Understanding the Pros and Cons of Protectionism

Understanding the Pros and Cons of Protectionism Protectionism is a type of trade policy by which governments attempt to prevent or limit competition from other countries. While it may provide some short-term benefit, particularly in poor or developing nations, unlimited protectionism eventually harms the country’s ability to compete in international trade. This article examines the tools of protectionism, how they are applied in the real world, and the advantages and disadvantages of limiting free trade. Key Takeaways: Protectionism Protectionism is a government-imposed trade policy by which countries attempt to protect their industries and workers from foreign competition. Protectionism is commonly implemented by the imposition of tariffs, quotas on import and exports, product standard, and government subsidies. While it may be of temporary benefit in developing countries, total protectionism typically harms the country’s economy, industries, workers, and consumers. Protectionism Definition Protectionism is a defensive, often politically-motivated, policy intended to shield a country’s businesses, industries, and workers from foreign competition through the imposition of trade barriers such as tariffs and quotas on imported goods and services, along with other government regulations. Protectionism is considered to be the opposite of free trade, which is the total absence of government restrictions on trade.   Historically, strict protectionism has been used mainly by newly developing countries as they build the industries necessary to compete internationally. While this so-called â€Å"infant industry† argument may promise brief, limited protection to the businesses and workers involved, it ultimately harms consumers by increasing the costs of imported essential goods, and workers by reducing trade overall.  Ã‚   Protectionism Methods Traditionally, governments employ four main methods of implementing protectionist policies: import tariffs, import quotas, product standards, and subsidies. Tariffs The most commonly applied protectionist practices, tariffs, also called â€Å"duties,† are taxes charged on specific imported goods. Since tariffs are paid by the importers, the price of imported goods in local markets is increased. The idea of tariffs is to make the imported product less attractive to consumers than the same locally produced product, thus protecting the local business and its workers. One of the most famous tariffs is the Smoot-Hawley Tariff of 1930. Initially intended to protect American farmers from the post-World War II influx of European agricultural imports, the bill eventually approved by Congress added high tariffs on many other imports. When European countries retaliated, the resulting trade war restricted global trade, harming the economies of all countries involved. In the United States, the Smoot-Hawley Tariff was considered an overly-protectionist measure that worsened the severity of the Great Depression. Import Quotas Trade quotas are â€Å"non-tariff† trade barriers that limit the number of a specific product that can be imported over a set period of time. Limiting the supply of a certain imported product, while increasing prices paid by consumers, allows local producers a chance to improve their position in the market by filling the unmet demand. Historically, industries like autos, steel, and consumer electronics have used trade quotas to protect domestic producers from foreign competition. For example, since the early 1980s, the United States has imposed a quota on imported raw sugar and sugar-containing products. Since then, the world price of sugar has averaged from 5 to 13 cents per pound, while the price within the U.S. has ranged from 20 to 24 cents. In contrast to import quotas, â€Å"production quotas† occur when governments limit the supply of a certain product in order to maintain a certain price point for that product. For example, the nations of the Organization of Petroleum Exporting Countries (OPEC) imposes a production quota on crude oil in order to maintain a favorable price for oil in the world market. When the OPEC nations reduce production, U.S. consumers see higher gasoline prices. The most drastic and potentially inflammatory form of import quota, the â€Å"embargo† is a total prohibition against importing a certain product into a country. Historically, embargoes have had drastic impacts on consumers. For example, when OPEC proclaimed an oil embargo against nations it perceived as supporting Israel, the resulting 1973 oil crisis saw the average price of gasoline in the U.S. jump from 38.5 cents per gallon in May 1973 to 55.1 cents in June 1974. Some lawmakers called for nationwide gas rationing and President Richard Nixon asked gasoline stations not to sell gas on Saturday nights or Sundays.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Product Standards Product standards limit imports by imposing minimum safety and quality requirements for certain products. Product standards are typically based on concerns over product safety, material quality, environmental dangers, or improper labeling. For example, French cheese products made with raw, non-pasteurized milk, cannot be imported into the United States until they have been aged at least 60 days. While based on a concern for public health, the delay prevents some specialty French cheeses from being imported, thus providing local producers a better market for their own pasteurized versions. Some product standards apply to both imported and domestically-produced products. For example, the U.S. Food and Drug Administration (FDA) limits the content of mercury in imported and domestically harvested fish sold for human consumption to one part per million. Government Subsidies Subsidies are direct payments or low-interest loans given by governments to local producers to help them compete in the global market. In general, subsidies lower production costs enabling producers to make a profit at lower price levels. For example, U.S. agricultural subsidies help American farmers supplement their income, while helping the government manage the supply of agricultural commodities, and control the cost of American farm products internationally. Additionally, carefully applied subsidies can protect local jobs and help local companies adjust to global market demands and pricing. Protectionism vs. Free Trade Free trade- the opposite of protectionism- is a policy of completely unrestricted trade between countries. Devoid of protectionist restrictions like tariffs or quotas, free trade allows goods to move freely across borders. While both total protectionism and free trade have been tried in the past, the results were usually harmful. As a result, multilateral â€Å"free trade agreements,† or FTAs, such as the North American Free Trade Agreement (NAFTA) and the 160-nation World Trade Organization (WTO) have become common. In FTAs, the participating nations mutually agree on limited protectionist practices tariffs and quotas. Today, economists agree that FTAs has averted many potentially disastrous trade wars. Protectionism Pros and Cons In poor or emerging countries, strict protectionist policies like high tariffs and embargoes on imports can help their new industries grow by protecting them from foreign competition. Protectionist policies also help create new jobs for local workers. Protected by tariffs and quotas, and bolstered by government subsidies, domestic industries are able to hire locally.  However, the effect is typically temporary, actually reducing employment as other countries retaliate by imposing their own protectionist trade barriers. On the negative side, the reality that protectionism hurts the economies of countries that employ it dates back to Adam Smith’s The Wealth of Nations, published in 1776. Eventually, protectionism weakens domestic industries. With no foreign competition, industries see no need for innovation. Their products soon decline in quality, while becoming more expensive than higher quality foreign alternatives. In order to succeed, strict protectionism demands the unrealistic expectation that the protectionist country will be able to produce everything its people need or want. In this sense, protectionism is in direct opposition to the reality that a country’s economy will prosper only when its workers are free to specialize at what they do best rather than trying to make the country self-sufficient. Sources and Further Reading Irwin, Douglas (2017), Peddling Protectionism: Smoot-Hawley and the Great Depression, Princeton University Press.Irwin, Douglas A., Tariffs and Growth in Late Nineteenth-Century America. World Economy. (2001-01-01). ISSN 1467-9701.Hufbauer, Gary C., and Kimberly A. Elliott. Measuring the Costs of Protectionism in the United States. Institute for International Economics, 1994.C. Feenstra, Robert; M. Taylor, Alan. Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century. National Bureau of Economic Research. ISBN: 978-0-226-03075-3Irwin, Douglas A., Free Trade Under Fire, Princeton University Press, 2005.

AIDS identified 1981 Essay Example | Topics and Well Written Essays - 1000 words

AIDS identified 1981 - Essay Example , the United Nations, and the Center for Disease Control and Prevention (CDC), as well as those in the national and local levels have remained troubled of the effects of this condition as millions continue to contract the virus and die every year. In fact, the United Nations recorded 2.7 million new cases of HIV infections worldwide in the year 2008 and noted almost three-quarters of this number have died an AIDS-related death in the same year (â€Å"The Global AIDS† 1). As it worries the authorities and the total population of the current times, this paper intends to tackle how the condition was discovered and how it has affected the history since then. AIDS first came to view in the early 1980s when a number of homosexual men presented a kind of ill health condition which had not been identified in the history of the medical field Practitioners in Los Angeles, New York, and California have linked and treated the unknown condition with mononucleosis, cytomegalovirus, and other related conditions with their designated treatments as supported by the signs and symptoms seen in the patients (Grmek 3-5). The homosexual men who went to Joel Weisman showed â€Å"hectic fever, weight loss and swollen lymph nodes† (Grmek 3). A New Yorker also presented the same condition when he illustrated â€Å"lassitude, weight loss, spiking fevers, and slow consumption of the body† (Grmek 5). However, despite the attempts to counter the symptoms observed, no improvements became visible. Grmek even pointed out that two of Weisman’s patients â€Å"treated since fall of 1980, went from bad to worse† (4). After a number of labora tory works, the cause of the involvement of some opportunistic infections such as Pneumocystis carinii pneumonia were attributed to the â€Å"reduction in the population of lymphocytes, due to the almost complete disappearance of the helper T subgroup,† components of the immune system that helps fight infection (Grmek 4). This decrease in efficiency for immune

Summarizing Essay Example | Topics and Well Written Essays - 250 words

Summarizing - Essay Example This is an institution that yields to mould and develop their students and offer what may seem like an extra support to accomplish this. Like any other institution, it has a number of functional units and in our case we have various departments referred to as divisions. These divisions also provide information on their respective progress areas on the official university’s website thus the homepage. One of such impactful divisions in helping the students is the career placement division. This division aides both the current and former students financially since it offers the students part time jobs and even full time jobs. This department offers close to over two thousand part time job opportunities and helps their students in job seeking. This whole process is done online whereby interested parties place their ads, usually limited to four lines, which include their qualifications. In addition to that, they also help in job seeking for the qualified undergraduates for state jo bs and even local businesses. Surely Metropolitan State University is an academic

Marketing Strategy Essay Example | Topics and Well Written Essays - 3000 words - 3

Marketing Strategy - Essay Example ed to dramatic recalls of many of its diverse products which are in sharp contrast to the brand-building efforts undertaken by the company to build trust in quality as it primary positioning strategy. These failures have been well-publicised. It is recommended that the business turn toward low-cost social media as a means of injecting transparency into the consumer market whilst also supplementing this strategy with heavier, short-term emphasis on promotion development. It is further recommended that the business seek out a new youth market, focus more on corporate social responsibility, and build an online CRM model that engages consumers more effectively. Toyota maintains strong internal competencies and a dedicated organisational culture with tacit and explicit knowledge that brings the business more efficiencies and this should be utilised as a promotional resource to rebuild trust in markets that now have questions about Toyota’s quality competency. Research has identified that Toyota conducts considerable market research on consumer characteristics in diverse markets to create localisation strategies which tends to outperform competitors that attempt to build homogenous marketing strategies. However, this is insufficient for improving its market position and requires adjustment in marketing focus. Toyota is currently positioned as a quality-focused organisation, giving it significant historical marketing advantages over its main competitors in the UK. However, in recent years, Toyota has been burdened with negative publicity associated with a variety of recalls in North America, Europe and Asia which sheds negative light on its quality measures. Coupled with economic problems in the United Kingdom stemming from the 2008 and 2009 recession, once-predictable consumer purchasing behaviours have changed, now making it difficult for Toyota to maintain its market share as price-sensitive consumers look for lower-cost automobile options. Toyota is an

Sciencefiction and reality Research Paper Example | Topics and Well Written Essays - 1500 words

Sciencefiction and reality - Research Paper Example After the pleasure from NBC to withdraw the show during the second season series, many changes took place. The campaigning began, and fans of the series demanded the series to be aired; thus the renewal of the film began in 1969 when the Paramount Television produced the film in the animated series. Roddenberry, the creator of the film used futuristic situations (social movement) as an analogy for addressing ethical and social issues such as warfare, slavery and prejudice. The Star Trek series narrates the tale of the starship enterprise crew and the mission of travelling to a place where no one has ever gone. The film featured the character known as Shatner William, as the captain and other characters including Scott, Nicholas and many others. The film attempts to reveal the effects of the upcoming technologies in the contemporary society. Star Trek series is a film that attempts to reveal the effect of forthcoming technology advancement on the earth. It reveals the way the telepres ence as one of the technologies creates impacts in the society. The telepresence is a technology which allows an individual to control a ship from any remote area. The Star Trek film reveals the way some technological devices works. However, the film is dangerous when exposed to children because it might contribute to violence in society. The movie reveals scientific issues that are most hilarious. It reveals the interconnections between the science fiction and real life impact of the telepresence technology advancement that this technology has created since history. Moreover, many films during the Second World War including the Star Trek used scientific fiction genre in order to reveal the impact technology has created in the upcoming technologies (Leaver 56). Technology has inspired many teenagers to engage with science through viewing this film because it is associated with scientific issues. For instance, the Blade Runner, which uses digital photography and the zoom button, is a n indication of the way technology is flourishing in the society. The tailored branding and film revealed in the televisions seem far-fetched, but they are nowadays everywhere in the society. The scientific facts revealed in the film are informative about science, but there are some compromises that have been made on being accurate and able to recount persuasive narratives. The Star Trek is one of the culturally prominent TV show and influential science novel in the TV series. The Star Trek franchise industry, which is CBS TV studio, is currently a multibillion industry that has contributed to the circulation of the film. Television is one the entertainment technology that has contributed to cultural influences in the contemporary society. Thus, the Star Trek contributed to the establishment of the market for science fiction revealed in the televisions. However, the animated Star Trek series became more common in the market; thus it opened new market for science fiction series such as the Family Guy and many others. Roddenberry in the Star Trek film has created a multi-ethnic group for the venture; thus revealing the way technology has contributed to cultural change in the society. The technology revealed in the article of Cranny-Francis, Anne "from extension to engagement: mapping the imaginary of wearable technology," Visual Communication is the use of personal computers (PC). The author gave PC imagery of wearable tec

The Pros And Cons Of The Death Penalty Philosophy Essay

The Pros And Cons Of The Death Penalty Philosophy Essay Introduction Capital punishment, which some also call the death penalty, has been around in society for hundreds of years. Ever since it began, there have been discussions as to whether it is morally right, and as to whether it actually deters criminals. Some believe that the prospect of being put to death often stops criminals from committing violent acts. Others believe exactly the opposite, stating that those that commit violent crimes are driven to do so for various reasons, and whether they have the chance of being put to death or not will not stop them from doing what they feel they must do. Some serial killers and other violent individuals believe that they will never be caught. Others think that they are doing Gods work, or they cite other important reasons for the killings and violent acts that they partake in. Sometimes this is due to mental disorders, but there are other reasons that people commit acts of this nature. Regardless of these reasons, however, violent acts can and do occur and whether these people should be put to death for their crimes remains a hotly debated issue. On one side of the debate, there are those that believe that killing is morally and ethically wrong, whether it is the killer and his victims or the government and the killer. The ethical dilemmas that are faced by this issue are not designed to be discussed here. They are important and worthy of discussion and thought, but the scope of this paper does not allow for space to debate the ethical issues that involve the death penalty as it pertains to violent individuals and their reasons for their actions. The purpose of this paper is to leave those issues aside and determine whether there is a basis of truth in the statement that capital punishment deters violent crime. This statement is used by many who believe in the death penalty, and they argue that these criminals will not be able to do any more harm, which is certainly true, and not a question for debate. What is debatable, however, is whether the idea of the death penalty affects those that might commit violent crimes, and whether it stops them from doing so. There are many that believe this, and others that insist that there is little to no effect. Both sides of the argument will be addressed here, so that conclusions can be drawn from the information presented that will hopefully shed some light on the debate and determine which side is correct. There is, however, seemingly much more information available that is against the death penalty than for it. It is also possible that a determination will not be able to be made due to the fact that there are so many issues and beliefs that surround each side, and statistics can be made to show many things, depending on who is utilizing them and how the numbers are manipulated. It is for this reason that statistics will not play a large role in the scope of this paper, as numbers often vary. Argument for the Death Penalty Those that argue for the death penalty state that, not only does it keep the person in question from committing any more violent acts, but it also serves as a lesson for those that are considering these types of acts in the future. It is not only the United States that has this problem, as many other countries are also concerned about crime rates (Bedau, 1998). In some other countries there are people that feel that doing away with the death penalty offers no deterrent for those that would rape and murder innocent people for some reason, or sometimes for no real reason at all (Bayat, 1999). It is believed that the criminal element that is aware of the death penalty will spend more time considering whether the act they are thinking of committing is worth the price that they might ultimately have to pay (Delfino Day, 2008). The opinion is that many criminals will feel that risking their life for the violent act is not worth the price, and they will refrain from committing these kinds of crimes. Few people, even criminals, have a death wish, and it is believed that this lack of desire for their own death will keep them from causing the deaths of others (Delfino Day, 2008). Despite opposition from those that believe the death penalty should be stopped, some statistics do show that the number of murders does rise when the death penalty is not in force, and this number falls when the death penalty is reinstated (Johansen, 1998). Another point of this argument is that the death penalty brings closure for the victims of the families that have lost loved ones. There is apparently a satisfaction, at least for some, upon seeing these people give up their life at the hands of the government. The chapter of their lives that dealt with that person has come to an end, and they can finally feel that they can move on with their lives (Radelet Akers, 1996). This is somewhat related to violent crime, in that there is always the possibility that survivors who have lost loved ones would consider taking their vengeance out on others because of their pain and sorrow, and this could lead to even more violent crimes. Violent criminals that are paroled also run the risk of being killed by those that know what they did and believe that they should have died. This creates more violent acts in society and more problems with how to punish these individuals. Having the death penalty for violent crimes often prevents this. To summarize, the main point of the argument for the death penalty is that crime will go down because of the fear of punishment. This is the belief of those that advocate the death penalty for all violent crimes, and all of the information to the contrary does not appear to change this opinion. Argument Against the Death Penalty There are many different arguments against the death penalty, and some of these come from law enforcement. Recent polls of police chiefs in various areas of the country indicate that a large majority of them believe that the death penalty is no deterrent to violent crime. It ranks last on their lists of how they should go about reducing violent crime, and studies have shown that it is no better at reducing crime than the possibility of life in prison without any chance of parole (Cook, 1999). This is interesting, in the face of the argument that the death penalty reduces the amount of violent crimes that are committed. Studies have also shown that, contrary to the popular opinion that the death penalty brings closure, most people do not feel that watching someone else die helps them to move on in any way (Cassell Bedau, 2005). Sometimes it seems to profane the name of the lost loved one by associating yet another death with it. The death of the loved one is painful enough without ad ding to it (Cook, 1999). Mainly, Opponents of the death penalty argue that (Policy, 2003): those contemplating criminal activities do not rationally weigh the benefits and costs of their actions, the costs associated with obtaining a death penalty conviction are larger than the costs associated with providing lifetime imprisonment, in a world of imperfect information, innocent individuals may be convicted and executed before exonerating information is discovered, and the death penalty has disproportionately been applied in cases in which the defendant is nonwhite or the victim is white. There are several effective arguments against the death penalty, including the fact that some people have been executed, and the government has later discovered their innocence. There is not much to be done at that point, and instead of deterring violent crime, it makes the death penalty seem unjust and unfair. It also draws into question once again whether the death penalty is such a good idea, since it can sometimes be used incorrectly and innocent people are made to suffer for the mistakes of the police, prosecutors, and government (Rivkind Shatz, 2005). It would seem that many criminals would find this more amusing than frightening. They do not take their chances of being caught and subjected to the death penalty seriously enough to be frightened by the penalty like many assume they will be (van den Haag, 2001). According to some that believe in God and feel that the death penalty is acceptable under the scriptures, make one main point, which is that This is not an issue that may be measured accurately in terms of statistics. No one can ever know how many potential murderers have refrained from taking human life due to their fear of prosecution, conviction, and ultimate execution (Jackson, 2003). It is also questioned during this same argument that those who conclude that the death penalty is not a deterrent to violent crime should also be able to conclude that prison is not a deterrent either, since people seem to keep committing crimes, whether or not they think they will go to jail. Another concern over the death penalty and violent crime is the issue of the mentally handicapped (Banner, 2003). They, along with juveniles, also commit violent crimes on occasion. These mentally handicapped individuals, not to be confused with mentally disturbed or insane individuals, often have low IQs and do not realize what they have done. The death penalty in their cases is not any deterrent. They do not even realize what they have done. One mentally handicapped man actually asked the jailers to save his dessert for him so that he could eat it after his execution. It was clear that he did not understand what the execution was about, no more than he understood the crime that he had committed. Executing individuals like this does nothing for society. Many people find it cruel, and even if it is not, it is certainly senseless. There are no important lessons about not committing crimes that are learned by executing someone who is mentally handicapped (Reforms, 2002). The same is true for juvenile offenders. Some juveniles that are convicted of violent crimes are locked away in prison until such time as they are old enough to be executed, which really does not teach juveniles anything valuable about the death penalty or avoidance of violent crime. More often than not, these juveniles are not executed, and most juveniles know that they will not receive the death penalty, even if they are tried as adults, so they are not deterred by the possibility (Radelet Akers, 1996). There are other arguments, but the most effective argument against the death penalty as a deterrent for violent crime appears to be the fact that crime has not gone down simply because the death penalty is out there (Death, 2000). States that have it do not have lower crime rates on average than states that do not have it, and that would indicate that the death penalty in and of itself is not stopping people from committing violent acts (Ikramullah, 2003). Conclusion Crime, including violent crime, has been with society virtually since the beginning, and it will remain with society until it ends. Nothing will stop some people from committing violent acts, and the death penalty does not appear to be the answer. Sometimes, innocent lives are lost to this process, and many times the families of the victims do not experience the kind of closure that one would hope for simply because the offender has been executed. Since it would appear that even law enforcement does not see the death penalty as an answer to the problems of crime in society, one wonders why it is allowed to continue. It is possible, however, that the death penalty would be a deterrent if it were used more swiftly and more often. Many people who are sentenced to death spend years in prison appealing their conviction and appealing their sentence, and this is a large waste of taxpayer money, as well as a huge burden on the court system. Those that are guilty beyond a shadow of a doubt often wait a long time for their sentence to be carried out. Even when DNA evidence shows that they were the guilty party, the execution is still not swiftly carried out, and this allows many criminals to find some way to avoid it. Instead, they end up spending their life in prison, where they get hot meals every day, are allowed to exercise, and have a bed to sleep in every night. They watch TV and read books, and this is more than many of the hungry and homeless in todays society get. Criminals are treated better than many of these people. The criminals have lost their freedom, but they get a lot of things in return for that, and society is required to pay for them through taxes and other avenues that fund the prisons. One is left to wonder why this is so, and whether the death penalty actually would work if everyone found guilty of a violent crime and proved guilty with DNA evidence and/or a confession was executed within 30 days. There would be less prison overcrowding, and appeals would not be allowed. Enacted in this way, the death penalty might be a better deterrent against violent crime, because the stakes would be much higher than they are now, and the chances of being executed would be much greater. It would give criminals more to think about when they were contemplating their violent crimes, and society (at least that part of society that supports the death penalty) would feel better about not supporting these criminals while they appealed and worked to save themselves. It is also possible that more people would come to see the death penalty as a good idea if they could be shown that there was less prison overcrowding and that the amount of violent crime was actually dropping because of it. This might help society out in several ways, but it is unlikely that this will come to pass. There are always those that will fight for the rights of convicted prisoners, and argue that they are misunderstood. There are also those that will maintain the opinion that killing is wrong, no matter who does it. Every individual is certainly entitled to their opinion, and it would appear that those who feel the death penalty is wrong are winning their battle, at least in some states, because executions do not take place very often. Even when they do occur, it is usually after a lengthy appeals process lasting many years and costing much money. Since society will never be free of crime, dealing with that crime and controlling it has become the focus of law enforcement. If the death penalty can be improved and made to work, it should remain. If it cannot be changed so that it actually deters violent crimes, than perhaps it should be done away with in favor of a system that will actually lower the crime rate and work to prevent violent crimes in the future.

Biography of Ferdinand Porsche Essay -- essays research papers

Ferdinand Porsche was born in Maffersdorf, Austria (now in the Czech Republic) on September 3, 1875. At age 18 he found a job in Vienna. While working in Vienna he audited a few courses at the technical university for the only engineering training he ever received. A few years later he took his first job in the automotive industry with Jacob Lohner. There he was involved in the design of an electric car, the Lohner-Porsche. That first car by Porsche set land speed records in Austria, speeding up to a remarkable 35 miles per hour. Later he participated in the development of a mixed car using an internal combustion engine combined with electrical power. In 1905 he won the Austrian Poetting Prize as Austria?s outstanding automotive designer. On the strength of Porsche?s earlier work he was offered a position with the Austrian division of the Daimler automobile company (today Daimler/Chrysler) as its chief designer. After several successful designs of early Mercedes he also worked on airplane engines, fire trucks, buses, wind electric generators and even an agricultural tractor. By 1923 he moved to the company?s headquarters in Stuttgart as technical director. There he developed several more very successful Mercedes models. In 1924 the Technical College of Stuttgart awarded him an honorary doctoral degree in engineering on the basis of his achievements. Since his days at Austro-Daimler he had a personal dream of a mass produced automobile which could be produced cheaply enough to be affordable for the average citizen. He made a proposal for such a car to his employers at Mercedes-Benz, but was disappointed that there was no interest at Mercedes for his plan. Irritated, he left the company. In 1931 he founded his own compa... ...h the Distinguished Service Cross. In 1965 he was presented with an honorary doctoral degree by the Vienna Technical College. In 1972 Porsche converted the company into a stock company with shares available to the public. The family, however, retained essential control with family stock holdings and seats on the board of directors. The name of the company was retained, ?Dr. Ing. h.c.F. Porsche? but now with the addition of the letters AG (Aktiengesellschaft: stock based company). Ferry Porsche was given numerous awards for achievement. In 1984 he was presented with the title of ?Professor? by the Minister-Prà ¤sident (Chief Minister) of the state of Baden-Wà ¼rttemberg, Lothar Spath. Porsche remained as the chairman of the board of Porsche until 1990 when he retired and became the honorary chairman. Ferdinand (Ferry) Porsche died at the age of 88 on March 27, 1998. Biography of Ferdinand Porsche Essay -- essays research papers Ferdinand Porsche was born in Maffersdorf, Austria (now in the Czech Republic) on September 3, 1875. At age 18 he found a job in Vienna. While working in Vienna he audited a few courses at the technical university for the only engineering training he ever received. A few years later he took his first job in the automotive industry with Jacob Lohner. There he was involved in the design of an electric car, the Lohner-Porsche. That first car by Porsche set land speed records in Austria, speeding up to a remarkable 35 miles per hour. Later he participated in the development of a mixed car using an internal combustion engine combined with electrical power. In 1905 he won the Austrian Poetting Prize as Austria?s outstanding automotive designer. On the strength of Porsche?s earlier work he was offered a position with the Austrian division of the Daimler automobile company (today Daimler/Chrysler) as its chief designer. After several successful designs of early Mercedes he also worked on airplane engines, fire trucks, buses, wind electric generators and even an agricultural tractor. By 1923 he moved to the company?s headquarters in Stuttgart as technical director. There he developed several more very successful Mercedes models. In 1924 the Technical College of Stuttgart awarded him an honorary doctoral degree in engineering on the basis of his achievements. Since his days at Austro-Daimler he had a personal dream of a mass produced automobile which could be produced cheaply enough to be affordable for the average citizen. He made a proposal for such a car to his employers at Mercedes-Benz, but was disappointed that there was no interest at Mercedes for his plan. Irritated, he left the company. In 1931 he founded his own compa... ...h the Distinguished Service Cross. In 1965 he was presented with an honorary doctoral degree by the Vienna Technical College. In 1972 Porsche converted the company into a stock company with shares available to the public. The family, however, retained essential control with family stock holdings and seats on the board of directors. The name of the company was retained, ?Dr. Ing. h.c.F. Porsche? but now with the addition of the letters AG (Aktiengesellschaft: stock based company). Ferry Porsche was given numerous awards for achievement. In 1984 he was presented with the title of ?Professor? by the Minister-Prà ¤sident (Chief Minister) of the state of Baden-Wà ¼rttemberg, Lothar Spath. Porsche remained as the chairman of the board of Porsche until 1990 when he retired and became the honorary chairman. Ferdinand (Ferry) Porsche died at the age of 88 on March 27, 1998.