Featured Post
Composers use language to create images Free Essays
Arrangers use language to make pictures that convey fundamental thoughts and add extravagance and profundity to their writings BY Chrts961 C...
Tuesday, December 24, 2019
Christian Teachings on Warfare Essay - 764 Words
Christian Teachings on Warfare For a war to be right in Christian teachings or for a war not to be wrong in Christian teachings it must follow the just war theory. This would be the first and main subject I would include in the booklet. The just war theory states that for a war to be called a just war it must Ãâà · Be declared by a proper authority. Ãâà · There must be a just cause for the war Ãâà · The war must be of good intention (i.e. to do good or to over come an overpowering evil) Ãâà · The war must be a last resort (i.e. every non-violent way of solving the war must have been tried first) Ãâà · The good the war will do must outweigh the harm Ãâà · The war must be possible toâ⬠¦show more contentâ⬠¦There are many references in the bible that have a certain, war related meaning, or at least you can relate them to war. The reference thou shalt not kill (exodus 20) says that obviously you should not kill. There is rarely a war where anyone is not killed, so again you could say that wars in which people are killed are wrong. According to this, it would be near impossible for nuclear war to be right, as you would find it near impossible to use nuclear weapons without killing anyone! It is known that the blast from the Hiroshima bomb spread radiation for 36miles around, and today, the power of one bomb has increased 750,000 fold from that of the Hiroshima bomb. The results from the use of such a lethal weapon are horrifying. The loss of life would be unimaginable. Thou shalt not kill, wellà ¢Ã¢â ¬Ã ¦ my point is obvious. Do unto others as you would want done to you. Another bible reference (from the book of Matthew in the New Testament) maybe not directly referring to war but it can be related to a war situation. Do not do anything that you would not want doing to yourself, take for example killing. Would you want to be killedà ¢Ã¢â ¬Ã ¦ the chances are that you dont, so dont kill if you dont want to be killed. This could be slightly turned around, as in a war situation you may kill people, but those people you may kill would most likely have killedShow MoreRelatedMedieval Warfare And The Middle Ages1142 Words à |à 5 PagesDuring the Middle Ages, particularly 1200 ââ¬â 1500 CE, medieval warfare was prominent within society. Medieval warfare is the warfare of the Middle Ages. In Europe, technological, cultural, and social developments had forced a dramatic transformation in the character of warfare from antiquity, changing military tactics and the role of cavalry and artillery. Warfare w as an essential part of the Medieval European society, as they would often go on raids and siege castles to diminish their enemiesââ¬â¢ forcesRead MoreThe Encounter Between War And Religion932 Words à |à 4 Pagesunderstanding of warfare will help to understand the relationship between earthly orders. For one to understand the relationship and impact that waging war has on individuals and their faith, one must first understand and accept each individual faith and the belief that they have. Christianity and War Thomas Aquinas (1224-1274) had once been a great medieval Christian theologian. He had a deep knowledge and understanding with theological and ethical questions regarding warfare among the Christian statesRead MoreMankind Is Dramatically Transformed By Warfare, Which Evokes1502 Words à |à 7 Pages Mankind is dramatically transformed by warfare, which evokes the virtues presumed fit during a time of peace. Manââ¬â¢s love for his culture has driven them to savagery throughout history. By using civilization as a motive for war, Muslims and Christians alike were deemed as hypocritical. They challenged the idea that warfare was only intended for self-defense. Christians and Muslims misinterpreted their sources of authority and used holy writings as a strategy to justify their moral preconceptionsRead MoreIslam s Influence On Western Civilization969 Words à |à 4 PagesDiplomacy, violence, warfare, public laws, and Arabic tradition played a crucial role in the building of the Isla mic religion. These important aspects helped shape and build the Islam religion that is now one of the worldââ¬â¢s most widely practiced religions. Muhammad now recognized as the most important person in the Islam religion, demonstrated diplomacy. Muhammadââ¬â¢s first followers became his family that stuck by his side, and obeyed his wishes. During the evolving of Muhammadââ¬â¢s teachings, he married elevenRead MoreThe Forgotten Legacy Of The Power Of Possession 981 Words à |à 4 Pagesââ¬Ëpower of possessionââ¬â¢ appears evident; however, during the time of Christ the belief in the destructive forces of this occurrence emerges as a severe issue for the general public. Eusebius, a Roman historian, exegete and Christian polemicist, became the Bishop of various Christian centers in Caesarea near the year 314 A.D.; notably, an exceptional Biblical scholar of his time. Eusebius tells of the events of ââ¬Å"Jesus ridding human life from demons of every kind, so that there were some of them now kneelingRead MoreThe Lewis s Life Story1618 Words à |à 7 PagesC.S Lewisââ¬â¢s Life Story An author, scholar and Christian apologist born on November 29, 1898 in Belfast Ireland and 50 years post his death in 1963, still remains one of the worlds most influential writers of our time ââ¬â this is the one and only Clive Stanley Lewis (Jack). In this essay I will share a brief overview of Lewisââ¬â¢s life, his key teachings and share my opinion on whether they are relevant and impacting today. Born into a Christian family, Lewis and his brother Warren both inheritedRead MoreChristianity, Islam and Buddhism728 Words à |à 3 Pagesdestroyed by the constant warfare from the north. Civil war inside Roman Empire cause Rome to decline and less could not protect itself. They were lots of invasions and warfare throughout the Early Middle Ages. At the time Constantinople was the greatest city in the Christianity and Islamic world. Constantine legalizes Christianity which people seek salvation, and withdrawal from the comfort of the world. Islam was influenced by Christianity and began with the teachings of Mohammad. Islam was spreadingRead MoreColonial Americ Salem Witch Trials1247 Words à |à 5 Pagesthe Puritans were conflicted with a true spiritual warfare, and a time where they lost the ways of the one they worshiped. A time we now call, the Salem Witch Trials. To have a clear understanding of what happened in Salem, one must first understand the Puritans. This group of people greatly disagreed with the ways of the Church of England and desired to ââ¬Å"purifyâ⬠their religion. Their main desire was to be more doctrinally sound in their teaching, and to have more religious freedom. It is fromRead MoreCrusades and the Church Essay549 Words à |à 3 Pageslanguage, is a much later invention. What we call crusades, contemporaries knew as pilgrimages or even simply journeys. Aside from a tiny elite, people were illiterate and even if they could read, there was no access to a Bible or any scriptural teaching. It was an age of superstition and magic, where visions, signs and wonders were claimed by many. The masses only source of knowledge about God was whatever the often corrupt and greedy clergy decided to teach. The early crusades broke new groundsRead MoreThe Rise Of Islam By Matthew Gordon954 Words à |à 4 Pagestribes who ma de profit by trading and most importantly ââ¬Å"raidingâ⬠. These raids were often described as small-scale warfare and were instrumented by tribal leaders in order to increase the wealth and power of the tribe (Gordon 5). This was the society in which Islam came to power. Warfare and raiding were essential in order to be successful in pre-Islamic Arabia. The integration of warfare into the Islamic religion created a similarity among Muslims, those who follow Islam, and non-Islamic Arabian people
Monday, December 16, 2019
Marketing and Buying Decision Free Essays
Principles of Marketing Principles of Marketing 2012 Name: Robert Barnes Student Number: 21154021 Institution: University of West London Word count: 1455 2012 Name: Robert Barnes Student Number: 21154021 Institution: University of West London Word count: 1455 Table of Contents 1. 0 Introduction2 2. 0 Question 1 3 2. We will write a custom essay sample on Marketing and Buying Decision or any similar topic only for you Order Now 1 Personality 3 2. 2 Motivation6 2. 3 Conflict6 3. 0 Question 2 8 Bibliography9 1. 0 Introduction The case study I have chosen to cover is ââ¬Å"Breezing out for a night on the tilesâ⬠. It discusses the rise of the premium pre-mixed drinks industry between 1995-2000, in particular the Bacardi Breezer brand. It looks at the marketing activity which has taken place and the brand association the marketers aimed to achieve. In this report I will be exploring the buying process involved when purchasing an alcoholic beverage, the influencing factors when making a decision and the role that marketing plays, in these decisions. The definition of marketing is ââ¬Å"The management process which identifies anticipates and supplies customer requirements efficiently and profitably. â⬠Adrian Palmer 2004 Personality noun (plural personalities) The coon of characteristics or qualities that form an individualââ¬â¢s distinctive character: ââ¬â Oxford Dictionary 2012 ENTJ Frank, decisive, assume leadership readily. Quickly see illogical and inefficient procedures and policies, develop and implement comprehensive systems to solve organisational problems. Enjoy long-term planning and goal setting. Usually well informed, well read, enjoy expanding their knowledge and passing it on to others. Forceful in presenting their ideas. ââ¬â Introduction to Type, Sixth Edition by Isabel Briggs-Myers 1998 2. 0 Question 1 Q. Give an overview of how the buying decision-making process might work for purchasing an alcoholic drink in a pub or club. How would this differ when purchasing alcohol in a supermarket or off licence? A. The Theory To answer this question we first need to look at the theories in marketing associated to the buying process, influences and behaviours. Diagram 2. 0 is the structure of the buying process based on the ââ¬Å"Cognitive Paradigmâ⬠theory (Pickton and Broderick 2001) which focuses on the individuals thought process, during a buying decision. It assumes that the buying decision is approached as a problem solving activity and that the consumer is being rational throughout the process. It is widely used as the default theory by marketers and sales professionals when structuring campaigns. It does not however accurately describe the process that occurs during extreme impulse or irrational purchases, which are both, almost intangible processes. For the purpose of this exercise, we will assume that the responsible purchase of alcohol is approached, both rationally and thoughtfully. Diagram 2. 0 ââ¬â The Buying Process. Source: Marketing Communications, by John Egan. 2007) Step 1 of the process is the ââ¬Å"Problem Recognitionâ⬠. This is the identification of a need, such as ââ¬Å"I am hungry, therefore I need to eatâ⬠. It can however be very complex and the consumer may require education or informing before recognising a problem exists, such as a dentist telling you, you need a filling, even though you hadnâ⠬â¢t felt any pain in that tooth. Marketers can exploit this step by feeding information to consumers for goods and services, they hadnââ¬â¢t realised they needed. Step 2 of the process is the ââ¬Å"Information Searchâ⬠. This is when an individual has identified a need but may need to research to find the right solution. For example, if a student identifies a need for a computer, but has a limited budget, he or she might research information to identify the best option for the budget they have. This step can skipped if the consumer has enough knowledge, regarding the possible solutions. Step 3 of the process is ââ¬Å"Evaluationâ⬠. This is when more than one option is available to solve the identified need, and the consumer wants to experience these before purchasing. An example would be someone test driving multiple cars before purchasing one. Effectively they will all satisfy the same need, but the consumer wants to know what the experience is, before making the decision. This step can skipped if the consumer has previous experience or is happy with a certain product or service beforehand. Step 4 of the process is ââ¬Å"Decisionâ⬠. This is simply the final choose for a solution to the identified need, after weighing up all options. Again, a consumer can move directly to this step from ââ¬Å"Problem Recognitionâ⬠if enough prior knowledge exists. Step 5 of the process is ââ¬Å"Purchaseâ⬠. This is when the decision is executed and the goods or services are acquired. Step 6 of the process is ââ¬Å"Post-Purchase Evaluationâ⬠. This is when you access you satisfaction with your product or service after you have acquired it. If a great experience is had, it will lead to a higher likelihood that you will purchase that product or service again. Applying the theory Table 2. 0 is an application of the above theory, for an individual going through the buying process at both a club and supermarket. Buying Process Step| Nightclub or Pub| Supermarket| Problem Recognition| * A want to let loose. * A need for confidence. * A desire to fit in or stand-out. An aspiration to impress. | * Alcohol for cooking. * Thoughts of a night in. * A desire to relax and unwind. * Drinks for guests and friends. * Cheap drinks before going out. | Information Search| * Advertisement around the club. * Bottles behind the bar. * Drink cocktail menus. * What others are drinking. * Peer and/or social pressure. | * The label on the bottle. * Prices and special offers. * Staff knowledge. | Evaluation| * Tasting a friends drink. * Design of the bottle. * Recognition of a brand. | * Description on label. * Design and quality of bottle. Alcohol percentage. * Brand recognition. | Decision| * Information processed and decision made. | * Information processed and decision made. | Purchase| * Majority of exchanges in cash. | * Majority of exchanges by credit card. | Post-Purchase Evaluation| * Did that get me drunk? * Did I like the taste? * Do I want another one? * Did it give me a hangover? | * Did I like the taste? * Was it good value? * Will I buy it again? * Did it get me to the desired level of drunkenness? | Table 2. 0 ââ¬â The Buying Process of Alcohol in Different Environments. What this application of theory shows, is that there are different factors in play when buying alcohol in a club or pub compared to a supermarket, but the process remains the same. These factors are different mostly due to the environment, information availability, the individualââ¬â¢s intent and marketing strategies. If selling a drink in a club or pub it is more important for your drink to be seen as ââ¬Å"coolâ⬠socially and price is less of a factor whereas if selling in a supermarket, your drink needs to be competitively priced yet still demonstrate a level of quality. 3. 0 Question 2 Q. Detail the individual and group influences that are likely to affect someoneââ¬â¢s choice of drink brand? A. The Theory Diagram 3. 0 demonstrates the individual and group influencing factors when making a buying decision. Diagram 2. 1 ââ¬â Factors affecting buying decisions. (Source: Marketing Communications, by John Egan. 2007) Our strongest influences when making a buying decision are our internal beliefs and values. These include Attitude, Perception, Learning, Memory and Motivation. The next in terms of influencing power are Primary Groups. Primary groups are made up of close friends, family and people who you respect. You are affected by these groups by the opinions and values they hold. The next group in terms of influencing power is the Secondary Group. This group is made up of people you know but not closely, or people who you may aspire to be like. Lastly there are influences depending on your Culture, Race or Religion, that will affect your decision when buying something. There are also External factors that include things that are beyond your control, such as Fashion, Law, Time ect. So how do these factors affect someone when buying an alcoholic drink? Well if I was out with my family, I would be unlikely to order shots, as they would not approve, whereas if I was out with close friends, then this would be the opposite. The secondary group has the same effect, but is less powerful in its influence. 4. 0 Question 3 Q. Explain the roles of the various marketing activities described in this case in influencing consumer behaviour. A. In 2000 Bacardi spent ? 14m on a campaign to promote their brand ââ¬Å"Bacardi Breezerâ⬠. The reason to do this is to influence people decisions when making a buying decision. Bacardiââ¬â¢s first large campaign was in 1999 when they spent ? 5. 6m. The campaign was headlined with the slogan ââ¬Å"thereââ¬â¢s Latin spirit in everyoneâ⬠aimed at the 18-24 year old market. This campaign was created to give the brand an exotic, cool to be seen drinking appeal and was aimed at the demographic that would most likely be drinking in an environment where these factors we important in their buying decision. This campaign established Bacardi Breezer as one of the major players in the alco-pop industry. Bibliography * John Martin, 2010. Organizational Behaviour Management. 4th Revised edition Edition. South Western Educational Publishing. * John Martin, 2004. Organizational Behaviour And Management. Edition. Thomson Learning. * Laurie J. Mullins, 2006. Essentials of Management and Organisational Behaviour. Edition. FT Press. * Isabel Briggs Myers, 1998. Introduction to Type: A Guide to Understanding Your Results on the Myers-Briggs Type Indicator. 6th Edition. Center for Applications of. * Adrian Furnham, 2008. Personality and In telligence at Work: Exploring and Explaining Individual Differences at Work. 1 Edition. Routledge. * Stephen P. Robins, 2010. Organizational Behaviour. 1 Edition. Pearson Books. * John Ivancevich, 2010. Organizational Behavior and Management. 9 Edition. McGraw-Hill/Irwin How to cite Marketing and Buying Decision, Papers
Sunday, December 8, 2019
Advocate Mureriwa on a Call for Good Corporate Governance in Zimbabwe. free essay sample
MURERIWA ON A CALL FOR GOOD CORPORATE GOVERNANCE IN ZIMBABWE. ADV ISIAH MURERIWA LLB (UP) LLM (UP) (Advocate of the High Court of South Africa) The legal realty is that in Zimbabwe, as in many other economies, those who own companies (shareholders) are different from those who are involved in the day-to-day operations of the companies (managers and directors). This position thus put the managers and directors in a fiduciary relationship vis-a vis the actual owners of companies and providers of capital. The basic duty that managers and directors assume, having accepted this fiduciary relationship implies that managers and directors shall carry out their duties of management and direction of companies in the best interest of their principals with the ultra-most good faith. Unfortunately the past decade, which many would want to label, the dark error in the economic history of Zimbabwe, bore witness to widespread disregard and violations of this fiduciary relationship by several managers and directors. This is very clear from the spate of corporate frauds and scandals that rocked our media during that period. In this paper, based on a presentation I gave at the Mt Carmel Instituteââ¬â¢s Workshop on Business Ethics and Corporate Governance, in Harare, 11 ââ¬â 13th of August 2011, I seek to evoke a debate on the role that the law can or does play in the protection of the actual owners of companies against their at-times misguided and often capricious agencies. In a paper presented to the Mandel Training Centreââ¬â¢s Annual Symposium on the 31 of January 2011, Senior Partner of Scanlen and Holderness, Sternford Moyo started by stating as follows: ââ¬Å"The law defines the environment in which business is conducted. It ensures that players are regulated by pre-determined rules of conduct. It reduces the potential for capricious conduct, defines the limits of power exercisable by those in positions of power and control and furthermore defines the manner in which power and control may be exercised to ensure that decisions by those in authority are just, fair and predictable and I would add, sustainable. He went on to state that; . . . the law ensures the protection of all role players and imposes obligations which ensure a workable co-existence. And concluded by stating that; . . . . business is thus inconceivable without the law. We would all agree with the conclusion reached by Sternford Moyo in the current business environment in Zimbabwe given our recent history dating to the past decade as well as the challenges that the recent decade presented to our business community. We would also agree that what Zimbabwe need at this juncture is a culture of good corporate governance if we are to regain any confidence from the international investing community. Corporate governance is generally used broadly to refer to the rules, processes and or laws by which corporates (businesses) are regulated and controlled. Sir Adrian Cadbury (1992) identified corporate governance as a system by which companies are directed and controlled and where boards of directors are held responsible. In a very business-like definition, LL Tshumba of the Reserve Bank of Zimbabwe quoting from Shleifer, Andrie and Vishny Robert (1997) ââ¬Å"A Survey of Corporate Governanceâ⬠Journal of Finance, Vol L11 No 2 pages 737 stated that; corporate governance, is therefore rightly often defined as the ways in which suppliers of finance assure themselves that they will receive a fair return on their investmentsâ⬠It is internationally accepted that good corporate governance is key to the integrity, and is central to the health of any economy as it creates business ethos and thereby assures investors (supplier of finance) that they will get a fair return on their i nvestment. Rachel Kyte, the Vice President, Business Advisory Services of the International Finance Corporation wrote: Good corporate governance practices instil in companies the essential vision, processes and structures to make decisions that ensure longer-term sustainability. More than ever we need companies that can be profitable as well as achieving environmental, social and economic value forsocietyâ⬠Statistics seem to show that good corporate governance has several advantages of which the most notable are; 1. It makes for cheaper debt and access to both local and global sources of capital. 2. It helps operations and improves performance since it ensures quality decision-making, encourages effective succession planning for senior management and enhances the long-term prosperity of companies. 3. It ensures sustainability and increases the likelihood of the enterprise to satisfy the legitimate claims of all stakeholders and fulfil its environmental and social responsibilities and thus the long ââ¬â term sustainable growth of client companies. In Zimbabwe, statutory law, through a multitude of statutes, governs corporate activity or at least our statutes provide for the governance and control of corporate activity. In addition to statutory law there are recent and applaudable efforts to draft a Nation Code of Good Corporate Governance by among others, the Institute of Directors Zimbabwe (IODZ) which borrows from the principles set out in the Cadbury Report of the United Kingdom and the Mervyn Kingââ¬â¢s Report of South Africa. It is hoped that such efforts will improve the expertise, status and professionalism of managers and directors in Zimbabwe in the management of Corporate Affairs in Zimbabwe. With the aid of education and training programmes facilitated by the Zimbabwe Leadership Forum (ZIMLEF) and the Standards Association of Zimbabwe (SAZ) it is hoped that meaningful progress will be made in curbing and eradicating fraud, corruption and all forms of corporate decay that often leads to scandals and failures. The gospel of good corporate governance needs be spread not only in private corporations but far and wide to reach parliamentarians and parastatals in the running of their business so as to build a culture and not mere practice of good corporate governance. Support for such initiatives includes learning from comparable best practices like the practices of prominent institutions like the Anglo-American and Delta Corporation. Training is also extended by the Commonwealth Secretariat through its working relations with the Institute of Directors Zimbabwe. As is often stated corporate governance is a tradition and traditions are often difficult to change, but with concerted efforts, one hopes that a meaningful turnaround is indeed possible towards a more responsible corporate citizenry. Our recent history bears testimony to the fact that poor corporate governance at any level is too costly for individual organisations and indeed the economy at large. This is so because an environment in which transparency, fairness, responsibility and accountability are alien will necessarily lead to rampant corrupt practices and hence high risk on investments, high cost of capital and lower returns, inversely leading to the neglect of even the basic corporate social responsibilities. Writing on the the Zimbabwean situation L L Tshumba of the Reserve Bank of Zimbabwe in his paper titled ââ¬Å"Corporate Governance Country Case Experience- Perspectives and Practices: Zimbabweâ⬠stated: ââ¬Å"corporate governance depends on the quality of economic, regulatory, fiscal, institutional and judicial structures, which in turn are influenced by a given countryââ¬â¢s political dispensationâ⬠He goes on to state that; ââ¬Å"there has been a renewed focus in recent times, on political structures as determinants of the degree of the financial sophistication of a given society. For very personal reasons centralised or autocratic political systems will tend to be intolerant of competition, transparency and accountability and are therefore bound to retard rather than encourage financial developmentâ⬠And concluded by stating that; ââ¬Å"There is therefore a need to develop an environment where stakeholders, be they shareholders, citizens or other interested parties are assured that the ââ¬Å"goings-onâ⬠are not detrimental to their own political and financial interestsâ⬠A member of the Institute of Chartered Accountants Zimbabwe at a seminar held in Kariba on the 24th of June 2011 stressed the point that Zimbabwe has to revise its commercial laws to enable a culture of good corporate governance in the country and in the process to prevent corporate scandals that currently dominates our media. In the same breath Sternford Moyo had mentioned in his presentation to the Mendel Training Centre Annual Symposium (supra) as follows: Our Companies Act is outdated. It does not cover issues one would expect to be covered by a modern companies statute. Inadequate provisions are dedicated to creditor protection. Shareholder protection is not adequate either. Often closely related to poor corporate governance is the problem of related party transactions. Pratip KAR in his presentation titled ââ¬Å"Fighting Abusive Related Party Transactions in Asia, A workshop on Implementationâ⬠at the Asian Round Table Conference on Corporate Governance held by the Global Corporate Governance Forum in New Delhi, India on the 25 and 26th of October 2010, referred to what he called ââ¬Å"Related Party Transactionsâ⬠. He defined such a transaction as: a business deal, single or series of financial contracts (dealings), or an arrangement between two parties who are joined by a special relationship prior to the transaction in question. â⬠In his article (supra) Pratip states that even though related party transactions are fraught of the possibility of abuse and conflicts of interest, they often make tremendous commercial sense and if co mpanies are blanketly prohibited from entering into such transaction, it might militate against the principle of maximizing the shareholder value. He states further and probably more relevant to this paper, that where peopleââ¬â¢s money is involved, it cannot be expected that the managers watch over it with the same anxious vigilance as they would watch over their ownâ⬠He however further admitted that such arrangements might allow controlling shareholders or executives of a company to benefit personally at the expense of non-controlling shareholders of the company which often leads to conflicts of interests between the private interests of the individual and his duties to the company which could impair the integrity, independence and the quality of their decisions in the management of the company. That such arrangements are at times quite desirable is without question. Pratip states that in the United States, at one point, all related party transactions had been banned, but such restriction was later seen as overly restrictive and the ban was uplifted. Memory Mafo, (an Associate Legal Practitioner at Scanlen and Holderness Legal Practitioners) in her article in the Scanlen and Holderness Magazine presented to delegates at the Lex Africa Annual General Meeting, held at Harare, Zimbabwe on the 25th of March 2011 states at page 28 that ; These situations (of related party transactions) require the issues of conflict of interest to be fluid rather than rigid. Most business transactions and legal relationships are complex and varied. A strict interpretation of conflict rules would effectively halt a considerable amount of business for both the legal profession and the corporate worldâ⬠Ms Mafo goes on to state however that: ââ¬Å"traditionally the best way to handle conflict of interest is by avoiding them entirelyâ⬠and concluded by stating that: The high standards of legal ethics should always be maintained and further developed alongside a fast growing corporate Africaâ⬠The Mervyn Kingââ¬â¢s report as quoted in an article titled ââ¬Å"An overview of Corporate Governance and Accountability in Southern Africaâ⬠[http://www. uneca. org/srdc/sa/publications/corporateGovernance-Accountability-SA. pdf] recommends that Boards of directors should observe the highest level of business and professional ethics and, in particular their independence should never be compromised. In the Guidance for Supervisory Board Members of Banks [http://ww. gcgf. org/ifcext/cgf/nsf/attachmentsbytitle/Ukraine_Eng_Guidance_Supervisory_Board_+member_of_+Banks/$FILE? Chairman? -Manual_+Final_Eng. pdf] a conflict of interest is said to exist among others when an office bearer or board member may improperly influence individual judgment when acting on behalf of (the bank). Office bearers and directors are thus cautioned to avoid actual, potential or perceived conflicts of interests. Situations identified as being fraught with the possibility of conflicts of interests includes a situation where a director has any major ownership interest in the business of any counter party or has a consulting or employment relationship with a counterparty to the enterprise or where any person owing a fiduciary duty to the enterprise advocates a transaction between the enterprise and the company, firm or other enterprise in which such person owns stock or serves as an office bearer or director. It needs be noted that the guidelines are not rules of law per se but do provide useful guidance in the crafting of a working code of conduct on corporate governance issues. Where there is potential conflict of interests the following guidelines are suggested; â⬠¢The member having an interest (the conflicted member) must disclose the nature and extent of his interest as required by section 186 (1) of the Companies Act. â⬠¢Such conflicted members shall not be included in the quorum for any resolution concerning the conflicted matter. Conflicted members should not participate or even be present during discussions on the conflicted matter and should volunteer to or may be asked to withdraw from meetings for the duration of any such discussions to facilitate frank and full consideration by the rest of the board on the conflicted matter. â⬠¢A conflicted member may not vote on any resolution concerning the conflicted matters â⬠¢A director having a continued material conflic t of interest or potential of conflict of interest should consider resigning. Given the spate of corporate frauds one wonders if there is a need for legislation designed to manage and regulate corporate governance and the business ethics terrain in Zimbabwe. Research has shown the impact of bad corporate governance on national economies. Examples include the corporate failure of the US energy giant Enron in 2001 (due to widespread accounting frauds and insider trading) and in Japan where the alleged securities fraud in 2006 instigated a stock sell-off resulting in the temporary closure of the Tokyo Stock Exchange. It is to be noted that these scandals were followed by enactments such as the Sarbanes Oxley Act of 2001 in the US and in Japan a financial reporting law known informally as J-SOX, because it was based on the US Sarbanes Oxley Act. [http://allafrica. com/stories/20110524. html] Whether the way forward for Zimbabwe is a statutory enactment to deal with corporate governance issues or not is a subject still to be pursued. It is however clear that the aftermath of the world recession saw the implementation of stricter and tougher regulatory frameworks in the financial services sector of the USA and other European countries. A similar approach seems to be taking root in Zimbabwe. At the Insurance 2010 Conference held at Nyanga, Zimbabwe, Edward Siwela, the Executive Director of the Institute of Directors Zimbabwe, hailed the crafting of the proposed National Code on Corporate Governance and the Future of Corporate Governance in Zimbabwe launched on the 28th of October 2009 in Harare and attended by among others, the Guru on Corporate Governance, Professor Mervyn King. He mentioned that the Code had advantages over mandatory approaches primarily because of ease of dissemination, flexibility of corporate practice and transparency as well as the emphasis on the delivery of shareholder value over the long term. He added that the adoption of good corporate governance reduces the risk of corporate crises and scandals which characterized the Zimbabwe economy in the past decade. Yilmaz Arguden stated that, in the ultimate, good corporate governance is a ulture and climate of; â⬠¢Consistency â⬠¢Responsibility â⬠¢Accountability â⬠¢Fairness â⬠¢Transparency â⬠¢Effectiveness That is deployed throughout the organisation. In an informal discussion I once mentioned that ââ¬Å"fortunately this corporate entity has neither soul nor blood, they can suck all they wantâ⬠. ââ¬Å"If management is about running the business, governance is about seeing that itââ¬â¢s run properlyâ⬠[R I Ticker, 1984] [ http://www. spescom. com/content . asp? subID=1]
Saturday, November 30, 2019
The American Revolution Essay Example For Students
The American Revolution Essay 3.0 Chronology of Major Events in this Period1760 1820 The reign of George III1765 Stamp Act; Stamp Act Congress Meets in New York; Quartering Act1766 Stamp Act Repealed by Parliament; Quartering Act. 1767 Townshend Duties Passed; Dickinsonââ¬â¢s Letters From a Farmer in Pennsylvania published. 1768 British Troops sent to Boston. We will write a custom essay on The American Revolution specifically for you for only $16.38 $13.9/page Order now 1770 Townshend Duties Repealed; Except for Duty on Tea; Boston Massacre. 1772 The Gaspee Affair. 1773 Tea Act Imposed; Boston Tea Party. 1774 Coercive or Intolerable Acts; Continental Congress Meets in Philadelphia. 1775 Battles of Lexington and Concord; second continental Congress meets at Philadelphia;George Washington appointed Commander-in-Chief of the Continental Army; Battle of Bunker Hill. 1776 Thomas Paineââ¬â¢s Common Sense; Declaration of Independence;1777 Articles of Confederation adopted by the Congress, but not ratified by all States until 1781. 1778 U.S. concludes Military Alliance and Commercial Treaty with France. 1781 Cornwallis surrenders to Washington at York Town, Virginia. 1783 Treaty of Paris signed with Britain. History Essays
Tuesday, November 26, 2019
Objetos prohibidos en equipaje de mano en aviones USA
Objetos prohibidos en equipaje de mano en aviones USA En Estados Unidos, la Administracià ³n de Seguridad en el Transporte (TSA, por sus siglas en inglà ©s) es la agencia encargada de examinar en los aeropuertos a pasajeros y sus equipajes y sus oficiales los que tienen la à ºltima palabra sobre quà © se permite embarcar en el equipaje de mano. Las normas cambian frecuentemente, teniendo en cuenta esa advertencia, decir que en este artà culo se informa sobre cules son las reglas en el momento de escribir este artà culo y que aplican a los vuelos domà ©sticos dentro de Estados Unidos y sus territorios, como Puerto Rico. Casi siempre son las mismas que aplican en los vuelos que despegan desde los aeropuertos en EE.UU y en los que se dirigen desde otro paà s hacia dichos aeropuertos. Sin embargo, hay excepciones como el caso de ganchillos y agujas de calcetar, conocidas en algunos paà ses como agujas de punto. Para mayor claridad, se ha estructurado la informacià ³n segà ºn el tipo de objetos. Cuidado personal en forma de là quidos, aerosoles y geles Se puede subir al avià ³n là quidos, aerosoles y geles en botellas con una cantidad inferior a 3.4 onzas (100ml). Se aconseja que todos estos artà culos se coloquen en una bolsa de plstico transparente de tamaà ±o de un cuarto que cierre con cremallera.à Tener en cuenta que solamente se permite una bolsa por pasajero, lo cual es una forma de limitar el total de là quido abordo y evitar que los pasajeros lleven cantidades mayores a las permitas repartidas en varias botellas. Es recomendable que al llegar al control de rayos-x colocar la bolsa transparente que contiene esos artà culos en una bandeja, para facilitar asà la labor de los oficiales de la TSA. Si se desea llevar ms cantidad porque se hace un viaje largo, colocar el là quido, gel o aerosol en las maletas que viajan como cargo. Por à ºltimo, tener en consideracià ³n que los aerosoles sà ³lo se permiten en cantidades muy limitadasà y cuando son para uso de cuidado personal. En todos los dems casos se consideran como un peligro y ni pueden embarcarse ni guardarse en las maletas de cargo. Artà culos electrà ³nicos Estas son las reglas: En primer lugar, si se lleva un artà culo electrà ³nico, asegurarse de retirar de su interior CDs, cassettes o DVDs, antes de pasar el control de seguridad En segundo lugar, las computadoras personales (conocidas tambià ©n por su nombre en inglà ©s de laptop), las consolas de videojuegos y los aparatos de reproduccià ³n de DVD deben sacarse de sus cajas o bolsas para pasar por el control de rayos-x. Aunque se trate de artà culos permitidos, los oficiales de la TSA pueden impedir que se suba al avià ³n sià parece que han sido alterados o que pueden ser un peligro. Armas y municià ³n En los vuelos internos est prohibido subirlas al avià ³n. Si se tiene la debida licencia se puede transportar en las maletas que viajan en cargo. Comidas para bebà ©s Se permite en cantidades razonables.à Declarar estos artà culos al llegar al control de rayos-x. Comidas y bebidas para adultos No pueden superar los 3.4 onzas (100 ml). La excepcià ³n son las bebidas alcohà ³licas, ya que se permite un mximo de 3 onzas, si bien si se compraron despuà ©s de pasar el control de seguridad se permite que se suban al avià ³n. Asimismo, se pueden llevar tortas (cakes/pies), pero sern sujetos a la debida inspeccià ³n. En los viajes desde otro paà s hacia los Estados Unidos deben seguirse reglas estrictas con respecto a los alimentos, tanto en equipaje de mano como el de cargo. Instrumentos musicales La TSA permite 1 instrumento por persona. Pero verificar con la aerolà nea. En los vuelos internacionales, habà a que dar especial atencià ³n al material, ya que si tiene marfil en alguno de sus componentes podrà a haber serios problemas. Sin embargo, recientemente se llegà ³ a la conclusià ³n de que el marfil en instrumentos no contribuà a a la matanza de elefantes para sacarles el marfil. Por lo tanto, si la cantidad de marfil es pequeà ±a, no hay problemas. Aunque no hay una cantidad predeterminada, se considera que menos de 200 gr de marfil en un instrumento no darà a lugar a problemas. Medicamentos y objetos necesarios en caso de necesidades especiales Los medicamentos deben estar en su envase original en el que se muestre su nombre en una etiqueta profesional y el nombre de la farmacà ©utica.à Adems, si se trata de medicamentos sujetos a prescripcià ³n mà ©dica, como por ejemplo los antibià ³ticos, hay que llevar la receta. Este punto es importante porque se trata de sustancias controladas y su posesià ³n sin receta puede dar lugar a graves problemas. Si la medicina est en forma là quida se puede superar los 100 ml (3.4 onzas) siempre que sea una cantidad razonable que deba utilizarse durante el vuelo. Notificar al oficial de la TSA al llegar al punto de control que se lleva ese là quido. En cuanto a objetos como muletas o sillas de ruedas, pasarn por un control. Cerillas y encendedoresà Se puede subir un encendedor cargado al avià ³n y tambià ©n una caja de cerillas, excepto si à ©stas son las que se pueden encender en contacto con cualquier tipo de superficie. Como curiosidad decir que, por el contrario, no se puede guardar en las valijas del equipaje que no suben a bordo ningà ºn tipo de cerillas y que casi todos los encendedores estn prohibidos asà como las recargas.à Objetos agudos como tijeras, agujas o ganchillos Est prohibido subirlos al avià ³n, exceptoà tijeras con cuchillas de tamaà ±o inferior a 4 pulgadas. En cuanto a las agujas de calcetar o ganchillos, estn permitidos en vuelos domà ©sticos dentro de Estados Unidos, pero se aconseja que sean de madera o plstico. En los vuelos internacionales hacia Estados Unidos deben viajar facturados en cargo. Herramientas Se pueden llevar desatornilladores, llaves y alicates, pero debidamente cubiertos para evitar accidentes y siempre que medidos a lo largo no excedan de las 7 pulgadas. Regalos envueltos en papelà No estn prohibidos, pero el oficial de la TSA puede retirar el papel si considera que procede inspeccionar con mayor detenimiento. Otros artà culos permitidos a bordo caà ±as de pescarAgujas de calcetar o de coserpelotas de fà ºtbol (soccer), baloncesto, bà ©isbol, etc. Artà culos prohibidos Bates de bà ©isbol, palos de hockey, palos de billar o de golf Mascotas Preguntar a la là nea aà ©rea pero generalmente pueden volar en cabina mascotas de poco tamaà ±o y peso. Lo que sà hay que respetar son las reglas que regulan su ingreso a los Estados Unidos en el caso de vuelos internacionales. A tener en cuenta Si se viaja con joyas o una cantidad de dinero importante se puede solicitar al oficial de la TSA una inspeccià ³n privada, respetando los là mites en vuelos internacionales. Si se viaja con una animal de compaà ±Ã a porque se sufre una incapacidad, por ejemplo, se es ciego y se lleva perro guà a, entonces hay que probar la identidad del animal y debe de llevar arnà ©s.à En caso de duda, verificar siempre con la pgina oficial de Transportation Security Administration o llamar gratis al 1-866-289-9673 o escribir un correo electrà ³nico a ContactCenterdhs.gov Por à ºltimo, asegurarse de tener documentacià ³n que permite embarcar, incluso en los vuelos domà ©sticos. Puntos clave Puede llevarse en equipaje de mano en avià ³n là quidos y geles en cantidad inferior a 100 ml.Los artà culos electrà ³nicos deben sacarse de sus cajasLos medicamentos se suben a cabina en envase original y con prescripcià ³n mà ©dica (si aplica)Los oficiales de la TSA pueden exigir quitar el papel de regalo de un objeto. Este es un artà culo informativo. No es asesorà a legal
Friday, November 22, 2019
Venezuelas Revolution for Independence from Spain
Venezuelas Revolution for Independence from Spain Venezuela was a leader in Latin Americas Independence movement. Led by visionary radicals such as Simà ³n Bolà var and Francisco de Miranda, Venezuela was the first of the South American Republics to formally break away from Spain. The decade or so that followed was extremely bloody, with unspeakable atrocities on both sides and several important battles, but in the end, the patriots prevailed, finally securing Venezuelan independence in 1821. Venezuela Under the Spanish Under the Spanish colonial system, Venezuela was a bit of a backwater. It was part of the Viceroyalty of New Granada, ruled by a Viceroy in Bogota (present-day Colombia). The economy was mostly agricultural and a handful of extremely wealthy families had complete control over the region. In the years leading up to independence, the Creoles (those born in Venezuela of European descent) began to resent Spain for high taxes, limited opportunities, and mismanagement of the colony. By 1800, people were talking openly about independence, albeit in secret. 1806: Miranda Invades Venezuela Francisco de Miranda was a Venezuelan soldier who had gone to Europe and had become a General during the French Revolution. A fascinating man, he was friends with Alexander Hamilton and other important international figures and even was the lover of Catherine the Great of Russia for a while. All throughout his many adventures in Europe, he dreamed of freedom for his homeland. In 1806 he was able to scrape together a small mercenary force in the USA and Caribbean and launched an invasion of Venezuela. He held the town of Coro for about two weeks before Spanish forces drove him out. Although the invasion was a fiasco, he had proven to many that independence was not an impossible dream. April 19, 1810: Venezuela Declares Independence By early 1810, Venezuela was ready for independence. Ferdinand VII, theà heir to the Spanish crown, was a prisoner of Napoleon of France, who became the de facto (if indirect) ruler of Spain. Even those Creoles who supported Spain in the New World were appalled. On April 19, 1810, Venezuelan Creole patriots held a meeting in Caracas where they declared a provisional independence: they would rule themselves until such time as the Spanish monarchy was restored. For those who truly wanted independence, such as young Simà ³n Bolà var, it was a half-victory, but still better than no victory at all. The First Venezuelan Republic The resulting government became known as the First Venezuelan Republic. Radicals within the government, such as Simà ³n Bolà var, Josà © Fà ©lix Ribas, and Francisco de Miranda pushed for unconditional independence and on July 5, 1811, the congress approved it, making Venezuela the first South American nation to formally sever all ties with Spain. Spanish and royalist forces attacked, however, and a devastating earthquake leveled Caracas on March 26, 1812. Between the royalists and the earthquake, the young Republic was doomed. By July of 1812, leaders such as Bolà var had gone into exile and Miranda was in the hands of the Spanish. The Admirable Campaign By October of 1812, Bolà var was ready to rejoin the fight. He went to Colombia, where he was given a commission as an officer and a small force. He was told to harass the Spanish along the Magdalena River. Before long, Bolà var had driven the Spanish out of the region and amassed a large army, Impressed, the civilian leaders in Cartagena gave him permission to liberate western Venezuela. Bolà var did so and then promptly marched on Caracas, which he took back in August of 1813, a year after the fall of the first Venezuelan Republic and three months since he had left Colombia. This remarkable military feat is known as the Admirable Campaign for Bolà vars great skill in executing it. Theà Second Venezuelan Republic Bolivar quickly established an independent government known as the Second Venezuelan Republic. He had outsmarted the Spanish during the Admirable Campaign, but he had not defeated them, and there were still large Spanish and royalist armies in Venezuela. Bolivar and other generals such as Santiago Marià ±o andà Manuel Piarà fought them bravely, but in theà end,à the royalists were too much for them. The most feared royalist force was the Infernal Legion of tough-as-nails plainsmen led by cunning Spaniard Tomas Taitaà Boves, who cruelly executed prisoners and pillaged towns that had formerly been held by the patriots. The Second Venezuelan Republic fell in mid-1814 and Bolà var once again went into exile. The Years of War, 1814-1819 During the period from 1814 to 1819, Venezuela was devastated by rovingà royalistà and patriot armies that fought one another and occasionally amongst themselves. Patriot leaders such as Manuel Piar, Josà © Antonioà Pez,à and Simà ³n Bolivar did not necessarily acknowledge one anothers authority, leading to a lack of a coherent battle plan toà free Venezuela. In 1817, Bolà var hadà Piarà arrested and executed, putting the other warlords on notice that he would deal with them harshly as well. After that, the others generally accepted Bolà vars leadership. Still, the nation was in ruins and there was a military stalemate between the patriots and royalists. Bolà var Crosses the Andes and the Battle of Boyaca In early 1819, Bolà var was cornered in western Venezuela with his army. He was not powerful enough to knock out the Spanish armies, but they were not strong enough to defeat him, either. He made a daring move: heà crossed the frosty Andesà with his army, losing half of it in the process, and arrived in New Granada (Colombia) in July of 1819. New Granada had been relatively untouched by the war, so Bolà var was able to quickly recruit a new army from willing volunteers. He made a speedy march on Bogota, where the Spanish Viceroy hastily sent out a force to delay him. At theà Battle of Boyacaà on August 7, Bolà var scored a decisive victory, crushing the Spanish army. He marched unopposed into Bogota, and the volunteers and resources he found there allowed him to recruit and equip a much larger army, and he once again marched on Venezuela. The Battle of Carabobo Alarmed Spanish officers in Venezuela called for a cease-fire, which was agreed to and lasted until April of 1821. Patriot warlords back in Venezuela, such as Marià ±o and Pez, finally smelled victory and began to close in on Caracas. Spanish General Miguel de la Torre combined his armies and met the combined forces of Bolà var and Pez at the Battle of Carabobo on June 24, 1821. The resulting patriot victory secured Venezuelas independence, as the Spanish decided they could never pacify and re-take the region. After the Battle of Carabobo With the Spanish finally driven off, Venezuela began putting itself back together. Bolà var had formed the Republic of Gran Colombia, which included present-day Venezuela, Colombia,à Ecuador, and Panama. The republic lasted until aboutà 1830à when it fell apart into Colombia,à Venezuela, and Ecuador (Panama was part of Colombia at the time). General Pez was the main leader behind Venezuelas break from Gran Colombia. Today, Venezuela celebratesà two independence days: April 19, when Caracas patriots first declared a provisional independence, and July 5, when they formally severed all ties with Spain. Venezuela celebrates itsà independence dayà (an official holiday) with parades,à speeches,à and parties. In 1874, Venezuelan Presidentà Antonio Guzmn Blancoà announced his plans to turn the Holy Trinity Church of Caracas into a national Pantheon to house the bones of the most illustrious heroes of Venezuela. The remains of numerous heroes of Independence are housed there, including those of Simà ³n Bolà var, Josà © Antonio Pez, Carlos Soublette, and Rafael Urdaneta. Sources Harvey, Robert. Liberators: Latin Americas Struggle for Independence. 1st edition, Harry N. Abrams, September 1, 2000. Herring, Hubert.à A History of Latin America From the Beginnings to theà Present.à New York: Alfred A. Knopf, 1962 Lynch, John.à The Spanish American Revolutions 1808-1826à New York: W. W. Norton Company, 1986. Lynch, John.à Simon Bolivar: A Life. New Haven and London: Yale University Press, 2006. Santos Molano, Enrique.à Colombia dà a a dà a: una cronologà a de 15,000 aà ±os.à Bogota: Planeta, 2009. Scheina, Robert L.à Latin Americas Wars, Volume 1: The Age of the Caudillo 1791-1899à Washington, D.C.: Brasseys Inc., 2003.
Wednesday, November 20, 2019
Banking on a Beard Award Assignment Example | Topics and Well Written Essays - 750 words
Banking on a Beard Award - Assignment Example She will not gain from the business because the business will start making profits at the second year. Therefore, she will lose $135,000 plus the 25 percent bonus if she quits. If she considers the chances of getting promoted after the second year, then she will be losing 202,500 after getting the 50 percent pay raise. Then during the second year, she will have started getting profits from his business. Assuming that the net profit if her business is a modest success is 20 percent in the second year, then she will make a total of $40,000 during the second year. Therefore, the opportunity cost of leaving her current job will have lessened by the second year. In the third year, her profits will increase to 25 percent which means that she will get a profit of $50,000 in the third yea assuming that her business is a modest success. If she is not promoted in the three years, Jennifer will still be making earning $135,000 every year. there is also a probability that she will be terminated in the first year if she does not get the promotion which is not certain because she is competing with three other colleagues. Recommendations I would advise Jennifer to quit her current job and pursue her dream of becoming a restaurateur. This is because she has a 40 percent probability of succeeding in business compared to retaining her position. Jennifer has a 30 percent likelihood of losing her job because after the first year she will be promoted, retained in her current position or fired. Considering these options, it is better to pursue the business option. Suppose her business is a huge success and makes 20 percent profit in the first year 40 percent in the second year and 70 percent in the third year, then Jennifer will make $40,000, $80000 and $140,000 respectively for the three years. This indicates that she will have started to make an equivalent of what she is earning every year in her job. This justifies the decision to quit her job because it is not even certain wheth er she will still be holding the position by the third year. rather than wait until she is terminated in order to pursue her passion, Jennifer should do it right away because then she is not under any pressure and she has already saved for the initiative. She has an advantage in that she is a chef and has adequate experience in the trade, which raises the probability of succeeding in the business. Her move is well calculated considering that she has a target market in mind, which will include small- and medium-sized business customers in addition to their families. Her employer is also supportive and will be willing to finance her if her business plan is viable. Conclusion Jennifer should quit her position and pursue her passion to become a restaurateur because according to the decision tree and the assumptions in profits, she will be making an equivalent of her annual wages in profits in her venture. She should also be motivated to quit her position because she is not guaranteed of the job as she has a 33 percent probability of getting a termination. Decision trees are significant tools of drawing a conclusion because they assist in clarifying the issues concerned and solve the predicament. In this case, the decision tree has assisted in calculation of the profits that Jennifer is likely to make while analyzing her future in her job in order to make a decision. Jennifer should thus forfeit her position and venture into business because she has a 40 percent probabili
Tuesday, November 19, 2019
GoodWill Essay Example | Topics and Well Written Essays - 1500 words
GoodWill - Essay Example Life skills training and counseling, elements of GoodWills core services, help to prepare individuals for the demands of the workplace. Many GoodWill agencies also provide assistive technology devices and training to eliminate barriers for people with disabilities such as vision or hearing impairment and paralysis. (Lysecki 2005) The organization serves individuals with physical, mental and emotional disabilities, as well as those with disadvantages such as welfare dependency, illiteracy, homelessness or lack of work experience. In 2000, the agency began implementing a $20 (m) million grant from the U.S. Department of Labor to provide training and support to place welfare-to-work recipients in temporary Census and permanent community jobs. So far, GoodWill has exceeded the goals of the project, serving 15,175 participants and placing 5,180 of these in competitive employment. GoodWill also established national partnerships with Bank of America and CVS/pharmacy to recruit and train individuals for a variety of jobs at these companies. GoodWill placed 77,895 individuals with disabilities and other disadvantages in competitive jobs; they earned $973.4 (m) million in salaries and wages. "We want to make sure that we are helping people develop a lifelong career plan through education and career development opportunities," says Samuel W. Cox, Interim President and CEO of GoodWill Industries International. "We have the flexibility to meet the needs of the individuals while meeting the needs of employers. Our efforts boil down to building lives, families and communities one person and one job at a time." Over 42 (m) million people donated clothing, household goods, computers, cars, and other items to GoodWill, generating $941.1 (m) million in revenues for GoodWill programs. GoodWill sells its donations in 1,869 retail stores across North America and on its Internet auction site, shopGoodWill.com. GoodWills retail stores earn more than 50 percent of
Saturday, November 16, 2019
The Autobiography of Benjamin Franklin Essay Example for Free
The Autobiography of Benjamin Franklin Essay The book ââ¬Å"The Autobiography of Benjamin Franklinâ⬠is a decisively written personal story of the one of the most famous Presidents in the US history ââ¬â Benjamin Franklin. The book is very intimate as the author tells the story of his childhood and his way to future values and beliefs. It is necessary to agree with Franklinââ¬â¢s idea that people should always strive for self-improvement and self-perfection. Therefore, Franklin decided to develop effective communication skills and meaningful techniques of conduct. He seems to be the person to follow. During the years of American Revolution Benjamin Franklin showed himself as an ardent proponent of political and economic independence of the country. Actually, he had all the makings to become a clever President. The autobiography is very rich because Franklin was also one of the Founding Fathers and American ambassador to France. I liked the idea he told about printing trade and ââ¬Å"Poor Richardââ¬â¢s Almanacâ⬠. Franklin allowed people to share his fears and hopes to make country powerful and independent. Furthermore, his humility for his country and citizens is to be admired. When reading the book is becomes clear that Franklin is interested in the reading habits of people. Moreover, he notes that such people are provided with poetic souls. He admired this quality in people the most. Apparently, Franklinââ¬â¢s though is marked bys strong pragmatic tendencies because he is less concerned with ideals, rather with functions and work. Such pragmatism results a list of core virtues and values making the book striking and impressive. Nevertheless, Franklin is considered practical men and all those virtues are practical as well. He argues if idea is simple it is easily applied. Franklin wasnââ¬â¢t interested in abstract morality. The mentioned above humility belongs to the list of his virtues. And I agree with him that humility is important for people as it reflects their beings. As for me, the book is brilliantly written and ensures enjoyable reading. References Franklin, Benjamin. (1996). The Autobiography of Benjamin Franklin. USA: Dover Thrift Publications.
Thursday, November 14, 2019
Thomas Hardys The Mayor of Casterbridge and Frank Norris McTeague Ess
Thomas Hardy's The Mayor of Casterbridge and Frank Norris' McTeague Thomas Hardy and Frank Norris are artists, painting portraits of men filled with character, that is distraught with regression. The Mayor of Casterbridge, by Thomas Hardy is a powerful and searching fable. Frank Norrisââ¬â¢ McTeague is a documentation of the animalistic pursuit of empty dreams. Both authors withhold the protagonists of their dreams, in a grotesque world, which provides no sign of escape. Each emphasizes themes of greed and devolution, while carefully detailing character portraits. Both Hardy and Norris broadcast a network of symbolism to enhance the meaning of their works. Hardy and Norrisââ¬â¢ use of complex character portraits, simplistic settings and love subplots employ correlating themes of decay and provide similar and contrasting insights into their novels. à à à à à The settings of both novels are based in small simple structured towns. Each take place during the post-Victorian era. Both authors base their novels within these small towns and avoid the introduction of a new setting. The development of a single setting story allows for both Hardy and Norris to manifest a greater complexity in the protagonistââ¬â¢s plight. In McTeague, ââ¬Å"All the needed data are given at the start, and the main action-except the ending-glows out of the data; no face is withheld to allow the story to take an unexpected twist, and the facts are given mean what they purport to meanâ⬠(Frohock 10). The Mayor of Casterbridge also follows the setting structure of a small town filled with all the necessary elements for Henchardââ¬â¢s undulating character progression. It is unique that both authors focus solely upon one small town, both only escaping its confides once, either in the very beginning or in the end. Both Hardy and Norris spin a complex web of symbols, characters and love subplots within their settings. à à à à à The Mayor of Casterbridge opens with a drunken Michael Henchard selling his wife and child to a sailor. The next day he rises feeling remorse for his actions, he seeks them, yet they are gone. Henchard eventually winds up in the simple town of Casterbridge. Here he seeks to create a sense of justice for the ââ¬Å"tragic error which is the result of [his] moral weaknessâ⬠(Gibson 97). Eighteen years pass and Henchard has cycled to the top of his wheel of fortune, his is a successful businessm... ...tings, love subplots and brilliant inelaborate character portraits, Hardy and Norris create ascendent themes of naturalistic literature. Hardyââ¬â¢s works are a balance of Darwinism and prudishness. He refused to deny his characters of the chilling realism of humanity. Norris illuminates the power that denies any man the ability to thrive, prehistoric animalism. Their twisted themes of decay flourish through symbolic impressions to provide works which set the astonishing tone for literature to ensue Victorian prudishness. Works Cited Carpenter, Richard. Thomas Hardy. C.D. Miles. 2ed edition. Boston: Twayne Publishers. 1964. 89-153. Frohock, W. M. Frank Norris. 1st edition. St. Paul: North Central Publishing Company. 1968. 5-39. Gibson, James. Thomas Hardy: A Literary Life. 3rd edition. New York: St. Martinââ¬â¢s Press. 1996. 1-138. Hardy, Thomas. The Mayor of Casterbridge. Merriam Schuster. 4th edition. San Diego: Harcourt. Brace Jovanovich Inc. 1972. Hochman, Barbra. The Art of Frank Norris, Storyteller. 3rd edition. Columbia: University of Missouri Press. 1988. 1-77. Norris, Frank. McTeague. Peter Brief. 3rd edition. Sand Diego: Harcourt Brace Joanovich Inc. 1977.
Monday, November 11, 2019
Where the Wild Things Are Reading Log
VISUAL Title: Where the Wild Things Are Director: Spike Jonze Cultural Perspective: American Gender Perspective: Male Critical Reputation: Yes (Nominated for the Saturn Award) Date of Response: 21 September 2011 ââ¬ËWhere the Wild Things Areââ¬â¢ directed by Spike Jonze links to the theme crisis and change through the character Max and his struggle to control his emotions. Max runs away and falls asleep and dreams of the island where the wild things live each wild thing representing parts of himself and his relationships with his family members.On the island he is placed to govern his own feelings after fighting with his mother. The wild things are symbols of the relationships he has with his sister and mum and his own emotions. Many of what happens in his world where the wild things live parallel Maxââ¬â¢s realityà such as the dirt clod war which contrasts the snowball fight he had where he splits his emotions into good and ââ¬Ëbadââ¬â¢ teams. Carroll, Douglas and K W are on his side while Judith, Ira, Alexander and Bull are classed as bad.Carroll is a symbol of Maxââ¬â¢s uncontrollable anger and his destructive side which Max understands the best because he is constantly battling anger. Douglas is the symbol of reason and KW a girl who is full of love and represents his mother especially when she hides him from Carroll and also the close relationship between Carroll and KW because he does have a close relationship with his mother and she is the one who experiences the most of his anger bursts, however she is not really there when he needs her because she has to work.But there is a lovely moment between Max and his mother early on in the film which symbolises the love between them, when his mother writes the story Max tells her while he plays with her feet. ââ¬Ëâ⬠There were some buildingsâ⬠¦ There were these really tall buildings, and they could walk. Then there were some vampires. And one of the vampires bit the tallest building , and his fangs broke off. Then all his other teeth fell out. Then he started crying. And then, all the other vampires said, ââ¬Å"Why are you crying? Weren't those just your baby teeth? â⬠And he said, ââ¬Å"No.Those were my grown-up teeth. â⬠And the vampires knew he couldn't be a vampire anymore, so they left him. The end. â⬠ââ¬â¢ This is a moment when Max opens up to his mother through his creative side, and one of the nicest moments between Max and his mother in the whole film. Judith is a symbol of his relationship with his sister. They donââ¬â¢t really get on and she isnââ¬â¢t there for him when he needs her as represented by the quote that Judith says ââ¬Ëâ⬠You know what? You can't do that back to me. If we're upset, your job is not to get upset back at us. Our job is to be upset.If I get mad and wanna eat you, then you have to say: ââ¬Å"Oh, okay. You can eat me. I love you. Whatever makes you happy, Judith? â⬠That's what you're supp osed to do! â⬠ââ¬â¢ this is exactly what Max expects from his sister and he is constantly upset by her. Ira symbolises the part of Max that is pushed around by the people in his life and Alexander symbolises the side of Max that no one listens to and is mistreated by the other wild things. Bull is a symbol of the journey and how that there are always going to be parts of yourself you wonââ¬â¢t understand and that Maxââ¬â¢s emotional journey has only just begun.Max changes throughout his time on that he spends on the island and comes to understand what his mother has to put up with as he finds it extremely hard to be in charge of Carroll as he is unruly. As he leaves the island KW says ââ¬Ëâ⬠Donââ¬â¢t go, Iââ¬â¢ll eat you up. I love you soâ⬠ââ¬â¢ which reflects how she swallowed Max to protect him from Carroll because she loves him. He goes back to have a greater understanding of himself and what his mother has to put up with. Throughout the movie you feel sorry for Max as he is misunderstood and ignored.His sister doesnââ¬â¢t stand up for him when he is squashed in the snow fort he built with him inside. I also felt that some of his behaviour was unnecessary but throughout his stay on the island you find out that he had just not matured enough to understand what others had to put up with until he had to put up with it himself. ââ¬ËI don't talk to owls. Owls are stupid. ââ¬â¢ This quote symbolises how Max has no understanding and feels left out because he cannot understand what the owls are saying just like Carroll.The film also connects to the theme crisis and change with the idea that children are burdened with adults problems. Max is told by the teacher at school that the sun is going to die and this shocks him. Later on while he and Carroll are touring the island they come across the empty part of the world. Carroll says ââ¬Ëâ⬠this part of your kingdom is not so goodâ⬠â⬠¦ â⬠Well, look this u sed to be all rock, now itââ¬â¢s all sand, and then one day itââ¬â¢s going to all be dust and then the whole island will be dust, and thenâ⬠¦ I donââ¬â¢t even know what comes after dust. ââ¬â¢ This symbolises how max is burdened with the fact that not only is his childish imagination dying but so is he, just like the sun. Later max responds by saying ââ¬Ëâ⬠Carroll, did you know the sun was going to die? â⬠ââ¬â¢ Carroll responds with ââ¬Ëâ⬠What? Iââ¬â¢ve never heard thatâ⬠¦ oh come on. That canââ¬â¢t happen. I mean youââ¬â¢re the king, and look at me, Iââ¬â¢m big! How can guys like us worry about a tiny thing like the sun? â⬠ââ¬â¢ this shows how Maxââ¬â¢s problems seem so much bigger than the sun at the moment but there is still the worry nibbling at him.When Max found out that the sun was going to die, I felt angry at his teacher for not explaining that it will take millions of years and for scaring Max. I didnââ¬â ¢t like the look of worry on Maxââ¬â¢s face, when we see that this boy has so much more to come to terms with in himself, and is now burdened by something he neednââ¬â¢t worry about as it is still millions of years away. He learns that he can continue living even though Judith tells him ââ¬ËHappiness isn't always the best way to be happy. ââ¬â¢ He discovers there is more to being happy than he had thought before
Saturday, November 9, 2019
A notation should be directed to a large extent towards the people who read it, rather than towards the sounds they will make
The endeavours of some Experimentalist composers in the 1950s and 1960s, including Cornelius Cardew and John Cage (parenthetically, Cage's own quote, ââ¬ËLet the notations refer to what is to be done, not what is to be heard'1 , has resonances with the title quote) were a purposeful reaction to the determinacy of the Serialists. However, the notions of integral serialism and indeterminacy shared common elements in some eyes: There is really no basic difference between the results of automatism and the products of chance; total determinacy comes to be identical with total indeterminacyâ⬠¦. 2 The way a piece is notated allows us to come closer to understanding ââ¬Ëthe musical culture within which [notations] operate, and of the ways in which our modes of thought are influenced by the nature of the systems we use'3. This relates to the societal view that the composer is the one who has something to say, reducing the status of the performer to that of interpreter. However, this is not a view that has always existed; composers such as Mozart and Beethoven often expected performers of their works (including themselves, to which I shall return) to create improvised cadenzas for their concerti, while, additionally, the accompaniments were improvised to an extent. Reducing this to a basic level, is it simply the case that, harmonically and stylistically, it was not as difficult to do this in Mozart's time? We no longer have a tradition, or such a tonal system embodying a guiding code, to respect in this way, which has contributed to the prioritising of the composer, and the score. Through our traditional respect for the written word, one expects to perform music as it is written, which itself has consequences: ââ¬Ëâ⬠¦ it is our veneration for the urtext that leads us to the attitude that ââ¬Ëwhatever is not in the score must be wrong'. ââ¬Å"4 The movement towards greater notational detail in the score in the 1950s and 1960s, along with the aforementioned elevated view of composer as ââ¬Ëmaster' brought performers to a situation where ââ¬Å"interpretationâ⬠became subjugated by ââ¬Å"executionâ⬠. Attempts to exert compositional control over every element of a work -that is not only time-space relationships but forms of attack, articulation, dynamic shading i. e. those elements traditionally left to the musical intelligence of the player ââ¬â do posses a certain futility. In every case which involves human input, something is left to the performer. They do not have to be aware of the extent that their unconscious ââ¬Ëdecisions' influence a piece, which include the elements of performance out of the possible control of the composer, for example a player's personal style, method of playing their instrument, conception of dynamic level. Players still take latitude, however determinate the notation. Their personal mannerisms and inflections will inevitably influence the end result. When viewed in this way, such precision on the part of the composer becomes almost meaningless, except in cases where the end result being an approximation is intentionally part of the composer's aesthetic. It arises that performers must be cautious of the primacy of the score, handling it (and the composer) with ââ¬Ëkid gloves'. It leads to narrow scope for, and range of, interpretation ââ¬Å"â⬠¦ a state in which the interaction of compulsive exactitude and permissive freedom could result in simultaneous attitudes of carelessness towards the controlled elements and a confined and repetitious response to spontaneity in playingâ⬠5. Freeing oneself from the page became an important part of the experimental aesthetic. Conscientious performers feel a responsibility to the composer, and to their own integrity. Over-complexity in notation leads to problems with the realisation of the composer's intentions when directives are inevitably contravened through necessity. However, a performer would really have to be familiar with a composer's aesthetic to know that this otherwise unacceptable act is part of the piece's implicit significance. So, in a piece of huge complexity, notated or otherwise, a player who makes the ââ¬Ëact of commitment'6 to study and attempt to decipher it, is likely to have a legitimate interest in actually performing the piece. One element which appears to permeate much of Cardew's output is a re-evaluation of the role between composer and performer. Cardew attached as much importance to the workings within the implementation of performance as the end-result in sound. His wish was to challenge accepted ways of thinking about, and making, music, which led to a notation which was action-oriented, inclusive and descriptive, not prescriptive. As suggested by the above quote, ââ¬Ëâ⬠¦ he sound [becomes] a by-product of the activity, which is therefore specified exactly, while the sound may be left to look after itself. ââ¬Ë 7 Cardew writes of ââ¬Ëa notation', as in ââ¬Ëthere are many notational possibilities'. How, though, can a notation really capture every conceivable piece of information about a piece? Obviously, ââ¬Ëconventional' notation, that is notation which covers time-pitch relationships, is not flexible enough to relate extended compositional requirements. ââ¬Å"â⬠¦ The whole process depends on the choice of a suitable notation to serve as a link between A [composer] and B [performer]; one which will both express what needs to be expressed and allow information to flow smoothly between the two. ââ¬Å"8 Even so, composers are less concerned with the relationship of the score to the performer, and consequently the sounds (A to C via B), than to their own concerns with sounds, without due consideration for the act of performing these sounds (A to C). Cardew suggests that a composer could work on their notation with the way a performer will interpret the signs in mind, thus ââ¬Ëmaking the sounds' you wanted as a composer. Transcribing one's ideas in such a manner as to enable the performer to comprehend your directives, and even involve the player in decision-making, is a performance-perspective oriented view, having the added benefit of lending greater objectivity to the compositional task. ââ¬Ëâ⬠¦ A paradigm that grew up in the early twentieth centuryâ⬠¦ aw the composer as some kind of absolute genius capable of imagining a perfect performance of a piece'9 The ââ¬Ëtendency towards greater explicitness'10, which this comment infers, is part of a paradigm of composition far removed from the way composition was historically defined. Yet, the morphology of every new notation, and the consequential absence of a ââ¬Ënorm of common notational practice', meant that immediate recognition of a composer's intentions became impracticable. 11 One underlying issue to be addressed in greater depth is that of the relationship between composer and performer. Hugo Cole states that ââ¬Ënotation evolved to meet felt but inarticulate needs'12 When new methods of notation are devised in response to the need to articulate a newly developed style of composition, composers move the hypothetical goalposts further away again from the performer, as they have to once again learn the new language, interpret again the new signs and work out what the piece (or the composer) is trying to ââ¬Ësay'. This applies in equal measure to determinate music and experimental, though the degree of freedom lent to the performer in the latter case deems it in many ways a more satisfying task. It somehow restores the performer's role as musically intelligent interpreter, relied upon to add the nuances and subtleties that (traditional) notation cannot accommodate. The rigidity of a notation must have relevance to the playing situation. To provide contrasting examples; the notations in many works by Brian Ferneyhough are complex attempts to notate those aspects of music which would otherwise be added -unconsciously or consciously-by the performer. This style of notation does not have the effect of reducing the burden on the performer, but adds to the already substantial amount of information the performer has to transmute into sound. In music of the New Complexity: performer is subjugated and manipulated, concluding that his efforts are of secondary importance. The act of writing, the systems and the notation take on more importance than the music it is there to serveâ⬠¦ '13Yet, Ferneyhough's scores are more than mere receptacles for ââ¬Ëperformance directions', they are inextricably linked to the composer's ideology. Their complexity is wildly challenging, but, paradoxically, the goal is not to fit in every event on every note; rather, the essence of his works lies in what is omitted in performance. This has a potent psychological effect on the classically-trained performer, accustomed to polished performances true to the composers wishes. With Ferneyhough, what he wishes is effectively equivocal, due in part to his documented changing views of his own output. Frederic Rzewski concludes that ââ¬Ëâ⬠¦ it is not the notation but the compositional position that presents the performance problem. '14 We must additionally consider the example of those composers of equally complex, some may say impractical, music, who are also renowned performing exponents of their own scores; for example Michael Finnissy. By the nature of their enterprise, they are forced to consider the performer and, in Finnissy's case, continue to write music of such paradoxical complexity that, if one was to follow the score, is full of ââ¬Å"errorsâ⬠in performance, but still faithful to its essence. ââ¬ËThe composer-performer [reacts] to their own notational problems, they know what idiomatic writing is being performers themselves and still choose to write music in a particular style'15 To contrast, take composer Glenn Branca's Symphony no. 6 ââ¬ËDevil Choirs at the Gates of Heaven', written in the main for electric guitars. He employs ââ¬Ëstaff notation', and no dynamic markings are evident as, naturally, the resultant dynamic of a piece of this nature will be at least fortissimo. Ironically, Branca's use of conventional notation links to his perception of it as being ââ¬Ëexact': I had never written the pieces in staff notation until I wrote for the orchestra. Then I fell in love with the idea of having things so exact, with this notation, that I called up all my musicians [guitarists] and asked â⬠can you guys read music? â⬠It turned out that everybody couldâ⬠¦ so we just started doing everything in staff notation. Not only did it make things clearer for me and the musicians, but it did change the music. 16 Branca's closing comment that ââ¬Ëit did change the music' makes for interesting side-thought. For him, there were no subtleties or nuances that could not be recorded using this type of notation; in fact, it helped him to clarify and articulate his thoughts, correlating with the idea that notation must reflect the playing situation. The music of Christian Wolff embodies a similar aim to Cardew's, encouraging performer participation in the creation of a work and devising notations which allow such interaction. Theirs is an ââ¬Ëaesthetic of non-intention', away from the conventional burdens of music: [music] must make possible the freedom and dignity of the performers. It should have in it a persistent capacity to surprise (even the performers themselves and the composer)'17 He creates deliberate paradoxical situations where what is written cannot be executed, for example in 6 Players where he asks one of the solo violas to ââ¬Ëplay eight notes in a quarter of a second, including three harmonics and one pizzicato'18. His use of indeterminacy in performance opens the work to external influences genuinely beyond the composer's intentions, and the barrier between performer and composer is reduced. 19 This use of indeterminate operations necessarily led to new attitudes towards performance. A working example of experimental notation is Cardew's Octet '61 [Example 1, below], which employs ââ¬Ëan ambiguous ciphered notation, the working out of which by each performer leads to unforeseeable combinations of events that could be produced neither by strict composition nor by free improvisation. 20 As we have seen, ââ¬Ësimple' notation does not necessarily equal many possible interpretations, and on the same line, an elaborate notation such as Cardew's can permit varied interpretation. The psychological impact of how the music looks on the page invites varied readings; the printed page is a storage medium where an inevitably incomplete representation of ââ¬Ënotateable' ideas can be retained for the future. The fact that this aspect of the work does not change over time, like a painting or a book, does not mean that the piece will not change and evolve. Art's ability to carry societal properties, to evolve and reflect changing times is surely part of its value. The search for greater notational control led to greater complexity, yet the early influence of the possibilities of electronic music must have contributed to this pursuit. Peter Zinofieff spoke of an early ideal, satisfied by electronic composition, where ââ¬Ëwe can each have our own private language specially tailored for our own machines and individual needs or frustrations' 21 Ultimately, though, the performer's job is ââ¬Ëto make the relationships and patterns in the music clear to the listener's mind and ear'22. This hope, though, displaces the enduring problems which lie between composers and those who are employed to realise the work, be they human or otherwise.
Thursday, November 7, 2019
Capital Markets and Market Efficiency The WritePass Journal
Capital Markets and Market Efficiency Part 1 Capital Markets and Market Efficiency Part 11) Weak form efficiency2) Semi-strong efficiencyStrong-form efficiencyPart 2 Arguments For the Efficient Market Hypothesis Arguments against the Efficient Market Hypothesis Evaluation and Implications for Investors BibliographyRelated Part 1 The Efficient market hypothesis states that all financial markets are efficient in their use of information to determine prices. This means that investors cannot expect to achieve excess profits that are more than the average market profits with similar risk factors, given all available information at the current time of investment, aside from through some form of luck. In part 1 of this report we will discuss the three different forms of market efficiency that Eugene Fama identified in her 1970 report. These can be explained as follows: 1) Weak form efficiency Fama (1970) observes that a market is efficient in weak form if past returns cannot be used to predict current stock price changes. It also assumes that prices on assets that are traded publicly already have and use all available information on the stock at any moment in time. It therefore stands to reason that the weak form of the market efficiency hypothesis means that past returns on stock are uncorrelated with future returns on the same stock. Future prices cannot be predicted by studying carefully the past prices of the stock. Excess returns cannot be earned over an extended period of time by using investment strategies that are based only upon the historical prices of shares or differing forms of historical analysis. This means that this style of technical analysis will not be able to produce high levels of returns on a consistent basis for investors. Overall one cannot expect future price changes to be predicted by using the past stock prices. Simply put weak form efficiency a ssumes that historical analysis on past stock data is of no use in predicting future price changes on stocks. 2) Semi-strong efficiency The semi-strong market efficiency form progresses from the aforementioned weak form market efficiency by stating that markets can adjust easily and very quickly to new information that is provided about various stocks. Fama (1970: 383) cites semi- strong efficiency as whether prices efficiently adjust to other information that is publicly available. e.g. announcements of stock splits, etcâ⬠¦ à Here it is assumed that asset prices fully reflect all of the publicly available information on the stocks meaning that only those investors who manage to possess additional unique information about the stocks could have an advantage over the market to make large gains. This form also asserts that any price outliers are found quickly and on this basis the stock market manages to adjust. In a semi-strong form efficiency share prices are able to react quickly to new information made available publicly in a quick manner so that no large returns can be gained from using the recent information . This leads us to imply that neither fundamental analysis or technical analysis will be able to produce consistent excess returns. Strong-form efficiency Strong-form efficiency assumes that prices reflect completely any type of new information about the market be that public or private information. Fama (1970: 383) says that strong form tests are concerned with whether given investors or groups have monopolistic access to any information relevant for formation, however Fama claims that the efficient hypothesis model still stands up well. The strong form claims the market price also includes different forms of insider information and not solely public information, and this is how it differs from the semi-strong form. The implications of this is that no one at all can therefore have any kind of advantage over the market in prediction of the stock prices as no possible additional data exists which would provide additional value to any investor. However, if any legal barriers exist which prevents the spread of useful information, such as insider trading laws for example, then this form of market efficiency is not possible. Part 2 The Efficient Markets Hypothesis was introduced by Eugene Fama in 1970. The main idea of the Efficient Market Hypothesis is predominantly that market prices must take into account all available information at any given point. Therefore meaning that no one can outperform the market by using readily available public information aside from through luck. A market is said to be efficient if the price fully reflects information about that market, for example if the price of the stock would be unaffected if all information surrounding it was revealed to all stakeholders in that market. Part two of this report will be critically discussing the evidence for and against the Efficient Market Hypothesis and whether it is possible to exploit market inefficiencies. The implications for investors and companies of the Efficient Markey Hypothesis will also be considered. Arguments For the Efficient Market Hypothesis To begin with following the birth of the efficient market hypothesis the theory was widely accepted, and it was widely assumed that the markets were very efficient in taking this information into account (Malkiel, 2003). It was accepted that when information came to the fore this would spread rapidly and would then be incorporated almost instantaneously into the share prices without hesitation. This meant that technical analysis, study of prior stock prices, nor any analysis of relevent information of a financial sense would lead an investment to achieve more successful returns than holding random stocks which have a comparable risk factor.à Dimson and Mussavian (1998) observe that the evidence accumulated during the 1960s and 1970s was consistent with the Efficient Market Hypothesis view. There was a substantial backing for the weak and semi strong Efficient Market Hypothesis forms. Even though more recent times have seen an attack against the Efficient Market Hypothesis, Roll (1994) still observes that it remains incredibly difficult to make a high level of profit on a consistent basis even with the wildest variants of stock market efficiency. These violations of market efficiency are often sporadic events that do not last for a period of time. This can be seen by looking at the fact that on the whole profitable investment successes are referred to on a consistent basis as outliers (Dimson and Mussavian, 1998). Malkiel (2005: 2) says that: the strongest evidence suggesting that markets are generally quite efficient is that professional investors do not beat the market. Indeed, the evidence accumulated over the past 30-plus years makes me more convinced than ever that our stock markets are remarkably efficient at adjusting correctly to new information. This is showing that the markets must be efficient due to the fact that professional investors do not on the whole beat the market, and therefore all available information must be taken into account by the market prices and thus there is no gain to be had by any investors by using past prices, or publicly or privately readily available information. Arguments against the Efficient Market Hypothesis Malkiel (2003: 60) observes that by the beginning of the twenty first century the intellectual dominance of the efficient market hypothesis had become far less universal and academics were starting to question the premise and were not accepting it as they had done previously. Shiller (2003 ; 83) states that, à ââ¬Å"[contained in the EMH is] the idea that speculative asset prices such as stock prices always incorporate the best information about fundamental values and that prices change only because of good, sensible information.â⬠However he then moves on to discuss how not all information is sensible and not all actors are rational, this would conflict with the efficient market hypothesis which relies on information having a large impact on the prices of stock. As well as this several recent reports have shown a range of empirical evidence which suggests that stock returns can actually possess components of a predictable nature, therefore also rejecting parts of the efficient market hypothesis which profess that looking at past trends do not allow for excess gains when investing on the stocks against the market. Keim and Stambaugh (1986) state that using forecasts based on a number of factors can find statistically significant predictability in a range of different stock prices. Lo and MacKinlay (1988) reject the random walk hypothesis, which is so often considered with the efficient market hypothesis theory, and show that it is not at all consistent with the stochastic nature of weekly returns. Empirical evidence of return behaviour which has been anomalous in the form of variables such as price to earnings ratio (Fama and French, 1992) has defied any kind of usual rational explanation and has resulted in a great number of researchers cons idering their views and opinions of market efficiency. Evaluation and Implications for Investors In conclusion, it is clear to see that market prices are not always predictable and that the markets have made large errors at certain points in time, for example at the recent dotcom internet bubble. Here it was obviously possible to exploit the market inefficiency to make money for investors. In the short run it may be possible to exploit these sporadic inefficiencies, but in the long term true value will always come to the fore. As long as these markets do exist, due to it being reliant on the judgement of investors, there will occasionally be errors made and some participants In the market are likely to behave in a less than rational manner, as is inherent in human nature. As well as this all information will not necessarily be sensible and investors are not likely to necessarily use it rationally. Thus irregular pricing or predictable patterns on stocks can appear and be exploited from time to time. In terms of the implications for investors in terms of the efficient market hypothesis, it is plain to see that all markets cannot be one hundred percent efficient all of the time or there would not be an incentive for people who are professionals in the field to discover different facets of information that is often quickly reflected by market prices (Grossman and Stiglitz, 1980). However, things such as the 1999 dot com bubble are exceptions rather than the rule to providing investors with extraordinary returns on their investments to exploit market inefficiencies. Therefore one could assume that the markets are efficient more often than not, and Fama (1970) is on the whole correct. This could lead to the conclusion in agreeing with Ellis (1998) and the overall idea that active equity management is indeed a losers game. Malkiel (2005) further advises on Ellis claim and professes that indexing is likely to produce higher rates of return than active portfolio management. This is beco ming more and more likely to impact investors as markets become more and more efficient, as Toth and Kertesz (2006) show in their examination of an increase in efficiency of the New York stock exchange. Therefore investors are required to question if it is indeed possible or feasible to exploit market inefficiencies using strategies the efficient market hypothesis calls into question. Bibliography Dimson, E. and Mussavian, M. (1998). A Brief History of Market Efficiency. European Financial Management. 4(1): 91-103. Ellis, C. (1998). Winning the Loserââ¬â¢s Game, McGraw-Hill: New York. Fama. E.G, (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance. 25(2): 383-417 Fama, E. and French, K. (1988) Dividend yields and expected stock returns. Journal of Financial Economics.(22): 3-25. Fama, E. and French, K. (1992). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics. (33): 3-56. Grossman, S. and J, Stiglitz. (1980). On the Impossibility of Informationally Efficient Markets. American Economic Review. 70(3). 393-408. Keim and Stambaugh (1986). Predicting returns In the Stock and Bond Markets. Journal of Financial Economics. 357-290. Lo and MacKinlay. (1988) Stock Market prices do not follow random walks : Evidence from a simple specification test. Review of Financial Studies. (1): 41-66. Malkiel, B. (2003). The Efficient Market Hypothesis and Its Critics Authors. à The Journal of Economic Perspectives, 17(1): 59-82 Malkiel, B. (2005). Reflections on the Efficient Market Hypothesis: 30 Years Later. The Financial Review (40):1-9 Shiller, R. (2003). ââ¬ËFrom Efficient Markets Theory to Behavioral Financeââ¬â¢. Journal of Economic Perspectives. 17(1) : 83-104. Toth, B. and Kertesz, J. (2006). Increasing market efficiency: Evolution of cross-correlations of stock returns. Physica 360(2): 505ââ¬â515.
Tuesday, November 5, 2019
Atomic Bomb Essay Conclusion Example For Students
Atomic Bomb Essay Conclusion The atomic bomb ended a war of massive death and destruction, but began what is now known as the Atomic Age. At the time of the disasters in Hiroshima and Nagasaki, the bomb appeared as a promise of peace to the entire world. It had ended a costly and gruesome war, beginning a time of peace. Compared to the technology of 1945, the atomic bomb looked too powerful and unethical ever to be used again. It was seen as the weapon that would put an end to war. In Keith Eubanks The Bomb, he shows the development of power and the increasing threat to the United States from other nations that might be building a weapon of mass destruction; moreover, he shows the responsibility of dropping such a bomb. The development of the atomic bomb, although slow at first, quickly sped up as more research proved it a significant weapon. At the beginning, the U.S. didnt think developing a weapon could contribute to defense. Consequently, after quick research from scientists and the realization that the war would be a technical one in which the U.S. was unprepared, Americans came to the conclusion that better relations had to be created between science, technology and the American government (p. 8). The government soon realized that the bomb was likely to have a decisive result in the war. Roosevelt immediately gave orders to determine if a bomb was possible. When he found out the news, the national defense demanded urgent development and more research. The United States undertook the development of the atomic bomb not only because it may prove useful, but also because it thought other scientists were doing the same. After testing the bomb, the U.S. realized the significant role the weapon would play in the war. In addition, President Truman learned that the bomb might well put (the U.S.) in a position to dictate our own terms at the end of the war (p. 49). Truman, to the opposition of some, decided that the Japanese would receive no warning about the bomb. Many would argue Japan was largely responsible for their own destruction. After the attack on Pearl Harbor, the war in the Pacific was fully underway. An aggressive expansion policy forced the United States invasion. However, this invasion would mean severe casualties of tens of thousands of U.S. soldiers alone. After American casualties reached into the thousands in Japan, the U.S. could not afford to lose more lives. It seemed as if the only solution to save American lives and stop further Japanese expansion was to drop an atomic bomb. After the Big Three conference at Potsdam on July 16, 1945, a warning was issued to Japan in the form of the Potsdam Declaration: to surrender unconditionally or face prompt and utter d estruction. An unconditional surrender, to Japan, meant humiliation to the ancient warrior tradition and the Emperor. Therefore, on July 29, 1945, the Japanese rejected the Potsdam Declaration and every man, woman, and child prepared to fight to death if that is what it would take and it did. They saw the declaration as propaganda, which would play on the public opinion of Americans. They soon learned that action would be taken. They wanted to wait until the Soviet Union mediated in the conflict, so Japan told its people to ignore the declaration. However, when the Soviet Union joined the Allies, Japan knew it was in trouble. Only a change in the weather could save the lives of Japanese now. On August 6, 1945, the atomic bomb was dropped on Hiroshima, and a few days later one was dropped on Nagasaki. Nevertheless, the time has come when we must bear the unbearable (p. 87): A quote that sums up not only Japans feelings but Americans feelings as well. It was the only way the United States knew how to end a war that had killed many of its own men. READ: Martin luther king jr. EssayIndeed, Eubanks exemplifies that Germany had already begun research on atomic energy. The Manhattan Project, which built plants for production of the atomic bomb, helped to set up a centralized lab to get everyone working on the bomb together. This step was vital for the U.S. in constructing this weapon. German scientists had begun research on nuclear physics around the same time as Americans. German scientists, unlike Americans however, lacked leadership, drive, listening skills and trust. In fact, Hitler thought of nuclear research as Jewish physics. Furthermore, Hitler didnt want to use funds on something that he had not had to use. Conventional weapons had worked just fine for the German army up to this point. But when Germans learned of the importance of uranium and heavy water, they started massive production of the water and had it delivered to them. When British intelligence found out about the production of the heavy water, they destroyed t he plant. This loss of heavy water played a major role in wrecking Germans hopes for the atomic bomb. Officers of Alsos (the allied effort to find out about German atomic bomb developments) found out later that German research activities had not gotten much beyond the research and development stage. Given the necessary time and resources, however, the Germans wouldve probably succeeded (p. 45). Nevertheless, Eubanks illustrates that the Soviet Union got much further than the research and development of Germany. Like Germany, Russians didnt want to spare the funds at the beginning for massive development and research of atomic energy. The Soviet Union development of the atomic bomb was small in comparison with the United States, but after learning of tests and the dropping of the bombs on Japan, the Russians changed their policy. They could not stand back and let the U.S. take over the world as they saw it. Joseph Stalin knew of the atomic bomb through secret operations, but he didnt realize the importance of the weapon until it was used. By dropping the bombs, the U.S. demonstrated not only the possession of atomic weapons, but also the willingness to use them. Moreover, the weapon shocked Soviet leaders because it reduced the value of the Soviet victory over Nazi Germany (p. 110). Therefore, Stalin ordered a crash program to develop the weapon as quickly as possible to show that the United States was not superior to the world. Stalin realized that the atomic bomb had become the symbol of technological strength as a superpower. In fact, between 1949 and 1953, the Soviet Union had tested four atomic weapons, launching and intensifying what was known as the Cold War. As the atomic bomb ended war, it began a new age, creating new philosophies on human existence, technology and society. Socially, the grief from the destruction of the atomic bomb was immeasurable- it expanded outside the borders of Japan to the hearts of the entire world. Not only did grief exist, but the atomic bomb also laid guilt on some citizens of the United States for the destruction of so many lives. At the time of the war, Americans hatred of the Japanese was so strong that they wanted to see the bomb dropped. In fact, they wouldve liked to see more bombs dropped to prove that the United States would not give up. In retrospect, the bombs today are criticized by some as being an unfair loss of life to the Japanese.The atomic bomb, however, wouldve eventually been used by another country if they had the technology. Overall, the United States had the money, power and weaponry to undertake such a project. Regardless, the atomic bomb may have killed thousands, but it saved millio ns. Today, we face similar problems with the situation in Iraq and Saddam Husseins lack of cooperation with arms inspectors. If hes holding nuclear or thermonuclear weapons, it can only be hoped that we are ready for another war.The atomic bomb forever changed the rules of war. It is a weapon so powerful it can annihilate the enemy, a weapon that can destroy humanity itself. The people who built this weapon hoped that they had invented a weapon that would put an end to war. They hoped this new weapon was so awful, so terrifying and so destructive that it would never be used again. We may soon see if that is true. Bibliography:Reference:Dick Geary. Hitler and Nazism. London: Routledge, 1993.
Subscribe to:
Posts (Atom)