The 7 Most Common Mistakes made In Affiliate Marketing!

Author: Javed

Everyone has to start somewhere. And, for neophyte Internet marketers, the best place to start may be with affiliate products. Rather than going through the laborious and expensive process of creating your own product (of dubious quality) and then trying to market it to the masses, why not start by finding a product that is well put-together and comes from someone who already has a high degree of credibility? You could save a lot of time, money, frustration, and will power; and you could make money in the process, too—in fact, really, really good money. Many top Internet marketers today still sell affiliate products, even though they make a killing off of their own. Why? Because it’s still fantastic money and little effort is required.

Now, with that said, it’s important to mention that affiliate marketing is no walk in the park, either. It’s certainly easier than pulling off a Jeff Walker-style massive product launch, but, like anything else, there are plenty of pitfalls just waiting to consume you and your money.

What are those Mistakes?

I) Choosing a Bad Product to Promote -

Not all products are created equal. In fact, that is probably the driving motivation behind your decision to sell affiliate products: for the most part, you have accepted that there are plenty of high-quality products already on the market; and, if you create your own, it might not compare favorably. If you decide to pick your product off of a list on Clickbank, select very carefully. Rather than haphazardly selecting the product with the highest commission, look for ones that have the highest popularity and gravity ratings. If a lot of people are buying them often, they must be better than other products for sale within that niche. In addition to picking good products within niches, you will also want to look for good niches. Here’s a stupid tip that will illustrate my point nonetheless: don’t sell garden hoses in the winter. No one will buy. Focus on products that a lot of people want; and if their popularity just surged, now is the best time to get in the market.

II) Picking a Low Converter -

As an affiliate marketer, your goal is to profit from the hard worker others have done; and from the money they have spent on copywriters, product developers, and software. If you select a product that underutilizes these advantages, you are likely to benefit less. Take, for instance, conversion rates. Not all product creators hire a top-notch
copywriter. In fact, many of them just write their own copy. Many also don’t hire someone to do graphs for the sales page. Instead, they try to do their own. The
end result? The page looks hideous, the copy contains major errors, and the product converts poorly. Before you start promoting any particular product, read the sales page carefully and compare it with others. Do you feel compelled to buy? Did the graphics throw you off? Did the copy fail to reel you in for the catch? These can all amount to
fatal errors for both the seller and you. You cannot help the seller at this point, but you can avoid his product and find a better one. Do yourself a favor: choose your products carefully.

III) Selling Lizard Oil for a Lizard Oil Salesman

This pitfall is especially important to avoid if you have a list. All it takes is one erroneous product promotion and you could end up with a mass exodus from your list. Again, don’t make this error.Even though you may be tempted to promote the next “biggest launch,” make sure you don’t buy into just anything. Several marketers have lamented their choices to promote the Rich Jerk’s latest offering after list members complained that his sales page was loaded profanity and sexist comments. Don’t be one of these guys. Make sure you carefully inspect anything before you promote it to your list. Unless you happen to be the Rich Jerk, you probably don’t want people
to think you’re just that—a rich jerk. Additionally, avoid jumping on the affiliate product bandwagon for major promotions. Instead, wait until the buzz dies down slightly; and then release a comprehensive review (something most affiliate marketers do not provide) of the product. This has a much better chance of getting sales for you; and it will also help you to maintain credibility. Last, avoid promoting products that make outrageous and fallacious claims. As Carl Sagan once said “Extraordinary claims require extraordinary evidence.” In most cases, these snake oil peddlers cannot provide you with any extraordinary
evidence, but they do make the claims. Avoid promoting them and becoming associated with them.

IV) Picking Products that Offer Meager Commissions -

If you’re marketing to a list of people, they’re only going to consider so many product offers in a given period of time, so select the ones you promote wisely. If
you promote something that only generates a 25% commission for you, then you’re leaving a lot on the time. In reality, you could probably find a similar
product that offers a 50% or 75% commission. In terms of the actual dollar value of the commission – don’t sweat that as much. While many top name Internet marketers now say that they concentrate on promoting high-ticket items (since only a few sales will generate a lot of money), you can still make a killing selling relatively cheap reports. The rising popularity of the $7 report is testament to this fact. So avoid the cheapo sellers, but don’t worry as much about the price.

V) Failing to Collect Leads -

Always, always, always capture leads. Rather than generating traffic through pay per click, search engine optimization, and other methods and then sending that
traffic to your affiliate link, you should make an effort to convert them into list members first. Why? Two reasons: simple mathematical reasoning and the
collective experience of many marketers. The simple mathematical reasoning goes something like this: virtually everyone who would have purchased the product will opt in to your mailing list. And many who definitely would not have purchased the product will opt in to your mailing list. Instead of converting at a rate of around 1-3% (in affiliate sales), you will convert between 15 and 40% of visitors (to your mailing list). From there, you will get the chance to contact the willing buyers and the more reluctant. Additionally, once they’re on a list, this is no longer a one-off effort. You get the chance to market to them again and again for months or even years. As a marketer, one of the best tools you have available is your list. Always, always, always use your list over the one-off sale.

VI) Ignoring the Importance of Timeliness -

In business in general, the quick often outcompete those endowed with greater resources. Today, Google is no longer a small company with meager revenues, but in the past, it emerged from nowhere to outcompete massively well-endowed rivals; and it did so with cunning. How does this apply to you? Successful affiliate product promotion requires you to do more than simply slap an affiliate link in an email and send it out to a couple thousand people. If you expect them to actually buy, your email should be
newsworthy – not promotional.If you can genuinely write your email as if it were a news announcement, you are
far more likely to draw interest than if you send a link to an Internet marketing ebook that was written in 1998 and wasn’t particularly popular then. You need to find product launches that qualify as an “event.” Find something so big that people follow the event and comment on it. If you can find such a product (say, the iPhone of Internet marketing products), it is critical that you engineer your own build-up and release, centered on the build-up and release of the
product. You will want to make sure that your list members purchase from you, rather than from another list owner. To make it short and sweet: pay attention to the clock and the calendar. If there’s a big launch coming up, you need to capitalize on it quickly. There may not be a second window for opportunity. So take it when you have it.

VII) Ignore Important Numbers -

Many affiliate marketers fail to make many of the small—yet important— calculations needed in order to run a business and ensure you are in profit. For instance, many affiliate marketers will completely ignore the portion Clickbank extracts from each sale. Instead, they’ll simply look at the price and the commission. Additionally, many will ignore conversion rates, pay per click bids, and the amount of time they put into projects. They’ll also fail to make realistic estimates of how much promotional efforts will cost; and how much of a risk they’ll be. They’ll glaze over all of these minor details and devote the majority of their time to daydreaming about the riches they will rake in. Unfortunately, affiliate marketing doesn’t work like that. If you’re paying too much for traffic; if your conversion rates are too low; if you put too much time into projects that don’t have high yields – the outcome is bad. Your numbers won’t add up. At the end of the day, month, or year, you may end up in debt, rather than profit. And since you’re a sole proprietor, not a CEO of a corporation, that means you don’t get paid at all. Even worse, you might lose some of your own money that you worked hard to get.

So how does all of this come together? As you read, there are seven common pitfalls in affiliate marketing. If you fall into them, you affiliate marketing will pu you in debt, rather than making you wealthy.

So how can you avoid these traps, make better decisions, and ultimately become wealthy via affiliate marketing? First, start by selecting products that are actually good. As I mentioned previously, a low demand product will make few sales, no matter how hard you try to promote it. If the demand isn’t there, you can’t create it. Don’t try.

Next, within the niches that are in high demand, look for a product that is actually a winner. Find something that converts very well. You can do this by looking for
high-popularity, high-gravity products on Clickbank. You can also do this by scanning salespages to find ones with extraordinarily compelling copy, good bonuses, and reasonable prices.

In addition to choosing a product that is likely to convert well, you will also want to make sure that the claims are reasonable and that the seller is credible. One
bad product could seriously knock you down a few pegs with your list members. Making a single sale and losing an otherwise repeat-buyer is rarely worth it.

Once you start generating traffic for your affiliate marketing campaigns, remember to drive it to an opt-in form – NOT to your affiliate link. If you send the
person directly to an affiliate link, you are likely to never hear from that person again, whether or not it results in sale. Collecting leads is critically important. If
you fail to do so—as many affiliate marketers do—you are leaving a lot of money on the table relative to the amount you are spending.

Last, do yourself a favor and keep track of conversion rates, bid prices, commission rates, product broker fees, and all the other little numbers that affiliate marketers prefer to ignore. Knowing, understanding, and tweaking these numbers could be the difference between profit and debt. You can ignore them if you want, but doing so will not improve your business.

With all of that said, you’re now ready to take a crack at affiliate marketing. There are a lot of risks involved, but you already know the big seven; avoid these, and you’ll sail through into profit, following the trail of past super affiliates.

About the Author:

Did you find this Article useful? If you did then take a step-by-step video tutorials here!
http://www.MavericMoneyOnline.info

Article Source: ArticlesBase.com - The 7 Most Common Mistakes made In Affiliate Marketing!

You need a marketing plan - period!

Author: Jody Gabourie

No matter what your profession or business, you need a marketing plan! A marketing plan makes your marketing more effective which means your business is more successful.

Most small business owners do not have marketing plans. This means that their marketing tends to be inconsistent, ineffective and inefficient.

Below are all the good reasons you need to have a marketing plan. As you read these reasons, you'll probably think to yourself, "I know this, this is common sense" or "I've heard this before". And you're right, but I would like you to REALLY see yourself and your business enjoying these benefits and reaping these rewards of having a marketing plan - and implementing it.

- easy for you take action

A marketing plan makes it easier to do your marketing because it helps you market consistently. Anything we do on a regular basis becomes much simpler and faster to do. You also get into action because a plan will break your marketing tasks down into smaller steps or chunks. You feel less overwhelmed about tackling each task and therefore, can reduce your procrastination too!

- save you time and money

Taking the time to sit down and create a marketing plan will save you time and money in the long run. That's because you don't have to waste time scrambling around every time you try a new marketing activity - your marketing plan lays out the steps you need to take.

A plan also helps you be more focused which means you work smarter and faster. Being focused also means that you don't get distracted and waste time and money on tactics that seem like a good opportunity but don't really fit your marketing goals outlined in your marketing plan.

- help you keep customers

Because your plan keeps you focused and saves time, you don't have to sacrifice client relationships due to inability to make time to follow-up with customers or create new products and services that would appeal to your clients.

- bring in more prospects and clients

Having a marketing plan ensures that you constantly are attracting new leads and clients, because you're actually marketing your business! There is no way around it - marketing is how you grow your business.

- help you run a successful and profitable business

A marketing plan will give you time, money, freedom and focus - all necessary ingredients to a successful business. It will also save your sanity and reduce your stress - so you can enjoy your work and your business!

About the Author:

Jody Gabourie, The Small Business Marketing Coach, teaches small business owners and entrepreneurs how to take action with their marketing in order to get more results and more profits. To learn all about her unique "done-for-you" ebooks called Ready Made Marketing Plans

Article Source: ArticlesBase.com - You need a marketing plan - period!

Internet Marketing is the Best Way towards Online Success

Author: Rolands Rinkulis

Today becoming an internet marketer is a dream of everyone to earn money and to become successful. We all either want to known as Mr. Internet Marketing like Dave Davis, Matt Cuts etc. Internet Marketing should be your main objective like starting your own online business, cost involved in starting your internet marketing business and the minimum cost involved in it.

Let us compare between an online marketing with the offline (hard core) marketing business. First of all online internet marketing requires less amount to start up your business whereas in offline business it requires lots of money, funds, space, time and all. You need to have 5Ms - men, machine, material, money and methods whereas in internet marketing only hosting cost, one computer or so. It does not require paying salaries to the employees.

Internet Marketing requires specific skills to implement it. If you know the tricks and you need to continuously change your tricks or secrets in the internet marketing. You can earn a lot in less than a year or less than in 6 months whereas in offline business it requires a lot of time to reach your ROI.

Through internet marketing you can reach globally in lesser time. You will get much traffic to your website that leads to higher ranking of your site in search engines.

There are many ways to earn money through online internet marketing and they are as follows.

* Search Engine Optimization - is the process of improving the volume or quality of traffic to a web site from search engines via natural search results.

* Pay Per Click Marketing - It is an internet advertising in which advertisers pay their host only when their ad is clicked.

* Affiliate Marketing - It is an Internet-based marketing practice in which a business rewards one or more affiliates for each visitor or customer brought about by the affiliate's marketing efforts.

* Social Media Optimization - It is a set of methods for generating publicity through social media, online communities and community websites.

* Online Reputation Management - It is the practice of consistent research and analysis of one personal or professional, business or industry reputation as represented by the content across all types of online media.

* WebPR - It is a way in which you can get your message out online. It is used to connect with customers and enhance brand awareness, exposure and SEO (search engine optimisation) efforts using various online channels like article directories, press release sites, industry related sites, online newsrooms, blogs, forums and social media.

* Online Copywriting - It is the use of word to promote person, business, opinion and the idea.

* Web Analytics - It is the measurement, collection, analysis and reporting of internet data for purposes of understanding and optimizing web usage.

* Mobile Marketing - It is also meant to describe marketing on or with a mobile phone. While the Internet and the personal computer have had a profound impact on the world we transact in, it is the mobile phone that presents an exciting opportunity for even more of the world to access the benefits of these inventions. It is easy to learn, handle and to carry with varied features installed in a small instruments.

* Viral Marketing - It is also known as word of mouth marketing which aims to result in a message spreading exponentially.

* E-mail marketing - It is a tool for customer relationship management.

* Online advertising - The main purpose of this is to deliver business messages to attract customers.

These are the various internet marketing methods; if you follow or adopt any one of these you can earn a lot of money. There are various methods and techniques are involved in it. If you learn any of these techniques in detail you can earn a lot of money.

About the Author:

Make a fortune each month online from the comfort of home!
http://www.smartcasc.com/index01Artic.html

Article Source: ArticlesBase.com - Internet Marketing is the Best Way towards Online Success

Rural marketing and its Significance

Author: C.Pavithira

Rural marketing and its Significance

Introduction

Rural marketing involves delivering manufactured or processed inputs or services to rural producers or consumers so as to soak up the huge size of the untapped rural market. In today's congested and difficult markets, both local and global, all FMCG as well as other companies search for new opportunities, consumers and markets. The 800 million potential consumers in rural India presented both an opportunity and a problem, as this market has been characterized by unbalanced growth and infrastructural problems. Thus looking at the opportunities which rural markets offer to the marketers it seems that the future is very promising for those who can understand the dynamics of rural markets and exploit them to their best advantage.

Significance

In recent years, rural markets have acquired significance in countries like China and India, as the overall growth of the economy has resulted into substantial increase in the purchasing power of the rural communities. On account of the green revolution in India, the rural areas are consuming a large quantity of industrial and urban manufactured products. In this context, a special marketing strategy, namely, rural marketing has taken shape. Sometimes, rural marketing is confused with agricultural marketing– the later denotes marketing of produce of the rural areas to the urban consumers or industrial consumers, whereas rural marketing involves delivering manufactured or processed inputs or services to rural producers or consumers. Also, when we consider the scenario of India and China, there is a picture that comes out, huge market for the developed products as well as the labor support. This has led to the change in the mindset of the marketers to move to these parts of the world.

Strategies

Dynamics of rural markets differ from other market types, and similarly rural marketing strategies are also significantly different from the marketing strategies aimed at an urban or industrial consumer. This, along with several other related issues, have been subject matter of intense discussions and debate in countries like India and China and focus of even international symposia organized in these countries.

Rural markets and rural marketing involve a number of strategies, which include:

• Client and location specific promotion
• Joint or cooperative promotion..
• Bundling of inputs
• Management of demand
• Developmental marketing
• Unique selling proposition (USP)
• Extension services
• Business ethics
• Partnership for sustainability

Conclusion

Rural markets, as part of any economy, have untapped potential. There are several difficulties confronting the effort to fully explore rural markets. The concept of rural markets in India, as also in several other countries, like China, is still in evolving shape, and the sector poses a variety of challenges, including understanding the dynamics of the rural markets and strategies to supply and satisfy the rural consumers.

C.Pavithira

M.Phil., (Commerce), Research Scholar

Periyar University, Salem

Ph. 9842550487. Pavithira01@yahoo.co.in

About the Author:

Article Source: ArticlesBase.com - Rural marketing and its Significance

retail marketing in india is in recession

Author: C.Pavithira

Retail Marketing in India is in Recession

The retail market in India is facing slowdown with the ongoing financial crisis happening across the world markets. Since the markets always have internally linked with each other, the impact of the crisis is generally shared among all. The following circumstances are creating unwelcome interruptions to the Indian retail industry. The industry hopes for the best alternations to overcome the acrimonious situations

Markets in recession worldwide and India too:

The current meltdown in the world markets is shaking the globe today. Not even a single country seems to be off the hook. The high level of inflation has been a wet blanket for the global markets. The roots of the world markets are nearly pulled away with the heavy downfall of the American financial giants. Amongst many countries, India too not exempted from the impact of world financial crisis. All this is leading to a temporary recess for the markets from a regular busy schedule. However, these fluctuations are not new for global market. For the decades long, markets, across the world, have been witnessing such ups and downs. But the ultimately fact is that the market growth rate is always constantly high when comparing to such downfalls.

Economic slowdown:

The Financial crisis is adding to the pressure on global economies. The International Monetary Fund (IMF) now sees the world entering a major slowdown. The recovery would depend on three key factors: commodity prices stabilizing, the crisis in the US housing sector bottoming out, and emerging economies providing a source of resilience. But, if the current crisis were to last longer, the emerging economies are more likely to be affected.

The impact on retail industry:

The inflation or the economic slowdown is adversely affecting the retail industry. With the suddenly disturbed economical status, consumers are gradually losing interest on buying. And for the interested, the unbalanced income, followed by the economic slowdown, is not meeting their buying requirements. This evolution had soon disappointed the hopes of retail industry. Anyhow, it’s all a short-term crisis for the retail industry until the things turn around.

Low marketing and advertising budgets will work out:

To rectify the things, right solutions are always excavated. Whether the market growth is slower or faster, its potential should not be left unused. Anyway, new and innovative solutions must be invented to answer the current market slump. Cutting down the marketing and advertising budgets will reduce the financial burden on retailing industry. Marketing and advertising are the supreme factors for the retail industry to penetrate more into retail market. Following innovative marketing and effective advertising at low prices will be a brilliant move for the present day market trends.

Challenge to get more customers at low cost:

In this current meltdown, driving the customers to the retail stores seems high and dry. But, the markets always have the hidden potential despite the slump. Today, the changing market trends demand the retail industry to expand its reach to the more customer touch points so as to drive them to the retail points. ‘Low investments and high returns’ is now made possible with the arrival of technology enabled marketing services. The retail industry should realize that it would be at a fair advantage of including technology enabled marketing services to unfold the immense retailing opportunities.

Present communication channel is ineffective and involves high costs:

The present channel for customer communication is apparently ineffective which the retail industry has been following for the decades. Moreover, it always involves high costs too. The outdated communication channels should be modified according to the changing market trends. Now, an uninterrupted marketing channel, which will be continuously tied to the shoppers, is needed to boost up the retail industry. Going beyond the traditional marketing at low prices will cut down the high costs and brings good returns.

Best alternative is Online branding and marketing through effective presence:

Now it is the time to find the right alternative for the retail industry to bring down the expenses and to move up in the market. With the lacks of online searches, happening daily for the different products, online market is now creating enormous opportunities in retail business. To reach the online shoppers, online retailing is the best alternative solution for the retail industry, through which online branding can be achieved. Online branding and online marketing are the ongoing retail business trends

PAVITHIRA.C

M .PHIL (COMMERCE) RESEARCH SCHOLAR

PERIYAR UNIVERSITY SALEM

About the Author:

Article Source: ArticlesBase.com - retail marketing in india is in recession

Introduction to Marketing

Author: Kiranvoleti

Marketing: Marketing is analyzing and satisfying consumer needs. A strategically planning and executing of a set of objectives to bring buyers and sellers together so that a sale can take place.

3M's are Money, Management, and Marketing

In the 3 M's of Business model Marketing play a key role.

Buying and Selling of and exchange of goods for an agreed amount.

Marketing is the promotion of products or service especially advertising and branding.

The 4 P's of Marketing are

• Product
• Price
• Place
• Promotion

Marketing can be classified as 3C model also

• Customer
• Company
• Competitor

3 conceptions of marketing are

• Production concept
• Selling concept
• Marketing concept

Short Term Factors in Marketing System are

• Product
• Place
• Price
• Promotion

Long Term Factors in Marketing System are

• Technological
• Legal
• Cultural
• Economic

Different Components of a Marketing Plan:

1. Market Research/Analysis
2. Marketing Objectives/Goals
3. Marketing Mix/Strategy
4. Marketing Budget
5. Market Monitoring and Evaluating
6. Plan Check List

Types of Marketing:

• Internet Marketing
• Offline Marketing
• Word of Mouth Marketing
• Guerilla Marketing
• Print Advertising
• Direct Mail
• TV and Radio
• Network Marketing
• Services Marketing
• Evangelism Marketing
• Relationship Marketing
• Experiential Marketing
• Mobile Marketing

New Media marketing types:

• Internet
• Mobile phones
• IPODS
• PDAS

Types of Market Research:

Exploratory Research: Better understanding of the problem dimensions.
Descriptive Research: General understanding of the marketing problem
Causal Research: Used to identify cause-and-effect relationship.

Top Marketing Rules:

• Rules are Meant to be Broken if needed
• Marketing Must Result in Sales and growth
• Be unique
• Keep a deadline

About the Author:

Written by


Internet Marketing Company :
Toputop.com


Internet Marketing |
Branding Agency : Dotndot.com

Article Source: ArticlesBase.com - Introduction to Marketing

Bank Marketing - Never a Full Stop!

Author: P. Pirakatheeswari

Address for Communication:

P. Pirakatheeswari, 2/276, Sevalpatti, Collector Office Post, Virudhunagar – 2.

Cell: 9952836250

E-Mail: prabhasivam_salem@yahoo.co.in

P. PIRAKATHEESWARI,

Lecturer in Commerce,

Sri Sarada College for Women (Autonomous),

Fair lands, Salem – 16.

BANK MARKETING – NEVER A FULL STOP!

Introduction

Indian banking is at cross roads today. With the deregulation and liberalization process in full swing, the consequent policy changes introduced in the Indian financial system in general and banking in particular are effecting unprecedented changes in its functioning. With the emerging changes did spring up new challenges of commercial viability, cost effectiveness, effective marketing strategy, etc. Market oriented policies also gave birth to new players like foreign and private sector banks and subsidiaries offering varied high tech and cost effective Service. There was an absolute shift from sellers into buyers’ market, establishing the ‘consumer’ as the key factor in the market. The dictum “as the bank exists because of its customers, has become more pronounced and relevant in the present context”. Thus, marketing constitutes the key strategy for banks to retain good customers and also anticipate their future demands.

What is Bank Marketing?

Deryk Weyer of Barclays Bank call it “a process, consisting of identifying the most profitable markets now and in future; assessing the present and the future needs of the customers; setting business development goals and making plans to meet them; and managing various services and promoting them to achieve the plans – all in the context of a changing environment in the market”.

Why Bank Marketing?

Awareness among Customers

Modern technology has made customers aware of the developments in the economic environment, which includes the financial system. Financial needs of the customers have grown multifold into various forms like quick cash accessibility, money transfer, asset security, increased return on surplus funds, financial advice, deferred payments etc. With a wide network of branches, even in a dissimilar banking scenario, customers expect the banks to offer a more and better service to match their demands and this has compelled banks to take up marketing in right earnest.

Quality as a Key Factor

With the opening up of the economy, fast change has been experienced in every activity, and banking has been no exemption. Quality is the watchword in the competitive world, which is market driven and banks have had to face up to this emerging scenario. In fact, it may not be out of place to reiterate that quality will in future be the sole determinant of successful banking ventures and marketing has to focus on this most crucial need of the hour.

Growing Competition

Increased completion is being faced by the Indian banking industry from within the system with other agencies both, local and foreign, offering value added services. Competition is no more confined to resource mobilization but also to lending and other areas of banking activity. The foreign commercial bank with their superior technology, speed in operations and imaginative positioning of their services has also provided the necessary impetus to the Indian banks to innovate and complete in the market place.

Technological Advances

Technological innovation has resulted in financial product development especially in the international and investment banking areas. The western experience has demonstrated that technology has not only made execution of work faster but has also resulted in greater availability of manpower for customer contact.

Marketing Approach in Banks

With the need for marketing in banks having evolved out of the changing environment and constant interplay of various interdependent factors, the importance of a systematic approach to marketing cannot be overstressed. The application of a marketing approach in banks will therefore involve:

a. Identifying customers’ financial needs and wants;

b. Developing appropriate banking services to meet these needs;

c. Pricing for the services so developed;

d. Setting up suitable outsells / banks branches;

e. Advertising to promote the services to the existing as well as prospective customers.

Special Features of Bank Marketing

• Banking product cannot be seen or touched like manufactured products (intangibility)
• In marketing banking products, the product and the seller are in separable; they together define the banking product (inseparability)
• Banking products are products and delivered at the same time; they cannot be stored and inspected before delivering’ (perishability)
• Standardization of banking product is difficult (variability)

Conclusion

It is submitted that the banking system is on the threshold of a momentous era of change and continuity in growth and development, of individual customer needs and corporate practices, technology and competitions. The role of marketing in the banking industry continues to change. For many years the primary focus of bank marketing was public returns. Then the focus shifted to advertising and sales promotion. That was followed by a focus on the development of a sales culture. Now the focus is on the individual customer meeting and even anticipating his or needs and developing trusting, long-term relationships by delivering high quality personalized service. Marketing both as a philosophy and an activity; is expected to contribute immensely to the realization of goals both immediate and future. All though all the elements of the marketing concept – customer satisfaction, profit integrated framework and social responsibility must receive the greatest emphasis in the years a head. They must be guided by the dictum of Mahatma Gandhi.

“A customer is the most important visitor in our promises. He is most dependent on us. We are depending on him. He is not an interruption on our work. He is the purpose of it. He is not an outsider on our business. He is part of it. We are not doing him a favour by serving him. He is doing as a favour by giving as an opportunity”.

About the Author:

PIRAKATHEESWARI,
Lecturer in Commerce,
Sri Sarada College for Women (Autonomous),
Fair lands, Salem – 16.

Article Source: ArticlesBase.com - Bank Marketing - Never a Full Stop!

Business Marketing: Revealed, The Shocking 100 Million Dollars
Business Marketing "Secret"

Author: Ikey Benney

This article is about a controversial 100 Million Dollars Secret
Business Marketing Book, written by a little known guy who made
$100,000,000 in 2 yrs by the age of 28 and how you may use the
same nitty-gritty, high octane business marketing "secrets" to
ignite your website sales and get filthy rich.

Do you have a website?

Do you have any business?

Are you currently marketing any product or services online or
offline?

Are you making as much money as you deserve to make?

Are you currently financially secured?

Read on because I have powerful news for you.

Why Your Website Is Not Making Money And How The Nitty-Gritty,
High Octane Business Marketing "Secret" Of A Little Known Guy
Who Made 100 Million Dollars In 2 Yrs By The Age Of 28 Can Help
You Ignite Your Website Sales.

Have you made 100 million dollars in cash from your website or
any business?

If you answer no, you need to hear what I have to say, so pay a
close attention.

Hundreds of millions of people have websites today that are not
making any money for them.

They have tried many different types of business marketing such
as search engine marketing and optimization and web site
promotion, banner ads, FFA ads, e-mail marketing, linking,
e-zine ads and other website promotion, internet marketing,
online promotion, internet promotion, internet marketing online,
web site marketing, direct marketing and website sales promotion
and failed.

Are you one of these people?

Are you doing any business marketing for any product, program or
service?

Have you tried various types of business marketing and failed to
get rich from your product or services?

Would you like to discover the ultimate business marketing
secrets that can help you succeed?

If you answer yes, rejoice because at last, you may now have the
ultimate business marketing solution to this problem.

One business marketing problem that all website owners or
marketers or business owners have in common is the difficulty in
locating the people who are interested in buying their products,
programs and services.

In this article, you'll discover how I stumbled to a powerful
business marketing book that has a solution to this serious
marketing problem.

5 years ago, I stumbled to a very powerful secret way to make
money, known to only millionaires and billionaires.

After testing it, I created a program from it and called it
"Mscsrrr: the millionaire secret cash system, generate $1500
weekly for life".

You may have seen one of my websites on the internet.

I was so excited by this powerful money making "secret" that I
decided to make it available to the public to help others.

But after setting up a website to promote it, I was hit by the
harsh reality of business marketing and internet marketing
online.

I was getting zero traffic! No traffic, no website sales. I was
a failure in all the internet marketing online that I tried:
search engine marketing optimization and sales marketing, banner
ads, FFA ads, e-mail marketing, linking, e-zine ads and other
internet marketing, internet marketing online, online promotion,
website promotion, online marketing, business marketing, direct
marketing, web site marketing and internet marketing solution..

I bought and read many internet marketing e-books from many
internet marketing gurus.

I was making sales but not enough to get rich from! What I mean
by rich is generating $100,000-$1,000,000 in website sales.

For this reason, I embarked on a 1 yr research on internet
marketing online, website promotion, online marketing, business
marketing, direct marketing, web site marketing and internet
marketing solution.

You may have seen any of the several hundreds of my articles on
web site marketing, internet marketing solution, internet
marketing, internet marketing online, online promotion, website
promotion, online marketing, business marketing, direct
marketing and website sales posted at hundreds of thousands of
websites all over the internet.

A week a go, I had some free time, so I decided to continue to
do this online promotion, website promotion, online marketing
business marketing, direct marketing internet marketing,
internet marketing online, web site marketing, internet
marketing solution research.

That was when I stumbled to the most powerful business marketing
"secret" I have ever known during the past 20 yrs.

I discovered a little known guy (VJ) who used this insiders'
ultimate business marketing weapon to rake in 100 million
dollars in 2yrs by the age of 28 yrs!

Not only has this guy (VJ) made 100 million dollars with this
exciting powerful business marketing "secret", but he is crazy
enough to share this sizzling hot business marketing "secret"
with the rest of the world.

After reading his letter, I could not eat or drink or sleep
until I blasted my order out to him.

Within 3 days, he rushed this heavy package containing his
business marketing book to me.

It is as big as the telephone book, very neat, very impressive,
very well written, concise, to the point and over flowing with
fantastic business marketing secrets on how he used this
ultimate business marketing "secret" to create 100 million
dollars fortune in 2 yrs.

Yes, you guessed right. I had to drop everything I was doing to
devour this book.

Usually it takes me forever to read a small book.

But in 2 hrs, I surprised myself by how fast I devoured this 310
paged business marketing book brimming with the most fantastic
secret marketing information I have ever been lucky to find
anywhere.

Inside this magnum opus, nitty-gritty business marketing book,
you'll be amazed to discover the most powerful marketing secrets
and tips on internet marketing solution, online promotion,
website promotion, internet marketing, internet marketing
online, web site marketing, online marketing, business
marketing, direct marketing and website sales, and how the
author used all these business marketing knowledge and skills to
make $100,000,000 in cash in 2ysr!

There are many people who claim to be internet marketing,
internet marketing online, web site marketing, internet
marketing solution, online promotion, website promotion, online
marketing, business marketing, direct marketing gurus (sorry, I
will not name names) or offline marketing gurus.

They are full of talk, talk, and more talks. But little to show
for it.

And they invite you to their seminars and try to charge you
$1000, $2000 or even $5000 for outdated and stale information on
internet marketing, web site marketing, internet marketing
solution, online promotion, website promotion, online marketing,
internet marketing online, business marketing, direct marketing
and website sales.

Most of them are full of fluff. Very cheesy. I know all of them
and may be you do too.

I don't know any of these so called gurus who have personally
made 100 million dollars with his/her online promotion, website
promotion, online marketing business marketing, internet
marketing, internet marketing online, web site marketing,
internet marketing solution, direct marketing and website sales
secrets by the age of 28! (Another Bill Gates in the making?)

I have never thought it wise to pay them $5000 no matter what
internet marketing secret they may have. Perhaps I have been a
fool. Or may be not.

However, what I can tell you is that, at last, I have found a
guy who not only talks the talk, but has walked the walk and
made 100 million dollars cash as proof that he knows what he is
talking about.

What other proof do you need? (As for me, 100 million dollars
proof is good enough for me.)

This is the kind of money that gets my juice flowing real fast.

What about you?

To illustrate to you the power and the genius of this marketing
god, the writer, VJ, the creator of this ultimate business
marketing "secret", here is an excerpt of his letter at his
website, in his own words:

"No matter how hard I tried, it always seemed like I wasn't
going to amount to anything real important in life. And this
really sucked because I had a passion for the finer things. I
wanted the gold Rolex, the sporty Mercedes, and the
Million-Dollar Mega Mansion!

But when I looked in the mirror, I didn't like what I saw. I was
convinced the good life I wanted was just a dream.

But that was all about to change. Seriously- by the time I was
19, I had a brand-new Corvette. At 20, I had 2 brand-new
Mercedes Benz automobiles. And at 21, I was the proud owner of a
Rolls Royce Silver Spur!

By the time I turned 28... I made over $100 Million in gross
sales. I profited over $50 Million. I owned two homes- one of
them was 14,000 square feet and had a seven-car garage, a
billiards room and a resort-style pool with an underwater bar!
And I paid cash for the home!

In my garage, I had a red Lamborghini Diablo, a yellow Ferrari
360 Spider, a white Bentley Arnage Red Label, about 4 Mercedes,
and a 12-passenger Lincoln Town Car Limo!

My checking account had over $10 Million in it. I was earning
$400,000 in pay each and every week. That breaks down to $80,000
a day... or $10,000 an hour! And those figures were if I worked
5 days a week for eight hours a day, which I didn't!

In the year 2002, I made more money than the CEOs of Federal
Express... eBay... Amazon.com... Time Warner... Apple
Computer... McDonalds... Microsoft... Nike... Yahoo... Ford
Motor Company... General Motors... and Goodyear Tire- COMBINED!
Yes-COMBINED.

In the May 12th, 2003 issue, Forbes Magazine listed their top
paid 500 CEOs in America. Of their prominent and prestigious
list of the 500 CEOs, I made more money than 483 of them.

$17,549,000 MORE than the CEO of Starbucks.

$13,030,000 MORE than the CEO of Target.

$17,225,000 MORE than the CEO of Motorola.

Now, this may all seem like I'm some rich (&zxc$3@) bragging
about how rich I am... and you're partly correct. I am bragging!
But more importantly, the reason why I'm telling you about all
this is that this course is about getting rich very quickly. If
the talk of obscene money makes you feel uncomfortable, or even
angers you, maybe you do not really want to be rich.

The reason why I'm telling you about all the toys I had when I
was just 28, is to prove to you that if a guy like me... with a
learning disability... a bad childhood... and no formal
education can get filthy rich by the time I was 28... you can
absolutely follow in my footsteps and build yourself your very
own empire of wealth!"

Even Gary Halbert says, "......believe it or not, much of this
information is so electrifying; it was unknown even to me."

Gary Halbert is recognized all over the world as America's
numero uno marketing authority.

Can you imagine Gary Halbert admitting in writing that VJ's book
and marketing power secrets are electrifying to him? I need not
say more.

So, if you're tired of having websites that are not making any
money or tired of making nickels and dimes and tired of all the
lousy promotional secrets from the so called internet gurus
(that don't work), and you're finally ready to turn over a new
leaf and get serious about creating real wealth from whatever
products, programs or services you currently market, may be you
should consider finding out more about VJ's super secret
business marketing book.

In this unique powerful business marketing book, VJ has been
very kind to reveal so many dynamic business marketing secrets
he used (never before revealed in one book) : the products he
sold to make 100 million dollars in 2 yrs, how he promoted it,
when he promoted it and how you can duplicate his success.

Would you like to know the exact business marketing "secrets" on
how to find hundreds of thousands and even millions of buyers
for your products and services?

Would you like to get your paws on the exact business marketing
"secrets" on how to market any product to hundreds of thousands
and even millions of people who really need them?

Would you love to be a millionaire, the easy way?

If you answer yes, rejoice because VJ's book has the ultimate
business marketing "secret". (http://www.maychic.com/vj )

If you know the business marketing "secret" on how to locate
hundreds of thousands and even millions of people who are hungry
and thirsty for your products and services, you can generate
millions of dollars easily and get rich, like VJ!

Please feel free to copy and use this article at your website,
e-zine or e-mail it to your friends and please retain the
author's resource box below.

Thank you.

Warmly,

Ikey Benney, CEO

About the Author:
To learn more about this powerful ultimate business marketing
secret book, by VJ, that can change your life forever, please go
to: http://www.12-month-millionaire.com?a_aid=982e5bcf

Article Source: ArticlesBase.com - Business Marketing: Revealed, The Shocking 100 Million Dollars
Business Marketing "Secret"

Business Marketing: Discover The 100 Million Dollars Secret
Business Marketing Book

Author: Emey Ikokwu

Do you have a website?

Do you have any business?

Are you currently marketing any product or services online or
offline?

Are you making as much money as you deserve to make?

Are you currently financially secured?

Read on because I have powerful news for you.

Why Your Website Is Not Making Money And How The Nitty-Gritty,
High Octane Business Marketing "Secret" Of A Little Known Guy
Who Made 100 Million Dollars In 2 Yrs By The Age Of 28 Can Help
You Ignite Your Website Sales.

Have you made 100 million dollars in cash from your website or
any business?

If you answer no, you need to hear what I have to say, so pay a
close attention.

Hundreds of millions of people have websites today that are not
making any money for them.

They have tried many different types of business marketing such
as search engine marketing and optimization and web site
promotion, banner ads, FFA ads, e-mail marketing, linking,
e-zine ads and other website promotion, internet marketing,
online promotion, internet promotion, internet marketing online,
web site marketing, direct marketing and website sales promotion
and failed.

Are you one of these people?

Are you doing any business marketing for any product, program or
service?

Have you tried various types of business marketing and failed to
get rich from your product or services?

Would you like to discover the ultimate business marketing
secrets that can help you succeed?

If you answer yes, rejoice because at last, you may now have the
ultimate business marketing solution to this problem.

One business marketing problem that all website owners or
marketers or business owners have in common is the difficulty in
locating the people who are interested in buying their products,
programs and services.

In this article, you'll discover how I stumbled to a powerful
business marketing book that has a solution to this serious
marketing problem.

5 years ago, I stumbled to a very powerful secret way to make
money, known to only millionaires and billionaires.

After testing it, I created a program from it and called it
"Mscsrrr: the millionaire secret cash system, generate $1500
weekly for life".

You may have seen one of my websites on the internet.

I was so excited by this powerful money making "secret" that I
decided to make it available to the public to help others.

But after setting up a website to promote it, I was hit by the
harsh reality of business marketing and internet marketing
online.

I was getting zero traffic! No traffic, no website sales. I was
a failure in all the internet marketing online that I tried:
search engine marketing optimization and sales marketing, banner
ads, FFA ads, e-mail marketing, linking, e-zine ads and other
internet marketing, internet marketing online, online promotion,
website promotion, online marketing, business marketing, direct
marketing, web site marketing and internet marketing solution..

I bought and read many internet marketing e-books from many
internet marketing gurus.

I was making sales but not enough to get rich from! What I mean
by rich is generating $100,000-$1,000,000 in website sales.

For this reason, I embarked on a 1 yr research on internet
marketing online, website promotion, online marketing, business
marketing, direct marketing, web site marketing and internet
marketing solution.

You may have seen any of the several hundreds of my articles on
web site marketing, internet marketing solution, internet
marketing, internet marketing online, online promotion, website
promotion, online marketing, business marketing, direct
marketing and website sales posted at hundreds of thousands of
websites all over the internet.

A week a go, I had some free time, so I decided to continue to
do this online promotion, website promotion, online marketing
business marketing, direct marketing internet marketing,
internet marketing online, web site marketing, internet
marketing solution research.

That was when I stumbled to the most powerful business marketing
"secret" I have ever known during the past 20 yrs.

I discovered a little known guy (VJ) who used this insiders'
ultimate business marketing weapon to rake in 100 million
dollars in 2yrs by the age of 28 yrs!

Not only has this guy (VJ) made 100 million dollars with this
exciting powerful business marketing "secret", but he is crazy
enough to share this sizzling hot business marketing "secret"
with the rest of the world.

After reading his letter, I could not eat or drink or sleep
until I blasted my order out to him.

Within 3 days, he rushed this heavy package containing his
business marketing book to me.

It is as big as the telephone book, very neat, very impressive,
very well written, concise, to the point and over flowing with
fantastic business marketing secrets on how he used this
ultimate business marketing "secret" to create 100 million
dollars fortune in 2 yrs.

Yes, you guessed right. I had to drop everything I was doing to
devour this book.

Usually it takes me forever to read a small book.

But in 2 hrs, I surprised myself by how fast I devoured this 310
paged business marketing book brimming with the most fantastic
secret marketing information I have ever been lucky to find
anywhere.

Inside this magnum opus, nitty-gritty business marketing book,
you'll be amazed to discover the most powerful marketing secrets
and tips on internet marketing solution, online promotion,
website promotion, internet marketing, internet marketing
online, web site marketing, online marketing, business
marketing, direct marketing and website sales, and how the
author used all these business marketing knowledge and skills to
make $100,000,000 in cash in 2ysr!

There are many people who claim to be internet marketing,
internet marketing online, web site marketing, internet
marketing solution, online promotion, website promotion, online
marketing, business marketing, direct marketing gurus (sorry, I
will not name names) or offline marketing gurus.

They are full of talk, talk, and more talks. But little to show
for it.

And they invite you to their seminars and try to charge you
$1000, $2000 or even $5000 for outdated and stale information on
internet marketing, web site marketing, internet marketing
solution, online promotion, website promotion, online marketing,
internet marketing online, business marketing, direct marketing
and website sales.

Most of them are full of fluff. Very cheesy. I know all of them
and may be you do too.

I don't know any of these so called gurus who have personally
made 100 million dollars with his/her online promotion, website
promotion, online marketing business marketing, internet
marketing, internet marketing online, web site marketing,
internet marketing solution, direct marketing and website sales
secrets by the age of 28! (Another Bill Gates in the making?)

I have never thought it wise to pay them $5000 no matter what
internet marketing secret they may have. Perhaps I have been a
fool. Or may be not.

However, what I can tell you is that, at last, I have found a
guy who not only talks the talk, but has walked the walk and
made 100 million dollars cash as proof that he knows what he is
talking about.

What other proof do you need? (As for me, 100 million dollars
proof is good enough for me.)

This is the kind of money that gets my juice flowing real fast.

What about you?

To illustrate to you the power and the genius of this marketing
god, the writer, VJ, the creator of this ultimate business
marketing "secret", here is an excerpt of his letter at his
website, in his own words:

"No matter how hard I tried, it always seemed like I wasn't
going to amount to anything real important in life. And this
really sucked because I had a passion for the finer things. I
wanted the gold Rolex, the sporty Mercedes, and the
Million-Dollar Mega Mansion!

But when I looked in the mirror, I didn't like what I saw. I was
convinced the good life I wanted was just a dream.

But that was all about to change. Seriously- by the time I was
19, I had a brand-new Corvette. At 20, I had 2 brand-new
Mercedes Benz automobiles. And at 21, I was the proud owner of a
Rolls Royce Silver Spur!

By the time I turned 28... I made over $100 Million in gross
sales. I profited over $50 Million. I owned two homes- one of
them was 14,000 square feet and had a seven-car garage, a
billiards room and a resort-style pool with an underwater bar!
And I paid cash for the home!

In my garage, I had a red Lamborghini Diablo, a yellow Ferrari
360 Spider, a white Bentley Arnage Red Label, about 4 Mercedes,
and a 12-passenger Lincoln Town Car Limo!

My checking account had over $10 Million in it. I was earning
$400,000 in pay each and every week. That breaks down to $80,000
a day... or $10,000 an hour! And those figures were if I worked
5 days a week for eight hours a day, which I didn't!

In the year 2002, I made more money than the CEOs of Federal
Express... eBay... Amazon.com... Time Warner... Apple
Computer... McDonalds... Microsoft... Nike... Yahoo... Ford
Motor Company... General Motors... and Goodyear Tire- COMBINED!
Yes-COMBINED.

In the May 12th, 2003 issue, Forbes Magazine listed their top
paid 500 CEOs in America. Of their prominent and prestigious
list of the 500 CEOs, I made more money than 483 of them.

$17,549,000 MORE than the CEO of Starbucks.

$13,030,000 MORE than the CEO of Target.

$17,225,000 MORE than the CEO of Motorola.

Now, this may all seem like I'm some rich (&zxc$3@) bragging
about how rich I am... and you're partly correct. I am bragging!
But more importantly, the reason why I'm telling you about all
this is that this course is about getting rich very quickly. If
the talk of obscene money makes you feel uncomfortable, or even
angers you, maybe you do not really want to be rich.

The reason why I'm telling you about all the toys I had when I
was just 28, is to prove to you that if a guy like me... with a
learning disability... a bad childhood... and no formal
education can get filthy rich by the time I was 28... you can
absolutely follow in my footsteps and build yourself your very
own empire of wealth!"

Even Gary Halbert says, "......believe it or not, much of this
information is so electrifying; it was unknown even to me."

Gary Halbert is recognized all over the world as America's
numero uno marketing authority.

Can you imagine Gary Halbert admitting in writing that VJ's book
and marketing power secrets are electrifying to him? I need not
say more.

So, if you're tired of having websites that are not making any
money or tired of making nickels and dimes and tired of all the
lousy promotional secrets from the so called internet gurus
(that don't work), and you're finally ready to turn over a new
leaf and get serious about creating real wealth from whatever
products, programs or services you currently market, may be you
should consider finding out more about VJ's super secret
business marketing book.

In this unique powerful business marketing book, VJ has been
very kind to reveal so many dynamic business marketing secrets
he used (never before revealed in one book) : the products he
sold to make 100 million dollars in 2 yrs, how he promoted it,
when he promoted it and how you can duplicate his success.

Would you like to know the exact business marketing "secrets" on
how to find hundreds of thousands and even millions of buyers
for your products and services?

Would you like to get your paws on the exact business marketing
"secrets" on how to market any product to hundreds of thousands
and even millions of people who really need them?

Would you love to be a millionaire, the easy way?

If you answer yes, rejoice because VJ's book has the ultimate
business marketing "secret". (http://www.maychic.com/vj )

If you know the business marketing "secret" on how to locate
hundreds of thousands and even millions of people who are hungry
and thirsty for your products and services, you can generate
millions of dollars easily and get rich, like VJ!

Please feel free to copy and use this article at your website,
e-zine or e-mail it to your friends and please retain the
author's resource box below.

Thank you.

Warmly,

Emey Ikokwu, CEO

About the Author:
To learn more about this powerful ultimate marketing secret
book, by VJ, please go to:
http://www.12-month-millionaire.com?a_aid=982e5bcf

Article Source: ArticlesBase.com - Business Marketing: Discover The 100 Million Dollars Secret
Business Marketing Book

The Contribution of the Euro-dollar Market to the Modern Financial World

Author: HITESH PATEL

The Euro-dollar market* had caused many changes to the modern financial world in which, the open competitive effect of the international money market caused the liberalization by almost all industrialized countries of domestic money and banking markets. The market acted as a fully international mechanism for attracting deposits and offering loans, over a broad range of maturities and at highly competitive rates. The first important development of Euro-dollar business came after the Second World War, when Soviet bloc holders of dollar balances wanted to keep them in a form not subject to control by the US authorities. They kept them with London banks. However, the development of the market as a large-scale international structure really dates from 1957. It was given its impetus then by a rise in UK Bank rate to 7% and the imposition of restrictions on sterling credits to finance trade between non-sterling countries. At that time, banks in the US were limited (by Regulation Q) as to the amount of interest they might pay on deposits. Banks outside the US were able to offer a higher rate for dollar deposits, and yet, by operating on finer margins, to offer competitive terms for dollar loans. Many banks were well placed to take advantage of this situation. This was because of their wide overseas connections, long experience of international business and variety of outlets for making international loans. The first substantial development of the market took place in London, and London conducted much of the largest share of the business, which contributed considerable invisible earnings to the UK balance of payments.





The role of sterling has been a central point to the development of the Euro-dollar market. To the sense that, the control of sterling has not only been a central preoccupation of British governments, but largely determined Britain’s strategy towards the international financial market. Since 1958, governments have found themselves in a “dilemma” by the pressures of which the international use of sterling had placed on the British economy where “depleted” reserves of the entire sterling area constituted the most significant constraint on achieving economic growth. The management of sterling was the heart of governing Britain until conditions allowed the convertibility of the currency in the late 1950s. The central point that, throughout the postwar period, the British government sought agreements that enabled US dollars to flow to Britain whilst restricting the convertibility of sterling in domestic and foreign hands, (the Washington Loan Agreement, the Marshall Plan, and military assistance programmes encouraged a flow of dollars to Britain).





The UK government placed particular emphasis on exports to the dollar area (dollar-earning exports), with sterling area exports deemed next in importance. As early as the 1950s, Conservative governments, set about reasserting the international status of sterling and the importance of the City of London as the world’s premier financial centre. In 1953, commodity markets and exchanges for raw materials were re-opened in London. March 1954 saw the long awaited return of London Gold Market (open to all non-residents of the sterling area). Changes were made in currency regulations in 1955, which allowed the partial convertability of the pound for non-sterling area residents and non-dollar area residents. This was followed finally by the full convertability of sterling in December 1958, and by the Bank of England’s decision in 1962 to provide cheap foreign exchange cover and allow non-residents to hold dollar balances with the Bank of England (thus signalling the beginning of the Euro-dollar market). Dollars could now be deposited with the Bank of England in an external account, thereby escaping US exchange regulations and earning a higher rate of interest than obtainable in the US. The aim here was well calculated. London’s position as the main financial centre would be re-established and the City would quickly become the world’s leading Euro-dollar market.





However, the real significance of the Euro-dollar market lay in the fact that it originally drew its funds from non-bank suppliers and ultimately lent them to non-bank users, in which the established market was not dependent upon the existence on the USA remaining in deficit. As, the market soon become an integrated international money market providing its own specialised service which had shown considerable powers of survival. Merchant banks simply turned to the expatriate dollars, and used them in the way they have used sterling, operating freely on a global scale in the financing of international trade and the arrangement of longer term loans. American and other foreign banks wanting to take advantage of the paucity of financial controls in the UK soon joined this new market that was dominated by the merchant banks. Hence, between 1967-1978 the representation of foreign banks in London grew from 113 to 395. As, for the City’s banks, the establishment of sterling convertability in 1958 “was arguably the most important event of this century”, for it heralded the rise of the London Euro-dollar market. The table below shows how dramatic the Euro-dollar market had indeed become. A total of 91 international Euro-currency issues totalling the equivalent of $1,884m took place in 1967. The firms shown below are ranked in order of the aggregate amount of issues for which they acted either as managers or as co-managers. Apart from those listed, there were 45 firms active in such management .





Euro-dollar Bond League





Firm - Total Dollar Equivalents (000)- Number of Issues:





Banque de Paris et des Pays-Bas - 490,000 - 21





Banca Commerciale Italiana - 445,000 - 19





S.G. Warburg & Co - 385,700 - 21





Deutsche Bank A.G. - 367,500 - 17





Kuhn, Loeb & Co - 295,000 - 15





White Weld &Co - 285,200 - 14





Lazard Freres & Co - 265,000 - 14





N.M. Rothschild & Sons - 260,000 - 11





Morgan & Cie International S.A. - 260,000 - 8





Lehman Brothers - 250,000 - 9





Banca Nazionale del Lavoro - 194,000 - 9





First Boston Corporation - 168,000 - 8





Banque Nationale de Paris - 152,500 - 6





Societe Generale de Banque - 135,000 - 7





Amsterdam-Rotterdam Bank N.V. - 135,000 - 6





Credit Commercial de France - 131,200 - 7





Kredietbank - 130,200 - 9





Smith, Barney & Co Inc. - 130,000 - 8





Societe Generale - 125,000 - 5





Credit Lyonnais - 122,200 - 5





(Source: The Times, the Euro-dollar bond league 29 December 1967)





The City of London proved to be a highly successful international commercial banking and financial centre, despite growing fears of competition from other centres. It presented strength, derived largely from the generalised “trust” with which the world views the City. The survival and revival of London as an international financial centre after the disruptions of the Second World War and the weakness of sterling as an international reserve currency had been largely based upon the development of the Euro-currency markets. In specific the growth of new or “parallel” markets alongside the old “classic” discount market, which with the relative decline of sterling as an international currency, had become a domestic concern. These new markets had revitalised the foreign exchange markets in response to the emergence of barriers of various kinds between ultimate borrowers and lenders. On the one hand, the domestic parallel money market in sterling evolved out of responses which were intended to evade the credit restrictions which successive British governments had attempted to impose during the 1960s through their participation in the old discount market. On the other hand, the decline of sterling and the difficulties associated with the US governments’ restrictions on the use of the dollar as an international currency gave rise to new markets in Euro-dollars and other Euro-currencies. New money markets where money is lent and borrowed between banks, companies and other organisations without the control of the monetary authorities (governments and central banks). It was a measure of the City’s autonomy that such developments took place.





The development of the Euro-dollar Market can be described by using a Marxist analysis of capitalism, in particular, the workings of the capitalist economy and its political and social implications. In specific, to the theory of the state in advanced capitalism, and on the basis of the materialist conception of history and Marx’s general theory of capitalist production. As any attempt to develop a theory of the state, must deal with a Marx’s works on the state. In the sense that, capitalism is analysed predominantly as “civil society”, as a more or less self-contained sphere in which all citizens, including capitalists and workers, confront each other as competing individuals on the market. Using this conception, the state occupies another sphere standing outside civil society, which purports to represent universality or the community between people, but is constantly undermined by the antagonistic individualism of its basis, namely civil society.





Karl Marx claimed that, “the abstraction of the state as such belongs only to modern times. The abstraction of the political state is a modern product” . The Euro-dollar market inherently being a new phenomenon proved some uncertainty to the British Labour government during the mid-1960s, which had to approach the new market through an analysis of the world in which the Labour Party sought to govern. Such an analysis posed a variety of questions. Firstly, why particular institutions and processes posed such a set of problems for the individual Labour governments? Secondly, why particular issues come to preoccupy political debate in one period only for it to dwindle in importance in the next? Finally, why particular patterns of political and social cleavage prove so tenacious? With such questions, and a new market developing, the British Labour Government had to respond with a set agenda in order to control specified targets including the sequence of booms and slumps, the differing strengths of the national economy, the rise and significance of multinational corporations, the role of international financial agencies, and the changing role of the government in economic and social life. Such a task seems a formidable one, but one that was not considered impossible. As what holds the analysis together is the recognition that the world during the 1960s was capitalist to the sense that Marx used the term. The law of value still operated throughout the major economic and social processes. Due to this reason, the preceding outline of Marx’s analysis remains relevant, as it provides the means by which the true nature of the British government’s dilemmas can be explained and understood.





To Marx, the executive of the modern state is portrayed as “a committee for managing the common affairs of the whole bourgeoisie”. However, there is a problem, which must confront any contemporary theory of Marxism, namely the relation between appearance and reality. The state appears as independent from the sphere of market exchange, but in reality it is a different matter. The Euro-dollar is an example of such a case, in essence a phenomenon of the 1960s, an international money market where commercial banks undertook wholesale transactions involving foreign currencies. It had been a growing market, which has often involved conflicts with the state. As governments change, the market had been growing at a rapid pace, which had proved to be difficult to regulate. It seems that the Euro-dollar market was one of the initiating processes, which led to what is known today as globalization. To the sense that, the market had caused many changes to the modern financial world which, evolved on a global scale. The open competitive effect of the international money market had caused the liberalization by almost all industrialized countries of domestic money and banking markets. Where, successful participants in the money market of today, have a far more sophisticated understanding of financial risk, and the tools to manage them. As the changes in the markets have required many banking institutions to change in the way of financial regulation.





However, when examining the Euro-dollar market, one has to turn to the 1960s which witnessed the focus of the changing relationship between the national state and the global financial markets, where the policies of Keynesian sought to bring “economic forces” under control. The idea was that the state should assume responsibility for the economy, intervening where the market fails to stimulate economic growth. In times of a recession, the state should stimulate demand through deficit financing (such as, state expenditure based on credit). The state was thus charged with creating demand through an increase of the money supply. Keynesian raised these means to the principle of capitalist reproduction. Governments used these methods in a form of expansionary policies. Keynesianism depended upon the use of money for expansive industrial development and the management of “sound” finance.





One major question arose, throughout the paper: what are the risks and problems of the Euro-dollar market, and is the growth of this market a “welcome tonic or a slow poison” to the international financial system (with particular emphasis to the United Kingdom)?





There was no doubt that the growth of the Euro-dollar market had contributed spectacularly to the easing of the world liquidity problem. In less than a decade, the market grew from nothing to $13,000 million compared with an increase in official world reserves of only $21,000 million from 1951 to 1965. However, the growth of this market merely “put-off” the evil day when the reserve currency countries, and in particular the United States, had to adjust their payment situations to the facts of life. On the technical level the growth in the Euro-dollar market exposed the world in general and Britain in particular to every similar dangers to those experienced in the early thirties. Of its nature it was a market notable for its lack of regulation and control. No one country could exercise control over it. Euro-dollar deposits were no longer used solely for trade finance, and hence were not self-cancelling. Although individual banks observed limits to the amount of dollars they were to lend to individual “names”, countries or areas, deposits passed through many hands before they had reached the final user. It was almost impossible to tell the extent to which any country or individuals were committed to repaying Euro-dollars. If a serious breakdown occurred anywhere in the system, the strain would be transmitted to the centre. Britain’s involvement in this market was so extensive with £2,773 million liabilities and £2,487 million credits, by 1968, that a breakdown would inevitably throw doubt on Sterling .





The risks and problems associated with the Euro-dollar market made themselves felt at three levels: the individual bank, the individual country, and at the level of the international financial system as a whole. For an individual bank the main risk was the possibility that a borrower may not repay his Euro-dollar loan. The borrower for any number of purposes – over which because of their unsecured nature, the lending bank had very little control, may use Euro-dollar funds. For an individual country, the problems created by the Euro-dollar market were two-fold: Firstly, the danger that the domestic banks involved in the market may over-extend themselves and thereby place demands on the official foreign exchange reserve. Secondly, the fact that the existence of the Euro-dollar market had provided another channel through which short-term capital can flow internationally and, hence, had tended to increase the volume of short-term capital moving into or out of any particular country”.





There were difficulties in establishing a mechanism that could bring about the necessary degree of international control over the Euro-dollar market. The most important was the fact that there was no single institution, either national or international, that could control the market, and act as an international lender of last resort in the same way that a national central bank can in the case of a national money market. There seemed to be a system of informal understanding among the central banks, developing probably as part of their co-operation in fighting exchange crisis, under which substantial volumes of US dollars could be mobilised quickly to meet any serious destabilising forces in the Euro-dollar market. In circumstances where the needs of the Euro-dollar market did conflict with other policy objectives, however, it was doubtful the national central banks would give priority to the Euro-dollar market. This was the basic weakness. As, in order to avoid this situation, the US dollar funds needed to stabilise the Euro-dollar market would have had to be made available on a more formal basis – such as by means of pre-arranged swap and stand by arrangements between the national central banks and the BIS. In this situation the BIS would be free to call on these swap funds in accordance with the needs of the Euro-dollar market. In addition, to meet these requirements during a period of crisis the volume of US funds at the disposal of the BIS would have had to be substantial. Undoubtedly, the major portion of these swap funds had to originate from the Federal Reserve System.





Generally, however as far as the international financial system was concerned, one heard nothing but good of the Euro-dollar market and of its rapid expansion. Whitehall had generally welcomed it as a means of financing the UK’s overseas mandate (investments) without putting undue strain on sterling. The City of London virtually created the market and had made a good deal of business out of it. The Chancellor of the Exchequer stated way back on the 8th December 1960, of using US dollars to improve the UK balance of payments, and to improve the UK dollar indebtedness. Throughout the end of the 1960s, it was apparent that the Euro-dollar market not only financed the UK economy, but assisted in the UK’s balance of payment’s problems. The British government foresaw the Euro-dollar Market as a way for advancing its own interests and concerns. The role of the public authorities and the nationalised industries proved to be very crucial to the UK government. These industries became a way for the UK government to raise foreign currency on a medium and long-term basis in order to finance its repayments of shorter-term debt and to improve the UK reserves. Both the Inland Revenue and the Treasury agreed on one thing that, something had to be done to “helping local authorities to obtain access to the Euro-dollar market” . To the sense that, both parties considered it desirable to include a provision in the Finance Bill of 1970 to the effect that “the interest on securities issued by a local authority in the currency of a country outside the scheduled territories shall be payable in full without deduction of tax at source, and be exempt from income tax where the beneficial owner of the securities is not resident in the UK”. This was the combined view of the Treasury and the Inland Revenue as a “means of removing an impediment to foreign currency borrowing by UK authorities in the Eurobond market” . The reason for this was that, “it was in the public interest for nationalised industries and large local authorities to borrow on the Euro-dollar market” .





Controls in the UK had been designed to protect the reserves by restricting access to the market by UK residents and restricting of “switching” out of sterling by banks in the UK. UK residents who were able to show a need were allowed to maintain foreign currency deposits (which earned Euro-dollar rates) with UK banks. These deposits soon accrued dramatically. Also control was permitting UK residents (especially the local authorities) to borrow foreign currencies in this market, or overseas where this allowed beneficial transactions to take place without recourse to the reserves (e.g. for foreign investment). Banks in the UK were allowed to maintain an excess of foreign currency claims over liabilities (i.e. to switch out of sterling) only to the extent necessary for them to maintain working balances.





This would accommodate a significant and useful benefit to the UK balance of payments. The idea was considered to be of such importance that large steps were taken to encourage UK borrowers to “tap” into the foreign currency sources of finance. The UK government passed powerful legislation through parliament, which involved serious sensitive issues such as tax measures encouraging foreign currency borrowing (i.e. tax allowances, tax evasion, and payment of gross interest), and double taxation agreements.





However, certain issues arose which showed the sensitivity of the situation of whether the UK government were favouring business interests, when pursuing its policies, and whether HM government would relieve these industries of the loss should-ever there be a change in the exchange rates (in a form of a Government Exchange Guarantee). The argument being that the government could not allow a nationalised industry to default and by encouraging the nationalised industries to borrow for the sole purpose of easing the balance of payments, the interest rates would be more than counter-balanced by the increased production that would be made possible. Given successful management of demand, such production would either find its way into exports or into the satisfaction of needs, which would otherwise be placed into imports. This meant that external sources of capital financed a large part of the UK’s portfolio and direct investment abroad, and UK borrowers were allowed under exchange control to raise foreign currency loans to finance domestic investment. This was implemented by providing an “off-shore” regulation-free environment devised to trade financial assets denominated in foreign currencies.





One situation concerned the Ford Motor Company in the USA. The company had entered into a contract to purchase for dollars, the sterling required to enable the company to undertake their offer to buy 45% shareholdings in the Ford Motor Company of the UK, which they did not already own. The UK Government on the 13th December 1960, received $370 million for value for this offer . Secondly, it was a market that even interested the IBRD. On 18th August 1960 Mr Miller of the IBRD’s Paris Office wrote to the UK Treasury, to discuss with the Bank of England, the question of whether the International bank could follow the example that was apparent, with many other institutions investing dollars in the UK at short term, and to place these into what was identified as the “Euro-Dollar Market”. At the end, the IBRD eventually dropped the idea of placing certain liquid dollar assets in London, because of the unfavourable attitude of the US Treasury. Although the IBRD decided not to process this further, it nevertheless resembled the importance and relevance of the Euro-dollar market, and of the City of London itself .





In 1968, the progress in reducing the UK balance of payments deficit was much slower than the UK Government had either anticipated or desired. As, the third quarter figures of 1968 experienced an unprecedented net inflow of nearly £200m on long-term capital account and a further reduction in the current account deficit. On the combined current and long-term capital accounts there was an identified surplus of around £105m: the best quarterly result since the fourth quarter of 1966, and following deficits of about £310m and £170m in the first and second quarters. Official long-term capital transactions benefited in the third quarter. There was a very large net inward movement of private long-term capital amounting to around £175m . However in 1969, there was a considerable turnaround between the first and second halves of the year, when the current and long-term capital deficit fell from £427m to £31m. Apart from the substantial progress in cutting the trade deficit, a significant part of the improvement resulted from changes on the capital account. The outflow on official capital (in the capital account) inevitably rose. Bond issues overseas by UK public corporations provided a counterbalance to the increase. Tighter credit in the UK tended to check outward movements and encouraged inward movements of long and short-term capital. As investment of this kind involved no call on the UK reserves, in the standard form of the balance of payments, the investment was recorded as a debit, but the Euro-dollars which financed it were recorded not as a credit, but as a monetary inflow. In general, it seemed that there had been an encouraging start towards the UK achieving its immediate objective for 1969-70, and that the outlook for achieving a larger continuing surplus thereafter was good .





However even though it is easy to view these events by their own logic, in order to understand their real significance, they must be set in the context of the negotiations which took place between Britain and Europe in the mid-1950s. In the summer and autumn of 1955, Britain was invited to discussions on closer European economic integration by the six nations, which eventually signed the Treaties of Rome in March 1957. After a flurry of activity in Whitehall, the Cabinet Office circulated the Trend Report, which pointed out to four decisive considerations against membership . Firstly, the Cabinet Office and the Treasury had concluded that membership would weaken the UK’s economic and consequently its political relationship with the Commonwealth and the colonies. Secondly, it was judged that the UK’s economic and political interests were worldwide and that a European common market would be contrary to the approach of freer trade and payments. Thirdly, it was thought that participation would gradually lead to political federation, which was unacceptable to Britain. Finally, the Cabinet Office concluded that membership would be detrimental to the British economy since it would involve the removal of protection for British industry against European competition. When placed alongside the earlier considerations relating to sterling, the Trend Report convinced the Eden government that Britain should withdraw from the Messina Talks. Instead of negotiating with the Six, Thornecroft at the Board of Trade convinced the Cabinet to launch an alternative non-discriminatory scheme aiming to “disunite” the Six away from the idea of the common market. This scheme, labelled Plan G, later developed into Britain’s free trade proposals, which became the basis of the European Free Trade Area (EFTA) established after the Stockholm Conference in 1959 . Whilst, Plan G proposed a free trade area designed to eliminate industrial tariffs, it carried no further implications regarding wider economic integration. Within a free trade area, Britain could retain its traditional trading structure, and as Board of Trade concluded, this would be entirely different from a European discriminatory bloc in which Britain came under domination of Germany.





The successful conclusion of the Treaty of Rome in March 1957, came as a major surprise to the British state. It was fundamental to British thinking that the Six would not go ahead without the participation of the UK. In a frank memorandum titled “What went wrong?”, the Treasury surveyed the scene in July 1959, and concluded that the government had made a number of serious errors . Britain had misunderstood the US position, not realising that the US State department would always back the Community given its political and defence implications. It had made a number of tactical errors, in trying to divide the Six, in believing that the UK would be allowed to join at any stage once the Community was formed and in failing to establish a “negotiating machinery” to match that of the French. Finally the British government had continued to pursue the half-hearted 17 nation EFTA strategy when it was clear that neither the French nor the Germans were attracted to the idea, which in any case the Treasury concluded “does not bear examination for five minutes”. The next 14 years would be spent struggling with the legacy of the British state’s failed attempt to prevent the creation of the Community.





A further examination must make reference to the form of Britain’s postwar integration into international trade and money markets. Although a number of events began to weaken Britain’s position in the global political economy (Suez and the relentless process of decolonisation), access to privileged markets had enabled the economy to reconstruct and prosper in the early 1950s. Moreover, the British governments could utilise the international prestige of sterling and the City of London to counter, (at least in theory), the effects of balance of payments deficits. Once it became clear that, de Gaulle would not sanction UK entry to the Community, Britain was caught in a bind and was forced to pin its economic hopes on the revival of the City of London.





In the 19th century, it was the competitiveness of “British industry” which led to the international use of sterling. However, by the late 1950s, the lack of competitiveness of Britain’s industrial base (particularly “via” Europe) now meant that the international use of sterling could quickly turn from an asset to a liability. As sterling was made convertible, short-term capital inflows and outflows increased in volatility. In these circumstances, the Bank of England found it increasingly difficult to defend the exchange rate – where the slightest “rumour” could lead to a massive speculation against the pound, destabilising the domestic economy. Although these pressures were seen to exist even as early as 1956 (when sterling was only partially convertible) over the first two days of Britain’s invasion of Egypt there was a massive outflow of $50 million – (they became more acute over the next 20 years). From the early 1960s, the “British economy” was dominated by a pattern which saw rising levels of imports, falling exports, and when the balance of payments surplus diminished the introduction of high interest rates to attract short-term capital (hot money) to London.





On entering office in 1964, Wilson found that convertibility and the establishment of the Euro-dollar markets had produced a situation whereby financial markets could validate or disapprove of policy measures within hours. In many ways, the story of the Wilson’s government is one of speculative action against the pound followed by international rescue operations to shore up the sterling exchange rate. Deflationary measures pursued throughout 1965, and 1966 failed to stem the tide of speculation, forcing the government to devalue in November 1967 and to negotiate a $1,5 billion standby credit from the IMF. Wilson agreed with the Bank of England and the Treasury that devaluation was a strategy to be avoided unless the Labour Government was willing to destroy confidence in sterling and the City as the premier financial centre.





So relatively, the development of the Euro-dollar market coincided with the recoveries of the capitalist economies and the growing pressure of the US economy. The shortage of dollars gradually changed into dollar saturation. This market took over aspects of a developed domestic credit system, which was operating globally and independently from the central banks. Speculative capital assumed the function of national and international institutions, financing budget and balance of payments deficits. Such “money” existed as a claim on central bank money in national states on unregulated financial markets. The global role of the City foresaw the result as the dominance of financial over industrial capital. To the sense that although Britain was a low-wage and low-productivity country, it was a centre of global finance (due to the contribution of the Euro-dollar market). However, this did not mean that British industry had been undermined as a consequence of financial interests and policies favouring the concerns of financial markets, although the global role of the City “has had” a detrimental effect on British industrial development. Rather, the development of London as the centre for the global circulation of capital expressed the organisation of “British” capital at the most developed level of global capitalist relations. However, this development of the dominance of financial capital over productive capital must be treated with caution, since it was high interest rates that attracted money capital to London and the fact that the UK is one of the main countries attracting productive investment (particularly from US-based multinationals).





So what can we learn from the British experience? The British case illustrates that there is nothing simple about the choice between government and the market: both are flawed mechanisms in terms of maximising efficiency and both require a deeply rooted underlying consent about their manner of operation and acceptance of their distributional outcomes. Lever later acknowledged in 1974/75 that, “modern governments, overestimated their ability to shape and manage the complex drives of a mature economy. They wrongly assumed that they understood all the reasons for its shortcomings and so, not surprisingly, were all too ready to lay hands on superficial remedies for overcoming them. And all this without any attempt to understand the economies of an increasingly interdependent world” .





It remains to be said that that the nation-state provides the domestic political underpinning for the stability of global capitalist relations. Therefore in order to maintain the position of a nation state’s integration into the “world market” nation states are under constant pressure to make more efficient use of available resources. Failure to achieve this will result in a loss of reserves, precipitated by balance of payments difficulties, and inflationary pressure, provoking global exchange instability and financial crisis.





ENDNOTE





* Here are two very similar definitions of the term Euro-dollars:





Robert Gilpin, (The Political Economy of International Relations, Princetown University Press, 1987, p. 314-315), states that: The Euro-dollar market received its name from American dollars on deposit in European (especially in London) banks yet remaining outside the domestic monetary system, and the stringent control of national monetary authorities.





Enzig and Quinn (The Euro-dollar System: practice and theory of international interest rates, MacMillan Press, 6th edition, 1977, p. 1) state that: the Euro-dollar system is a term used to describe the market in dollar deposits and credits which exists outside the United States of America.





FCO 59/212: Economie Affairs (External), International Monetary Matters, Euro-dollar Market, (1/11/1967-8 /5/1968) (Foreign Office – Economic Relations Department), File Number: UE 4/44





Marx Karl, Contribution to the Critique of Hegel’s Philosophy of Law, in Marx/Engels 1975, vol: 3, p32.





E. Wayne Clendenning, Euro-dollars: The problem of control, The Banker, April 1968





PRO file FCO 59/212: Economie Affairs (External), International Monetary Matters, Euro-dollar Market (Jan 1967- December 1967)





PRO File IR/40/17474: Memo from J.G. Littler to Mr. Andren on foreign currency Borrowing by local authorities, 31 March 1969.





PRO File IR/40/17474: Confidential letter, from Mr. J.G. Littler to Mr. Andren titled foreign currency borrowing by local authorities, 14 March 1969.





PRO File IR/40/17474: Confidential letter from G.B.N. Hartog to Mr Elliston, titled Finance Bill: Eurobond issues by local authorities, 31 March 1969.





T 308/11: Use of “Windfall” Dollars To (A) Improve UK Balance of Payments Position (B) Reduce UK Dollar Indebtedness, (December 1960)





T 236/6260: IBRD- Placing of Dollars Funds in London, 18th August 1960





PRO File T 230/1056: UK submission to working party No. 3 of OECD Economic Policy Committee 1969 (28/01/69 – 11/11/69). File Number: 2EAS 549/188/02





PRO File T 230/1056: UK submission to working party No. 3 of OECD Economic Policy Committee 1969 (28/01/69 – 11/11/69). File Number: 2EAS 549/188/02





Burgess S and Edwards G, The Six plus One, International Affairs, no: 64, 1988, p407.





Camps M, Britain and the European Community 1955-63, Oxford University Press, Oxford, 1964.





PRO file T234/720, Memorandum titled, What went Wrong? Was prepared by the Treasury, July 1959





Harold Lever, The cabinets of 1964-70 had highly gifted individuals. Why then was so little achieved?, The Listener, 22 November 1984, p24-25.

About the Author:

Hitesh Patel is a Civil Servant and a Management of Risk Practitioner. Holder of a MBA (from the University of Keele), postgraduate degrees in International Relations and International Political Economy (Cantab.), and other degrees in Business and Management.

Article Source: ArticlesBase.com - The Contribution of the Euro-dollar Market to the Modern Financial World