Estimation of Import and Export Demand Functions free essay sample

Asian countries to see the dynamics of Pakistan trade from 1973 to 2008. OLS results suggest that income is the principal determinant of exports and imports. Pakistan exports are cointegrated with Japan and USA while the imports are cointegrated with UAE and USA. Pakistan imports and exports are cointegrated with Bangladesh and Sri Lanka but not with India and China. Income and exchange rate are both important determinants of foreign trade. Continuing its trade with traditional partners and making efforts for greater market access to USA and EU, Pakistan should make efforts to increase its trade with Asian countries notably China and India because both are fast growing economies and have huge market. JEL Classifications: F01, C51 Keywords: Import and export elasticities, Pakistan, Asian countries, cointegration. Introduction International trade has played an important role in the development of both developed and underdeveloped countries because countries are dependent on one another due to uneven distribution of resources. We will write a custom essay sample on Estimation of Import and Export Demand Functions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Export of agricultural and other primary commodities accounts for a major share of developing countries income. Besides export dependence developing countries are also heavily dependent on the import of diverse capital and consumer goods to feed their industries and satisfy their peoples’ consumption needs. Developing countries have been facing balance of payments (BoPs) problems because of divergence in imports and exports and hence the importance of foreign trade is obvious. Pakistan is an important country of the world. However, in terms of trade it does not enjoy a significant share. Recognizing the importance of trade, different governments have adopted different policies about trade according to international economy demands. Precarious nature of the Pakistan’s economy was acknowledged by the government soon after independence in 1947and a strategy of import substitution (IS) industrialization was adopted through over-valued exchange rate, use of quantitative controls on imports and the export taxes on principal agricultural exports: cotton and jute. Though some 1950s policies were continued in 1960s, a number of new policies in the realm of economic management were adopted. Pakistan’s economy suffered as well as benefited from international events in 1970s. Pakistan started liberalizing the economy with the help of IMF and World Bank in 1982-83 with a view to improving the efficiency of the economy by increasing the role of the private sector. Most of these reforms were implemented by mid-1980s. The process of liberalization started during 6th Five-Year-Plan (1983-88) and was implemented with great force after 1988. The government pursued vigorous trade liberalization in the beginning of 1990s. Like many other developing countries, Pakistan has made significant efforts to integrate its economy with rest of the world through 40 Â © 2011 Prague Development Center Estimation of import and export demand functions using bilateral trade data: The case of Pakistan | BEH, September 2011 oreign trade, investment and other macroeconomic policies (Afzal 2006a). Pakistan’s trade suffers from a number of problems that includes concentration in composition and markets, lack of market access to major trading partners EU (European Union) and USA, uninspiring performance of the economy, unfavourable international conditions, adverse terms of trade, high population growth, lack of technological development etc. Although Pakistan trades with a large number of countries its exports are highly concentrated in few countries.

About Ferdinand Magellan essays

About Ferdinand Magellan essays Ferdinand Magellen was a great explorer from the 1500's. He was born in Portugal in 1480 and when he was young, he learned cartography (map-making), astronomy and navigation in Lisbon.He served with the Portugese fleet in the far east. He had a disagreement with the portugese King as to whether the Phillipine Islands belonged to Portugal or Spain. In 1517, he left Portugal and offered his services to the Spannish King and Queen. It was the doubt as to which country owned the Spice islands according to the treaty of Tordesillas. This was the main reason for Magellens voyage in 1519. He left Spain that year with five ships and a crew of 265 men. His own ship, "The Trinidad" (the flagship), "The Santiego", "The Victoria" "The Concepcion" and "The San Antonia." In 1520, they reached Argentina and magellen decided to spend some time there. He then learned that his crew were planning to put him to death in treason, so he acted quickly and hung the ringleader. In October 1520, he reached Cape Horn and sailed into the straits which now bear his name. In March 1521, they reached the Phillipines and stopped at Mactan island. The King of Mactan asked for Magellens help to fight in a local tribal war. Magellen was struck in the face with a spear and died. The ships navigator, Sabastion Del Cano loaded "The Victoria" with spices and sailed back to Spain in September 1522. Even though Magellen did not return home, he must be given the credit for this great voyage. ...

How do perception cognition and emotion affect negotiation Assignment

How do perception cognition and emotion affect negotiation - Assignment Example More often than not, perception can lead to various perceptual distortions that can affect the outcome of any negotiation and the times it can be in a negative way or error in subsequent communication. This is because perception depends on the perceiver’s present state of mind and comprehension Stereotyping, Halo effect, Selective Perception, and Projection are all perceptual distortions that in a given any negotiation environment and can lead to erroneous communication and build predispositions that will affect the outcome of a particular negotiation. Cognition is a common tendency to obtain process information by filtering it through a person’s own dislike, like and experiences. In other words, it is an irrational escalation of a commitment. Cognitive bias just like perception has a negative effect on negotiation, and a good negotiator should always develop skills to manage it. Negotiator should be aware that cognitive biases and misperceptions that occurs as he gather and process information and outline them in a structured manner within his team and with his counterparts. In addition, careful discussion of the issues during negotiation and preference can minimize the outcomes of perceptual biases. This is critical aspects and if not properly checked may lead to a negative outcome of a negotiation. In addition, it is important to consider when and how to interact in order think properly while trying to comprehend information around our environment to enhance negotiation. Closely related to these aspects are the various t ypes of cognitive biases that may result in an outcome of in negotiations: Irrational escalation of commitment, overconfidence, anchoring and adjustment, availability of information, issue framing and risk the winner’s curs, the law of small numbers, endowment effect, self-serving biases, reactive devaluation, ignoring others’ cognitions.

Role of ict Essay Example | Topics and Well Written Essays - 1500 words

Role of ict - Essay Example Processing includes management of data (like computing, storage of data in databases, protection and retrieval of data) and its networking. Transfer includes transmission of data from one place/desktop to other using communication techniques. Both technologies are collectively called information and communication technology (ICT) (tutor2u, 2009). The purpose of introducing ICT in education is to enhance the learning and educational activities of students and support the teaching process by means of computers, internet and the latest technologies. According to Saverinus Kaka (2008, July 25), â€Å"education sector can be the most effective sector to anticipate and eliminate the negative impact of ICT. Technology (internet) in another side can be the most effective way to increase the student’s knowledge†. Students can be made familiar with computer aided simulations and educational games. The objectives of ICT in education are to incorporate latest technology based learning in schools, to endorse literacy about newer technologies in students, to support distance education, and to improve the teaching process by using latest techniques supported by ICT. â€Å"ICT has a distinctive contribution to make to the aims of the national curriculum as a whole† (Qualifications and Curriculum Authority, 2009). In the national curriculum, ICT has played its role in planning work sequences and learning and teaching procedures. It has helped students to enjoy their educational activities because they can relate the technology based learning to their everyday lives. Students have been able to develop their own independent thinking regarding research, analysis of problems and decision-making. The national curriculum has put forth such programs of study that use ICT to enable the students to develop self-confidence and think about new ideas. The ICT based study programs in the national curriculum support safe usage of

Globalization and international migration Essay

Globalization and international migration - Essay Example The object of analysis for the purpose of this assignment is globalisation that can be defined as the spread and interconnectedness of the relationships of people, cultures and economic activities globally. Economic globalisation, in particular, is the spread and interconnectedness of technologies, production and communication. A similar description of globalisation is given by Giddens who states that globalisation is the intensification of global social relations that join or link distant localities in a manner that happenings in the local area are shaped by events taking place thousands of miles away even as local happenings shape the events that take place thousands of miles away. International migration, on the other hand, simply refers the movement of people across international borders, either within a region or overseas/across continents. In the contemporary world, international migration is a core aspect of globalization. However, it is evident that international migration is rarely considered in the current discussions of globalisation, and even if it is, the debate is limited to a residual category. This shows that the contribution made by migration globally in the intensification of relations in the fields of labor and economic activities, cultural affairs and values, and social and political links has been ignored. International migration is a central factor in the achievement of economic, social, political, and cultural transformation, their spread and interconnectedness.... Many countries also trace their experiences of economic, social, political and cultural transformations and interconnectedness to the colonial and post colonial times. Colonisation involved massive international migration where the colonialists moved to various parts of Africa and America conquering societies and colonising them. In some cases, it also involved forced labour migration in the form of slave trade. Although many of the colonised nations suffered at these times, colonisation can be said to have been crucial in bringing about globalisation in these areas, which led to drastic, economic, socio-cultural and political changes in them. At these times, the colonial governments helped to establish important transnational networks which facilitated the flow of labour, goods, finance, technologies ideas, and practices between the colonies, the colonisers and other political establishments. In respect to the above discussions, the present scenario of globalisation is paradoxical. Currently, the world is interconnected more than ever. Technological, trade and financial flows have been liberalised, but contrastingly, the mobility of individuals across borders runs up against the stringiest ever barriers which restrict it. Tapinos and Delaunay (48) observe that international migration seems to be completely excluded from the current globalization process. This exclusion is the greatest contrast between the new trends in the global economy and the two great previous globalization periods. By leaving out the factor of human mobility, this narrow view of globalization raises a threefold question of economic efficacy, ethics, political realism, and the question relating to the long-term sustainability of the world development

Entrepreneurial Leadership

Entrepreneurial Leadership Introduction The purpose of this paper is to discuss the concept of entrepreneurial leadership. I will start by discussing the common elements of entrepreneurial leadership and the leadership style of entrepreneurship. Lastly, I will discuss how new entrepreneurs use resources and tools available through Small Business Administration and SCORE. By definition, entrepreneurial leadership is seen as leadership that creates visionary scenarios that are used to assemble and mobilize a supporting cast of participants who become committed by the vision to the discovery of exploitation of strategic value creation. Entrepreneurial leadership requires three key dimensions: (1) being inclined to take more business-related risks: (2) favoring change and innovation to obtain competitive advantage; and (3) competing aggressively with other firms. (Vipin Gupta 2004) Common Elements: Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in todays Dynamic Markets. Leadership Style: Discuss your leadership style or the style you aspire to be and how it compares to transactional, transformation, visionary, charismatic, principled, and entrepreneurial leadership. According the article Understanding Entrepreneurial Leadership in Todays Dynamic Markets, the new definition of entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. Transformational leader dimensions include clarity, communication, consistency, caring, creating opportunities, self-confidence, power need and its use and vision. (Understanding Entrepreneurial Leadership) Entrepreneurial leaders are also believe that have helped develop and sustain the elements of organizational culture, which includes adaption, how people deal with external forces and the need to change, goal achievement, the nature of organizational goals. The strengths of entrepreneurial leaders are that they excel in leading firms that compete on the edge, have ability for learning and knowledge generation, can handle sudden change, and understand their resources and capabilities. (Understanding Entrepreneurial Leadership) The style of leadership that I would describe myself as having is between participative and delegative leadership. I consider myself to be a participative leader meaning that I accept input from other group members when making decisions and solving problems, but I would retain the final say when choices are made. In my opinion, group members would be more encouraged and motivated by this style of leadership. Also being a participative leader leads to more effective and accurate decisions, since no leader can be an expert in all areas. Input from group members with specialized knowledge and expertise creates a more complete basis for decision-making. On the other hand, delegative leaders allow group members to make decisions, which is a best practice tool in situations where the leader needs to rely on qualified employees. The leaders cannot be an expert in all situations, therefore it is important to delegate certain tasks to knowledgeable and trustworthy employees. These types of leadership fall under the category of transformational leaders, conforming to network and coworkers in the best fashion in order to benefit the organization while still sharing ideas. Transactional leaders believe that people are motivated by reward or punishment. These type of leaders give clear instructions to followers about what their expectations are and are rewarded when expectations are meet and punished when failure of expectations occur. (Transitional Leadership) Charismatic leaders are seen more as brave risk takers; Visionary leaders look at the bigger picture to its entirety; and Principled Leaders are revolves around morality and ethical standards. Their policies include the rights and wrongs. Tools for Small Businesses: As a new entrepreneur, discuss how you would use resources and tools available through the Small Business Administration and SCORE. In recent months, the United States Small Business Administration created expansion plans and online endeavors, offering a new website that consolidates the agencys free training courses, counseling materials and tools. (Klonsky 2010) This type of information is extremely important for new entrepreneurs, as new entrepreneurs tend to lean on the government for everything from starting up a new business to acquiring business loans to finding potential opportunities for growth. With the newly offering of the Small Business Administration, there are numerous program offers that serve as resourceful tools for new entrepreneurs. The agency now offers 30 virtual training courses, partnered with Google to provide marketing tips and strategies, and host Facebook and Twitter pages with regular news updates. (Klonsky 2010) Considering that the Small Business Administration are offering these programs, it would be at the advantage of any new entrepreneur to take heave to this programs. Listed below are a few programs that SBA currently offers for new entrepreneurs: Training courses and videos Small Business Training Network contains a wealth of virtual courses, videos and podcasts to help entrepreneurs move up from the ground floor. Each of the 30 courses offers a 30-to-35 minute lesson in areas ranging from finance and accounting to strategic marketing to retrofitting a business. (Klonsky 2010) Live Web Chats Partnership with Google Business Planner, Templates and Success Stories SCORE and Other Sites Research and Data The resource tool, SCORE, is considered the most comprehensive resource provided by the Small Business Administration. SCORE provides tools, links and advice for entreprenuers, along with providing business templates, workshops for assessment, quizzes, podcasta and how-to-guides. SCORE also features success stories for specific industry and interest areas. Personal Principles of Leadership: If you were to create your personal principles of leadership, what would they be and explain why you would chose them.

The Lost City Atlantis Essay -- Mythology

Introduction We have all heard about the legend of Atlantis. It’s said that Atlantis was an advanced civilization with highly developed economy and technology. But one day, catastrophe occurred in sudden. Atlantis entirely sank beneath the waves in only one day and one night. In thousands of years, Atlantis has caught the imagination of people from all over the world. Many adventurers, historians and anthropologists spent their whole life trying to open the mysterious veil of Atlantis. But has Atlantis ever existed? Description of Atlantis Plato gave the first and principal written account of Atlantis in his dialogues, â€Å"Critias† and â€Å"Timaeus†. In his description, Atlantis was a huge island located near the Straits of Gibraltar. In this island, there was a great empire which had flourished more than nine thousand years earlier. Atlantean residents had extraordinary intelligence. Their society was far more advanced than any other civilization at that time. The wealth of Atlantis was so unimaginable that even the walls were covered in gold. Furthermore, Atlantis had a huge trading network and a powerful navy. But with the passage of time, the Atlanteans became more and more arrogant, and they even wanted to rule the whole world. They were defeated by brave Athens soldiers. After that, fatal earthquakes and floods occurred in Atlantis; and in a single day and night, the island of Atlantis was swallowed up by the sea. Arguments about existence of Atlantis In 1882, Ignatius L. Donnelly published a book named â€Å"Atlantis: the Antediluvian World†. In this book, Donnelly tried to demonstrate his hypothesis that all known ancient civilizations were descended from a specific civilization, which was Atlantis. He observed that ancie... ....co.uk. 24 Feb. 2012 . Mystery Quest: Lost City of Atlantis. Prod. Ryan Miller. DVD. A&E Home Video, 2010. News, CBC. "Signs of Atlantis found in southern Spain." CBCnews. 14 Mar. 2011. CBC/Radio Canada. 24 Feb. 2012 . Staff, Msnbc.com, and News Service Reports. "Lost city of Atlantis believed found off Spain." Msnbc.com. 14 Mar. 2011. Msnbc Digital Network. 24 Feb. 2012 . Stewart, Iain. "Echoes of Plato's Atlantis." BBC News. 17 Feb. 2011. BBC. 24 Feb. 2012 .

Good Health Essay

It is common to hear people talking about the state of their health. Some say they are in good health, while others talk about their ill health or that of others. But what exactly is good heath and how do we know when we are experiencing it? This article takes a look at that aspect of our lives and explains it in simple terms. Good Health When we are enjoying good health, we feel good, we look good with a good health image and everything about our lives seems to be going well with no major upsets. It means we have plenty of energy to do the things we want to do and we feel happy and contented with our ability to do those things. There is no pain or feeling of stiffness in our body and we are able to exercise freely every day if we wish. Often, when we are in good health it is common to be more active and exercise forms part of the day’s activities. When we are free of pain, we are able to do a lot more and we feel motivated to do a lot more than when we are experiencing pain. So maintaining a good level of health is important to our lives because it means the absence of pain totally or at least for the majority of the time. Promoting Good Health So what can we do to promote good health? There are lots of things we can do and similarly lots of things we should avoid doing. We should make sure we eat a healthy diet, because we are what we eat and when we only put good things into our bodies, those bodies respond by simply being in better health. That includes healthy meals made up of fresh ingredients as well as any healthy snacks we may want to eat during the day. We should exercise and be active every day, getting plenty of fresh air outdoors and sunshine. Fresh air boosts our energy levels while natural daylight and sunshine boosts our mood, makes us feel happier and also boosts our bodies ability to manufacture its own vitamin D. If we live in a city, we should make a point of getting into the countryside as often as possible to get fresher air and avoid all the pollutants that city air generally tends to have. We should try and be as happy as we can be, facing life with a positive, upbeat attitude and try not to let stress into our lives. We should avoid living a sedentary lifestyle and make sure we get up off the chair as often as we can. Avoiding foods that are processed, contain ligh levels of refined sugar and refined white flour as well as those that contain artificial additives. That usually means eating only fresh produce, fresh fruit and vegetables along with lean meat and fish (if we are not vegetarian), nuts, seeds, legumes and some dairy produce, although this should be kept to a minimum. We should also avoid drinking soda and flavored drinks because of the dangerous levels of refined sugar and/or artificial sweeteners and other additives. Alcohol consumption should be moderate and smoking is a totally bad idea. If we can use our common sense and make sure we live as healthily as we can, then we should enjoy a far better level of health. If we can also keep stress levels down and stay happy, our health will reflect our mood and we will have a longer, happier and healthier life.

Celebrate Italian Christmas Traditions With Children

Celebrate Italian Christmas Traditions With Children If youre wondering how to celebrate an Italian Christmas with your children this holiday, here are some educational ideas that will help to keep them entertained, and may even help you start new family traditions at the same time. Christmas is a huge holiday in Italy, a predominantly Catholic country. The season officially begins on the Day of the Immaculate Conception of Mary on Dec. 8, and continue through Jan. 6, the 12th day of Christmas and the Day of the Epiphany. Christmas decorations and Christmas markets first start appearing on Dec. 8. Italian children frequently start the Christmas season on Dec. 6, which is St. Nicholas Day, by writing a letter to St. Nicholas, or Santa Claus. Its easy to share in this tradition by having your own children write to Santa Claus ... and you may get some ideas on what they want for Christmas. Making a Nativity Scene Nativity scenes, or presepi, are a common and elaborate part of Italian Christmas decorations. Naples is the best place to see elaborate presepi, and theres a tremendous display in Saint Peters Square in Vatican City. In Italy, there are also living presepi, in which actors and animals recreate the Nativity scene, exhibitions with hundreds of crà ¨ches and mechanized figurines, and museums devoted solely to presepi. In the spirit of the season, teach a youngster about the history of the nativity and help her to construct her own crà ¨che for the Christmas season. You may find that crà ¨che becomes a precious family heirloom. Italian Cooking and Baking With Kids at Christmas Children of all ages the world over have heart-warming memories of mouth-watering smells emanating from the kitchen at Christmas time. Why not let your children help bake an Italian dessert like biscotti or cicerata. They are two simple, kid-proof dessert recipes that children will enjoy learning to prepare. If you have older children, you can get them involved in meal preparations for Christmas Eve and Christmas day. Italians avoid meat on Christmas Eve as a way of purifying themselves for Christmas and instead focus on fish as the main course. But the menus for both days include multiple dishes and sumptuous cuisine. Sing Italian Christmas Carols Christmas caroling begins in earnest in Italy during the week before Christmas, and caroling is a wonderful way to share Italian Christmas tradition with your children. Popular Italian Christmas carols (canzoni di Natale) include: Gesà ¹ Bambino l È Nato (Baby Jesus Is Born)Tu Scendi dalle Stelle (You Came Down From the Stars)Mille Cherubini in Coro (A Thousand-Cherub Chorus)La Canzone di Zampagnone (Carol of the Bagpipers) For a true diversion, try filastrocche calabresi sul Natale, Calabrian dialect Christmas songs. Learn About the Legend of La Befana You and your children can learn about the legend of La Befana. This story of an old witch who brings presents to children on Jan. 5, the eve of the Feast of the Epiphany, is very appealing to youngsters. La Befana also is called the Christmas Witch, and like Santa Claus, she enters homes through the chimney.

Age of Spiritual Machines essays

Age of Spiritual Machines essays The Age of Spiritual Machines presents a history of computers, looking at how past trends in computing have led to today's personal machines. Author Ray Kurzweil then goes beyond history to look towards the future. Most audiences are familiar with the notion that computers will one day think faster and better than humans. However, Kurzweil goes beyond such familiar ground, making specific predictions regarding how "spiritual machines" will blur the line between thinking humans and technological In the first part of the book, "Probing the Past," Kurweil presents an excellent survey of how computational knowledge evolved throughout history. A gifted technological historian, Kurzweil sets the stage in this chapter by showing how these past developments have both changed the way people live and how this knowledge laid the foundations for his future Towards this, Kurzweil draws heavily from the work of heavyweights in the field such as Carl Sagan, Sherry Turkle, Marvin Minsky, Alan Turing and Eric Drexler. While Kurzweil does not actually present anything new in this part, he presents a good synthesis of the work of these important technological writers and philosophers. In this sense, The Age of Spiritual Machines is already a good read for a person looking for a good introduction into the work of the aforementioned authors. However, Kurzweil then moves on to make predictions of his own, and the fact that Kurzweil is specific with his predictions is one of the strengths of this interesting book. The author writes, for example, that by providing more intense and pleasurable sensations, virtual sex will soon be better than conventional sex. Digital prostitutes will service humans in a virtual environment, eliminating the risk of disease. Humans will soon have the ability to download their brains and minds into robots. This means that humans would be akin ...

Talk back to Mike Kefee Assignment Example | Topics and Well Written Essays - 250 words

Talk back to Mike Kefee - Assignment Example Instead of invading Gaza and occupying it once again, Israel is trying to protect its borders from the GPRs and missiles that rain upon their civilian homes and cities. The two men talking about the flotilla in the cartoon sum up the situation. If the flotilla comes through, possible arms and much needed supplies are delivered. If violence erupts, Israel looks bad in the light of the entire world. What is not known, or underreported, is Israel sends tons of food, medical supplies, tools, and other supplies monthly. These are from Israeli sources. The Israeli government told the flotilla, if they docked in Israel the supplies would be checked and transported to Gaza. The Israelis even said that the representatives could watch the IDF (Israel Defense Force) soldiers search the food. The representatives could have then accompanied the shipment to Gaza. The whole flotilla was a publicity stunt that got people killed. My audience is Colorado citizens. I kept them in mind by explaining events in the Middle East, since an average Colorado citizen probably does not keep up with events in Gaza and Israel. I am responding in a manner to inform about the issue through the cartoon. I expect most people to disagree with my point of view. My word choice and tone will be logical and to the point in order to explain the situation to my

History of the Mexican Trains Ferrocarriles Research Paper

History of the Mexican Trains Ferrocarriles - Research Paper Example The transportation network has had a major part to play in the economic progression of every nation on the planet. A well constructed and collaborative transportation network is the only guarantee that goods, people and services can be located from one part of the country to another with speed, flexibility and at little cost. Transportation can be seen as having a direct link to economic expansion and sustenance. It is unrealistic to expect that one region or nation has the ability to produce all that it consumes. In a similar manner, it is unrealistic to assume that a region can consume all that it produces. In order to strike the balance between demand and supply of various kinds of goods and service it is essential to have a well planned and integrated transportation network to rely on. Only such a transport network could allow the impeccable coordination required between various sectors of the economy such as agriculture, mining, manufacturing, retailing etc. While the provision of a transport network is highly relevant to the modern economic system, but this was not always the case. Instead, a well integrated transportation network was required by nearly all great nations for keeping up with their military ambitions. Economic priorities remained secondary when the creation of a well integrated transportation network was taken into account during the nineteenth and twentieth centuries. Given the need to move economic goods as well as military goods, the preferential method of enhancing the transport network was to use railway links. This also coincided with the fact that road based automobiles were neither common nor highly appreciated in the nineteenth century. Instead, the railway networks of the era were highly preferred given the technical expertise in manufacturing and operating railway linkages. Another major factor that contributed to the growth of the railways in the era related to disposable incomes and the cost of early automobiles. Early automobi les were not only expensive to buy but were equally fiscally demanding in terms of operating and maintenance costs. The problem was compounded by the fact that the majority of people did not have the kinds of disposable incomes to buy and use road based vehicles as yet. In this scenario, it made far greater sense to set up railway linkages in order to enhance the overall transport infrastructure rather than concentrating on roads and automobiles. Vehement development of the railway networks continued throughout the nineteenth century and through the early to mid parts of the twentieth century around the world. Contemporary super powers and countries looking for economic development all looked towards large railway networks in order to support and sustain their economic growth. It is from this era that the British railway networks emerged and spanned nearly half the globe ranging from Africa to the Tibet plateau. In a similar manner, the United States was bent upon enlarging the exis ting railway network to connect the East Coast to the West Coast. A number of different strategies were adopted in order to provide impetus for the expansion of the existing railway network. Conditions in Germany and France were similar with Germany attempting to bridge the Middle East and Europe using a railway link