explain how there are now new entities called ‘transnational’ media corporations which extend beyond Britain. He gives an example of NewsCorp owned by Rupert Murdoch who has multi-million dollar interests in Asia and Britain. These corporations create job opportunities for media practitioners in Britain. This new media market is almost a trillion dollar industry in Britain and it will continue to grow. In conclusion, globalization has changed the media for the better and with time the face of media in Britain will have a different appearance because of influence from globalization. Consequently, globalization and media in Britain are ultimately and inextricable interconnected and symbiotic.

Evolution of Management Essay

EARLY MANAGEMENT Organizations and managers have existed for thousands of years. The Egyptian pyramids and the Great Wall of China were projects of tremendous scope and magnitude, and required good management. Regardless of the titles given to managers throughout history, someone has always had to plan what needs to be accomplished, organize people and materials, lead and direct workers, and impose controls to ensure that goals were attained as planned. Another example of early management can be found in the city of Venice, which was a major economic and trade center in 1400s. the venetians developed an early form of business enterprise and engaged in many activities common to today’s organizations. The venetians used warehouse and inventory systems to keep track of materials, human resource management functions to manage the labor force and an accounting system to keep track of revenues and costs. Two historical events significant to the study of management are work of Adam Smith, in his book,’ The Wealth of Nations’, in which he argued brilliantly for the economic advantages of division of labor (the breakdown of jobs into narrow, repetitive tasks). The Industrial Revolution is second important pre-twentieth-century influence on management. The introduction of machine powers combined with the division of labor made large, efficient factories possible. Planning, organizing, leading, and controlling became necessary activities. There are six major approaches to management. They are explained as follows; 1) SCIENTIFIC MANAGEMENT Scientific management is defined as the use of the scientific method to determine the â€Å"one best way† for a job to be done. The most important contributor in this field was Frederick W. Taylor who is known as the â€Å"father† of scientific management. Using his principles of scientific management; (1) scientifically study each part of a task and develop the best method of performing the task, (2) scientifically select and then  train, teach and develop the worker, (3) cooperate fully with workers to ensure that they use the proper method, (4) divide work and responsibility almost equally between management and workers. Management takes over all work for which it is better fitted than the workers. Taylor was able to define the â€Å"one best way† for doing each job. Frank and Lillian Gilbreth were inspired by Taylor’s work and proceeded to study and develop their own methods of scientific management. They devised a classification scheme to label 17 basic hand motions called therbligs in order to eliminate wasteful motions Guidelines devised by Taylor and others to improve production efficiency are still used in today’s organizations. However, current management practice is not restricted to scientific management practices alone. Elements of scientific management still used include: 1. Using time and motion studies 2. Hiring best qualified workers 3. Designing incentive systems based on output 2) GENERAL ADMINISTRATIVE THEORISTS This group of writers, who focused on the entire organization, developed more general theories of what managers do and what constitutes good management practice. Henri Fayol and Max Weber were the two most prominent proponents of the general administrative approach. Fayol focused on activities common to all managers. He described the practice of management as distinct from other typical business functions. He stated 14 principles of management which are as follows: 1. Division of Work. Specialization increases output by making employees more efficient. 2. Authority. Managers must be able to give orders, and authority give them this right. 3. Discipline. Employees must obey and respect the  rules that govern the organization. 4. Unity of Command. Every employee should receive orders from only one superior. 5. Unity of Direction. The organization should have a single plan of action to guide managers and workers. 6. Subordination of individual interest to group interest. The interest of any one employee or group of employees should not take precedence over the interests of the organization as a whole. 7. Remuneration. Workers must be paid a fair wage for their services. 8. Centralization. This term refers to the degree to which subordinates are involved in decision making. 9. Scalar Chain. The line of authority from top management to the lowest ranks is the scalar chain. 10. Order. People and materials should be in the right place at the right time. 11. Equity. Managers should be kind and fair to their subordinates. 12. Stability of tenure of personnel. Management should provide orderly personnel planning and ensure that replacements are available to fill vacancies. 13. Initiative. Employees who are allowed to originate and carry out plans will exert high levels of effort. 14. Espirit de corps. Promoting team spirit will build harmony and unity within the organization. Max Weber was a German sociologist who developed a theory of authority structures and described organizational activity based on authority relations. He described the ideal form of organization as a bureaucracy marked by division of labor, a clearly defined hierarchy, detailed rules and regulations, and impersonal relationships. Some current management concepts and theories can be traced to the work of the general administrative theorists. The functional view of a manager’s job relates to Henri Fayol’s concept of management. Weber’s bureaucratic characteristics are evident in many of today’s large organizations—even in highly flexible organizations that employ talented professionals. Some bureaucratic mechanisms are necessary in highly innovative organizations to ensure that resources are used efficiently and effectively. Weber’s Ideal Bureaucracy 3) QUANTITATIVE APPROACH TO MANAGEMENT The quantitative approach to management, sometimes known as operations research or management science, uses quantitative techniques to improve decision making. This approach includes applications of statistics, optimization models, information models, and computer simulations. The quantitative approach originated during World War II as mathematical and statistical solutions to military problems were developed for wartime use. The relevance of quantitative approach today is that it has contributed most directly to managerial decision making, particularly in planning and controlling. The availability of sophisticated computer software programs has made the use of quantitative techniques more feasible for managers. 4) ORGANIZATIONAL BEHAVIOR The field of study concerned with the actions (behaviors) of people at work is organizational behavior. Organizational behavior (OB) research has contributed much of what we know about human resources management and contemporary views of motivation, leadership, trust, teamwork, and conflict management. The early advocates of OB approach were Robert Owen, Hugo Munsterberg, Mary Parker Follett, and Chester Barnard. Their ideas served as the foundation for employee selection procedures, motivation programs, work teams, and organization-environment management techniques. The Hawthorne Studies were the most important contribution to the development of organizational behavior. This series of experiments conducted from 1924 to the early 1930s at Western Electric Company’s Hawthorne Works in Cicero, Illinois, were initially devised as a scientific management experiment to assess the impact of changes in various physical environment variables on employee productivity. After Harvard professor Elton Mayo and his associates joined the study as  consultants, other experiments were included to look at redesigning jobs, make changes in workday and workweek length, introduce rest periods, and introduce individual versus group wage plans. The researchers concluded that social norms or group standards were key determinants of individual work behavior. Although not without criticism (concerning procedures, analyses of findings, and the conclusions), the Hawthorne Studies stimulated interest in human behavior in organizational settings. In the present day context behavioral approach assists managers in designing jobs that motivate workers, in working with employee teams, and in facilitating the flow of communication within organizations. The behavioral approach provides the foundation for current theories of motivation, leadership, and group behavior and development. 5) THE SYSTEMS APPROACH During the 1960s researchers began to analyze organizations from a systems perspective based on the physical sciences. A system is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole. The two basic types of systems are open and closed. A closed system is not influenced by and does not interact with its environment. An open system interacts with its environment. The Organization as an Open System Using the systems approach, managers envision an organization as a body with many interdependent parts, each of which is important to the well-being of the organization as a whole. Managers coordinate the work activities of the various parts of the organization, realizing that decisions and actions taken in one organizational area will affect other areas. The systems approach recognizes that organizations are not self-contained;  they rely on and are affected by factors in their external environment. 6) THE CONTINGENCY APPROACH The contingency approach recognizes that different organizations require different ways of managing. The contingency approach to management is a view that the organization recognizes and responds to situational variables as they arise. Popular Contingency Variables Organization size As size increases, so do the problems of coordination. Routineness of task technology Routine technologies require organizational structure, leadership styles, and control systems that differ from those required by customized or non-routine technologies. Environmental uncertainty What works best in a stable and predictable environment may be totally inappropriate in a rapidly changing and unpredictable environment. Individual differences Individuals differ in terms of their desire for growth, autonomy, tolerance or ambiguity, and expectations. CURRENT TRENDS AND ISSUES The following are the current concepts and practices are changing the way managers do their jobs today. Globalization: Organizational operations are no longer limited by national borders. Managers throughout the world must deal with new opportunities and challenges inherent in the globalization of business. Ethics: Cases of corporate lying, misrepresentations, and financial manipulations have been widespread in recent years. Managers of firms such as Enron, ImClone, Global Crossing, and Tyco International have placed their own self-interest ahead of other stakeholders’ welfare. While most managers continue to behave in a highly ethical manner, abuses suggest a need to  Ã¢â‚¬Å"upgrade† ethical standards. Ethics education is increasingly emphasized in college curricula today. Organizations are taking a more active role in creating and using codes of ethics, ethics training programs, and ethical hiring procedures. Workforce diversity: It refers to a workforce that is heterogeneous in terms of gender, race, ethnicity, age, and other characteristics that reflect differences. Accommodating diverse groups of people by addressing different lifestyles, family needs, and work styles is a major challenge for today’s managers. Entrepreneurship: It is the process whereby an individual or group of individuals use organized efforts to pursue opportunities to create value and grow by fulfilling wants and needs through innovation and uniqueness, no matter what resources the entrepreneur currently has. Three important themes stand out in this definition: a. The pursuit of opportunities b. Innovation c. Growth Entrepreneurship will continue to be important to societies around the world. Managing in an E-Business World: E-business (electronic business) is a comprehensive term describing the way an organization does its work by using electronic (Internet-based) linkages with its key constituencies in order to efficiently and effectively achieve its goals. Knowledge Management and Learning Organizations: Change is occurring at an unprecedented rate. To be successful, today’s organization must become a learning organization—one that has developed the capacity to continuously learn, adapts, and change. Knowledge management involves cultivating a learning culture where organizational members systematically gather knowledge and share it with others in the organization so as to achieve better performance. Quality Management: Quality management is a philosophy of management that is driven by continual improvement and response to customer needs and expectations. The objective of quality management is to create an organization committed to continuous improvement in work.

Art History Midterm Essay Example for Free

Art History Midterm Essay The tomb painters were more of artisans than they were artists in ancient Egypt. The reason for this is they didn’t typically come up with the ideas for what they were painting in the tombs; they were told what to paint and painted it. Artists would have had free range on what to paint rather than being told what to paint exactly. Artisans are more the people who can actually paint someone’s idea who might not be able to design or paint the idea given. One rationale reason for cave paintings in prehistoric times, that I have heard and agree with is that they painted these things on the walls in hope that the creatures would come so they would have food among other things. One particular example would be all the paintings in the Las Caux cave in France; it is a cave entirely full of images of bulls. Bulls or bison were a source of not only food but probably clothing and they could use other parts of the body for various things. These animals were extremely important for their culture to survive. I believe they painted them on the walls not only to honor the creatures for all they did to help their people but also as wishful thinking. It’s the whole â€Å"if you build it they will come† idea, if the people painted these animals maybe something miraculously would help their hunting season better. This theory helps show how they believed in gods and looked for help from a higher being just like we do now. 3. During ancient times goddess statues were extremely popular all over the then world. One of the most famous goddess statues is the Venus of Willendorf. She is the very first goddess statue that has been found and dates back to 24,000 bce. She is a very small pudgy statue with and large female areas; her face is not there and is replaces with grooves. The statue has no feet and cannot stand on its own. The way that the statue was created shows the importance of fertility and women by not only the enlarged breast but the wide hips that would be of assistance when it comes to giving birth. They most likely used this little statue to wish new couples luck when it comes to reproducing and it was a fertility statue. Modern day has a much different view on our â€Å"goddess† culture. People nowadays look up to Barbie dolls and stick thin models and celebrities. So much has changed since then. The prehistoric times and even up until more recent times believed that fuller women were beautiful and even that it showed wealth. I think that our culture looks up to the wrong people when it comes to our versions of a â€Å"goddess culture†. One Mesopotamian civilization that I like is Babylon. It was a land in the Fertile Crescent between the rivers like most civilizations in that time period. They had one of the most influential and important leaders, Hammurabi, who came up with one of the most well known set of laws or Hammurabi’s code. Babylon also was the home of one of the Seven Wonders of the World the Hanging Gardens of Babylon. Babylon was a very well set up society and really changed the way people governed their civilizations. They were one of the first cultures to write down their set of rules and stick by them through thick and thin and that was entirely new. Question 1: When it comes to restoring artwork it is a tricky subject. I think that they should restore art but not add anything to it because it makes it a different then it was originally portrayed. I think restoring the art so it is in full form is ideally good because we want future generations to see the pieces of art the way they were meant to be viewed. I mean yes, it is using a lot of time and a lot of hours to be fixing something that is broken and old, but it’s our history. If these artifacts were not there we would have no look into our past and how people lived. People should fix up old paintings, statues and buildings because not only is it part of history but it’s incredible to see how people could build such magnificent things without the technology we have today. It makes people appreciate what they have now and all the advances we have gone through. When it is 300,000 years from now and out pictures and buildings are slowly falling apart we would want someone to take their time and interest to fix up something that we once held as a huge part of our lives and our society. If the paintings, statues and buildings were built and built so beautifully they were made that way for a reason. Art is art and I think we should do everything humanly possible to keep this world as beautiful through the decades as it was meant to be when they first were displayed. Art History Midterm. (2018, Oct 30).

The Problem of Catch-Up in Developing Countries at the Level of the Essay

The Problem of Catch-Up in Developing Countries at the Level of the Nike In Relation To a Firm Level - Essay Example According to the research findings, the latter half of the 20th Century saw dramatic growth in industrial production and in the mass consumption in developing nations. The growth of industrial output in countries like China and India during this period was robust and to some extent, the process of catching-up also began in the technological field. The process is thus called "imitation to innovation" approach. This took place for the most part in traditional industries such as textiles and clothing and the earlier product generations of the machine tool and consumer electronics industries. Globalization has become increasingly important in determining the rate of economic growth, with estimations that emerging markets will account for a larger piece of the world economy by 2020. Studies suggest that the shift of labor-intensive production processes from regions like Western Europe to lower-cost economies will continue. In fact, it was during the 1980s that development theorists and pr actitioners began to re-conceptualize the catching up process, from one based primarily on the transfer of technology to one of learning to produce quality products efficiently. Evidence for the success of such a strategy was found in the growth of manufactured exports, notably from the Asian tigers. The indigenous manufacturing capabilities of such low-cost economies too are on an upward journey. These countries had progressively climbed the ladder in traditional industries such as textiles and clothing. This trend kept going even in consumer electronics, from low-cost assemblers of finished products to producers of higher value-added products, original equipment manufacturer (OEM) and, in a couple of cases, own brand manufacturers who had mastered the process from product conceptualization to the market.

The Pap Smear Test For Cervical Cancer Research Paper

The Pap Smear Test For Cervical Cancer - Research Paper Example The article also has data on prevalence and epidemiology of cervical cancer and recommends regular screening. The accuracy of the test is influenced by a number of factors; typically determination of both sensitivity and specificity for a test involves studies applying standard testing on all the participating persons. Studies comparing the test have shown its detection sensitivity to be between 55% - 80% but due to the slow pace at which cervical cancer grows; sensitivity can be higher in a program of regular screening with Pap. In determining the test’s sensitivity and specificity, there is the requirement for defining a standard for the test as well as the standard threshold for reference. ASCUS is mostly applied as the threshold for the test while CIN 1 is utilized as the standard for reference. With the combination, the sensitivity of approximately 68% is achieved and 75% specificity. LSIL could be the most appropriate threshold for the test when used with CIN 2-3 as the standard for reference and with this combination, up to 70%-80%, sensitivity & 95% specificity levels are achieved. It is important to note that obtaining adequate specimen is crucial in determining accuracy and integrity of a Pap smear test. In conclusion, therefore, screening is very important in the management of cervical cancer and therefore regular testing is recommended for women. Sensitivity and specificity of the test can be very high if the screening is done appropriately with the adequate specimen and large cohorts of participants.

Paul and homosexuality Essay Example | Topics and Well Written Essays - 1250 words

Paul and homosexuality - Essay Example While Hays' approach is more direct under which he establishes whether or not the Bible is speaking against homosexual behavior in Romans I and its significance in the modern context, Martin is more concerned with the question of whether the scholars dealing with this particular aspect are as objective as they claim, or are in fact looking at it from a firmly heterosexist perspective. In order to fulfill his object, Martin has chosen to analyze the above-mentioned article by Hays. For the purposes of our comparison between the articles therefore, we would note the stated issues that Martin finds with Hays' article. We would then scrutinize how effectively Martin is able to present his counter-arguments to determine whether he has the more convincing interpretation of Romans, or whether Hays' interpretation is better argued and supported by evidence. The issues which Martin lays out against Hays' article are : â€Å"1) the claim that the etiology of homosexuality, according to Paul, lies in the corruption of universal human nature that occurred in the fall; 2) the assumption that Paul is differentiating homosexual desire from heterosexual desire in Romans I ascribing the former to the fall and the latter to pristine creation; and 3) the importation of a modern concept of acts â€Å"contrary to nature† when explaining Paul's term para physin†. Dealing with the first point of the etiology of homosexuality, we scrutinize the argument presented by each scholar. Hays asserts that â€Å"depravities follow from the radical rebellion of the creature against the creator†, that is, all of humankind has fallen in God's eyes by refusing to recognize Him as the Creator and thus arousing His wrath. Hays also contends that God's wrath "takes the ironic form of allowing them the freedom to have their own way", and that "idolatry debases both the worshiper and the idol". Thus, Hays says that homosexuality is the symptom of mankind's fall, their refusal to accept God as their true creator and that " Paul's choice of homosexuality as an illustration of human depravity is not merely random: it serves his rhetorical purposes by providing a vivid image of humanity's primal rejection of the sovereignty of God the creator". To support his claim, Hays brings in the references of Genesis, where "the complementarity of male and female is given theological grounding in God's creative activity". The Gen 2:18-24 is quoted, where man and woman are intended to "become one flesh". 1)b. Etiology of Homosexuality: Martin Martin interprets the origins of homosexuality in much more specific terms, and takes the references of homosexuality in the Jewish tradition of Paul's time, and relates homosexuality to the origin of idolatry and polytheism "at some point after the time of Adam: rabbinic sources variously ascribe the invention of idolatry to Kenan, Enosh(son of Seth) or the people of Enosh's generation", especially amongst the Gentiles and he supports his interpretation by using the example of the book of Jubilees. He contends that : "the scenario Paul sketches in Romans I has to do with the invention of idolatry and its consequences, and not with the fall of Adam. In Romans I, Paul refers not to Adam or "he", a single person, but to "they"." Both scholars recognize that Paul has, through the clever use of rhetoric in 2:1, chastised both the Jews and the Gentiles where they are "equally condemned under the judgment of a righteous God"(Hays). In the same spirit, Martin says, "He condemns first the Gentiles, and then turns his attention to Jews". But Martin and Hays use this argument to

The Financial Crisis And The Lender Of Last Resort. What Is The Role Essay

The Financial Crisis And The Lender Of Last Resort. What Is The Role Of The State And Central Banks - Essay Example The state every time after undergoing a crisis had to interfere in the monetary policies adopted by central banks and frame suitable policies for recovery. This has continued to be a regular phenomenon. Even for the current scenario the state as well as central banks have very carefully made certain changes in existing laws and imposed certain new legal restrictions to deal with the economic conditions post crisis. Appropriate monetary and fiscal policies have become a necessity right from the emergence of crisis. They are framed as per the needs of the respective countries. Governmental policies play an active part in setting up an effective regulatory framework that control all segments of financial services2. The concepts of economic Law and monetary law at the international levels have been merged together for establishing rules for regulating financial services globally. With this at the backdrop the paper intends to give a detailed description on the role of central banks and s tate during financial crisis and how reforms undertaken have brought about a change in the situations post crisis. World economy has suffered from a series of crisis dating back to the days of World War II which left the economy into a miserable state. The great depression of 1929 proceeding World War II deserves mention in the list of economic disasters. The financial crisis at the end of 1998 in the West hampered the normal functioning of many liberalized markets and private sectors3. The most recent has been the global financial meltdown in 2008-09 which led to vast unemployment and demand cuts. It was found that some features of monetary policies could be blamed for such a crisis. The defects of the prevailing macroeconomic framework had been realized immediately after the crisis. It needed a reconstruction for recovering from crisis. Monetary policies under pre crisis situation State had given central banks much freedom so as to frame monetary policies for the country. It was b elieved that the central banks should be allowed to frame monetary policies independently so as to maintain a stable price system in the economy and minimize the chances for high inflation. For giving this independence to the central banks modifications were made in the policies during 1990. But such a freedom proved costly to the state as it was utilized elsewhere like short term demand management. Besides the ‘flexible inflation targeting’ policy adopted by central banking system ignored the problem of instability in inflation. Established with the purpose of reducing output volatility, the inflation policy initiated instability by limiting information about inflation output gap. Errors were detected in gap measurements and this diverted the economy from the right track. The issue of liquidity and money were also ignored and this favored the climate for economic downturns. The inefficiency of the adopted theoretical models was revealed during crisis.4 The models did n ot have practical implications. While looking upon the stability of one period it did not consider important factors that also contributed towards stabilization. It neglected a wider picture of the assumed period. Fitting models only on the basis of empirical data could not be considered enough. It was equally necessary to look upon the causes of instability and capture those factors in the model5. The 2008-09 financial crises has taught a lesson to many risk loving investors who were lured by