“Man can be destroyed but not defeat”. Discussion in relation to “the Old man and the sea”

The book “The Old Man and the Sea” was written by Hemingway in 1951. Just as Hemingway himself said, the work is the best one he ever wrote in his life. The book was so successful that it enabled Hemingway to win the Nobel Prize for Literature in 1954.

First the famous words in Hemingway's books “A man can be destroyed but not defeated". It had to do with the persistence of a man in achieving what he wanted to get done inspite of all adversities, taunts and hardships to turn defeat into victory, thereby showing the triumph of human spirit to overcome life's problems and take control over one self-turning that into a victory.

The story of is quite simple: and Cuban fisherman finally fished a very big marlin after eighty four days’ taking no fish, but the fish was too big, the old man spent three days conquering the marlin. However, on his way home, he and the big fish were attacked by a lot of sharks. At last, when he came back, only the head, tail and vertebra of the fish remained.

Othello: A Tragic Hero

A tragic hero is a person who initially is well-respected and holds a high esteem within society. They are of high moral worth and are highly ambitious in what they set out to achieve. A single mistake or character flaw can, however, bring them to ruin, with a loss of everything that they possess. 

In the discussion of whether Othello fits the role of a tragic hero, the following concepts need to be considered. Firstly, as befitting a tragic hero, Othello holds an important role. He is well-respected and admired by all. Othello is a noble hero; he is held in high regard by Venetian society. 

Secondly, through a character flaw and the added complication of external forces working against him, he suffers a dramatic fall from grace. He loses all that he held dear- his wife, his status, his position, and the respect held by others of him.

Othello's Jelousy

Othello is a tragedy written by the famous playwright, William Shakespeare. Othello is an African general of Venice, he promotes Michael Cassio to the position of lieutenant and Iago is extremely jealous. Iago begins an evil scheme against Othello and manipulates him into thinking Desdemona is cheating on him. Othello returns to the castle and kills his innocent wife. A tragedy is a literary work in which the main character meets a sad or devastating ending. In Elizabethan dramas, the basis of tragedy is usually a lethal imperfection in the hero’s personality. Othello’s character flaw is his irrational jealousy because it leads him to believe Iago’s lies without actual proof and he goes as far as killing his innocent wife.

Introduction to Foreign Trade and Economic Development

Ø Foreign Trade Plays a vital role in the economic development of a country.

Ø When a country specializes in the production of those goods which it can produce cheaper and import those goods which others can produce reat a lower cost, it gains from trade and there is increase in national income.

Ø The classical and neo- classical economists believe that international trade contributes greatly to the economic growth of the country.

Ø Robertson calls external trade as an “Engine of Growth”.

Ø Enables under developed countries to obtain raw materials, plant, machinery, and equipment, technical know-how.

Ø Economists also hold that foreign trade hinders the development of underdeveloped countries.

Ø Historically it has resulted in the exploitation of under developed countries.

Ø Helps the development of an underdevelopment of an underdeveloped economy by expanding productive capacity.

Ø Speeds up economic development of underdeveloped countries.

Ø Provides necessary infrastructure.

Ø Widens the extent of markets.

Ø Has great educative effect.

Ø Encourages inflow of capital.

Ø Brings efficiency in production.

Ø Enlarges a country’s consumption capacities.

Ø Promotes greater international and domestic equality by equalizing factor prices.

Ø Promotes economic cooperation between countries.

Ø Raul Prebisch, Hans Singer, and Gunar Myrdal who hold the view that foreign trade has hindered rather than helped the economic development of under developed countries.

India's Foreign Trade - Introduction

Before 1947 when India was a colony of the British, the pattern of her foreign trade was typically colonial.

Ø India was a supplier of foodstuffs and raw materials to the industrialized countries particularly England and an importer of manufactured goods.

Ø This did not permit industrialization at home.

Ø As a result of the competition from British manufactures, the indigenous industries suffered a severe blow.

Ø Many developing countries adopted programs of import liberalization and export promotion in the 1960s and achieved remarkable success.

Ø These included Singapore, Hong Kong, South Korea and Taiwan.

Ø The success of these countries has prompted many economists and international agencies to advocate import liberalization and export promotion as a panacea for many economic ills facing developing countries like India.

Ø Acting upon their advice, the Government of India has opted for a policy of trade liberalization in recent years.



Ø Massive trade policy reforms were announced in 1991to open up the economy to foreign trade and to integrate the Indian economy into the global economy in the new international economic order that is

Value of exports and imports in the planning period

Ø The table given below presents information on the value of foreign trade in India over the period of planning in terms of US Dollars. ( US $ million)

Year	Exports	Imports	Trade Balance	Rate of exchange Exports	Rate of exchange Imports
(1)	(2)	(3)	(4)	(5)	(6)
1950-51	1269	1273	-4	24.9	-1.5
1960-61	1346	2353	-1007	0.3	16.7
1970-71	2031	2162	-131	8.8	3.6
1980-81	8446	15869	-7383	6.8	40.2
1990-91	18143	24075	-5932	9.2	13.5
2000-01	44560	50536	-5976	21.0	1.7
2009-10	178751	288373	109621	-3.5	-5.0
2010-11	251136	369769	118633	40.5	28.2

Ø The value of India’s exports and imports has increased considerably over the period of planning.

Ø From 1269 million US $ in 1950-51, exports rose to 2,51,136 million US $ in 2010-11.

Ø Imports during this period rose from 1,273 million US $ to 3,69,769 million US $.

Ø It can also be noted that the country has faced substantial trade deficits during the period of planning.

Ø In fact, the trade balance was positive in only two years during the entire period 1949-50 to 2010-11.

Ø These were the years of 1972-73 and 1976-77 when the country recorded small trade surpluses of 134 million and 77 million respectively.

Ø The year 1990-91 saw a trade deficit of 5,932 million as imports rose by 13.5 per cent against a rise of 9.2 per cent registered by exports over the year 1989-90.

Ø However, strict import restrictions were imposed in 1991-92 which led to a 19.4 per cent reduction in the value of imports and the trade deficit declined to 1,546 million.

Ø This had a decelerating effect on industrial growth.

Ø To reverse this trend, massive import liberalization measures were undertaken in 1992-93.

 The year 2001-02 was bad for exports as they registered a decline by 1.6 per cent due to weakening global demand.

Ø Exports and imports registered a negative rate of growth in 2009-10 as a result of shock from the global economic crisis.

Ø They rebounded by 40.5 per cent and 28.2 per cent respectively in 2010-11.



Ø Trade deficit in 2010-11 touched the highest ever level of 1,18,633 million recorded in the post-independence period.

Composition of India's foreign trade

• By composition of foreign trade, we imply the composition of exports and imports. 
• An examination of the composition of foreign trade enables us to analyse the progress and the rate and speed of structural changes operating in it. 
• If the country in question imports food grains and raw materials but exports finished products, machinery, capital equipment, we can conclude that it has reached a high level of economic development.
• If it exports primary products like jute, raw cotton, sugar, etc., but imports capital equipment and machinery, finished products, etc., we can conclude that the country is underdeveloped one. 
• Before the advent of planning in India, main exports were primary goods like jute, tea, cotton, hides and skins, manganese ore, mica, etc., while manufactured products constituted the bulk of imports. 
• During the planning period, the process industrialization and economic development included a number of changes in the composition of foreign trade.

Composition of imports

In 1947-48, the main items of India’s imports were: machinery of all kinds; oils grains, pulses and flour; cotton, vehicles (excluding locomotives); cutlery, hardware, implements and instruments; chemicals, drugs and medicines; dyes and colors; other yarns and textile fabrics; paper, paper board and stationary; and metals other than iron and steel, etc. 

These imports together constituted more than 70% of all imports. 

The initiation of planning process in the country in 1951-52, more specifically the beginning of the Second Five Year plan in 1956-57 brought about a considerable change in the composition of imports. 

The second plan introduced a program of industrialization with heavy emphasis on the development of capital goods and basic industries. 

As a result, it became necessary to import capital equipment in large quantities. 

After some years, spare parts, materials and machinery had to be imported in substantial quanties to keep the equipment in working order. 

Imports of the country have been divided into four groups: 

1. Food and live animals chiefly for food, 

2. Raw materials and intermediate manufactures, 

3. Capital goods and 

4. Other goods. 

The total imports in 1960-61 were $ 2,353 million of which the share of the above groups was 19.1, 47.0, 31.7 and 2.2 per cent respectively. 

There have been significant changes in the relative importance of these groups over time. 

Important facts regarding the composition of different import items are: 

1. There has been a substantial rise in the import expenditure on POL (petroleum, oil and lubricants). 

POL accounted for only 6.1 per cent of capital expenditure in 1960-61 increased to 41.9 per cent in 1980-81 due to two hikes in oil prices in 1970s – one in 1973-74 and the other one in 1978-79. 

The share of POL imports in total imports expenditure declined considerably to 25 per cent in 1991-92. 

In 2010-1, imports of POL were $ 1,05,964 million which was 28.7 per cent of total import expenditure. 

2. Imports of non-ferrous metals stood at $ 46,677 million which was 12.6 per cent of total import expenditure. 

3. Import expenditure on non-electrical machinery, apparatus and appliances’ was 15.8 per cent in 1970-71. In 1010-11, the share of non-electrical machinery, apparatus and appliances’ in total expenditure was 7.1 per cent. 

4. The imports of pearls, precious and semi-precious stones accounted for 11.3 per cent of import expenditure and occupied second place. In 2010-11, the imports of pearls, precious and semi-precious stones stood at $ 34,620 million which was 9.4 per cent of total import expenditure. 

5. The imports of edible oils accounted for 4.4 per cent of total import expenditure in 1987-88. In 2010-11, imports of edible oils were of $ 6,551 million which was 1.8 per cent. 

6. The imports of iron and steel rose from $ 194 million in 1970-71 to$ 1,178 million in 1990-91. In 2010-11, their share in total import expenditure was 2.8 per cent. 

7. Import expenditure on fertilizers and fertilizer materials increased considerably from $ 113 million in 1970-71 to $ 1,683 million in 1995-96. Its share in total import expenditure stood at 1.9 per cent in 2010-11. 

8. The share of food grains in imports stood at 16 per cent in 19660-61. In 2010-11, imports of food grains were merely $ 119 million.

Composition of exports

 A clear trend over the years has been a decline in the importance of agriculture and allied products and 

 A clear trend over the years has been a decline in the importance of agriculture and allied products and substantial increase in the importance of manufactured products. 

For instance, the share of agriculture and allied products in total products declined considerably from 44.2 per cent in 1960-61 to 99.9 per cent in 2010-11, while that of manufactured products increased from 45.3 per cent to 67.9 per cent over the same period.

This clearly depicts the changing production structure of the economy and the march from an underdeveloped, backward primary goods dependent economy to more vibrant industrial economy.

1. The most important item in 1960-61 was jute and it contributed 21 per cent of our total earnings. Since then its total share has continuously declined to 0.2 per cent in 2010-11.

2. The second most important export item was tea and it contributed 19.3 per cent of total export earnings. Its share has also declined consistently to 0.3 per cent in 2010-11.

3. Consequent upon the programs of industrialization during the planning periods, the exports of engineering goods rose substantially. From $ 46 million in 1960-61 to $ 68,783 million in 2010-11. Their share in India’s export earnings rose from 3.4 per cent in 1960-61 to 27.4 per cent in 2010-11. Thus engineering goods have occupied the first place in India’s export earnings in 2010-11.

4. During recent years, exports of petroleum products have increased significantly. In 2010-11, exports of petroleum products were $42,203 million which was 16.8 per cent of total export earnings and occupied second position in India’s export earnings after engineering goods.

5. Exports of gems and jewelry have recorded a spectacular increase. From $ 59 million in 1970-71, the exports of gems and jewelry rose to $ 36,840 million in 2010-11 and occupied third position in India’s export earnings.

6. The results of industrialization are also expressed through increases in the exports of chemicals and allied products. From $ 39 million in 1970-71, the exports of chemicals and allied products rose to $ 28,984 million in 2010-11 and they contributed 11.5 per cent of total export earnings and occupied fourth place in India’s export earnings.

7. Export of readymade garments has emerged as an important foreign exchange earner in recent years. In 1970-71 export of readymade garments was only $ 2 million. In 2010-11 this had risen to $ 11,196 million which was 4.4 per cent of total exports.

8. Export earnings from cotton yarn, fabrics, etc., stood at $ 5,506 million in 2010-11 which was 2.2 per cent of total export earnings.

9. Export earnings from iron ore increased from $ 1,126 million in 2003-04 to $ 4,701 million in 2010-11 which was 1.9 per cent of total export earnings.

10. Exports of leather and leather manufacturers was $3,768 million in 2010-11. Their share stood at 1.5 per cent in 2010-11.

11. The exports of fish and fish preparations’ stood at $ 2,531 million in 2010-11 which was 1.0 per cent of export earnings.

12. In recent years, substantial quantities of rice have also been exported. In 2010-11, exports of rice stood at $ 2,371 million which was 0.9 per cent of total exports.

Direction of Exports

Ø Important facts regarding India’s country – wise exports are

Ø At the start of planning process in India in 1950-51, the share of UK in India's total exports was as high as 23.3 per cent and came down to 2.8 per cent in 2010-11.

Ø The second position in 1950-51 and 1960-61 was occupied by the USA, its share in India’s exports being 19.3 per cent and 16.0 per cent in these years respectively.

Ø After 1960-61, India’s trading relations with capitalist and communist countries expanded at a very rapid pace.

Ø In 1990-91 USSR with a share of 16.1 per cent in India's export earnings occupied the first position with USA (share 14.7 per cent).

Ø Japan with a 9.3 per cent occupied the third position. The position changed markedly thereafter due to the disintegration of USSR which accounted for only 0.6 per cent of export earnings in 2010-11.

Ø In 2010-11, UAE with a share of 13.0 percent occupied the top position.

Ø It was followed by USA (share 10.1 per cent), China (7.6 per cent), Hong Kong ( 4.5 per cent), Singapore(4.2 per cent), Netherlands(3.0 per cent), UK (2.8 per cent), Germany (2.6 per cent) and Belgium (2.5 per cent ).

Ø In the pre-independence period, the direction of India’s foreign trade was determined not according to the comparative cost advantages of India but the colonial relations between India and Britain.

Ø The combined share of UK and USA in India's export earnings was 42 per cent in 1950-51.

Ø With other capitalist countries like France, Germany, Italy, Japan, etc. India either did not have trade relations at all or they were very insignificant.

Ø The situation has changed very much since, and now after six decades of planning, the trading relations exhibit marked changes.

Direction of Imports

India’s trading partners have been divided into five major groups.

OECD, OPEC, Eastern Europe, Developing Nations and Others.

The importance of OECD as a group declined considerably over the period 1960-61 to 2010-11. The share of this group in India’s import expenditure was 78 per cent in 1960-61 which fell to 29.9 per cent in 2010-11.

The share of this group in India’s import expenditure was 78 per cent in 1960-61 which fell to 29.9 per cent in 2010-11.

The share of the group of oil exporting countries ( OPEC) increased from 4.6 per cent in 1960-61 to 33.8 per cent in 2010-11. one third of total imports are now from OPEC countries.

Due to the set back to communist régimes in this block during the last two decades , the share of Eastern Europe in imports declined considerably and was only 1.6 per cent in 2010-11.

Developing countries have increased their share considerably in India's imports countries. They accounted for 32.7 per cent in 2010-11.

Important facts regarding India’s country wise imports are

In the year 1950-51 the share of UK in India’s imports was 20.8 per cent and that was USA was 18.3 percent.

This reflected colonial heritage of the country.

Within a decade, the picture showing some changes.

New trading partners like West Germany, Canada, USSR emerged.

There was a change in the relative position of UK and USA as well, with the latter pushing down the former to the second place.

During the planning period as a whole, India has obtained maximum imports from USA, the reason being that India has imported large scale quantities of capital goods, intermediate products and food grains from that country.

With the expansion of trading relations with japan, West Germany and USSR., the dependence on UK declined considerably.

The share of UK in India’s imports declined from 19.4 per cent in 1960-61 to 1.4 per cent in 2010-11.

The share of Japan stood at only 2.3 per cent in 2010-11.

Imports from USSR were negligible in 1960-61 and thereafter,, they increased rapidly thanks to bilateral trade agreements with that country.

With the disintegration of USSR, the direction of imports changed considerably.

In 2010-11, China occupied the first position in India’s imports (share 11.4 per cent), followed by UAE (share 8.0 per cent), Switzerland (6.1 per cent), Saudi Arabia (5.7 per cent), USA (5.0 per cent), Germany 93.2 per cent), Iran ( 3.0 per cent) Australia 2.9 per cent) and South Korea (2.8 per cent). 

Balance of payments

The balance of payments of a country is a record of its monetary transactions with other countries of the world during a given period (in a year). 

Presents a classified record of all receipts on account of goods exported, services rendered and capital received by residents, and payments made by them on account of goods imported and services received from, and capital transferred to nonresidents’ or foreigners. 

Balance of payments is a much wider term as compared to balance of payments. 

BOT refers only to merchandise imports and exports. 

BOP refers to all economic transactions with the outside world. 

The BOP of India is classified in to: 

a) Balance of payments on current account, and 

b) Balance of payments on capital account. 

The current account of the balance of payments of India includes: 

i. Visible trade relating to imports and exports; 

ii. Invisible items, viz., receipts and payments for such services as shipping, banking, insurance, travel, etc., and 

iii. Unilateral transfers such as donations. 

The current account shows whether India has favorable balance or deficit balance of payments in any given year. 

The balance of payments on capital account shows the implications of current transactions for the country’s international position. 

The surplus and deficit of the current account are reflected in the capital account, through changes in the foreign exchange reserves of the country, which are an index of the current strength or weakness of a country’s international position, are also included in the capital account.