Fuel prices remain high because of the United State's energy policy Research Paper

Fuel prices remain high because of the United State's energy policy - Research Paper Example In 1970s and 1980s renewable energy was called alternative energy because it was the best alternative for nuclear power and fossil fuel. There are different sources of energy. Firstly, I would like to discuss renewable energy that can be extracted from natural resources. Types of renewable energy are wind, solar, hydroelectric, biomass, geothermal and tidal energy. Then we also have fossil fuel sources extracted from coal or hydrocarbon, which are the remains of decomposition of animals and plants. There are three types of Fossil fuels: coal petroleum, natural gas and liquefied petroleum gas (LPG). Third one is Nuclear power based on fission and fusion. The US is second largest energy consumer in world.  The US is seventh country in the world in terms of consumption of energy per capita. We know that in 20th century, after coming out of isolation US played a major role in the world socially, politically and economically. Every event or crisis in US has its own historical background; nothing happens within some days or months. Same is the case of fuel price, which is one of the biggest issues in the US now days. US was an agrarian state in 18th century but industrial revolution brought changes in the energy requirements and its production ways. At that time major source was coal to produce energy till 20th century then it took drastic change during WWII era. Petroleum and natural gas attracted the attention of US energy production sectors in 1950s. †Following  World War II, oil heating boilers took over from coal burners along the Eastern Seaboard;  diesel locomotives  took over from coal-fired  steam engines  under dieselization; oil-fired electricity plants were built; petroleum-burning buses replaced electric  streetcars  in a GM driven conspiracy, for which they were found guilty, and citizens bought gasoline powered cars.  Highways helped make cars the major means of

Technical Efficiency of China's Banking Industry Literature review

Technical Efficiency of China's Banking Industry - Literature review Example Nonetheless, most economies have been able to exhibit resilience and remained stronger. Economic turbulences and dynamisms have affected different industries within various global economies. China’s banking industry has not been spared from such turbulences and dynamisms hence the need to analyze its technical efficiency. The following chapter provides a chronological description and critique of relevant theories in respect to technical efficiency within China’s banking industry. The chronological description and critical review entails empirical papers linked to the concept of the study. Different theories of efficiency with respect to technical efficiency are discussed within this chapter. 2.2 Overview of China’s Banking Industry China has being operating economic and financial system on the basis of social principles until 1978. Amazingly, the People’s Bank of China (PBC) had for a long time been in-charge of issuing currencies as well as being the fina ncial hub of all the economic plans of China. After 1978, China realized the need for serious economic and financial reforms. The objective of such reforms was to increase economic and technical efficiency of financial and economic sectors within the country (Jiang, 2001). Jiang (2001) adds that China aimed at enhancing resource allocation through such reforms. Albeit gradual, serious reforms were carried out in major sectors of the economy, banking being the main recipient (Adams, Berger, & Sickles, 1999). China decided effect the reforms in two main stages; from 1979 to 1992 and from 1993 to the present time. The first stage was characterized by development of two tier banking systems; People’s Bank of China (Central Bank) and four state-owned banks that included Bank of China (BOC), China Construction Bank (CCB), Agricultural Bank of China (ABC), and Commercial Bank of China (CBC). Despite high degrees of functional segmentations, these banks were permitted to accept depos its and offer credit facilities to households and corporate organizations by 1985 (China Daily, 2006). The first stage formed the basis of further reforms, which was characterized with development of small and medium sized commercial banks. The main reason for allowing entrance of commercial banks within Chinese banking system was to enhance competition, which was aimed at providing high quality and differentiated services and products (Jiang, 2001). Examples of small and medium commercial banks created during this period included CITI Industrial Bank, Guangdong Development Banks (GDB), China Merchants Bank (CMB), Hua Xia Bank (HXB), and China Everbright Bank (CEB) (China Daily, 2006). Notably, most of these commercial banks were joint-stock owned unlike the previously mentioned state-owned. The second stage, which was flagged off by State Council in 1993 saw various decisions made within the financial system reforms (Leigh and Podpiera, 2006). In this stage, the main aim was to enh ance c