History of Magazines in Kenya - 1710 Words

HISTORY OF MAGAZINES IN KENYA Magazines are a form of print media that are printed periodically for a specific group of people with a common interest. Magazine publishing started way back in the 1660s with Erbauliche Monaths-Unterredungen (Edifying Monthly Discussions) being the first magazine to be published in Germany and in the world as a whole. This was in the year 1663. However, the next magazine that followed was much different than the first. The Gentleman’s Magazine published in1731 in England included more entertainment in form of essays, stories, poems and political commentary. Magazines then looked like books, printed in black and white. They were merely a channel where literate men passed on their points in the above mentioned†¦show more content†¦PROCESS AND PERSONNEL ROLES This magazine’s production technically has four stages. Stage one is research. The editorial team comes up with a blueprint which is the rough outline of what the magazines should look like. The Blueprint has the themes, how every page should look like, what should be included and who needs what for the magazine to come up. The editors look for material to write about in connection with the theme, enter contractual agreements with the models and photographers and search for venues to build up the magazine. The editor is also involved in copyrighting which basically involves coming up with the words of the theme. In the latest issue of Samantha’s Bridal the theme was Dress trends, the writers thus had to look for something to write on dresses. The next stage is the design stage. In this stage is where the sub editor puts together the articles, arranges the articles and puts words in the advertisements. The work is then sent to the designer who lays out the tempo and the photos to come up with an authentic layout. After the designer has done his work its back to the editor for proof reading then to the designer again to prepare the artwork for print in PDF format in cd form toShow MoreRelatedThe Structure And Function Of Kenya Airways1156 Words   |  5 Pagesdetermine the structure and function of Kenya Airways. In doing this, the study sought to answer the following questions: establish the history and size of the organization, ownership and inefficiencies. Furthermore, the study explored the challenges facing the company and provided possible solutions. The study applied case study research design where only a specific company was investigated. 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This beautiful country has been a source of major controversy and debate as it takes a step into the 21st century. The topic of discussion that has sparked such great interest ranging from the President of Kenya up until the United Nations is the subject of homosexualityRead MoreThe Effect of the Second Hand Clothing Industry on the Development of Africa Economies3836 Words   |  16 Pagesimprove a nations manufacturing capabilities (Frazer). Many African nations already have the natural resources necessary to have a thriving textile industry but the influx of used clothing has hindered the development of these industries. Nigeria and Kenya are two of the largest cotton and textile exporters on the continent but are also import the greatest amounts of used clothing. The second hand clothing industry hinder s the growth of local textile and garment industries because it takes away the target

Time Management Is A Crucial Component To The Art Of Nursing.

Time management is a crucial component to the art of nursing. During nursing school, little emphasis is placed on developing the skills that will address the time constraints that nurses experience once they are employed as RN’s. New nurses have multiple demands and various conflicting problems that are simultaneously presented to them. They also face unpredictability and vast complexity in their workload. New nurses must develop a strategy and framework to help identify what works best for them by developing a routine, learning how to prioritize, and how to coordinate patient care. (Stone et al., 2015). Nursing is a very demanding profession. One of the very first skills a new nurse must learn is how to prioritize. This includes the†¦show more content†¦Efficiency and effectiveness of a routine is an important aspect of nursing. Routines give a nurse a set of expectations that need to be completed. It helps decrease thinking time because there is a sense of order. Routines are predictable and give the new nurse a sense of control, familiarity, and order. The problem with a new nurse becoming to reliant on a set routine is that they become unable of switching gears when a situation deems it necessary. It also can limit the nurse’s ability to provide individualized care as the nurse becomes so consumed with time and task.(Waterworth, Susan, 2003). New nurses often feel as though they do not have enough time to complete daily tasks. New nurses struggle with completing tasks at the expense of delivering personal, individualized care. They tend to go through the motions, completing task after task without stopping to analyze what those tasks might have revealed. An example would be gathering vitals. The new nurse methodically takes all of her vitals and records them in the computer. However, in this task centered approach, she failed to analyze the vitals and missed a red flag warning sign for one of her patients (Chan et al., 2013). 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Background of Pain Theory During the 17th century, scientists proposed variousRead MoreErnestine Wiedenbach1672 Words   |  7 PagesBachelor of Arts degree from Wellesley College in 1922, an R.N. from Johns Hopkins Hospital school of nursing in 1925, a Master of Arts from Teachers College, Columbia Universiy in 1934, and a certificate in Nurse Midwifery from the Maternity Center Association School for NurseMidwives in New York in 1946 where she taught until 1951. In 1952, Wiedenbach joined the staff of Yale where she taught as an instructor of maternity nursing. Named an assistant professor of obstetrics nursing in 1954, andRead MoreSymptoms And Treatment Of Pain1654 Words   |  7 PagesWhen pain is poorly managed, it can delay healing and recovery. Using the proper nursing assessment skill is very important to assess a patient’s pain level, and determine the best intervention to reduce or eliminate it. Middle range theory such as Pain: a balance between analgesia and side effects and the theory of unpleasant symptoms (TOUS) helps interpret and serves as a tool used in assessing patients in nursing practice. Background of Pain Theory During the 17th century, scientistsRead MoreChanging Roles Of Nursing Today1358 Words   |  6 Pages Changing Roles in Nursing Today Kenneth Zapata Miami Dade College Professor- Dr. Violeta Aguilar NUR3846- 856887 Changing Roles in Nursing Today Introduction The health care industry is undergoing a considerate change. In fact, the new model of leadership is current running across industries. According to Bickford, Brewer, Cones, Humes, and Wurzbacher (2010), the theory of transformational leadership is becoming popular among the health practitioners. It revolves around quality servicesRead MoreImplementing Transition Experiences For Newly Licensed Nurses986 Words   |  4 Pagesimprove their nursing skills and reduce training time in their first job that would lead to a successful nursing career as beginning nurses. The new Registered Nurse (RN) residency program could be collaboratively implemented with education and practice (Kim, K. H., Lee, A. Y., Eudey, L., Lounsbury, K., Wede, P., 2015). The RN Residency program at North Valley Nursing Center is a program that provides RN’s opportunities to learn and apply current, evidence-based practice and nursing knowledge. InRead MoreWays of Knowing1137 Words   |  5 PagesWays of Knowing Nursing is a very rewording profession which can blossom when incorporated into practice of Carper’s fundamental patterns of thinking. After reading Cotton and Roden article (December 2006 – January 2007), I realized great importance of understanding and implementing four concepts of thinking into daily nursing practice. According to Carper (1978:21-22) empirics, aesthetics, personal and ethical way of knowing in nursing are ‘necessary for achieving mastery in the discipline’.Read MoreCultural Diversity For Nursing Care1177 Words   |  5 PagesIdentify and discuss concepts related to cultural diversity in nursing. Culture is a multifaceted characters of a diverse sets of people that have a common ground on values, languages, emotions and identity. It is a symbolic communication perpetuated in a much larger society that influence by means of conditioning and imitation from one generation to the next. Knowledge of cultural diversity is crucial at all levels of nursing practice. It require nurses to be challenge on a multilevel amplitudeRead MoreSample Resume : Nurse Retention Strategies883 Words   |  4 Pageshealthcare, that this nursing shortage is predicted to worsen. The past four years have seen a steady rise in hospital turnover rates. More than 40% of the currently working registered nurses (RNs) will begin to approach retirement age in the next 10 years. (Pellico, 2009) This in addition to the turnover rate will compound matters. Hospitals already report typically working with a vacancy rate of 10% or more. Retention of nurses is a crucial component in combating the critical nursing shortage. So in

Financial market and the corporate strategy - Myassignmenthelp.Com

Question: Discuss about the Financial market and the corporate strategy. Answer: Introduction: Financial management is a study which evaluates the financial position and the performance of the company. In this report, firstly, financial statements of the company have been evaluated and study of ratio analysis has been conducted to measure the main financial figures of the company. Performance ratios have been calculated to evaluate the profitability and capital structure position of the company. In addition, stock price of Qantas Airways Limited of last 2 year has been analyzed and it has been compared with the stock price of all ordinary shares of Australia. More to it, CAPM study has also been conducted to evaluate the real worth of the company in the market. Further, WACC has been calculated to evaluate the total cost of the company to raise the funds and make a better decision about the investment in the company. Lastly, debt and gearing ratios have been calculated to evaluate the capital structure of the company. Company description: Qantas airways are a flagship airline company. The main functions of the company are operated through its Australian office which is at Queensland in Australia. This company has come into existence in 1920. Various subsidiary companies are managed by the company to operate and administer its business. Further, the company has largest share in the Australian domestic market (Investors, 2018). Accoridng to a current report, 65% share of Australian airlines are held by the Qantas Airways. Currently, the company has diversified its market to manage the performance and the position of the company. Ownership governance structure: It is required for every company and the stakeholders of the company to evaluate and identify the performance and the position of the company through evaluating the governance structure of the company and the changes into the management of the company from last year. This study makes it easy for the company to manage the position and the worth of the company in the market. Further, this study explains that how many people owned to the company and how much stock is held by them. Following is the details of the company: Substantial stakeholders: Annual report of the company has been evaluated to identify the performance of the company and through the study; it has been found that there is not stockholder in the company who has more than 20% stock in the total ownership of the company. Further, it explains that the company has not any investor who has invested more than 5% in the stock of the company (Annual Report, 2017). Main people: More, the main people of the company have also been evaluated and it has been found that the Alan Joyce is the CEO of the company and he has changed various operations of the company from its joining. Further, it has also been found that the Leigh Clifford is the chairman of the company and it has also been explained that the company has not any main people who has invested more than 5% in the stock of the company. Performance ratios: Performance ratios are the study which is conducted by teh companies and all the parties which are related to the company to evaluate that how the position of the company in current scenario. What are the changes which must be done by the company to enhance its performance? Performance ratios make it easy for the company to manage the position in the market (Hogarth and Makridakis, 2011). For this report, ROA, ROE and debt ratios have been calculated. The study of them is as follows: Return on assets (ROA): Return on assets is a ratio which is calculated to examine the position of the assets in terms of the total profit of the company. It explains that how much profits are calculated by the company in recent year in terms of assets: A. Return on assets= NPAT/ total Assets 852000/17221000 4.947% The above calculations express that the return on assets of the company is 4.95% which explains that the financial position of the company is moderate. Return on equity (ROE): Return on equity is a ratio which is calculated to examine the position of the equity in terms of the total profit of the company (Hillier, Grinblatt and Titman, 2011). It explains that how much profits are calculated by the company in recent year in terms of equity: B. Return on Equity= Net profit after tax/ ordinary equity 852000/3053000 27.91% The above calculations express that the return on equity of the company is 27.91% which explains that the financial position of the company is quite better in terms of equity. Debt ratios: Lastly, debt ratio is also a ratio which is calculated to examine the capital position of the company in terms of the total liabilities and the total equity of the company. It explains that how is the position of the company in the market. Further, it explains about the cost and the return of the company. Following is the calculations of the company: C. Debt Ratios = Total Liabilities/ total assets 13684000/17221000 79.46% The above calculations express that the debt ratio of the company is 79.46% which explains that the financial position and capital structure position of the company is quite better in terms of liability and equity (Higgins, 2012). Further, the below equation has also been solved to manage the performance of the company: EBIT / TA * NPAT / EBIT * TA/ OE = NPAT / OE (993000/17221000)*(852000/993000)*(17221000/305300)= (852000/305300) 279.07% 279.07% (Morningstar, 2018) TA/OE: Further, the impact of total assets and total equity on the return on assets and return on equity of the company has been evaluated so that a better decision could be made by the company. Further, the equation of TA and TE explains that the level of total assets and total equity directly affects the performance and the position of the ROA and ROE of the company. It is required for the company to evaluate the position and the performance of company and thus the management must evaluate this phenomenon and make a better decision and position accordingly. TA/TE = (NPAT/ Total assets)/(NPAT/TE) TA/TE =Total assets/TE (Garrison, Noreen, Brewer and McGowan, 2010) ROA and ROE: Further, the study has been carried on further and it has been evaluated that how the ROA and ROE positions are different to each other. Through the study, it has been found that the ROA is significantly lower than the ROE of the company and the differences are dew t the level of the equity and the total assets of an organization. Accoridng to the books and the articles, it has been found that the assets of the company could never be more than the equity of the company due to teh accounting double entry system rule. Changes in stock price: More to it, the study has been carried further and it has been found that the how much difference is among there in the QAN stock price in last 2 years and at the same time the comparative study has been done over AORD to evaluate the differences and the correlation among both the stocks. The following graph explains about the stock prices of both the stock. Following is the graph which represents about the stock price of both the stock: (Yahoo Finance, 2018) Evalaution: Accoridng to the abive study over both the prices of the stock, it has been evalauted that the stock price of the QAN is bit stbale than the stock price of the AORD. At the same time, it has also been found that the AORD prices have also not been changed lot in last 2 years. Further, the correlation of both the stock has been calculated to examine the position of the company and the performance of the company. Correlation of the company is 0.58 which explain that both the stocks are moderate. It explains that the changes into the stock price of QAN also affect the stock price of AORD. Significant factors: Further, the study has been done over the various articles and news to evaluate the changes into the stock price from last year. This study has been done accoridng to the changes in the stock price and the management of the company. Following is some of the factors: Significant management changes: The changes into the management have directly impacted over the stock price of the company and positive changes have been found. Competitors impact: Further, the changes into the competitor position have also impacted over the stock price of the company and some negative changes have been found (Arnold, 2013). Analyst forecast: More, the news about financial position has also impacted over the stock price of the company and some positive changes have been found. Law suits: More, the news about various law suits also impacted over the stock price of the company and some negative and positive changes have been found (Yahoo Finance, 2018). Industry wide factors: More, the news about industry factors have also impacted over the stock price of the company and some positive changes have been found (Baker and Nofsinger, 2010). Calculation of CAPM and beta values: Beta: The further study explains that the beta of QAN stocks is 0.21% which explains about the less risk of the company. CAPM: Further, following table explains about the CAPM of the company: Calculation of cost of equity (CAPM) RF 4.00% RM 6.00% Beta 0.03% Required rate of return 4.00% (Besley and Brigham, 2008) Explanation: The CAPM calculations explains that required rate of return of the company is 4% which means if the company want to raise the funds through equity than the company would have to pay 4% of the total profit to the stockholder of the company. Further, it has been found that the company should raise the funds through equity after analyzing the capital structure of the company. WACC calculations: Following table explains about the WACC of the company: Calculation of WACC Price Cost Weight WACC Debt 31,44,000 4.20% 0.50734 0.02131 Equity 30,53,000 4.00% 0.49266 0.01971 61,97,000 Kd 4.10% Calculation of cost of debt Outstanding debt 31,44,000 interest rate 6% Tax rate 0.3 Kd 4.20% Calculation of cost of equity (CAPM) RF 4.00% RM 6.00% Beta 0.03% Required rate of return 4.00% (Morningstar, 2018) Evaluation: The above calculations explain about the cost of debt and the cost of equity of the company and further, it explains about the position of the company in terms of the cost to raise the funds for the operations and the functions of the company (Horngren et al, 2005). Further, it has also been found that the current cost of capital of the company is 4.10%. Debt ratios: Optimal capital structure: Capital structure depicts about a best balance of debt and equity of the company. It explains that the capital ratios of the company are as follows: 2017 2016 A. Debt Ratios = Total Liabilities/ total assets Total Liabilities/ total assets 13684000/17221000 13450000/16705000 79.46% 80.51% The calculations explain that the capital structure of the company is not stable and the company has lowered the total assets of the company in current year. Gearing ratios: Further, the gearing ratios of the company have been calculated and it has been found that the company has raised the level of total liabilities and total assets to manage the position of the company. Following are the details about it: 2017 2016 Gearing ratios = Total Liabilities/ Capital employed Total Liabilities/ Capital employed 13684000/(17221000-7095000) 13450000/(16705000-7028000) 135.14% 138.99% Dividend policy: More to it, the study has been performed on dividend policies of the company and it has been analyzed that the company is following the relevant dividend policies. Company always offers a great amount of dividend to its investors and thus the attractive of the company is quite higher among the investors and the shareholders of the company (Kaplan and Atkinson, 2015). Recommendation and Conclusion: Further, accoridng to the study, it is recommended to the investors to invest into the company as it would offer great return to the company and at the same time the position of the investment would be better. The performance ratios and the stock prices changes explain about the better position of the company. References: Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and Markets. Cengage Learning. Arnold, G., 2013.Corporate financial management. Pearson Higher Ed. Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley Sons. Besley, S. and Brigham, E.F., 2008.Essentials of managerial finance. Thomson South-Western. Garrison, R.H., Noreen, E.W., Brewer, P.C. and McGowan, A., 2010. Managerial accounting.Issues in Accounting Education,25(4), pp.792-793. Higgins, R. C., 2012.Analysis for financial management. McGraw-Hill/Irwin. Hillier, D., Grinblatt, M. and Titman, S., 2011.Financial markets and corporate strategy. McGraw Hill. Hogarth, R.M. and Makridakis, S., 2011. Forecasting and planning: An evaluation.Management science,27(2), pp.115-138. Horngren, C.T., Sundem, G.L., Stratton, W.O., Burgstahler, D. and Schatzberg, J., 2005. Introduction to management accounting. Upper Saddle River, New Jersey: Prentice Hall. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Madura, J., 2011.International financial management. Cengage Learning. Yahoo Finance. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://in.finance.yahoo.com/quote/QAN.AX/history?period1=1451586600period2=1514658600interval=1dfilter=historyfrequency=1d Morningstar. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://financials.morningstar.com/cash-flow/cf.html?t=QANregion=ausculture=en-US Invetsors. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://www.qantas.com/travel/airlines/investors/global/en Annual report. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://www.qantas.com/infodetail/about/corporateGovernance/2016AnnualReview.pdf

Nationalization of Mexicos Oil and Gas Industry

Introduction The Mexican revolution that began in 1910 and continued for ten more years had far reaching impacts on all aspects of life of the Mexicans. Several bloody revolutions took place between 1910 and 1920. The peak of these revolutions was in 1917 when Mexican constitution was drafted. Several sections of this constitution shaped a variety of events that took place in post-revolutionary Mexican politics. Article 27 of this constitution was important as it restricted subsoil ownership to the state.Advertising We will write a custom research paper sample on Nationalization of Mexico’s Oil and Gas Industry specifically for you for only $16.05 $11/page Learn More In this paper, I will focus on the Mexican revolution and especially on the events leading to the creation of constitution of 1917. The paper will also look at nationalization of the Mexican oil industry and the events that preceded the expropriation foreign oil company property in Me xico. The Mexican revolution of 1910-1920 The Mexican revolution of 1910-1920 rose following mounting discontent of President Porfilio Diaz’s government. Diaz rose into power through what he claimed as liberalizing movement whose motto was â€Å"effective suffrage, no reelection†. However, he remained in power for thirty four more years disregarding the no-reelection pledge (Joel 2001, 541). This revolution that began in 1910 was a bitter and a bloody war that involved a variety of armies seeking the control of Mexico in a period of ten years. By this year, Mexico had been under the rule of Porfirio Diaz who had overthrown French installed emperor Maximillan. Diaz ruled Mexico in a dictatorial fashion from 1876 up to 1911 when he was overthrown by Madero. During his rule, the economy of Mexico prospered at the expense of the peasants and the working class whose living conditions continued to worsen significantly. Workers were paid lowly while majority of Mexican wealth was in the hands of ruling families; an insignificant proportion of the population. As a result of these injustices, liberal opposition began to take root to challenge the dictatorial rule of Diaz. This opposition was led by Madero who challenged Diaz while still in prison under the support of anti-Diaz rebel. When he was released from behind the bars, Madero fled to USA from where he emerged in 1910 to start a rebellion. The result was a long protracted struggle that tore Mexico apart and untold suffering to the ordinary Mexican citizens (Walsh Quesada 2006, 5). Madero, together with Pancho villa and Pascual Oroczo forced Diaz and his deputy to resign in mid-1911. Rather than take the presidency, Madero allowed for an interim president while he run for election in late 1911. When Madero ascended to power, he continuously faced opposition from former friends of Diaz and radical revolutionists led by Zapata whose interests were in land reforms and other policies. On February 18, 19 13, Madero was overthrown and murdered by Victoriano Huerta (Camp 2011, 84).[1]Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More The constitution of 1917 The death of Madero set in place a radical phase of Mexican revolution that occurred between 1913 and 1916. The revolutionary principles of this period became incorporated into the constitution of 1917. Article 27 of the constitution has remained the most crucial aspect to dat. The first paragraph of this article granted the nation the power to expropriate property for the sake of public rights and equitable distribution of resources. Paragraphs four and five also grant the nation full ownership of all resources in the subsoil. The distrust shown towards the US by Mexican nationalistic emerged from the US ambassador allowing Madero to be overthrown and killed. Venustiano Carranza ascended to the throne in 1916 and was himself succeeded by Gene ral Alvaro Obregon in 1924 (Gordon 1 1965, 34). Constitutional amendment of 1928 Political ambitions and the desire to run for a second term in office made Obregon to amend the constitution in order to allow nonconsecutive reelection. Although Obregon went ahead to win the reelection, he was assassinated before being sworn in. what followed was a series of important political changes that have lasted to date. Lazaro Cardenas Lazaro Cardenas was born in Michoacà ¡n in 1895. With the support of the constitutionalists, Cà ¡rdenas joined the Mexican revolution as a captain in 1913 at the age of 18. He participated in numerous other battles such as those fought against Zapata and Villa. Cardenas served under General Plutarco Elias Calles. Cardenas went ahead to support the government against the army rebellion of 1923 and 1929. He was also engaged on the government’s side against Cristello rebellion of 1928. By 1928, Cardenas had reached the rank of divisional general. Cardenas went ahead to serve as a governor, president of the National Revolutionary Party (PNR), and secretary of national defense. He resigned as the secretary of the National defense in 1934 to serve as NPR’s flag bearer for presidency (Camp 2011, 100). When Calles influenced the decision to choose Cardenas as the party’s flag bearer, he believed that he would be the power behind the throne. However, Cardenas applied his political skills to outmaneuver the ex-president and forcefully exiled him to the US in 1935. He believed that president could only have control over the political system only when they were in power but not afterwards. This was the first major political principle introduced by Cardenas in the politics of Mexico. His second major contribution was in the development of some crucial features of the NPR and the relationship between corporatist structure and occupational groups. These relationships included those between organized labor, peasant organizations and NPR. Cardenas recognized huge labor confederations formed a section of his party and therefore required approval from the state.Advertising We will write a custom research paper sample on Nationalization of Mexico’s Oil and Gas Industry specifically for you for only $16.05 $11/page Learn More On private sector, the president required firms of a certain size to business organizations started by the state while at the same time excluding them from NPR. This moves created official channels through which communication between the state and large economic and political actors was enhanced (Philip 1982, 172). Cardenas also changed the socio-economic tone of his government so as to show favor to the interests of the working class. He handed them land and encouraged those with various discontentment to air them through legal strikes. All this changes especially on the corporatist linkages was the foundation of a more powerful, centralized authoritarian state. Cardenas and nationalization of Mexican oil The Mexican oil expropriation had far reaching impacts on both the international oil industry and the Mexican revolution. Cardenas presidency is credited for having institutionalized the revolution as he sought support from beyond the elite friends as Carranza had done. This was evidenced by his incorporation of the working class and the peasants into his party. On 18th March, 1938, Cà ¡rdenas nationalized the oil industry. The nationalization was a sign of a dramatic affirmation of the economic independence of Mexico from leading oil companies and their governments, a move widely supported by majority of Mexicans. Cardenas’ motives for nationalization of Mexican oil are shrouded in mystery. A similar mystery surrounds his relationships with key political insiders (Philip 1982, 201). Implications of the constitution on Mexican oil It is most likely that Cardenas nationalization of Mexican oil emanated from his political elit es rather than from diffuse popular pressure like many would like to assert. Article 27 of the constitution framed in 1927 claimed that Mexican subsoil was a property of the nation. This might have yielded the eventual expropriation. But oil nationalization was not all that popular during the revolutionary period. The nationalization could only have come from a small group whose tenuous roots were in the mass of the population. It is crucial to understand that Mexico was highly classed, fragmented and disunited to produce a very successful nationalism. The nationalism witnessed during the revolutionary period had a highly conservative tone. If such a thing occurred, then it probably arose from the military nationalism. Military nationalism was encrusted in the urban middle-class sectors and was represented by the carrancism. This nationalism motivated the attacks directed towards the porfirian political system. The porifirian political system had been entrusted by earlier regimes to the development and management of economy and foreign capital (Santiago 2006, 117).Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is rational to argue that those involved in preparation of Mexican constitution were non-other than the military officers who had served under Carranza during the fight that was still going on. These military officers were somehow irritated the intervention of the US in their revolution. Just like Carranza, these military officers laid the blame on the oil companies (Santiago 2006, 118). It is most probable that the oil companies did find it worthwhile to finance to some extent various rebel groups in their bid to control oil producing areas. This was viewed by non-financed factions as a form of political commitment by the oil companies. Although such claims may appear ambiguous, such a form of contribution could not be averted except by abandonment of properties; a highly unlikely thing for oil companies. This involvement by the oil companies was further evidenced by their claim for a legal position. If this was respected, then these would have given them entrenched rights free from policies of the post-revolutionary government. Based on these claims, Carranza viewed the presence of these oil companies as permanent threat to his government. His arguments were that through the oil companies, North American interests would be in operation in Mexico. He rationalized that by losing the regimes that had supported them; these companies had played a critical role in opposing the revolution and were now seeking the intervention of their governments against nationalization. Carranza was determined to show that Mexico was free to repel or modify its laws with or without being retrospect. He was determined to prove that foreign interests ought to accommodate their activities with ‘our laws’ rather than use the influence of their own governments to force Mexico to accede to legislation convenient to them (Kirkwood 2000, 122). The oil companies reluctantly agreed to Carranza’s proposals and remained intransigent. Consequently, these proposals were m ade part of the Mexican constitution of 1917. Ever since its inclusion, not a single president before Cà ¡rdenas attempted to confront the oil companies. Only Carranza himself had come to that brink. Although these companies were very strong and were backed by Washington, it is also important to mention that successive Mexican government were in weak position and thus unwilling to confront America (Philip 204). The weakness was chiefly caused by the constant internal warfare that characterized Mexico during the 1910-1920 period and three other major uprisings against the government that occurred in 1920s. As a result, Mexican governments were supported by Washington during this period in the maintenance of domestic stability (Philip 1982, 124). In 1919, attempts by Carranza to translate article 27 of the constitution into law faced severe opposition from these companies and the US forcing him to draw back. However, Carranza was overthrown by Obregon who showed less interest in the issue. Towards the end of 1924 when General Elias Calles ascended into power, he showed a determination to radicalize NPR in a bid to build power to silence Obregon and reduce any forthcoming independent political mobilization. Calles, whose main initiatives appeared elsewhere, hastily persuaded the congress to make article 27 of the constitution into law. In December 1925, Calles approved the new law. This law required the companies to seek confirmation of their holdings in Mexico which were to be handed over to the government after some time.[2] In addition to this, the companies were prohibited against seeking foreign intervention in case of a dispute between them and the government of Mexico. The government of Washington and the companies considered this law unacceptable. After Calles, all other succeeding presidents-Portes Gil, Ortiz Rubio, and Rodriguez were revolutionary leaders with the exception of Portes Gil who was congressionally appointed (Philip 1982, 204). By early 19 30s, it had become evident that oil companies were shifting they focus to lower cost Venezuela. This was mainly because Mexican oil production had nosedived after 1926 despite continued foreign investment. By mid-1931, Mexican oil exports had reached a record low and its importance effectively lost from the international arena. Mexican oiling areas had been extensively damaged by the drilling activities of the oil companies. The economic expectation from foreign oil companies’ economic advantages dwindled significantly among Mexican officials. The oil companies were continuously seen as enriching their home countries at the expense of Mexico. The companies were considered as holding Mexico purely as a reserve area which was held back in the interests of the international oil markets stability (Stacy 1981, 4). The question of labor relations also emerged in the wake of early 1930s. The Mexican oil workers were initially recruited through subcontractors whom the state held resp onsible for the workers. Therefore, the first struggle by the oil workers was to form trade unions and to strike. These demands were constantly denied making labor relations primitive and violent (Brenner, 1971, 34). Calles regime was the first to initiate a state oil company. The national railway was given the right to explore possible oilfields[3] close enough to the railway line. The regime went ahead to create a special agency for the oil industry. In 1934, Petromex was instituted to develop potentially oil-rich areas under government’s hands. The main goal of petromex was to supply domestic market with cheap oil. Later in 1934, wages in the oil industry were raised. Foreign oil companies in retaliation increased the prices of oil. Local dailies then worked up violent agitation by accusing the oil companies of exploiting local consumers for the benefit of overseas shareholders. In a sequence of events, bus and taxi drivers went on a strike (Gonzales 2002, 66). From these developments, it is clear that when Cà ¡rdenas nationalized the oil industry, he only harnessed rather than created the hostility to the oil companies. But it is also true that he had a personal commitment to initiating state control in the oil industry. While giving his first report to the congress at the beginning of his presidency, Cà ¡rdenas promised that his regime would intervene to bring balance in the economy of the oil industry. He promised to helpMexico reap benefits from its oil resources which had been for a long time extracted by the companies. In the same report, the president elect promised the public that he would enact laws that were to give Mexico sufficient powers to control the development of the oil industry (Gonzales 2002, 67). President Cà ¡rdenas lamented the petroleum law of 1925 that appeared not to comply with article 27 of the constitution. It apparent that Cà ¡rdenas was interested in a direct control by the state of the oil resources and would have stopped at nothing to see the oil companies kicked out. There appears that there were certain influences by factions and tendencies within Cà ¡rdenas administration that slowed down his independent preferences. There is also a likelihood that certain unforeseen circumstances which he could not control slowed him down. Other key player in Cà ¡rdenas administration such as general Mugica and Lombardo Toledano were more radical in the oil related matters than Cà ¡rdenashimself. Particularly, Mugica was violently opposed to all the oil companies (Jowett Quesda 2006, 6). A more moderate wing in the government appears to have existed that urged Cà ¡rdenas to use a more moderate and gradual policies but which will ultimately lead to expropriation. A variety of unforeseen and conjectural factors were vital in the determination of the process of expropriation. Prominent among these was the mobilization of the oil workers. Under LombardoToledano, the more than 10,000 oil workers in 19 dif ferent trade unions as of 1934 were brought under one trade union. Although the initial aim of consolidating all the trade unions was for them to rally behind Cà ¡rdenas in the fight with Calles, the union continued to be important during Cà ¡rdenas rule (Jowett Quesda 2002, 7). In July 1936, constituent labor unions met in Mexico City with the aim of drawing up the demands of collective labor contract. Although the oil companies welcomed the move, they felt that the demands were excessive. This was what Cà ¡rdenas government had planned; that the wage be set very high, not to bring equilibrium to demand and supply, but rather to echo the capacity of the oil companies to pay. In an earlier speech, Cà ¡rdenas had asserted that if the entrepreneurs failed to maintain their businesses in the wake of labor militancy, the Mexican government was more than willing to do this on their behalf (Joel 2001). Moves towards confrontation In 1937, pressure on the oil companies continued to mou nt. At the beginning of the year, a draft bill was leaked to the press that revealed the government’s proposal to replace petromex with a government petroleum corporation that would take total control of the entire oil industry. The draft further revealed that being purely government owned, the corporation would be exempted from all forms of taxes and thus be able to compete with the companies in domestic market. This move was likely to drive several oil companies out of business as they sold all their output in the local market.[4] At the same time that the dossier was leaked, there were reports that the government was considering to further tax the oil companies. This law was considered unfair to the companies while at the same time Cà ¡rdenas refuted that no harm was being done to foreign capital as the regimes decision could not result in confiscation of properties (Meyer 1977, 143). [5] In May 1937, the oil companies offered 14m pesos against the 65m demanded by the wor kers. This led to a general strike that occurred at the end of May. The workers almost immediately, called on their government for arbitration. The government responded by constituting a commission of experts. This committee included Silva Hertzog, a famous oil nationalist, which demonstrated that Cà ¡rdenas was looking forward to a report that would prove unacceptable to the companies. Like was expected, the report made by the commission was provided an enormous accusation of the oil companies. The report concluded that major companies in the oil industry were foreign and that they had never at any time been connected to Mexico and thus their interests were largely foreign. It was reported that oil interests had in many times resulted in political influence both within and outside Mexico. These and many other points were challenged by the companies (Hart 1987, 549). Among the proposals made by the commission was the inclusion of the government as an equal partner in the oil indust ry; a proposal which was rejected. Interestingly, in 1936 and 1937, it was the government which was pushing for nationalization, however, in 1937/1938, the companies took a more aggressive stance. They determined to prove that the government could not handle the economic consequences of expropriation and could not also make proper use of the expropriated assets. By the end of 1937, Cà ¡rdenas’ determination for nationalization appeared to have withered down as he sought agreement with the companies (Rippy 1972, 66).[6] The expropriation When it appeared that the companies, not the president, were seeking confrontation, Cà ¡rdenas had no choice as evidenced in a speech he made on 24th, February, 1938. He accused the companies of abruptly repatriating funds and carrying out a publicity campaign to cause havoc among the businessmen. Apparent in his speech was the fact that these companies had once again raised the question concerning the sovereignty of Mexico (camp 2011, 128). Oil companies seems to have underestimated the importance of economic factors and instead concentrated on political factors because, although the Mexican economy was in chaos, Cardenas was popular and the length of time it had taken to nationalize the industry made it politically safe. When the move was made by the president, not a single soul opened his mouth. No one was there to save the companies and nothing less of a military invasion would have given them protection. The government of Cardenas received massive support never again witnessed in history (Philip 1982, 154). The government took full control of the industry as the public had remained reluctant to take up their half cake in such a risky industry. It can be argued that the oil companies led to their own death. Their ignorance was largely legendary and their loss of position was inevitable after USA became less willing to defend them every time they felt vulnerable. Their eventual stubbornness only worked to quicken na tionalization which was already in place. They never showed any willingness to respect Mexican sovereignty. There is not a single government that would stand international and diplomatic intervention in its attempts to alter regulations concerning her oil industry. To assert that the government of Cà ¡rdenas expropriated the oil companies not necessarily because it preferred confrontation to bargaining, but due to the fact that proper bargaining relationship did not exist would not be an understatement. PEMEX petroleum is born Nationalization meant that the government had the monopoly in exploration, production, refining, and distribution of oil and natural gas and other products. Oil companies pressed the US government to embargo imports from Mexico in a move that would discourage other states from following in its footsteps. In 1943, the Mexican government agreed to compensate oil companies with US$24m which was only a fraction of the book value of their expropriated assets. On t he other hand, Mexico was denied foreign capital and expertise for some time but the oil industry expanded at an alarming rate. Between 1938 and 1971, the oil industry grew at an annual rate of 6% with production increasing from a mere 44 million barrels in 1938 to 78 million barrels in 1951. By 1971, the production had risen to 177million barrels with domestic consumption exceeding production. Pemex continued exploring for oil and in 1975, production once again exceeded production. The trend has continued with new plans being put in place to increase petroleum exports, enhance competitiveness and increase regional development. Oil companies affected by the expropriation The decree of March 18, 1938 did not affect all the foreign oil companies in the in Mexico. Companies not involved in the labor difficulties were left to continue with business. The major companies expropriated included Mexican gulf, New England, International, transcontinental, and globe petroleum. In total, there were at least forty companies whose properties were expropriated (Gordon 2 1941 45). Although some companies were not expropriated, they still suffered as some were engaged in production and would sell the oil to bigger companies who transported and refined on their behalf. Following this dramatic move, these small companies had to cut down on production and only hoped that conditions would change for better. The Mexican gulf was among the unaffected companies which had the largest production. This company was also a big company in the US and did not have to sell oil to the expropriated companies. The reason Mexican gulf was not expropriated remains a mystery to date (Gordon 1941, 96).[7] Although Mexico handled the expropriation successfully than predicted, the main moral justification for expropriation never emerged. The government seems to have wanted larger profits more quickly than the companies could afford( BridRos 2009, 89). In the past three years oil production in Mexico h as plummeted twenty percent due to a lack of funding for drilling costs. The Mexican government is in so much debt they cannot afford to access the reserves that are under them and are too hard headed to allow foreign investors to drill. The current President of Mexico is Felipe Calderon and he realizes the problem Mexico is facing and tried to allow private businesses to develop refineries and pipelines in Mexico because that is one of the most expensive parts of the oil business. The Mexican Congress denied this proposal by President Calderon and they are still facing a major dilemma. Many foreign powerhouse oil companies such as BP, Conoco Phillips, Shell, Exxon Mobil, and others have tried to lobby for the rights to drill offshore in Mexico but the nationalists in Mexico won’t allow it. This problem is going to continue for Mexico until they finally extend basic mineral property rights to the citizens of Mexico. This will allow for private industries to get in on this mas sive oil reserve and not only help the Mexican economy but also help the global economy. But as of right now the Mexican government is holding a monopoly on the eighth largest oil reserve in the world and can’t even afford to tap into it. Conclusion A variety of reasons led to the rise of the Mexican revolution of 1910-20. The period witnessed several bloody revolutions that led to great loss of life and property. The promulgation of the constitution of 1917 had a large impact on the future of Mexico. The rise into power of Cardenas Lazaro marked yet another milestone in the history of Mexico. Cardenas finally expropriated foreign oil companies and nationalized the oil industry. The oil industry witnessed rapid growth in the initial years but the sailing has not been smooth al the way. Bibliography Brid, Juan Carlos, and Jaime Ros. Development and growth in the Mexican economy: a historical perspective. New York, NY: Oxford University Press, 2009. Brenner, Anita. The wind tha t swept Mexico.Texas: University of Texas Press, 1971. Camp, Roderic. Mexico: What Everyone Needs To Know? New York, NY: Oxford University Press, 2011. GORDON, Wendell Chaffee. The Expropriation of Foreign-Owned Property in Mexico. By Wendell C. Gordon, etc. Mexico City: Ayer Publishing, 1941, 1941. Gonzales, Michael. The Mexican Revolution, 1910-1940. Albuquerque: University of New Mexico Press, 2002. Gordon, Wendell Chaffee. The political economy of Latin America. New York: Columbia University Press, 1965. Hart, John. Revolutionary Mexico: the coming and process of the Mexican Revolution. Berkeley: University of California Press, 1987. Jowett, Philip S., and Alejandro, Quesada. The Mexican Revolution, 1910-20. Oxford: Osprey, 2006. Kirkwood, Burton. The History of Mexico. Westport, Conn.: Greenwood Press, 2000. Krieger, Joel. The Oxford Companion to Politics of the World. 2nd ed. Oxford: Oxford University Press, 2001. Meyer, Lorenzo. Mexico and the United States in the Oil Controv ersy, 1917-1942. Austin: University of Texas Press, 1977. Philip, George. Oil and Politics in Latin America: Nationalist Movements and State Companies. Cambridge: Cambridge University Press, 1982. Rippy, Merrill. Oil and the Mexican Revolution. Leiden: Brill, 1972. Santiago, Myrna. The Ecology of Oil: Environment, Labor, and the Mexican Revolution, 1900-1938. Cambridge: Cambridge University Press, 2006. Stacy, Lee. Mexico and the United States. Englewood Cliffs, N.J.: Prentice-Hall, 1981. Footnotes Huerta was a seasoned career soldier Originally, this would have been after 50 years from the beginning of their operation. Oil was later found here The government’s reaction to this leak was halfhearted. Although these plans were not really implemented, foreign companies nonetheless felt an isolated lot He also softened his stance in other areas It is assumed that workers were given better pay This research paper on Nationalization of Mexico’s Oil and Gas Industry was written and submitted by user Gaige Winters 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.