Corium and Radioactivity After the Chernobyl Nuclear Meltdown

The most dangerous radioactive waste in the world is likely the Elephants Foot, the name given to the solid flow from the nuclear meltdown at the Chernobyl nuclear power plant on April 26, 1986. The accident occurred during a routine test when a power surge triggered an emergency shutdown that didnt go as planned. Chernobyl The core temperature of the reactor rose, causing an even greater power surge, and the control rods that might otherwise have managed the reaction were inserted too late to help. The heat and power rose to the point where the water used to cool the reactor vaporized, generating pressure that blew the reactor assembly apart in a powerful explosion. With no means to cool the reaction, the temperature ran out of control. A second explosion threw part of the radioactive core into the air, showering the area with radiation and starting fires. The core began to melt, producing a material resembling hot lava—except that it was also wildly radioactive. As molten sludge oozed through the remaining pipes and melted concrete, it eventually hardened into a mass resembling the foot of an elephant or, to some viewers, Medusa, the monstrous Gorgon from Greek mythology. Elephants Foot The Elephants Foot was discovered by workers in December 1986. It was both physically hot and nuclear-hot, radioactive to the point that approaching it for more than a few seconds constituted a death sentence. Scientists put a camera on a wheel and pushed it out to photograph and study the mass. A few brave souls went out to the mass to take samples for analysis. Corium What researchers discovered was that the Elephants Foot was not, as some had expected, the remnants of the nuclear fuel.  Instead, it was a mass of melted concrete, core shielding, and sand, all mixed together. The material was named corium after the portion of the reactor that produced it.   The Elephants Foot changed over time, puffing out dust, cracking, and decomposing, yet even as it did, it remained too hot for humans to approach. Chemical Composition Scientists analyzed the composition of corium to determine how it formed and the true danger it represents. They learned that the material formed from a series of processes, from the initial melting of the nuclear core into the Zircaloy (a trademarked zirconium alloy) cladding to the mixture with sand and concrete silicates to a final lamination as the lava melted through floors, solidifying. Corium is essentially a heterogeneous silicate glass containing inclusions: uranium oxides (from the fuel pellets)uranium oxides with zirconium (from the melting of the core into the cladding)zirconium oxides with uraniumzirconium-uranium oxide (Zr- U-O)zirconium silicate with up to 10% uranium [(Zr,U)SiO4, which is called chernobylite]calcium aluminosilicatesmetalsmaller amounts of sodium oxide and magnesium oxide If you were to look at the corium, youd see black and brown ceramic, slag, pumice, and metal. Is It Still Hot? The nature of radioisotopes is that they decay into more stable isotopes over time. However, the decay scheme for some elements might be slow, plus the daughter, or product, of decay might also be radioactive. The corium of the Elephants Foot was considerably lower 10 years after the accident but still insanely dangerous. At the 10-year point, radiation from the corium was down to 1/10th its initial value, but the mass remained physically hot enough and emitted enough radiation that 500 seconds of exposure would produce radiation sickness and about an hour was lethal. The intention was to contain the Elephants Foot by 2015 in an effort to diminish its environmental threat level. However, such containment doesnt make it safe. The corium of the Elephants Foot might not be as active as it was, but its still generating heat and still melting down into the base of Chernobyl. Should it manage to find water, another explosion could result. Even if no explosion occurred, the reaction would contaminate the water. The Elephants Foot will cool over time, but it will remain radioactive and (if you were able to touch it) warm for centuries to come. Other Sources of Corium Chernobyl isnt the only nuclear accident to produce corium. Gray corium with patches of yellow also formed in partial meltdowns at Three Mile Island nuclear power plant in the U.S. in March 1979 and Fukushima Daiichi nuclear power plant in Japan in March 2011. Glass produced from atomic tests, such as trinitite, is similar.

Essay on Diversity...What Is That - 655 Words

What is diversity? Diversity is when you have a group of different races and cultures come together in one setting. I think that diversity is something that everyone should be introduced to at some point of his or her life. Diversity is a concept that has played a very important role in my life, especially growing up in a community that wasn’t very diverse and switching to a community that school system embraced diversity to the fullest. By having diversity introduced into my life though out my high school years I was able to expect change as an good thing and realize that race is a physical trait and doesn’t make you who you are, delvop an new thought process and new views and I was able to comfortably interact with people different from†¦show more content†¦In class I wouldn’t participle in classroom discussions and when it came to group project I would always work by myself. One day in was in this English class my teacher had us write a paper but we had to write about another student inside the class and we had to choose whom we had to write about by we picking names out a hat. I had got this white girl named Jen Hicks. The next day before class I went to my teacher to see if I can change my partner for the writing assignment. She had asked why but I didn’t want to tell her but moments later I expressed my concerns on how I feel uncomfortable around Jen because she was different from me. My teacher said sit and told me that there is nothing wrong with being a little different and that diversity is something that this school embraces. She also went on to say that even though there is a physical difference between the two we might I a lot in common, so give it a chance. When class began I was we got together with our partners and began to collet information about each other. When Jen and I got together there was kind of and awkward silence in the beginning but she started off my telling me that her birthday was December 3, 1994 and that she like rb and hip-hop and her favorite colors were yellow and green and so much more. This huge smile rushed across myShow MoreRelatedWhat Is Diversity?583 Words   |  2 Pagesincluding important things relating to our lives. After learning what diversity, culture, and the â€Å"-isms† of education really are, I have realized that people, who looked most different from me, have turned out to be the most similar to me. The â€Å"-isms† of education include racism, classism, gender and sexism, heterosexism and GLBTQI, disability and ableism, religious diversity, and linguistic diversity. One cannot define diversity without first defining culture. At the beginning of the semesterRead MoreDiversity Within The Workplace : What Is Diversity?1857 Words   |  8 PagesDiversity in the workplace What is diversity? 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Globalisation Free Essays

TABLE OF CONTENT |S. NO. |TOPIC |PAGE NO. We will write a custom essay sample on Globalisation or any similar topic only for you Order Now |1 |INTRODUCTION |2 | |2 |ANTI-GLOBALISATION |2 | |3 |EFFECT ON EMPLOYMENT |3 | |4 |EFFECTS ON CHILD LABOUR |3 | |5 |EFFECTS ON ENVIRONMENT |4 | |6 |EFFECTS ON SOCIETY |5 | |7 |PEACE DUE TO GLOBALISATION |5 | |8 |CONCLUSION |5 | |9 |REFERENCES |6 | GLOBALIZATION 1. INTRODUCTION Globalization is the â€Å"process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications†(Simon, 2002). Globalisation is the most fascinated concept in the social science(Hirst and Thompson, 1999). It can be defined as the increased social and economic growth of the countries. The concept of globalisation is the global symbol for the country, it is a essential element for the countries economy as the business leaders are ready to face their companies for globalisation(Lechner and Boli, 2004). Globalisation helps the under developing countries to expose themselves to the wide range of opportunities and new resources internationally, which includes flow of goods across the countries. The trade between the nations helps the developing country to grow, shares the knowledge and cultural transformation(Tesic, 2012). Globalisation helps the developing countries to improve the transportation system and the communication system, using a satellite they can view the worlds event on a single frame. Globalisation is a key thing for imports and exports of goods, inflow and outflow of incomes between the nations(Wolf, 2004). 2. ANTI-GLOBALISATION There are some developing countries, which has a hatred feeling towards globalisation which led to a movement called anti- globalisation. Globalisation in some developing countries has become a problem as there is a sudden change in education system (students get uneducated), taxes and social policies. Globalisation in the developing countries may cause fluctuations in the national economy, spending money on the public goods by raising taxes, livelihood of a peasant farmer is destroyed, wages were lowered because the standard of the labour was decreased, economic insecurity increased across the nation(Lechner and Boli, 2004). It generates crisis due to global financial market which lead to heavy cost of goods in the under developing economies(Wolf, 2004). It leads to the formal resignation of the democratic government in to the favour of the private corporation. The ideology of the government in the less developed country Is severe due to globalisation. The increase in the trade flow and FDI(foreign direct investment) led to income inequality in the developed country and the developing country. There may be so many changes in government due to globalisation, government may change from one party to other party due to the government is accepting large cash flow that leads the down fall of small scale industries, starting point for child labour, pollution, social activities, change in culture, income levels decreased(Ha, 2012). 3. EFFECTS ON EMPLOYMENT The effect of globalisation leads to the trade route between the nations and FDI in the developing country. Due to investment of developed country in the less developed country, so many big industries are introduced in the nation, which is a good cause for the nation as there may so many chances for employment. Good cause of globalisation in the less developed country due to industrialisation. But there is no effect on employment on the raw material exported due to increase of the developed country workers in that part, but in the manufacturing unit there are so many chances of employment(Kaya, 2010). Globalisation of the world economy came to view that significant influence of industrialisation on developing countries. So there is a need of understanding the movement of globalisation on the developing countries to get the actual details of industrialisation. 4. EFFECTS ON CHILD LABOUR Due to globalisation the penetration of FDI in to the developing countries is high. The trade flow between the nations are also high, this is good part for the developing nation as the economy of the nation raises. But there is a lot of chances for child labour and women employment. Depending upon the GDP’s we can differentiate the rich and the poor countries where the involvement of child labour can be found, if the GDP of the nation is high there the involvement of the child labour is low. The developing countries with high GDP has an involvement of high child labour(Dagdemir and Acaroglu, 2010). The high penetration of FDI and trade flow the involvement of child labour increases and increases to the very high extent. If the income level of the middleclass family is less than the 5000USD, the net effect on the globalisation is negative. When the income of the middle class family is more than the 5000USD then the effect on globalisation is positive. This show that the positive affect of globalization along with increasing income on child labour involvement does not display continuity. The factors increasing child labour supply in developing countries has become more effective as a result of integration with global economy. Economic growth alone is not sufficient thing to struggle with child labour problem in developing countries. The governments should show interest on some factors to the labour such as income distribution and poverty. Increased importance should be given to regulate labour market conditions in the case of increased involvement of child labours. 1. WOMEN EMPLOYMENT As there are so many company introduced by a developed country in the developing countries, they need a lot of workers. The developing countries has lot of middle class families, so due to earning the women will find a job in the newly introduced companies. In a developing countries most of the womens work when the nation is on the effect of globalisation, they are not professionally trained to that work, womens are given jobs for a long shift with very low wages. So due to this there may be lot of mental tensions in the family. 5. EFFECTS ON ENVIRONMENT (POLLUTION) Globalisation encouraged the developed countries in increasing production, which uses the lot of natural resources of the developing country and effects the environment. Pollution is a harmful effect in globalisation, as it will lead to the death of the persons. The introduction of industries under the effect of globalisation will pollute the air and water with harmful gases and chemicals. These foreign companies developed their base in developing countries as they found the cost of labour is low and high use natural resources where the resources availability is high. This led to the massive industrial revolution in the developing countries which caused great damage to the environment. (Stiglitz, 2002) 1. WATER POLLUTION The effect of globalisation, so many foreign companies are introduced In the developing country. There may be so many chemical industries are introduced, the chemicals which is released from the industries is dumped into water which leads to contamination of water and the water is used by the people, which results in water borne disease(Pologeorgis and Overbaugh, 2011). 2. DEFORESTRATION AND LAND POLLUTION For introducing new industries by the foreign countries in the developing countries under the effect of globalisation, they need a large space to built a company for a low cost. The industries are built in the forest area by cutting down the trees, which is a very harmful effect for the environment as there may be so many effect like global warming, increase of CO2 in the air, short fall of rain, soil erosion and land degradation(Stiglitz, 2002). The industries which are using plastic for manufacturing is very harmful for the land as it a non bio-degradable substances. 3. AIR POLLUTION Due to globalisation, the gases released from the industries are mixed up with air which to a breathing problem because of the gases released there may be effect on ozone layer and may cause depletion in ozone layer. This is very harmful effect for environment(Pologeorgis and Overbaugh, 2011). 6. EFFECTS ON SOCIETY Due to globalisation, there are so many changes in the developing countries like social life style and exchange of culture. The rapid change in society is due to the adoption of western culture in the life style and exchange of culture from developed countries. Things became more sophisticated than the older days. These sudden changes lead to change of life style in the developing country. This disturbs the original culture of the country, example : India, whose culture is a traditional culture but under the globalisation the exchange of culture was done. Due to this the no people are following the old culture(Ghosh, 2011). 7. PEACE DUE TO GLOBALISATION Historically the nature of international system started to change when globalisation came into existence. Because of globalisation, the international exposure of the people is recognised. The net effect of globalisation is positive and favourable in creating the co existence between the two nations. Globalization plays a important role in taking some of the important decisions by the leaders. Globalization not only changes the thinking of a leader but helps to take decisions on market trends, socio economic factors and many more in taking decisions which gives way for peaceful disposition of power(Choi, 2010). 8. CONCLUSION Thus we can conclude that globalisation has both negative and positive effects on developing country. There are so many positive effect on the developing country but the effect was very low. As we analysed the above context, the globalisation has a negative effect also but it is a step forward than the positive effect. There are so many harmful effect on globalisation like pollution, environment effect, child labour, anti social activities, health and culture, these effects says that the globalisation has done more harm than good especially in the developing countries. 9. REFERENCES Choi, S. -W. , 2010. Beyond Kantian Liberalism Peace through Globalization? Conflict Management and Peace Science 27, 272–295. Dagdemir, O. , Acaroglu, H. , 2010. The effects of globalization on child labor in developing countries. Business Economic Horizons 2, 37–47. Ghosh, B. , 2011. Cultural Changes and Challenges in the Era of Globalization The Case of India. Journal of Developing Societies 27, 153–175. Ha, E. , 2012. Globalization, Government Ideology, and Income Inequality in Developing Countries. Journal of Politics 74, 541–557. Hirst, P. Q. , Thompson, G. , 1999. Globalization in question? : the international economy and the possibilities of governance. Polity Press, Cambridge, En. Kaya, Y. , 2010. Globalization and Industrialization in 64 Developing Countries, 1980-2003. Social Forces 88, 1153–1182. Lechner, F. , Boli, J. , 2004. The globalization reader. Blackwell Pub. , Malden, MA. Pologeorgis, N. , Overbaugh, S. , 2011. Socioeconomic and Environmental Effects of Globalization on the Transitional Economies of Eastern and Central Europe. International Journal of Business Economics Perspectives 6, 55–69. Simon, J. , 2002. What is globalisation? [WWW Document]. the Guardian. URL http://www. guardian. co. uk Stiglitz, J. E. , 2002. Globalization and its discontents. W. W. Norton, New York. Tesic, J. , 2012. Measuring Globalization in the Context of Transition Process – the Case of Western Balkan Countries. Economic Review: Journal of Economics Business / Ekonomska Revija: Casopis za Ekonomiju i Biznis 10, 33–46. Wolf, M. , 2004. Why globalization works. Yale University Press, New Haven. How to cite Globalisation, Essay examples Globalisation Free Essays string(90) " ascent to additional health dangers and presents new challenges and threats for plagues\." question (1) part -1- what is globalisation? Discuss the advantages and the disadvantages of globalisation? When we mention the word Globalisation what do we mean by it and what we understand? An early depiction of globalisation was penned by the American entrepreneur-turned-minister Charles Taze Russell who begat the term ‘corporate giants’ in 1897, granted that it was not until the 1960s that the term started to be substantially utilized by economists and other social researchers. The term has since then attained boundless utilize as a part of the mainstream press by the later large part of the 1980s. Since its origin, the idea of globalisation has motivated various contending definitions and elucidations for instance, as a name for the methodology of expanding the connectivity and relationship of the planet’s business sectors and organizations? This technique has speeded up incredibly in the most recent two decades as innovative developments make it simpler for individuals to voyage, impart, and work together globally. We will write a custom essay sample on Globalisation or any similar topic only for you Order Now And also is the Process of amplifying social relations crosswise over planet space? Such developments come up from the developments of individuals, things and plans. It can’t be demarcated as far as internationalization or reconciliation as certain theorists have prescribed, however the aforementioned infrastructures may be a result of globalisation, Globalisation depicts the transaction crosswise over societies of macro-social powers. The aforementioned strengths incorporate religion, governmental issues, and matters in profit making. Globalisation effected many different aspects in our life creating it is own advantages along with the disadvantages, coming up the advantages of globalisation. Employment- Recognized as a standout amongst the most critical advantages, globalisation has expedited the generation of various employment opportunities. Associations are moving towards the advancing nations to get labour power. This evidently indulges employment and earnings generation to the individuals in the host nation. Likewise, the relocation of individuals, which has gotten simpler, has prompted better works opportunities. Education- an extremely basic advantage that has helped the populace is the spread of education. With various educational organisations around the world, one can move out from the home nation for better chances somewhere else. Consequently, mixing with diverse societies, gathering and gaining experience from different individuals through the medium of instruction is everything because of globalisation. Advancing nations or labour-serious nations have profited the most. Product Quality- The onset of global trade has given ascent to powerful rivalry in the markets. No longer does one find set number of wares available. A specific item might get many alternatives with distinctive costs. The feature value has been upgraded in order to hold the customers. Today the customers may bargain with the value extent yet not with the quality of the item. Level or oppressed value can conflictingly influence shopper fulfilment. Free Movement of Capital- Capital, the spine of each economy, is of prime criticalness for the best possible working of the economy. Today, transferring cash through banks is conceivable simply by the click of a catch, all because of the electronic transfer that has made life exceptionally agreeable. Numerous colossal firms are investing in the advancing nations by setting up industrial units outside their home nation. This accelerates Foreign Direct Investment, which assists in advertising economic development in the host country. Communication- Information technology has played an indispensable part in accumulating the nation’s closer terms of communication. Each and every information is effectively approachable from generally each corner of the planet. Dissemination of information is no longer a dull undertaking, and can happen in seconds. The Internet has fundamentally influenced the worldwide economy, subsequently giving steer access to information and items or product. GDP Increase- Gross Domestic Product, generally recognised as GDP, is the cash value of the last services and goods inside the domesticated domain of the nation throughout an accounting year. As the market has expanded, the demand and scope for a feature has expanded. Makers familiarise their items and fixes consistent with the prerequisites of different economies in this way tapping the untapped markets. Accordingly, the final result regarding budgetary addition improves the GDP of the nation. Provided that statistics are of any sign, the GDP of the advancing nations has expanded twice to the extent that heretofore. Coming up, some of the disadvantages of globalisation as well. Loss of Culture-Provincially, people of a specific nation take after its culture and traditions from time immemorial. With huge number of people moving into and out of a nation, the culture takes a rearward sitting arrangement. People might adapt to the culture of the occupant nation. Therefore people tend to follow foreign culture instead their own, disregarding their particular roots. This can give ascent to culture conflicts. Environment Degradation- The industrial revolution has modified the viewpoint of the economy. Industries are utilizing natural resources by method of mining, penetrating, and so on, which puts a load on nature. Natural resources are draining and are on the borderline of coming to be terminated. Deforestation is worked on owing to the non-availability of area, subsequently radically lessening the forest front. This in turn makes unevenness in the earth prompting environmental change and event of natural catastrophes. Conflicts-Each economy needs to be at the top spot and be the guider. The quick-paced economies that are the advanced nations are vying to be the inimitable force. It has given ascent to terrorism and different types of savagery. Such acts not just aim misfortune of human life and yet colossal economic misfortunes. Monopoly- Monopoly is a scenario wherein one singular producer has a state in a specific product or products. It is conceivable that when a product is the leader in its field, the association may start to adventure the purchasers. As there exists no nearby contenders, the guide profits from the deal of its product, which might later prompt illicit and unscrupulous practices on being emulated. Monopoly is disastrous as it extends the crevice between the advanced and advancing nations. Health Issues- Globalization has given ascent to additional health dangers and presents new challenges and threats for plagues. You read "Globalisation" in category "Papers" An extremely standard sample is the dawn of HIV/AIDS. Having its source in the wilderness of Africa, the infection has spread like rapidly spreading conflagration all through the globe quickly. Food things are additionally transported to different nations, and this is a matter of concern, in particular in the event of perishable things. The security regulations and the gauges of food preparation are distinctive in diverse nations, which might represent an extraordinary hazard to potential health risks. And so on there are more of the advantages and the disadvantages of Globalisation, effected as in our everyday lives. question (1) part -2- How might the internet and the associated World Wide Web AFFECT INTERNATIONAL business activity and the globalisation of the world economy? The Internet revolution a few years ago there were some individuals who thought the Internet was a craze. Those days are doubtlessly over. Individuals who opposed the ascent of innovation have long been left in the dust keeping in mind the end goal to clear a path for the ascent of more propelled masses. The aforementioned are the individuals who comprehended the force of the Internet and they knew how it could take their businesses to an entire new level. This was a brief introduction about the starting of the internet revolution. Therefore the internet now has a huge effectiveness in the international business activities. In general, the internet made the movement of the businesses internationally essayer. Following, some examples of businesses such as: From Local to Global- The situation when an association sets up an online site and markets it legitimately, abruptly it is opening up a gigantic buyer base and the possibilities outcomes are perpetual. With the click of a bind, they have the ability to system as far and wide as possible. The downside of this is that abruptly business ends up being significantly more focused. It can require some time and cash to guarantee the association is at the highest point of the list when somebody does a Google inquiry on a product. Yet with know-how and a little elbow grease, the Internet could be an amazing asset. Working Remotely- How often have you caught somebody gloat about the way that he headed off to work in his bunny shoes? Before the Internet, this did not happen. There are various jobs now that need just a computer, Wi-Fi and an Internet connection for the employee to be up and running. More than anything, the bunny-shoes marvel influences organisations that are sole proprietors. In any case, there are virtual head-seekers that representative out the aforementioned remote workers and succeed in enormous business for themselves. Educated Consumers- Presently a potential purchaser is not at the benevolence of a representative. Numerous huge name retailers give rewards to their selling specialists for offering certain things every month. A client may not fundamentally get the item that fits his or her needs. Presently, if somebody is searching for a computer, new auto or kitchen machine, there are numerous online sites that offer free charge customer service and master audits on products. Virtual Retailers- There is numerous businesses that now manage singularly from the Internet. Take Amazon, for instance. A purchaser can sort into the Amazon web index simply about anything he needs, and inside seconds it is right at his fingertips. Further, when he purchases the thing and has it sent to him, he can track it each venture of the way. Assuming that something tends to be transported FedEx, a following number is every one of the a client ought to discover what city his bundle is in, if it is in the truck or at the centre, and what time it will touch base at his entryway. In a common sans, any one ready to produce a product can now make the people aware to their service or items without being compelled to head off to the upkeep of needing to publicise in standard media. This incorporates the promotion payment and continuous back for the product. There are a ton of organisations today that might not exist without the web. The web has direct effectiveness in the growth of the global economies, through, technology Communication systems, and Internet access according to the fact of that internet or web is easy and fast therefore, the world now mainly use it in all the collaborations that affect the world market such as, stock market which is needed those types of services, banking as well, and so on. Conclusion In conclusion, after we mention the understanding of the word globalisation and where it comes from, as well as some of the definition. The advantages and the disadvantages of globalisation therefore we got the understanding of how is globalisation important in our life according to the changes that happened in our life due to the involvement of globalisation for example globalisation improve our education, industries, trade movement, and†¦ etc. although globalisation improved our life, but we still have to face the consequences that followed that improvement as it, effected out health, natural resources and so many deferent aspects. Also we come through the important or the effectiveness of the web or the internet when it comes to global business and globalisation of the world economic. Therefore the internet revolution has made a big different in the global or international businesses as it is mentioned earlier in the essay. According to that we could see that and how it is important now in the international businesses movement (fast, easy, security, and qualify) As well as, the globalisation of the world economy. Reference List * Reni, W. 2011) Main meaning of globalisation Available at: http://www. lse. co. uk/financeglossary. asp? searchTerm=globalisationiArticleID=1339definition=globalisation(Accessed: 1 March 2013) * Richard, V. (2004) Globalisation background. Available at: http://uk. answers. yo. com/question/index? qid=20100520100117AACVwow (Accessed: 11 February 2013) * Krohne, H. (2002) Advantages of globalisation pdf] Available at: http://www. buzzle. com/articles/advantages-and-disadvantages-of-glob alization. html (Accessed: 8 March 2013) * Horton, J. 2010) Available at: http://www. investorwords. com/2182/globalization. html (Accessed: 11 January 2013) * Johanson, M. (1990, January 16). Sara Fere. Retrieved April 6, 2011, from Jioni: www. jioni. co. ke/thy/sfere/ (Accessed: 6 March 2013) * Smith, G. (2010). Disadvantages of globalisation Available at: http://www. buzzle. com/articles/disadvantages-of-globalization. html (Accessed: 13 February 2013) * Hellen, G. (7April 2002). cls. Retrieved 6 April, 2007, from Williammillan: http://www. slideshare. et/gunacharlotte/globalization-of-world-economy-ppt (Accessed: 3 February 2013). * Harison, K. (2 April 2004). worled wide web. In K. Harison, enhance us in Importance of web in international busness (pp. 12-27). New York: Bookpoint. (Accessed: 8 January 2013) * Welther, M. (16 January 2000). Ray Juck. Retrieved March 6, 2013, from Jioni: http://pc. net/glossary/importd/Thecnology. working (Accessed: 7 January 2013) * Meradch, M. ( 2005). Importance of the internet. Available at http://en. world. economic-edia. org/internet-accesus/uk (Accessed: 28 February 2013) How to cite Globalisation, Papers

Oligopoly and Marginal Cost Firms free essay sample

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher costs for consumers. [1] With few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm therefore influence and are influenced by the decisions of other firms. Strategic planning by oligopolists needs to take into account the likely responses of the other market participants. Oligopoly is a common market form where a small number of firms are in competition. As a quantitative description of oligopoly, the four-firm concentration ratio is often utilized. This measure expresses the market share of the four largest firms in an industry as a percentage. For example, as of fourth quarter 2008, Verizon, ATT, Sprint, and T-Mobile together control 89% of the US cellular phone market. Oligopolistic competition can give rise to a wide range of different outcomes. In some situations, the firms may employ restrictive trade practices (collusion, market sharing etc.) to raise prices and restrict production in much the same way as a monopoly. Where there is a formal agreement for such collusion, this is known as a cartel. A primary example of such a cartel is OPEC which has a profound influence on the international price of oil. Firms often collude in an attempt to stabilize unstable markets, so as to reduce the risks inherent in these markets for investment and product development. [citation needed] There are legal restrictions on such collusion in most countries. There does not have to be a formal agreement for collusion to take place (although for the act to be illegal there must be actual communication between companies)–for example, in some industries there may be an acknowledged market leader which informally sets prices to which other producers respond, known as price leadership. In other situations, competition between sellers in an oligopoly can be fierce, with relatively low prices and high production. This could lead to an efficient outcome approaching perfect competition. The competition in an oligopoly can be greater when there are more firms in an industry than if, for example, the firms were only regionally based and did not compete directly with each other. Thus the welfare analysis of oligopolies is sensitive to the parameter values used to define the markets structure. In particular, the level of dead weight loss is hard to measure. The study ofproduct differentiation indicates that oligopolies might also create excessive levels of differentiation in order to stifle competition. Oligopoly theory makes heavy use of game theory to model the behavior of oligopolies: Stackelbergs duopoly. In this model the firms move sequentially (see Stackelberg competition). Cournots duopoly. In this model the firms simultaneously choose quantities (see Cournot competition). Bertrands oligopoly. In this model the firms simultaneously choose prices (see Bertrand competition). Characteristics[edit] Profit maximization conditions An oligopoly maximizes profits . Ability to set price Oligopolies are price setters rather than price takers. [2] Entry and exit Barriers to entry are high. The most important barriers are economies of scale, patents, access to expensive and complex technology, and strategic actions by incumbent firms designed to discourage or destroy nascent firms. Additional sources of barriers to entry often result from government regulation favoring existing firms making it difficult for new firms to enter the market. [4] Number of firms Few – a handful of sellers. [3] There are so few firms that the actions of one firm can influence the actions of the other firms. [5] Long run profits Oligopolies can retain long run abnormal profits. High barriers of entry prevent sideline firms from entering market to capture excess profits. Product differentiation Product may be homogeneous (steel) or differentiated (automobiles). [4] Perfect knowledge Assumptions about perfect knowledge vary but the knowledge of various economic factors can be generally described as selective. Oligopolies have perfect knowledge of their own cost and demand functions but their inter-firm information may be incomplete. Buyers have only imperfect knowledge as to price, cost and product quality. Interdependence The distinctive feature of an oligopoly is interdependence. Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions. Therefore the competing firms will be aware of a firms market actions and will respond appropriately. This means that in contemplating a market action, a firm must take into consideration the possible reactions of all competing firms and the firms countermoves. [7] It is very much like a game of chess or pool in which a player must anticipate a whole sequence of moves and countermoves in determining how to achieve his or her objectives. For example, an oligopoly considering a price reduction may wish to estimate the likelihood that competing firms would also lower their prices and possibly trigger a ruinous price war. Or if the firm is considering a price increase, it may want to know whether other firms will also increase prices or hold existing prices constant. This high degree of interdependence and need to be aware of what other firms are doing or might do is to be contrasted with lack of interdependence in other market structures. In a perfectly competitive (PC) market there is zero interdependence because no firm is large enough to affect market price. All firms in a PC market are price takers, as current market selling price can be followed predictably to maximize short-term profits. In a monopoly, there are no competitors to be concerned about. In a monopolistically-competitive market, each firms effects on market conditions is so negligible as to be safely ignored by competitors. Non-Price Competition Oligopolies tend to compete on terms other than price. Loyalty schemes, advertisement, and product differentiation are all examples of non-price competition. Modeling[edit] There is no single model describing the operation of an oligopolistic market. The variety and complexity of the models is because you can have two to 10 firms competing on the basis of price, quantity, technological innovations, marketing, advertising and reputation. Fortunately, there are a series of simplified models that attempt to describe market behavior by considering certain circumstances. Some of the better-known models are the dominant firm model, the Cournot-Nash model, the Bertrand model and the kinked demand model. Cournot-Nash model[edit] Main article: Cournot competition The Cournot-Nash model is the simplest oligopoly model. The model assumes that there are two â€Å"equally positioned firms†; the firms compete on the basis of quantity rather than price and each firm makes an â€Å"output decision assuming that the other firm’s behavior is fixed. †[8] The market demand curve is assumed to be linear and marginal costs are constant. To find the Cournot-Nash equilibrium one determines how each firm reacts to a change in the output of the other firm. The path to equilibrium is a series of actions and reactions. The pattern continues until a point is reached where neither firm desires â€Å"to change what it is doing, given how it believes the other firm will react to any change. The equilibrium is the intersection of the two firm’s reaction functions. The reaction function shows how one firm reacts to the quantity choice of the other firm. [10] For example, assume that the firm 1’s demand function is P = (M Q2) Q1 where Q2 is the quantity produced by the other firm and Q1 is the amount produced by firm 1,[11] and M=60 is the market. Assume that marginal cost is CM=12. Firm 1 wants to know its maximizing quantity and price. Firm 1 begins the process by following the profit maximization rule of equating marginal revenue to marginal costs. Firm 1’s total revenue function is RT = Q1 P= Q1(M Q2 Q1) = M Q1- Q1Q2 Q12. The marginal revenue function is . [note 1] RM = CM M Q2 2Q1 = CM 2Q1 = (M-CM) Q2 Q1 = (M-CM)/2 Q2/2 = 24 0. 5 Q2 [1. 1] Q2 = 2(M-CM) 2Q2 = 96 2 Q1 [1. 2] Equation 1. 1 is the reaction function for firm 1. Equation 1. 2 is the reaction function for firm 2. To determine the Cournot-Nash equilibrium you can solve the equations simultaneously. The equilibrium quantities can also be determined graphically. The equilibrium solution would be at the intersection of the two reaction functions. Note that if you graph the functions the axes represent quantities. [12] The reaction functions are not necessarily symmetric. [13] The firms may face differing cost functions in which case the reaction functions would not be identical nor would the equilibrium quantities. Bertrand model[edit] Main article: Bertrand competition The Bertrand model is essentially the Cournot-Nash model except the strategic variable is price rather than quantity. [14] The model assumptions are: There are two firms in the market They produce a homogeneous product They produce at a constant marginal cost Firms choose prices PA and PB simultaneously Firms outputs are perfect substitutes Sales are split evenly if PA = PB[15] The only Nash equilibrium is PA = PB = MC. Neither firm has any reason to change strategy. If the firm raises prices it will lose all its customers. If the firm lowers price P MC then it will be losing money on every unit sold. [16] The Bertrand equilibrium is the same as the competitive result. [17] Each firm will produce where P = marginal costs and there will be zero profits. [14] A generalization of the Bertrand model is theBertrand-Edgeworth Model that allows for capacity constraints and more general cost functions. Kinked demand curve model[edit] Main article: Kinked demand According to this model, each firm faces a demand curve kinked at the existing price. [18] The conjectural assumptions of the model are; if the firm raises its price above the current existing price, competitors will not follow and the acting firm will lose market share and second if a firm lowers prices below the existing price then their competitors will follow to retain their market share and the firms output will increase only marginally. [19] If the assumptions hold then: The firms marginal revenue curve is discontinuous (or rather, not differentiable), and has a gap at the kink[18] For prices above the prevailing price the curve is relatively elastic [20] For prices below the point the curve is relatively inelastic [20] The gap in the marginal revenue curve means that marginal costs can fluctuate without changing equilibrium price and quantity. [18] Thus prices tend to be rigid. Examples[edit] In industrialized economies, barriers to entry have resulted in oligopolies forming in many sectors, with unprecedented levels of competition fueled by increasing globalization. Market shares in an oligopoly are typically determined by product development and advertising. For example, there are now only a small number of manufacturers of civil passenger aircraft, though Brazil (Embraer) and Canada (Bombardier) have participated in the small passenger aircraft market sector. Oligopolies have also arisen in heavily-regulated markets such as wireless communications: in some areas only two or three providers are licensed to operate. Australia[edit] Most media outlets are owned either by News Corporation, Time Warner, or by Fairfax Media[21] Grocery retailing is dominated by Coles Group and Woolworths. Banking is dominated by ANZ, Westpac, NAB, and Commonwealth Bank. To an extent this oligopoly is enshrined in law in what is known as the Four pillars policy, in order to ensure the stability of Australias banking system. Most of the telecommunications in Australia is delivered by Telstra or Optus. Other brands are virtual network operators (VNO). Canada[edit] Six companies (Royal Bank of Canada, Toronto Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada) control the banking industry. As of 2008, three companies (Rogers Wireless, Bell Mobility and Telus Mobility) share over 94% of Canadas wireless market. [22][23] 4 companies control the internet service provider market, (Rogers), (Bell), (Telus), (Shaw) 8 companies control the oil and gas market, (Husky Energy) (Imperial Oil) (Nexen) (Petro-Canada) (Shell Canada) (Suncor Energy) (Syncrude Canada) (Talisman Energy) India[edit] The petroleum and gas industry is dominated by Indian Oil, Bharat Petroleum, Hindustan Petroleum and Reliance. Most of the telecommunication in India is dominated by Airtel, Vodafone,Idea, Reliance European Union[edit] The VHF Data Link market as air-ground part of aeronautical communications is controlled by ARINC and SITA, commonly known as the organisations providing communication services for the exchange of data between air-ground applications in the Commission Regulation (EC) No 29/2009. United Kingdom[edit] Five banks (Barclays, Halifax, HSBC, Lloyds TSB and Natwest) dominate the UK banking sector, they were accused of being an oligopoly by the relative newcomer Virgin bank. Four companies (Tesco, Sainsburys, Asda and Morrisons) share 74. 4% of the grocery market. The detergent market is dominated by two players, Unilever and Procter Gamble. [26] Six utilities (EDF Energy, Centrica, RWE npower, E. on, Scottish Power and Scottish and Southern Energy) share 99% of the retail electricity market. [27] United States[edit] Many media industries today are essentially oligopolies. Six movie studios receive almost 87% of American film revenues. [28] The television and high speed internet industry is mostly an oligopoly of seven companies: The Walt Disney Company, CBS Corporation, Viacom, Comcast, Hearst Corporation, Time Warner, and News Corporation. See Concentration of media ownership. Four wireless providers (ATT Mobility, Verizon Wireless, T-Mobile, Sprint Nextel) control 89% of the cellular telephone service market. [30] This is not to be confused with cellular telephone manufacturing, an integral portion of the cellular telephone market as a whole. Healthcare insurance in the United States consists of very few insurance companies controlling major market share in most states. For example, Californias insured population of 20 million is the most competitive in the nation and 44% of that market is dominated by two insurance companies, Anthem and Kaiser Permanente. [31] Anheuser-Busch and MillerCoors control about 80% of the beer industry. [32] In March 2012, the United States Department of Justice announced that it would sue six major publishers for price fixing in the sale of electronic books. The accused publishers are Apple, Simon Schuster Inc, Hachette Book Group, Penguin Group, Macmillan, and HarperCollins Publishers. [33][34][35] Worldwide[edit] The accountancy market is controlled by PriceWaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu, and Ernst Young (commonly known as the Big Four)[36] Three leading food processing companies, Kraft Foods, PepsiCo and Nestle, together achieve a large proportion[vague] of global processed food sales. These three companies are often used as an example of Rule of three,[37] which states that markets often become an oligopoly of three large firms. Boeing and Airbus have a duopoly over the airliner market. [38] General Electric, Pratt and Whitney and Rolls-Royce plc own more than 50% of the marketshare in the airliner engine market. Three credit rating agencies (Standard Poors, Moodys, and Fitch Group) dominate their market and extend their crucial importance into the financial sector. See Big Three (credit rating agencies). Nestle, The Hershey Company and Mars, Incorporated together make most of the candy made worldwide. Microsoft, Sony, and Nintendo dominate the video game console market. Demand curve[edit] In an oligopoly, firms operate under imperfect competition. With the fierce price competitiveness created by this sticky-upward demand curve, firms use non-price competition in order to accrue greater revenue and market share. Kinked demand curves are similar to traditional demand curves, as they are downward-sloping. They are distinguished by a hypothesized convex bend with a discontinuity at the bend–kink. Thus the first derivative at that point is undefined and leads to a jump discontinuity in themarginal revenue curve. Classical economic theory assumes that a profit-maximizing producer with some market power (either due to oligopoly or monopolistic competition) will set marginal costs equal to marginal revenue. This idea can be envisioned graphically by the intersection of an upward-sloping marginal cost curve and a downward-sloping marginal revenue curve (because the more one sells, the lower the price must be, so the less a producer earns per unit). In classical theory, any change in the marginal cost structure (how much it costs to make each additional unit) or the marginal revenue structure (how much people will pay for each additional unit) will be immediately reflected in a new price and/or quantity sold of the item. This result does not occur if a kink exists. Because of this jump discontinuity in the marginal revenue curve,marginal costs could change without necessarily changing the price or quantity. The motivation behind this kink is the idea that in an oligopolistic or monopolistically competitive market, firms will not raise their prices because even a small price increase will lose many customers. This is because competitors will generally ignore price increases, with the hope of gaining a larger market share as a result of now having comparatively lower prices. However, even a large price decrease will gain only a few customers because such an action will begin a price war with other firms. The curve is therefore more price-elastic for price increases and less so for price decreases. Firms will often enter the industry in the long run.