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SMI and its problems from 1871 to our days

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  1. Introduction
  2. Explanation, in general, the performance of L'Oreal
  3. The value chain
    1. Support Activities
    2. Main activities
  4. The Porter's five forces
    1. The bargaining power of suppliers
    2. The bargaining power of customers and distributors
    3. The rivalry between existing competitors
    4. The threat of new entrants
    5. The threat of substitute products
  5. The key success factors
    1. SBU: Consumer Products
    2. SBU: Professional Products
    3. SBU: Luxury
  6. The competitive position
  7. SWOT model
    1. Diagnosis of internal strengths and weaknesses of L'Oreal
    2. Analysis of opportunities and threats affecting the company
    3. Deepening of the external diagnosis according to the 5 forces of Porter
    4. The main strengths, weaknesses, opportunities and threats
    5. SWOT grid proposals
  8. The Human Resources Department at L'Oreal Description of the organization of the HR function The key points of the HR policy for L'Oreal:
    1. Recruitment
    2. Training
  9. Strategy, culture and fashion animated men
  10. Strategies
    1. A differentiation strategy
    2. A vertical integration strategy
    3. A diversification strategy
  11. The structure
    1. The operational center
    2. The strategic apex
    3. The strategic Technostructure
    4. Logistics support functions
  12. Corporate culture
    1. Different sources of cultures
    2. Culture in the service of the company
    3. Ethics, Values and Principles
    4. Managing Diversity at L'Oréal
  13. The animation of men
    1. The authority
    2. Influence of the orientation leaders
    3. L'Oréal and adhocracy
    4. Background
    5. Description of features of the structure adhocratic found for L'Oreal
  14. Study of the Management Development Center
  15. Strengths and weaknesses of the MDC Latin America
  16. Recommendations
  17. Conclusion

'The United States could not live like it did, over and above its means, and it could not have drained three-quarters of world savings, if it had not possessed base currency (in the composition of central bank reserves, the foreign exchange market, oil, metals, world trade)'. In preparing this report, the Le Monde journalist, Pierre-Antoine Delhommais, illustrates the central feature of the current international monetary system (IMS).

The hegemony of the dollar at one point, that is to say, at the Bretton Woods conference in July 1944, helped make it a reference standard, and to achieve what De Gaulle called 'the exorbitant privilege of America'. For this endpoint of being a dollar king, it is essential to make a return to the origin and the interest that an SMI has, in understanding how the West has gradually shifted from a system where gold was the standard, and currencies were linked by a system of fixed exchange rates that we know today; a dollar that had no value and a flexible system of exchange, two core elements that lead to financial instability of the monetary system, ultimately affecting economic and social development.

This work aims to reconstruct a genealogy of the general monetary system since its inception in 1871 until today. However, some commentators point out that the crisis we face today calls into question the current configuration of SMI. Thus, on 23 March 2009, the Governor of the Central Bank of China, Zhou Xiaochuan, proposed nothing less than to revolutionize the SMI; the dollar no longer fulfills the role that must be met by a global reserve currency. According to the Central Bank, it is necessary to create a new reserve currency that would belong to no country, that is to say a supranational currency, which amounts to reducing the dollar to the state of any other currency, and thus put an end to the American hegemony over the world.

An international monetary system (IMS) is the set of rules to organize and control the exchange rates between countries. What are its usefulness and interest? To the extent that there is no international currency must organize exchanges between currencies to allow trade in goods and services. To this end, member countries of an international monetary system must ensure in advance the external convertibility of their currencies.

This means that any holder of the foreign currency must be able, at any time to exchange freely against other currencies. Thus, an American who owns 100 francs may be able to exchange against the dollar equivalent as soon as it wishes at the Central Bank of the country concerned.

Sometimes convertibility may not be possible - what we call inconvertibility - or limited, this case arises when the exchange can be done to a certain amount or when administrative procedures are complicated and time necessary to obtain the foreign currency conversion. This was the case of European countries after the war and remained so until 1958 or today in many developing countries that lacks sufficient foreign exchange.

However, this principle of external convertibility which makes possible an international monetary system should not lead to confuse the SMI with a currency area. It contains indeed a number of countries accepting the supremacy of a single currency, other currencies of the currency area is defined in relation to the dominant currency. For example, the franc zone that linked France to 14 African countries - those geographic areas are now linked to the euro by a fixed exchange rate system. There are also areas of dollar or sterling.

Tags: International Monetary System (IMS); world currencies; problems of the IMS

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