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Mixed Method Approach Research Designs
Every work involves the use of specific tool or apparatus that enhances the attainment of the desired objectives. Similarly, in research, there are diverse methods that can be applied to collect data and come up with scientific reality or information about the social reality. In some instances, research work will need to apply combined techniques or more than one technique to increase the chances of getting more reliable information.
One of the prominent research techniques is the use of the Mixed Method Research, (MMR). Mixed method approach, also referred to as the multi-methodology, involves the application of both the quantitative and qualitative techniques in a single study. The application of both techniques can either be concurrent or sequential. The mixed method approach is likely to give a wider dimension of approach to research when applied in psychology-based study.
The current paper describes the mixed method research as an integration of both quantitative and qualitative methods. In addition, the paper explains the type of questions best explained by the mixed method approach. The paper also elaborates the strength and limitation of mixed method approach. Finally, there is the rationale for and against the utility of mixed methods in psychology.
According to Johnson & Onwuegbuzie (2004), the mixed method approach can be used to bridge the rift between quantitative and qualitative techniques. Both techniques though viewed as different, may have closer similarities. For example, both techniques aim to gather empirical evidence or data to address the questions posed. Mixed method approach is therefore an integrated approach that erases the limitations posed by the single method and can be used to answer a question posed on the social phenomenon (Johnson & Onwuegbuzie, 2004).
The mixed method approach technique usually uses both quantitative and qualitative techniques in order to create a greater validity that can be derived through the use of varied techniques of data collection. In the mixed method research technique, both the qualitative and quantitative data are collected. Afterwards, the data are mixed together to produce more comprehensive and integrated results regarding the social reality.
The mixed method technique can therefore be viewed as the bringing together of the qualitative and quantitative techniques (Creswell, 2014). Consequently, the mixed method technique can be explained as a convergence of results arising from both the qualitative and the quantitative results. This can be illustrated by the diagram below.
RESULTS
The data collected from both the qualitative and quantitative techniques are then connected together to form integrated research results.
Lastly, the information that is got from the result of carrying out both techniques is then embedded together and used to explain the social phenomenon that was under enquiry.
Any research study usually aims to answer a specific question or identify a gap that has been identified. When applying the mixed method of approach, one question is usually developed and then extended into quantitative and qualitative sub-questions. Once the enquiry has been undertaken, different perspectives of research are got and can therefore be used to explain the social phenomena under the study (Collins & O’cathain, 2009). The questions that are raised and are to be investigated can be answered from a number of perspectives.
In a concurrent mixed study method, both the quantitative and qualitative studies are carried out together and results emanating from the study combined. In a sequential study approach, the qualitative method for instance can be carried out first while the quantitative technique will be used to test a named hypothesis arising from the study so as to enhance generalization of the facts (Burkholder, Cox, & Crawford, 2016).
One of the advantages of using the mixed method approach is that the researcher can be able to use narratives, words and pictures to be able to explain reality or factual data in social phenomena (Creswell, 2014). For instance, Psychological facts can better be understood when a combination of these concepts will be used to aid in the explanation of the social reality.
From another insightful perspective, the researcher has an ample platform that allows him/her to be able to generate and at the same time test any grounded theory (Burkholder, Cox, & Crawford, 2016). Since the researcher will not be confined to particular tenets of the single method of research, he/she can be able to tackle broader and complete varieties of questions.
This allows the researcher to explore fully and comprehensively the case that he/she is studying to come up with conclusive information on what he/she is studying. In the mixed method approach, therefore, there is the concept of complementarily. Additionally, the mixed method allows the researcher to be able to add insightful facts and methods that can be ignored when a single research technique is applied in carrying out research work especially in psychology.
On the other hand, the mixed method can be considered to be more time-consuming and expensive. From another perspective, a lot of researchers may also find it difficult to handle any conflicting ideas or results arising from the study that uses the mixed method research technique. Furthermore, there are some researchers who may hold methodological predilections, which may make them lean on one method at the expense of the other. In such cases, the researcher may fail to understand the mixed methods as a complete integration of both the qualitative and quantitative methods.
Psychology-based researches require intensive implementation of research techniques that come up with viable results that fully explain a specific social phenomenon. For example, when the mixed method is used in finding out psychological concepts in the social world, the researcher is likely to come up with stronger evidence that will be derived from the convergence and collaboration of ideas from both the qualitative and quantitative techniques, applied together.
When both methods have been applied, the researcher can come up with a complete knowledge that can be effective in explaining and informing psychological practices and theories (Edmonds & Kennedy, 2012). From another insightful perspective, when the mixed method approach is used to investigate a psychological concept, overlapping, though diverse ideas about a social phenomenon can be derived.
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When undertaking a psychological study, the mixed method can enhance complimentarily between the quantitative and qualitative techniques. For instance, the results that can be derived from one method can be verified using the other. For example, the qualitative study can be used to come up with a psychological concept in the social world. Quantitative study can afterwards be undertaken to verify the facts through coming up with a hypothesis following the survey undertaken from the qualitative study (Mertens, 2014). Consequently, when qualitative technique is used as a platform to carry out a survey study, quantitative technique can be used to verify the facts.
Contrarily, the mixed method approach can pose difficulties to the researcher especially where he/she will be required to apply two or more approaches concurrently to study a psychological concept on a certain population. The researcher will be required to go an extra mile to understand how to apply both methods and how to mix them appropriately.
In conclusion, a single method used in carrying out research can produce a variety of weaknesses. The mixed method approach can be used to compensate for the weaknesses that can be prevalent in every single technique. For instance, the use of both the qualitative and quantitative techniques yields results that give a comprehensive outlook about the social phenomenon under enquiry.
References
Burkholder, G. J., Cox, K. A., & Crawford, L. M. (2016).The scholar-practitioner’s guide to research design. Baltimore, MD: Laureate Publishing.
Collins, K. & O’cathain, A. (2009). Introduction: Ten points about mixed methods research to be considered by the novice researcher. International Journal of Multiple Research Approaches, 3(1), 2-7. http://dx.doi.org/10.5172/mra.455.3.1.2
Creswell, J. (2014). Research design: qualitative, quantitative, and mixed methods approaches. Thousand Oaks, California: SAGE Publications.
Creswell, J. W. (2014). A concise introduction to mixed methods research. Sage Publications.
Edmonds, W. A., & Kennedy, T. D. (2012). An applied reference guide to research designs: Quantitative, qualitative, and mixed methods. Sage Publications.
Johnson, R. & Onwuegbuzie, A. (2004). Mixed Methods Research: A Research Paradigm Whose Time Has Come. Educational Researcher, 33(7), 14-26. http://dx.doi.org/10.3102/0013189×033007014
Mertens, D. M. (2014). Research and evaluation in education and psychology: Integrating diversity with quantitative, qualitative, and mixed methods. Sage publications.
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Internal Validity: Designing Quantitative Research
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Internal Validity: Designing Quantitative Research
Introduction
The results of a research study are significant in the event that they can be considered as accurate and confidently in their interpretation. The element of accuracy and confidence in the interpretation of a research study’s result is subsequently dependent on the validity of the study. Validity in this case infers to the degree in which a research study’s inferences can be articulated from the results of the study. In consideration of this, there are two primary aspects of validity that include the internal and the external validity.
Internal Validity
This can be established as the extent in which the results of a research study are considered as a function of the variables that are manipulated in a systematic way, measured and observed during a study. An example of this can be seen in a researcher determined to establish which of the two instructional approaches are superior in teaching a mathematical concept within a classroom setting (Haegele, & Hodge, 2015).
The researcher would be intrigued to encourage two tutors to use each of the instructional methods and then take a comparison of the mean test scores of each and every class following the use of the instructional method. The validity of this study can be depicted in the tutors efficiency and enthusiasm in using the instructional method, the interest of the class and their preparation. In this case, it is essential to establish that some of the potential threats of internal validity include:
History:
History can be considered as the occurrence of events that are prone to alter the end result or outcome of a research study. In this case, before conducting a research study, it is essential to determine that a previous history is likely to have taken place (Haegele, & Hodge, 2015). For instance, a study on the effectiveness of a new concept used in teaching a unit on the biology of a nervous system may be overtaken by history since many students may have watched a documentary on this on the television.
Maturation:
The aspect of maturation depicts the changes that are likely to occur on the subjects of a study during the research period. These changes are considered as not part of a study since they are likely to affect studies results (Haegele, & Hodge, 2015). For example, in a biological growth process, a researcher may be forced to consider the element of weight gain or the increase in an individual’s height that results from lunch or breakfast programs as a change that may occur during a study.
Mitigating the Potential Threats of Internal Validity
In addressing the element of history in internal validity, a research may consider using a control group that is selected within the same population within an experimental group (Haegele, & Hodge, 2015). This group therefore needs to experience the same history as the experimental group, an aspect that would eliminate the effects of history. On the other hand, the duration of an experiment may be shortened in reducing such effects. On the other hand, the effects of maturation can be compared to those of maturation and can be mitigated through the selection of the same population from as that of an experimental group and the study period may be shortened as well.
External Validity
This refers to the extent in which a studies result can be generalized in a confident way to a larger group that engaged in the study (Haegele, & Hodge, 2015). In this case, a researcher needs to determine the reasons behind the use of variables that are similar to the aspects that exist within the larger population. Some of the potential threats of an external validity include:
The Selection-treatment Interaction:
This is primarily considered as the possibility of the selected participants characteristics interactions with some elements of the treatment (Haegele, & Hodge, 2015). This may therefore include the participants learning, prior experiences, personality or any other elements that may interact with the effects of the study.
Effects of an Experimentation Arrangement
This primarily infers to the situations in which the participants of a study become aware of their involvement in a study and as a result of this, their performance and response changes from what would have been.
The possible approaches of mitigating threats to external validity include the inclusion of an efficient design by adding treatment or control groups and differential waves of measurement (Haegele, & Hodge, 2015). On the other hand, a researcher may also consider the use of statistical analysis
Ethical Issue in Quantitative Research
Ethics can be perceived as the development of a good study conduct with the aim of making moral judgments on the element of good conduct. In quantitative research, one of the ethical issues that need to be given consideration is the acquisition of the participants consent in a study (Haegele, & Hodge, 2015). This may influence the design decision of a study since the researchers may have to include efficient methods aimed at attaining the consents of participants in a research study.
Amenability of a Research to Scientific Study Using a Quantitative Approach
In considering this, it is vital to establish that this element enables a researcher to scientifically establish the primary causes of his/her observations with the aim of in providing unambiguous answers to the research studies intent. This element remains essential since without it, the cause of an effect may not be established and isolated.
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Main Issue Post
As established, the primary issues established in this post can be seen in the construction of a social variable that determines the limitations of racial identity with the biological differences that exist among races (Haegele, & Hodge, 2015). It is essential to consider that an individual’s experience on different faces may be viewed as systematically different within particular societies based on how these societies take cognizance of the element of racial differences.
An instance of this can be viewed in the manner in which multiple races are socially contracted among the whites in U.S. Numerous immigrant groups that are now classified as Whites that include the Eastern Europeans and the Irish populations were first considered as racially different from other groups that include the North European and Western regions. In this case, racial identities may be viewed as changing as a result of the assimilation of demographic groups that differentiate themselves from other groups as a result of political, economic and social variables.
Response Post
As a researcher, it is credible to take cognizance of the possibilities that result in the social construction and the manner in which such constructions affect the meaning of a studies variable. This is ion consideration of the fact that variables are constructed to have immense influence on studies validity (Haegele, & Hodge, 2015). This therefore requires a clear and concise definition of each and every variable in a study with the aim of increasing the validity of the study. On the other hand, it is vital to establish the context in which research data is collected and interpreted.
Conclusion
As determined in this study, the element of internal and external validity plays a significant role in a study since they determine the confidentiality and accuracy of a research design.
It is paramount to ensure that any research conducted follows the protocol and right procedures to ensure it is completed and implemented in the most efficient manner. The inclusion of the literature review in the research protocol is important since its one of the essential elements that make any research to be quality in nature. The literature review would efficiently cover research done previously which relates to the topic and issue of interest thus providing a platform for basing the current research (Snelson, 2016, p.g 64).
Through the literature review, an assessment of the existing research in a given topic would be possible thus also having extensive information about the findings. The literature review would ensure the researcher makes discoveries on the new angles or areas requiring further exploration which is only made possible through reviewing. Determination of the previously used methodologies is actualized through the inclusion of literature review in the research protocol thus providing a basis for learning about the previous approaches and how to improve on the same to ensure efficiency during the whole process.
Every new research done should eliminate the potential weaknesses identified in previous studies. The inclusion of the literature review in the research protocol would help one learn more about the weaknesses and strengths thus providing knowledge on how to handle the previously encountered shortcomings (Ward, 2016, p.g 71). There is a relationship between all parts of research with the literature review which makes it integral to nature.
However, the literature review should be conducted in a comprehensive manner to reveal its importance in a research study. A literature review that is comprehensive in nature ends up providing up-to-date understanding of the research subjects and the significance it has to the current practice been adopted (Snelson, 2016, p.g 103). In this case, any research protocol should contain the literature review element due to the many benefits it has to any study.
The research procedures should adhere to various requirements which make it a successful study. The necessity to link the research questions and research methodology since essential since it adds to the quality of any research conducted. Linking the research questions with the design of the method adopted is vital since the questions are shaped by the research methods (Amankwaa, 2016, p.g 82).
The quality of any research is improved whenever the appropriate design or research method is adopted in answering the various research questions. Failure to align could lead to the fundamental undermining of the quality of the research. Purpose and quality are identified as crucial elements and utility in any research process conducted.
Linking and effective aligning of the research questions with the research methods offers the vital opportunity to shape up and ensure the purpose is properly identified with checks on quality (Bailis et al, 2016, p.g 94). Such cases make it essential to match the research questions with the research methods.
Answering the research questions of a given study can be cumbersome in nature thus requiring the best design to make this possible. The design and research methods adopted in a study would determine the extent and the success in handling such overarching questions.
Such reasons reveal the importance of linking the research methods and the research questions. According to the previous research studies done before it has been proved that the whole foundation of the research process is underpinned by the research question and research methods used (Amankwaa, 2016, p.g 91). In this case, the relationship between the two and the quality they add to the research process necessitates their linkage.
BAILIS, P, PETER, S, & SHERRY, J 2016, ‘Introducing Research for Practice’, Communications Of The ACM, 59, 9, pp. 38-41, Business Source Complete, EBSCOhost, viewed 16 December 2016.
Snelson, CL 2016, ‘Qualitative and Mixed Methods Social Media Research: A Review of the Literature’, International Journal Of Qualitative Methods, pp. 1-15, Academic Search Premier, EBSCOhost, viewed 16 December 2016.
Ward-Smith, P 2016, ‘The Fine Print of Literature Reviews’, Urologic Nursing, 36, 5, pp. 253-254, Academic Search Premier, EBSCOhost, viewed 16 December 2016.
Certain populations in the society are said to be more vulnerable than others based on certain conditions or situations in life. The World Health Organization (WHO) defines high risk populations as individuals who cannot anticipate, resist, or cope and recover from the impacts of a disease or disaster. Elderly people, children, malnourished and immunocompromised individuals, and are all classified as high-risk population.
Some of the factors that have been attribute to expose people into vulnerability include poverty, poor housing, homelessness, ethnicity, race, genetic predisposition, as well as poor housing. Current economic indicators in the United States suggest that the most disadvantaged healthcare segments have been lagging behind despite overall increase in economic trends as well as that of racial, ethnic, and socioeconomic disparities.
For instance, the rates of infant mortality which have been falling for a number of years are now increasing among the African Americans; a trend that has been linked highly with poverty (Flynn et al., 2013). This has prompted the government to introduce some important health programs such as the Earned Income Tax Credit and the Social Security fund which have decreased poverty significantly induce major desirable health effects.
Nichols, O’Connor & Dunn, (2014) point out that DNP nurses play a crucial role of addressing and providing solutions in the healthcare field whose complexity keeps increasing. DNPs can impact a healthcare policy by solving disparities that surround the access to quality health care. Mostly, DNPs are the solution to a number of conflicting healthcare issues. One of the major roles that has been adopted by DNPs is identification of high-risk populations.
Predictive analysis has stood out as an important technique for effective identification. This method employs the use of historical and current data as well as modeling so as to predict future events. In predictive analytics, the decision-making process is data driven. Therefore, DNPs use available patient records to identify individuals that need assistance, such as high risk populations.
The African Americans are one of the high risk populations in America. This because of their high likelihood to develop hypertension. Researchers propose that these individuals could be carrying a gene that makes them salt sensitive hence increasing their risk to hypertension. Additionally, African Americans are affected significantly by obesity.
Studies by (Diaz et al., 2014) report that among non-Hispanic Blacks who are 20 years and above 77 percent of women and 63 percent of men are obese. This population also has a high prevalence of diabetes. It is important to note that diabetes and obesity are among the leading risk factors for hypertension and this could therefore be the reason behind the high incidence of hypertension among African Americans.
Evidence-based interventions
Several evidence-based interventions have been put forward to aid in the management of hypertension among the African Americans. One such intervention is the use of advance health care technologies. Technology advances have proven to be an integral part for the management of high-risk populations (James et al., 2014). For instance, technology will be used to support robust communication with high-risk individuals.
Text messaging, emails, social media, and video conferencing will be used by physicians to follow up on hypertensive patients so that they can understand their progress upon medical intervention. The technology will be used to enhance patient accessibility to healthcare. Additionally, health care providers can use remote monitoring or smart phones to optimize the healthcare strategies hence improving patient outcomes.
Another important intervention will be to education the African Americans about the etiology, causes, risk factors, and management of hypertension (Ogedegbe et al., 2014). There is need for patients to be enlightened about the importance of lifestyle changes. For instance, the African Americans will be encouraged to eat healthy foods such as the Dietary Approaches to Stop Hypertension (DASH) diet which stress that patients should take vegetables, fruits, fish, poultry as well as foods that are rich in potassium.
High levels of potassium aid in preventing and controlling high blood pressure. They should also regulate their intake of fats especially the trans-fat which has been proven to be responsible for arteriosclerosis that narrows blood vessels hence worsening hypertension.
Research has proven that one of the reasons behind the high prevalence of hypertension among black Americans is their increased sensitivity to salt (Diaz et al., 2017). Therefore, they should be educated about their need to reduce the intake of salt in their diet. A salt level of about 1500 mgs per day is recommended for a hypertensive patient who is about 50 years and above.
For other healthy individuals, advised not to increase their intake above 2000 mg as this could result in hypertension development. Obesity, smoking, and diabetes are other major risk factors that all African Americans will be taught about their management. They will be encouraged to present themselves to the healthcare centers for diabetes testing. Similarly, they will be encouraged to watch on their weight and desist from cigarette smoking as well as alcohol intake which can predispose them or increase the severity of hypertension.
The other strategy for managing and reducing hypertension will be by helping patients to design their hypertension treatment plan. Through this plan, patients will be instructed on how to check their blood pressure regularly, follow their treatment plans consistently, and consult their physicians regularly whenever need a clarification about their condition.
Outcome measurements
One of the measurements that will be used to evaluate the outcomes of the hypertension management is the recording of the mean systolic and diastolic pressure of the hypertensive patients who have been taught hypertension management interventions. The recording will be done over a period of one month and plotted on a graph where the shape of the graph will be used to determine whether the patient complied with what he/she learned.
The proportion of patients who will visit to the clinic after the education program will also be determine. A high turnout will be indicate that the patients understood that follow up care is an important pillar in the management of hypertension. Additionally, the physicians will use clinical records to determine how many more individuals have been diagnosed with hypertension since the implementation of the various evidence-based interventions. The number is expected to be lower compared to that of other years.
Epidemiological terminology in the description of interventions and outcomes
A systemic approach is required for effective management of hypertension. The approach entails identification of hypertensive patients, aggressive treatment of hypertension with antihypertensive drugs, proper patient education, and follow-up care. With this approach, modest reduction in the mortality and morbidity of cardiovascular agents will be realized.
However, it is important that note that all this strategies should be combined for clinically significant reductions in hypertension prevalence to be achieved. Supplemental interventions such as self-monitoring of hypertension and adoption of healthy behavior are other important indicators for use in assessing the effectiveness of the implemented strategies.
Lessons learned from developing this interventional program
This project has help me learn that communication is one of the most effective clinical intervention for use during management of a disease. Proper communication helps the public to understand the causes, risk factors, and their role in the prevention and management of a condition. Individuals who are well-informed know what they ought to do and therefore avoid visiting hospitals for treatment or hospitalization which is very expensive.
Secondly, I learned that healthcare providers should accord high-risk population optimum attention and conduct proper research in order to meet their desired goals. This is because interventions used in other parts of the world may not work when dealing with high risk populations hence the need of evidence-based programs. Through this intervention, I believe I can easily take care of an African American patient and also be at the front line in identifying other high risk-populations in the society and the clinical programs that can be used to ensure they live quality lives.
References
Diaz, K. M., Booth, J. N., Seals, S. R., Abdalla, M., Dubbert, P. M., Sims, M., … & Shimbo, D. (2017). Physical Activity and Incident Hypertension in African Americans. Hypertension, HYPERTENSIONAHA-116.
Flynn, S. J., Ameling, J. M., Hill-Briggs, F., Wolff, J. L., Bone, L. R., Levine, D. M., … & Ephraim, P. L. (2013). Facilitators and barriers to hypertension self-management in urban African Americans: perspectives of patients and family members. Patient Prefer Adherence.
James, P. A., Oparil, S., Carter, B. L., Cushman, W. C., Dennison-Himmelfarb, C., Handler, J., … & Smith, S. C. (2014). 2014 evidence-based guideline for the management of high blood pressure in adults: report from the panel members appointed to the Eighth Joint National Committee (JNC 8). Jama, 311(5), 507-520.
Nichols, C., O’Connor, N., & Dunn, D. (2014). Exploring early and future use of DNP prepared nurses within healthcare organizations. Journal of Nursing Administration, 44(2), 74-78.
Ogedegbe, G., Tobin, J. N., Fernandez, S., Cassells, A., Diaz-Gloster, M., Khalida, C., … & Schwartz, J. (2014). Counseling African Americans to Control Hypertension (CAATCH): cluster randomized clinical trial main effects. Circulation, CIRCULATIONAHA-113.
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One of the guidelines of the Institutional Review Board (IRB) pertains research expounds about red flags of research that require Research Ethics Consultation. This guideline can affect the research process and the research approval process mainly because if a researcher wants to conduct research and collect data about sensitive topics or vulnerable population he/she is required to obtain ethics guidance that should be incorporated into research planning.
Examples of vulnerable populations that have been stipulated by the Institutional Review Board include the following; minors, that is individuals who are below 17 years, prisoners, mentally impaired or disabled persons, and undocumented immigrants, residents in nursing homes, patients of the research or adult students of the researcher (Chew-Graham, 2016).
Vulnerable populations can affect the research population because one should evaluate the degree to which it is appropriate to include the vulnerable populations in the research or if it is necessary to carry out research using information from individuals who do not have decision-making capacity such as the mentally disabled individuals as required by the research approval process guidelines.
Information from some of these individuals should also not be disclosed to the public; this, therefore, poses a challenge to the researcher when it comes to the presentation of the research findings. Chew-Graham (2016) reports that when dealing with vulnerable groups, it is advisable for one to consider any possible adverse impact that inclusion of the participants such as minors may have in later stages.
The Walden IRB also offers direction on the use of Archival researchers (Beyer et al., 2016). Mostly private or public records are used to provide IRB approval before data is analyzed. The IRB protects the data of the stakeholders. Therefore, when doing research one will ensure that he/she does not use an organization’s data without permission. If so, then the report should indicate the source of the data to avoid plagiarism issues with can prompt stakeholders to press charges against the researcher.
References
Beyer, T., Tiehen, J., Mahato, M., Ferrari, L., & Ramakrishnan, S. (2014). Institutional Review Board.
Throughout this module, I have been able to experience learning in different dimensions and acquired new knowledge on research writing, management, and academic analysis. Reflection helps in the development of structured thoughts, which are essential in facilitating developments in studies and one’s profession in the future. The experiences have taught me the importance of setting objectives and ensuring that they are constantly reviewed to ensure no loss of focus.
Furthermore, I have realized that learning is achieved best through experience. The Management Individual Reflection project done in this module enabled me to learn more skills in project management in media and communication system. The project enabled me to discover my strengths, weaknesses, opportunities for future development that surfaced and threats (Husebø, Regan and Nestel 2015).
My self-awareness was significantly developed. I was able to understand my core values, desires, beliefs, unique talents, emotions, and attitudes. The success of my project in this module started from my personal growth (Duval, Silvia and Lalwani 2012). The transformation of my perceptions, beliefs, and attitudes enabled me to work on the work more objectively.
My cognitive- behavioral processes such as self-regulation, self-esteem, self-evaluation, emotions, sense of agency and the theory of mind helped me to analyse of my observation findings. The experience was accompanied by frustrations from which some were totally unpredictable (Demetriou and Kazi 2013). However, my emotional intelligence helps me stay motivated and remain persistent so that the distress would not distract me from thinking.
The mentality assisted me in holding up the zeal to keep on learning and grasping new ideas. Through the application of all these skills, my expectation in achieving the objectives was met (Voss, Holzmann, Hobson, Paulus, Gossel, Klimke and Nitsche 2014).
Management Individual Reflection Experiential Learning Theory
There are different theories, which helped me to analyze my project experience and to carry out a comprehensive reflection of the same. The Kolb’s Experiential Learning Theory consists of a cycle of four consecutive phases, which are associated with comprehensive reflection. These include concrete experience, reflective observation, abstract conceptualization and active experimentation. The experience acquired immediately acts as the basis on which observations can be made. After the observations are recorded the student will then need to reflect on them.
Assimilating the reflections and ensuring that proper clarifications are done to come up with the proper actions, which are in line with the objectives and set goals of the project, achieve the abstract conceptualization. This theory also indicates that learning is a continuous process. That once the learner reaches the active experimental phase, another topic of study within the same orientation emerges (Kolb and Kolb 2012)
The theory applied to my project such that, the experiences gained during the process of deciding on my objectives, collecting data and analyzing was used in my reflection. On reflecting on the information, I was able to conceptualize it into the suitable areas of research. For example, the research of how museums were used as sites for activism promotion, I was able to search for all museums in the UK then narrowed down to those created for specific purposes and finally those used for activism.
This way I was able to retain the concept without losing focus. Finally, on active experimentation, I included the activities that happen on the ground by the activists to ensure that their goals are achieved (Timmins and Neill 2013).
Gibb’s Reflective Cycle
The other model of reflection used is Gibb’s Reflective Cycle, which consists of 6 stages. These stages include; description, feelings, evaluation, conclusion and action plan. Description involves precise explanation on the topic of the project and ensuring that the main point is not lost between many words. Here the background information on the issue, which the student is to reflect on, is needed to get the scope.
The information should remain relevant. Feelings are essential because they are used to bring out the expression of how the experience was like. The writer needs to discuss their emotions honestly but stick to academic writing and avoid informality. During the evaluation, the writer needs to discuss how things happened and what reactions were expressed in response to the specific incidences.
This should include both positive and negative incidences, and in case any of them were resolved in the future. The conclusion includes a review of the mistakes done and what would have been done instead. Also, the writer should consider some different ways of responding to a situation better than they have done in the current project. They should also identify the positive responses, which they should consider being repeated in the future.
The action plan includes the knowledge acquired out of the whole experience and how to improve on it in the future. The specific actions needed to achieve the improvement should be considered such as attending training or reading widely on a topic (Husebø, Regan and Nestel 2015).
Reflection of Positive Experiences
During my research, I was able to encounter several positive experiences. On researching about the low-wage workers and intern deployment, I found out that the two categories of workers comprise of the main workforce in the media and creative industry. This helped me therefore to read more about the specific duties entitled to them. I was able two also learn more about the two types of capitalism. Initially, when I chose the topic, I did not know which databases to use and went blank for a few hours before starting the project.
Another positive experience was that I was able to understand how to analyze a piece of media by separately identifying the representation used to pass information to the audience (Csikszentmihalyi 2014). This was so exciting because on studying the pieces of media, I found out that a lot could be traced out such as the culture of the people, their race, language, and age.
Additionally, I had initially assumed that museums are only meant for recreational activities. This project enabled me to discover that most of the currently constructed museums have themes defining their purposes. In fact, most of them speak a lot on behalf of organizations and activists. Furthermore, many of them are not eco-friendly (Paterson and Chapman 2013).
This knowledge enabled me to learn on areas of study with more emphasis on the activists’ actions concerning the pollution of the environment. My receiver objectives outweighed those that were not achieved, and this gave me a feeling of satisfaction. 97% of the total objectives were achieved whereby only 3% were not and which were marked for future improvement (Wald, Borkan, Taylor, Anthony and Reis 2012).
Reflection on Negative Experiences
The experiences I encountered on this module were not all smooth because I also had to face some frustrations. The study was fascinating but I felt it would be more inductive of I got to visit the studied sites personally for visual learning. This was not possible because of the tight program and inadequate funds (Bourke 2014). The budget of this project was quite expensive hence this could not be achieved.
Nevertheless, some of the academic sources available in the library were so outdated and not resent version could be found. This caused my project partially not to match with the current situations in the world (Cowan 2014). I felt disappointed and incompetent because I had not met the objective of using all the relevant sources. The time frame for the project was short, and I felt that much would have been researched on if the period had extended. In fact, the rest of the work done during the last days was not done with much keenness because I was working against time, which seemed to move so fast (Hartley 2012).
Conclusion
The application of reflection was essential because by marking all the incidences in my experience, I was able to find out what I need to involve for my projects to be successful. I understood that my motivation contributes a significant portion towards my competence. On identifying the positive outcomes, I was enabled to emphasize on them in my future projects.
The negative outcomes were discouraging, but I chose not to be discouraged but to remain focused and find a way of avoiding any activities resulting in similar outcomes in the future. Moreover, reflection helped me to retrospectively think out on how things would have been better if some activities were done differently. This also served as a good lesson for my future improvement.
References
Bourke, B., 2014. Positionality: Reflecting on the research process. The Qualitative Report, 19(33), pp.1-9.
Cowan, J., 2014. Noteworthy matters for attention in reflective journal writing. Active Learning in Higher Education, 15(1), pp.53-64.
Csikszentmihalyi, M., 2014. Toward a psychology of optimal experience. In Flow and the foundations of positive psychology (pp. 209-226). Springer Netherlands.
Demetriou, A. and Kazi, S., 2013. Unity and modularity in the mind and self: Studies on the relationships between self-awareness, personality, and intellectual development from childhood to adolescence. Routledge.
Duval, T.S., Silvia, P.J. and Lalwani, N., 2012. Self-awareness & causal attribution: A dual systems theory. Springer Science & Business Media.
Hartley, J., 2012. Communication, cultural and media studies: The key concepts. Routledge.
Husebø, S.E., O’Regan, S. and Nestel, D., 2015. Reflective practice and its role in simulation. Clinical Simulation in Nursing, 11(8), pp.368-375.
Paterson, C. and Chapman, J., 2013. Enhancing skills of critical reflection to evidence learning in professional practice. Physical Therapy in Sport, 14(3), pp.133-138.
Timmins, F. and Neill, M.F., 2013. Reflections on Reflection: An Audit of Students’ use of Structured Models within Specific Assessments. Procedia-Social and Behavioral Sciences, 93, pp.1368-1370.
Voss, U., Holzmann, R., Hobson, A., Paulus, W., Koppehele-Gossel, J., Klimke, A. and Nitsche, M.A., 2014. Induction of self awareness in dreams through frontal low current stimulation of gamma activity. Nature neuroscience, 17(6), pp.810-812.
Wald, H.S., Borkan, J.M., Taylor, J.S., Anthony, D. and Reis, S.P., 2012. Fostering and evaluating reflective capacity in medical education: developing the REFLECT rubric for assessing reflective writing. Academic Medicine, 87(1), pp.41-50.
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Structure of academic writing
Writing an academic essay can be an uphill battle particularly when you are not sure where to begin. Thankfully, once you learn the structure of academic writing it might make it easier to write your paper. Also, a good structure can be applied to almost any kind of academic writing, including advanced thesis writing.
It is worth noting that a successful academic paper requires a lot more than just structure. For instance, a good essay topic is important. Also, how you organize your content and the research you put in is equally important. Finally, do not hesitate to rewrite and edit your draft until your essay is perfect.
Now, we will explain the basic structure of academic writing and how you can apply it to your essay.
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Understanding the structure of academic writing
Regardless of the nature of your academic paper, there is a basic structure of academic writing. The accepted way to structure your paper means that it should have the following:
an introduction,
a body, and
a conclusion
Now, this structure is relevant whether you are writing a simple admission application essay or a postgraduate thesis.
Tips for Writing Your Essay Introduction
Your introduction is an essential part of your essay because it sets the tone for the rest of the paper. It also tells the reader what to expect from the academic paper as a whole. Therefore, you need to place careful thought into the crafting of your essay. Below are a few tips to help with writing your essay introduction.
Build context for your essay
Firstly, build context. One of the most common and successful ways of building context for your essay is through storytelling. Basically, you want to give the reader a brief background about the subject matter. This helps the reader to understand the context of the essay.
Include some facts and figures
Secondly, include facts and figures. Facts are a great way to get attention because they give your subject matter a more solid form. Without facts, your proposition may remain vague in the mind of the readers.
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Define key concepts
Thirdly, define key terms. The introductory section is where you can offer key definitions of terms used in your paper. This helps the reader to better understand the context in which you use certain words and terms.
State the aim of the essay
Fourthly, describe the purpose of the essay. You can do this by talking about the structure of the essay and stating what it is about. Your essay could be to prove, analyze, describe or compare. Explaining the purpose to readers helps them to know what to expect.
State the thesis statement
Finally, it is very important to firmly state the thesis statement in the introductory section. This serves as an introduction to the paper.
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Tips for Writing the Body of your Essay
Think of the body of your essay as the meat of the academic paper. This is an important part of the structure of academic writing. Here are a few tips to guide you.
Understand the type of essay
It is important to note that there are different types of essays. An essay could be argumentative, analytical, critical, descriptive, or a blend of all four types. Once you understand the type of academic paper you are working on, it will help you to structure your paragraphs.
Write in paragraphs
Subsequently, the body of the essay will be in the form of paragraphs. It is important to remember to break up your writing into paragraphs. This makes for easier reading.
Again, it is worth mentioning that each paragraph should contain a single idea. It is not good form to mix several ideas in a single paragraph and could lead to confusion.
Use topic sentences
Topic sentences are a great way to help you organize your thoughts as well as the idea for the paragraph. Thus, you are advised to begin your paragraphs with a topic sentence.
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The Conclusion
This is the final part of your paper and is used to present a powerful argument for your thesis statement. Write your conclusion by:
– Stating the thesis statement again
– Reviewing the main topics
– Summarizing the main points
– Concluding your argument
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INTERNATIONAL RETAIL MARKETING
International Retail Marketing
Critically evaluate different concepts and theories relating to the marketing mix. Explain the role that the marketing mix plays in the formation of a marketing strategy for a retail organisation today. Discuss key factors that may cause the international retail marketing mix to differ from the retailer’s domestic marketing mix, and how these might be implemented.
And
Critically examine the retail marketing mix of your chosen retailer for their current domestic market, and, in the context of the issues discussed above, justify what modifications you consider may be necessary in order to internationalise their mix for a specific foreign destination country
INTRODUCTION
The aim of any company that is in business is to grow and expand in terms of market share and product range. Many companies usually employ various optimal techniques towards these objectives and the choice of the concepts and theories to use is very important. There are various ways in which the company can achieve these desired results and one of them is through the use of the marketing mix strategies that target the key elements involved in market analysis. These key elements are the product itself, the price of that product, its placement and also the promotion modes employed to ensure the customer accesses the product.
PART (A)
In this part we are going to explore the various theories and concepts that pertain to marketing mix and the role they play in the designing of a marketing strategy for a retail organization. We shall also look at the main differences between an international retailer marketing mix and a domestic retail marketing mix.
MARKETING MIX THEORIES AND CONCEPTS
In seeking to understand the optimal utilization of a company’s resources to enhance product penetration and affordability there is the 4Ps concept (Luan, 2010). It focuses on the product, price, place and promotion.
Product
This refers to a good or service that is the end result of a process initiated either by the company, subsidiary or trading partner. It is what the company offers to its customers.
The producer must ensure that the product will satisfy the customers need adequately. It must be of the required quality standards and before production starts the company must carry out surveys on the exact requirements by the consumers. The company should be able to offer assurances on the safety of use of the product through warranties and safe packaging. This will ensure brand loyalty from the consumers which will lead to higher sales volumes and it will increase the market share of the product.
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Price
This is the value attached to a product or service and it must be paid in monetary terms to the producer.
The company must know how much the target customers are willing to pay and also their ability to pay for the product (Pitsaki, 2011). This will have a direct effect on their demand for the product. Therefore the product must be priced competitively to ensure affordability and also profitability on the part of the producer or company.
Place
This is the venue where the buyer of the product expects to find it and all relevant information that pertain to the product.
The consumer should know where to find the product easily at any time and at the right quantities. This will call on the sellers to devise clear places where the information on the product can be accessed easily. They can use the internet and even mobile phones because majority of the people have access to them.
Promotion
This is the process of reaching out to current and prospective customers to ensure the product has a wide customer base.
This calls for the stakeholders to come up with ways to inform the consumers of the presence of the organization and also its products. They must advertise their products through aggressive techniques (Peter, 2007) like sales promotions and also conduct public relations campaigns to make sure the company’s presence in the market is known by many.
PRICE
PRODUCT PLACE
PROMOTION
The 4Ps model clearly indicates that the marketing mix is surrounded by the four elements which must be carefully determined to enhance success in the market.
Growth strategy mix
This concept focuses on the use of the internet to ensure product penetration in the market (Yanan , 2000).
Market Development Strategies
The company can adopt the use of the internet to penetrate international markets. They can start advertising their products early in the potential market to make sure when they finally enter that particular region there products will already be known in various segments of the markets.
Market Penetration
The marketing team will be required to devise the strategies to be used to increase the market share of the products. They must increase their presence online to target new customers. This will also improve the loyalty of the existing customers because they will be able to engage more with the company.
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Diversification
The internet will be used to ensure that the company engages fully with its suppliers and intermediaries. This will make them identify potential target areas and also whether they can develop other products to compete with those that are already in the market.
Development of the product
Through the use of the internet the firm will know the strategies to use in the development of their products. They will be able to know how to add value to existing products, how to improve efficiency in the subscription procedures and also how to increase the product range so that to bring on board more e-retailers as possible. They must seek good service providers who are reliable in the market and who will offer competitive prices.
The 4 C’s Model
The customers being the target of many marketing initiatives take the centre stage in this model. The model focuses mainly on the pull marketing strategy as opposed to the push strategy adopted by the other models.
Customers: Their needs must be fully satisfied by the products in the market.
Cost: The cost of the product to the consumer should be analyzed to enhance affordability.
Convenience: The product should be readily available to the consumer anytime and anywhere.
Communication: There should be more interaction between the sellers of the product and the customers. This will ensure customer satisfaction
CUSTOMERWhat do they need? How do they need it?
COSTHow affordable is the product?
CONVINIENCEWhere are they getting the product and how much is it costing them to reach the venue?
COMMUNICATIONAre they aware the product is available?
ROLE OF THE MARKETING MIX
The role the marketing mix plays in the formation of a marketing strategy for a retail business will determine the suitability of the strategy and definitely the success of the business (Albers, 2010).
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The marketing mix will ensure the product chosen for sale by the retailer is suitable and fit for the particular market. This is because the success of the business will be determined by how good or bad the product is. The suitability of the product in the market will be determined by several factors which will revolve around the geographical area, the income levels of the consumers since it will affect their purchasing power and also their consumption and buying habits. The retailer will decide the units or packages of the product that best suit that market to ensure there are sales volumes and also customer satisfaction.
The marketing mix will also help the retailer in knowing the pricing modes he is going to adopt for his products. If he prices his commodities very highly they will not get customers and again if he prices them low he won’t meet set revenue targets. The retailer will therefore be required to analyze all the factors that will influence his product prices such as supplier prices, price of substitutes, competing retailers’ prices and transportation costs. This will ensure the retailer does not lose customers and he gets the expected profits from his business. The company will also be able to meet its obligations like payment of taxes, rents and rates.
Also the marketing mix will make the retailer know how his product will have wider reach to its customers. This can be done through opening more retail stores in different localities to enhance wide coverage. He will also be able to evaluate the additional costs that will result from such expansion such as increased rental bills, more wages because of the additional employees hired and even more utility bills.
The retailer will decide whether he will advertise his business. This may not be feasible because majority of the commodities he could be dealing with are normally advertised by the producer. The only advertising he can do is to inform the prospective customers of the location of his business.
There are various factors that may cause the international retail marketing mix to differ from the domestic retailer’s marketing mix. These include;
The international retailer will be expected to heavily advertise his products in the new market as opposed to the domestic retailer who expects the advertisements for the products to be done by the producer. This means the international retailer will incur heavy advertisement costs which in the initial stages may eat into his profits. This implies that profits may not be realized in the short run for the international retailer as opposed to the domestic retailer. The product may therefore take long to penetrate the international market due to these initial costs. The domestic retailer is already established in the market and his product enjoys loyalty from his customers and is already in profitability.
The international retailer will have no control of the prices that are in the market. The prices will already have been set by the local operators in that market (Rossi, 2000).The international retailer will be forced to take the prices as they are in that market to ensure that there are sales volumes. This is despite the many expenses he has incurred at the set up stage which if taken to account will mean his product price should be higher, but because the international retailer wants to enhance competitiveness he will take the market prices so that he can compete adequately with the rival products.
The international retailer will be supposed to carry out very intense promotional campaigns for his products. This is as opposed to the domestic retailer whose promotions are minimal since his goods which are mostly locally produced are mainly advertised by the producers. The domestic retailers can devise to block the international retailer by adopting low price strategies (Harald, 2008). This will mean the international retailer will take a long time to attain a considerable market share in the foreign market for his products. The international retailer will be forced to seek favorable distribution channels for his products to ensure they reach the target consumer.
The domestic retailers will be on the look out to dominate the places the international retailer may choose to advertise his products. They will adopt defensive techniques to guard against their market share which is under threat from the international retailer. The international retailer will therefore be expected to identify areas where those in the domestic market have no full control over. Such areas may include the internet and other social sites frequented by many people.
PART (B)
Inthis part we are going to review the retail marketing mix for Superdrug Company and what they are supposed to do so as to internationalize their marketing mix when they venture in Australasia.
The Superdrug Company will have to study the marketing mix in the foreign market carefully to enable it come up with a good strategy to enter that market.
Product
The market mix for Superdrug is very strong in the UK which is their home market (Meyer, n.d). They are major players in the beauty and cosmetics industry and their products enjoy wide appeal. The products are of high quality and the company enjoys sizable market share. This is because the products have fully penetrated the market. However the beauty and cosmetic industry in Australasia is saturated with many players.
The company must maintain the same quality for the products to ensure customer satisfaction. Product quality as seen in the 4Ps model is very important as it will determine the customer satisfaction levels. The satisfaction derived from the product will guarantee the sales volumes the company will achieve and the market penetration levels.
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Price
Superdrug will be forced to adopt a price reduction strategy for their products to realize sales volumes. There are many substitutes for their products in that foreign market and each of the domestic players will be seeking to guard their market share. Reducing prices will increase the preference of their products to many consumers and this will enhance market penetration (Edwin, 2007).
However this can only be done in the short run when the products are still in the initial introduction stages. The company after securing a sizable market share should revert to applicable prices in order to realize profits.
Promotion
The company being a foreign entrant will be expected to heavily promote its products among the consumers. This will make the majority to be aware of their presence. They will conduct sales promotions in the key areas they will identify. They should convince the consumers why they should stop using their current products and adopt theirs. This means the advertising budget will be huge because the local companies will also be guarding against their market share.
Place
Superdrug on evaluating the market will be required to identify the most convenient places to place their advertisements to ensure wide accessibility. They should consult with the major advertising consultants in the new market and seek their advice. Interaction with the consumer will be very crucial (John, n.d) because this is what will determine the demand for their products.
The company should also adopt the use of the internet to alert customers of their entrance to this new market. Loyal customers like the tourists will be happy to know their favorite products from the company are also available.
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CONCLUSION
The role played by the marketing mix in the formulation of marketing strategy to be adopted by companies is very important. It is used to identify key variables that determine the suitability of a particular product being in the market. This is because many industries today are dominated by players who will not give in easily to their market share. The local players want to maintain their profit margins and when any foreign entrant attempts to venture in to their market they will employ defensive tactics to ensure they preserve their market share.
To overcome all these obstacles a company should fully understand the market in which they are operating because the information gathered in local markets may also be important in the foreign markets. Failure to do this will place firms at a disadvantage whenever they seek expansion and it will be very harming to the business and to the industry as a whole.
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References
Albers, M (2010) Marketing Demand. London. Penguin Books, P. 9
Edwin, S (2007) Product Management. Bristol. Ace Publishers Ltd, P.23
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Financial liberalization
“Financial liberalization and increased access to international capital markets brings benefits and disruption to developing countries.”With the above statement in mind, and based on a review of the literature, consider the evidence on the net benefit to developing countries from unfettered access to international markets.
FINANCIAL LIBERALIZATION
Globalization is the process of worldwide integration that occurs as a result of the exchange of global views, goods, ideas, and other cultural elements (Fernando, 2021). Globalization has been fueled by advancements in transportation and telecommunications infrastructure, such as the Internet and mobile phones, which have increased the interconnectedness of economic and cultural activity in countries all over the world (Fernando, 2021).
Though some researchers identify the beginnings of globalization in modern times, others trace its history back to the third millennium BCE, well before Europeans began crossing the Atlantic in the 15th century (Fernando, 2021). Large-scale globalization began in the 19th century, and by the late 19th and early 20th centuries, the world’s economies and cultures had become extremely intertwined (Fernando, 2021).
Following World war ii, leaders worked together to organize the Bretton Woods Conference, which took place from July 1 to July 22, 1944 (Chen, 2021). The conference brought together 730 representatives from all 44 Allied states to oversee the post-World War II international monetary and financial system (Chen, 2021). The conference resulted in key states agreeing to establish the framework for international monetary policy, commerce, and finance, as well as the establishment of various international institutions aimed at facilitating economic growth by eliminating trade barriers (Chen, 2021).
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Financial liberalization
The rapid rise of globalization has sparked a heated discussion among economists, with both supporters and critics. This paper outlines the benefits and risks that financial liberalization entails for developing countries. Financial liberalization is the elimination of government involvement from financial markets.
It involves removing limitations such as bank interest rate limits, mandatory reserve requirements, entrance hurdles, especially for foreign financial intermediaries, and credit allocation choices (Masci, n.d.). These policies limit government intervention in financial markets, resulting in the privatization of state-owned banks, the introduction of currency convertibility on the capital account, capital account liberalization, improved prudential regulation, and the promotion of local stock markets (Masci, n.d.).
Simply phrased, it refers to a country’s local financial system’s integration with international financial markets and institutions. Financial liberalization lets governments and private investors to do business with less constraints, while also allowing financial hosts to access the global market (Banton, 2021). However, because emerging countries or economies are compelled to compete in the same market as larger economies or nations, this might be detrimental to them (Banton, 2021).
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Financial liberalization
The capital account in a country’s balance of payments covers a wide range of financial flows, including foreign direct investment, portfolio flows (including equity financing), and bank borrowing, all of which involve the acquisition of assets in one nation by citizens of another (Kose and Prasad, 2020). It is theoretically feasible to manage these flows by imposing limitations on those that pass via official channels. However, through increased capital inflows and outflows, capital account liberalization is likely to result in a greater degree of financial integration of that nation with the global economy (Kose and Prasad, 2020).
Any action taken by a government or other regulatory agency to restrict the movement of foreign capital into and out of the domestic economy is referred to as capital control (Barone, 2020). Taxes, tariffs, laws, and market forces are all examples of these types of regulations. Many asset types, including stocks, bonds, and foreign currency trading, can be affected by capital regulations.
It is a country’s attempt to protect itself against the dangers connected with international capital flow variations. Unrestricted capital flows might make maintaining a fixed exchange rate system more challenging. This is one of the reasons why, under the Bretton Woods system of fixed currency rates, even industrial countries maintained relatively restricted capital accounts during the second world war (Kose and Prasad, 2020).
One of the major roles of capital control is that it reduces the volatility of currency rates in the economy as well as provide support and stability by shielding it from sharp fluctuations (corporate finance institute, 2015). This is because unrestricted capital can produce inflows and outflows that easily affects the appreciation and depreciation of the nation’s currency (corporate finance institute, 2015). For instance, in the year 1933, President Franklin D.
Roosevelt compelled Americans to convert their gold for US currencies by Executive Order 6102 (Giambruno, n.d.). The official government exchange rate was negative, which comes as no surprise. Until 1974, the United States government prohibited individual possession of gold bullion (Giambruno, n.d.). According to Ballotpedia (n.d.) this major decision made by the late president lead to the revision of the Trading with the Enemy Act of 1917, allowing banks to reopen after a four-day banking holiday and requiring the Department of the Treasury to examine institutions.
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Financial liberalization
The legislation increased the president’s regulatory powers over the banking system, provided the comptroller of the currency the right to restrict the activities of banks with impaired assets, and empowered the Federal Reserve Board to create emergency money backed by commercial bank assets.
Capital controls are also used to prohibit foreigners from acquiring local assets or to restrict domestic individuals’ access to foreign assets. Foreigners’ and residents’ capacity to exchange domestic money for foreign money, and vice versa, has historically been the most extensively employed capital control and it is known as exchange control (Coppola, n.d.).It can disrupt international trade by interfering with floating foreign exchange rates;
when a country’s official exchange rates diverge significantly from market prices and citizens are not permitted to get foreign money, foreign enterprises may find it difficult to conduct business there (Coppola, n.d.).
Financial liberalization
Some systems allow beneficiaries of certain types of exchange to sell a part of their receipts on the free market. A managed exchange rate is frequently higher than a free-market rate, reducing exports while increasing imports. The control authority can limit imports by restricting the amount of foreign exchange a resident may buy (Britannica, n.d.). As a result, the country’s overall gold reserves and foreign balances will not drop.
Regardless of the many advantages of capital control, there are still a number of negative factors to be considered. For instance, the distribution of resources would be inefficient if credit was determined administratively rather than by market price. Because the most promising initiatives would not be supported and hence would not contribute to economic growth, this poor allocation would exacerbate the negative impact on growth (Masci, n.d.).
Financial liberalization
Also, Access to credit would be granted for developmental purposes to big state owned and private companies, while the rest of the economy will only have some access to consumer credit (Masci, n.d.). Moreover, Individuals would find methods to export capital internationally, runaway inflation, putting pressure on the exchange rate. Administrative interest rates would undervalue actual interest rates, give an incentive to reduce savings and investment and also have a negative influence on the pace of economic growth (Masci, n.d.).
Financial liberalization
According to Kose and Prasad (2020), Capital account liberalization should theoretically allow for more efficient global capital allocation from capital-rich industrial countries to capital-poor developing economies, with widespread benefits such as higher rates of return on people’s savings in industrial countries and increased growth, employment opportunities, and living standards in developing countries. It also allows for risk sharing opportunities by demonstrating that international financial integration should lead to a decrease in consumption volatility relative to output volatility (Masci, n.d.).
Financial liberalization
Finally, financial liberalization provides protection against national income fluctuations while also demonstrating a country’s commitment to sound economic policy (Kose and Prasad, 2020). A perceived deterioration in the policy environment for a nation with an open capital account might be penalized by local and international investors, who might rapidly withdraw money. This offers a powerful incentive for governments to adopt and sustain solid policies, with evident long-term growth advantages (Kose and Prasad, 2020).
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Financial liberalization
Federico and Tena-junguito (2016) estimated that since the 1950s, the growth in the proportion of international commerce in GDP had added around 5% to global wealth. With a global GDP of $85 trillion in 2018, the incremental trade advantages since the 1950s amount to around $4.3 trillion in global revenue.
Financial liberalization has also boosted finance, technology, and talent flows, boosting earnings and increasing living standards (Petri and Banga, 2020 p.3). According to other research, the United States has profited from globalization even more than the rest of the globe. According to Petri and Banga (2016), advancements in globalization added $0.8 trillion–$1.5 trillion, or 11 percent–14 percent, to the US GDP of $11 trillion in 2003, between 1947 and 2003.
Financial liberalization
Extrapolating these figures to 2018 GDP, economic interconnectedness has contributed $2.2 trillion since 1947. Unfettered access to international market has brought about both net benefit as well as certain disruptions to developing countries for the past two and a half years. To developing countries, financial liberalization and integration has brought about abundant benefits that are verifiably both theoretically and through empirical evidence as well as a number of disruptions to their economy.
Firstly, liberalization has brought about the elimination of barriers to international investing whereby both the government and private organizations are allowed to business with minimal restrictions. Tax rules, foreign investment limitations, legal challenges, and accounting requirements are all examples of barriers that make it difficult or impossible to access the international market (Barone, 2020).
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Financial liberalization
During the 1980s through to early 1990s, a great banking crisis occurred that is considered to be one of the worst global credit disasters in history. The crisis drove the United States’ state and federal regulatory and deposit banking insurance systems to their breaking points, resulting in broad regulatory revisions (Summa, 2014). The Depository Institutions Deregulation Committee and Monetary Control Act of 1980, which removed many restrictions on thrifts and credit unions, and The Tax Reform Act of 1986, which fundamentally altered the banking landscape and engendered conditions that contributed to the banking crisis, were both passed prior to the onset of the crisis (Summa, 2014).
This was considered to be the primary cause of the banking crisis of that time. In order to rescue the banking sector. The United States’ economic comeback has been aided by liberalization and economic contact with the rest of the globe. Their relatively open borders, which let most foreign goods to enter with no or modest tariffs, have helped keep inflation in control, allowing the Federal Reserve to ride out the good times without raising interest rates as swiftly as it could have otherwise (Summa, 2014).
Financial liberalization manifests its positive impact through the rather increase in demand for domestic goods internationally for both developed and developing countries. By increasing the involvement of developing countries into the international market, it becomes evident through an increasing export and import volumes, as well as expanding outflows of domestic savings into international investment projects and increasing inflows of foreign capital into local enterprises (Masci, n.d.).
According to a report made by the office of the unites states trade representative (n.d.), The United States was the world’s top goods and services trading nation in 2017, with $2.35 trillion in exports. The total value of goods and services traded in the United States in 2017 was $5.3 trillion, up 6.5 percent ($321 billion) from 2016 and up 31% from 2007. The value of US goods trade was $3.9 trillion, while the value of US services trade was $1.3 trillion.
Despite the large number of benefits that are associated with financial globalization, there are also disruptions that come with liberalization. One is the transitional risks that accompany it. Despite a significant rise in global gross capital flows, net capital flows to developing countries have typically been minimal, if not negative (Broner and Ventura, 2016).
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Financial liberalization
Traditional models acknowledge that foreign sources of funding can be problematic, since the incentive for opportunistic default coupled with low-quality institutions can lead to recurring foreign debt crises. They also expect that domestic savings stay in the country and that new foreign sources of financing add to overall development funding (Broner and Ventura, 2016).
The chief concern in the US is that the economy is delivering a disproportionate share of gains to the wealthiest few. According to Census data, from 1970 to 2018 the median US household income rose from $50,545 to $63,179, or by 0.46% per year, while that of the top 5% of households rose from $192,603 to $416,520, or by 1.62% per year (Semega et al., 2019). In 1970, a high-income household earned 3.8 times as much as the median household, but this ratio had grown to 6.6 by 2018.
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Financial liberalization
Still more extreme contrasts emerged between richer and poorer households, and amongst subgroups by levels of education. In turn, inequality may have contributed to other trends such as withdrawal from the labour force, increased mortality and morbidity, and political polarization (Broner and Ventura, 2016). These trends are not direct results of liberalization, but they are often attributed to trade in popular discussions.
Is it worth the risk of liberalization? It depends, as it would with most things. Capital account liberalization is definitely not a perfect solution, and it comes with significant dangers if it is implemented in poor conditions, especially without accompanying measures (Kose and Prasad, 2020). While data indicate that capital account liberalization is linked with transitory risks, fighting it for a lengthy length of time may be useless and harmful. Closed capital accounts are becoming more difficult to maintain as the forces of globalization progress (Kose and Prasad, 2020).
Federico, G. and A. Tena-Junguito 2016. ‘A Tale of Two Globalizations: Gains from Trade and Openness 1800–2010’, CEPR Discussion Papers, No. 11128. London: Centre for Economic Policy Research.
Office of the united states trade representative, n.d. Benefits of trade. [online] Available at: https://ustr.gov/about-us/benefits-trade [Accessed June 5, 2021]
Semega, J., Kollar, M., Creamer, J., and Mohanty, A., 2019. Income and Poverty in the United States: 2018 – Current Population Reports. Washington, DC: United States Census Bureau.
