West Virginia University Acceptance Rate, SAT/ACT Scores, GPA

West Virginia University is a public research university with an acceptance rate of 82%. Founded in 1867, WVU offers over 120 undergraduate majors and 480 student organizations. Students can apply via the WVU Application or the Common Application. Considering applying to WVU? Here are the admissions statistics you should know, including average SAT/ACT scores and GPAs of admitted students. Why West Virginia University? Location: Morgantown, West VirginiaCampus Features: WVU spans three campuses in the Morgantown area that are connected by the schools own Personal Rapid Transit system. The campus is home to attractive red brick buildings and a 91-acre arboretum.Student/Faculty Ratio: 20:1Athletics: The WVU Mountaineers compete in the NCAA Division I Big 12 ConferenceHighlights: West Virginia University represents excellent value for in-state students. For its strengths in the liberal arts and sciences, WVU earned a chapter of Phi Beta Kappa. Acceptance Rate During the 2017-18 admissions cycle, West Virginia University had an acceptance rate of 82%. This means that for every 100 students who applied, 82 were admitted, making WVUs admissions process less competitive. Admissions Statistics (2017-18) Number of Applicants 18,639 Percent Admitted 82% Percent Admitted Who Enrolled (Yield) 31% SAT Scores and Requirements West Virginia University requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 57% of admitted students submitted SAT scores. SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 530 620 Math 520 620 ERW=Evidence-Based Reading and Writing This admissions data tells us that most of WVUs admitted students fall within the top 35% nationally on the SAT. For the evidence-based reading and writing section, 50% of students admitted to West Virginia University scored between 530 and 620, while 25% scored below 530 and 25% scored above 620. On the math section, 50% of admitted students scored between 520 and 620, while 25% scored below 520 and 25% scored above 620. Applicants with a composite SAT score of 1440 or higher will have particularly competitive chances at WVU. Requirements West Virginia University does not require the SAT writing section or SAT Subject tests. Note that WVU participates in the scorechoice program, which means that the admissions office will consider your highest score from each individual section across all SAT test dates. ACT Scores and Requirements WVU requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 65% of admitted students submitted ACT scores. ACT Range (Admitted Students) Section 25th Percentile 75th Percentile English 20 26 Math 19 26 Composite 21 27 This admissions data tells us that most of WVUs admitted students fall within the top 42% nationally on the ACT. The middle 50% of students admitted to West Virginia University received a composite ACT score between 21and 27, while 25% scored above 27 and 25% scored below 21. Requirements WVU does not require the ACT writing section. Unlike many universities, West Virginia University superscores ACT results; your highest subscores from multiple ACT sittings will be considered. GPA In 2018, the average high school GPA of West Virginia Universitys incoming class was 3.53, and nearly three-quarters of admitted students had average GPAs above 3.25. These results suggest that most successful applicants to WVU have primarily A and B grades. Self-Reported GPA/SAT/ACT Graph West Virginia University Applicants Self-Reported GPA/SAT/ACT Graph. Data courtesy of Cappex   The admissions data in the graph is self-reported by applicants to West Virginia University. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in with a free Cappex account. Admissions Chances West Virginia University, which accepts over three-quarters of applicants, has a slightly selective admissions process. If your SAT/ACT scores and GPA fall within the schools average ranges, you have a strong chance of being accepted. However, WVU is interested in more than test scores and GPAs. The university requires that applicants have a strong academic record which includes four units of English, three units of college preparatory math, four units of social studies and/or fine arts, three units of science, and two units of a single foreign language. Minimum admissions standards for West Virginia residents include a 2.0 high school GPA, and a composite ACT score of 19 or higher, or a combined ERW-M SAT score of 950 or above. The minimum admissions standards for non-residents include a high school GPA of 2.5 or higher, and an ACT of 21 or above, or a combined SAT ERW-M of 1060 or more. Note that many programs at West Virginia have higher admissions standards than the university as a whole. Business, Engineering, Medicine, Nursing, and others all have a higher bar than we find with general admission. In the graph above, the green and blue dots represent accepted students. As you can see, the majority of students who got in had a GPA of 2.5 or higher, an SAT score (ERWM) above 950, and an ACT composite score of 18  or higher. Your chances will be best if you have at least a solid B average, a combined SAT score above 1050, and an ACT composite score of 21 or higher. All admissions data has been sourced from the National Center for Education Statistics and West Virginia University Undergraduate Admissions Office.

The Cold Truth ~ Cassidy Pena - 2043 Words

The Cold Truth ~ Cassidy Peà ±a The Cold War was the most dangerous boasting battle in the history of the world, and it created many problems that even today have yet to be solved. It was a 44-year war between two of the world’s superpowers: the Union of Soviet Socialist Republics and the United States of America. At one point during the war, nuclear weapons were mass-produced by both sides, mainly for the bragging rights of having more weapons than their opponents (this was called the â€Å"Nuclear Arms Race†). (Trueman) Americans were outraged when the Soviet Union beat them into space with the launch of Sputnik 1, the first artificial Earth satellite (part of another Cold War race, the â€Å"Space Race†). (History.com Staff) Put simply, the Cold†¦show more content†¦The current world relations between the United States and countries that opposed them during the Cold War remain unfriendly. For instance, the relations between the United States and the communist nation of Cuba are sti ll very poor as a result of the Cuban Missile Crisis during the Cold War; when the Soviet Union was allowed by the Cuban government to station nuclear missiles pointed towards the United States in Cuba, only 99 miles away from Florida. Today, there is still an embargo prohibiting United States corporations from doing any business with Cuba and restricting United States citizens from travelling to Cuba. (ProCon.org) Another example of international relations damaged by the Cold War are the notoriously strained relations of the Russian Federation and the United States. The two nations have been well known as enemies since even before World War II. In fact, in the year 1980, the United States Olympic Team boycotted the Summer Olympics that were being held in Moscow. (Smothers) But in 2009, almost 20 years after the Cold War had ended, Dmitry Medvedev and Barack Obama agreed to â€Å"reset† the relations between the countries and wipe the proverbial slate of all contempt rooted i n the Cold War. Despite this, there is still much lingering rivalry between the two very different nations, showing that more people than just the leaders of the countries must acknowledge these poor relations if they are to ever be mended.

The Lost Symbol Chapter 67-70 Free Essays

string(292) " figure with giant wings, seated in front of a stone building, surrounded by the most disparate and bizarre collection of objects imaginable–measuring scales, an emaciated dog, carpenter’s tools, an hourglass, various geometric solids, a hanging bell, a putto, a blade, a ladder\." CHAPTER 67 West of Embassy Row, all was silent again inside the walled garden with its twelfth-century roses and Shadow House gazebo. On the other side of an entry road, the young man was helping his hunched superior walk across an expansive lawn. He’s letting me guide him? Normally, the blind old man refused help, preferring to navigate by memory alone while on the grounds of his sanctuary. We will write a custom essay sample on The Lost Symbol Chapter 67-70 or any similar topic only for you Order Now Tonight, however, he was apparently in a hurry to get inside and return Warren Bellamy’s phone call. â€Å"Thank you,† the old man said as they entered the building that held his private study. â€Å"I can find my way from here.† â€Å"Sir, I would be happy to stay and help–† â€Å"That’s all for tonight,† he said, letting go of his helper’s arm and shuffling hurriedly off into the darkness. â€Å"Good night.† The young man exited the building and walked back across the great lawn to his modest dwelling on the grounds. By the time he entered his flat, he could feel his curiosity gnawing at him. The old man clearly had been upset by the question posed by Mr. Bellamy . . . and yet the question had seemed strange, almost meaningless. Is there no help for the widow’s son? In his wildest imagination, he could not guess what this could mean. Puzzled, he went to his computer and typed in a search for this precise phrase. To his great surprise, page after page of references appeared, all citing this exact question. He read the information in wonderment. It seemed Warren Bellamy was not the first person in history to ask this strange question. These same words had been uttered centuries ago . . . by King Solomon as he mourned a murdered friend. The question was allegedly still spoken today by Masons, who used it as a kind of encoded cry for help. Warren Bellamy, it seemed, was sending a distress call to a fellow Mason. CHAPTER 68 Albrecht Durer? Katherine was trying to put the pieces together as she hurried with Langdon through the basement of the Adams Building. A.D. stands for Albrecht Durer? The famous sixteenth-century German engraver and painter was one of her brother’s favorite artists, and Katherine was vaguely familiar with his work. Even so, she could not imagine how Durer would be any help to them in this case. For one thing, he’s been dead more than four hundred years. â€Å"Durer is symbolically perfect,† Langdon was saying as they followed the trail of illuminated EXIT signs. â€Å"He was the ultimate Renaissance mind–artist, philosopher, alchemist, and a lifelong student of the Ancient Mysteries. To this day, nobody fully understands the messages hidden in Durer’s art.† â€Å"That may be true,† she said. â€Å"But how does `1514 Albrecht Durer’ explain how to decipher the pyramid?† They reached a locked door, and Langdon used Bellamy’s key card to get through. â€Å"The number 1514,† Langdon said as they hurried up the stairs, â€Å"is pointing us to a very specific piece of Durer’s work.† They came into a huge corridor. Langdon glanced around and then pointed left. â€Å"This way.† They moved quickly again. â€Å"Albrecht Durer actually hid the number 1514 in his most mysterious piece of art–Melencolia I–which he completed in the year 1514. It’s considered the seminal work of the Northern European Renaissance.† Peter had once shown Katherine Melencolia I in an old book on ancient mysticism, but she didn’t recall any hidden number 1514. â€Å"As you may know,† Langdon said, sounding excited, â€Å"Melencolia I depicts mankind’s struggle to comprehend the Ancient Mysteries. The symbolism in Melencolia I is so complex it makes Leonardo da Vinci look overt.† Katherine stopped abruptly and looked at Langdon. â€Å"Robert, Melencolia I is here in Washington. It hangs in the National Gallery.† â€Å"Yes,† he said with a smile, â€Å"and something tells me that’s not a coincidence. The gallery is closed at this hour, but I know the curator and–â€Å" â€Å"Forget it, Robert, I know what happens when you go to museums.† Katherine headed off into a nearby alcove, where she saw a desk with a computer. Langdon followed, looking unhappy. â€Å"Let’s do this the easier way.† It seemed Professor Langdon, the art connoisseur, was having an ethical dilemma about using the Internet when an original was so nearby. Katherine stepped behind the desk and powered up the computer. When the machine finally came to life, she realized she had another problem. â€Å"There’s no icon for a browser.† â€Å"It’s an internal library network.† Langdon pointed to an icon on the desktop. â€Å"Try that.† Katherine clicked on the icon marked DIGITAL COLLECTIONS. The computer accessed a new screen, and Langdon pointed again. Katherine clicked on his choice of icon: FINE PRINTS COLLECTION. The screen refreshed. FINE PRINTS: SEARCH. â€Å"Type in `Albrecht Durer.’ â€Å" Katherine entered the name and then clicked the search key. Within seconds, the screen began displaying a series of thumbnail images. All of the images looked to be similar in style–intricate black-and-white engravings. Durer had apparently done dozens of similar engravings. Katherine scanned the alphabetical list of his artwork. Adam and Eve Betrayal of Christ Four Horsemen of the Apocalypse Great Passion Last Supper Seeing all the biblical titles, Katherine recalled that Durer practiced something called Mystic Christianity–a fusion of early Christianity, alchemy, astrology, and science. Science . . . The image of her lab in flames rushed through her mind. She could barely process the long-term ramifications, but for the moment, her thoughts turned to her assistant, Trish. I hope she made it out. Langdon was saying something about Durer’s version of the Last Supper, but Katherine was barely listening. She had just seen the link for Melencolia I. She clicked the mouse, and the page refreshed with general information. Melencolia I, 1514 Albrecht Durer (engraving on laid paper) Rosenwald Collection National Gallery of Art Washington, D.C. When she scrolled down, a high-res digital image of Durer’s masterpiece appeared in all its glory. Katherine stared in bewilderment, having forgotten just how strange it was. Langdon gave an understanding chuckle. â€Å"As I said, it’s cryptic.† Melencolia I consisted of a brooding figure with giant wings, seated in front of a stone building, surrounded by the most disparate and bizarre collection of objects imaginable–measuring scales, an emaciated dog, carpenter’s tools, an hourglass, various geometric solids, a hanging bell, a putto, a blade, a ladder. You read "The Lost Symbol Chapter 67-70" in category "Essay examples" Katherine vaguely recalled her brother telling her that the winged figure was a representation of â€Å"human genius†Ã¢â‚¬â€œa great thinker with chin in hand, looking depressed, still unable to achieve enlightenment. The genius is surrounded with all of the symbols of his human intellect–objects of science, math, philosophy, nature, geometry, even carpentry–and yet is still unable to climb the ladder to true enlightenment. Even the human genius has difficulty comprehending the Ancient Mysteries. â€Å"Symbolically,† Langdon said, â€Å"this represents mankind’s failed attempt to transform human intellect into godlike power. In alchemical terms, it represents our inability to turn lead into gold.† â€Å"Not a particularly encouraging message,† Katherine agreed. â€Å"So how does it help us?† She did not see the hidden number 1514 that Langdon was talking about. â€Å"Order from chaos,† Langdon said, flashing a lopsided grin. â€Å"Just as your brother promised.† He reached in his pocket and pulled out the grid of letters he had written earlier from the Masonic cipher. â€Å"Right now, this grid is meaningless.† He spread the paper out on the desk. Katherine eyed the grid. Definitely meaningless. â€Å"But Durer will transform it.† â€Å"And how might he do that?† â€Å"Linguistic alchemy.† Langdon motioned to the computer screen. â€Å"Look carefully. Hidden in this masterpiece is something that will make sense of our sixteen letters.† He waited. â€Å"Do you see it yet? Look for the number 1514.† Katherine was in no mood to play classroom. â€Å"Robert, I see nothing–an orb, a ladder, a knife, a polyhedron, a scale? I give up.† â€Å"Look! There in the background. Carved into that building behind the angel? Beneath the bell? Durer engraved a square that is full of numbers.† Katherine now saw the square that contained numbers, among them 1514. â€Å"Katherine, that square is the key to deciphering the pyramid!† She shot him a surprised look. â€Å"That’s not just any square,† Langdon said, grinning. â€Å"That, Ms. Solomon, is a magic square.† CHAPTER 69 Where the hell are they taking me? Bellamy was still blindfolded in the back of an SUV. After a short stop somewhere close to the Library of Congress, the vehicle had continued on . . . but only for a minute. Now the SUV had stopped again, having again traveled only about a block. Bellamy heard muffled voices talking. â€Å"Sorry . . . impossible . . .† an authoritative voice was saying. † . . . closed at this hour . . .† The man driving the SUV replied with equal authority. â€Å"CIA investigation . . . national security . . .† Apparently the exchange of words and IDs was persuasive, because the tone shifted immediately. â€Å"Yes, of course . . . service entrance . . .† There was the loud grinding of what sounded like a garage door, and as it opened, the voice added, â€Å"Shall I accompany you? Once you’re inside, you won’t be able to get through–â€Å" â€Å"No. We have access already.† If the guard was surprised, it was too late. The SUV was moving again. It advanced about fifty yards and then came to a stop. The heavy door rumbled closed again behind them. Silence. Bellamy realized he was trembling. With a bang, the SUV’s rear hatch flew open. Bellamy felt a sharp pain in his shoulders as someone dragged him out by his arms, then lifted him to his feet. Without a word, a powerful force led him across a wide expanse of pavement. There was a strange, earthy smell here that he could not place. There were footsteps of someone else walking with them, but whoever it was had yet to speak. They stopped at a door, and Bellamy heard an electronic ping. The door clicked open. Bellamy was manhandled through several corridors and could not help but notice that the air was warmer and more humid. An indoor pool, maybe? No. The smell in the air was not chlorine . . . it was far more earthy and primal. Where the hell are we?! Bellamy knew he could not be more than a block or two from the Capitol Building. Again they stopped, and again he heard the electronic beep of a security door. This one slid open with a hiss. As they pushed him through, the smell that hit him was unmistakable. Bellamy now realized where they were. My God! He came here often, although never through the service entrance. This magnificent glass building was only three hundred yards from the Capitol Building and was technically part of the Capitol Complex. I run this place! Bellamy now realized it was his own key fob that was giving them access. Powerful arms pushed him through the doorway, leading him down a familiar, winding walkway. The heavy, damp warmth of this place usually felt comforting to him. Tonight, he was sweating. What are we doing here?! Bellamy was halted suddenly and seated on a bench. The man with the muscles unhooked his handcuffs only long enough to reaffix them to the bench behind his back. â€Å"What do you want from me?† Bellamy demanded, heart pounding wildly. The only response he received was the sound of boots walking off and the glass door sliding shut. Then silence. Dead silence. They’re just going to leave me here? Bellamy was sweating more heavily now as he struggled to release his hands. I can’t even take off my blindfold? â€Å"Help!† he shouted. â€Å"Anybody!† Even as he called out in panic, Bellamy knew nobody was going to hear him. This massive glass room–known as the Jungle–was entirely airtight when the doors were closed. They left me in the Jungle, he thought. Nobody will find me until morning. Then he heard it. The sound was barely audible, but it terrified Bellamy like no sound he had ever heard in his life. Something breathing. Very close. He was not alone on the bench. The sudden hiss of a sulfur match sizzled so close to his face that he could feel the heat. Bellamy recoiled, instinctively yanking hard at his chains. Then, without warning, a hand was on his face, removing his blindfold. The flame before him reflected in the black eyes of Inoue Sato as she pressed the match against the cigarette dangling from her lips, only inches away from Bellamy’s face. She glared at him in the moonlight that filtered down through the glass ceiling. She looked pleased to see his fear. â€Å"So, Mr. Bellamy,† Sato said, shaking out the match. â€Å"Where shall we begin?† CHAPTER 70 A magic square. Katherine nodded as she eyed the numbered square in Durer’s engraving. Most people would have thought Langdon had lost his mind, but Katherine had quickly realized he was right. The term magic square referred not to something mystical but to something mathematical–it was the name given to a grid of consecutive numbers arranged in such a way that all the rows, columns, and diagonals added up to the same thing. Created some four thousand years ago by mathematicians in Egypt and India, magic squares were still believed by some to hold magical powers. Katherine had read that even nowadays devout Indians drew special three-by-three magic squares called the Kubera Kolam on their pooja altars. Primarily, though, modern man had relegated magic squares to the category of â€Å"recreational mathematics,† some people still deriving pleasure from the quest to discover new â€Å"magical† configurations. Sudoku for geniuses. Katherine quickly analyzed Durer’s square, adding up the numbers in several rows and columns. â€Å"Thirty-four,† she said. â€Å"Every direction adds up to thirty-four.† â€Å"Exactly,† Langdon said. â€Å"But did you know that this magic square is famous because Durer accomplished the seemingly impossible?† He quickly showed Katherine that in addition to making the rows, columns, and diagonals add up to thirty-four, Durer had also found a way to make the four quadrants, the four center squares, and even the four corner squares add up to that number. â€Å"Most amazing, though, was Durer’s ability to position the numbers 15 and 14 together in the bottom row as an indication of the year in which he accomplished this incredible feat!† Katherine scanned the numbers, amazed by all the combinations. Langdon’s tone grew more excited now. â€Å"Extraordinarily, Melencolia I represents the very first time in history that a magic square appeared in European art. Some historians believe this was Durer’s encoded way of indicating that the Ancient Mysteries had traveled outside the Egyptian Mystery Schools and were now held by the European secret societies.† Langdon paused. â€Å"Which brings us back to . . . this.† He motioned to the slip of paper bearing the grid of letters from the stone pyramid. â€Å"I assume the layout looks familiar now?† Langdon asked. â€Å"Four-by-four square.† Langdon picked up the pencil and carefully transcribed Durer’s numbered magic square onto the slip of paper, directly beside the lettered square. Katherine was now seeing just how easy this was going to be. He stood poised, pencil in hand, and yet . . . strangely, after all this enthusiasm, he seemed to hesitate. â€Å"Robert?† He turned to her, his expression one of trepidation. â€Å"Are you sure we want to do this? Peter expressly–â€Å" â€Å"Robert, if you don’t want to decipher this engraving, then I will.† She held out her hand for the pencil. Langdon could tell there would be no deterring her and so he acquiesced, turning his attention back to the pyramid. Carefully, he superimposed the magic square over the pyramid’s grid of letters and assigned each letter a number. Then he created a new grid, placing the Masonic cipher’s letters in the new order as defined by the sequence in Durer’s magic square. When Langdon was finished, they both examined the result. Katherine immediately felt confused. â€Å"It’s still gibberish.† Langdon remained silent a long moment. â€Å"Actually, Katherine, it’s not gibberish.† His eyes brightened again with the thrill of discovery. â€Å"It’s . . . Latin.† In a long, dark corridor, an old blind man shuffled as quickly as he could toward his office. When he finally arrived, he collapsed in his desk chair, his old bones grateful for the reprieve. His answering machine was beeping. He pressed the button and listened. â€Å"It’s Warren Bellamy,† said the hushed whisper of his friend and Masonic brother. â€Å"I’m afraid I have alarming news . . .† Katherine Solomon’s eyes shot back to the grid of letters, reexamining the text. Sure enough, a Latin word now materialized before her eyes. Jeova. Katherine had not studied Latin, but this word was familiar from her reading of ancient Hebrew texts. Jeova. Jehovah. As her eyes continued to trace downward, reading the grid like a book, she was surprised to realize she could read the entire text of the pyramid. Jeova Sanctus Unus. She knew its meaning at once. This phrase was ubiquitous in modern translations of Hebrew scripture. In the Torah, the God of the Hebrews was known by many names–Jeova, Jehovah, Jeshua, Yahweh, the Source, the Elohim–but many Roman translations had consolidated the confusing nomenclature into a single Latin phrase: Jeova Sanctus Unus. â€Å"One true God?† she whispered to herself. The phrase certainly did not seem like something that would help them find her brother. â€Å"That’s this pyramid’s secret message? One true God? I thought this was a map.† Langdon looked equally perplexed, the excitement in his eyes evaporating. â€Å"This decryption obviously is correct, but . . .† â€Å"The man who has my brother wants to know a location.† She tucked her hair behind her ear. â€Å"This is not going to make him very happy.† â€Å"Katherine,† Langdon said, heaving a sigh. â€Å"I’ve been afraid of this. All night, I’ve had a feeling we’re treating as reality a collection of myths and allegories. Maybe this inscription is pointing to a metaphorical location–telling us that the true potential of man can be accessed only through the one true God.† â€Å"But that makes no sense!† Katherine replied, her jaw now clenched in frustration. â€Å"My family protected this pyramid for generations! One true God? That’s the secret? And the CIA considers this an issue of national security? Either they’re lying or we’re missing something!† Langdon shrugged in accord. Just then, his phone began to ring. In a cluttered office lined with old books, the old man hunched over his desk, clutching a phone receiver in his arthritic hand. The line rang and rang. At last, a tentative voice answered. â€Å"Hello?† The voice was deep but uncertain. The old man whispered, â€Å"I was told you require sanctuary.† The man on the line seemed startled. â€Å"Who is this? Did Warren Bell–† â€Å"No names, please,† the old man said. â€Å"Tell me, have you successfully protected the map that was entrusted to you?† A startled pause. â€Å"Yes . . . but I don’t think it matters. It doesn’t say much. If it is a map, it seems to be more metaphorical than–â€Å" â€Å"No, the map is quite real, I assure you. And it points to a very real location. You must keep it safe. I cannot impress upon you enough how important this is. You are being pursued, but if you can travel unseen to my location, I will provide sanctuary . . . and answers.† The man hesitated, apparently uncertain. â€Å"My friend,† the old man began, choosing his words carefully. â€Å"There is a refuge in Rome, north of the Tiber, which contains ten stones from Mount Sinai, one from heaven itself, and one with the visage of Luke’s dark father. Do you know my location?† There was a long pause on the line, and then the man replied, â€Å"Yes, I do.† The old man smiled. I thought you might, Professor. â€Å"Come at once. Make sure you’re not followed.† How to cite The Lost Symbol Chapter 67-70, Essay examples

Economic Crisis and a Shift to the Right free essay sample

In 1867, after battling invaders for nearly a millennium, Hungary became an autonomous state within the Austro-Hungarian Empire. This expansive empire had its northern border in present day Poland, its southern border in present day Serbia, and was bordered on the east and west by the Black and Mediterranean Seas, respectively. The empire was eventually defeated in World War I and through the Treaty of Trianon in 1920 the monarchy was disbanded, and after a period of turmoil, an independent kingdom was established under the authoritarian rule of Admiral Miklos Horthy. Due to the terms of the treaty and the redrawing of many European borders, Hungary’s size was reduced by two-thirds, leaving more than 5 million native Hungarians outside of the country’s borders. These effects remain a sensitive issue for many today and still complicate relations between Hungary and its neighbors. In the events that led to World War II, Hungary joined forces with Nazi Germany by joining the Anti-Comintern Pact and withdrawing from the League of Nations. We will write a custom essay sample on Economic Crisis and a Shift to the Right or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These measures were taken in an effort to regain its lost territory from the World War I aftermath. At the start of World War II, Hungary remained neutral, however with pressure from Germany, Hungary entered the war in 1941 by invading both Yugoslavia and the Soviet Union. After several early battle losses, Hungary began secretly negotiating with the Allies. Hearing of these negotiations, Germany invaded Hungary and installed a puppet government. This new government began eliminating the Hungarian Jewish and Roma populations until Soviet forces in Budapest drove it out in 1945. In the wake of these events, the capital and much of the country was left in ruins. The Soviet Era (1945-1989) After World War II, Communists held power in Hungary with the support of the Soviet Union. A new land reform bill was passed that redistributed land from large estate owners to peasants. Additionally, during this time, industries became nationalized and collective agriculture was instituted. Hungary joined the Warsaw Pact aligning itself with the Soviet Union. The Hungarian population, however, was dissatisfied with this government, and in an effort to appease the people, the government instituted reforms such as withdrawing from the Warsaw Pact and becoming a neutral power. These concessions on the part of the government allowed the Hungarians to realize their power and they demanded further reform and removal of Soviet domination. As a result, Hungarians revolted against the Soviet domination of Hungary. Although the Soviet Army defeated the Hungarians, killing more than 2,500 citizens and forcing more than 200,000 to flee, a new government was instituted. This government, led by Janos Kadar, was still Soviet-friendly, but recognized the need for reform and began to become gradually more liberalized through the 1960’s. The Path to the European Union (1989-2006) In 1989, Hungary was the first country to breach the â€Å"Iron Curtain†. Soon thereafter, Hungary transitioned from Communism to a multiparty parliamentary democracy that welcomed foreign investment. Initially, the result was a dramatic decline in economic activity and living standards. However, within four years of the collapse of communism, nearly half of the countrys economic enterprises had been transferred to the private sector, and by 1998 Hungary was attracting nearly half of all foreign direct investment in Central Europe. In 1994, as a backlash to its rapid liberalization, Hungarians voted the Hungarian Socialist Party (MSZP) into power. The MSZP was a center-left party and the unofficial successor of the Communists. This government supported and funded social programs while also continuing with economic reform by selling off government owned enterprises and implementing targeted austerity measures. Soon, the country’s newfound growth and stability allowed it to receive an invitation to join NATO. Despite its solid economic performance, the MSZP was affected by allegations of corruption, which led to its defeat in 1998 by a Fidesz led coalition who selected Viktor Orban as prime minister. Orban’s government created centralized control and refused to meet with opposite party leaders for months. They then adopted the â€Å"Status Law†, an effort to reach out to the displaced Hungarian natives. The â€Å"Status Law† offered native Hungarians living in neighboring countries benefits such as health, education, and employment rights in Hungary. Despite Western criticism of his policies, Fidesz did choose to continue the MSZP’s policy of satisfying the Copenhagen criteria to enter the European Union. In 2002, an MSZP coalition regained government control after Fidesz’s administration became the subject of scandals. The new Prime Minister, Ferenc Gyurscany, was able to complete the process and formally join the EU along with nine other states in 2004. After joining, Hungary began to pursue the more difficult challenge of joining the Eurozone by completing the Maastricht criteria. The Hungarian government predicted that this task could be completed by the end of the decade. Hungary’s Entrance to the Eurozone Failed Attempts to Join Eurozone In the late eighties, Hungary made progressive steps to position themselves for entry into the European Union. Hungary was the first country to breach the forty-year â€Å"Iron Curtain† surrounding the Eastern European countries. The â€Å"Iron Curtain† was the political, military, ideological barrier created by the Soviet Union after World War II to separate eastern and central Communist European allies from the Western noncommunist countries. In 1989, Hungary peacefully replaced their communist political party with a multi-party parliamentary democracy. As reported by the New York Times, a sweeping majority of Hungarian Communist Party voted for the radical transformation of legislation. The main motivation for the shift was due to a stagnant economy and oppressed religion under communist rule. A need for reform and free open trade with Western countries aided the Hungarian Communist Party in their decision. Before making the final vote, Hungary already began permitting the assembly and association of the non-communist parties. In 1991 Hungary completely withdrew from the Warsaw Pact, appointing the country’s first Parliament President elect. The political restructuring was aided by a shift to a free market-based economy. Liberal economic policies and ideals such as foreign investment, asset management, entrepreneurship and integrating Hungary into the world economy were adopted by the new rule. A shift from an authoritarian economic science to a democratic capitalist system was projected to be a fairly smooth process. However, despite high hopes of a prosperous economy there was a dramatic decline of economic activity and living standards. High interest and inflation rates, unemployment amounting to 12%, and the conspicuous consumption of the new elite of entrepreneurs elicited widespread dissatisfaction among Hungarians. Some economists argue that the idea of capitalism in combination with the new practice of democracy will fail if introduced simultaneously. This is what occurred in 1991 as the ambitious measures of the new parliamentary party began to fail. Life became very difficult for many Hungarians as they struggled during the severe recession exacerbated by the fiscal austerity necessary to reduce inflation and stimulate investment. After rising backlash caused by the poor state of the economy, Hungarians voted into power the Hungarian Socialist Party (MSZP) overthrowing the conservative Hungarian Democratic Forum. The MSZP was the center-left unofficial successor of the communist party. Since the MSZP was founded on traditional communist ideals, the MSZP gained majority support based on the belief that â€Å"things were better in the old days† when there were more jobs and economic security. The MSZP supported popular social programs while still progressively pursuing reform, selling state owned enterprises and implementing targeted austerity measures. For about 4 years, the reign of the MSZP was successful as there was a surge of stability and growth. Hungary also received an invitation to join the North Atlantic Treaty Organization during this time. Despite the success of the MSZP’s role in Hungary’s four-year economic stimulation, corruption plagued the party. In 1998, the MSZP lost control as the Fidesz-led coalition gained majority vote. In 1998 negotiations for Hungary’s entrance into the EU also began. Viktor Orban, the prime minister, was criticized after the implementation of controversial laws such as the â€Å"Status Law†. This law granted health, education and employment rights to native Hungarians residing in other countries. This law violated principles of the European Union. This was a horrible direction to take if Hungary had motives of joining the EU. Corruption scandals and bribery surrounding Orban’s government proved to be detrimental just as they had been for the MSZP in 1998. There was a flip flop in parties as the MSZP regained control in 2002. Picking up where Fidesz and the party left off in 1998, Prime Minister Gyurcsany implemented the final required reforms and joined the 15 country EU in 2004 along with Cyrus, the Czech Republic, Estonia, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. After this success, Hungary began pursuing the strict requirements for membership into the euro zone, also known as the Maastricht criteria. The criteria outlined the terms regarding inflation, public debt and the public deficit, exchange rate stability and the convergence of interest rates. The MSZP had high hopes that the terms of these criteria would be reached by the end of the decade. As exhibited by similar events in Hungary’s past, the ambitious attempts didn’t quite live up to expectations. The MSZP maintained control in the election of 2006. Before this election there was a ballooning budget deficit of over 9% of GDP. This issue was overlooked, while the party promised more spending and lower taxes. In 2006, as more controversy unraveled, Prime Minister Gyurcsany admitted that his party had lied about the economic condition of the country for two years. While protests plagued the country, Gyurcsany introduced austerity measures, which included tax increases and spending cuts to trim the budget deficit to 3. 2% of GDP. According to the Maastricht Treaty, the government deficit could not exceed 3% of annual GDP. Citizens revolted and the electorate denounced the new fees, causing a major defeat for Gyurcsany’s austerity measures. A global credit crisis overshadowed Hungary’s economy in 2008 and 2009 and the efforts to meet the Maastricht criteria for the Eurozone failed. Fixed vs. Floating: What Should Hungary Have Done with the Forint Hungary lost all hopes of reaching the Eurozone as the 2008-2009 financial crisis descended upon economies. Due to falling consumer spending, Hungary suffered a trade collapse and there was a loss of confidence in forint-denominated assets among investors. In February 2008, Hungary chose to float the forint after facing substantial pressure for devaluation. By midyear, the forint began a steep depreciation, which had the effect of making Hungarian exports more attractive. This had the potential to raise Hungary’s GDP, as an increase in net exports, all other things remaining equal, will raise GDP according to the equation in Chapter 5 of the textbook Y=C+I+G+NX, where NX=NX (? ). This was not the case, however, as from 2008 to 2009, Hungary saw a 6. 7% decrease in GDP. Other aspects of the economy were at work simultaneously which led to the decrease in GDP. The depreciation of the forint also meant that Hungarian households with foreign denominated currencies saw their payments increase dramatically in terms of the domestic currency. As many Hungarians had taken on loans in foreign currencies, specifically the Swiss franc, due to low interest rates, this proved a problem for several households. These loans were of little risk when the forint was pegged to the euro, however with the currency’s recent decline, many of these loans faced default. In October 2008, Hungary’s central bank raised interest rates to 11. 5%, a 3% increase. This was an effort to equilibrate saving and investment. According to the text, increases in the interest rate serve to increase the supply of loanable funds and decrease their demand. Because Chapter 5 states that an increase in investment demand leads to a trade deficit, we can see that the Hungarian government is trying to increase its net exports to combat the financial crisis. The switch to floating the forint was intended to free Hungary to pursue economic policy independent of the Eurozone, however fears of a Hungarian default on sovereign debt forced their government to request international financial assistance. Hungary received $25. 1 billion from the IMF, World Bank, and EU, making it the first nation to receive a bailout led by the IMF. This bailout came with promises to implement austerity measures to reduce public sector pay, increase some taxes, and decrease spending on social programs. By the first quarter of 2009, Hungary saw a decrease in GDP, an increase in unemployment, and the forint became Europe’s worst performing currency. During the financial crisis, four of the eight EU countries located in Central and Eastern Europe chose to float their currencies, and only Hungary was seeing such financial and political complications. The other countries that did not float their currencies took a different strategy and defended their pre-crisis exchange rates with the Euro during the global recession. In order to remain competitive, they slashed their deficits and curbed inflation. These countries, however, were some of the worst performing in 2009. In the decision as to whether or not Hungary should have chosen to float their currency or remain pegged to the euro, it is important to compare the features of each option. A country may choose to follow hard exchange rate pegs, soft exchange rate pegs, or floating currency. Hard exchange rate pegs usually lead to sound fiscal and structural policies and low inflation. They tend to be longstanding, allowing for certainty when pricing transactions. Downsides include that the central bank has no independent monetary policy because it cannot adjust exchange rates and interest rates are tied to those of the anchor country. Another option is soft exchange rate pegs. With soft pegs, countries maintain a stable value against an anchor currency/currencies, which can be pegged within a narrow ( ±1%) or wide ( ± 30%) range. Soft pegs remain a nominal anchor to settle inflation expectations and they allow for limited monetary policy to deal with shocks. Soft pegs are vulnerable, however, to financial crises, which can lead to large devaluations and even abandonment of the peg. The third option is floating exchange rate. This rate is mainly determined by the market and central banks intervene mostly through purchases or sales of foreign currencies in exchange for local currency in order to limit short-term rate fluctuations. Depending upon the country, the central bank may be particularly involved, or not involved at all. An advantage of floating regimes is that countries have the advantage of maintaining an independent monetary policy. Measures however must be taken to ensure success. First, the foreign exchange and financial markets must be able to absorb shocks without large exchange rate changes. Also, instruments must be available to hedge risks posed by the floating exchange rate. Hungary should not have remained pegged to the Euro during the 2008-2009 financial crisis. Had Hungary remained pegged, it would have likely faced worse fates than it saw during this time period. Since the other countries who remained pegged found themselves among the worst performing nations in the region, Hungary would have likely found itself in a similar situation to Latvia who even found their IMF bailout insufficient. Since none of these nations fared well, it would have been an unwise decision for the forint to remain pegged to the Euro. In contrast, the others that decided to float their currencies during this time had mixed effects. Poland actually saw a 1. 7% increase in GDP from 2008-2009, while Romania’s GDP dropped 7.1% during the same time period. Since there was some success achieved by floating currencies during this crisis, it could be concluded that there was a difference in monetary policy that could account for the success or failure of these economies. Hungary’s decision to float the forint was a wise one, however the execution of the policies surrounding this decision should have been modified. The advantage of full control of monetary poli cy was an advantage to floating currency, although it could also be a disadvantage if the policies do not promote thecurrency’s success. Hungary should have implemented some austerity measures and set up policies to try to cushion some of the inevitable blow that would be brought on by the financial crisis and the new currency in the market. If those things had been done, Hungary may have seen less of a decline during this period and may have even prospered as Poland did. Exchange Rate of Hungarian Forint vs. USD, Euro and Swiss Franc Based off of the graphs you will be able to see what the forint was worth compared to the dollar, euro and Swiss franc. Looking at the first graph, forint and dollar comparison, the forint currency was worth around 200 to 240 dollars. The biggest difference in the currency was between 2008 and 2009, which is when they decided to float the forint. Looking at the second graph, forint and euro comparison, the forint currency was worth around 260 euros until they floated. After 2009 the value of the forint decreased making their value around 300 euros. Looking at third graph, forint and Swiss francs comparison, the forint currency was worth around 180 Swiss francs until they floated. Then in 2009 the forint value decreased making their value compared to Swiss francs around 200 to 240. Hungary decided to peg the euro and Swiss francs for different reasons. They decided to peg the euro because they ultimately wanted to adopt the euro and show some relative stability in their currency. They had a target date but it was abandoned due to their debt, high budget deficit and inflation. Hungary pegged the Swiss francs because nearly 80 percent Hungarians had foreign currency loans and 55 percent of mortgages in Swiss francs. These loans had low interest and presented little risk to borrowers. The unopposed legislation of Fidesz and Orban and its economic impact The Fidesz and Orban parliamentary election in 2010 caused some controversy with other countries but continued to unite the Hungarian nation. One of the first actions that occurred was passing a bill for dual citizenship for Hungarians living abroad to offset the negative effects of Trianon Treaty. Neighboring countries, such as Slovakia, Romania and Slovenia were frustrated with this bill, but Hungarians were very supportive because many thought the treaty was unfair. Another feud was with the IMF. Orban promised to fulfill their campaign promise and stand his ground on the loan repayment. He felt that Hungary didn’t need to repay these loans because these decisions were due to the previous MSZP-led government. International investors reacted negatively to his actions, but domestic reactions were more positive. Fidesz sought out meeting EU deficit goals through raising new taxes on the banking, telecom, energy, retains, and pharmaceutical sectors. Hungarian populations supported Fidesz while multinationals continued to lose profit. In late 2010, the government made another change to support its fiscal situation by bringing private pension assets under state control. This upset private pension fund industries and The National Confederation of Hungarian Trade Unions but increased the trust in the government from Hungarian population. They believed that the assets from pensions would help balance the budget. Lastly, the Hungarian government decided to take over the country’s rate setting Monetary Policy Council by amending a law that gave parliament the right to nominate all four external members. Despite the changes that Fidesz and Orban made, Hungary was still strong in investments. Some advantages were in fact foreign direct investments, which totaled more than $2. 5 billion. They also have been able to the meet the demands of EU since becoming a member in 2004, showing their political stability. The location of Hungary has attracted many firms by being able to connect Western Europe to other Eastern European countries. Hungary also continued to interest major multinational companies by having strong human capital. Outsiders, other foreign countries, and credit rating agencies may not have agreed with the decisions of the parliament, but it had no effect on their growth as a nation. Hungary continued their reform and growth. Is it wise to invest in Hungary? There are factors that the case touches on which suggest that Hungary is not the safest investment; however, from looking at Hungary in its totality it is undeniable that Hungary should be a European market to invest in. Location Examining Hungary’s location and its relative proximity to its neighboring European countries, helps justify why investors would want to consider investing in the country. Hungary is situated in the heart of Europe bordering seven countries with one of Europe’s largest waterways, the Danube, running through Budapest. This favorable location coupled with the major land routes and waterways that span across Hungary make the country an optimal place for manufacturing, trade, services, and logistics. This prime location, accessible within a few hours of all European countries, makes Hungary an ideal launch point for investors who plan to develop their growing businesses while capitalizing on key European markets. The central European country is known for their excellent infrastructure, their prime business parks and industrial sites. Considered a landlocked port city, Hungary is key in connecting Western and Eastern Europe. Stability and the EU As a long-standing member of the European Union, one of the major factors that also lends to the possibility of Hungary being a safe investment, is Hungary’s relative political stability. It is considered the most developed of the Eastern European countries and its highly developed infrastructure along with its stable government makes Hungary even more appealing. Hungary offers access to a market of over 250 million people within its borders as well as a European Union common market exceeding a half of a billion people. Di Tella, Weinzierl and Kuipers aptly highlight Hungary’s stability, by pointing out that since emerging from communism in 1989, Hungary had held no interim elections and the federal government was never forced to dissolve – two things most other countries in Central and Eastern Europe could not claim. The authors then continue in saying that, in addition, regardless of the political party in power, Hungary had honored the demands of the EU since becoming a member, including regulations on transparency , auditing, and budgets. Human Capital, Labor Costs and Economic Policy Other factors that help make Hungary an attractive investment are its labor costs, an investment friendly economic policy and its strong human capital. Hungary has a highly educated workforce where more than 85% of persons between the ages of 25-34 have completed secondary school; with 70% of those individuals are enrolled in some form of higher education. More impressive still are the wages that these highly educated individuals work for. The authors make mention of these low labor costs by saying: moreover, Hungary’s labor force worked for a fraction of their counterparts in the EU – in 2007, real wages in Hungary were 40 percent of the EU average. Essentially those companies willing to invest in Hungary’s human capital would be receiving a talented workforce, capable of achieving first-rate outcomes, at a discount rate. Frido Diepeveen, an operation manager at Randstad was quoted saying, â€Å"While the characteristics of a Hungarian workforce make Budapest an ideal choice of location for multinational companies, Hungarians also find the dynamic and multicultural atmosphere of corporate giants appealing, creating the right recipe for a mutually satisfying and long-lasting match between employer and employee. Young Hungarians are educated at a high level, satisfying your need for well qualified fresh graduates. † In addition to the affordable labor costs, Hungary’s economic policy welcomes foreign investment; and prior to its full absorption into the EU Hungary experienced some of the most aggressive foreign investment of any Eastern European country. Contrarily, it is true that there are some drawbacks to investing in Hungary, and one should be mindful of them before investing. The most obvious of these risks or drawbacks is the increasing rate of inflation. Hungary’s high inflation rate (of almost 8%) was the chief reason behind the country not being allowed in the Euro currency group – which had standards in place ensuring that inflation must be lower than 3% for a country to join. Hungary’s high rate of inflation coupled with their lingering government debt has prevented them from adopting the Euro as their chief currency and has left them with the much weaker forint. This has in turn led to higher taxes on businesses in an effort to counterbalance the large deficits and high rate of inflation. With companies being taxed at a much higher rate, companies are subsequently forced to either accept a lower profit margin or cut costs. Even after considering this major drawback to investing in Hungary, it is hard to overlook those key factors, which make Hungary a very appealing country to invest in. Bibliography