Financial Economy Crisis and Its Influence on Society Essay

Financial Economy Crisis and Its Influence on Society - Essay Example These periods in time had a demonstrable and defininitive impact upon how the economic cycle, the American dream, and risk taking came to be understood. Firstly, in order to understand the Industrial Revolution, it must be understood that this was a period of runaway growth for almost each and every industry within the United States. Although it is oftentimes tempting to assume that the Industrial Revolution was only concentric upon benefiting the moguls that owned the iron and steel mills throughout the Northeast, almost each and every sector of the American economy experienced a level of growth as a result of this point in time. However, it must also be understood that the individual worker was at a distinct disadvantage for much of the Industrial Revolution. ... ervasive spirit of the era was one that believed that the growth that was being experienced and exhibited throughout the economy could somehow continue to be sustainable in perpetuity. By way of comparison, the period of the Great Depression evidenced a distinctly different, arguably opposite, societal, economic, and political approach. As a result of the fact that there were few if any jobs, investment was drying up, trust and availability of the currency was drying up, and little if any safety net existed for the people of the era, a true level of malaise and â€Å"depression† set in and defined the era. This is of course denoted with regards to such factors as the stagnation of the labor markets and the ultimate hardship that individuals felt with regards to the outlook for â€Å"bettering their position† in life. Obivously this has a direct correlation to the extent to which the â€Å"American dream† was believed to be a reality. Due to the fact that the mean s of creating â€Å"American way of life† was all but removed, it became incumbent upon the government and political sectors of the system to intervene and express the will of the people to fix the problems that were systemically plaguing and beleaguering the system. Such a point of view is rather well represented within the famous film â€Å"It’s a Wonderful Life†. Although a complex plot is woven around different types of hardship that cannot be defined purely economically, it is the economic hardship that is the final straw in prompting the main character towards the course of action that he takes. The economic hardship and the social fabric are two elements that are extensively represented within the film and two elements that factored heavily into how the Great Depression was felt within the United States

What steps should an American leader undertake to avoid Civil War of Essay

What steps should an American leader undertake to avoid Civil War of 1860 - Essay Example The backdrop or case in history that would be a noted example would be the American Civil War during the late nineteenth century. To start off, this paper would try to look into the causes of the American Civil War and see which among the factors was the most pressing or critical for the war to start with. From that point, this paper will then explain what would be the personal suggestions or actions that could have been taken to prevent any further escalation of hostilities between both opposing sides during the civil war. If I Were the United States President During the 1860’s, How Would I Prevent the Civil War? It is difficult to be the head of state when dealing with the likelihood of civil war. Such instances would mean either two things for a president. One option is to immediately choose a side among the belligerents, which could mean either the losing or winning side. The other option is to try to remain neutral while encouraging much political maneuver or diplomatic a pproach as the only way to engage the problem. The head of state usually makes these decisions based on political alignment, economic advantage, or the moral high ground. Perhaps an ideal scenario that would make a great example would be the American Civil War. ... Defenders of slavery from the Southern Confederacy held that slaves are needed to run their economy since most of their economy runs on agricultural growth and development, especially with cotton crops. At the same time, slaves were views by southerners as property and were held as to have private protected ownership by right of the owner. In the case of the northern side, their economy is largely based on industrial progress and trading of equipment and materials. This gave the northern side the advantage over the south in terms of economy and, eventually, military power. The use of slaves for the north was not really needed for their economy to run. Although Leidner (2011) held the opinion that: Although slavery was  the  moral issue of the nineteenth century that divided the political leaders of the land, the average American had very little interest in slaves or slavery. Most Southerners were small farmers that could not afford slaves. Most Northerners were small farmers or t radesmen that had never even  seen  a slave. The problem then is not solely on the economic issues of slavery, but it is found on the politics that revolved around slavery. Handlin (1864) further observed that: The institution of slavery has, doubtless, been a true cause of secession and rebellion, although there have been many who disputed the proposition, and alleged that the tariff and other questions were more powerful agents in causing the South to throw off her allegiance and seek protection from the injustice of the North in a separate and independent government. (pp.41-42) It should also be noted that the seat of the Federal government and power is located at the northern side, and most

An experiment to show Essay Example for Free

An experiment to show Essay To see whether there is a relationship between the surface area and the diffusion rate Hypothesis I predict that the smaller blocks of agar will turn clear, or diffuse first, as it has a smaller surface area. This is because there is less surface area and volume for the sulphuric acid to diffuse into. Apparatus   Three sizes of agar, 20x20x20mm, 20x20x10mm, 20x20x5mm 40ml of sulphuric acid [80ml per beaker] 3 100ml beakers   Tile used for placing the agar   Tissue to wipe off the sulphuric acid off the agar   3 scalpels   Ruler, measurable in mm. Stop clock Method 1. First, cut three pieces of sulphuric acid in the following sizes 20x20x20mm, 20x20x10mm, 20x20x5mm, as accurately as possible 2. Next, fill the three beakers with 80ml of sulphuric acid each 3. Then, prepare the stop clock, and make sure it is has been reset 4. After, place the three blocks of agar into the sulphuric all at the same time, as well as starting the stop clock once the agar is in the sulphuric acid. 5. Carefully stir the three beakers using the scalpels. 6. Watch until one of the blocks have gone completely clear. 7. Once one of the blocks have gone completely clear, stop the stop clock and take out the three blocks of agar and place on the tissue, and wipe off the excess sulphuric acid from the blocks of agar to prevent further diffusion with the two other blocks which have not been fully diffused to fully diffuse 8. Cut the blocks in diagonal, through the middle and using a ruler, measure how much of it has turned clear on each side. 9. Record the data for time taken, and the depth of the clear part on the table. Results Block number 1 2. 3 Block dimensions/mm 20x20x20 20x20x10 20x20x5 Predicted order of clearing 3 2 1 Actual order of clearing 3 2 1 Time taken for clearing 8mn56. 29s Depth of clear part on block/mm 3 4 5 Surface area/mmi 2400 1600 1200 Volume/mmi 8000 4000 2000 Surface are to volume ratio O:O. 3 O:O. 4 O:O. 6 Conclusion My prediction as to which block will go clear first was correct, being the smaller block, as its surface area to volume ratio was the greatest out of all three, even though there was not much difference between the three values. This is because the third block has a greater surface area for the sulphuric acid to diffuse into the agar, causing the diffusion rate to be greater. The blocks have become clear through diffusion caused by neutralization between the sulphuric acid and the agar, which is an alkaline. Evaluation Quite a few things did not go as planned in this evaluation, but I have come up with ideas on how to improve them if we do an experiment like this again. Firstly, the jelly size may not be accurate from cutting it, and when it has been stirred, bits of it may have chipped off causing a change in its surface area. Next time, to avoid this, we could measure the block of agar more accurately when cutting it, and also be more careful when stirring the agar and stir softer so that no bits may get chipped off. Not only that, but the time we place the three blocks of agar into the sulphuric acid may be different, as well as the time we started the stop clock. Next time, we may possibly find a different method of putting in and taking out the agar so that it remains a fair test, and so that there are less mistakes in the test, which may be reduced by having one person per block of agar and beaker, as well as another person for the stop clock and placing it in and taking it out all at the same time as well as starting and stopping the stop clock. Another complication may have come from the amount of sulphuric acid in each beaker, which may not have been equal. This problem may be reduced by measuring the sulphuric more carefully, maybe with a measuring cylinder before then placing it into the beaker, instead of measuring it into the beaker straight away. Our measurements of the depth of the clear layer of the blocks of agar jelly may have been incorrect as well, and to prevent this, we could possibly use a microscope next time and use a graticule to measure the depth that the jelly has diffused to obtain a more accurate result. The last problem I noticed while doing the experiment was when we were blotting the sulphuric acid off the agar. I found that there may have been some sulphuric acid left on the agar after we have blotted it, which may have caused further diffusion and adjusting our result. This is caused from not blotting off enough sulphuric acid off the agar. Next time, we could carefully blot all the sulphuric acid, and use one piece of tissue for each block of agar so that there is no sulphuric acid on the tissue before blotting each block of agar.

International Product Life Cycle model (IPLC) theory

International Product Life Cycle model (IPLC) theory I strongly agree with the statement The product life cycle theory is out of date in the todays global business environment. I partially disagree with the statement Nowadays, firms should immediately manufacture new products in low-wage countries that offer lower wages. This would enable them to: experience low production costs, and sell the large quantities of the new goods immediately International Product Life Cycle model (IPLC) theory The intent of Vernon, International Product Life Cycle model (IPLC) was to advance trade theory beyond David Ricardos static framework of comparative advantages. In 1817, Ricardo came up with a simple economic experiment to explain the benefits to any country that was engaged in international trade even if it could produce all products at the lowest cost and would seem to have no need to trade with foreign partners. He showed that it was advantageous for a country with an absolute advantage in all product categories to trade and allows its work force to specialise in those categories with the highest added value. Vernon focused on the dynamics of comparative advantage and drew inspiration from the product life cycle to explain how trade patterns change over time. The IPLC international trade cycle consists of three stages: 1. NEW PRODUCT 2. MATURING PRODUCT 3. STANDARDISED PRODUCT New products are manufactured, produced and consumed in the developed (inventing) countries. Then, other high-income countries import it. Production spreads to other advanced countries. The standardised product begins to be produced out of advanced countries into low-wage nation. Advanced countries import it from the low wage countries and Next generation product invented in the advanced countries. Globalisation- Business Environment The tremendous growth of international trade over the past several decades has been both a primary cause and effect of globalization. The volume of world trade since 1950 has increased twenty-fold from $320 billion to $6.8 trillion.1 This increase in the trade of manufactured goods exceeds the increase in the rate of the production of these goods by three times. As a result, consumers around the world now enjoy a broader selection of products than ever before. Additionally, a whole host of U.S. government agencies and international institutions has been established to help manage the ever-growing flow of goods, services, and capital. Although increased international trade has spurred tremendous economic growth across the globe - raising incomes, creating jobs, reducing prices, and increasing workers earning power trade can also bring about certain kinds of economic, political, and social disruption. Because the global economy is so interconnected, when large economies suffer recessions, the effects are felt around the world. Trade decreases, and domestic jobs and businesses are lost. In the same way that globalization can be a boon for international trade; it can also have a crushing impact(www.globalization101.org) Offshoreing trend lower wages The shift of productive capacity from the advanced countries to poor countries can be viewed as a commonality of interest among advanced country business groups and Third World elites, who act in concert against workers both in the U. S. and in developing countries. It can also be viewed as a strategy to change the balance of power between Capital and Labour. By shifting production to jurisdictions which favour Capital, owners gain a larger share of revenue and power, while workers everywhere suffer Multinational enterprises (MNEs) had provided huge number of the employment in countries like Indonesian, Vietnam. It not only solves the countries unemployment rate furthermore it will increase the country GDP and lead to the industrialization process of the country by learning the technical know-hows and other industrial automation process. Countries Foreign Direct Investment (FDI) flow will increase; it will improve the exchange and currency rates .Good Employment opportunities directs to better living standard and high purchasing power. Nevertheless, the poor wages, Vietnam and low wage nations can welcome the offshore trend and implement the foreign policies accordingly. Over the last two decades, the advanced economies experienced a boom in off shoring and a doubling of imports of manufactured goods from low-wage countries. Over this same period, approximately 6 million jobs were lost in manufacturing and income inequality increased sharply.These parallel developments led many critics of globalisation to conclude that good manufacturing jobs were being shipped overseas at the expense of the domestic labour force, putting downward pressure on wages of American workers. Concern over these developments led the US Congress to pass the American Jobs Creation Act of 2004. Yet whether these changes in the US labour market are a result of rising import competition or relocation by multinationals to other countries (known as off shoring) is not clear. Paul Krugman (2008) claims that we will never know. He asks How can we quantify the actual effect of rising trade on wages?, and then answers: The answer, given the current state of the data, is that we cant. Yet Krugman suspects that the dramatic increase in manufactured imports from developing countries since the early 1990s has contributed to increasing income inequality. Earlier studies explained rising inequality as a result of technological change which favours skilled workers, a falling minimum wage, or weaker unions (Autor, Katz and Kearney 2008). Larry Katz and David Autor agree with Krugman, arguing that international trade and offshoring will be increasingly important rivers of wages in the future. Theoretically capital mobility should result in higher wages for workers in the developing world, but often it does not. An egregious example of this phenomenon is Nike, the sports shoe manufacturer. Nike makes shoes by contracting with producers in Asian countries. Aggressively seeking the lowest cost, Nike recently moved production from Korea to Indonesia, a military dictatorship which violently represses union activity. The shoes you pay $80 for in the United States are assembled by Indonesian women, working in squalid factories, who receive approximately twelve cents per pair http://home.home.pacbell.net/jfcowan) Benefits of relocating to poor countries For certain occupations there is a greater availability of highly skilled and experienced employees overseas for example manufacturing skills in china and Information technology, Bangalore, India. Cost advantage Companies can save 30-50% compared to the cost of a U.S.-based employee for the same level of performance, and of ten times the offshore employees are more committed, grateful for the work. By using an offshore employee, you eliminate the time you would normally spend on searching job boards, recruiting, interviewing, orientation, managing vacation time and absenteeism, career coaching, and managing employee morale and motivation. Employee issues can be time-consuming and can escalate into legal liabilities. Using offshore staff eliminates certain legal exposure to employment liabilities. Flexibility Unlike traditional employee relationships, off shoring eliminates hiring and termination costs, allowing companies to quickly expand and contract their overseas staff in accordance with business needs. Challenges and considerations Before deciding the relocation plant, the firm has to address the key challenges with respect to cultural, Tax policy, cost savings. Different cultures have different life styles, different attitudes toward conflict resolution and simply different ways of getting work done. Offshore outsourcing is a politically charged issue nowadays, for example the current US government has passed the bill against outsourcing. Expected cost savings might not result from offshore outsourcing. The offshore staff might not turn out to be as productive as expected. Quality of the product also matters for the firm Brand equity. Off shoring can lead to low production cost, if the firm can address all the above mentioned challenges. But, selling the large quantities of the new goods immediately in the poor and low wages countries are always uncertain and it is a risky process also. Every firm has their unique marketing plan and strategy of their products. But, in general poor countries Gross Domestic Product(GDP), Income per captia, and purchasing power of the consumers very less when compare with advanced countries like UK,USA,Germany,France.Canada. Selling a new product in the market requires lot of marketing research and sampling. Due to the uncertain market environment, political disability and consumer behaviour firms are finding difficulties in implementing marketing plan and strategies for the poor countries. In my opinion selling the new goods in the poor countries requires deep understanding of local market and consumer tastes. As per the WTO and ILO reports, more than 3.5 billion people are living in the poor countries. So, firms should understand the culture, life style, of the people to market and sell their products. The plant location and country alone cant decide the success of their products. Findings and recommendations Todays globalization and dynamic business environment has made Production life cycle Theory out of date. Global trade has increased significantly in the last 10- 15 years, thanks to the globalisation world but in the same time inequalities are also increasing. Shifting the production facility or off shoring the manufacturing jobs can increase the profit of the firm due to talent pool, low wages in the poor countries but to achieve this, it has to addresses the challenges of off shoring and draft the business strategies and plans effectively. But quality of the product /service and productivity are the major concern to be addresses by the off shore industry. GDP, income per captia, purchasing power, consumer behaviours are the major deciding factors for buying a new product in any part of the world. All poor countries above mentioned ratios are very less when compare to advanced countries .So launching a new product in poor countries is risky and uncertain even though the product is m anufactured in the same country. Firms should analyze the marketing plans strategy for the poor countries and apply in the poor counties with respect to the market and other demographic factors. Conclusion Globalisation phenomenon gaining across the globe. Trade and culture are exchanging rapidly, thaks, to the advance technology. Shifting the production jobs or off shoring the manufactured jobs has their own advantage and disadvantages. Off shoring has lot of benefits to their own or home country (capital abundant) and new host country (labour abundant) as well. in the same time it has to address the lot of issue in both host and home country with respect to culture, tax policy , environment and other factors. In the open market world firms have the rights to maximize the profits doing offshoreing if obey the terms and condition of the both own and host countries and it should be follow the framework of WTO and ILO

Social Work Essay -- Papers

Social Work Social work is located within some of the most complex problems and perplexing areas of human experience, and for this reason, social work is, and has to be, a highly skilled activity.† (Trevithick, 2000,p.1) Explain the meaning of this statement, and consider whether it is an adequate definition of the nature of social work. The aim of this assignment is to discuss the interpretation of the statement given above, to analyse this definition and compare it to others that are available and to conclude by discussing whether this is an adequate definition in relation to the nature of social work. In order to fully discuss the statement given by Trevithick it is important to be aware of the history of social work and to observe the changes that have occurred over the centuries. Social work was developed in the late 19th century with the implementation of the Poor Law Report; this led to the Poor Law Amendment Act of 1934. Prior to this date, Charitable Organisations looked after people who were unable to care for themselves, in partnership with the Christian church. It is questionable whether these organisations offered help and support to people in need, or whether they just hid away societies most vulnerable people to take the problem away from the public eye. In a similar way to the 19th century, social work in the 21st century offers support and guidance to vulnerable people. Whereas, the methods used have been developed and improved upon to ensure that the service user is receiving as high a quality of service as poss... ...rs†. Because social work covers such a diverse range of the population and uses such a wide variety of methods this will make it problematic to construct a brief definition that covers all areas involved, as it also has to portray the complexity that is involved with the profession on a day to day basis. This may be why there is such a diverse range of definitions available in relation to the nature of social work. Social work is a profession that changes constantly because there is a great deal of continuous learning involved. Ideas and perspectives change all the time and although the implementation of the new degree will ensure that all social workers deliver a service to as high a standard as possible this is only achievable because of the change in standards put in place by the General Social Care Council.

Flannery O’Connor’s use of the Protagonist Essay -- essays research pa

Flannery O’Connor’s use of the Protagonist Flannery O’Connor’s use of the protagonist in the three stories â€Å"Everything That Rises Must Converge†, â€Å"A Good Man is Hard to Find†, and â€Å"Revelation† are all expressed through characters that do not fit the typical protagonist mold. As you will see the three protagonists have many similarities. Mrs. Turpin and Julian’s mothers similarities are out in the open and easy to recognize. On the other hand the grandmother’s similarities are more subdued, but she does share them with the other women. There are many commonalties between the protagonists in the stories by Flannery O’Connor. First physically, they are all elderly women. All three are mothers of boys. Another likeness is the women and their sheer physical presence. â€Å"In Everything Rises Must Converge† Julian’s mother walks on the bus and immediately begins to control the conversation. People seem to feed off her commentaries. These commentaries are usually on the basis of racism. As she states when she notices that there are no black people on the bus, â€Å"I see we have the bus to ourselves.†(p.344) Mrs. Turpin is almost the exact same way as Julian’s mother. The only difference between the two is that Mrs. Turpin was waiting in a doctor’s office. She too seems like she is the one who is in command of the conversation. The same holds true for the grandmother in A Good Man is Hard to Find. She continues a conversation with a man that is has murdered her family and threat ening t...

Hong Kong Education Essay

The pre-school education voucher scheme was launched by the government of Hong Kong Special Administrative Region in September 2007. The scheme was meant to introduce reforms in education in efforts to promote good early childhood education as the foundation for a child’s lifelong learning (Education Department, 2000). Based on this scheme, every parent who has a child aged between 3 and 6 years should be given a voucher worth $13,000 every year (HKU Faculty of Education, 2008). Out of the $13,000, $10,000 can be used by the parents to pay tuition fees in the kindergartens. The remaining $ 3000 should then be used for the professional development of the teachers in pre-school institutions. The pre-school education voucher should be used under certain conditions. These conditions are, that the voucher should not be used for generating profit, pre-school institutions such as kindergartens must make sure their accounts are open for inspection, the school must attain the set Education Bureau benchmarks within 5 years based on the pre-school quality of education, and tuition fees need to be under $24,000 for half day and $42,000 for full day programs per student, per annum. Due to the restrictions that accompany the pre-school education voucher scheme in Hong Kong, stakeholders in the education sector have shown concern for the impact of the imposed restrictions. This has resulted to a debate that has involved the government and the stakeholders. Since its introduction in the 2007/2008 years, the voucher scheme has been very important for parents with children attending kindergartens. The scheme has provided parents with direct fee subsidy and this has eased their financial burden. It is estimated that a total of 820 kindergartens which represents 85 per cent of the total number of kindergartens in Hong Kong have joined the scheme. In addition, 117,000 pupils are enjoying the benefits from the pre-school education voucher scheme fee subsidy. Since 1997, pre-school institutions in Hong Kong experienced reforms that considered internal effectiveness in schools to be important (Vickers, 2003). According to the Hong Kong government, the implementation of the voucher scheme is an indication of its commitment and support to pre-school education. In addition, the schemes are a positive response to the demands that have been made by the kindergarten principals and teachers. This has become possible through the financial support that the schemes provide for the professional development of the teachers and the principals. It is very important to note that the primary objective of the pre-school education voucher scheme in Hong Kong is to provide parents with direct fee subsidy. It is estimated that over 80 percent of the total number of kindergarten teachers have managed to obtain the Certificate of Early Childhood Education(C (ECE)). Some teachers have enrolled in the courses or have managed to obtain qualifications equivalent to (C (ECE)). To evaluate whether the voucher scheme has been successful in achieving its objectives, the Education Bureau (EDB) in Hong Kong continues to conduct Quality Review studies. By May 2009, the Education Bureau is estimated to have conducted survey on more than 320 kindergartens. The government of Hong Kong acknowledges that pre school teachers experience pressure at work and they need to develop in their profession. The scheme is considered to be one of the ways through which the teachers’ professional development can be promoted. Impact of the Pre-school education voucher scheme on teacher’s professional development Teachers at pre-school institutions have shown their full commitment and dedication to education in Hong Kong . One of the ways through which the pre-school education voucher scheme has impacted positively on the teacher’s professional development is by trying to reduce the workload of the teachers and the principals. Since one of the primary objectives of the scheme is to promote professional development of the teachers, the Education Bureau has continued to enhance communication between the school administration, teachers and other stakeholders in the sector (Andrew, 2008). This has resulted to efficient and continuous implementation of programs that are aimed at improving the teachers’ professional development. The quality review mechanism that has been adopted by the Education Bureau ensures that school self evaluation is done to encourage continuous improvement in education and the teachers professional development. Teachers have been concerned about the pressure at work that results from the quality review done by the Education Bureau as well as the work load at school. However, the quality reviews that are supported due to the implementation of the pre-school education voucher scheme have promoted professional collaboration between teachers. Pre-school education in Hong Kong has for a long time been provided by the private sector and non-profit making institutions. This demands that all pre-school institutions such as kindergartens to be well placed in a manner that the market forces are used to determine the teachers’ salaries at discretion. The launch of the pre-school voucher schemes has increased financial resources for the kindergartens and schools’ management activities (Hong Kong Special Administrative Region Government, 2007). In addition, these resources have been used to finance efforts that aim at providing a working environment that attracts and retains qualified and well performing teachers. The financial resources injected by the voucher scheme have also been very vital in facilitating the payment of good salaries to the teachers. These benefits have acted as a motivation for the teachers to improve their skills and abilities hence their professional development (The Education Bureau, 2009). The Hong Kong government has reaffirmed its commitment in promoting high quality education at the pre-school level by encouraging schools or kindergartens to provide the teachers with qualification allowances. Research studies that have been conducted to determine the impact of pre-school voucher schemes in Hong Kong show that over 52 per cent of parents, principals and teachers agree that the scheme is a fair policy that promotes excellence in early childhood education. The teachers satisfaction with the scheme has been due to the opportunities the schemes have offered to them to improve their professional skills. Teachers consider the voucher scheme to have a positive influence on the schools and their staff. By improving the quality of education offered at the kindergarten, it has become necessary for teachers qualifications to be improved. This has played an important role in the teachers’ professional development. A large number of parents with children in pre-school institutions assert that the schemes have promoted the qualifications of the teachers as well as the improvement made on the school facilities. The schemes have encouraged teachers to pursue higher education or to undertake more education courses. At the pre-school level, extra curricular activities are very critical for children development and learning (Sweeting, 1990). Teachers compliment learning in class by extra curriculum activities. By participating in the coordination and implementation of extra curricular programs in school, the teachers’ ability to lead and teach is improved. The voucher scheme has increased financial resources to be spent for the extra curricular activities in school. By being involved in the activities, the teachers’ professional ability to use the activities in educating the children is improved. By September 2008, about 30% of teachers at the pre-school level had enrolled and attained good qualifications after enrolling for (C (ECE)) courses which are recommended and supported by the Education Bureau. The pre-school principals who are also teachers have had an opportunity to pursue higher education . For example, about 61 per cent or a large number of principals have been enrolled to undertake the Bachelor of Education in Early Childhood Education (B Ed (ECE). A program to certify the qualification of the principals were put into place in January 2008 . By March 2009, about 300 principals who served in the pre-schools had taken a certification course. For continuous professional development in the teachers, many kindergartens have adopted teacher development subsidy (TDC) to offer the teachers’ school based training programs. The pre-school education voucher scheme provides support services that are offered to develop language skills, cognitive abilities and physical development in children. Teachers gain from this by being engaged in creating a good learning environment, proper children learning, portfolio planning as well as curriculum planning and organization. Being engaged in these activities has been vital in improving the professional skills of the teachers when it comes to planning for good learning at school (Bray and Koo, 2005). The Hong Kong Education Bureau participates in promoting the teachers professional development under the voucher scheme by commissioning a professional training course for their principals. By improving the principals’ leadership and management skills, the teachers are able to get good guidance and effective leadership that relate to the teacher’s work (Ranson, 2003). The principal training course is characterized by an offshore programme and provides an on-spot consultative visit to the principal who participates in the course. About 130 principals are estimated to join the training programme. The principals have given positive feedback about the benefits of the programmes. To support the implementation of the pre-school curriculum revised guide, the Education Bureau organizes professional development programmes which relate to school based curriculum knowledge, leadership, curriculum management and pedagogical knowledge in various areas of learning. This effort has promoted the professional development of the teachers through capacity building. Transparency in pre-school institutions has been promoted by the requirements set by the Education Bureau when it comes to the management of the financial resources . The resources provided by the scheme promote the smooth running of the schools, good remuneration for the teachers and provide a good learning environment. These have gone a long way to increase accountability of the principals and the teachers and this has motivated teachers to embrace good values that are important in professional development. Some of the questions that have been raised about pre-school voucher schemes in Hong Kong is whether the schemes can minimize the overall work pressure on the teachers and improve the staff ratio. The pre –school education voucher schemes have promoted professional upgrading for both the principals and the teachers. For those who serve at PEVs-NPM-KGs, a teacher development subsidy is provided in each voucher. The subsidy is utilized for teacher training and development courses. Furthermore, the teachers and the principals who serve in non PEVs-NMP-KGs can claim a reimbursement from the Education Bureau to cater for up to 50 percent of the fees for a degree or diploma course that has been approved in early childhood education. By the year 2011/2012, all teachers serving at pre-school level are expected to have obtained a certificate in Early Childhood Education (LegCo panel on education, 2009). This together with the demand by the scheme that all kindergarten principals who are appointed from 2009 to have a BEd (ECE) have encouraged teachers to pursue higher education. In addition, the requirement for principals to have a one year post qualification experience and a certification course has encouraged principals and teachers to get engaged in professional development activities and programs. All kindergartens under the scheme have put into place measures that ensure there is continuous professional development by providing school based training programmes under the teacher development subsidy program. Areas of school work that are covered include children’s’ development, learning and teaching, management and organization, and children and school culture support. The quality reviews carried out by the Education Bureau assists the teachers to invest their energy and time in professional development as a way of promoting sustainable school improvement. For example, local non-profit making schools starting 2012-2013 will be able to redeem the education voucher if they are able to meet the prescribed standards of the Quality Review framework (Education Department, 2007). The requirements specified in the Education ordinance (Cap 279) ensures that teachers’ professional development can occur when they meet the set educational standards. The first batch pf 130 Quality Review planned visits began in the 2007-2008 school year (Legislative Council of the Hong Kong Special Administrative Region Government, 2008b) and an increase in ratio of graduate teachers in 2008/2009 has raised the professional standards and status of the teachers. The Quality Review Framework promotes transparency and accountability in schools which promotes a culture that is good for professional development of teachers. The Hong Kong government is committed and dedicated to the improvements made in education and the professional development of teachers. The development and implementation of the Pre-school Education Voucher Scheme in Hong Kong is one of the ways through which the government has managed to improve the quality of education and to promote professional development in teachers and principals. High quality education at the pre-school level can be attributed to the pre-school education voucher scheme, classroom inspection and quality reviews in schools. In conclusion, the pre-school education voucher scheme has been promoted through the 2007/08 school year Training Activity, Teacher Development plan for 2008/09 school year, Four-year Teacher Development plan and the professional upgrading of Kindergarten principals and teachers.