Make Educating Girls a Priority Essay Example for Free

Focus on Educating Girls Essay The article accentuates on giving instruction to each qualified young lady in sub-Saharan Africa and South Asia. It features that a young lady who takes birth in South Asia or sub-Saharan Africa needs to experience urgent difficulties, for example, destitution, malady, war or starvation. Aside from that, she will likewise need to stand up to the weakness of being a young lady. There is no culture, nation and landmass that are down and out of imbalance. The main driver of young ladies not getting instruction is the social standards and financial difficulties, which guardians face. There is a standard of single-sex tutoring in helpless Muslim nations like Pakistan, Yemen, and Morocco and in the issue is that country zones of those nations can bear the cost of just a single state funded school that can be set for young ladies as it were. The disparity among young ladies and young men exist vigorously in South Asia and Sub-Saharan Africa and practically those nations go under the class of Least Developed Countries (LDCs). One path for these nations to head towards financial advancement is by focusing on instructing young ladies. Making separate schools in places where young ladies and young men are taught independently is one arrangement. It is accepted that by building young ladies schools, the instruction hole can be wiped out by and large. Policymakers can reinforce the impetuses for guardians to send their little girls to class by setting the no-charge strategy. Be that as it may, in financial aspects, nothing is for nothing. There is consistently a person or thing that pays for it. A no-expense strategy might be realized by taking a bit of the people groups charges. Something else the policymakers can do is give allowance to young ladies who join up with young ladies school. This would most likely expand the young ladies enrolment rate as the chart beneath shows that the fall in expenses from f to f1 will prompt an expansion in the enrolment rate from e to e1. Giving each qualified young lady in South Asia and Sub-Sahara Africa would contribute towards the countrys advancement since significant investigations of development infer that improved information, higher effectiveness, and better instruction assume a crucial job in the working and efficiency of an economy. The World Bank has pointed towards human advancement which they accept better training, and family arranging can advance improvement as viably as capital interest in physical plant. As the article expresses that 99% of the 529,000 ladies who kick the bucket every year from pregnancy related obstacles originate from creating nations and the explanation behind that is the absence of instruction for ladies in those nations. Uneducated ladies don't have a clue about the extreme lack of healthy sustenance and pre-birth care during pregnancy which puts both the kid and the mother at genuine hazard. Consumption on human capital better taught, wellbeing, and nourishment will in general diminish birth-rates and newborn child mortality. The ladies will be instructed and will have the option to viably partake in family arranging as she will know about the results. Having a controlled populace implies a positive outcome in the GNP per capita which is the aftereffect of taking away the populace development rate from the GNP development rate. Instructing the young ladies will benefit them to have the option to bring their youngster adequately up in a socialized way. Instructed ladies will know about risks, for example, HIV/AIDS, poor sterile propensities and helpless dietary propensities. So essentially they will know about the earth around them or more all they will know their privileges and in this manner completely go to bat for themselves. In this way, instructing the young ladies would profit themselves as well as the general public all in all also. So training helps the general populace and for a bigger scopes the entire world. Aside from giving a nation a productive work power, instruction makes the individual ready to peruse, compose, and convey. At the point when the individuals in a general public are competent to deliver their perspectives, assessments and discussions, it brings a social change and the changing mentalities of individuals may accomplish various formative points. Giving instruction to the young ladies would likewise add to the countrys work power which would prompt an expansion in monetary development. In this way a monetary advancement would move the countrys Production Possibility Frontier (PPF) bend to one side as appeared in the charts beneath. As I would like to think, I would express that giving training to young ladies in South Asia and sub-Saharan Africa by building single-sex schools is a much refreshing advance in light of the various advantages it will add to the world. Anyway it must be mulled over that in certain pieces of the world giving co-instruction is inadmissible to model the northern regions of Pakistan. In this way single-sex instruction will be a vastly improved decision as it will be worthy and furthermore valued. Notwithstanding, single sex training is supposed to be not as advantageous as the co-instruction on the grounds that in co-training students of both sexual orientation get the opportunity to collaborate with one another and learn substantially more than they can in single instruction. In any case, single sex training will be the main decision that can be examined in zones where co-instruction isn't permitted. Despite the fact that building single-sex schools will have an open door cost as the legislature should forfeit something so as to manage the cost of the expense of building schools, however I would state it is all justified, despite all the trouble. At the point when the young ladies of a nation are taught they will add to the countrys work power and instructing young ladies implies taught ladies in the nation which implies that they will realize how to appropriately bring up their kids and support them. There are numerous advantages which the nation will have from giving instruction to the young lady. There are momentary advantages just as long haul benefits. More accentuation will be on the drawn out advantages as you realize that it will require some investment before the ladies of the nation will all be instructed and it will require some investment to have an effect of giving training to young ladies on countrys ladies education rate. I additionally considered the thought proposed in the article by the policymakers about giving the cash to the mother of the school-going young lady, rather the men. Giving the cash to the ladies is a successful and all around thought as moms are increasingly worried about their childrens wellbeing and sustenance.

Price Discrimination Essay Example | Topics and Well Written Essays - 3750 words

Value Discrimination - Essay Example 0 B C A D Quantity In the above graph the even hub estimates amount in the vertical hub we measure ostensible cost and utility communicated regarding cash. KD is the minimal utility bend. The cost is given by OP. So E is the balance point that complies with the two conditions (both vital and adequate). Presently we can legitimately clarify why E is the harmony point Let us consider that the customer is devouring 0B sum. For 0Bth unit the purchaser is happy to pay BL units of cash however he quite to pay BG units. His readiness to pay is more prominent than his real installment. So he will raise the utilization and subsequently there will be a decrease in the ability to pay by the purchaser. At last at point E the ability to pay matches with the genuine installments. The peripheral utility bend is the interest bend as it delineates the interest cost of the ware at each relating degree of utilization. Then again at each degree of value the balance interest for the product by the shopper is dictated by the negligible utility bend. In the above graph the all out readiness to pay is estimated by summarizing the ability to pay at each degree of q. Consequently the all out readiness to pay is given by the zone of 0KEA and real installment is P.q. 0A*0P= 0PEA. Consequently the shopper's excess is given by the zone of KEP. Numerically we can show C.S as We guess that is the balance level of utilization which is given by 0A in the figure. As we realize that at that point Hence purchaser's overflow can be communicated as The distinction between all out utility (ability to pay regarding cash) and the complete use on the products devoured. Graphically the...KD is the minimal utility bend. The cost is given by OP. So E is the harmony point that complies with the two conditions (both vital and adequate). Let us consider that the purchaser is expending 0B sum. For 0Bth unit the purchaser is happy to pay BL units of cash however he quite to pay BG units. His eagerness to pay is more prominent than his genuine installment. So he will raise the utilization and therefore there will be a decrease in the ability to pay by the shopper. At long last at point E the ability to pay matches with the genuine installments. The minor utility bend is the interest bend as it portrays the interest cost of the product at each relating degree of utilization. Then again at each degree of value the harmony interest for the ware by the purchaser is controlled by the peripheral utility bend. In the above outline the all out ability to pay is estimated by summarizing the eagerness to pay at each degree of q. Subsequently the all out ability to pay is given by the region of 0KEA and genuine installment is P.q. The distinction between absolute utility (eagerness to pay as far as cash) and the complete consumption on the products expended. Graphically the bit beneath the interest bend or more the value line speaks to buyer's excess. (Sen, 2002) The principal level of cost discr

Final Paper Preparation Essay Example for Free

Last Paper Preparation Essay This task will set you up for the Final Paper by starting the exploration procedure and helping you delineate explicit occasions and improvements which you will investigate inside and out in your paper. Survey the guidelines for the Final Paper spread out in Week Five of the online course or the Components of Course Evaluation area of the Course Guide before starting this task. Note, that for the Final Paper you should examine at any rate six explicit occasions or advancements identified with your picked theme For this task, you will pick your subject and the (at least six) related occasions and improvements that range the years 1865 to the present. You will at that point discover one academic source identified with every occasion or improvement in addition to two extra insightful hotspots for a sum of 8 academic sources notwithstanding your reading material. At any rate four of your insightful sources must originate from the Ashford Library and in any event two of your sources must be essential sources. Essential sources are records or relics that were made at the hour of an authentic occasion or by somebody who by and by encountered a chronicled occasion. Essential sources can be paper or magazine articles, books, letters, discourses, photos, oral narratives, artistic creations or some other record of a chronicled occasion. The best spot to discover insightful sources is the Ashford Library’s look into databases and digital book assortment. In a section or two toward the start of the paper, express your proposal and recognize the occasions and advancements you will talk about in your last paper and clarify why you accept they are noteworthy. Your theory ought to be an a couple of sentence rundown of the primary ends that you drew while investigating your theme and that you will bolster in your paper by building an intelligent contention dependent on proof (sources). You will at that point make a clarified book reference. To make an explained book reference, list each source in full APA reference position. At that point, underneath each source compose a short (a couple of section) clarification of the significant data in the source and how you intend to utilize it in your paper. The comments must be in your own words. It isn't satisfactory to reorder the theoretical or some other content. You should have comments for each of the 8 sources. If you don't mind notice that you have been given numerous superb essential and optional sources in the necessary perusing and suggested perusing segments for every week. Don't hesitate to utilize these sources while developing your task. It would be ideal if you visit the Academic Research area on your Course Home page (available through the Student Responsibilities and Policies tab on the left route toolbar) to audit what sorts of materials are not worthy for scholastic, college level research. This task must meet the accompanying least necessities: †¢The paper must be three pages long and arranged by APA style. †¢You must use in any event eight academic assets other than the course book to help your cases. †¢You must use at any rate one academic hotspot for every occasion or advancement in addition to two all the more insightful hotspots for an aggregate of 8 academic sources. †¢You must use at any rate two essential sources and in any event four academic optional sources from the Ashford Online Library. †¢You must give a brief theory proclamation. †¢You must give a short (1-2 sections) comment for each source. †¢You must refer to your sources inside the content of your paper and on the reference page. For data in regards to APA, including tests and instructional exercises, visit the Ashford Writing Center, situated inside the Learning Resources tab on the left route toolbar. Cautiously audit the Grading Rubric for the measures that will be utilized to assess your task. The American Society changed radically in the initial two decades after the First World War. The 1920s appears to have been all the more prospering though the 1930s were to a greater extent a battle. The â€Å"1920s spoke to a progressing point among conventional and present day America† (Bowles, 2011). Outrages and debasement were increasingly advanced likewise with the Teapot Dome Scandal and the claim of Harding’s undertaking. In any case, even with the negative things there were a lot of positive changes happening. Cityâ populations were expanding, President Harding â€Å"was liable for building up the significant Veteran’s Bureau which attempted to give war veterans and their families an assortment of social advantages, for example, medicinal services, instruction, credits, protection, and occupation preparing (Bowles, 2011), and after Harding’s demise Ca lvin Coolidge made some positive changes too. Coolidge â€Å"won approval for bringing down assessments multiple times and he was cautious with government spending† (Bowles, 2011). It was under Coolidge’s approaches that â€Å"the standard living in the United States improved for everything except most significantly for the wealthiest Americans† (Bowles, 2011). American’s now had cash to spend on material things and organizations built up the method of purchasing using a loan to guarantee that individuals had an approach to purchase their items. Additionally during the 1920s â€Å"new ethical quality cleared the nation over filled by present day articulations of sexuality and the rise of re-imagined sex jobs for what came to be known as the New Woman† (Bowles, 2011). Music likewise thrived during the 1920s and â€Å"jazz was the soundtrack of the decade† (Bowles, 2011). Alongside music came improved amusement. â€Å"Entrepreneurs started fabricating ‘popular amusements’, for example, mechanical rides, penny arcades, and show halls† (Bowles, 2011). Prejudice was still especially an issue during the 1920s and evidence of this was the proceeded with development of the Ku Klux Klan which had a huge number of individuals in each of the 48 states (Bowles, 2011). This issue prompted the Great Migration where â€Å"southern African Americans, tired of racial isolation, left the South to look for some kind of employment and a superior life, fundamentally in modern urban communities in the North† (Bowles, 2011). Anyway African Americans despite everything confronted segregation in the North. The 1930s were practically inverse from the 1920s. The 1930’s began at an awful time with the Stock Market slamming and propelling The Great Depression. The Great Depression left millions without occupations, separated families, and caused the most extraordinary monetary strains (Bowles, 2011). Alongside The Great Depression during the 1930s the nation additionally endured the â€Å"worst dry season in the nation’s history† (Bowles, 2011). What was certain during the current decade was Franklin D. Roosevelt and his significant other Eleanor. These two people carried extraordinary changes to the 1930s. Franklin D. Roosevelt carried the New Deal to the individuals. The New Deal â€Å"was an indistinct trust in change, yet it inevitably turned into a progression of programsâ that on a very basic level reshaped America and incorporated the beginnings of the advanced government assistance framework and expanding forces of guideline for the administrative government† (Bowles, 2011). These â€Å"programs reevaluated the connection between the individuals and their government† (Bowles, 2011). The New Deal before long confronted analysis the same number of individuals didn't concur with the administration having such a great amount of command over their own issues. This analysis drove Roosevelt to make the Second New Deal which despite everything brought progressively positive change for the 1930s. Roosevelt’s spouse, Eleanor, was additionally a â€Å"extreme impact in the historical backdrop of the twentieth Century† (Bowles, 2011). Eleanor was certainly an incredible impact particularly for ladies as of now. She spoke to ladies during this timeframe such that no lady had done previously. â€Å"She turned into the principal lady to fill in as agent to the United Nations, she additionally separated numerous other sex hindrances by turning into the primary lady to affirm before Congress, offer her critique on the radio, talk before a gathering show, compose a coordinated segment in the paper, and she went on visit procuring cash as a lecturer† (Bowles, 2011). This was an incredible impact and wonderful experience for ladies of this century as ladies recently didn't have such rights to do these things. While the two decades brought a wide range of changes, the 1920s appear to be the more positive of the two. The 1930s confronted numerous battles and hardships contrasted with the 1920s when individuals were to some degree loose and living exploiting the thriving economy.

Internet Uniting People of the World Argumentative Essay

Internet Can Turn Entire World into One Big Neighborhood Let us recall what long distance relationships were like in the past – let’s say, two hundred years ago. She writes a long letter to her lover, sprays some perfume on it, then sends it and waits for long days to hear back from him. He spends weeks or even months waiting for any news from his darling, maybe looking outside his window longing for the post carriage. All of that was so moving and romantic, yet so unreliable. As the time passed by, the communication means between people were becoming more and more convenient. Postal services became more reliable. Telephone was invented and people from different parts of the world became able to hear each other’s voices. This is all nothing compared to what is going on now. I travel abroad a lot and my mom always worries, even though I call her each day to say I’m fine. She wants to actually witness it. Now in order to do that, all I need to do is turn my laptop on and connect to the Internet. It can’t be easier. We can talk for free in any parts of the world; she can make sure I am totally alright, and everybody is happy. Internet is the greatest invention of the past century. It completely changed our life in so many ways, especially communication-wise. When you use Internet, it doesn’t matter how far your interlocutor is. There are no more borders and cultural aspects. It gives the feeling that we all live in one big neighborhood and know each other personally. Of course, there is certain negativity caused by the web. But if you look at the broad picture – Internet is the means of bringing people from all over the world closer to become one big family.

Should Marijuana Be Legalized - 1723 Words

In today s world, people are very one-sided on the issues of smoking. There are many types of things that you can smoke but marijuana and cigarettes seem to be the most controversial. Countless amounts of people are against smoking in general, smoking cigarettes, and/or smoking marijuana. Because of the certain setbacks and outlooks on these smoking impacts, the economy adjusts with consumers and non-consumers of both substances. The economy is mainly determined on the types of consumer behavior and responses towards certain laws and events that go on in the world, including smoking cigarettes and marijuana. The government also plays a role in this use because it officially made cigarettes legal for adults and also gave each state the†¦show more content†¦Even though the State has passed the approval of the drug, the federal government still does not approve. Of course, when it comes to the federal government most issues, like marijuana, are very controversial and arguable. While some people in the government believe that growing and selling marijuana could benefit the economy, others disagree. The purpose of intervening was not to pick on only the shops, but to start the replacement of marijuana prohibition with a taxation system. Seeing the success that they were having and all the money they were churning in, the government felt like it was perfect timing to implement the tax rule. Primary costs occur when prohibition was â€Å"replaced with a system of legal and regulation† (Friedman), leading to the secondary cost saving 7.7 billion in government funds. The funds given back to the state can then be used to help build playgrounds, buildings, etc. Now imagine the price if every state approved the use of marijuana. An example of primary benefit would be â€Å"legalization would provide top-down economic improvements in local communities, state coffers, and more† (Smith). The nation would save regional and state governments huge amounts of money that is currently wasted law enforcement dollars representing a secondary benefit. Legalizing on a federal level wo uld produce economic benefits for the U.S. in billions. â€Å"Replacing

A Free Market Is Governed By Ethan Watters s Rent Seeking...

A free market allows businesses to compete among themselves without restrictions in hopes of encouraging competitive pricing and earning honest success. In this sense, a free market is governed almost entirely by ethics. But without restrictions, businesses can choose to collectively participate in unethical actions which would make the market corrupt and faulty. As evident in Ethan Watters The Mega-Marketing of Depression in Japan, Michael Moss The Extraordinary Science of Addictive Junk Food, and Joseph Stiglitz s Rent Seeking and the Making of an Unequal Society, [thesis: free market operates on the choice of ethics of the businesses within the market and so becomes faulty when ethics are not followed] [for example the neglection of laws, participating in anti-competitive behavior, and manipulating ethics itself]. [faulty = overpriced products, money not going to support honest companies, etc]. [neglection of laws] [the problems of blank, blank, and blank are because the companies chose not to follow the laws/exploit the loopholes in the law] Drug companies planning on selling their SSRI drugs in Japan employed many methods to sidestep the prohibitions in Japan on marketing prescription drugs directly to the consumer (Watters 524). Such methods included buying full-page ads in newspapers in the guise of recruiting test subjects (Watters 524) as well as using the Web to circumvent direct-to-consumer advertising rules (Watters 525). This neglect to

Essay about Cyber Security as an International Security Threat Essay Example For Students

Essay about Cyber Security as an International Security Threat Essay Cyber Security as an International Security Threat National and International Security is a sum of the actions taken by countries and other organizations that can guarantee the safety and well being of their population. It is vital for a nation to pre-emptively discover what issues could affect their security, and take action to prevent any detrimental or harmful events from happening. With the development of technology and the transition into a more technologically savvy society, cyber security has become one of the most prevalent and important economic and national security issues that the United States will come to face. United States President Barack Obama has identified cyber security as a key issue the nation will face. President Obama declared that the â€Å"cyber threat is one of the most serious economic and national security challenges we face as a nation† and that â€Å"Americas economic prosperity in the 21st century will depend on cyber security (â€Å"Foreign Policy Cyber Security,† 2013). † To begin with, cyber security is described as the body of technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access (Lewis, 2002). In a foreign policy brief, the White House described the importance of combatting cyber security. They said: Cyberspace touches nearly every part of our daily lives. Its the broadband networks beneath us and the wireless signals around us, the local networks in our schools and hospitals and businesses, and the massive grids that power our nation. Its the classified military and intelligence networks that keep us safe, and the World Wide Web that has made us more interconnected than at any time in human history. We must . .t line of defense against cyber threats, defending against cyber threats by enhancing U.S. counterintelligence capabilities and increasing the security and monitoring of cyber space, and strengthening the future cyber security environment by expanding cyber education, research and development efforts, and working to define and develop strategies to deter hostile or malicious activity in cyberspace. The government and industry alike must work effectively to combat this threat. As President Obama said in early on in his tenure, â€Å"It’s the great irony of our information age, the very technologies that empower us to create and to build also empower those who would disrupt and destroy (â€Å"Foreign Policy Cyber Security,† 2013). † It’s not necessarily about not how big your gun is, but instead how many buttons you can press.

The History of American Literature free essay sample

The same stories, fables, or belief structures were told repeatedly, each time Identical to the last, and were memorized by the listeners so they would be able to pass these on to the next generation. They also used pictures, carvings, or special mementos such as bones, teeth, feathers, or skins as reminders of great hunts or wars. If an entire tribe and all its descendants were killed off, the specific stories and history of that tribe would also be gone. Other tribes may speak of the first, but never in the same detail or with the same perspective as the original tribe members.Long before settlers arrived In America, explorers reported on their voyages to the continent. Italian explorer America Vesuvius provided some of the earliest European descriptions of the American continent. Before 1600 Sir Walter Raleigh, Richard Hackett, Thomas Harriet, and John White had published accounts of discoveries. The writings of Captain John Smith, an explorer whose travels took him up and down the eastern seaboard of America, represent a shift from exploration narrative toward early history. We will write a custom essay sample on The History of American Literature or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Early histories, however, were written mostly by settlers rather than by explorers. William Bradford, the first governor of the Plymouth Colony. Wrote his Of Plymouth Plantation from 1620 to 1647 . Another important historian of early America was Thomas Morton, whose New English Canaan used humor in portraying what he considered to be the overbearing and intolerant qualities of the Puritans . Histories of early America, especially in New England, were filled with references to the Bible and to Gods will. Nearly all events could be explained from this religious perspective: Foul weather and diseases were perceived as Gods wrath; a bountiful harvest represented Gods blessing.Given the Puritans relationship with God, It Is not surprising that sermons and other religious writings dominated literature in America in the 1 sass. John Cotton, Thomas Hooker, Roger Williams, and John Winthrop were among the most prominent religious writers. A Narrative of the Captivity and Restoration of Mary Rowland (1682). This work is a firsthand account by a colonist who was taken captive by Indians during King Phillips War. It presents a dramatic tale of suffering and of Railroadings efforts to make sense of that suffering. Her story became the model for a new genre of early American literature: captivity rarities.Such accounts became staples of American literature and eventually provided material for American fiction. While still religious in tone and purpose, captivity narratives emphasized the experiences of individuals. They also incorporated many of the fundamentals of fiction, making use of characters, dramatic action and setting. The Salem witch trials of 1692 were another period In early Massachusetts town resulted in the execution of 14 women and 6 men, Cotton Matters The Wonders of the Invisible World (1693) documented the events of the witch trials.Cotton Matter remained an important literary figure in the 18th century. His Magnolia Christi Americana (The Great Works of Christ in America, 1702) is a history of New England that celebrates the founding generation of Puritans. Like his earlier works, it is religious; however, its interest in the human side of the Puritan founders marked a new achievement in American literary history. Matters rewarding career included writings on science and medicine as well as theology and history. His Sentiments on the Small Pox Inoculated (1721) was instrumental in introducing the smallpox vaccine to New England.A new genre for American writers, the travel narrative, would become especially influential late in the sass. Travel narratives include Travels Through the Interior Parts of North America (1778) by Jonathan Carver and Travels Through North and South Carolina, Georgia, East and West Florida, the Cherokee Country, etc (1791) by William Bertram . Travel stories often blended observations on nature and landscape with tales of personal courage and achievement. The first American newspaper, the Boston News-Letter, was founded in 1704, and Joined by the Boston Gazette in 1719.At a time when swapper Journalism was concerned primarily with reporting political events, the New-England Currant, started by James Franklin in 1721, became the first newspaper to include literary entertainment. Franklins younger brother Benjamin Franklin published humorous social commentary in the Currant under the pen name of Silence Dogwood . Magazines also appeared for the first time in the colonies during the mid-sass. Before 1800 magazines were concerned primarily with measuring Americas developing culture against the British model. During the sass Boston and Philadelphia became centers of publishing in addition to being political and immemorial centers. Benjamin Franklin was key in establishing a writing community in Philadelphia. In 1727 he and a group of friends established a mens reading club in Philadelphia called the Junta . Members shared printed works and discussed topics of the day. Such reading and discussion clubs became an important part of American culture. Women organized literary circles in the sass and sass. These groups, known as salons, resembled mens reading clubs. They also encouraged members to compose their own work, mainly poetry, but very few of these works were preserved. By the mid-sass American writing was primarily political. In America the 18th century was known as the Age of Enlightenment. Americans held a growing belief in the supremacy of reason over church; they also stressed the importance of the individual and freedom over authorities and institutions. Americas great Enlightenment writers included Benjamin Franklin, Thomas Paine, and Thomas Jefferson, who also played important roles in the American Revolution.Thomas Paine became a leading figure in the cause of American independence with the pamphlet Common Sense (1776). This enormously popular political document stated that the American colonies received no advantage from Great Britain and that moon sense called for them to establish an independent republican government. Written in a straightforward style using the language of the common person, Common Sense was published Just months before the Declaration of Independence Great Britain could be settled peaceably.Paine shook this belief, making his readers feel that each person had the power and responsibility to participate in the revolution. The Declaration of Independence was a crucial achievement in both politics and American prose. It was structured in the form of an assertion that was then proven through specific examples. The declaration was written by a committee made up of Benjamin Franklin, Thomas Jefferson, John Adams, Roger Sherman, and Robert R. Livingston, though Jefferson was ultimately responsible for most of the writing .The declaration and the Constitution of the United States (1787) were key statements of American freedom, but as collaborative documents they necessitated compromises to satisfy all of their authors. One of the most significant compromises was the absence of any mention of slavery. Slavery was unethical from the views of the American Revolution, but for the sake of unity with the Southern colonies, whose cotton) economy was rooted in slavery, no protest was made against it. A final flurry of political writing at the close of the century arose from the debate over ratification of the Constitution.Federalists supported the strong central government outlined in the Constitution, while an anti-Federalist faction opposed it. A series of essays supporting ratification was published in 1787 and 1788 and circulated in pamphlets. The essays, later published as The Federalist, were written by James Madison, Alexander Hamilton, and John Jay . Slave narratives recorded another side of life in America. The Interesting Narrative f the Life of Aloud Equation, or Gustavo Vass, the African (1789) has long been considered an important African American text.American fiction was formally established after the American Revolution. The Power of Sympathy (1789), a tragic love story by William Hill Brown, is generally considered the first American novel . Another Literary milestone was Hannah Fosters The Coquette (1797), a novel in the form of letters, or an epistolary novel. Over the course of the 19th century the country progressed from an agricultural economy concentrated on the Eastern coast to an industrialized nation that spanned the continent. With the dramatic changes in the nation came dramatic changes in its literature.At the start of the sasss only a handful of novels had been written, but by mid-century American fiction rivaled the best in the world. Biography and history remained strong; religious writing, on the other hand, had substantially declined in importance. Among the first developments of the young nation was the realization that America had its own language and that American English differed from British English. Noah Webster, noting the unique American styles in language and literature, undertook the massive project of developing an American dictionary.He had already advocated changes in American spellings of English words in such writings as Dissertations on the English Language (1789) . Webster published his first dictionary in 1806. The first edition of his major work, American Dictionary of the English Language, came out in 1828. What made this work radical was his insistence on defining words based not only on traditional English usage but also on American variations in usage, called Americanism, and his inclusion of at least 12,000 new words not previously recognized by English dictionaries. Gaining independence also provided the United States with a history of its own. Samuel Millers A Brief Retrospect of the Revolution. Best known among these patriotic histories was the monumental ten- volume History of the United States (1834-1876) by George Bancroft, who is often called the father of American history . Americas westward expansion after the Louisiana Purchase generated a sizable collection of political writings, especially in light of manifest destiny belief that the countrys territorial expansion was not only inevitable but also divinely ordained.The term manifest destiny was coined by writer John Louis Sullivan in Annexation, an article that argued for the annexation of Texas and appeared in the July-August 1845 issue of United States Magazine and Democratic Review . The Native American experience began to be told in autobiography. William Apses was the first Native American to produce extensive writings in English. In A Son of the Forest (1829) he described his conversion to Christianity and his participation in the War of 1812 between the United States and The greatest development in American biography was the slave narrative.Britain . The tension produced by slavery in America had already become apparent by the Revolution, but it heightened considerably in the sass, right up until the American Civil War (1861-1865). Frederick Douglass created a masterpiece of the genre with Narrative of the Life of Frederick Douglass, an American Slave (1845), a work that he revised and enlarged several times for later editions. While describing his life as a slave and his struggle toward freedom, Douglass emphasized the primary role that literacy played in opening opportunities for African Americans.He represented his ability to write his own story as the ultimate act of a free man . Harriet Jacobs offered a different but no less upsetting representation of slavery in Incidents in the Life of a Slave Girl ( 1861). In the book, Jacobs told of the sexual abuse experienced by young female slaves. During the late sass and early sass, romanticism was the dominant literary genre in Europe. In reaction to the Enlightenment and its emphasis on reason, romanticism used emotion and imagination. Until about 1870 romanticism influenced the major forms of American writings: transcendentalist writings, historical fiction, and sentimental fiction.In New England, an intellectual movement known as transcendentalism developed as an American version of romanticism. The movement began among an influential set f authors based in Concord, Massachusetts, and was led by Ralph Wald Emerson . Like romanticism, transcendentalism rejected both 18th-century rationalism and established religion, which for the transcendentalists meant Puritan traditions. The transcendentalists found their inspiration in nature and rejected materialism. Emerson essay Nature (1836) was the first major document of the transcendental school.His other key transcendentalist works include Self-Reliance (1841), an essay in which he stressed the importance of being true to ones own nature. Henry David Thoreau, a friend of Emerson, put transcendentalist ideas into action. Walden, or Life in the Woods (1854) is his Journal of a two-year experiment in living as simply and self-reliantly as possible in a small cabin that he built on the shores of Walden Pond, near Concord. His essay Civil Disobedience (1849) is a statement against government intimidation that records his short stay in Jail after he refused to pay a tax in support of the Mexican War (1846-1848).New England writer Nathaniel Hawthorne was a master of historical fiction. Influenced to some extent by Blithered Romance (1852) is loosely based on a transcendentalist experiment in manual living at Brook Farm. Still, Hawthorns work, with its deep ethical concern about sin, punishment, and atonement, is less optimistic than most transcendental writing. Hawthorne was a descendant of one of the Judges at the Salem witch trials, and he set many of his works in Puritan New England and during early crises in American history .The Scarlet Letter (1850), a story of rebellion within an emotionally constricted Puritan society, is an undisputed masterpiece in its powerful psychological insights. Mosses from an Old Manse (1846) collects some of his best horn stories and sketches, including Roger Melanins Burial and Young Goodman Herman Melville became a close friend of Hawthorns after Melville Brown. moved to Massachusetts in 1850. He worked on several whaling ships and lived life at sea. His early travel adventures brought Melville early success.Ironically, Melville popularity dropped after the publication of the book now considered a masterpiece of American fiction, Mob Dick (1851). Far removed from his earlier travel narratives, Mob Dick was dedicated to Hawthorne, and like Hawthorns work was darkly metaphysical, symbolic, and complex. The story of the captain of a whaling boat, ABA, and his relentless hunt for one whale, Mob Dick is also about the mysterious forces of the universe that overwhelm the individual who seeks to confront and struggle against them.Written in a powerful and varied narrative style, the book includes a magnificent sermon delivered before the ships sailing, monologues by the ships mates, and passages of a technical nature, such as a chapter about whales. While transcendentalism was deeply optimistic, celebrating human creativity and the beauty of nature, Hawthorne and Melville demonstrated that asking questions about he nature of the univer se could lead to answers showing the darker side of life. Edgar Allan Poe was another writer who inverted transcendentalist thoughts. In his disturbing prose and poetry, Poe explored the nature of humanity and frightened readers with what he found. His tales are obsessed with death, madness, and violence demonstrated in Tales of the Grotesque and Arabesque (1840). Poe also invented the detective story with such works as The Murders in the Rue Morgue (1841) and The Purloined Letter (1844). The sentimental novel is a major form of American fiction that grew out of the responses of white writers to leaver.The most famous and historically most significant work of American sentimental fiction is Uncle Toms Cabin (1851) by Harriet Beechen Stows. Sentimental fiction aimed to stir up pity for the oppressed. In Stores novel and in novels that followed in this tradition, pity for the oppressed did not necessitate revolutionary change but rather called for an outpouring of Christian love. Sentimental fiction elicited this Christian sympathy from Northern white women in particular by demonstrating how the slave system violated the most basic bonds of humanity, such as that between mother and child.President Abraham Lincoln is credited with having greeted Stows with So youre the little woman who wrote the book that started this great war! Uncle Toms Cabin was powerful as propaganda and expressed the deep antislavery feelings of the North. Two movements became increasingly important in American fiction after the Civil War: regionalism and realism. As the country expanded in area and population, regional differences became more apparent and of Increasing arbitration and the expansion of the railroads had made more of the country accessible.Regional literature would do the same. Post-Civil War America was large and diverse enough to sense its own local differences. With increasing arbitration and more accessible transportation, small, rural communities became a subject o f literary interest. As early as 1820 America had developed a taste for fiction with specific, localized settings and topics. Toward mid-century, regional voices had emerged from newly settled territories in the South and to the west of the Appalachian Mountains. In many of these works local dialects, sayings, and spellings were used for humor.Tales of the West also became a popular form of regional rating and created frontier outlaws and heroes, such as Billy the Kid. These tales were especially suited to the short-story form. 1860 introduced dime novels;inexpensive tales with exciting plots intended for popular entertainment . The first dime novels were set during key events of early American history such as the Revolutionary War, but plots soon incorporated frontier lore, conflicts between cowboys and Indians, and the taming of the West for white settlement. Dime novels may be seen as precursors of the Western, a genre that would reach the height of its popularity in the first half of the 20th century. Ever since even before the White man set foot on this continent, America has had its own way of written communication. Everything from politics, religion, westward expansion, wars, and technology has altered and improved literature. Our society has shifted from taking influences from other societies writings, to being influential.Many social issues still greatly impact literature even today; everything from wars, celebrity gossip, science fiction adventures, real life traumas, and talking animals can result in the newest book on top the Best Seller List. Amidst the downward tendency and proneness of hinges, when every voice is raised for a new road or another statute, or a subscription of stock, for an improvement in dress, or in dentistry, for a new house or a larger business, for a political party, or the division of an estate, 0 will yo u not tolerate one or two solitary voices in the land, speaking for thoughts and principles not marketable or perishable?

Man Rules Essay examples

Man Rules Essay examples Man Rules Essay examples MAN RULES AT LAST A GUY HAS TAKEN THE TIME TO WRITE THIS ALL DOWN FINALLY, the guys' side of the story. ( I MUST ADMIT, IT'S PRETTY GOOD.) WE ALWAYS HEAR 'THE RULES' FROM THE FEMALE SIDE NOW HERE ARE THE RULES FROM THE MALE SIDE THESE ARE OUR RULES! PLEASE NOTE. THESE ARE ALL NUMBERED #1 ON PURPOSE! 1. MEN ARE NOT MIND READERS. 1. LEARN TO WORK THE TOILET SEAT. YOU'RE A BIG GIRL. IF IT'S UP, PUT IT DOWN. WE NEED IT UP, YOU NEED IT DOWN. YOU DON'T HEAR US COMPLAINING ABOUT YOU LEAVING IT DOWN. 1. CRYING IS BLACKMAIL. 1. ASK FOR WHAT YOU WANT. LET US BE CLEAR ON THIS ONE: SUBTLE HINTS DO NOT WORK! STRONG HINTS DO NOT WORK! OBVIOUS HINTS DO NOT WORK! JUST SAY IT! 1. YES AND NO ARE PERFECTLY ACCEPTABLE ANSWERS TO ALMOST EVERY QUESTION. 1.. COME TO US WITH A PROBLEM ONLY IF YOU WANT HELP SOLVING IT. THAT'S WHAT WE DO. SYMPATHY IS WHAT YOUR GIRLFRIENDS ARE FOR. 1. ANYTHING WE SAID 6 MONTHS AGO IS INADMISSIBLE IN AN ARGUMENT. IN FACT, ALL COMMENTS BECOME NULL AND VOID AFTER 7 DAYS. 1. IF YOU THINK YOU'RE FAT, YOU PROBABLY ARE. DON'T ASK US. 1. IF SOMETHING WE SAID CAN BE INTERPRETED TWO WAYS AND ONE OF THE WAYS MAKES YOU SAD OR ANGRY, WE MEANT THE OTHER ONE. 1. YOU CAN EITHER ASK US TO DO SOMETHING OR TELL US HOW YOU WANT IT DONE. NOT BOTH. IF YOU ALREADY KNOW BEST HOW TO DO IT, JUST DO IT YOURSELF. 1. WHENEVER POSSIBLE, PLEASE SAY WHATEVER YOU HAVE TO SAY DURING COMMERCIALS. 1. CHRISTOPHER COLUMBUS DID NOT NEED DIRECTIONS AND NEITHER DO WE... 1. ALL MEN SEE IN ONLY 16 COLORS, LIKE WINDOWS DEFAULT SETTINGS.. PEACH, FOR EXAMPLE, IS A FRUIT, NOT A COLOR. PUMPKIN IS ALSO A FRUIT.

E-commerce and Auditing Essay Example | Topics and Well Written Essays - 2500 words

E-commerce and Auditing - Essay Example These are: It is not viable for auditors to take leave of work and go back to school to learn the mechanisms needed to serve the new auditing scope. To deal with this aspect of the transformation on-the-job training is the strategy employed by the audit executives. The authors recorded that ,"Some audit executives are using external contractors to "off load" some of the regular work. Freed up internal resources are then being used to get in-house auditors trained in the use of technology." (pg 91). Nikoloyuk et al: further related that Audit executives use the strategy of increasing "audit teams with external specialists." These teams are used to train "internal resource" to become "internal specialist." Changes: Like many other businesses auditing has had to change and modify its practices to best adopt to the growth of technology. Businesses have moved away from the traditional methods and are becoming more and more technologically advanced. If auditing is to remain alive it too will have to adopt to these changes. More so, as their main clients are in fact businesses. Kumar in his work 'The Technological Auditor', noted that, "Accountants and Auditors are not always on the cutting edge of technology." Auditing by nature is not a very transparent job. The process of the job relied on a lot of paper work . This goes against the very nature of E-commerce where the paper work is almost non-existent. Auditing stands a chance of becoming obsolete if adaptations are not made. Companies were disgruntled by the former auditing process as they 4 viewed the as being too expensive and burdensome. In response to these and other concerns Kumar relates that the "US Public Company Accounting Oversight board (PLAOB)" responded to these concerns by "encouraging auditors to become more consistent and transparent in the way they conducted audits." This discontent among businesses and the realization that e-commerce was always moving away from the traditional were indicators that change was on the horizon for the auditing profession. These changes would include; more transparency. The maximizing of special auditing skills on a global basis. Rationalization of the controls. Increased focus on value-added services by auditors. Formerly businesses would schedule the auditing of their firm based on their "point-in-time" system where they would carry out internal assessments to "identify high risk areas of the business." This system soon become redundant as companies sought to comply to the Sarbanes-Oxley. The regulation stipulated that firms would now have to make their financial statements readily available for auditing. (Kumar pg1). Audit Risk: The switch to automated auditing comes with added risk and challenges. The risk that an e-commerce business faces are many

Financial Analysis of Bluescope Steel Ltd and Onesteel Ltd Australia Research Paper

Financial Analysis of Bluescope Steel Ltd and Onesteel Ltd Australia - Research Paper Example Today, millions of shares are traded every day on the world's stock markets. (Penman, 2003). Most often, investors see valuation as the first step toward intelligent investing. It has been argued (e.g. Penman 2003) that an investor can make informed decisions about where to invest once the value of shares are determine based upon the fundamentals. This is so because, without this value investors can either buy high or sell low Investors who trade on these stocks are often forced to ask themselves whether they are buying or selling at the right price. (Penman, 2003). In the face of this situation and their quest for an alternate answer, investors turn to various media including internet chat rooms, printed press, and "talking heads" on television and financial networks, who often voice opinions on what they feel the stock prices should be. (Penman, 2003). In addition, investors consult investment analysts who provide an almost endless stream of information and recommendations to sort out. There are often claims that some shares are undervalued and vice versa. (Penman, 2003). Faced with too much information, Investors at times get confused with no clear indication of what the true prices of stocks should be. (Penman, 2003). Under such circumstances, the investor either make decision based on his or her instinct, such investors according to Penman (2003) are intuitive investors while others who make their decision based on capital market efficiency are referred to as passive investors. Penman, (2003) further argues that in making their decision, passive investors assumed that the market price is a fair price of the shares quoted. These investment mechanisms appear to be very simple, as they do not require much effort. (Penman, 2003: pp 3). How ever that is not the case as neither passive nor intuitive investor turn to be better off in the face of their decision. This is so because these sets of investors can either pay to high or sell too low. Having said that, in the sections that follow, I will discuss analysis and valuation of Bluescope Steel Limited and One steel Limited in Australia including their products, employees, management, and corporate governance. I have also highlighted in a passing the methodology used in valuating the company. In the last section, I will make a conclusion and recommendation to prospective investors. 1.1BlueScope Steel Limited According to the Company 2008 report, BlueScope Steel

What are Hamlets feelings on pages 74 and 75 Essay Example for Free

What are Hamlets feelings on pages 74 and 75 Essay Page 74 is the first time Hamlet is introduced to the audience and this first speech of his is very important as it sets the tone of the play and allows the audience to adjust to the type of genre it is going to be, it also shows how desperate Hamlet is and how distressed he truly is. It tells the plot of the story to the audience and shows why Hamlet is so unhappy at his mother and uncle being married, and the time in which they did so. We immediately begin to see how alone and confused Hamlet on what to do Hamlet really is, so much so almost a third of the speech is basically him contemplating suicide, which is strictly against his religion. The main pillars in his life, the people he could relay on the most have betrayed him and he is unsure who he can trust and he is torn between taking vengeance mainly on his mother for dishonoring his fathers memory by marrying his uncle (obviously he does not yet know who killed his father or how he died) or to remain true to his mother, and turn the other cheek as his religion tell him to. He thinks that his mother and uncle have been too hasty in getting married, But two months dead, nay, not so much, not two and he has suspicions that they had something to do with his fathers death. He seems very bitter towards his mother in particular and refers to her like a parasite. Why, she would hang on him, as if increase of appetite had grown by what it fed on and his initial reaction, before he is visited by his fathers ghost, is to take revenge on his mother. Which shows how he is feeling as he expects his mother should be the main support to him in his time of mourning but instead she has abandoned him, this also shows how emotional week Hamlet is from his first sentence. He does talk about the sexual relationship between his mother and uncle, O, most wicked speed, to post with such dexterity to incestuous sheets! It is not, nor it cannot come to good. This could be Hamlets way of surging energy and guts that will enable him too take vengeance on his fathers death and his mothers dishonor towards his fathers memory. This also gives the impression that Hamlet is quite week emotionally and is in need of help or guidance, something that he does not receive from any of his friends or family, many of who attempt to kill him and I think the fact he often tries to justify his weakness. For example he says the only reason he does not commit suicide is because it is a sin, similarly when he goes to kill his uncle he does not because he is praying at the time and this would lead to him being sent straight to heaven instead of to hell where he belongs. I think Hamlet is shown as being very lonely and not too sure who to trust shows in the final line of his speech, But break my heard, for I must hold my tongue, this shows that he wants to solve his problems by himself. Again symbolizing his isolation from the people around him and his complete lack of trust in anyone and the fact the speech is said to the audience also shows that he is completely alone in the world and does not know where to turn to. Hamlet obviously had great respect for his father and despite saying that he is not a great warrior Married with my uncle, but no more like my father than I to Hercules his father was and you begin to see that Hamlets main influence in his life, the one person he admired the most was his father and now he has gone, Hamlet feels very lost and insecure without him and seems to punish himself and continually put himself down throughout the speech creating a very distressed first scene, but ironically he remains one of the few Shakespearean characters which have a sense of humor and as the play progresses we begin to see how sly and sarcastic hamlet can be, especially when talking to Polonius.

Piracy Essay -- Technology Software Computers Essays

Piracy Piracy is the unauthorized copying, counterfeiting or distribution of software. Piracy is essentially stealing someone else's intellectual property. The five most common types of software piracy are end user piracy, client-server overuse, Internet piracy, hard disk loading, and software counterfeiting. End User Piracy occurs when an employee of a company reproduces software without the proper authorization. End User Piracy can be done in several different ways: . Using one licensed copy to install a program on multiple computers . Copying disks for installation and distribution . Taking advantage of upgrade offers without having a legal copy of the version to be upgraded . Acquiring academic or other restricted or non-retail software without a license for commercial use . Swapping disks in or outside the workplace [6] Client-Server overuse occurs when too many employees on a network are using a central copy of a program at the same time. When using a program in this way, it must be stated in the license. By having more employees using the software than stated in the license, is defined as overuse. Internet Piracy occurs when software is downloaded from the Internet. Although the product was acquired through the Internet, the same rules apply as if it were bought in a store. Internet Piracy can be done in several different ways: . Pirate websites that make software available for free download or in exchange for uploaded programs . Internet auction sites that offer counterfeit, out-of-channel, infringing copyright software . Peer-to-Peer networks that enable unauthorized transfer of copyrighted programs. [6] Hard-Disk Loading occurs when a business w... ...chelle, "China on Pirates: Blow 'Em Down," Wired Online Magazine, October 17, 2001. <http://www.wired.com/news/politics/0,1283,47617,00.html> [6] Business Software Alliance, "Types of Piracy, " Business Software Alliance, 2004. <http://www.bsa.org/usa/antipiracy/Types-of-Piracy.cfm> [7] Copyright Law of the United States of America, US Copyright Office. <http://www.copyright.gov/title17/92chap1.html#102> [8] Travel Pictures. <http://www.cs.unm.edu/~dlchao/travel/> [9] Business Software Alliance, "Sixth Annual BSA Global Software Piracy Study," Business Software Alliance, June 2000. <http://global.bsa.org/resources/2001-05- 21.55.pdf> [10] The Complete Reference to the Web Sites of China Law, <http://www.chinasite.com/Law.html> [11] Markkula Center for Applied Ethics,<http://www.scu.edu/ethics/>

Corporate Bond Market in India Essay

Foreword In the rush to produce urgent policy documents and briefing notes that any government has to do, it is easy to let matters that may not be quite as urgent to go unattended. However, the not-so-urgent often includes matters of great importance for the long-run well-being of the nation and its citizenry. Research papers on topics of strategic economic policy fall in this category. The Economic Division in the Department of Economic Affairs, Ministry of Finance, has initiated this Working Paper series to make available to the Indian policymaker, as well as the academic and research community interested in the Indian economy, papers that are based on research done in the Ministry of Finance and address matters that may or may not be of immediate concern but address topics of importance for India’s sustained and inclusive development. It is hoped that this series will serve as a forum that gives shape to new ideas and provides space to discuss, debate and disseminate them. Executive Summary: In this paper, we examine the factors behind underdevelopment of corporate bond market in India. We assess that one of the major bottlenecks to the development of this market lies in relatively larger costs of financing which dissuade the firms to raise finance from this avenue. We argue that the lack of transparency, inefficient market making and illiquidity of the instrument not only lead to such extra costs of financing that hampers investment in the real sector but can trap the bond market in a low level equilibrium. To alleviate such problems, we prescribe policies that ensure better production of information and increased volume of transactions that will lessen both liquidity and transparency problems and ensure efficient market making. A combination of such policies include mandatory disclosure of ratings by firms and assignment of multiple agencies for rating an issue at different points of time, minimum size of placements of (infrastructure) bonds, establishing stop loss thr eshold, among others will help breaking the trap and improve quality of issues and would eventually lead to a vibrant bond market with reduced costs of financing investment. Structure of the paper: The paper is structured in three parts. The first part, section 3 and 4 analyse how corporations finance themselves and how does the corporate bond market contribute in this process. Section 3 delves into how large Indian firms evolved in their financing pattern over the past decade. We further analyse what are some of the key drivers of such financing pattern when it comes to corporate bond markets in section 4. In section 5, we offer an analytical construct and mode that shows how liquidity, transparency and informational problems contribute not only to higher costs of financing but may create low level equilibrium trap in the bond market where few issuers, investors and market makers participate. In section 6, we summarise the policy implications of our findings and analyse what it would take for the corporate bond market to move from the current state (of low level equilibrium) to a higher level equilibrium. We examine where the policy maker might have a role to play and where th e market will respond to address its concerns spontaneously. 2. A review of how large firms in India finance themselves Our analysis about the debt market in India begins with a review about how firms in India finance themselves. Our information is necessarily restricted to the largest firms of India, those that are observed in the CMIE database. We focus on non-financial firms, so as to avoid the measurement problems of accounting data for financial firms. The `sources and uses of funds’ statement, which is the first difference of the balance sheet, yields important insights into the financing structure. Table 1: Structure of sources and uses of funds Ended 2000-01 35.2 5.7 29.5 64.6 17.2 14.4 3.5 0.5 25.5 Ended 2010-11 30.8 21.1 9.7 67.5 13.8 17.8 3.9 3.2 24.2 Component Internal Retained Earnings Depreciation External New equity Banks Bonds Foreign Current liabilities Table 1 shows the structure of the sources of funds, comparing the latest available year (2010-11) against one decade ago (2000-01). The first feature of interest is internal financing. We see a substantial reliance on internal financing: from 35.2% a decade ago to 30.8% today. To the extent that internal financing is important, it acts as a barrier against new firms who do not have pre-existing cash-flow. The hallmark of a sophisticated financial system is a substantial extent of external financing. From a normative point of view, to the extent that external financing is greater, this is likely to induce superior resource allocation and competitiveness. Turning to external financing, one important component – equity financing which was at 17.2% in 2000-01 and 13.8% in 2010-11 – is in relatively sound shape. The Indian equity market was the focus of policy makers from 1992 onwards, and substantial progress has been made. One key element – stock lending – i s as yet absent. Barring this, all sophisticated features of the worlds top equity markets are now found in India. The two Indian exchanges, NSE and BSE, rank 3rd and 5th in the global ranking by number of transactions, that is produced by the World Federation of Exchanges (WFE). The problems in India today lie in debt. Banks accounted for 14.4% of the financing of large firms in 2000-01, which went up to 17.8% in 2010-11. The bond market stagnated, with 3.5% in 2000-01 and 3.9% a decade later. Despite considerable interest in bond market development, the corporate bond market accounted for only 3.9% of the sources of funds of large Indian companies. Finally, foreign borrowing rose sharply, from roughly nothing in 2000-01 to 3.2% in 2010-11. To some extent, borrowing abroad has served as a way for Indian firms to overcome the difficulties of obtaining debt financing domestically. From a normative perspective, the picture that we see in the sources of funds is one of an excessive reliance on internal financing, a surprisingly large role for banks, and a miniscule and stagnant bond market. The next issue that we turn to is the role of secured versus unsecured borrowing. The hallmark of a sophisticated debt market is the presence of unsecured borrowing. Secured borrowing is the mainstay of a simple-minded financial system: The lender does not have to analyse the prospects of the borrower for he lends only against collateral. In contrast, unsecured borrowing requires that the lender has to understand the prospective cashflow of the borrower, which determines the extent to which the promises about future repayment may be upheld. We analyse secured versus unsecured borrowing by size quintiles, once again amongst all the non-financial firms seen in the CMIE database. In the smallest quintile, in 2001, secured borrowings were at 76.7%. A decade later, there was a small decline, to 65.37%. This shows the stubborn domination of secured borrowing, when it comes to the smallest firms. Similar patterns are found in other size quintiles also. In the fourth quintile – from the 60th percentile to the 80th percentile – secured borrowing was 84.7% in 2001 and had dropped slightly to 80% in 2011. This domination of secured borrowing suggests a debt market that has a highly limited ability (or incentive) to actually understand borrowers. Even in the top quintile of firms – roughly the 680 biggest companies of India – we do not see a meaningful extent of unsecured borrowing. In 2001, secured borrowing was 65.8%, and this dropped to 60.7% in 2011. In other words, even for the biggest firms of India, only 39% of borrowing was unsecured. The debt market was not able to analyse the prospects and give debt, based on assessment about the future, to a substantial extent to even the biggest firms in the country. This evidence shows a highly malformed debt market. The bond market is practically nonexistent in corporate financing. Forward-looking assessment is weak; even the biggest firms tend to rely on secured borrowing. 3. Key issues with Indian corporate bond market functioning The presence of corporate bond market in India is barely perceptible as compared to other economies. Despite of multiple endeavours by the government in the recent past, to revive the market, neither investors nor issuers showed any tangible interest. As a result, at least 80% of corporate bonds comprise of privately placed debt by public financial institutions. The following graph confirms inadequate growth of the bond market in India relative to the countries like US, Japan and China. Illustration – Share of Corporate Bonds in Total Debt (Source: BIS) Bond markets as well as equity market owe their difference to inherent characteristics of the instrument that underlies respective markets. The following summarise how the markets are different – Intermediaries – Market intermediaries in both bond and equity markets ensure liquidity. However the intermediaries in the bond market at present need to hold a larger amount of capital than their counterparts in the equity markets because of the larger volume of trade in each transaction. Subsequently the need to hold large inventory position is more for bond market intermediaries as compared to equity market intermediaries who have the option to do electronic limit order matching. Hence, intermediaries in the bond market are exposed to greater risks due to liquidity partly due to the absence of a secondary market where retail investors can participate along with large players. Investors – Bonds’ payoff are attractive to those who prefer predictable returns for known time horizons. As a result, bond market attracts institutional investors cautious of protecting their principal e.g. pension funds, insurers, banks, etc. This also results in relatively risk averse retail investors willing to invest in the bond market. However, casual empirical observations suggest that the share of retail investors in corporate bond market is very small. Lack of liquidity and transparency are the key reasons driving lack of investor participation in corporate bond market including retail investors. Another reason why the market for corporate bonds did not take off earlier was large scale default that undermined the system and safeguards in place. While this paper addresses how to alleviate problems of liquidity and transparency, other measures must also be adopted to reduce probability of default and increase the amount as well as speed of recovery in the event of bankruptcy. For example, it is well known that firms have a tendency to adopt excessive risky projects financed by debt due to limited liabilities. While banks can prevent such activities by placing covenants, public debt holders are powerless to do it because each owns an insignificant amount of the total debt. Many a times, the seniority of debt is debatable. On the other hand, the magnitude of the recoveries also depends on bankruptcy law which in India is very weak. Hence, strong legal systems that prevent excessively risky activities and also ensure faster resolution of bankruptcy are also preconditions for the emergence of a strong bond market. Though there might be a combination of factors that impede the growth of a vibrant corporate bond market in India, we will argue below that the lack of transparency, less liquidity and inefficient intermediation in the process of market making contribute to the current state of the market. The bullet points below succinctly summarize the impact of these three factors on the development of bond market in India. Efficiency in bond market is driven by transparency that allows bonds to be priced for all available information. Transparency in the bond market refers to the dissemination of information conveyed to all market participants 1regarding pre and post trade issues ranging from order interests to price and volume after trade is executed. Liquidity in bond market is driven by volume of bonds offered by issuers in the primary market on an on-going basis as well as the circulation of bonds in the secondary market with active investor participation. A greater the participation of investors reduces search costs of both buyers and sellers and ease liquidity problems leading to a lower discount of the bond. Liquidity problems here refer to the ease of selling the bond in a secondary market. ï‚ · Intermediaries quote both buy and sell side prices and hold inventory to enable market making. Any inefficiency in this process will be automatically reflected in the pricing of bonds and thus will adversely affect costs of borrowing of the issuers. 3.1 Transparency The Indian corporate bond market lacks both pre-trade as well as post-trade transparency. Factors limiting transparency of both primary and secondary corporate bond market are: (a) Systemic flaws in the credit rating process by the Credit Rating Agencies (CRAs) enhance risk and also reduce transparency due to a constellation of a number of factors articulated below: ï‚ §Ã¯â‚¬  Right to rate the issuers of bond is not confined to entities registered as CRAs (Credit rating agencies) and currently ratings are being done by entities not registered as CRAs. These unregistered agencies rate in a manner that is not calibrated to CRA rating standards and offer rating to not just instruments but also issuing organisations. This infuses additional noise in the production of information which may force retail investors to shy away from the bond market. For example, the SMERA which rate instruments as well as organisations for small and medium industries in a manner that very often do not mee t criteria of proper rating standards.

A College Education Is Not Only An Absolute Requirement

Today, students and graduates face long lasting consequences when it comes to student loan debt, which in recent years has become increasingly problematic and inevitable regardless of the precautions a student takes. No amount of awareness or understanding can change the lasting impacts that taking out student loans has. Pursuing a college education today, is nothing like it once was or once promised to be. Before, getting a degree meant an almost guarantee to find a good paying, stable job. Now, a college education is not only an absolute requirement, but also does not guarantee a high paying career, leaving students with the crushing impacts and burden of student loan debt. A college education puts great strain on life after college, causing students to forfeit their purchasing power, postpone starting a family, or from pursuing their entrepreneurial dreams, all of which negatively impact the American economy. Pursuing a college education, has forced students between a rock and a hard place. While a degree raises the possibility of working a good paying job, debt is almost inevitable. However, without a degree, finding any job at all is very challenging. While some light has been shed on the topic of student loan debt, the exact issues that student loan debt present is often overlooked or misunderstood. Currently, there is $1.2 trillion of student loan debt, meaning that four in ten Millennials are overwhelmed by student loan debt (Orman). In fact, ACA InternationalShow MoreRelatedBecoming A Second Grade English Teacher1277 Words   |  6 PagesDuring high school, I lost that dream and turned to child psychology and then to pediatric nursing. Since I have started college, it became imperative for me to decide what I truly wished to be. 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