Monday, May 25, 2020
Thursday, May 14, 2020
American Revolution - Treaty of Alliance (1778)
The Treaty of Alliance (1778) between the United State and France was signed February 6, 1778. Concluded between the government of King Louis XVI and the Second Continental Congress, the treaty proved critical to the United States winning its independence from Great Britain. Intended as a defensive alliance, it saw France provide both supplies and troops to the Americans while also mounting campaigns against other British colonies. The alliance continued after the American Revolution but effectively ended with the start of the French Revolution in 1789. Relations between the two nations deteriorated in the 1790s and led to the undeclared Quasi-War. This conflict was ended by the Treaty of Mortefontaine in 1800 which also formally terminated the 1778 Treaty of Alliance. Background As the American Revolution progressed, it became obvious to the Continental Congress that foreign aid and alliances would be necessary to achieve victory. In the wake of the Declaration of Independence in July 1776, a template was created for potential commercial treaties with France and Spain. Based on the ideals of free and reciprocal trade, this Model Treaty was approved by Congress on September 17, 1776. The following day, Congress appointed a group of commissioners, led by Benjamin Franklin, and dispatched them to France to negotiate an agreement. It was thought that France would prove a likely ally as it had been seeking revenge for its defeat in the Seven Years War thirteen years earlier. While not initially tasked with requesting direct military assistance, the commission received orders instructing it to seek most favored nation trading status as well as military aid and supplies. Additionally, they were to reassure Spanish officials in Paris that the colonies had no designs on Spanish lands in the Americas.Ã Treaty of Alliance (1778) Conflict: American Revolution (1775-1783)Nations Involved: United States and FranceSigned: February 6, 1778Ended: September 30, 1800 by the Treaty of MortefontaineEffects: The alliance with France proved critical to the United States winning its independence from Great Britain. FReception in France Pleased with the Declaration of Independence and the recent American victory at the Siege of Boston, the French Foreign Minister, Comte de Vergennes, was initially in support of a full alliance with the rebelling colonies. This quickly cooled following General George Washingtons defeat at Long Island, the loss of New York City, and subsequent losses at White Plains and Fort Washington that summer and fall. Arriving in Paris, Franklin was warmly received by the French aristocracy and became popular in influential social circles. Seen as a representative of republican simplicity and honesty, Franklin worked to bolster the American cause behind the scenes. Benjamin Franklin in Paris. Public Domain Aid to the Americans Franklins arrival was noted by the government of King Louis XVI, but despite the kings interest in assisting the Americans, the countrys financial and diplomatic situations precluded providing outright military aid. An effective diplomat, Franklin was able to work through back channels to open a stream of covert aid from France to America, as well as began recruiting officers, such as the Marquis de Lafayette and Baron Friedrich Wilhelm von Steuben. He also succeeded in obtaining critical loans to aid in financing the war effort. Despite French reservations, talks regarding an alliance progressed. The French Convinced Vacillating over an alliance with the Americans, Vergennes spent much of 1777 working to secure an alliance with Spain. In doing so, he eased Spains concerns over American intentions regarding Spanish lands in the Americas. Following the American victory at the Battle of Saratoga in the fall of 1777, and concerned about secret British peace overtures to the Americans, Vergennes and Louis XVI elected to forego waiting for Spanish support and offered Franklin an official military alliance. Surrender of Burgoyne at Saratoga by John Trumbull. Photograph Courtesy of the Architect of the Capitol The Treaty of Alliance (1778) Meeting at the Hotel de Crillon on February 6, 1778, Franklin, along with fellow commissioners Silas Deane and Arthur Lee signed the treaty for the United States while France was represented by Conrad Alexandre GÃ ©rard de Rayneval. In addition, the men signed the Franco-American Treaty of Amity and Commerce which was largely based on the Model Treaty. The Treaty of Alliance (1778) was a defensive agreement stating that France would ally with the United States if the former went to war with Britain. In the case of war, the two nations would work together to defeat the common foe. The treaty also set forth land claims for after the conflict and essentially granted the United States all territory conquered in North America while France would retain those lands and islands captured in the Caribbean and Gulf of Mexico. In regard to ending the conflict, the treaty dictated that neither side would make peace without the consent of the other and that the United States independence would be recognized by Britain. An article was also included stipulating that additional nations may join the alliance in the hope that Spain would enter the war. Effects of the Treaty On March 13, 1778, the French government informed London that they had formally recognized the independence of the United States and had concluded the Treaties of Alliance and Amity and Commerce. Four days later, Britain declared war on France formally activating the alliance. Spain would enter the war in June 1779 after concluding the Treaty of Aranjuez with France. The entry of France into the war proved a key turning point in the conflict. French arms and supplies began to flow across the Atlantic to the Americans. In addition, the threat posed by the French military forced Britain to redeploy forces from North America to defend other parts of the empire including critical economic colonies in the West Indies. As a result, the scope of British action in North America was limited. Though initial Franco-American operations at Newport, RI and Savannah, GA proved unsuccessful, the arrival of a French army in 1780, led by Comte de Rochambeau, would prove key to the wars final campaign. Supported by Rear Admiral Comte de Grasses French fleet which defeated the British at the Battle of the Chesapeake, Washington and Rochambeau moved south from New York in September 1781. Surrender of Cornwallis at Yorktown by John Trumbull. Photograph Courtesy of the US Government Cornering the British army of Major General Lord Charles Cornwallis, they defeated him at the Battle of Yorktown in September-October 1781. Cornwallis surrender effectively ended the fighting in North America. During 1782, relations between the allies became strained as the British began pressing for peace. Though largely negotiating independently, the Americans concluded the Treaty of Paris in 1783 which ended the war between Britain and the United States. In accordance with the Treaty of Alliance, this peace agreement was first reviewed and approved by the French. Nullification of the Alliance With the end of the war, people in the United States began to question the duration of the treaty as no end date to the alliance was stipulated. While some, such as Secretary of the Treasury Alexander Hamilton, believed that the outbreak of the French Revolution in 1789 ended the agreement, others, such as Secretary of State Thomas Jefferson, believed that it remained in effect. With the execution of Louis XVI in 1793, most European leaders agreed that treaties with France were null and void. Despite this, Jefferson believed the treaty to be valid and was backed by President Washington. As the Wars of the French Revolution began to consume Europe, Washingtons Proclamation of Neutrality and the subsequent Neutrality Act of 1794 eliminated many of the treatys military provisions. Franco-American relations began a steady decline which was worsened by the 1794 Jay Treaty between the United States and Britain. This began several years of diplomatic incidents which culminated with the undeclared Quasi-War of 1798-1800. USS Constellation (1797) engages LInsurgente during the Quasi-War with France, February 9, 1799. U.S. Naval History Heritage Command Fought largely at sea, it saw numerous clashes between American and French warships and privateers. As part of the conflict, Congress rescinded all treaties with France on July 7, 1798. Two years later,Ã William Vans Murray, Oliver Ellsworth, and William Richardson Davie were dispatched to France to commence peace talks. These efforts resulted in the Treaty of Mortefontaine (Convention of 1800) on September 30, 1800 which ended the conflict. This agreement officially ended the alliance created by the 1778 treaty.
Wednesday, May 6, 2020
Analysis Of The Poem Black Crows Gorge On Bright Oranges
The opening is so cogent and picturesque that it can be read on several levels. Firstly, in a Wordsworthian style, she portrays a vivid picture of natural scenes and sights at Ayemenom. Secondly, blending emotions with catharsis, love with pathos, and the author conveys the underlying meaning. Thirdly, Royââ¬â¢s symbolic and suggestive diction reminds us of Eliotââ¬â¢s emotional equivalentââ¬â¢ The sentence ââ¬Ëblack crows gorge on bright mangoes ââ¬Ëis highly symbolic. Just possible, ââ¬Ëblack crow, ââ¬Ësymbolizes Velutha a black untouchable man and an innocent victim of the callous society. The trees are green, no doubt, but they are dusty as Well. It arouses pity and pathos in the minds of the readers. The passage is full of colours-red, blue, black, brightâ⬠¦show more contentâ⬠¦The rich and resourceful unconventional verbal tapestry, very innovative in nature, captivates the ebb and flow of emotions. The commanding poetic mode finds full rhythm throug h the resonance of words. Her poetic passages are powerfully packed with present participle words emphasizing the contour of consistency and are elegantly juxtaposed with words that stand in binary opposition in content. Projecting the psychology of children but also constructing arbitrary signifies that present situational meanings for Estha and Rahel. Beh Yalp considers it as ââ¬Å"Verbal wizardry ,ââ¬â¢ for its non- conventional and unacceptable grammatical; expressions of poetry as rhyme , rhyme alliteration onomatopoeia , to name a few To take a random example, the early part of the first paragraph on P163 can be re ââ¬â written as a fine piece of free verse: The steel door of the incinerator went Up and the muted hum of the eternal Fire became a red roaring. The heat lunged out at them line a Finished beast. Then Rahelââ¬â¢s Ammu was fed to it Her hair Her skin Her smile Her voice Her epigrammatic, rhythmical and highly emotive style of writing amuses the readers: The sea was black, the spume vomit green Fish fed on shattered glass. Nights elbows rested on the water and FallingShow MoreRelatedConfucianism in Journey to the West31834 Words à |à 128 PagesUniversity of Leiden 14 June 2012 Department: Language and Culture of China Course: Visual Political Communication (BA3) Semester: Summer Semester 2011/2012 Lecturer: Florian Schneider Journey to the West A Textual-Visual Discourse Analysis Name: Stefan Ruijsch (Student No. 0620203) Major: Chinese Studies, BA 3 E-mail: s.ruijsch@umail.leidenuniv.nl Phone: 06-48369645 Address: Vrijheidslaan 256, 2321 DP Leiden Word Count: 9,387 Table of Contents page
Tuesday, May 5, 2020
Drug Abuse in Society
Question: Write an essay on drug abuse and its connection with several social problems? Answer: Introduction The report will discuss in detail about drug abuse and its connection with several social problems. The report will throw light on the social and economic impact of drug abuse from a global perspective and also the analysis of the report will highlight and suggest how these problems of drug abuse can be prevented or controlled in more constructive manner. Drug abuse in society There is a major increase in illicit drug and various social problems are the direct result of these issues (Black, 2013). The reasons of these issues are clear which can be seen in many cases like there is a rapid change in the many alignments as far as politics are concerned. Then there is a problem of reduced family or even society cohesiveness at large. There are a number of cases of unemployment or problems like marginalisation or increase in the number of crime are some of the problems from drug abuse (Black, 2013). It is a time when people are well aware of their surrounding on an international level and there are some drastic changes and improvement in the many sectors like telecommunication or the standard of living of the people are increasing (Hanson et al., 2013). There are also some changes in the social and political environment and there is constant tension in the political environment these days. The level of investment has expanded and, as a result, many developed and developing countries are benefitting from this a lot (Hanson et al., 2013). People, products or service and capital can easily cross-border and can be sent to any part of the world very easily these days (Hanson et al., 2013). The same environment which is becoming a boon for many economies are also encouraging or giving the opportunity to many drug producers and traffickers to spread on an international level (Elliott et al., 2012). These producers can easily manufacture drugs in many developing countries and then sell it to different parts of the world. These people can move kilos of drugs easily from one country to another and also invest their huge profit in various financial centres and also get attractive returns (Elliott et al., 2012). These same developments in the technology and standard of living have allowed this kind of business to move money in all over the world (Elliott et al., 2012). However, the hazardous impact of drug abuse can be clearly seen in the society and countries are coming together to deal with this serious problem in a more constructive manner (Mooney et al., 2014). There are a number of a study which shows a trend in usage of drugs and also massive abuse. Many of these reports are rather disappointing and a matter of a great worry for all countries across the world (Mooney et al., 2014). In fact, the data provided by these report is not the correct reflection since there are many cases which go unreported. According to report, there are very few countries that report the data or keep a tap on the number of drug addict in the country (Mooney et al., 2014). Conclusion Today awareness from the problem of drug abuse can be clearly seen by people (Mooney et al., 2014). There are a number of organisation that are working towards its awareness and also helping people who became the victim of drug abuse through one or the other way (Mooney et al., 2014). Still to translate this awareness and little efforts by some of the organisations still need a proper and constructive action plan to deal with this major challenge (Mooney et al., 2014). Reference Black, C. (2013).It will never happen to me: Growing up with addiction as youngsters, adolescents, adults. Hazelden Publishing. Hanson, C. L., Cannon, B., Burton, S., Giraud-Carrier, C. (2013). An exploration of social circles and prescription drug abuse through Twitter.Journal of medical Internet research,15(9). Elliott, D.S., Huizinga, D. and Menard, S., (2012).Multiple problem youth: Delinquency, substance use, and mental health problems. Springer Science Business Media. Mooney, L., Knox, D. and Schacht, C., (2014).Understanding social problems. Cengage Learning.
Friday, April 10, 2020
Race- Car Drivers Athletes of the Sport World Essay Example
Race- Car Drivers: Athletes of the Sport World Essay An athlete is defined as a person trained or gifted in exercises or contests involving physical agility, stamina, or strength or a participant in a sport, exercise, or game requiring physical skill. Given these standards, one is likely to say baseball, football, basketball, or even golf players are considered to be athletes in competition. What about professional race- car drivers? To some, a race- car driver requires no athletic ability whatsoever and should not be considered an athletic figure. On the contrary, the intense practice, workouts, and stamina required for them to win a race indubitably meet the standards of an athlete. Some people even believe drivers require even more endurance and strength than athletes of other sports. Therefore, professional race- car drivers should ultimately be considered athletes in this highly competitive world of sports. Maintaining a velocity of 200 miles per hour for four hours in a cramped space is no easy task for professional drivers. The amount of practice needed to become a top- notch racer can be related to that of many athletes in sports. Just like any other athlete, professional race- car drivers require years of practice and simulation training in order to become skillful at what they do. An average NASCAR driver will have the same routine for thirty- six weeks in a year. Get to the track, practice, race, and repeat. This general schedule can compare to that of a professional football player. Football players arrive at a field, practice, compete, and repeat. We will write a custom essay sample on Race- Car Drivers: Athletes of the Sport World specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Race- Car Drivers: Athletes of the Sport World specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Race- Car Drivers: Athletes of the Sport World specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Dr. Sanjay Gupta, a senior medical correspondent of CNN and U. S brain surgeon, shares results of research that shows NASCAR drivers sweat as much as a football player at practice. ââ¬Å"They can lose 3% of body weight in sweat, thatââ¬â¢s about 5 lbs for each raceâ⬠(ââ¬Å"Are racers athletes? â⬠1). Moreover these drivers will practice three to four days in a week on the race- track in order to fully prepare themselves for a race. The commitment involved in training for racing directly relates to the training of many famous athletes around the world. On top of the many hours of practice and experience, competitive racers go through intensive physical workouts just to finish a full- length race. Four hours of complete focus in temperatures of up to 120 degrees Fahrenheit is no easy task for a driver. Sweat and vibrations impair the eyes of the focused competitors while standard 3. 5 g cornering forces strain the body to its limits. Being able to fight through these obstacles requires intense physical workouts. Most drivers train six-days-a-week during the in season that include running, cycling, interval swimming, sparring or medicine ball. They will work on heavy-duty cardio vascular exercises that are designed to sustain heart rates in the 160-170 beats per minute for ninety minutes (Skibbe 1). In fact Ed Carpenter, an Indy Car Racing League driver, spent a lot of time working out with Olympians in order to get in shape for races. The amount of physical training that is needed to race undoubtedly make these motivated drivers competitive athletes in the sports world. Unfortunately not all people believe that professional race- car drivers are athletes. This criticism is provoked mainly from the notion that race- car drivers rely solely on their car for success. Critics argue that in order to be an athlete, ââ¬Å"one must rely solely on their own body to accomplish their goalâ⬠(ââ¬Å"Drivers are not Athletesâ⬠¦Ã¢â¬ 1). For example, a football quarterback can have all the padding and equipment to protect him, but needs to rely on his own strength and mind to make a throw. Likewise baseball players use gloves to catch a ball, but rely on their bodies and strength to field and throw. For a basketball player, if he loses a shoe he can still play, although not at the same level, but in NASCAR, if a tire gets blown, the driver must get the car fixed before continuing to race. Consequently ââ¬Å"if one car is faster than another, with better tire traction, the driver can do little to prevent the other from winningâ⬠(ââ¬Å"Drivers are notâ⬠¦Ã¢â¬ 1). In summary, Race- car drivers use their body to turn and accelerate on the track, but the car is providing the strength to create success. Race- car drivers might rely on their car to win a race, but the mental focus and stamina required to compete, both physically and mentally, far surpasses that of any other athlete. Jack Stark, a sports psychologist for Hendrick Motorsports, contributes his thoughts on race- car drivers. You gotta have tremendous stamina and strength to be able to get in a car and go 200 miles an hour for four hours [in] very hot, difficult conditions where youre cramped in, and be able to move that car, and the G-force and upper body strength you gotta be a very good athlete. And youre reflexes have to be quick, you have to be able to see things, so it takes a tremendous amou nt of ability and skill, I think, to be a driver (ââ¬Å"Going the Distanceâ⬠2). The cars win the races, but the drivers inside the cars utilize years of training, workouts, and practice to control their victory just like any other athlete in the world. In conclusion, professional race- car drivers are athletes in the world of sports. The many years of training required to develop a skill set for racing can be related to that of baseball, basketball, or football players. Additionally, the intense workouts that they go through make them worthy competitors to any athlete. The amount of mental focus and stamina required to stay on the race- track far surpasses the focus of any other athlete in the world. Although critics argue that the ââ¬Å"carsâ⬠create success for the driver, without the years of practice and simulation training there is no way to succeed in professional racing. Driving a race- car successfully is not something one can pick up in a few days. A true, experienced athlete is needed to control a victory on the track. Works Cited Are Racers Athletes? Ask the Doctor, Sanjay Gupta. Checkered Past. 12 Oct. 2005. Web. 26 Sept. 2010. . Drivers Are Not Athletes, and NASCAR Is Not a Sport. Celtics, Patriots and Red Sox Analysis | NESO. 16 Feb. 2010. Web. 26 Sept. 2010. . Going the Distance CNN. Featured Articles From CNN. 17 Nov. 2005. Web. 26 Sept. 2010. .
Tuesday, March 10, 2020
Standardization Chemistry Lab Report Essays
Standardization Chemistry Lab Report Essays Standardization Chemistry Lab Report Paper Standardization Chemistry Lab Report Paper To be able to prepare standard solutions. To determine the strength of a given solution of Hydrochloric acid (HCI) To analyze errors that occur during standardization experiments. Introduction: A standard solution can be defined as a solution that contains a precisely known concentration of a substance. Concentration refers to the abundance of a substance in its mixture or solution. Standard solutions are used to determine the concentration of other substances with which they react in known ratios/ proportions. Standardization, therefore, refers the process in which the value of a potential standard is fixed by a measurement made with respect to a standard whose value is known; or simply the act of accurately determining he concentration of a substance by titrating it with a solution of accurately known concentration (standard solution). Standardization, therefore, basically involves titration, especially acid-base titration. Common reagents used for standardization of acids include: Pure sodium carbonate Pure borax (sodium metabolite) Pure calcium carbonate (Iceland spar) Common reagents used for standardization of alkalis comprise of solid crystalline acids like: Succinct acid Oxalic acid Good standardizing reagents should have the following characteristics: They should have a high degree of purity They should be stable and unaffected by the atmosphere, i. E they should not be efflorescent or deliquescent, for easy weighing. They should have a relative molecular mass such that a solution of about 0. 01 M to 0. MM can be prepared easily. A standard solution of Noah cannot be made by direct weighing. This is because Noah is hygroscopic and will therefore absorb moisture from the air. Therefore, a standard solution of some stable acid (e. G Oxalic acid) has to be prepared to standardize the given Sodium Hydroxide solution. This can then be used to determine the unknown concentration of the Hydrochloric acid solution. In the experiment, two titration were therefore performed: Titration A: Standardization of Sodium Hydroxide solution using standard solution of Oxalic acid. Titration B: Determination of the concentration of Hydrochloric acid solution using the standardized Sodium Hydroxide solution. The terms used in titration are therefore used here too. Therefore, in titration A, the analyze was the Sodium Hydroxide solution; and the iterant was the Oxalic acid. In titration B, the analyze was the Hydrochloric acid solution; while the iterant was the Sodium hydroxide solution. Precaution: Oxalic acid is very poisonous. Apparatus: Electronic balance Volumetric flask Pipette Burette Conical flask Funnel Reagents: Oxalic acid (Ethnocentric acid) Sodium hydroxide solution Hydrochloric acid solution (of unknown strength) Phenolphthalein indicator Water Procedure: Titration A: Standardization of Noah Solution A standard solution of Oxalic was made by measuring 0. Egg of Oxalic acid and adding it to distilled water in a volumetric flask. The mixture is shaken till the crystals dissolve and the solution is made up to mall. Ml of this standard solution is pipettes into a conical flask and two to three drops of the indicator are deed to it. The contents of the flask are then titrated against the Noah solution from the burette till a permanent light pink color is obtained. The titration were repeated till concordant results were obtained and then recorded. Titration B: Determination of the Concentration of the given HCI solution ml of the given Hydrochloric acid was pipettes into a conical flask. Two to three drops of the indicator were then added. These errors include: Personal errors One example of this is whereby the solution taking part in the reaction, say the Oxalic acid, is not homogeneous. This happens when the student does not shake the crystals well after adding water when preparing the solution. This error is minimized by thorough shaking of the crystals with water when preparing the elution so as to ensure that it is homogeneous. Another personal error is Parallax error. This error occurs when the line of sight of the analyst/student when taking readings is not at right angles to the scale. It may have occurred in three instances in the experiment: 1. When filling the Oxalic acid in the volumetric flask to the mall mark. 2. When petting the Oxalic acid during titration A and the Hydrochloric acid during titration B. 3. When making the readings of the Sodium hydroxide solution from the burette before or after each titration. Parallax error is indeterminate/uncertain It is minimized by proper positioning of the eyes by the student when making the readings or measurements. Instrumental error This error is also indeterminate. It is caused by imperfect calibration of the measurement instruments, e. The burette, pipette and volumetric flask. This is because these instruments are manufactured by mass production methods, which pose high chance for certain inaccuracies. This error is minimized by use of instruments of higher precision. Averaging of the titers obtained also minimizes the error. Contamination/limpidity of reagents This error may have risen due to the use of unclea n apparatus, like the limerick flask, pipette, conical flasks and the burette. It arose in the experiment especially due to improper cleaning of the conical flask after a titration and before the next. It is minimized by thorough cleaning of the experimental apparatus before use. Contamination also arises from presence of impurities in the various reagents provided. Oxalic acid usually contains impurities of calcium and potassium oxalates which may have interfered with its reaction with sodium hydroxide. The oxalic acid also may have contained some amount of moisture before weighing leading to an error in mass. Such errors are minimized by storing the substance in a desiccators for a few hours before use so as to remove the moisture. Contamination errors may also have arisen from action of atmospheric carbon (IV) oxide, oxygen and dust particles on the standard solutions. This is minimized by use of colored glass bottles, tightly fitting stoppers and soda lime tubes to absorb carbon (V) oxide. Indicator error The pink color of the indicator used (phenolphthalein) which was obtained after each titration faded away when the solution was vigorously shaken till it became colorless. This gave the impression that the color change witnessed was not permanent, hence prompting us to continue with the titration. This led to obtaining of a larger volume than necessary. The fading away is due to the reaction of the phenolphthalein with atmospheric carbon dioxide. The indicator, being a weak acid, may have taken part in the reaction, hence affecting the readings. There also may be an inaccuracy in the end-point recorded. This is caused by adding of too much indicator to the solution being titrated. This is minimized by adding very little but sufficient indicator, and also having flask intonating water for comparison so that any alteration in color can be easily observed.
Saturday, February 22, 2020
Introdution to business and economy of China Essay
Introdution to business and economy of China - Essay Example The purpose of this paper is to identify the financial and banking reforms in China. Furthermore, the essay will also analyze whether or not these reforms have enhanced and transformed the economic sustainability and the overall economic performance of China. According to Ash et al., (2013), China has remained for many years as one of the fastest growing economies in the world (cia.gov, 2014). However, the background to the economy of China is totally conflicting. The financial sector of China was completely dependent of its banking sector while the banking sector was under serious threats as it was under debts and was facing challenges (Garnaut, 2013; Liao et al., 2013). If the speed and scale of the transformation that China has gone through is observed, then it certainly has no historical match. According to a survey conducted in 1978, China was among one of the poorest countries in the world as its per capita GDP was 1/40th compared to the United States (Das, 2012; Naughton, 2007). Zhu (2012) stated that since China was not doing very well economically and was left far behind in the economic world, therefore, it had to come up with strategies and reforms that may enable its entire economic system to enhance the overall operations. By 1976, many Chinese leaders agreed to the idea that reforms in the field of finance and banking are essential as they will boost up the economy (Lin, 2012). The Chinese leaders were looking for ideas and solution to counter the serious issue of economic instability and challenges that were faced by the country. To counter these issues, the financial and banking reforms were introduced in 1978 (Das, 2012; Cai, 2010). Naughton (2007) has discussed that, before the introduction of the financial and banking reforms, Chinese economy went through major issues and faced numerous obstacles. It was only during the 1930ââ¬â¢s that the economy of
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