LECTURE 22

TECHNOLOGY AND THE GLOBAL BUSINESS ENVIRONMENT

Business technology - refers to applications of science, data, engineering, and information for business
purposes, such as the achievement of economic and organisational goals. The main element of technology is the
idea of change, and how it can affect business and society.

Role of technology in business:

ICT is considered to be all uses of digital technology that exist to help individuals, businesses and organisations
use information. So ICT is concerned with the storage, retrieval, manipulation, transmission or receipt of digital
data. Importantly, it is also concerned with the way these different uses can work with each other.

Ways in which technology has influenced banking and commerce:

 Through the introduction of Automatic Teller Machines (ATMs) and Automated Banking Machines
(ABMs) which facilitate the deposit and withdrawal of funds, as well as other services without having to
go into a bank to access teller services. The location of ATM machines in hotels, petrol stations, malls
and supermarkets adds to the convenience of customers who can transact business without having to
wait in line at a bank.
 The practice of on-line banking which enables customers to access their accounts from home and other
locations using personal computers. This facility enables customers to check their balances from the
comfort of their homes and permits easy and convenient payment of utility and other bills. Customers
with more than one account can also use this facility to transfer funds from one account to another.
 Through electronic commerce (ecommerce). Using the internet, individuals and businesses are now
able to make business transactions via the World-wide web, without having to visit a physical brick and
mortar store. E-commerce has given rise to many on-line stores which permit customers to browse for
products and pay for them electronically.

Types of technology:

Traditional

 Productivity tools, for example: -

 Word
 Excel
 Database software: Access
 Presentation software: PowerPoint, Prezi;
 Graphics software: Adobe Photoshop

Specialist applications:

 Accounting: QuickBooks.
 Computer Aided Design (CAD).
 Management Information Systems.

1
Digital communication technologies:

Internet and mobile.

E-Commerce and E-Business:

In both cases, the e stands for "electronic networks" and describes the application of electronic network
technology - including Internet and electronic data.

E-commerce covers outward-facing processes that touch customers, suppliers and external partners, including
sales, marketing, order taking, delivery, customer service, purchasing of raw materials and supplies for
production and procurement of indirect operating-expense items, such as office supplies. It involves new
business models and the potential to gain new revenue or lose some existing revenue to new competitors.
interchange (EDI) – to improve and change business processes.

E-business includes e-commerce but also covers internal processes such as production, inventory management,
product development, risk management, finance, knowledge management and human resources. E-business
strategy is more complex, more focused on internal processes, and aimed at cost savings and improvements in
efficiency, productivity and cost savings.

Ways in which technology can improve business:

(i) Speed and time;

(ii) Easier storage;

(iii) Improved sharing of information; and,

(iv) Automation.

Benefits of technology to business:

 Reach more potential customers, develop a business relationship with potential customers;
 Streamline operations, reduce costs, improve efficiency, maximise profit, minimise waste, devote talent
to core business instead of overhead;
 Provide better service to customers;
 Support better relationships with key partners; and,
 Allow customers to better guide the business.

2
Consequences of unethical use of ICT:

 Security;
 Privacy;
 Intellectual property infringement;
 Impact on humans; and,
 Distraction.

NATIONAL INCOME ACCOUNTING &

INTERNATIONAL TRADE AND THE BALANCE OF PAYMENTS

(Social Accounting and Global Trade)

Factors that determine a Country’s Standard of Living

The standard of living is defined as the level of wealth experienced by a county which is indicated by the
average disposable income of the population, ownership of capital equipment, the level of research and access
to modern technology and the quality and quantity goods and services enjoyed by citizens.

 Level of goods and services available: goods and services are needed to satisfy the needs and wants of a
society.
 Average disposable income: per capita GNP reveals the average amount of earnings of each person in an
economy.
 Ownership of capital equipment: Capital goods/investment goods are used to create consumer goods and
services locally and for export.
 Access to modern technology: countries with a high standard of living must have access to modern
technology to remain competitive maintain a high productivity level.
 Research and technology leads to innovation and increases production.

Difference between the standard of living and quality of life

Whereas the standard of living is measured by physical quantity (tangible), a country’s quality of life is
determined by the quality of goods and services enjoyed by citizens (intangible). These include: safety (low
crime rates), good diet and nutrition, environmental quality, quality of health and educational facilities, life
expectancy, rate of infant mortality and the access to public utilities such as water.

Also the standard of living is mainly determined by the per capita income while the quality of life is determined
by intangible subjective factors.

Alternative measures of the Standard of Living

 The Human Development Index (HDI) (Per capita income, literacy rates, inflation)
 Physical quality of Life (infant mortality rate, literacy rates, life expectancy)
 Measure of Economic Welfare (NI + merit goods – demerit goods)
3
National Income

The national income of a country is the total income earned by that country from the production of goods and
the provision of services in a given year after deducting depreciation. It therefore measures the level of
economic activity of a country within a year. Note depreciation of assets is taken into account when measuring
national income.

It can also be defined as the total money value of goods and services produced by a country over a year.

Circular Flow of Income

Businesses produce and households consume. Households owns the factors of production (land, labour capital
and enterprise). Firms must purchase these factors of production to produce. Wealth flows from one form to
another as follows:

Income = Expenditure = Output

Gross Domestic Product (GDP)

GDP is the total money value of all output produced within a country over a year.  The word ‘domestic’ refers
to income earned from local production only.
4
Gross National Product (GNP)

GNP is the total money value of all output produced over one year, both within a country and from its overseas
investments.

Therefore GNP = GDP + overseas earnings by nationals (Net Income from Foreign Assets)

Net Income from Foreign Assets- also called Net Property Income from Abroad. This is calculated by
subtracting payments to foreigners owning local assets from income received from assets held abroad by
citizens. This figure can be positive or negative.

Net National Product (NNP) or National Income (NI)

NB:  The definition for national income includes adjustments for depreciation (reduction in capital stock).

National Income (NI) = GNP- depreciation

Since GNP figures do not accurately measure the standard of living, the following indices may be used.

Per capita GNP

This is calculated by dividing a country’s GNP by its total population. That is,

GNP     

Total population

Thus if a country’s GNP is $40,000,000 and its total population is 5,000, its per capita GNP would be $8,000.

40,000,000   = 8,000

5000

Thus each citizen enjoys on an average $8,000 worth of goods and services.

Impact of National Income on Standard of Living and Quality of Life

An increase in National Income is usually due to increased output of goods produced, increased incomes or
increased expenditure. These are all indicators of positive growth in the economy hence giving an increase in
the standard of living. If the incomes are not evenly distributed then the standard of living of the population will
be uneven. Additionally an increase in the incomes of the population does not mean that their quality lives have
improved as access to clean water, health care and education may have received little or no investment.

THERE ARE THREE METHODS OF CALCULATING NATIONAL INCOME

5
 1. Expenditure Method

• The total expenditure incurred by the society in a particular year is added together to get that year’s
national income.
• Components of Expenditure:
– personal consumption expenditure
– net domestic investment
– government expenditure on goods and services, and
– net foreign investment

The equation for NI using this approach is:

C: Household spending

+ I: Capital Investment spending

+ G: Government spending

= GNP (at market prices)

+ Exports of Goods and Services

- Imports of Goods and Services

= GNP (at factor cost)

- Depreciation

= National Income

2. The Income Method: adding factor incomes

• The net income received by all citizens of a country in a particular year, i.e. total of net rents, net wages,
net interest and net profits. (GDP at factor cost).
• It is the income earned by the factors of production of a country.
• Add the money sent by the citizens of the nation from abroad and deduct the payments made to foreign
nationals (individuals and firms) (GNP at factor cost) or Gross National Income (GNI).

Here GDP is the sum of the incomes earned through the production of goods and services. This is:

Income from people in jobs and in self-employment

+ Profits of private sector businesses +

6
 + Rent income from the ownership of land

= Gross Domestic product (by factor incomes)

+ Net Property Income from Abroad

= GNP

- Depreciation

= National Income

We can also add income from Government Activities.

Only those incomes that come from the production of goods and services are included in the calculation of GDP
by the income approach. We exclude:

 Transfer payments e.g. the state pension; income support for families on low incomes; the Jobseekers’
Allowance for the unemployed and welfare assistance, such housing benefit.
 Private transfers of money from one individual to another.
 Income not registered with the Inland Revenue or Customs and Excise. Every year, billions of pounds
worth of activity is not declared to the tax authorities.

3. Product (or Output) Method

The market value of all the goods and services produced in the country by all the firms across all industries are
added up together.

GDP

+ Exports

- Imports

= GNP

- Depreciation

= National Income

• Process
– The economy is divided on basis of industries, such as agriculture, fishing, mining and
quarrying, large scale manufacturing, small scale manufacturing, electricity, gas, etc.
7
 – The physical units of output are interpreted in money terms
– The total values added up. (GDP at market price)
– The indirect taxes are subtracted and the subsidies are added. (GDP at factor cost)
– Net value is calculated by subtracting depreciation from the total value (NDP at factor cost).

Economic Growth and Development

Economic growth is the expansion of national income.  The rate of expansion is usually measured from one
year to the next. Economic growth can be achieved if countries increase their capacity to produce. It is a
quantitative increase in production.

Economic growth can be generated by:

 The discovery of new resources

 The more efficient use of existing resources
 Improvements in technology
 Improved labour efficiency

Negative Growth – This situation exists when there is a fall in productive capacity from one period to another.
It may also describe a failure of the economy to expand production.

Growth without Development- Economic growth can occur without development. While the economy expands
and the National Income increases the poverty and unemployment rates has increased as well due to unequal
distribution of income, corruption and fraud.

Economic Development- This describes qualitative changes in the economy. It refers to improvements in the
standard of living, human capital development and the enjoyment of freedoms. It is sustained economic growth
accompanied by policies that bring about structural changes such as increase in exportation, decrease in
importation, lesser dependence on foreign aid and important infrastructural development. These changes will
allow for higher levels of national income. Measures of economic development include: Human Development
Index, Infant mortality rate, literacy rates.

Role of Education or Human Resource Development (HRD)

In Economic Growth and Development

Investment in education is important for a country’s economic growth and development.  Education increases
productivity as individuals who are trained and knowledgeable will be more efficient which leads to increased
output and increased economic growth. Education is the process of imparting knowledge, skills, beliefs and
cultures to empower and influence behaviour.

The long-term returns to investments in human capital such as; on the job training, coaching, mentoring and e
learning will reduce poverty.

8
 International Trade

International trade consists of exports and imports between countries, which should cause an improvement in
people’s living standards through the principle of comparative advantage.

Comparative advantage is the idea that countries benefit from specializing in the production of goods at which
they are said to be more efficient.

It is an advantage for countries to be self-sufficient, but there are reasons why trade must take place between
nations.

Absolute Advantage

The capability to produce more of a given product using less of a given resource than a competing entity.

For example, consider again Country A and Country B. The opportunity cost of producing 1 unit of clothing is
2 units of food in Country A, but only 0.5 units of food in Country B. Since the opportunity cost of producing
clothing is lower in Country B than in Country A, Country B has a comparative advantage in clothing.

Thus, even though Country A has an absolute advantage in both food and clothes, it will specialize in food
while Country B specializes clothing. The countries will then trade, and each will gain.

Absolute advantage is important, but comparative advantage is what determines what a country will specialize
in.

Reasons for International Trade

 Lack of certain natural resources to produce essential goods. Oil which is important to economic life
must be imported into countries that do not possess that natural resource.
 Lack of capital, technology and specialist labour to manufacture certain goods on a large scale. For
example, Caribbean countries import machinery equipment and vehicle.
 Differences in climatic conditions, e.g. many tropical countries import grapes and strawberries as these
produce need cool climates to survive.

9
 Differences in the cost of production between countries.  This reason is based on the principle of
comparative advantage which states that benefits will be gained from trade if countries produce goods in
which they have a relative advantage.  Therefore, if two countries both produce cars and coffee but each is
more efficient at producing or produces either at a lower opportunity cost either car or coffee, then trade can
take place. The country that is more efficient at producing coffee should put all its resources into coffee and
import cars from the other country that is efficient in producing cars.
 To earn foreign exchange to pay for imports.
 Promotes necessary political connections between countries

Advantages of Int. Trade Disadvantages of Int. Trade

 Increase utilization of productive  Protection required by local firms

capacity for export

 Increased employment for increased  Dumping of goods by developed

output countries

 Improved standard of living due to  Underdeveloped local industries

increased variety of goods

 Increased quality of goods due to

competition

REGIONAL AND GLOBAL BUSINESS ENVIRONMENT

Stages of Economic Integration

1. Preferential trading area – a free trade area or trading bloc giving preferential access to goods from
different countries eg. Tariffs
2. Free trade area – a group of countries eliminate barriers between each other eg. Tariffs and quotas and
may have different policies with members outside the area eg. increased tariffs.
3. Customs Union- free trade area with a common external tariff for non-members.
4. Common Market- a Customs Union with agreeing to adhere to the same product regulations and
freedom of movement of the factors of production. This is also called the single market when licences,
entry permits and taxes have been removed from trading.
5. Economic Monetary Union – a Single Market with a common currency.
6. Complete Economic Integration- final stage of economic integration; complete merging of policy
making with group decisions made on matters concerning all member countries.

10
Economic Institutions and Systems

Caribbean Community Common Market (CARICOM)

A common market is an association of countries that have joined together to bring about the harmonious
development, continuous economic expansion and increased stability of the countries involved. CARICOM was
formed in July 1973 when Barbados, Trinidad and Tobago, Jamaica and Guyana signed the treaty of
Chaguaramas.  Since then the following Caribbean countries have joined: Antigua and Barbuda, Belize,
Dominica, Barbados, Suriname, Grenada, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent and the
Grenadines and Bahamas and Haiti.

Associate members of CARICOM are Anguilla, Bermuda, British Virgin Island and Turk and Caicos.

Objectives of CARICOM

 Improved standard of living.

 Expansion of trade.
 Joint negotiations internationally.
 Co-ordination on foreign and economic policies.
 Full employment of labour and other factors of production.
 Economic integration.

Impact on the Caribbean:

 Allow for increased trade between Caribbean countries because of the removal of trade restrictions such
as quotas and tariffs.
 Improved standard of living.

Caribbean Single Market and Economy (CSME)

The CSME was established in 2006. It seeks to transform the common market into a single market and
economy. It was established to deepen the integration among Caribbean states and to respond effectively to the
challenges and opportunities globally.

Objectives of CSME:

 Deepening economic integration.

 Free trade of services.
 Free movement of capital, labour and the freedom to establish business enterprises anywhere within
CARICOM states.
 Widening of membership.
 A common currency/single currency.

11
Impact on the Caribbean:

 Increased economic growth amongst Caribbean states.

 Reduced cost of goods between member states.

Caribbean Development Bank

The CDB is a regional financial institution. It finances regional projects that contribute to the economic growth
and development of the region. Sectors financed by the CDB includes: infrastructure, tourism, mining and
refining, agriculture, agriculture, manufacturing, health and education.

The objectives of the Caribbean Development Bank are:

 Supporting regional and local financial institutions

 Assisting borrowing member countries to optimize the use of their resources
 To mobilize financial resources regionally and internationally
 To support capital markets
 Stimulating growth
 Supporting business activities

Impact on the Caribbean:

 Stimulation of business activity and improve economic growth.

 Maintain economic and social stability.
 Improved infrastructure and social services

The World Bank

The aim of the World Bank is to reduce poverty worldwide.  It therefore assists developing countries by
providing loans for projects such as housing, infrastructure and industry. The World Bank provides long term
loans for developmental purposes. It is used interchangeably with the International Bank for Reconstruction and
Development (IBRD).  However, the IBRD is only one of the five agencies of the World Bank.

The five agencies of the World Bank are:

 International Bank for Reconstruction and Development (IBRD) (loans)

 International Development Association (IDA) (interest free loans and grants)
 International Finance Corporation (Private sector investment)
 Multilateral Investment Guarantee Agency (MIGA) (provides insurance on investment)
 International Centre for Settlement of Investment Disputes (ICSID) (Arbitration and conciliation)

12
Impact on the Caribbean:

 Stimulation of business activity and improve economic growth.

 Maintain economic and social stability.
 Improved infrastructure and social services

International Bank for Reconstruction and Development (IBRD)

The International Bank for Reconstruction and Development (IBRD) is a global development cooperative
owned by 189 member countries. As the largest development bank in the world, it supports the World Bank
Group’s mission by providing loans, guarantees, risk management products, and advisory services to middle-
income and creditworthy low-income countries, as well as by coordinating responses to regional and global
challenges. 

The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to
improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy
investments, healthcare, access to food and potable water, and access to improved sanitation.

Impact on the Caribbean:

 Improved infrastructure and social services

Organization of American States (OAS)

The OAS was established for the main purpose of increasing interdependence and solidarity, and promoting
regional co-operation and the peaceful settlement of disputes among the member countries.  These countries
include: North and South America, Canada and the Caribbean.

Impact on the Caribbean:

 Improved international relationships between member states.

World Trade Organization (WTO)

The WTO is an international organization that monitors and regulates trade among the nations of the world
based on trade agreements by member states. The WTO replaces the General Agreement of Tariffs and Trade
(GATT).

Their main aim is to encourage the free flow of trade among nations.

Their objectives include:

13
  discouraging unfair trading practices e.g. export subsidies and selling products below cost to gain market
share
 settling disputes among members
 environmental protection
 monitoring and reviewing the trade policies
 increasing trade

Impact on the Caribbean:

 Allows for Caribbean states to have greater access to international markets.

 Allows for economic growth
 Improves standard of living.

International Monetary Fund (IMF)

The International Monetary Fund is an international organization that aims to promote global economic growth
and financial stability, to encourage international trade, and to reduce poverty.

Activities involve:

 Surveillance

The IMF collects massive amounts of data on national economies, international trade, and the global economy
in aggregate, as well as providing regularly updated economic forecasts at the national and international level.

 Capacity Building

The IMF provides technical assistance, training and policy advice to member countries through its capacity
building programs. These programs include training in data collection and analysis, which feed into the IMF's
project of monitoring national and global economies.

 Lending

The IMF makes loans to countries that are experiencing economic distress in order to prevent or mitigate
financial crises. Members contribute the funds for this lending to a pool based on a quota system.

Impact on the Caribbean:

 Allows for Caribbean states to access financing for further economic growth.
 Improves economic growth
 Increased institutional strengthening through capacity building and technical advice.

14
Economic and Social Problems in the Caribbean

 INDUSTRIALISATION

This refers to business activities such as production and manufacturing on a large scale. Major heavy industrial
activities in the Caribbean are in areas such as oil drilling, natural gas extraction and bauxite. Problems involve:
the disposal of industrial waste, reliance on primary production, capital intensive nature of activities, high
energy costs, and opportunity cost of investment in these areas.

 UNEMPLOYMENT

Globalization has contributed significantly to unemployment in the Caribbean. With the removal trade barriers,
some industries have not been able to compete globally. The lack adequate skills that are required for the new
industrial paradigm for example, information technology skills have also contributed to the problem of
unemployment.

A high level of unemployment among the young people of the Caribbean may result in various social problems,
as survival may depend on illegal activities.

Types of Unemployment

Disguised unemployment- a worker is working less than the amount of ours in a normal work week and not
seeking additional employment in the remaining hours

Seasonal Unemployment – Persons are employed only when the season for certain types of economic activities
comes around eg. During the Carnival Season.

Casual Unemployment – Refers to persons who work on an on-and-off basis.

Cyclical Unemployment- Unemployment that occurs as a result of the cyclical nature of the economy. People
are laid off during a depression or recessionary period. Unemployment is reduced during periods of boom.

Technological Unemployment- Unemployment that occurs as a result of the adoption or implementation of

technology or more capital intensive means of production. Increase automation and mechanisation results in
less need for human capital.

Structural Unemployment- Unemployment that occurs as a result of the long term changes in the economy
and results in decrease demand for a good or service eg. Movement away from agriculture based production to
tertiary production.

Frictional Unemployment- Unemployment that occurs as a result of the period of time between one losing or
leaving a job and subsequently finding one.

Residual Unemployment- Unemployment that occurs as a result of persons not having the capacity to
undertake or engage in employment.

Reasons for unemployment

15
  firms e.g. multinationals closing down
 lack of investment to create new businesses
 lack of skills training

 POPULATION DENSITY / OVERPOPULATION

A situation where there is an excess of persons living in a defined area.

Population density Refers to the average number of people living on every square kilometre in a country. The
formula used for calculating population density is:

Density of population =  Total population

Area (sq. km.)

Increases in population may be caused by:

 Increase in birth rate

 Lower mortality rate
 Migration

Net Natural Increase = If birth rate exceeds the death rate.

Very high population densities can indicate overpopulation.  This occurs when the facilities in a location, are
not able to serve the number of persons in that location. This will cause heavy competition for jobs, schools,
health facilities etc. as well as reduction in the standard of living and increased poverty and crime.

 MIGRATION

Caribbean people migrate to first world countries in search of opportunities such as employment and education. 
When skilled and professional workers migrate, Caribbean countries may experience shortages in critical areas
such as health care. Loss of skilled workers from industry will also retard growth and development. Social
problems may arise when children are left in the care of grandparents and other relatives who have challenges to
discipline them.

 URBANISATION

A situation where persons move from rural areas to settle in cities and towns. Problems occur in that: The rural-
urban drift results in fewer persons being left in rural communities. This reduces the labour supply in those
communities. Urban communities will tend to become overcrowded.

Government can reduce urbanisation by:

 Develop policies and give incentives to owners to spread industries and businesses throughout the
country and not only concentrated in the towns and cities.
16
  Develop infrastructure such as roads and water in rural areas.
 Improve rural life to encourage persons to want to continue to live there.
 Require persons who because of living in the rural areas have obtained training, to stay and develop
these areas.
 Loan schemes for rural business owners.

 DEBT BURDEN

This arises from a country’s borrowing to finance deficits. Eventually the country has to repay the loan with
interest and a substantial amount of revenue generated has to go towards financing this loan from institutions
such as the IMF and World Bank. Many Caribbean countries have high debt- to-GDP ratios.  This ratio is the
amount of national debt of a country as a percentage of its Gross Domestic Product.  High debt-to-GDP can
stifle an economy as a large portion of its GDP is consumed in debt payment and very little is left for
investment in the economy. A very low debt- to- GDP ratio is desirable for economic growth and development.

 SOURCING CAPITAL AND RAW MATERIALS

While the Caribbean might be rich in certain natural resources such as bauxite, oil and gold the region lacks
other very important resources such as capital and entrepreneurial skills. Capital is important as it increases
production through the use of machinery, equipment and money invested. The spirit of entrepreneurship is
necessary for the creation of new business ideas and entrepreneurship skills are important for the successful
running of the businesses. FDI and domestic savings can be utilized to raise the necessary capital.

 ECONOMIC DUALISM IN THE REGION

Economic dualism occurs in countries where there exist two opposite economic sectors. One sector is
characterized by development, capital intensive industries, large scale farming and technological advancement,
and the other sector is characterized by subsistence farming, labour intensive industries, handicraft industries
and simple trading means of survival.

Division in the economy is as follows:

1. Technologically advanced eg. Large scale manufacturing and tourism, Finance, Insurance, Petroleum,
Mining.
2. Technologically retarded eg. Cottage Industries, Small Scale manufacturing, Peasant agriculture.

Possible solutions to Economic and Social Problems

Access to Foreign Direct Investment (FDI)

Foreign Direct Investments refers to capital investments into factories, machinery and equipment by a foreign
company or an individual. FDI is important for the development of Caribbean economies as they are challenged

17
by their high debt- to-GDP ratios and increased global competition for export earnings. Attracting foreign direct
investment is a way for Caribbean countries to obtain capital for growth and development.

FDI can be done in two ways:

1. Selling securities to foreigners or through portfolio foreign investment – Shares are offered on the
international stock market and foreign firms are allowed to buy shares but does not control the firm.
2. Direct foreign investment – Investors set up their business in the country.

Benefits of FDI include:

 Employment for nationals

 Increased access to global markets
 Introduction of advanced technologies and processes
 Improvement in human resource skills

Disadvantages

 Most of the profits are sent to the foreign country

 In the long run balance of payments will deteriorate
 Foreign investment has the potential to create dualism.

Development of human resource

Investment in human resources is imperative for Caribbean economies to compete globally.  Improving the
value of human resources through education and training will increase the productive capacity of Caribbean
countries.

Development of manufacturing sector

The manufacturing sector creates value added products which increases export earnings for Caribbean
economies. Developing the manufacturing sector therefore will impact on the potential economic growth of a
country.

Methods of developing the manufacturing sector:

 Encouraging Foreign Direct Investment

 Retooling
 Research and development
 Technological advancement

18