An Analysis Of The Sony Corporation

An Analysis Of The Sony Corporation Current Activities Today, the Sony Corporation is a multinational conglomerate headquartered in Toyko, Japan. The company is one of the worlds largest media conglomerates and is one of the leading manufacturers of electronics, video, communication, video games consoles and IT products for the consumer and profession markets. However, Sony is better known for its high quality consumer electronics, which account for 61% of total revenues. In 2008, the company had revenues exceeding  ¥7.730.00 Trillion or $78.88. (Rugman, 2009) Products Modern day Sony is known for its innovative products such as; the Triniton colour television; Bravia High Definition television; Playstation video console; VAIO laptop; Music mobile phones; Walkman and Discman personal stereos. (See Appendix B. For a list of Sonys product) Modern Strategy Culture Industry and Media Synergy Sony is recognised as a total entertainment company. This means it is no longer simply a manufacturer of technological hardware but is an integral part of a culture industry. Sony likes to adopt a media synergy. This term was employed to refer to a strategy, adopted by many hardware and software producing companies of attempting to synchronize and actively forge connections between directly related technologies and areas of entertainment. (du Gay, 1997) Products For its audio-visual products Sonys strategy boils down to producing audio, visual and electronic gadgets and controlling the content that goes through them. For example, Sonys successful Playstation 2 games console allows the company to provide the hardware necessary for the firm to capture the games market. (Rugman, 2009) The strategy reflects Sonys media synergy which came partly from an acknowledgment that Sonys Walkman1 was useless without the cassette that was inserted to it, which was in turn useless without the musical recording artists and the companys Betamax videocassette2 recorder was useless without video-cassettes of films and music. (du Gay, 1997) Moreover, the outright ownership of CBS (music), MGM (movies) and Sony BMG (Music) allows the company access the film and movie industry and music artists. These are forms of entertainment which are viewed and listened to via Sonys products. Market To support the companys commitment to succeeding globally and understanding how business is performed elsewhere, the company seeks to fit into host country communities. Therefore Sony seeks to: Hire locally Strike a balance between the home culture and local culture Participate in the local community. In addition, Sony prefers to list the company on the local stock exchange; appoint well respected local executives to the Board of Directors; and create a local product distribution system. (du Gay, 1997) Internationalisation History Sonys entry into foreign markets appears to have followed the typical internationalization process. (See Figure 1.1) The company initially obtained a license from a US company, Bell Lab, in order to recreate the transistor technology in its radio. These products were produced with success and first introduced to the local Japanese market. The products were then exported to markets of similar consuming habits. Export of these goods occurred via a distributors and then some time later through the companys own subsidiaries. Factories were then established in different markets, where products could be produced closer to the export market and at a cost discount. The final stage of the FDI process occurred when Sony embarked upon opening its own RD and marketing facilities, enabling lasting market presence and understanding of foreign markets. The growth of Sony as a company and its technologies occurred within a process of interaction between the US and Japan. As the company grew, Sony executives gained knowledge from constant visits to the US, acquired the rights to produce transistors from the US and found that North America provided a major market for its audio-visual products. The adoption of the name Sony and the standardization of products such as the Walkman were adopted with the aim of being a global brand (du Gay, 1997) Sony first embarked upon FDI via a wholly owned subsidiary in the US in 1960. However, over the last 60 years it has engaged in Joint Ventures (JVs), Mergers and Acquisitions (MA) and Strategic Alliances. (E.G. Sony-Ericsson, Sony-Microsoft and Sony-Sharpe) Throughout the 1980s two important developments indicate how Sony began actively extending its presence as a global corporation. First, the company aimed to operate in all markets across the world, to reach as many potential consumers as possible. Second, the company aimed to reorganize processes of production in such a way so that they would not be limited to the constraints of the nation state. In such a case, a particular concern was how the effectiveness and international competitiveness of Japanese companies were constrained by the value of the Japanese YEN. This meant that goods produced in Japan were more expensive when exported and in competition with those in other parts of the world. (du Gay, 1997) To pursue these aims, Sony adopted a strategy of globalisation that involved moving their manufacturing and marketing operations to different locations around the world and setting up local operations in different locations around the world. (du Gay, 1997) One of Sonys motives for moving its manufacturing operations was a straight-forward attempt to follow its competitors and reduce labour costs. For example, the first Walkmans were manufactured and assembled in Japan so that the companys management could be close to operations and make any necessary modifications, once up and running and not requiring so many modifications, additional assembly factories were established in Malaysia and Taiwan. (du Gay, 1997) The gradual move came to move operations so that they could respond directly to local conditions. For example, Teletext was developed onsite in the UK and Triniton TV was developed locally in France. (du Gay, 1997) An additional practical consideration was that by establishing and presenting themselves as a local company, Sony could use various national and pan regional rules and regulations to gain the most appropriate and cost effective environment to manufacture and produce its products. The company could exploit cheap labour in Malaysia, take advantage of grants there were available to attract new electronic industries in the UK. (du Gay, 1997) In the 1980s 1990s, Sony began to rapidly expand into Europe. (See Appendix A- history timeline). Sony was vigorous in its international expansion. The company chose to expand into similar markets, such as US and Europe. These markets had large populations, high incomes per capita and a consumer culture. Therefore, the other two TRIAD regions were good markets to promote and sell Sony products. The companys strategy is to be present in its market of distribution and therefore it established a number of factories to develop and distribute its products. The objective is to understand the local market and consumer demands. Sony has a strategy of introducing its products first to its local market (Japan), testing consumer preferences and then introduces these products to its international markets. The adoption of the name Sony (in 1957) was also an attempt to communicate the brand and its products to the market. Sony was able to do this over a significant period of time. Sony learnt significantly from technological, productivity and efficiency improvements this was a stimulant for its international trade and the international product life cycle. (Vernon, 1966) Today, Sony has developed a strategy to not only create technology but to control the content that goes into them. Therefore Sony has embarked upon a number of MAs. First with a 50/50 JV with CBS, which Sony eventually bought outright and also a venture with Columbia Tristar Pictures, MGM, BMI and a number of media companies. Sony has also embarked upon JVs with software companies such as Microsoft. The companys strategy is to be present across all levels of the entertainment industry. CASE STUDIES SONY WALKMAN Walkman is a trademark of Sony Corporation, used originally to market its range of portable audio players. In July, 1979, the original Sony Walkman portable music player the TPS L2 was introduced. Sony promoted the concept of enjoying music, anywhere, anytime using industry advertisements featuring celebrities with the product. The first Walkman was marketed under the Walkman brand in Japan, but in other markets it was originally sold under various names including Soundabout (USA), Stowaway (UK) and Freestyle in Australia. Walkman players become very popular in Japan and foreign tourists visiting Japan who bought them as souvenirs, this prompted Sony to standardise the name to Walkman worldwide (Uggla and Verick, 2008) SONY-ERICSSON Sony Ericcson was established as a 50/50 Joint Venture in 2001 by Sony and Ericsson (a mobile communications infrastructure and systems business based in Sweden) Sony Ericsson functions as a separate entity designing, producing and marketing cellular phones and accessories. It had revenues of 13 billion euros in 2007, from the scale of 100 million units which is a global market share of 9%. (Uggla and Verick, 2008) Sony Ericsson had recognised a segment for dedicated music phones various MP-3 enabled handsets were on the market but there was little differentiation among them. Sony Ericsson decided to investigate and launch a music phone. The company decided to incorporate Walkman into the music phone branding. Sony established that Walkman branding encouraged around 67% of people to buy the phone by adding credibility to the music player. (Uggla and Verick, 2008) Internationalisation Theories The following trade theories are applicable to Sonys process when entering new markets: Dunnings Eclectic Paradigm of Internationalisation Sony was able to successfully expand abroad due to its firm specific and intellectual competitive advantages. Furthermore, the company had successfully established itself in its home market and generating sufficient expertise to export its high-tech consumer electronics abroad. FSA Sony possesses FSAs through the development of intellectual capital. In addition, the Sony brand names (e.g. Walkman, Playstation, Triniton, Bravia) carry significant worldwide consumer value Due to superior FSAs over both domestic and international rivals Sony was able to engage in FDI. Amongst other things Sonys first FSA was it transistor technology. Through this, Sony was able to differentiate itself from its rivals. It was able to provide high tech, desirable products. Sonys FSA also came from its personnel. The companys co-owners (a Physicist and an Engineer), managers and other employees were of high quality, possessed a high degree of technical know-how and desire to improve the companys industry position. Internalisation Sony possesses know-how and competitive advantage through the development of its products first at home and then applying this knowledge to foreign markets such as the USA and the Europe. As previously mentioned Sony was able to acquire foreign technology. The technology licence provided access to the transistor and allowed Sony to gain foreign technological know-how. According to Dunnings Eclectic paradigm Sonys strategy allowed the firm to acquire an intangible asset (transistor technology) apply this technology to its products, and then create a firm specific advantage. The intangible asset provided Sony with an exclusive piece of know-how that was specific to the firm. CSA Sony embarked upon FDI through the sale of its products not only in its home market but also in the US, Europe and eventually the rest of the world. For example, once the transistor had been applied to its radio, Sony sold this item in markets with similar tastes and income per capita. For example, after introducing the TR-55 radio to Japan in 1955, Sony then exported and sold its radios in the US and next Europe in 1957. This could not have occurred without the existence of consumer demand. Sony also took advantage of favourable industry subsidies and national legislation, which encouraged the presence of high tech industries for example, the opening of Bridgend Factory in Wales. According to the eclectic paradigm, all three of the conditions necessary for FDI were present when Sony started its internationalisation process. Sony sought to increase its internalisation advantages and reduce transaction costs, through the purchase and development of new technology and reduce transaction costs through the establishment of its own subsidiary and factory. Sonys actions increased its firm-specific advantages, through know-how and innovation. The company internalised and possessed an advantage over its rivals by retaining the technological know-how, rather than licence it to its competitors. Sony reduced the risk and threats from competitors by retaining its knowledge. Distribution Sonys Initial decision to export its products via a distributor illustrates that company saw value in having a presence within the US market, but the company lacked significant knowledge of the market to justify distributing the products itself. Moreover, it was profitable to export products to the US as there was an abundance of wealth, the US consumer culture, and retail distribution networks. However, trade barriers, import taxes and unfavourable distribution contracts eventually led Sony to establish a subsidiary within the US market. Overseas Production Malaysia Furthermore, Sony eventually located part of its production process to Malaysia. This occurred once the company was satisfied with its local and international products. This also occurred in order to offset the rising costs in the home market, Japan. Sony was able to engage in FDI to Malaysia as the company had generating sufficient amounts of FSAs and ISAs. Uppsala Internationalisation Process Model Part of Sonys business strategy is known as localisation, which is the commitment to gaining market knowledge, cultural understanding and business expertise. Sony has initially licensed its transistor know-how from the US, it was decided that the company should also introduce its products to this market. The Uppsala model can therefore be applied to Sonys internationalisation process. When Sony first entered the US and Europe markets, the company knew little about local consumer demand. The attractions were solely the educated populations, high incomes per capita, government trade measures and distribution networks. In addition, Sony believed that consumers in these markets were similar to those in Japan. When Sony Executive visited the US and Europe, they collected data collection and studied local consumer demand, at this point it was decided to export products to these locations. Sony then committed itself to further to the US and then Europe, through the establishment of its foreign subsidiaries, Sony America and Sony Corporation S.A. in 1960. The establishment of these subsidiaries resulted in further FDI, through distribution systems, marketing campaigns and listing on the local Stock Exchange. Sony was able to overcome some of its foreign company disadvantage as its held a constant presence within the local markets. The company committed itself to understanding how consumers behave and their reactions to new products. Sony was eventually able to engage in FDI as it gained significant knowhow, from exporting, distributing and establishing its own subsidiary, reducing transaction costs. Sony also used its current operating model and consumer tastes to establish itself in markets which it believed to be similar its own. For example, when Sony introduced its VAIO laptop to the US, the price and high technical specifications unlike Japan, were not popular with US consumers. Sony eventually modified its laptops to US consumer tastes. This led to a reduction in price and operating features which US consumers preferred. Joint Ventures (JVs) and Partnerships Sonys JVs, partnerships, mergers and acquisitions can be understood through the application of the Uppsala business model The JV with Ericsson allows the company to gain a first mover advantage from standard setting in the mobile telecommunication industry. Also, the JV allows instant access to the European consumer markets. The company seeks to gain an understanding of these distinct markets but does not have the time and know how. The JV establishes instant knowledge, with reduced acquisition times, creating instant presence and expertise within these markets. Hymerian Theory Monopolistic Advantage Theory Sonys issuance of ADRs in the early 1960s can be understood through the Hymers theory of Monopolistic Advantage, Market Power approach and Product and Factor market imperfections. Sony was able to exploit market imperfections as it could overcome threats from local firms due its ownership advantages (superior technological know-how, economies of scale at home) and other internalised advantages (managerial experience, product developments, existing supply chains, cost advantages). This allowed Sony to obtain favourable political ties, market connections and social positioning; despite the fact Sony was a foreign firm. It was therefore advantageous for local Americans to take an equity position within such a rapidly emerging company. Moreover, Sony was operating in an oligopolistic market, according to Hymers theory of Monopolistic Advantage; FDI takes place in such markets or industries rather than markets or industries operating under near perfect competition. Markets imperfections, allowed Sony to obtain global competitive advantage. Companys which offer investors consistently high rates of return, due to good products and consumer confidence is attractive to investors. Further investment into Sony, allows it to maintain its position of technological superiority. In addition, Sonys technological expertise meant that its products were attractive not only in Japan but throughout the rest of the world. But, Sony initially lacked knowledge in marketing and distribution and so initially used a distributor partner to export its products. This eventually changed when Sony acquired its own distribution system. For example, when Sony first introduced the Walkman in 1979, it did so in its home market first and followed this by introducing it under different brand names, Soundabout (USA); Stowaway (UK); and Freestyle in Australia (Uggla and Verick, 200) The company eventually standardised the Walkman name in the early 1980s. The adoption of the name was to communicate the brand and its products to the market. Sony was able to do this over time and learnt from technology and efficiency improvement which its applied it each of its markets. Product and Factor Market Imperfections Sony embarked upon FDI as it understood it was able to overcome threats from local firms. Sonys strategy is to understand its consumers locally. The company therefore engages in RD and production in most of its subsidiary locations or within close proximity. This is so that it understands consumer tastes and local demand. This strategy can be explained using Caves, Product and factor imperfection. Sony is a market leader and so has superior technological experience and finance to establish local RD and production facilities to understand and satisfy consumer sensibilities. This provided an advantage as the company could combine its know-how, to create products that rival indigenous firms. Internalisation Theory This applies to Sony as the company chose to enter the US under its own brand name as opposed to developing the technology and then selling it on to another company. It retained the knowledge, applied it to its new markets and gained an understanding of consumers in these locations. The company also established subsidiaries as opposed to export via distributors. Market Power Approach This theory applies to Sony through the number of mergers and acquisition the company has engaged in over the last 30 years. Sony has embarked upon a number of mergers and acquisitions throughout its history. The companys strategy is to own not only the content of its technology but also the means by which this technology is used. This has encouraged Sony to acquire music, film, and gaming companies, in order to better understand its consumers but also dictate the market. For example, the company has increased its power by being dominant within consumer electronics both nationally and internationally. In 2001, the 50 /50 Joint venture with Ericsson (a mobile communicate infrastructure and systems business based in Sweden) created a separate entity whereby Sony designs, produces and markets cellular phones and accessories. In 2007, the company had revenues of à ¢Ã¢â‚¬Å¡Ã‚ ¬13 billion, from the sale of 100 million units which is a global market share of 9%. (Uggla and Verick, 2007) The partnership between these two firms establishes the argument that international production is conducted between industrialized countries and their companies. Moreover, this partnership was established so that both companies could gain a competitive advantage over domestic and international rivals. The ability of both companies to exploit the know-how of the partner and move into new industries can be understood through the market power approach. Sony is now active in the global mobile telecommunications industry. This has allowed it to internalise its know how further, and provided instant market presence within a new industry and new international markets. Word Count 3,419 Figure 1.1 Internationalisation Process Figure 1.1 Entry into foreign markets: the internationalisation process (Source: Rugman, 2009) SWOT Analysis STRENGTHS WEAKNESSES Sony is a large corporation, it is able to concentrate and dedicate manpower to product quality, RD, marketing, distribution, etc. The company has very few time and financial constraints. Brand names and company know how Internal management Key products e.g., Sony Playstation Sony designs, manufactures and sells its own products. Sonys return on investment has been low because of the large amount of capital dedicated to its factories. Sonys Return on Equity is typically around 5%, this could be higher. Large workforce OPPORTUNITIES THREATS Focus on BRIC and emerging economies Continue seeking diverse JVs with industry leading companies e.g., Sony Ericsson Continue to develop and improve key consumer electronics, TV, computers, MP3 and wireless technology New growth areas Mobile phone internet technology Outsourced manufacturing to increase Return on Equity Large Organisation Must remain streamline Economic slowdown Interest rate differentials Flat sales, falling profit margins Late comer to key electronic sectors, such as flat-screen TVs and digital videodisc recorders. Appendices Appendix A. Timeline In 1952 Totsuko (Sony) launched a successful tape-recorder business In 1955 Totsuko adopted the name Sony, it was believed that the name had not only universal appeal but also easy to pronounce. The company also launched its first Transistor Radio the TR-55 in this same year. In 1955, Sony enters into an agreement with Delmonico International to distribute it products within the US. In December, 1958 Sony launched its pocket sized radio the TR-63 to the US market. In January 1958, Sony is listed on the Tokyo Stock Exchange. In 1959, Sony decides to distribute its own products. (To protect its brand name) The group established Sony America and Sony Overseas S.A. established near Zurich, Switzerland, in 1960. The group launched the worlds first direct-view portable TV, the TV8-301. (Datamonitor, 2008) In 1961, the group was the first Japanese company to offer shares in the US, in the form of American Depository Receipts (ADRs) on the OTC market of the New York Stock Exchange. In the following year, the group launched the worlds smallest and lightest transistor TV, TV5-303. (Datamonitor, 2008) In 1968, Sony (UK) Ltd. was established in the UK (later recognised as Sony UK Ltd., in 1993). The CBS/ SONY Records Inc. a 50 50 JV with CBS Inc of the US was also established this year. In 1970, Sonys shares were listed on the New York Stock Exchange. In 1971, Sony launched 3/4 -inch u-matic colour video cassette recorder. (Datamonitor, 2008) A factory was established in San Diego, California, in 1972, followed by a factory in Bridgend, Wales in 1974, which served both the UK and Europe. The Betamax VCR, the SL-6300, the worlds first home -use video system was introduced in 1975. (Datamonitor, 2008) In 1979, Sony Prudential Life insurance Co. Ltd, the 50-50 joint venture with Prudential Insurance Co. Of America, was established. (Datamonitor, 2008) In 1979, Sony launched the Walkman, the 3.5 inch micro floppy disk drive in 1981; the worlds first CD player in 1982; the first consumer camcorder in 1983; 8mm video in 1988 and the first digital VTR in 1985. (Datamonitor, 2008) In 1988, the group bought CBS Record to form Sony Music Entertainment, and in 1989, the company purchased Columbia pictures, forming Sony Pictures Entertainment Inc., in 1991. (Datamonitor, 2008) In 1990, Sony acquires 12 business including CBS records INC and Columbia Tristar Pictures. In 1993, Sony Computer Entertainment Inc, was established, during the same time Sony launched the VAIO a home-se PC series. (Datamonitor, 2008) In 2001, the group established Sony Bank in Japan and Sony Ericsson Mobile Communications. (Datamonitor, 2008) In 2001, Sony Ericsson Mobile Communications established In 2002, Sony absorbs Aiwa (a form Japanese audio visual manufacturer) via merger In 2003, Sony launched the worlds first next generation high capacity optical Blu-ray Disc recorder BDZ-S77. (Datamonitor, 2008) In 2004, Sony established a music distribution company, Sony BMG Music Entertainment. (Datamonitor, 2008) In 2005, Sony completed the acquisition of Metro-Goldwyn-Mayer (MGM), one of the worlds largest privately held, independent motion picture, television and home video companies. (Datamonitor, 2008) In 2009, the Sony decided to form a joint venture (JV) with Sharp Corporation. The JV which will be established in March 2010, will engage in the manufacturing and sales of liquid crystal panel and liquid crystal module. (Datamonitor, 2008) Appendix B. Sonys Main Brands Name Type of product Bravia Visual Cybershot Phone Discman Audio Playstation (23) Games Console Trinton Visual Walkman Audio Source: Datamonitor Sony Corporation Appendix C. Sonys Main Competitors Source: Datamonitor Sony Corporation Appendix D. Sonys Business Activities Sony operates through five segments; 1.Electronic, 2.Games, 3.Finance, 4.Pictures and 5. Others Source: Datamonitor Sony Corporation Source: Datamonitor Sony Corporation Source: Datamonitor Sony Corporation Source: Datamonitor Sony Corporation Source: Datamonitor Sony Corporation Appendix E. Sony Products Source: Datamonitor Sony Corporation

Literature ans society Essay

The literature of an age, and its social set up keeping and reacting one over the other. Literature influences the society; society is reflected in Literature and in this way, in all languages and at all times there has been a close interaction between the two. Literature of any age cannot escape the influence of the social scene and therefore is found reflecting the society of the age when it is created. The poet, the dramatist, the novelist, the essayist are all the product of their age and their-age openly and clearly gets imaged in their compositions. That cannot be helped, it so seems. Take  the example of two literatures — English and Hindi. Chaucer is called the father of English poetry and actually English literature in its form and language which kept on developing and improving, begins from him. His most representative work is the Prologue to the Canterbury Tales and then the Canterbury Tales. All the characters painted in these tales are the true representation of the types of such people as they were in his times. While Chaucer is a reflector of those characters and their types of his age — he is virtually and truly described as the chronicler of his age — his characters whether a  Knight; the Prioress; the monk, the fat fryer, the sailor, the squire, the priest — all are truly the representatives of their types in the contemporary society as they actually were. Chaucer is a painter as well as a critic of his society. Shakespeare — the greatest dramatist of English language — one of the greatest of all languages brings in ‘ghosts’, ‘witches’, and ‘courtier’ and ‘fools’ in his plays which were as per the liking of his audience and a part of the English Society of his times. That is what is rightly said about Shakespeare that in addition to the normal three ‘unities’—  Time, Place and Action in drama, he brought about the fourth unity — ‘unity with the people’. That encomium clearly Shakespeare being influenced by the society of his age and in his plays he, though never gave any message or pronounced any philosophy, but that is always there — the triumph of the good over the evil. This was the message that was most needed to his age after all that had happened earlier — Henry VIII —the king having been killed, Mary Tudor — a despotic, arrogant, a cruel ruler and then a benevolent, all embracing middle-path follower queen — Queen Elizabeth. As is the king so are the people — is an old but true saying and Shakespeare reflects that hilarious sometimes, but somber and philosophic at the other in his plays. Hulton was very much the product of his age. A truly puritanical person; a deeply religious man, he gave to his age which was battling with belief and disbelief — the message of God’s triumph over Satan. The Eighteenth century of English literature is a true product of the age. The social scene had degenerated into debauchery and license after the Restoration of Charles II who brought along with him all that he had enjoyed during his exile and adjourns in France and the literature of that period reflects all that was happening in the society. Alexander Pope’s ‘Rape of the Lock’ is a reflection of the so-called lascivious high society of and pungent satire too, on all that was too much too bad for the society. Thus Pope is a reflector as a corrector of his age. So are Addison and Steele as essayists. Balzac, Zola, Maupassant of France had cast their influence on every Wycherley, conserve and later Restoration dramatists who had gone to the lowest depth in describing social disparity and this is how literature reflected the age. The French Revolution — a very significant political and social event of Europe had as its basic tenets — Equality, Fraternity and Liberty — and these tenets and the revolution did cast its spell all over Europe and England and the English poets could not escape that influence. Wordsworth was moved by the humanitarian aspect of the revolution in the earlier phase but later its bloodiness and violence disillusioned him and all this is reflected in Wordsworth’s poetry — ‘poet of man’ and in his later poetry. Shelley was moved by the revolution’s ‘spirit’ of revolution and Byron by its fighting spirit. Tennyson was a true representative of the Victorian age and sang of the glories of the Empire while his nature poetry gets influenced by the advancement of Science in the later nineteenth century. He did not remain a ‘priest of nature’ as Wordsworth was because where science advances religion declines. Charles Dickens saw the backside of industrialization — the poor getting Poorer and the rich richer — the sufferings of the poor are ignored and his novels reflect all this. The First World War (1914-19) created a group of who sang of the glories of war, of chivalry and  Sacrifice for the nation and then there is the post w poetry and post-war drama — Bernard Shaw dramatist known for his pungent satire, pricking the balloon of romanticism associated with war heroism and love in his ‘Arms and the Man’. Eliot comes on the literary stage to deal with the utter disillusionment of the age in his ‘Wasteland’ all this about English Literature. Similarly in Hindi Literature, when Prithvi Raj Chauhan was fighting valiantly with Mohammad Gori Chandrabardai — the warrior poet was singing of the glories of war and his hero in his ‘Prithvi Raj Raso’. Then came the Bhakti Kal — the period of Bhakti — the country and the nation had fallen under the Muslim yoke and there were class conflicts on the basis of faith and religion. There came on the literary scene, Kabir, who preached anti-fanaticism; pricked the bloated balloon of superstitions and blind faiths and admonished both ‘mullahs’ and ‘Pandits’ and showed the way of God. Tulsidas found the Hindu society divided into factions ‘Shaivas’ and ‘Vaishnavas’ and showed the path of love, brotherhood and mutual respect for all Gods and presented the ideals of a son, a brother, a wife, and a devotee. The triumph of Ram — the incarnation of the Good over Ravan, the symbol of Evil is an eternal lesson given by him to the society — whose lessons remain revered even till today. The period of comparative social peace created a set of poets who indulged in pleasing their patrons — the Kings — as their courtiers and songsters. Their poetry is full of amorous sports in which they make Krishna a Radha and the Gopis their actors — a very wrong a vitiated depiction — unbecoming of those great. This was done just to gratify their patrons — the sensuous and sensual kings. This is how the social scene was reflecting itself in literature. Then, comes the modern age. The British were ruling India and there were classes close to the ruler and classes suffering at the hands of the officials and at the hands of the so-called elite of the society. There were classes created — the superior, the downtrodden — the imperialists and the nationalists. Prem Chand — the great novelist unravels this class fight in his novels and thereby, not only reflects the society of his times but gives a lesson too. His novels, his short stories — all have a lesson to give. There was Bhartendu Harishchandra — the poet the harbinger of the modern age and thought, who successfully caricatured the classes — social and religious — thus reflecting the social scene with a point to reform it. Thus goes on the scene. Maithili Saran Gupta — the Gandhian poet sings of the glory of Ram, of the glory of Lord Buddha, of the glory of other mythological heroes his thrust throughout being to awaken the masses and enlighten them into cordial social contacts. The national fervor reverberated through the veins of the Psyche under the leadership of Mahatma Gandhi and poets  after poets, writers after writers sang of the of our ancient land and its culture. Jai Sanker rasad, Ramdhari Singh Dinkar, the poets; Dharmvir Shrilal Shukla — the novelists brought into focus the inequalities and imbalances that plagued the social scene and through their thoughtful and sometimes highly satirical way brought to the fore the social and political malaise through which our present generation passing. This true presentation has been with a purpose — to awaken the social conscience to the problems that dog the people. Literature thus has been holding the mirror up to Nature on one hand; reflecting all traditions,  trends and tendencies while rising up the finger of caution too to guard against all that goes against the basic values of life. Literature and Society have remained and shall remain ever intertwined and the more they so remain, the more solid would the foundations be laid for a sustained growth; a well-coordinated growth and a corrected social order Literature has to play its part as a reflector and a corrector of society and society has to inspire men of letters to keep themselves on their guard towards their mission of social good.

John Kenneth Galbraiths Concepts of the Recessions Reasons in The Great Crash, 1929 Free Essay Example, 2250 words

The 1929 crash, according to Galbraith, was caused by conspiracy theories between Wall Street, huge corporations, banks, the government, and the filthy rich who all contributed to an unsound economy. The unsoundness in the economy was explicated by inequality in income distribution, poor corporate structure, poor banking structure, foreign imbalance, and unreliable economic intelligence. In practice, banks supplied funds to the rich who became the brokers in the stock market and sold securities to customers, with the collateral collected going back to the banks (Galbraith 20). In terms of economic intelligence, the people charged with offering financial advice were either completely incompetent, or had vested interests in the boom. Of the two probabilities, it is most likely that the advisors were also duped by the boom and by years of waiting for the crash such that they concluded that the recession would not take place. Galbraith writes that although the forecasters at the Harvard Economic Society had predicted a crash, many years of waiting and immediate recovery from setbacks led them to admit they had been wrong, just before the crash hit (71). We will write a custom essay sample on John Kenneth Galbraith's Concepts of the Recession's Reasons in The Great Crash, 1929 or any topic specifically for you Only $17.96 $11.86/page

Sea Star Anatomy 101