Rufus Stokes Profile Inventions

Rufus Stokes was an inventor born in Alabama in 1924. He later moved to Illinois, where he worked as a machinist for an incinerator company. Rufus Stokes Air-Purification Device In 1968, Rufus Stokes was granted a patent on an air-purification device to reduce the gas and ash emissions of furnace and power plant smokestack emissions. The filtered output from the stacks became almost transparent. Stokes tested and demonstrated several models of stack filters, termed the clean air machine, in Chicago and elsewhere to show its versatility. Benefits of Rufus Stokes Invention The system benefited the respiratory health of people, but also eased the health risks to plants and animals. A side-benefit of reduced industrial stack emissions was the improved appearance and durability of buildings, cars, and objects exposed to outdoor pollution for lengthy periods. Patents Issued to Rufus Stokes #3,378,24 issued on 14/16/1968 for an exhaust purifier#3,520,113 issued on 7/14/1970 for an air pollution control device (shown in photo above)

Violent Media Creates Monsters - 825 Words

Children who are exposed to violent media may be more likely to behave in aggressive or harmful ways toward others. Children may become less sensitive to the pain and suffering of others as they deal with killing and cruelty most of the time. All shows and games need the kid to kill his enemy to win, he feels happy after killing or destroying whatever facing him to reach the top. Thats why Im not surprised when they become violent or cruel, they enjoy the surfing of others and this moves with them psychologically from media to reality. This is the moment when the kid starts to change into a monster. Also, children who watch a lot of violent T.V shows are more likely to think that the world is a mean and dangerous place. Imagine, when your life is full of fear, running, killing and blood, what will you feel. Of course you will be afraid of living in such world. You will expect harmful actions from outside world all the time and as a result you will be terrified and live in fear from t he entire world. Violent shows or video games are really harmful not only for children but for all the family, society and the world as well. Violent T.V shows and video games can increase childrens aggression. Dr Phil explains the number one negative effect is they tend to in appropriately resolve anxiety by externalizing it. They can attack someone, they can kick a wall or they can be mean to a dog, abet or even people. It means that the kids who are exposed to violent shows orShow MoreRelatedScience In Frankenstein Essay1590 Words   |  7 Pagesbetween science and its effect on society. Many critics and writers say Shelly’s success was because it is written to the cultural enrichments of science, I agree, and would go on to say that the scientific advancements in our society today are a monster as well. To begin, Victor Frankenstein was a curious scientist. 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As a child, I developed a fear of little things such as ghosts, the dark, etc. Once I grow into an adult I developed a of things observed on a daily. Americans between the age group of children and adolescents introduce themselves to bigger fears by watching movies that replayed on the already experienced fears. For example: Freddy Krueger, Jason, Vampires, Werewolves, etc. Many people in societyRead MoreHalloween : A Little Boy1153 Words   |  5 PagesMichael exemplify monster qualities because at that age, how can some one so young stab his sister or anyone to death. Michael Myers poses as a Monster in America, he demonstrates traits of the devil in him and express his hate by killing his family, by existing in a dysfunctional family. Michael watches his sister over sexualize herself which leads him to kill his sister. 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He would create videos depicting gunshot suicides and pictures of himself pointing guns at his own head like he had seen in videos games. The violent video games had deeply brainwashed his mind making Americans believe that violent video games are a factor in contributing violence in people. Violent video games have been blamed for school shootings, increase in bullying and violence towards women, thus making many consider that games creates criminalsRead MoreMental Illness And The Media1540 Words   |  7 PagesIn the media when you hear the word â€Å"mental illness† most of the time its associated with words like â€Å"dangerous,† â€Å"monster,† or better yet â€Å"psychopath†. 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Internal Combustion Engine

Question: Describe about the Internal Combustion Engine? Answer: Executive Summary The technology selected is an Internal Combusion Engine. This technology is widely used in the automotive industry and other industries as well. Different types of Fuels are used in Engine which would push the piston placed inside the cylinder.The power produced by these actions is utilized to move the wheels or in any other appliance in the desired direction.This technology has seen enormous growth since it came into existence.There are lots of challenges and competition with this technology, but the future still holds good for the Internal Combustion Engine. As this technology has quite a high number of benefits as compared to the other option. There is still a scope of improvement in this technology as this does produce some harmful gases. 1.0 Introduction In this report the history of internal combustion engine from its creation to the present is discussed. Later on in the next section of the document, its impact on work area with respect to social, economic and environmental effects is discussed. This report will put light on the effects of selected technology that is an internal combustion engine in work area. In the last section future of internal combustion engine technology is discussed. Its influence in the future of the workplace. Even different scopes of future development would be discussed. 2.0 Internal Combustion Engine The internal combustion engine can be defined as the engine which make use of different fuels for pushing the piston inside the cylinder. Which in turn helps in the movement of the crankshaft which move the automobile wheels attached to it. It is connected with he help of either chain or drive shaft (Schmidt, F. 1965). Various kinds of fuel that are generally used for a car combustion engine which are kerosene, diesel and gasoline (petrol) (Schauperl, Z., NikiĆ¡, M. And Kolednjak, D. 2012). 3.0 History of Internal Combustion Engine from Creation to Present The internal combustion engine is considered as heart of Automobile industry. The internal combustion engine was designed in 1680 by a Dutch physicist. The Dutch physicist named Christian Huygens was never able to build an internal combustion engine, but he has major contribution in the design. The fuel he used for the internal combustion engine was gunpowder. In 1807 another scientist named Francois Isaac de Rivaz belonging to Switzerland discovered internal combustion engine (DALBY, W. 1922). He used different fuel instead of gunpowder. He made use of oxygen and hydrogen mixture of its fuel. The scientist Rivaz tried to make use of this fuel in his attempt on a car to make automobile, but did not succeed. In the year 1824, another scientist named Samuel Brown to burn gas make use of the Newcomen steam engine. He also makes use of his experiment for powering up in a vehicle. In the year 1858, an engineer named Jean Josephtienne Lenoir discovered an internal combustion engine. The fu el used for this was coal gas. The major success he got in the invention was he was able to manufacture electric spark engine and also he patented the discovery of his name ( Blythe, N. 2003). He also got success in manufacturing a three wheeled wagon using improved engine. This engine was making use of petroleum and carburetor which was primary. This three wheeled wagon created history of 50 mile journey on road first time. In the year 1862, a french civil engineer named Alphonse Beau de Rochas tried to make his contribution in the four stroke engine but he could not succeed. He also patented his attempt of four stoke engine. In the year 1864, another attempt was done by an Australian engineer named Siegfried Marcus (Forrester, R. 2006). He manufactured an engine with one cylinder. A Crude carburetor is also attached to the cylinder which is further attached to a cart which covered a distance of the 500-foot on a rock drive. Later on he invented first gasoline powered vehicle in th e world which ran with a speed of 10 miles per hour. Another attempt was done by an American engineer named George Brayton in the year 1873 (Olney, R. And Lindblom, S. 1982).He did attempt to discover two stoke engine. The fuel he used for this two stroke engine was kerosene. But he did not succeed. His attempt was considered helpful in manufacturing the first practical oil engine and it was considered as safe as well. The contribution of two German engineers named Nikolaus August Otto and Eugen Langen helped discover an additional capability gas engine in the year 1866.The famous scientist named Nikolaus August Otto in 1876 discovered the for stoke engine. His four stroke engine is also named as Otto cycle. He also patented his success. In the year 1876 two stroke engine was discovered by the scientist Dougald Clerk. French engineer built a four stroke engine in the year 1883 named Edouard Delamare-Debouteville (Olney, R. And Lindblom, S. 1982). This engine contained a single cylin der and also use stove, gas as a fuel. It was never confirmed if he actually built a Car but Delamare-Debouteville's was way ahead of the time, at least on paper, it was better than Daimler and Benz.Another scientist made his major contribution in the year 1885 named Gottlieb Daimler. He made major contributions in the gas engine which is even nowadays used (Hiereth, H. And Prenninger, P. 2007). This engine contained cylinder which was vertical and also had gasoline, which was injected from a carburetor. He later in the year 1887 patented his success on his name. He also discovered two wheeled automobiles named "Reitwagen". He has his contribution to the discovery of first world's four wheeled vehicles. Afterwards history was created on the date January 29,1886 when a scientist named Karl Benz become successful in discovering a gas fueled car (SCHAFER, A., HEYWOOD, J. And WEISS, M. 2006). He also patented it in his name. In the year 1889 a famous scientist named Daimler got success in inventing the four stroke engine. He made the valves of this engine in mushroom shape and it contained two cylinders which were in V-slant shape. Maybach in the year 1890 got a major success in constructing a four stroke engine (Intake system for an internal combustion engine. 2001). This four stroke engine contained four cylinders which were used first time in the history of an automobile. Designing Engine and Car were both related activities. Almost all the engine designer, also were part of designing the Cars (Forrester, R. 2006) .This led to the growth of the Internal combustion engine based vehicles. In the beginning of 20th Century steam powered automobiles were developed on a large scale and the tone which was set in the19th century was taken forward. But this trend was changed later due to the spreading of petrol engines as the first choice for motive power (Schauperl, Z., NikiĆ¡, M. And Kolednjak, D.2012). Next in line was the steam-turbine Cars which came into picture during 1950 even nuclear reactors were used in these steam -turbine Cars, but these nuclear ideas were soon out of favor due to their negative impact. In the 21st century the focus of engineers has moved to computerized control, electric batteries, fuel cells (SCHAFER, A., HEYWOOD, J. And WEISS, M. 2006). Production of electric cars was around 100 during the start of 20th Cenury in United States, which started to grow quite fast, but within some time due to high cost which means that the Internal combustion engine was still the favored technology in the 21st century.The growth of internal combustion engine continued as even the fuel cells were very expensive for the manufacture. So the fuel engine would cost about 10 times more than what it cost to have an internal combustion engine (Blythe, N. 2003). Even though the price of fuel cells came down drastically, but still internal combustion engine would find its relevance. There are other technologies which are present and ca n be used in place of internal combustion engine, but these still have a long way to go in terms of catching up with internal combustion engine (Holt, D. 2005). There have been lots of studies which have suggested that there might not be any other technology, which would replace the internal combustion engine in near future. 4.0 What has been its impact on your work area with respect to social, economic and environmental effects? There was an enormous effect of internal combustion engine on society.The benefit of this internal combustion engine is the ratio of weight to power over the steam engine. The internal combustion engine manufactured in the year 1880 by the scientist Otto had a weight of 440 lbs/unit of the power generated whereas the internal combustion engine manufactured in the year 1990, which used petrol as fuel had a weight of 9 lbs/unit of the horsepower generated ( The Internal Combustion Engine. 1941). The ratio of weight to power permitted the internal combustion engine for the use in various segments such as aircraft, motor vehicle, tanks and submarines. 4.1 Social effects of Internal combustion Engine. The internal combustion engine plays very important role in our civilization. In the twentieth century, the combustion engine had started to replace railways.Both the urban and rural communities of the world were being connected by the highways,roads and various motorways which were manufactured especially for motor vehicles which were motorized by the Internal combustion engine (Macmillan, 2015).Now the people of various countries can commute anywhere at their own comfort.In the twentieth century there is lots of improvement in aircraft sector in terms of safety and performance.Aircraft were now used as a weapon of war.The aircraft were also used in next half of the 20th century for international tourism.The fast development seen in internal combustion engine technology since the 19th century had a very big impact on human beings and society overall. The power produced by the Internal combustion engine is very high considering the other factors such as size and light weight (Fuhs, A. 2009).This power can be used from airplanes to heavy trucks, which means tha t it has connected human beings across the world.The other helpful instruments for human beings also use the internal combustion engine like electric generators, chainsaws and other appliances.These have made life easier and better for human beings. 4.2 Economical effects of Internal combustion Engine There have been an indirect impact on the economy due to the invention of the internal combustion engine. There was lots of improvement in agricultural technology as Internal combustion engine generates power which can be used in different agricultural works which in turn would help the economy grow. The tractors and other machinery were used for improving the productivity in the fields as these machineries were powered by the internal combustion engine. There was a lot of influence of this internal combustion engine as the countries who provided oil to the world got wealth with the help of this engine such kind if changes were not seen by the world earlier (Fuhs, A. 2009). The social and cultural changes are the predictable result of the internal combustion engine. The internal combustion engine came into existence after various other inventions were done. 4.3 Environmental effects of internal combustion engine The car was considered as the most convenient vehicle for commuting from one place to another, but it has a major disadvantage that it pollutes the environment. The ecological balance of nature has been disturbed by these commuting vehicles. According the statistics available the pollution created by the transport sector is more than sixty percent as compared to the emission of toxic substances emitted by the other industry. The engine using the mechanism of the piston is still not replaceable by any other media as it is more economical in terms of money and dynamic. There are various departments that are run by governments of various countries to monitor the pollution level created by these combustion engine and also there are norms and prohibitions regarding their usage (Baubek, A. and Dolgov, M. 2012). All the data are being collected by various departments and their impact on the environment is studied in depth. There are various measures that are being taken by various scientist s and practitioners to decrease the toxicity of the gases emitted by these internal combustion engines. The majority of the vehicles run in the world generally run on the fuel gasoline. The internal combustion engine which uses petrol as a fuel causes more hazardous to the environment. There is a need to shift from internal combustion engine which uses petrol as a fuel to liquified and natural gas (TULLOCH, D. 2015). There is also need to build required number of filling stations of these liquified and natural gases.In recent years there is the major problem of pollutants emitted by the motor transport as all the growth that has happened in past years is achieved by the motor transport which causes problems with the atmosphere. All these are resulting in increase of pollution and the quality of air around us is decreasing (Baubek, A. and Dolgov, M. 2012). There is one alternative with which this problem can be solved that is the use of liquefied gas or compressed gas instead of gaso line or diesel fuel.Stocks of these liquified gases are exceeded as compared to the stock that is obtained by the oil and also the technology that is involved in processing of compressed gases are quite simple than the technology involved in extraction of diesel or gasoline from the oil (Taylor, C. 1993). Moreover, for converting to gaseous fuel it is not necessary to make productive modification to the combustion engine. Also the gaseous fuel does not have any compounds of the harmful elements like lead and sulfur. The concentration of oxides of harmful components like carbon and nitrogen is less in the case of the Internal combustion engine as compared to the gases which are exhausted in the case of petrol The Internal Combustion Engine The gases used in The Internal Combustion Engine have benefited as it properly get mixed with the air and also properly distributed in the cylinders that are attached to the engine. It ensures that the fuel used is completely burnt and best benefit from the fuel used. The cracking gas, which is used as an alternative fuel of gas and is obtained from gasoline directly has the above mentioned advantages before the liquid fuel (Baubek, A. And Dolgov, M. 2012). There are chances that the national economy may decide to make use of gaseous energy carriers, which are received directly by the automobiles like a car as a motor fuel. For showing functional working capacity of petrol ICE expansion of an innovative energy supply system would be the primary decision. 5.0 How has the selected technology been managed in your work area? Has this been effective? The Technology of Internal combustion engine has seen a great deal of growth over the years or rather centuries. This growth is due to the fact that there are quite a few benefits of the Internal combustion engine over other competitive technologies such as the External combustion engine. As the time has, progressed the internal combustion engine has become compact and lighter, which in turn is a big advantage when it come to its use in the small car sector. The size and lightness have not reduced its effectiveness, which means the internal combustion engine has evolved over the time. The other aspects of internal combustion engine are that it is very safe as compared to external combustion engine (Mathew, J. 2011). The evolution is this technology meant that the time taken to start any internal combustion is very less and that is the reason that this technology can still survive competition from newer technologies. The other point which has revolutionized the use of internal combust ion engine is its effectiveness. The Internal combustion engine is considered more effective in comparison to external combustion engine it is about 40% efficient as compared to steam engine which is just 20%. 6.0 What do you think will be the future of this technology? How will it change the future of your workplace? The future of this internal combustion engine is very huge. As the new vehicles which are operated by the batteries are estimated to exceed ten percent of the total vehicles sold by 2020 according to the CEO of Nissan named Carlos Ghosn. It is estimated that in the coming four years there are four new models of electric cars introduced in the market. The major drawback of such kind of electric vehicle is its cost (DALBY, W. 1922). It is estimated that alone the battery of the car cost around $20,000.So for getting these car proper places in the market, there is need to do more work on the electrical batteries and also there is a need to reduce the cost of these so that everyone can afford it. According to the CEO of Renault and Nissan the internal combustion engine would power 90 percent of vehicles by the year 2020. The CEO of Toyota named Koei Saga also emphasized on the internal combustion engine. The internal combustion engine that is working nowadays would be different from the combustion engine used after five years, as the norms are getting strict day by day so to get more efficiency, it is necessary to make changes in the internal combustion engine (Wong, V. 2002). The standards are getting difficult by the thirty five percent in the next five years. There are various technologies with which the efficiency of internal combustion engine can be improved. One of the technology is spraying fuel in the gasoline engine chamber directly in place of the intake port. This technology has been applied in various places like in manufacturing of Mitsubishi Galant a Japanese vehicle and ME 109 german fighter which was used in World war II. In year 1996, the Japanese Mitsubishi manufacturing used first time the technology of spraying fuel directly in the engine with the combination of computer controlled injections (Csere, C. 2010). This technology has an advantage as the fuel is directly injected into the cylinder during the compression stroke.The compression ratio h as improved a lot.Earlier the compression ratio was 12:1 and now with this technology the results are 10:5:1.This alone has improved the efficiency by 2 to 3 percent. The present day The Internal Combustion Engine technology is way ahead of its competitors in many ways. Firstly the cost of production is very low and even the operational cost is very less as compared to its competitors (Serra, J. 2011). Next is the advantage of long distance driving before it needs to be refueled and has an excellent performance which would make sure that this technology which stand the testing times and stiff competition. 7.0 References Blythe, N, 2003,Design, application, performance and emissions of modern internal combustion engine systems and components: American Society of Mechanical Engineers, New York, N.Y. DALBY, W. 1922, 'The Internal Combustion Engine',Nature, 110(2751), pp. 122-124. Environmental problems of the engine internal combustion 2012, Baubek, A. And Dolgov, M., Viewed 7 Apr. 2015, https://www.culturaldiplomacy.org/academy/content/pdf/participant-papers/2012-04-emr/Environmental_problems_of_the_engine_internal_combustion_Dolgov.pdf. Fuhs, A. 2009.Hybrid vehicles and the future of personal transportation,CRC Press, Boca Raton HerleÃÅ'â‚ ¬a, A., Kranzberg, M., Voronkov, J., Schutt, H., GarciÃÅ' a-Diego, J., KELLER, A., Buchanan, R., Goupil, M., Nieto-GalaÃÅ' n, A., Emptoz, G., Janetschek, H., WaÃÅ'ˆchtler, E., Lewis, W., FrancÃÅ' §ois, P., Torrens, H., Cazenobe, J., Le Guet Tully, F., Stranges, A., Giebelhaus, A., Butrica, A., Braun, H., Alain, P., Hacker, B., Mounier-Kuhn, P., Milner, P., StrbaÃÅ' novaÃÅ' , S., PAYEN, J., Combe, J., Gire, P., Tachoire, H., GarciÃÅ' a Tapia, N., EscudieÃÅ' , B., Porta, L., Pennaneahc, M., Guilly, J., Carpenter, G., Guillerme, A., PICON, A., Ribeill, G., Cote, M., Mohun, A., Vasquez de Parga, R., Levin, M., Williams, J., Sarasola-MartiÃÅ' nez, A. Rose, M. 1993.Science-technology relationships,San Francisco Press, San Francisco. Hiereth, H. Prenninger, P. 2007.Charging the internal combustion engine, Springer, Wien. Holt, D. 2005.100 years of engine developments: Society of Automative Engineers. Warrendale, PA. Hrler, H. 2003, 'Internal combustion engine with a porous combustion chamber',MTZ Worldw, 64(2), pp.12-13. Internal Combustion Engine 2006. Forrester, R, Viewed 7 Apr. 2015: https://www.rochelleforrester.ac.nz/internal-combustion-engine.html Membrane Technology 2001,'Intake system for an internal combustion engine', (140), p.12. Mathew, J. 2011.Engineering asset management and infrastructure sustainability, Springer, London. Nature 1931,'(1)Power and the Internal Combustion Engine (2) The High-Speed Internal-Combustion Engine', 128(3239), pp.886-888. Nature 1941,'The Internal Combustion Engine', 147 (3729), pp.487-488. Olney, R. Lindblom, S. 1982.The internal combustion engine: J.B. Lippincott, New York. SCHAFER, A., HEYWOOD, J. WEISS, M. 2006, 'Future fuel cell and internal combustion engine automobile technologies', A 25-year life cycle and fleet impact assessment.Energy, 31(12), pp.2064-2087. Schauperl, Z., NikiĆ¡, M. Kolednjak, D. 2012. Impact of Fuel Type on the Internal Combustion Engine Condition,PROMET, 24(4). Schmidt, F. 1965.The internal combustion engine: Chapman and Hall, London. Serra, J. 2011.Electric Vehicles: Taylor Francis, Hoboken. Taylor, C. 1993.Engine tribology, Elsevier, Amsterdam. The Future of the Internal-Combustion Engine - Feature 2010, Csere, C,Viewed 7 Apr. 2015,https://www.caranddriver.com/features/the-future-of-the-internal-combustion-engine The Social Influence of the Internal Combustion Engine 2015, Macmillan,Viewed 7 Apr. 2015. https://www.nature.com/nature/journal/v112/n2810/abs/112350a0.html Thiel, C., Perujo Adolfo Mercier, A.2007,Cost and CO2 aspects of future vehicle options in Europe under new energy policy scenarios. Will a viable alternative to the internal combustion engine exist within the next decade 2015.TULLOCH, D, Viewed 8 Apr. 2015 https://www.scienceclarified.com/dispute/Vol-1/Will-a-viable-alternative-to-the-internal-combustion-engine-exist-within-the-next-decade.html. Uzkan, T. 1995.Engine modeling: American Society of Mechanical Engineers. New York. Wong, V. 2002.Design, application, performance, and emissions of modern internal combustion engine systems and components: American Society of Mechanical Engineers. New York, N.Y.

The 2008 Financial Crisis Causes and Consequences

Introduction Credit crisis is a term that has been coined to describe the situation whereby accessibility of loans or credit finance becomes limited due to their unavailability. It is a trend that results to financial institutions reducing the amount of loans that they can disburse to clients irrespective of increased interest rates that they can charge on such loans (Turner). Advertising We will write a custom essay sample on The 2008 Financial Crisis: Causes and Consequences specifically for you for only $16.05 $11/page Learn More Credit crisis is said to occur when the relationship between interest rates and credit loans being disbursed are heavily skewed, or when there is a general reduction of loans available in spite of increased demands. Ideally the relationship between interest rates and available financial credit is such that increased interest rate in the market means that financial institutions are willing to increase lending in order to incre ase profits. Foster and Magdoff Perspective of 2008 Financial Crisis Foster and Magdoff theory that attempts to explain the 2008 financial crisis attributes it to broader factors of monopoly finance capitalism which is a function of a phenomenon that they refer as stagnation which is a characteristic of mature capitalist systems. Generally credit crisis can be triggered by any of the various factors in the financial sector or combination of several such factors. There are mainly five reasons that directly affect financial institutions loans and which in extension can trigger a credit crisis. One of the reasons is anticipated fall in value of collateral assets that are used by creditors to obtain loans from banks (Graham 2008). In this case the financial institutions become reluctant and unwilling to give out loans that are secured by such assets where all indications points to their market values plummeting. Other reasons could be sudden exogenous adjustment in regulation by centra l bank that touches on lending requirements by banks or which elevates reserve requirements (Graham). The central bank might also trigger credit crunch through regulations that intend to tightly control financial institutions lending. In such instances the banks usually respond by enacting measures that prevent their loss or transfer their operating risks to the creditors usually through increased interest rates of loans or reduction in lending. However these factors alone cannot by their own trigger credit crunch, more often credit crisis is caused by an array of factors that combine together over a long duration of time. While Foster and Magdoff recognize these as causal factors that contributed to the 2008 financial crisis, they argue that by and large the major reason that greatly contributed to the financial meltdown was the stagnant nature of the current capitalist system. Foster and Magdoff describe mature capitalist system as â€Å"stagnant† because of its monopolis tic nature that is caused by few corporations that dominates and control most of the available capital flow (Fostor and Magdoff). Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When this happens as it has been taking place since the 1980s less capital becomes available for investment in economic sectors that are most in need while the real capital becomes restricted and unavailable, this outcome is what Foster and Magdoff also attributed to the occurrence of financialization. The implication of this unbalanced excessive capital availability to particular players creates demands for investment opportunities that offer high returns; this is where the evils of monopoly-finance capital begin. The resulting scenario is massive injection of liquid capital in very questionable investment initiatives which Foster and Magdoff says includes bankrolling of wars abroad as a way of investment at the e xpense of other sectors which are integral in economic growth. This form of capitalism is undesirable and dangerous according to Foster and Magdoff since it is unsustainable in the long run mainly because it ceases to become a â€Å"freely competitive system† which is an underlying feature of all â€Å"young capitalism† systems as described by Marx’s theory (Foster and Magdoff). Because all forms of mature economies eventually leads to stagnations which ultimately causes credit crisis, the system that mature capitalism has created is reliance on various financial bubbles that are designed to counter the problem of credit crunch but which ends up crumbling and therefore exposing the inherent weaknesses of this system. These financial bubbles are the final stages in a chain reaction process that is rooted in the monopolistic capitalist system that Foster and Magdoff attribute to the â€Å"casino economy† because of the resulting effects that saw working c lass families loose trillions of US dollars in the aftermath of the financial crisis. Causes of Financial Explosion The hallmarks of a credit crunch usually include extensive sustained losses by lenders caused by sloppy and hasty lending policies over given period of time. Sometimes it is due to plummeting of collateral assets that were used to secure loans which substantially lose value overnight as it happened to the United States housing industry. When this happens the bank sustains huge losses caused by loss in value of the assets. The implications that follow are two parts: the bank has no adequate loan reserve that they can continue disbursing to future consumers, and two despite the availability of loans the banks becomes timid and cautious towards future lending.Advertising We will write a custom essay sample on The 2008 Financial Crisis: Causes and Consequences specifically for you for only $16.05 $11/page Learn More This becomes the early sta ges of a credit crisis since availability of loans get scarce and associated interest rates shoots up through the roof. The next phase of credit crisis is limited lending and inaccessibility of the loans by consumers and lack of funds in general that virtually affect every other sector of the economy triggering what is then referred as economic recession (Turner). However the effect of a credit crisis last for sometime only depending on the extent of loans that were disbursed by the banking industry and the extent in which the losses can be absorbed assuming the banks affected were not many. The global credit crisis that is just ebbing away has its roots in United States banking system, more specifically as a result of lending towards mortgage housing and credit lending in general. The credit crisis did not only result to worldwide financial crisis but also caused slowed economic growth of the world’s largest and leading economy that eventually triggered global recession tha t started around as early as 2006 (Turner). In 2005 the United States housing industry flourished and reached its peak in terms of value and business bustle, by then the banking industry had aligned their lending funds towards this end as a result of the positive and sustained growth in the housing industry. By the time in what is now referred as housing bubble busted most banking institutions have invested significant amounts in the housing industry that had accumulated over time in a sort of loose credit lending. The aftermath was increased mortgage payment defaults and foreclosures on existing loan repayment that was taking place on large scale. The other cause is the amount of mortgage that borrowers had obtained that were purely for speculative purposes and therefore for investment only. By 2006 the number of mortgage and houses that had been secured as investment options were approximately 40% of all the total houses in the market (Turner). This was the main factor that great ly contributed to the housing surplus that made their price fall. Another cause was the securitization, a term that is used to describe a practice where bank can transfer the value of the mortgage to their investors and therefore continue to obtain further funds to lend to borrowers (Turner). Ideally the bank is supposed to hold on the mortgage as security until it is paid in full or forfeited, this way additional funds cannot be secured until such time when any of the two outcomes occur.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However securitization system allowed banks to continue pumping funds to an already saturated sector while hoodwinking investors to believe housing industry to be thriving by transferring mortgage agreements to them. In the process the banks were able to ease the lending terms and lower rates due to availability of funds in a bid to disperse as much funds as possible and therefore make profits. The lending conditions to borrowers were even questionable verging on illegal practices, figures released by Federal Reserve indicates that 47% of borrowers did not make any down payment of the mortgages as required by law (Turner). Over time borrowers were not required to provide evidence of income nor employment as should usually be the case, instead banks focus was on credit score which depended mainly on the amount that a borrower had in the bank beside other factors. Limitation of Foster and Magdoff Analysis of Global Crisis The analysis of the 2008 financial crisis in the book The Grea t Financial Crisis offers great comprehensive and in depth insight of the nature of the present monopoly capitalist system. To achieve this, the authors provide detailed analysis of various financial figures such as GDP, unemployment rates, income levels and so on that are very convincing. However what this analysis lacks is a global perspective since almost the entire analysis is based on US economy; despite the fact that financial crisis originated from US economy a more broad analysis would have generalized this findings and explained the origin of financial crisis beyond the US perspective. Works Cited Foster, J. Magdoff, F. The Great Financial Crisis: Causes and Consequences. New York: Monthly Review Press. 2008. Print Turner, Graham, Turner. The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis. London, UK: Pluto Press. 2008. Print. This essay on The 2008 Financial Crisis: Causes and Consequences was written and submitted by user Adriana V. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.