Albert Einstein and his Theory of Relativity Essay

Albert Einstein was a man who had such a great mind. He has altered the way man perceives the world armed with a pen and a paper. He saw farther behind nature’s drape than anyone else has ever done besides Newton, and from then on, he lived the rest of his life pulling the drape down for his humility (Pellegrini 1). Today, when the word genius is being uttered, no one else’s face come to mind than his. An exceptional trait appears to radiate in that gloomy and wrinkled exterior, with its tangled white hair that resembles a halo and its expressive brown eyes. The trait was that of a genius, a combination of extraordinary intelligence and thorough imagination that transported him beyond the limits of man’s long – standing scientific convictions and penetrated further into the material uncertainties of the cosmos than any man who came before him (Pellegrini 1; White 96). If there is one thing common in all things in the world, it is relativity. Time, mass, and speed are relative. Light is not weightless, space has bends, and â€Å"coiled with a pound of water,† any substance, is the volatile force of 14 million tons of trinitrotoluene (Pellegrini 2; AllAboutScience. org; Trefil & Hazen). By the end of the twentieth century, these things have been scientifically proven, 100% because of the man with a great mind (Pellegrini 2; AllAboutScience. org; Trefil & Hazen; White 98). Man is likely not to condemn the man for the atomic bomb, to any further extent than they condemn Noble for the dynamite (Pellegrini 2; White 98). For it was not the quiet scientist rather the generals the world over who falsified his equation into the most horrible dagger in the history of humanity (Pellegrini 2). At that point in time, the rest of the world has already made him into an icon, the most celebrated prophet since Newton and science’s profound soul. He is genius personified. In a hardly any stroke of sophistication he confined man’s world into that of the universe in a similar equation, and altered forever the manner man perceive the cosmos as well as themselves. It was in the year 1905 when he, the extraordinarily confident and constantly unkempt 26 year old scientist forwarded three papers, written in his free time, to the leading publication, Annalen der Physik to be made available in print if there was space (Pellegrini 3; AllAboutScience. org). All three of the papers have been published, and they did just what he expected they would: altered the way man perceives the world. The genius behind such breakthrough would remain anonymous for quite some time though. He turned his Theory of Special Relativity into the Theory of General Relativity which states that light has weight, and that space and time were basically space – time (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 100). The Fundamentals of Einstein’s theory Einstein’s theory is one of the most important scientific breakthroughs of all time. Though he established the Theory of Relativity, his main contribution to the advances of science was the identification that in a vacuum, light speed is constant (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 103). Vacuum is a definite physical border for motion (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 103). This is not so significant in an individual’s daily activities because man travel at a speed much slower than that of light (AllAboutScience. org; Trefil & Hazen). Nevertheless, in reference to the Theory of Relativity, objects moving closer to the speed of light will move at a slower speed and would seem to be shorter in length from the view of a person observing from the planet Earth (White 105). He also derived the formula, E = mc2, which shows the relationship of mass and energy (Pellegrini 2; AllAboutScience. org; Trefil & Hazen). For the success of his concepts on the subjects of relativity, photoelectric effect, as well as blackbody radiation, he was awarded a Nobel Prize in the year 1921 (AllAboutScience. org). The Inherent Limitations of Einstein’s theory Over the years, scientists have carried out several experiments to validate the implications of the Einstein’s theory and develop certain fields as Cosmology and Particle Physics (Pellegrini 3; AllAboutScience. org). Yet, some doubt the capacity of the theory to explain as many physical events as has been previously postulated, with several scientists disputing in opposition to it completely (Pellegrini 3; AllAboutScience. org). Despite the consequences, just like any other scientific theories, it is not the absolute, complete, and ultimate explanation of the cosmos. Being a scientific theory as it is, it has postulations and estimates of nature and in the end, can not explain some phenomena on the whole (AllAboutScience. org). Einstein’s theory, similar to the Theory of Evolution by Charles Darwin, was popularized as a â€Å"scientific truth† since it presents a basic description to the complexity examined in the natural cosmos (Pellegrini 3; AllAboutScience. org). Earlier than 1920 until the time of his death in the year 1955, he attempted to discover laws of Physics much more broad that what has been known since he came (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 102). With regards to his theory, the gravity had been an example of the geometry of both time and space. Other forces present in nature, primarily the force of electromagnetism is yet to be explained in like terms (Pellegrini 3; AllAboutScience. org; Trefil & Hazen). However, it appeared that as far as he is concerned, the concepts of electromagnetism and gravity could be described as expressions of certain broader mathematical configuration. The search for a description for a unified field theory which would reconcile the two concepts as well as that of time and space, generally consumed a large portion of his life than any other pursuit (AllAboutScience. org; Trefil & Hazen). In point of fact, for the most part his life was devoted in an attempt to formulate a Unified Theory of Physics to unite the concept of electromagnetism to that of relativity (AllAboutScience. org). He has failed and up to this day, no one had ever reconciled such concepts (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 105). The Use and Abuse of Einstein’s theory Besides being misused as an indisputable fact, Einstein’s Theory of Relativity has been abused in subjects further than gravitational phenomenon even within the scientific community. His theory was the foundation of the Big Bang Theory which suggests the origin of the cosmos (Pellegrini 2; AllAboutScience. org; Trefil & Hazen; White 96). Similarly, the Theory of Evolution centered on the origin of the species and, eventually, on that of man. Still both theories are frequently discussed as if they are in themselves two ends of a bigger combined theory. In point of fact, both are not theories in continuity, rather distinct theories concerning two entirely dissimilar physical phenomena (Pellegrini 3; AllAboutScience. org; Trefil & Hazen; White 105). Moreover, the purpose of his theory is to explain physical laws of the cosmos alone, not that of philosophy, faith or even the Almighty (Pellegrini 2; AllAboutScience. org). For example, the Theory of Relativity as well as the theoretical principle of moral relativism has nothing in common aside from the word relative, still others consider the two ideas to be synonymous (AllAboutScience. org). Others may possibly claim that moral relativity, the principle that fact and lies, right and wrong, the Almighty and other gods are decided and validated by one’s character, genetics, and upbringing, is an effect of the work of Einstein. It was on April 28, 1955 when one of the preeminent natural theorist who ever lived, breathed his last, handing over a legacy of challenging scientific premises (AllAboutScience. org). To date, scientists continue to investigate the premises formulated by this genius mind. He struggled to find in science what artists strive to find in art (Pellegrini 1; AllAboutScience. org). He tried to escape from the darkness and horrors of the world by connecting with the entire cosmos. He sought logic and beauty of the natural world. In finding out the fundamental principles of the natural world, it appears that he hoped to discover a secret design which would one way or another restore confidence in him about the beauty and creativity of the world into which he is born. His intellectual aptitude as well as his curious mind embodied the spirit of analytical thinking. By means of skilled and constant inquiry they altered man’s idea of the natural world as well as the cosmos. He was only armed with a pen and a paper (Pellegrini 2; AllAboutScience. org). In spite of that he saw beyond what a telescope can reach, deeper than what a microscope can recognize. He went on a lonely grandeur to where the worlds of the visible and invisible met. He articulated each in the language of the other (Pellegrini 3; AllAboutScience. org). If he was ever a success in discovering the secret he has spent most of his life searching for, it lies in the legacy of his observations yet to be examined by sophisticated technology. Does the average man only grasp so little of the vast universe of is it that Einstein only did assume to a great deal? Man has all the advances Einstein has left to civilization. These are the advances which have tapped practically each and every respect of the sciences. For one, civilization has the atomic bomb. Then again, perhaps primarily, in the minds of those he has left behind, his vision is kept no matter how unclearly. The harmony in the world is the very thing man has kept searching for. That one great mind drew man nearer to the facts of life than anyone who has ever existed done for civilization.And Albert Einstein was also well aware of how much more questions he had left under the clouds of uncertainty. Works Cited Pellegrini, Frank. â€Å"Albert Einstein. † Time Magazine 29 March 1999: 1 – 3. â€Å"Theory of Relativity. † 2008. AllAboutScience. org. 3 July 2008 http://www. allaboutscience. org/theory-of-relativity. htm. Trefil, James and Robert M. Hazen. The Sciences: An Integrated Approach. Location: Wiley, 2006. White, Nicholas E. â€Å"Beyond Einstein: scientific goals and missions. † Advances in Space Research 35 (2005): 96 – 105.

Advantage of science Essay

Science gives us safe food, free from harmful bacteria, in clean containers or hygienic tins. It also teaches us to eat properly, indicating a diet balanced in protein and carbohydrate and containing vitamins. The results is freedom from disease and prolonged life. In pre-scientific days, food was monotonous and sometimes dangerous; today it is safe and varied. It is varied because through improved sea, land and air transport food can now be freely imported and exported. Science has also improved clothing and made it more appropriate for climatic and working conditions. Man-made fibers and versatile spinning machines, today enable us to dress in clothes both comfortable and smart without being expensive. Home, school and office all bear witness to the progress and application of science. Nowadays, most homes possess electric lighting and cooking, but many also have washing machines, vacuum cleaners and kitchen appliances, all designed to increase comfort and cleanliness and reduce dr udgery. Science produces the fan which cools the air, the machinery which makes the furniture and fabrics, and hundred and one other features for good living. The books and papers are at school, and again everything from the piece of chalk to the closed-circuit television of instruction are the direct or indirect results of scientific progress. Learning is therefore easier. And clerical work is made far more speedy and efficient by the office typewriter, quite apart from the hundreds of different machines which relieve the manual worker of so much slow and monotonous toil in the factories. The first and the major advantage is that medical science is very progressive and vastly available. Without the needed technology a lot of people would struggle with their health. More complicated treatments are being carried out successfully, by means of science and technology. These include surgeries, heart and kidney transplant, artificial inseminations and many others. These treatments are saving many innocent lives. The point is to spread it, and reach with medicine help to the poor nations of the Third World. Again, advanced technology improves industry by making it more effective and, what is vital today, safer for environment. Modern technology has introduced various sophisticated machines into our industries which is increasing productivity at a very fast rate. Work that required technological advancements have made the world a smaller place to live in Dissemination : whether spreading  information, broadcasting news, or sharing knowledge, technology has made it faster, easier, and smarter. Education Disadvantage  with the new science and technology developments most people underestimate the damage it gives us. First of all, I would like to say, that with these new science and technical appliances people became to be lazy. They rarely go out to work on foot or by a bicycle. Now there are a lot of modern cars in the cities, which are said to be emitting less gas. But still their emitted gasses damage the environment, so to my mind, that is why pollution of our environment is increasing. Secondly, it seems to me, that technologies are throwing away our free time. For example, these new laptop computer or those touch-screen devices are full of entertaining programs, which are attracting people effectively. Then people forget how to communicate with others in real life, not through international communication systems like â€Å"Skype† or â€Å"Facebook†.

Corporations Law

Corporations Law 1. 0 Areas of law Corporate social responsibility has long been a touchy issue for governments not Just in Australia, but around the world as well. Companies in Australia are governed by the corporation's act, which outlines the legal capacity and power of a company. The Corporations Act 2001 (Act) s AAA, defines a corporation as a separate legal entity, that includes any corporate body and unincorporated bodies that may sue, be sued or hold property in the name of an office holder appointed for that purpose.In context of corporate governance, the main issue is with the current escalation is in regards to director's duties. Under the Corporations Act 2001 (Act) asses, directors have a civil obligation to act with due care and diligence, with best interest of the corporation in mind. This civil obligation however, does not extend to certain classes of stakeholders other then shareholders. Modern day companies often have a great impact on society at large, through the various activities they conduct.Given the broad economic, environmental and social impacts they have, it is understandable that a push has been made for director's duties to extend beyond warehouses, and include stakeholders at large. The Corporations Act 2001 (Act) sass, also outlines the legal capacity and powers of a company. S 124(1) states, † a company has the legal capacity and power of an individual both in and outside this jurisdiction†. A company can also be held primarily or secondarily accountable for torts and crimes.To think of a corporation as solely an instrument of business, fails to account for social changes, which has taken place over the past century. 5 It is therefore vital that amendments be made to the Corporations Act 2001 (Act), so as to ring accountability and responsibility of corporations and directors up to date with societal change that has occurred over the past decade. 2. 0 Problems associated with the law The current law governing compani es and directors outlined in the Corporations Act 2001 (Act), only allow for calculated corporate social responsibility.According to the Corporations Act 2001 (Act) asses, directors are required to act in good faith and in the best interest of a company, and in appropriate circumstances may choose to take into consideration a range factors external to shareholders, only if they benefit the warehouses collectively. As a result, companies may be obliged to consider CARS, only when it is likely to result in positive publicity, public approval, endorsements and goodwill; investor confidence and demand; and promote a positive impact on company share prices.It is evident that the current Corporations Act 2001 (Act) limits company director's ability to adhere to CARS practices, as shareholders must receive some benefit from engaging in CARS. This can be seen through statements made by The Australian Shareholder Association pertaining to corporate donations in relation to tsunami relief eff orts, here it stated directors have no approval for philanthropy, donations should only be made in situations where they are likely to benefit the company or shareholders through greater exposure.Directors who seek to engage in CARS activities that do not directly benefit their companies or stakeholders would therefore be in breach of their director's duties outlined in the Corporations Act 2001 (Act) assess, and this is where the the Corporations Act 2001 (Act) falls short. 3. 0 Recommendations & suggestions Although there are absences of specific law regarding how companies should be socially responsible, new suggestions and recommendations may be implemented as a guideline for companies to be socially responsible.One of the suggestions is for companies to introduce triple bottom line reporting, principles of conduct and charitable contributions in their environmental record as to evaluate its responsibility performance. However, according to the s 181 of the Corporations Act 2001 (Act) directors of the company should prioritize needs of the company for proper purposes by exercising their powers and duties in good faith. Also, theAustralian government may introduce a rule that requires registered companies to participate in a policy in which each company need to design a Corporate Social Responsibility Committee that will observe every activity conducted and how will it impact those other than the shareholders, specifically the employees, suppliers, customers and also the environment. The company would then have to participate in a policy in which it is required to be publicized on its own website.Although it may be contradicting to the directors' best interest for the company, by spending an mount on volunteering programs, such as the hunger project to help extinguish famine in poor countries, it also helps the company to build a better image that in turn, could be advantageous to the directors. 4. 0 Issues of importance The push for company reporting to in clude CARS related information in annual reports is of utmost importance, given the prominence of corporate influence in today's society.The recommendation to implement triple bottom line reporting would increase the extent to which companies are taking responsibility for the consequences of their actions, in relation to corporate activities that touch on environmental or other issues of community concerned The implementation of the policy requiring companies to establish a corporate Social Responsibility Committee are also essential in the push for more CARS friendly law reforms governing Australian companies.Greater transparency in relation to social and environmental impacts of companies has been called for by community groups, given the success of corporations as vehicles for productive enterprise. The degree of accountability displayed by companies in their course of business pertaining to social and environment issues are understandably a matter of public interest, due to mode rn day companies having a large environmental and social impact on external stakeholders in the course of their activities. . 0 Foreign solutions for CARS A similar issue has been addressed in the United Kingdom in regards to the degree that the directors may take into consideration on its responsibility to other individuals besides its shareholders. As it was being evaluated by the country's Department of Trade and Industry, the issue had resulted in the establishment of the Companies Act 2006 (I-J) (companies Act') that constitutes the first codification of directors' duties.Based on the Companies Acts 172, it has been maintained that the directors are obliged to take considerations of the interests held by individuals other than the shareholders, employees, customers and also the environments 5. Nevertheless, the provision claimed that the directors are required to function in a way that the success of company can be improved, which will then prompt the directors on its duties in protecting the interest of the shareholders.Also, in India, he government has come up with the introduction to the policy of a two-percent Corporate Social Responsibility law that promotes company to be charitable by having two percent from profit earned each financial year to be spent on government-approved projects that may consist of environmental sustainability and education that are leaning towards development of the nation as a whole. Companies are liable in designing its own committee of corporate social responsibility to aid in observing, reporting and preventing any activities that may harm the society and environment.Each report is then to be disclosed in the company's website as required by the policy. 6. 0 Views on suggested reform policies In relation to the proposed reporting reforms pertaining to CARS, we are in agreement that the implementation of the suggested changes would be in the best interest of companies, their directors and wider stakeholders at large. The C orporations and Markets Advisory Committee has stated in their report that it does not support the revision of The Corporations Act 2001 (Act), in relation to the inclusion of CARS under director's duties.The proposed amendments have been seen to fail in providing directors with meaningful clarification, whilst risk obscuring the accountability of directors. It is their belief that that the most effective response to concerns arising from time to time pertaining to the environment and social impact of business behavior, is through the setting of specific legislation directed to the problem real 8. However the Corporations and Markets Advisory Committee have identified a number of issues in relation to the implementation of environmental and social reporting elicits.Issues relating to discrepancies that may arise in relation to comparability, market advantage and cost have been identified. In regards to the comparability of company reports, it has been argued that additional mandator y reporting is necessary to ensure comparability of non-financial reports. Further more, it has been identified that enhanced mandatory reporting would reduce selective positive-only reporting, thereby only benefiting responsible companies by improving their standing among risk analysts.Lastly, concerns have been raised by companies in geared to costs that will have to be incurred due to additional mandatory reporting. There has been a general consensus among companies that additional mandatory reporting will be too costly, however others have argues that such additional reporting could in fact reduce costs, through the standardization of reporting requirements. Having considered these statements, we still belief that the best approach in relation to company CARS reporting, is through the introduction of separate policies which are to run concurrently with the Corporations Act 2001 (Act)

The evaluation of the methods used by US Airline Company to increase Essay

The evaluation of the methods used by US Airline Company to increase customer sales in the competitive market - Essay Example The challenges range from high fuel prices to entry of smaller industry players offering lower introductory prices to clients (Pfeffer, 2012). What makes some register more sales over the others is the customer satisfaction initiatives employed to encourage repeat business. This proposal analyses and evaluates the methods used by American Airlines, Southwest Airlines, Air Tran and Virgin America to increase customer sales in this increasingly competitive market. Airline companies under study, the operational challenges facing this industry, methods used by one major Airline Company to increase sales and the methods used by two smaller companies to increase sales. Interviews with the top company management on the methods used to increase customer satisfaction and eventual sales. This is used as it allows for clarity on information that is not so clear for instance, obtaining clarity on company strategic plans and other documents. The sampling strategy used reflects diversity in operations between the bigger and smaller players in the American airline industry. To clarify on this, American Airlines and Southwest Airlines enjoy economies of scale in sourcing for resource inputs while Air Tran and Virgin America are smaller players who get these operational resources in relatively smaller quantities. These are big companies experiencing the same hindrances to growth, as well as same opportunities for success and so, just having one from the major airline segment and two from smaller airline group gives a holistic view of what is happening in the American airline industry. There are 11 major airline companies, 3 major cargo operators and 30 smaller companies operating within American and global airspace. Given that the number of small airlines is almost double of those listed as major companies, a ratio of 2:1 is therefore appropriate for this qualitative research. The purpose of the research is to

Zambia Essay Example | Topics and Well Written Essays - 2000 words

Zambia - Essay Example The authors provide refreshing ideas on how Zambian wealth could be enhanced through formulation of better policies on environment in a country that heavily relies on copper mining for its economic mainstay. The authors acknowledge that development of Zambian economy mainly relies on â€Å"prudent environmental management†. To ensure the preservation of wealth in the country, Aongola et al emphasize on the need of promoting â€Å"sustainable development† in all sectors of Zambian economy. The authors refer extensively to previous research on Zambian economy and resources. This article provided me with a wider perspective of Zambian natural resources and social, political impediments that causes unsustainable utilization of resources. 2. Campbell, et al. Miombo woodlands: Opportunities and barriers to sustainable forests management. 2007. 2 June 2011. Retrieved from http://www.cifor.cgiar.org/miombo/docs/Campbell_BarriersandOpportunities.pdf The authors are natural resou rces experts, with many years of teaching experience in Universities across southern Africa. This article focuses on the Miombo Woodland, extensive tropical and seasonal woodland that covers an approximately 2.7 million Km2 across seven southern African countries including Zambia. The authors provide an overview of the critical role that Miombo woodland play in maintaining livelihoods of about 100 million inhabitants in southern Africa. The authors note, â€Å"high poverty levels in these countries have resulted to overexploitation of the woodland, a situation that threatens the ecological balance in Zambia†. This article provides an important contribution to this paper by highlighting the importance of Miombo woodland resources in mitigating poverty in Zambia and other southern African states. 3. Dorothy, F. A review of economic, governance and natural resource policy reform in southern Africa, with special reference to the case of Zambia. 11 Oct 2004. 1 June 2011. Retrieved from http://www.infra.kth.se/courses/1H1142/Furberg_EconChange.pdf This article focuses on the economic, governance and natural resources policies in Zambia. The author identifies lack of equitable and sustainable economic development as the main challenges that undermine social, political and economic development in Zambia. The author attributes the current environmental and economic problems in Zambia to previous political regimes in the country that instigated â€Å"poor political systems and environmental policies in the country†. The article provides a refreshing historical overview of Zambian political evolution and how it has influenced exploitation of natural resources in the country to date. 4. Jumbe, et al. Contributions of the Dry Forests to Rural Livelihoods and the National Economy in Zambia. 2007. 2 June 2011. Retrieved from http://www.cifor.cgiar.org/miombo/docs/ZambiaNationalCaseStudy.pdf The authors have critically evaluated the role of dry forests in enhanc ing economy of Zambia especially in the rural regions. According to the authors, dry forests in Zambia are important sources of wood, firewood, honey, wild fruits, traditional medicine, agriculture and an important source of income among the rural residents. This article is refreshing because it focuses on forest, an important non- mining resource in the Zambian economy. 5. MTENR. National Policy on Environment: Zambia. May 2005. 1 June 2011. www.mtenr.gov.zm/index.php?option=com_docman&task=doc The article is the policy document of the Zambian government on the environment and it highlights the strategic goals of development through utilization of natural resources. The government ministries, including tourism, environment and natural resou

Ethical Issues in Management Research Paper Example | Topics and Well Written Essays - 1250 words

Ethical Issues in Management - Research Paper Example Hence, Brown and Trevino (2004) have tried to debunk common misconceptions about this term. It is important to note that ethical issues are never easy and the notion that it is not meant to be managed is very wrong. Therefore, it is very important to be wary of possible ethical issues that must be given attention to as well as an acceptance that the complexities of these issues require a very intricate process. Also, it is likewise important to be able to look into the strong possibility that the bad people in the organization that are usually the ones to blame may just be symptoms from a systemic problem in the organization. Hence, there must be a deeper examination of this probability and that the underlying problem must be solved so that there will be a lasting solution to these ethical issues. Character and Ethics Furthermore, there must be a stronger effort than the codes and programs in order to be able to take in these challenges and that there must be the realization and acce ptance that despite all talks about accountabilities and chains of command, corporate leaders cannot really take all the blame for their staffs or employees that go astray. Many leaders are formed by their strong character and an overarching appreciation of their calling (Gallos, 1997). Hence, the many people in the organization cannot be always influenced by their leaders as these people are However, despite the recent issues about these scandals, this has been going on since the time that humans basically started commerce. Indeed, Bowen (2002) stresses the need for a coordinated and strongly planned approach to these ethical issues and that these must be integrated within the organization and even in the vision mission of the company. Indeed, the role of the organization must be very prominent in addressing these ethical issues as this can be the strong force that will enable the company to be able to really direct their efforts at ensuring the maintenance of integrity within thei r ranks (Smith, 1990; Hanson, 1991). Areas of Concern Becker (2010) highlights the dilemmas whereby there are four major areas that must be considered. Hence, in dealing with ethical issues, the human resources must be considered since there lies the enablers and the possible causes of ethical problems. Moreover, the confidence of customers must be adequately considered since business confidence can be greatly affected when ethics crises sets in. This brings forward the next area of concern which is the possible sources of conflicts of interest that the company must look into in order to maintain a spotless record with their stakeholders. Finally, the company must watch over their company resources and how these are spent. Indeed, ethical issues can be very challenging and finding solutions to these problems has been greatly hampered by the aforementioned myths. Although these ethical issues go way back, it must be noted that the current trends in business and society has been great ly influential in its proliferation as well as in its recognition. Social networks have considerably grown in prominence at the turn of the century boosted by the rapid greater improvements in the communications capability worldwide. As such, Borgatti and Molina (2003) have pressed the need for an ethical framework that will govern researches made in these social networks. There have been many reports of privacy concerns arising from such

Economic Essay Example | Topics and Well Written Essays - 1500 words - 14

Economic - Essay Example In times preceding the period of Renaissance, regions in the European continent were divided in forms of principalities. The Pope of the church was considered to be the representative of God and King of a principality was considered to be the representative of Pope. Common men in the principalities did not have the freedom to undertake decisions regarding any facets of livelihood. After this era of brutality and cruelty on mankind, Europe faced the age of â€Å"rebirth† or Renaissance. Following that, Europe experienced a socialistic economic system for a long period of time. However, from the theory of Karl Marx, it can be stated that towards end of the 18th century, economy of Western Europe had experienced a capitalistic form of market system. The capitalist class in the economy were the merchants, who owned land as well as newly invented and superior state of technology (Hoffman, 2000). The labour resource, at that point of time, was almost utilized a non-living materialis tic resource. The population of the nations of Western Europe were significantly increasing. The economies were subjected to product and food crisis. Land owning farmers started to sell off their lands for establishing new factories. Crisis and scarcity forced economies to become more productive in nature. So, in order to become more productive, economies undertook the process of industrialization in Western Europe in early 19th century. Colonial rule became a common method of territory expansion for these Western European nations as economies required adequate raw agricultural inputs from its conquered colonies, for sustaining the demand for its new industrial sector. Industrialization had initially taken place in the economy of Japan in Asia, in the second-half of 19th century. However, in the latter half of 20th century, industrialization was experienced in other major economies of the Asian Continent, like, Singapore, South Korea, Taiwan