Feminism in Literature Essay

Feminism has gradually become more far-ranging and subtle in its attacks on male-dominated society. Many injustices still need to be corrected, but equally necessary is a more down-to-earth, tolerant and compassionate view of fellow human beings. Introduction Many feminists dislike theory. Sharp intellectual categories, argumentation, seeming objectivity, and the whole tradition they grow out of are just what feminists are seeking to escape. And if their reasoning seems unsystematic they can draw support from the psychoanalysis of Lacan and Julia Kristeva, fromDerrida’s deconstruction, and from Rorty’s view that philosophy should model itself on an edifying conversation seeking rapprochement rather than no-holds-barred gladiatorial combat. Androgynist Poetics Critics, being generally male, had not generally concerned themselves with gender issues. Most of the world’s great literature had been written by men. Sappho, Austen, the Brontes and Emily Dickinson apart, it was difficult to think women really had it in them to write at the highest level. Literature was literature, and critics saw no need to distinguish a specifically feminine way of writing or responding to a text. Virginia Woolf was herself a refutation of that thesis, though her mental breakdown was perhaps brought on by the strain of balancing male self-realization with female abnegation. But in her essay Professions for Women, Woolf complained only that women’s social obligations hindered a writing career. Their lives gave them a different perspective, but women were not fundamentally different from men in their psychological needs and outlooks. Gynocriticism The gathering feminist movement very much disagreed, and argued that women’s writing expressed a distinctive female consciousness, which was more discursive and conjunctive than its male counterpart. Such consciousness was radically different, and had been adversely treated. Simone de Beauvoir in The Second Sex documented the ways â€Å"Legislators, priests, philosophers, writers and scientists have striven to show that the subordinate position of women is willed in heaven and advantageous on earth. † Women had been made to feel that they were inferior by nature and, though men paid lip-service to equality, they would resist its implementation. Some men might be sympathetic to women’s issues, but only women themselves knew what they felt and wanted. And perhaps they always knew. The essays collected in Susan Cornillon’s 1972 anthology Images of Women in Fiction all suggested that nineteenth and twentieth century fiction was simply untrue to women’s experience. Rather than search for the essentially feminine, critics now turned to the social context of women’s writing, to the ways a male-orientated society had formed or deformed individual novels, plays and poems written by women. Adventure and romance, whoever written for, seemed to stress the male competitive element, and even the submissive partner of gay literature only imitated the female stereotype. Not all agreed, of course. Norman Mailer’s The Prisoner of Sex: disliked the blanket criticism of Kate Millet’s Sexual Politics, arguing its examples were too selective chosen. Gynesis Nonetheless, by the early eighties, feminists had advanced to a much more confrontational attack on male hegemony, advocating a complete overthrow of the biased (male) canon of literature. French feminists argued that women should write with a greater consciousness of their bodies, which would create a more honest and appropriate style of openness, fragmentation and non-linearity. Parallel studies in the visual arts stressed a feminine sensibility of soft fluid colours, an emphasis on the personal and decorative, and on forms that evoked the female genitalia. And the problem lay deeper still, in the language itself. Words had been coined to express a male point of view, and that was indeed misogynist. Some 220 words exist in English for the sexually promiscuous woman, but only 22 for promiscuous men. And in the sexual matters that really concerned them, the vocabulary was hopelessly restricted. Discourse was power, said Foucault, and psychoanalysts likeLacan and Kristeva stressed the liberating role that literature should play, particularly to allow the semiotic flux of the unconscious in early childhood, i. e. before the symbolic world of public discourse imposed its male-favouring rules. Poets worked on the boundaries of the two realms, and Kristeva urged them to engender political and feminist revolutions by dissolving the conventions of normal discourse. Gender Theory Five years later the debate had moved on, from exclusively feminine concerns to the wider issues of gender in social and cultural contexts. Patriarchy and capitalism should be examined more closely, perhaps as Althusser had attempted, and sophisticated models built to integrate the larger web of economics, education, division of labour, biological constraints and cultural assumptions. Michele Barrett demanded facts, research. How does gender stereotyping arise in various social contexts? How are the canons of literary excellence actually established? What is the practical effect on literature? Shouldn’t we remember that attitudes are struck within a fictional framework, and can’t be simply pulled out and convicted by a kangaroo court of feminist morals? Critique Literature will often reflect the cultural assumptions and attitudes of its period, and that of course includes attitudes towards women: their status, their roles, their expectations. But a literature doctored of male-orientated views would be failing in its first requirement, to present a realistic or convincing picture of the world. Moralizing, which includes political correctness, has its dangers. Feminists have argued for positive discrimination as the only way to correct centuries of bias. Nonetheless, the consensus emerging among black Americans is that positive discrimination is counter-productive. Disadvantaged minorities desperately need the odds levelled, but not patronizingly tilted in their favour. Psychoanalysis has little scientific standing, and Lacanian theory is further disputed within the psychoanalytical community itself. Feminism does itself few favours by relying on these supports. A more damaging criticism is the concept of the feminine itself. Does it really exist? There are very real differences in the psychological make-up between the sexes, but testing also indicates what anthropologists have long accepted: the expression of those differences is more determined by cultural factors than sexuality per se. Feminists who argue for a more understanding, fluid, and delicate attitude are not so much advocating qualities native to women but for attitudes still repressed by society. That in turn suggests society itself needs exploring rather than sex differences per se, which is indeed a view more recognized in contemporary feminist studies. Feminist Literature Feminist literature, as the name suggests, is based on the principles of feminism, and refers to any literary work that centers around the struggle of a woman for equality, and to be accepted as a human being, before being cast into a gender stereotype. Not all these works follow a direct approach towards this goal of equality. It is only through such media that women believed a change was possible in the way they were perceived in society. Not all feminist literature has been written by women, but also by men who understood women beyond the roles they were expected to fit into, and delved into their psyche to understand their needs and desires. Some works may be fictional, while others may be non fictional. Here, we take a look into the characteristics of feminist literature, and give you a list of some of the many works of feminist literature, that make for a good read if you truly desire to learn extensively about this form of writing and what it stood for. Characteristics of Feminist Literature Feminist literature is identified by the many characteristics of the feminist movement. This will help you understand exactly what is feminist literature. Authors of feminist literature are known to understand and explain the difference between sex and gender. They believe that though a person’s sex is predetermined and natural, it is the gender that has been created by society, along with a particular perception about gender roles. Gender roles, they believe, can be altered over time. The predominance of one gender over the other, is a common concept across almost all societies, and the fact that it is not in favor of women is an underlying, yet blatant, characteristic of feminist or women’s literature. Here, it is argued that any society that does not provide channels of learning and knowledge to both genders equally is not a complete and impartial society. Critics argue that there wasn’t much difference between male and female authors, and that there was no need to identify a separate class of literature termed as feminist or look for traces of feminism in literature. However, if you read any such work, you will realize how such writers criticized society’s andocentric (male-centered) approach, and tried to understand the beliefs and needs of the opposite sex with a subjective, and not an objective, approach. Take for example Jane Austen’s Pride and Prejudice. The protagonist, Elizabeth Bennett was a woman of her mind. Despite the societal pressure (put on her by her mother) to choose a partner, and to lead a life that was decided for all women, she decided to choose her own path towards what she wanted. And none of this was blatantly approached. She did not put an outward fight, in order to choose her life course. The entire piece of work is subtle, and the only clear characteristic of the protagonist you will notice is her assertiveness. And that is one clear characteristic of the feminist approach toward literature. Women in literature of the feminist nature are always featured as the protagonist, who, more often than not, do not readily accept the traditional role of women as decided by society. They are ready to make their own decisions, to express this choice of personal decision-making, and are ready to deal with the consequences of these choices, actions, and decisions. Though a daughter, a mother, a sister, or a wife, any piece of feminist literature first deals with a woman as a woman. It is not these relationships, roles, or stereotypes that give these female characters in literature their identity. Their identity is defined by their choices and their beliefs which are then associated with these roles. It is important to note, that, not all works of feminist literature have happy endings, both for the character, and for the author of the work. Women have been ostracized by society for openly demanding equality, and have had to face several negative consequences of their decision to go against the waves. Not only feminist literature, women have been treated as important subjects even in many literary works by men. For instance, Henrik Ibsen, a Norwegian author and playwright, often focused on women, women’s issues, their troubles faced by society, and the decisions they made based on their personal values and beliefs. If you take a look at the play called ‘A Doll’s House’, by this very same author, you will clearly notice the strength and character of the protagonist. Not all, but some pieces of feminist literature (particularly non-fiction) showcase and stress on women’s suffrage and a demand for equality in society, for political, social, and economic rights. In modern feminist literature, the attack on a male-dominated society became more forthright and straightforward, where women demanded a closer look into the patriarchal and capitalistic approach towards feminism.

Duality in Psycho 1960 Essay

Psycho is a 1960 horror film directed by Alfred Hitchcock starring Anthony Perkins, Janet Leigh, Vera Miles and John Gavin. The film is based on the 1959 novel of the same name by Robert Bloch. The main theme that Hitchcock tries to express to the audience is dual or split personalities. Everyone has a subconscious battle with good and evil; he shows this in many different ways using lighting, different camera techniques, mise-en-scene and silence. Also he used a string orchestra to add tension and drama as well as setting the tone for impending violence. The movie starts with Marion Crane and her boyfriend Sam Loomis in an intimate scene, before she has to go back to work. When she returns to work she is instructed to bank $40000 for her employer but decides to steal it and skip town instead. Driving on a rainy night, she pulls into the Bates Motel where she meets Norman Bates. After being showed to her room the two have dinner and they talk about Norman’s ill mother. Later that night while Marion is in the shower a shadowy figure comes and stabs her to death. Norman bursts into the bathroom and finds Marion’s dead body so he wraps her in a shower curtain then dumps her body and car in a nearby swamp. Marion’s sister Lila and boyfriend Sam are concerned about her disappearance. A private detective named Arbogast is also looking for Marion. Arbogast finds the Bates Motel and notices Norman acting suspiciously. He mentions Marion meeting his mother, so Arbogast goes up to the house to find her but a figure emerges and murders him. When Arbogast doesn’t return Lila and Sam visit the sheriff who is puzzled about Arbogast’s claim that the mother died years ago. Sam and Lila rent a room at the Bates Motel and while Sam distracts Norman, Lila sneaks up to the house where she finds Norman’s mother’s corpse. Norman Bates then bursts in, wearing a dress and wig and tries to kill Lila but is stopped by Sam. After Norman is arrested the psychiatrist reveals that Norman murdered his mother and her lover and then developed a split personality to erase the memory of the crime. The movie ends with Marion’s car being pulled from the swamp. (Ebert,1998) One of the main techniques Hitchcock uses to express the theme of duality is  the use different lighting. This is evident in the parlour scene when Norman and Marion are talking about Norman’s mother. The light source in this scene is high on the wall and closer to Marion leaving Norman in the dark. The angle light behind Norman is very sharp and it draws the audience’s attention to the large dead birds that Norman has but leaves everything else behind him very dark and dull to make it seem almost like he’s lurking in the shadows. (Lamb,2013). Again in the parlour scene only half of Normans face is lit insinuating that he has a dark side but also that half of him is still good. This technique is used more than once throughout the film. In the same scene Marion is depicted as sweet and innocent with her full face being lit. She has a large round light behind her leaving no shadows and lighting the entire wall. It’s in this scene that Marion good side prev ails and she decides to go back to Phoenix and return the stolen money. Another technique Hitchcock uses well in the film is sound. The score was written for a string orchestra by Bernard Herrmann even though Hitchcock initially requested a jazz score. However, after the film’s success, Hitchcock said â€Å"thirty three percent of the effect of Psycho was due to the music† (Smith,1991, p.241). The title music which is a tense hurtling piece plays three times throughout the film adding tension to some of the earlier scenes. (Palmer,1990, p.275). He also uses silence to build suspense. For example, in the shower scene Marion gets undressed and begins showering with no background music; this implies that something bad will happen yet, when the shadowy figure appears the violins are used in a screeching and stabbing sound motion of extreme viciousness. (Palmer,1990, p.277). The mise-en-scene is extraordinarily influential throughout Psycho but the best example of this would be in the parlour scene. One of the main objects in this scene is the milk jug that Norman carries on the tray. The spout is like an arrow pointing to Marion, This shows the audience that Norman has chosen her as his prey. Another obvious technique used in this scene is the position and placement of the actors and also the body language used. When Norman and Marion are standing facing each other Norman is holding the tray with both arms making it look almost like he’s pointing at Marion reinforcing the idea that he has chosen her, while Marion stands with both  arms by her side making her seem unaware and innocent. (Quality Teacher Program,2002, p.14). Also, while Norman and Marion are standing outside the office Norman’s reflection can be seen in the window, which supports the idea of duality in the film. Camera angle and different camera movements are another fantastic technique that Hitchcock uses very well in Psycho to reinforce the theme of duality. This can be seen in the opening scene where the camera positions the viewer as a voyeur witnessing an illicit affair between Marion who is in her lunch break and Sam who is a divorcee. In the 1950’s this was seen as pushing the limits of what is socially and morally acceptable. The shower scene also uses an extreme close up of Marion eye which shows her guilt as well as her innocence. Her open eye suggests she didn’t deserve to be killed by Norman but also by dying she has been punished for letting her evil side take over and stealing the money. (Quality Teacher Program,2002, p.29) Hitchcock achieved his goal with Psycho by portraying his main theme of duality in human nature. He made the theme obvious to the audience and reinforced it in many different ways using a large range of techniques including camera angle and position, lighting, sound and mise-en-scene. From the thrilling and somewhat haunting music in the opening credits right up until the final scene where Marion’s car is pulled from the swamp the theme is very effective in a way that keeps the audience thinking long after the film is over. Bibliography A Thematic Analysis of Alfred Hitchcock’s Psycho. http://www.novelguide.com/reportessay/literature/novels/thematic-analysis-alfred-hitchcocks-psycho (Retrieved on 26/3/14) Ebert, R. 1998. Psycho Review. http://www.rogerebert.com/reviews/great-movie-psycho-1960(Retrieved on 26/3/14) Final Paper. http://www.docstoc.com/docs/147378225/Final-Paper (Retrieved on 25/3/14) Kato, M. n.d., Hitchcock’s Psycho Analysis, University of Kyoto, Kyoto. Lamb, B. 2013, Mise-en-scene. http://lessonbucket.com/vce-media/units-3-4/narrative/mise-en-scene/ (retrieved on 26/3/14) Nixon, R. n.d. Behind the Camera on PSYCHO. http://www.tcm.com/this-month/article/191164%7C0/Behind-the-Camera-Psycho.html (Retrieved on 26/3/14) Palmer, C.1990, The Composer in Hollywood, Marion Boyars, London Plot Synopsis. http://www.imdb.com/title/tt0054215/ (Retrieved on 25/3/14) Psycho (motion picture) 1960, Paramount Pictures, Los Angeles, Producer, Alfred Hitchcock. Quality Teacher Program, 2002, Critical Literacy in English Years 8-10, Quality Teacher Program, Sydney. Smith, S.C. 1991, A Heart at Fire’s Center; The Life and Music of Bernard Herrmann, University of California Press, Berkeley

Gender Bias and Employment Discrimination Law Case Study - 78

Gender Bias and Employment Discrimination Law - Case Study Example If it is gender bias that we are concerned with, then that would imply distinguishing reactions towards two identical humans- identical in lifestyle, intelligence, competence, goals and many other factors - which the one distinction between them, which one is a male and the other is a female. This is exactly not a situation, which exists in our actual, real world. Practically, this fact makes it easier for females to internalize unfair criticisms as valid. If your work is discarded for a clearly bad reason, such as, it is because I am a woman, then you have no other way, but to dismiss the one who rejected them as biased, and; thus, not worth taking seriously. Â  I consider using experiments to tell which positions are fit for men and which are fit for women is a positive route to follow. At least we know that a study has been conducted by experts so the findings are reliable and the recommendations they give can be applied and the outcomes will be effective. However, I also feel that people should be allowed to hold various positions, not because of whether their bodies meet the physical and mental requirements, but due to their requirements. For instance, the women presented in the case study, she was very much willing and committed to working as a firefighter and furthermore, she did her work very well till the government decided to introduce new requirements that needed hopefuls to pass various physical tests in order to hold various positions that are considered manly.

Broadcasting Industry Essay Example | Topics and Well Written Essays - 2750 words

Broadcasting Industry - Essay Example The CSA also commands and gives financial support for academic research projects for communication. CSA has consultative powers and safeguards the general interests of viewers. It also licenses radio and TV commercial and public, terrestrial and cable and satellite. It conducts research and monitoring and considers complaints. A 1994 ruling negated the fact that the CSA has regulatory powers but it can take decisions that may be of general significance. Government has overall responsibility for the public sector especially in drawing up terms and conditions. CSA powers are limited to supervising the proper implementation of these requirements, although its opinions are binding. Cable operating networks have to seek authorization from the commune or groups of communes involved before seeking CSA approval. The Public Prosecutor consults the CSA before issuing satellite licenses. A 1989 judgement removed the CSA's power to determine general rules for programming. In addition to guarantees concerning pluralism, the CSA can also impose specific requirements in respect of terms and conditions. ... CSA can fine but cannot withdraw public licenses, but publishes observations. CSA can give notice to private licensee to comply with its requirements, suspend, reduce or withdraw licenses, impose financial penalty, and can order a statement to be broadcast. Codes of practice CSA code of practice for the protection of children and young people was introduced in 1996. It obliges broadcasters to issue warnings for certain programs. Cultural Diversity Defending and promoting French culture is the cornerstone of French broadcasting regulation. All governments have shared the view of media products being different from other merchandise. This is because media promote the country's identity and image. In Europe, it led to the EU's "Television without Frontiers"; directive, which recognised the principle of quotas in 1989. At the national level, this means obligations and restrictions as well as provisions to encourage national, French-language productions. These quotas are such that approximately 60% of movies and series broadcast in France have to be European and 40% from French-speaking countries. The quota system applied for radio stations should promote French singers, requiring 40% of songs to be in French or in a regional language (Eumap, 2005, 695.). Recently, the representation of the society's cultural diversity has also become an issue in French broadcasting as part of a general political agenda. The diversity of French society is reflected poorly on French television, but regulation is very difficult to implement. One reason for this is the French constitution in which all citizens are considered equal, whatever their origin. Ethnic groups are not to be identified and cannot be counted, and only negative discrimination can lead to legal

Compare and contrast the immigration history of two ethnic groups Research Paper

Compare and contrast the immigration history of two ethnic groups. What factors motivated immigration and what challenges greete - Research Paper Example In this essay we are going to compare and contrast the immigration history of two Asian communities to America, which are Chinese and Japanese. These immigrations took place when America was described as ‘New World’ and ‘Land of opportunities’. However it was definitely an uphill task for these two communities to find home in America. Fighting the disparities these communities have settled themselves well in America only to be a significant section of the community and American society. Reasons for immigration Because of opium wars and end anarchical rule of Qing dynasty China lost its identity as an independent nation and was reduced to a semi-feudal colony of European powers. This drove the masses in rural and central China to look for new opportunities in order to earn money and a stable life. Chinese were not averse to hard labor but wanted good results for the hard work put in. During this time the California Gold Rush on the west coast of America had b egun. The mining of precious metal required labor which was proving to be expensive with the available white labor. Hence initially America welcomed the influx of Chinese labor on the west coast. In fact it is noted that American supervisors and companies were initially skeptical of these thin immigrants who physically did not look strong and sturdy at all. However over a period of time Chinese labor proved that they were strong and capable of handling the strenuous physical work. Companies who initially opposed the idea of recruiting Chinese immigrants later asked for more immigrants to join the work force, thus bringing in more population from China. The railroad construction which followed the mining business again proved to be a major work opportunity to Chinese people to come to America. Other businesses such as agriculture, laundry, fisheries also benefitted from the influx of Chinese people to America. Japanese economy’s transition to modern economy was not smooth. Jap anese were struggling to keep their heads above the water and float. Large scale unemployment, bankruptcies and civil disorders forced Japanese population to leave their roots behind and look for opportunities elsewhere. Hawaiian sugar industry which was booming attracted Japanese to the state. Like Chinese immigrants, Japanese were also looked upon with skepticism by Americans (Harold et al 65). Hence Chinese settled on the west coast Japanese started with the Hawaii islands. Looking at the reasons of both ethnic groups there are a lot similarities observed. Both groups left country of origin because of political and social unrest and moved for better opportunities in terms of money, societal conditions and better future. Angel Island The gateway to America for Asians was Angel Island located in San Francisco bay. Angel Island was used to deport and detain people coming from China, Japan, India, Thailand, Philippines and all other countries from Asia and South East Asia. Ellis Isla nd which was used as an immigration office for European population was faster in process (Werner 27). There were not many questions asked to the immigrants at Ellis Island and the maximum waiting period was hours to a day. While on Angel Island the conditions were exactly opposite. The detaining period could range from two days to two years. The conditions were deplorable and people staying at Angel Island were reduced to despair and depression. Chinese immigrants

Employment Law The Flexible Firm Essay Example | Topics and Well Written Essays - 1500 words

Employment Law The Flexible Firm - Essay Example In periods of long-drawn-out financial crisis it is finished that the market instrument has been banned from operational professionally as an allocative and incentive system. According to neo-liberals, inflexibilities in the work market have been the key fence to employment enlargement, and so there has been a need to bring about a basic alteration in the association flanked by the state and the work market and to reinstate liberty of contract as the basis for financial relations. At a policy level, this demanding flexibility thesis makes more than a few arguments. First, wages are too high and too unbending, thereby pricing personnel's out of jobs and make unemployment. Lets take an example of UK; here influential trade unions and collective bargaining arrangements are seen as the major problem. Second, wage degree of difference is too small; hold back labor mobility and well-organized structural change. Third, lawfully based labor rights are too wide, leading to high labor costs in UK. Lastly, social security systems give confidence voluntary unemployment and act as a deterrent to work. State interference is held accountable for these extreme legal and financial guarantees to labor. In reply to this view of an unbending work market, governments require to curtail their participation in the labor market and limit the power of deal unions, to give employers more liberty of action, so that employment will grow. Current Situation of Company In a bid to be more competitive & curb unnecessary costs the Manufacturing Manager Roger Jones has been asked to resolve this problem. Roger has decided to have a core of 100 permanent full time employees in the manufacturing department. In addition he proposes the following:- To introduce twighlight shift of 10 workers, working 6 -1opm Monday to Thursday. This will increase machinery usage. To have a team of flexi staff who only work when they are asked, which will usually be Xmas & Easter. To sub contract the maintenance work. To make all the design staff redundaant and employ people on special projects. Roger realises that this proposal could be full of problems and has asked for your help in planning the implementation. Advise Roger paying particular attention to Fox 1986 model of the Flexible Firm & Shamrocks model. Pay attenton to such issues as the law relating to contracts of employment, their termination, the changes in express and implied terms and the law relating to redundancies. Flexible Firm Strategies For Delico Ltd Or Recommendations HRM Performance According to the UK Law for Delico Ltd in the majority of outside recruitment exercises it will be the liability of the HR Business Partner to carry out the preplanning first stage of the exercise. You will require setting up before embarking on an outer recruitment exercise: That all inner routes of filling the post have been tired or the exceptions rules apply The sight of the guidelines teams so you know the wider picture of resource planning in your region What kind and number of posts you require to fill What kind of appointment you will present Recruiting under the DWP new deal employment option in Delico Ltd Where the posts are and which

Health promotion teaching plan Term Paper Example | Topics and Well Written Essays - 750 words

Health promotion teaching plan - Term Paper Example These may include; Several jobs demand customary contact with other clients at work. Poor or uncooperative relationships with workmates and supervisors can be an impending source of strain. In addition, stress can occur if a person feels isolated or unjustly treated. Poor job relationships can be a consequence of (Blais & Hayes, 2011): Methods and materials applied in teaching border are capturing essential statistics that aim in noting the magnitude of their impact in the society. Materials, mainly questionnaire, pens and books are relevant in this case. Magnitudes of the stress levels are notable in the eventual cases such as physical, work-related and emotional symptoms. The labeling and consideration of the above noted symptoms validate the noting of the range of the symptoms considerable. Ritualistically, numerous or more than one symptom is notably acknowledgeable before a nurse is considered to have a compassion fatigue. Teaching session takes into account the effectiveness desirable for eventual success measuring of the teaching plan. In the process, the teacher is expected to be realistic since he or she is considered the best judge of his or her activities in the entire process. Noting of the expected is definitely insurmountable in the process. With tasks on how to derive and portray the impacts of the plan critical measures on indicating how the measures cropped up is highly relevant in assuming the eventual results of the model (Blais & Hayes, 2011). With the application of the phone, post test and surveys, extensive data is well achieved in realization of each objective

Applied Macroeconomics Essay Example | Topics and Well Written Essays - 750 words

Applied Macroeconomics - Essay Example iii. The decline in the personal savings rate of Americans will result in the shift of the IS Curve to the right. iv. A drop in business confidence following the collapse of the stock market will shift the IS Curve to the left. 4. A change in which of the following would cause the LM curve to shift To rotate, To both shift and rotate Which of these do not affect the slope or position of the LM curve i. nominal money supply (Ms) affects the position of the LM curve. The increase in the nominal money supply would cause the LM curve to move to the right. ii. the responsiveness of the demand for money to the interest rate influences the slope of the LM curve. The more responsive the demand fore money with regard to the interest rates level is, the less steep the slope of the LM curve will be. iii. the responsiveness of the demand for money to income also influences the slope of the curve. The more responsive the demand fore money to the income level is, the steeper the LM curve will be. iv. business and consumer confidence level changes have influence on the slope of the LM curve and, therefore, would cause the LM curve to rotate. v. interest rate (r) does not affect the position or slope of the LM curve. The change in interest results in change in quantity of real balances demanded and results in movement along the LM curve. vi. price level (P) influences real money demand and, as a result shift the LM curve. If the price level increases, the real demand for money decreases and the LM curve shifts to the left. 5. Explain the concept of "crowding-out". Under what circumstances could government spending be "crowded-out" Do you think this is likely to be the case "Crowding-out" takes place when expansionary fiscal policy leads to the...Increase in government spending, income tax cut or an investment subsidy will raise the interest rate if the quantity of money is unchanged. The IS Curve has negative slope because a higher level of the interest rate (vertical axis) reduces investment spending, thereby reducing aggregate demand and thus the equilibrium level of income (horizontal axis). The steepness of the curve's negative slope depends on how sensitive investment spending is to changes in the interest rate and also on the multiplier. The movement along the IS Curve occurs with the changes in the level of the interest rate and corresponding change in the level of income. If interest rate increases, the equilibrium level of income decreases, and vice versa. ii. the responsiveness of the demand for money to the interest rate influences the slope of the LM curve. The more responsive the demand fore money with regard to the interest rates level is, the less steep the slope of the LM curve will be. "Crowding-out" takes place when expansionary fiscal policy leads to the increase in the interest rates level and, thus, reduces private spending, in particular investment. This way increase in government spending "crowds-out" investment spending. Full "crowding-out" can occur under the condition of a vertical LM schedule when the fisc

The Hot Zone by Richard Preston Essay Example for Free

The Hot Zone by Richard Preston Essay A proficient U S journalist and author of the 1994 bestseller The Hot Zone, A Terrifying True Story, Richard Preston’s creative capabilities revolve around alarming disease epidemics and bio- terrorism. The research by Preston for his 1992 New Yorker article, â€Å"Crisis in the Hot Zone† forms the basis of this non-fiction bio-thriller. The Hot Zone delineates a dramatic, chilling and realistic tale of an Ebola virus outbreak, which occurs in a monkey storage warehouse in a suburban Washington D. C. laboratory in 1989. In this laboratory, monkeys being used in scientific experiments quickly sicken and die due to a filovirus. It tells about an explosive chain of lethal transmissions begins far from Washington, D.C. laboratory and allows the lab to become a ‘hot zone’. Preston goes on meticulously about how these viruses work and the symptoms that appear in human beings. He traces the history of these viruses from their discovery and examines their first known index cases in detail. He also delves deeply into tales of previous lethal outbreaks in Africa out of these filoviruses. The Hot Zone employs a four fold structure. The first section of this non- fiction, â€Å"The Shadow of Mount Elgon† acts as the exposition of the story. It zeroes- in on the history of the infective agents and speculation about the origin of AIDS. The reader is introduced to the Marburg Virus, via people who have contracted it. This section narrates the story of Charles Monet who caught Marburg from Kitum Cave in Central Africa. It analyses in detail the progress of the disease, from the initial headache and backache, to the last stage in which Monet’s internal organs bleed out and fail in Nairobi hospital. The second part of the book entitled â€Å"The Monkey House† portrays the discovery of Ebola Reston Virus among imported monkeys in Reston, Virginia. This also includes tidbits on what steps have been taken to decontaminate the infected beings. The third section, â€Å"Smashdown† serves as the climax of the story. Here, the major characters like Major Nancy Jaax, Colonel Jerry Jaax, Dan Dalgard, Gene Johnson, and Colonel C J Peters etc must encounter the virus face- to-face in the monkey house. Some hair- raising events are there during the destruction of animals, like an escape of one monkey and failures in the protective suits worn by personnel. The fourth section, entitled â€Å"Kitum Cave†, signals the denouement of the story. Here Preston reflects on the origin and spread of AIDS. The Hot Zone highlights the impact of lethal viruses on human and animal population. The stars of the hot zone are these two viruses, Marburg and Ebola. These are considered to be ancient and their potential to eradicate huge masses is really high, as more and more humans encroach on the rain forest. There are well- establish cases in which Ebola and Marburg have been transmitted from captive monkeys to humans. Preston points out in The Hot Zone that these viruses have ‘jumped species’ from monkeys to humans at the time human activity is upsetting the habitat and survival of her primates. His first case history of Charles Monet exemplifies this. Charles Monet, a French expatriate working in a sugar plantation in Kenya, becomes mysteriously ill after visiting Kitum Cave. He experiences head aches and back aches for several days before spiking a fever and vomits huge amounts of blood with black specks. Finally the virus, Marburg completely devours him. In 1989, Ebola traveled to Reston, Virginia in a shipment of a hundred crab eating monkeys from the Philippines, imported by Hazleton Research products for medical and pharmaceutical research. The final irony is that one version of Ebola turned out not to be toxic in humans. The author also creates an effectual atmosphere of fear by showing that doctors, who are almost always viewed as being heroic, can so easily contract this virus. The Hot Zone is a Jurassic park with germs, not of dinosaurs. Here Preston constantly reminds of how tiny and how hazardous a virus is. The impact of Ebola or Marburg could destroy the entire planet if it got a grip. Within 24 hours, a virus could make its way out of Africa on a plane and into such places like London, Paris, or New York and then spread out to the rest of the world. The tiny HIV virus has already spread destruction throughout the human population of the globe, and this is a point the author drives home again and again. A very minute amount of contaminated blood is enough to infect a human with the Ebola virus, so those working in the Hot Zone must constantly be careful for the smallest little tear that might allow it into their space suits. Preston makes an effort to draw attention to the AIDS epidemic in this bio –thriller. The HIV virus was in reality just making its way into the human population about the time that Charles Monet contracted Marburg. It appears that the origins of Marburg and HIV are almost similar. Both seem to have originated in African monkeys, and they undergo genetic change and ‘jump’ into human beings. C.J. Peters spends some time comparing AIDS and Ebola, as well. In the last section of the novel, the author explains the idea that as humans capture and destroy more and more of the rain forests, they may discharge many more unidentified viruses. It is as if the viruses act as the forests immune system, which is truly ironic since HIV and AIDS destroy the human immune system. In the book, Preston emphasizes the potential of such a little beasts, that are only microns in size, to wipe out the human population of the planet. In fact, the strength and appeal of this book come from the fear evoked in the reader. The gruesome, horrific deaths of Charles Monet, Nurse Mayinga, and Peter Cardinal set the reader in tension and dread of what will happen if the virus at Reston jumps into the human population. The majority of The Hot Zone is written from the third-person omniscient point of view. The author is not simply composing characters thoughts and emotions. This book recounts a true story, and Richard Preston interviewed many people to learn directly from those involved. Therefore, the reason the author is able to be omniscient is because he has taken great pains to be accurate in his telling of the tale. If he describes someones internal reaction to an event, he is relating what that person told him. He is also careful to give credibility to everyones viewpoints in the cases where people have conflicting recollections of a sequence of events. There are a few places in which the point of view switches to first person. This is a result of the authors reporting on his interviews with the various people engaged in the crisis at Reston, as well as those involved in earlier Ebola outbreaks. This serves to remind the reader that the story is not a piece of fiction, and it also allows the author to tell portions of the story in the participants own words. There are multiple settings in the book because it spans a long period of time (1980 to 1993) and follows viruses all over the world. Much of the African portion of the story takes place in Kenya and Sudan, and the real centerpiece is Kitum Cave in Western Kenya. The story starts and ends there though under very different circumstances. On the international level, there are also references to the Marburg virus stint in Germany, and a monkey farm in the Philippines. Aside from these brief mentions, the true settings of the story are Africa and the United States. The fact that the potential Ebola outbreak is happening so near the capital of one of the most powerful nations on earth definitely adds to the tension of the story. The language used in The Hot Zone is very explanatory. The novel could easily have been a litany of medical terms and acronyms. It is a factual story involving science, medicine, government, and military. The author is concerned with drawing the reader into the story. He wants to generate such a vivid picture that it is sporadically quite upsetting. Richard Prestons capacity to write literature is also obvious. His use of imagery is very successful. By the time there is an outbreak in the monkey house, the reader has been thoroughly apprised of the terribly agonizing, fierce death that awaits anyone infected by the virus. Throughout the entire story, Preston amalgamates scientific perception with fictional writing. Works Cited Preston, Richard. The Hot Zone. New York: Anchor, 1995. Litsum.com Hot Zone Stuff. 2007. http://acaclassof2010studyguides.blogspot.com  Ã‚  Ã‚     Ã‚  Ã‚  \2007\09\litsumcom-hot-zone-stuff.html

My Greatest Acheivements Essay Example for Free

My Greatest Acheivements Essay When I got the call from the volunteer services office a few days after my interview saying I had been chosen as a volunteer, I was ecstatic. Getting the opportunity to volunteer in a hospital and directly aid doctors and nurses over an entire summer was an honor and I learned many things about a doctor and nurses job from it. My second greatest achievement is starting a book blog, Hidden Gems to help self-published authors market their books. I started my blog Hidden Gems in August 2012, with the hope of reviewing books for self published authors and getting word out about their books. Shortly after setting up my blog and spreading news about the self-published books I got 1000 views in one month. With the high growth of viewers and followers on my blog, I got emails from authors from Australia and publishing houses to review their books. I still try to help self-published authors out and review their books and advertise for them because many of them try to make a living off their books. Helping these published authors is one of my greatest achievements and through this blog I’ve been able to meet other book fanatics like me and hold proper discussions about each book we read. I will continue to write on this blog as long as I can and help these self published authors. written by kchandwani21

Investment Appraisal Process: Objective, Inputs And Process

Investment Appraisal Process: Objective, Inputs And Process Introduction Decisions related to investments are one of the most important and vital decisions for any organization. Making investments is the only way to increase, and maximize return on the shareholders wealth. However, taking the right investment decisions is the biggest challenge that management faces. Investment decisions are always characterized by risk and uncertainty. According to Lumby (2004) investment decision defined in simple terms, is one in which organizations make an initial cash outlay, with the aim of receiving, in return, the future cash inflows. Investments can be analyzed from several perspectives, like its suitability according to the companys objective, social cause, environmental concern etc. Yet, for the purpose of investment appraisal, it is analyzed from the point of view of cash flow only. Thus, the basic aim of investment appraisal is to check whether the initial outlay would result in enough future cash inflows, to be considered worthwhile. In order to achieve this objective, companies require certain inputs. These inputs are put through the process of investment appraisal, to reach the final outcome. Inputs Required For Investment Appraisal Investment appraisal in broad terms requires only two inputs – the estimated cash flows, and discount rate. The estimated cash flows includes all the cash outflows starting from the initial stage till much later, and inflows taking place during the lifetime of the project. This gives the final figure, which is positive or negative cash flows i.e. either inflows are more than outflows which is the acceptable case, or outflows are more than inflows which obviously leads to rejection of that project. Calculation of these cash flow figures, involves the treatment of a number of items. Cash Flows And Time Value Of Money For the investment appraisal process as discussed earlier, cash flow estimates are the primary input. Initial outlay is easy to estimate as compared to future cash inflows, and even outflows. This is because current requirements for any project, would be ascertained according to which the required finance, can be obtained. Whereas, in the case of future estimates, all the figures are estimated on the basis of some premise, which is always prone to uncertainty. Once these estimated figures are available, companies calculate these future cash flows, in terms of todays value. This is known as the time value of money, according to which, a pound today is not equivalent to a pound tomorrow. According to the time value of money, the investor needs to be compensated for certain factors. Firstly, the investment made has delayed the current consumption of the investor. Current consumption is preferred over future consumption for which, the investor needs to be compensated. This compensation i s the interest that is expected on the money invested, for that period. The second factor is inflation, the current inflation rate in UK, is 1.8% (for the month of July Bloomberg.com) Thus, what can be bought for one pound today, will be available for 1.018 GBP, the next year. Thus, future estimates must be converted in terms of present value, so as to find out its present worth. In order to compensate the investor for these two factors, the rate of return offered, is called the risk free rate. This is equivalent to the rate offered by reputed government bonds, or bills. Other Inputs There are some other factors which are required to be considered for the calculation of cash flows. The first is depreciation, which does not form a part of cash flows. For the purpose of calculating true cash flows, the precise time when the cash flow has occurred, is needed. However, depreciation does not involve any cash transaction. So, this is not included while calculating the cash flow. The second is working capital. According to Arnold (2008) besides the large and obvious depreciable assets, investment is also made in working capital. It includes the items like cash, debtors, stock which are part of companys assets and creditors which is the part of companys liabilities. Another important factor is interest. Treatment for interest is again, not straight forward. Interest can be viewed from two aspects. Firstly, if the company is employing its own funds. In that case it is losing the interest which it would have earned, by depositing money in the bank. This does not require an y treatment here, because this has been considered as the opportunity cost, and treated accordingly. Secondly, if the organization has borrowed funds from the financial market, then the interest is paid on it, which is a cash expense, and must be included in cash flow calculation. Yet, what is seen in most of the cases is that, organizations use combination of both debt and equity. Now, the same item i.e. interest cannot be treated in two separate ways. As a result, it is considered as an opportunity cost. Besides interest on capital, opportunity cost also includes a number of factors, like a building used in any project, would have earned rent otherwise, which is also the opportunity cost of the project. Other similar factors could be machinery, human resources, and other assets. The last factor is the taxation which also reduces the cash flow, by the amount of tax paid. In this case the notable factor is that debt capital gets the tax shield. However tax is to be paid on equity ca pital, making it costlier. Once all the inputs are gathered there are number of techniques available to evaluate the investment, in order to find out whether it would be profitable or not. Discount Rate Once the cash flow figures are derived for the entire period of the project, there are several methods using which we can perform the task of investment appraisal. There are some methods in which there is no allowance for the time value of money, like payback method, and accounting rate of return (ARR). In such methods, the discount rate is not required. However the more sophisticated and widely used methods use the discounted rate of cash flows like net present value (NPV), and internal rate of return (IRR). What is the discount rate and its components is discussed below. Definition The rate of return used for the purpose of finding the present value of future cash flows, is the discount rate. This rate includes the time value of money. Thus, as discussed above it is the risk free rate, plus risk premium. Risk premium depends upon the risk involved, in any particular project. Risk Free Rate Risk free rate includes the expected inflation rate, and the interest on capital which is treated as the opportunity cost of capital. As Arnold (2008) has mentioned â€Å"The risk free rate (RFR), forms the bedrock for the time value of money. Calculations such as the pure time value, and the expected inflation rate, affect all investments equally†. Risk Premium The discount rate is not the risk free rate. Rather, it is always more that that. The rate which is above the risk free rate is risk premium. Risk is the probability of not receiving the estimated return, owing to the uncertainty in any business. Higher the risk, higher is the return expected, and vice versa. However calculation of risk in itself is a difficult task. There are numerous methodologies available, for evaluating risk. The most famous among these are, sensitivity analysis, scenario analysis, and probability analysis. After getting the cash flows and discount rate, the next step is to evaluate the project. This is to determine whether the project is worth undertaking, or not. For this purpose, there are various methods. Some of the most popular ones, used across the globe, are discussed here. Investment Appraisal Techniques Payback Method This method is used to find out the period in which the future cash inflows would be sufficient, to cover the initial investment. Once this figure is obtained, it is then compared with any arbitrarily chosen time period, set as a threshold by the company. If the payback period is shorter or equal to this chosen time period, then the investment is acceptable else it is rejected. Accounting Rate Of Return It is more popularly known as return on capital employed (ROCE), or return on investment (ROI). The ARR is a ratio of the accounting profit to the investment, in the projects. It is notable that here, accounting profit is used, and not the final cash flow figure. Net Present Value This method uses the discounted cash flows. In this, the present value of outflows is subtracted from the present value of inflows. If the result, known as NPV, comes out to be positive or zero the project is accepted else not. Internal Rate Of Return This method also takes into account, the time value of money. This is used to find out the rate of return, at which net present value of an investment is zero. If this rate is higher or equal than the discount rate, then the project is acceptable else it is rejected. Issues To Be Addressed Research Question How an investment appraisal technique helps companies move in the right direction, regarding investment decisions? Other related questions are: What are the pre-requisites for this? What are the methods applied? What are the challenges faced by an organization? Why The Question Is Important? This holds a lot of importance for the organizations since the sizeable investments made by the companies, have long term consequences. The companys strategic position too, is determined by such large investments made in terms of tangible or intangible assets. It impacts the future cash flows. Thus, in order to ensure that every thing moves efficiently in future with any investment made by the company today, investment appraisal is not only necessary, but also inevitable. Research Objective The main objective of this research is to find out if there is any gap between the theoretical concepts studied and analyzed, and its implementation. In practice, matters are always little different, than what it is taught academically, or found in literature on any subject. However, to what extent there is a level of variance in case of investment appraisal, between theory and practice, is attempted to be determined, in this research. The previous research on investment appraisal discussed in broad terms, about changes in methodologies with time; factors to be considered for appropriate calculation of cash flows; and components of discount rate. Yet, none of these studies have shed much light on its practical application, which is empirically investigated, in this research. In particular, three divisions of investment appraisal – objective, inputs and process, is examined. Introduction In this section research work already done on investment appraisal process and its various other aspects have been studied. It will also reveal some elements which are quite important but still not treated appropriately to achieve effective and unambiguous evaluation of capital investments like inflation and taxation. Companies have limited resources. In order to achieve the best utilization and maximum output from these resources companies require a mechanism to decide or analyze which investments are worth taking and which are not. It is a multifaceted and analytical process and many prior studies on this practice exist. A number of surveys scrutinizing the investment appraisal process have been conducted from time to time. These surveys shed light on the changes in the use of methodologies and other practices, which formed an integral part of investment appraisal. A review of the existing literature reveals that, there have been continuous changes in the techniques used for investment appraisal. Different models and methods have been developed for investment appraisal and risk analysis. Over the period of time these developments have been incorporated into corporate practice. What does this investment appraisal process involve as found in literature analyzed and secondary sources providing quantitative data regarding the same is discussed below. Estimation Of Future Cash Flow Investment appraisal requires detailed cash flow forecasts as inputs for sophisticated evaluation methods which have been discussed above. For an investment decision to be considered as successful, it must add value to the firm. Such a project would surely increase the cash flows of the firm, but how much? At this juncture, the firm confronts the problem of estimating the future cash flow, investment outlay and cash inflows emanating from any new project, and finding out whether it adds value to the firm or not. Considering the case of Alaska pipeline project setup by many oil majors, initially its cost was estimated to be $700 million. The final cost, however, came out to be $7 billion. This shows estimation of project cash flows is one of the most important and critical parts of investment appraisal, because in case these estimates turn out to be unreliable or biased, the project would lead to poor business decisions. There are many variables involved and numerous people participat e in this exercise. Capital outlays are estimated by engineering and product development departments; revenue projections are delivered by the marketing department; and operating costs is aggregate of estimates given by number of departments like production people, cost accountants, purchase managers, personnel executives, tax experts and others (Chandra, 2008: 304). To estimate the possible future values, past events are generally used in order to estimate what possibly could be the future outcome or results for the same, or similar kind of event. Earlier, the most conventional method was to find out the best estimate from the information available. This estimate is generally the single value derived, using the mode or average, or a similar likely outcome. However, evaluations based on the single value estimates, show that the estimated value is certain, with no possible margin of error or variance. As a result, instead of using a single value as the best estimate, a new methodology of using a range of outcomes, is used. These outcomes are based on the probabilities of occurrence or non occurrence of events, which affect the cash flows (Dayananda, 36: 2002). Stages In Cash Flow Estimation According to Dayananda (2002) cash flow estimation comprises of four stages: Forecasting the initial capital outlays and operating cash inflows and outflows. Tax factor, which is an important element to be adjusted against these cash flows. There are certain other variables apart from tax like inflation, opportunity cost and depreciation etc. which need to be checked in order to find out its impact on cash flows. Allocating any further resources in order to improve the accuracy and reliability of the variables which have greatest influence on cash flow estimate. This entire process requires close monitoring and early intervention, when required. Monitoring is required at all stages from data acquisition process to projects implementation (Dayananda, 2002: 37 39 – capital budgeting: financial appraisal of investment projects). Estimating Incremental Cash Flows For Investment Apraisal The fundamental principle for the inclusion of cash flows for the purpose of investment appraisal is to include only the incremental cash flows. This refers to the cash flow incepted after the implementation of the project. The time when the investment is made, is considered as time 0, and the cash flows generated after time 0 constitutes a part of the incremental cash flow. For ascertaining the firms incremental cash flow, it is required to identify the cash flow of the firm in two situations i.e. with the project and without the project. The difference between the two gives the incremental cash flows. In estimating incremental cash flow all incidental effects are also considered. Incidental effects lead to an enhancement in the value of some existing activities, such as a rise in the demand of an existing product. However, incidental effects may also turn out to be negative like product cannibalization i.e. with the introduction of a new product, the sale of some existing products may decline (Arnold, 2008: 99-100; Chandra, 2008: 307-308). Opportunity Costs And Sunk Costs There are also certain aspects which are not apparently detected and need to be treated in the valuation of cost of capital. Opportunity costs and sunk costs are the two types of costs which fall under this category. Opportunity cost is the revenue lost by using the resources forming part of the project, under consideration. These resources might be rented out or sold, or used elsewhere. The sunk cost is the cost which the firm has already incurred, and has no effect on present or future decisions. It is the previous cost which was incurred in the past, and is irrecoverable irrespective of the fact, whether the company accepts the project or not. Furthermore, Rustagi (2005) classified the cash flows associated with a project as original or initial cash outflow, subsequent cash inflows and outflows, and terminal cash flow. Initial Cash Outflows, Subsequent Cash Flows, And Terminal Cash Flows Original or initial cash outflow is the initial investment, occurring at the beginning of the project. This is required to get the project operational. Since the investment cost occurs in the beginning of the project, it is easy to identify the initial cash outflow. It includes the acquisition of assets like machinery, building, technology etc. Along with the cost of assets, other incidental costs must also be considered, like the cost of transportation and installation. Sunk costs and opportunity costs as discussed above are also a part of this. Subsequent cash inflows and outflows are generated after the initial outlay of capital. The investment is expected to generate a series of cash inflows, through the project that has been initiated. These inflows may be the same every year or may vary from one year to another throughout the lifespan of the project. In addition to inflows, capital budgeting decisions also consider the subsequent outflows, that might be required for periodic repairs or maintenance. The third classification is the terminal cash inflows. These are the cash inflows in the last year. Firstly, this would include the scrap value, or the salvage value of the project, which is realizable at the end of the economic life. The second, is the working capital which gets released at the completion of the project. This is again, made available to the firm. Estimation of cash flows as a measure of the cost and benefits of any project, includes these three forms of cash flows, and forms the part of any good technique to evaluate a proposal (Rustagi, 2005: 486 489). In addition to all these factors, cash flows also get affected by the factors which are unlikely to be precisely forecasted, and keeps changing with time, like inflation and taxes. Treatment Of Inflation Inflation has a direct impact on the final outcome of investment appraisals. It affects both the future cash flows, and cost of capital. If inflation is not properly adjusted, the future cash flows are increased, over and above, what they would be. For the adjustment of inflation, cash flows have to be either presented in the real terms or money (nominal) terms. Adjustment Of Future Cash Flows In Real And Money Terms In real terms, future cash flows are adjusted in terms of todays current purchasing power, and in money terms cash flow is adjusted, according to the purchasing power, at the time they occur. For applying the correct treatment, companies are required to discount the real cash flows at the real discount rate, and nominal cash flows at nominal discount rates (Drayery and Tayles, 1997). As per Carsberg and Hope (1976) in Arnold and Hatzopoulos (2000) the companies earlier, adjusted for inflation in a rather inappropriate manner. Companies have been either estimating the future cash flows in nominal terms. For the purpose of discounting, they have used real rate of return. Or, they have been estimating the future cash flows in real price terms, but discounted at the money discount rate. There is a significant change in this practice from the last two decades (Arnold and Hatzopoulos, 2000: 12). However in contrast to this, according to the data collected by Drayery and Tayles, 1997 There are still a majority of firms, treating the problem of inflation, incorrectly. The survey was conducted on 195 firms in UK,out of which only 53 or 27% are doing the correct treatment of inflation, with regard to future cash flows (Data attached in appendix 1). Common Mistakes In The Adjustment Of Inflation Thus, we can see that the adjustment for the treatment of inflation, regarding future cash flows and relative discount rates, is not a very uncommon mistake. The most common mistake is using the money discount rate of return for discounting the cash flow estimates, available in terms of real prices. This leads to the undervaluation of NPV, leading to the rejection of the project in some cases, which are worth undertaking, yet, are not. In case of the converse scenario, the result would be overvaluation of the NPV, leading to the failure of projects in the long run. Long term projects, are more prone to this kind of mismatch, because with a longer time period, the variation in cash flows, due to non inclusion of inflation, gets compounded. The cash flows accrued after many years, are valued in current terms, and that turns out to be highly distorted. In case of short term projects, even if inflation has not been included, the distortion in the values of future cash flows, is not very high (Drayery and Tayles, 1997: 3). Treatment Of Taxes Taxes have a direct and considerable impact, on the project viability. For a complete project appraisal, it is important to consider the complete taxation implications, over the cash flows. It is vital for the purpose of investment appraisal, to consider the cash flows after paying taxes, since only these are available to shareholders. There are many important aspects to be considered, regarding taxation. According to Arnold (2008) if the tax liabilities of the firm gets increased due to the project, then the increased tax effects must be incorporated in the analysis, to reach the actual cash flow figure. Secondly, taxes are not generally paid in the same year in which they occur. Companies pay a part of the current years taxes and part of the accrued taxes, which must be considered accordingly. The time factor must be correctly accounted for, while analyzing the cash outflow of taxes. According to Rohrich (2007), due to the investment, tax would arise and NPV must be calculated only after taxation. The implications of taxation would affect the NPV considerably. Firstly with taxes, cash flow will decline and so will the NPV calculated out of that cash flow. Secondly, the capital structure of the project also results in the decline in discount rate, with an increase in gearing ratio. Since the interest on debt is tax deductible, it reduces the cost of capital, and thus leads to fall in the discount rate. Besides these Lumby (1988) has also thrown light on one more important aspect. This is the system of writing down balances, which also provides tax relief on capital expenditure. Thus, the net effect of the taxation could be seen as a decline in NPV, due to a decrease in cash flows, on one hand. On the other hand there was an increase in NPV, due to a decrease in discount rates. Cost Of Capital â€Å"The cost of capital is the rate of return that a company has to offer finance providers to induce them to buy and hold a financial security. This rate is determined by the returns offered on alternative securities with the same risk† (Arnold, 2008: 717). The definition given shows that the rate of return on the capital, is what determines its cost. This rate of return is the discount rate used by the companies. If it is evaluated higher than what actually it should be, then it constrains the investments. Like Arnold (2008) has quoted Michael Haseltine, one time President of the Board of Trade â€Å"Businesses are not investing enough because of their excessive expectations of investment returns† (Arnold, 2008: 717). High Rate Of Return According to Ashford et al. (1988) companies use considerably high discount rate than required, as per the opportunity cost of capital. The reason for this, is the risk premium which companies apply, especially in case of investments made in the projects using new technology. Such projects are considered to be more uncertain, so the discount rate is higher than in other investments (Ashford et al., 1988: 2). Arnold and Hatzopoulos (2000) have quoted Antle and Appen (1985) and Antle and Fellingham (1990) that managers in order to keep a strict control over corporate resources and to reduce the tendency to over invest, keep high discount rates (Arnold and Hatzopoulos, 2000). Similarly according to Dimson and Marsh (1994) in Drury and Tayles (1996) firms in UK use excessively high discount rates, which in turn, have led to the under-investment in UK firms. In USA too, firms use hurdle rates for project evaluation, which are higher than their estimated cost of capital (Drury and Tayles, 1996: 12). Wacc In order to attract investors, companies have to provide returns, higher than the opportunity cost of capital. Companies use a standard means to express their cost of capital, using weighted average cost of capital (WACC). According to Bruner et al (1998) WACC is the method used by most of the companies, advisors and even textbooks, as a method to derive the discount rate used as the cost of capital. Bierman (1993) conducted survey in which 74 Fortune 100 companies participated. The results obtained showed that all the companies use some form of discounting in their capital budgeting, and 93% use a weighted-average cost of capital (Bruner et al, 1998: 2-3). Arnold and Hatzopoulos (2000) presented information given by Westwick and Shohet (1976) stating that companys bank overdraft rate was the most popular method among UK companies for selecting the rate of return to be used for evaluating capital investment. At the same time WACC was in practice by less than 10% of firms. However, th is trend changed substantially over the period of time and according to the data collected by Arnold and Hatzopoulos (2000) more than half of the firms use WACC to calculate the cost of capital (results attached in appendix 2). In addition to this, it is also notable that still significant minority firms use interest rate payable on debt as a measuring tool to calculate the cost of capital (Arnold and Hatzopoulos, 2000: 17). For calculating the WACC a company needs to acquire information about the cost of various sources of capital and their proportions in the capital structure. Considering that we have two sources of finances i.e. equity and debt, here cost of capital is determined by the formula: WACC = KEWE + KDWD Here, KE = cost of equity KD = cost of debt WE = proportion of equity finance to total finance WD = proportion of debt finance to total finance Cost Of Debt Debt entails to more or less fixed payments, so estimating the cost of debt is relatively easy. Arnold (2008) has covered three factors which determine the cost of debt, these are: 1. Existing rate of interest on debt capital. 2. The risk of default by the debtor and recovery rate or chances in case of default. 3. Benefit derived from debt capital due to the tax shield. Cost Of Equity While the estimation of cost of debt is easy, the cost of equity is rather difficult to estimate. This is due to the fact that companies do not have any commitment towards the shareholders to pay dividends. However, companies have been reaching some reasonably good estimates of the cost of equity using some prevalent methodologies like Capital asset pricing model. Although, some firms mention other models as well like arbitrage pricing theory but these are in small proportion. Another model which was most influential in 1960s was Gordon growth model. However, there was a problem of obtaining a reliable estimate of future growth rate of dividends in this model. This was obtained objectively using past data which was not considered to be a trustworthy estimate (Arnold, 2008: 726). According to Bruner et al. CAPM is the most popularly used model for estimating the cost of equity. In a wide survey conducted by Trahan and Gitman (1995) of 84 fortune 500 large firms and best small Forbes 200 companies it was found that 30% of respondents use the capital asset pricing model. Similarly, in a survey conducted in Australia, CAPM is the most commonly used method in estimating the cost of equity, with 72% of the companies under survey, using this model (Truong et al., 2006: 3). In contrast to this Arnold and Hatzopoulos (2000) has mentioned views from several sources stating that According to Bruner et al there are theoretical, practical and empirical doubts cast on the most heavily promoted method of calculating the equity component of WACC, that is, the CAPM (Lewellen, 1977; Mullins, 1982; Lowenstein, 1989; Tomkins, 1991; Fama and French, 1992; Rosenberg and Rudd, 1992; Mills et al., 1992; Strong and Xu, 1997; and Adedeji, 1997). The difficulty faced under this model is to determine a particular divisional beta and cost of capital. This problem has been discussed in quite an elaborate manner by Bruner et al. using different beta rates and expected market return. The result produced shows substantial variation in the cost of equity and in turn had a great variation on cost of capital (result attached in appendix 3). To conclude, what can be seen is the result drawn out of study on the corporate cost of capital and the return on corporate investment. This shows average corporate investment produced returns that exceed the cost of capital. This is analyzed for the period of 1950-96, the real cost of capital for non-financial firms is high, 5.95 percent. The real return on cost is higher, 7.38 percent as a result on average investment seems to be profitable (Fama and French, 1999). Analysing The Level Of Usage Of Appraisal Techniques Since decades companies have been in continuous search of reliable investment appraisal techniques. These techniques helps to rank the multiple competing projects on the basis of benefits that can be derived out of each one as against the costs incurred over the same. Conventional Methods The first analysis studied here is the survey conducted by Arnold and Hatzopoulos in the year 1997. The survey examines the level of usage of four main conventional appraisal techniques – payback method, accounting rate of return (ARR), internal rate of return (IRR) and net present value (NPV). 300 companies are surveyed which are ranked in the Times 1000 companies according to capital employed (results attached in appendix 4). This survey is also compared with two previous surveys one is by Pike covering the period from 1975 to 1992; and Alkaraan and Northcott for the year 2002. These are chosen for comparison because of similar characteristics in all the three surveys. According to the results, it is quite clear that payback method has been the most widely used technique till early 1990s as compared to discounted cash flow methods – IRR and NPV. However, thereafter rise in the usage of NPV can be seen and as for now it became the most popular appraisal technique. Yet, this was not at the expense of a decline in the usage of the payback method. Even payb

Modern Changes in International Equity Markets Essay -- essays papers

Modern Changes in International Equity Markets Few things, you might think, are as enduring as a national stock exchange. From pillared entrance to pulsating floor, they display an institutional solidarity that can surely defy forces for change. And yet most of the world’s bourses are now in turmoil, as they scrabble to be seen making alliances or mergers, to fend off electronic competitors, or simply to survive. Even New York, the biggest of the lot, is worried: while London, the biggest in Europe, seems to lurch from one misstep to another. (The Economist, 17th June 2000). These missteps have come about from a number of structural changes that have, and are still occurring within national, and global economic environments. A major change is with mergers of many equity and derivative markets, Switzerland 1993, Germany 1994, Netherlands, Finland, France and Austria in 1997. (Bank Of England, 1999). This and other changes such as cross member ship agreements and new parallel links between exchanges, have, and still ar e creating and manipulating the international markets. The essay will then explain why these changes have occurred, looking in depth at technology advances, technology and scale of economies, technology and competition, cross border investment, globalisation and new role taken by finical intermediaries, providing specific examples of these changes seen with current examples. The essay will conclude with a brief summary of what the larger markets are doing to combat this changes. There have been two major structural changes in markets over the past decades. The first of which is the mergers between equity and derivative exchanges within countries and secondly the new types of links, created by technological advances between exchanges. Firstly mergers between equity and derivative markets like the aforementioned Swiss, German, French, Netherlands, Finnish and Austrian markets. It also should be noted other links now exist, or soon will, like the Hong Kong Stock Exchange and the Hong Kong Futures Exchange, and between the Australian Stock Exchange and the Sydney Futures Exchange. Also there are new platforms being formed, especially within Europe, which provide a parallel link between exchanges that list similar products. This is seen with Sweden’s OM/OMLx and Norway’s Oslo Stock exchange developed a shared trading-platform for eq... ...ank of New York, vol 5, July, pp9-28 Chelley-Steely, P. L. (2000). â€Å"Interdependence of international equity market volatility†, Applied Economics, vol. 7, May, pp. 341-346 Clementi, D. (2001). â€Å"Current threats to global financial stability†: a European view’ Bank of England. Quarterly Bulletin, vol. 41, spring, pp.129-176 Kosterlitz, J. (2000). â€Å"Levvitt to markets†: Adapt or suffer’ National Journal, vol 32, February, pp.531-534 Millner, B. (2000). â€Å"NASDAQ north†, Barron’s, vol. 80, July, pp. 25-29 Rafferty, M., (2000). â€Å"Finical Markets in Transition†: Globalisation, Investment and Economic Growth’, Journal of International Business Studies, Vol. 31, First Quarter, pp. 193-197 The Economist. (2000). â€Å"Running into trouble†, 17th June, pp. 87 The Economist. (2000). â€Å"Stock Exchanges†: The battle for efficient markets’. 17th June, pp. 80-82 The Economist. (2000). â€Å"Tomorrow’s Stock markets†, 17th June, pp.17-18 Viney, C. (2000) Financial Institutions, Instruments and Markets, Roseville N.S.W., McGraw-Hill Williamson, C., (1999). â€Å"Structural Changes in exchange†: traded markets’, Bank of England. Quarterly Bulletin. Vol. 39, May, pp. 202-208 Modern Changes in International Equity Markets Essay -- essays papers Modern Changes in International Equity Markets Few things, you might think, are as enduring as a national stock exchange. From pillared entrance to pulsating floor, they display an institutional solidarity that can surely defy forces for change. And yet most of the world’s bourses are now in turmoil, as they scrabble to be seen making alliances or mergers, to fend off electronic competitors, or simply to survive. Even New York, the biggest of the lot, is worried: while London, the biggest in Europe, seems to lurch from one misstep to another. (The Economist, 17th June 2000). These missteps have come about from a number of structural changes that have, and are still occurring within national, and global economic environments. A major change is with mergers of many equity and derivative markets, Switzerland 1993, Germany 1994, Netherlands, Finland, France and Austria in 1997. (Bank Of England, 1999). This and other changes such as cross member ship agreements and new parallel links between exchanges, have, and still ar e creating and manipulating the international markets. The essay will then explain why these changes have occurred, looking in depth at technology advances, technology and scale of economies, technology and competition, cross border investment, globalisation and new role taken by finical intermediaries, providing specific examples of these changes seen with current examples. The essay will conclude with a brief summary of what the larger markets are doing to combat this changes. There have been two major structural changes in markets over the past decades. The first of which is the mergers between equity and derivative exchanges within countries and secondly the new types of links, created by technological advances between exchanges. Firstly mergers between equity and derivative markets like the aforementioned Swiss, German, French, Netherlands, Finnish and Austrian markets. It also should be noted other links now exist, or soon will, like the Hong Kong Stock Exchange and the Hong Kong Futures Exchange, and between the Australian Stock Exchange and the Sydney Futures Exchange. Also there are new platforms being formed, especially within Europe, which provide a parallel link between exchanges that list similar products. This is seen with Sweden’s OM/OMLx and Norway’s Oslo Stock exchange developed a shared trading-platform for eq... ...ank of New York, vol 5, July, pp9-28 Chelley-Steely, P. L. (2000). â€Å"Interdependence of international equity market volatility†, Applied Economics, vol. 7, May, pp. 341-346 Clementi, D. (2001). â€Å"Current threats to global financial stability†: a European view’ Bank of England. Quarterly Bulletin, vol. 41, spring, pp.129-176 Kosterlitz, J. (2000). â€Å"Levvitt to markets†: Adapt or suffer’ National Journal, vol 32, February, pp.531-534 Millner, B. (2000). â€Å"NASDAQ north†, Barron’s, vol. 80, July, pp. 25-29 Rafferty, M., (2000). â€Å"Finical Markets in Transition†: Globalisation, Investment and Economic Growth’, Journal of International Business Studies, Vol. 31, First Quarter, pp. 193-197 The Economist. (2000). â€Å"Running into trouble†, 17th June, pp. 87 The Economist. (2000). â€Å"Stock Exchanges†: The battle for efficient markets’. 17th June, pp. 80-82 The Economist. (2000). â€Å"Tomorrow’s Stock markets†, 17th June, pp.17-18 Viney, C. (2000) Financial Institutions, Instruments and Markets, Roseville N.S.W., McGraw-Hill Williamson, C., (1999). â€Å"Structural Changes in exchange†: traded markets’, Bank of England. Quarterly Bulletin. Vol. 39, May, pp. 202-208

Feminism: Destroying America :: essays research papers

Today’s America is being overrun be people who believe in change, people who think that every individual should be brought up with the exact same conditions, no matter what their physical or psychological differences. People who use term â€Å"politically correct† whenever they perceive an injustice toward someone because of the orthodox way of life in America that has remained constant for decades. Now, these people, these feminists, want to change everything because they think people (more specifically, woman) have been getting the short-end of the stick for years. Now, these feminists are infiltrating our government, corporations and schools, slowly assimilating individuals into their group. The patriarchs of this society (that is those who believe things should stay as they are) are allowing this to happen because of fear of what the feminists might present against them.   Ã‚  Ã‚  Ã‚  Ã‚  Take for example a feminist female, who is climbing up the corporate ladder at a major corporation. She claims that because she is a woman, she is being held up by men in the corporation from advancing, even though they say that she has an equal opportunity to advance in the ranks of that corporation. She accuses the authoritative figures of acting on their sexism (which is by law illegal) and creates a fear factor among those in authority. She then gets promoted because of this fear, even if she does not deserve it. (Fr. Fischer) This creates a multitude of problems. First, the company is shortchanged because of an insufficient and unprepared leader. Second, the people who deserve the positions loose hope, and don’t put forth all their effort. And finally, the subordinates under the poor leader do not perform with the best efficiency. It seems that even if the feminists did not coin the term â€Å"the squeaky wheel gets the oil† they surly live by it. (Captain Richard Leisenring)   Ã‚  Ã‚  Ã‚  Ã‚  The youth of our society is being brainwashed by the feminists. More specifically, boys are being taught to act like girls, learn like girls and play like girls in our schools. This may not be a conscious act of the schools, but the majority of elementary and middle school teachers are females and cannot help teaching female values to our youth. Whether they like it or not, they teach like a woman, and woman teach everything who they seem it to be easiest to understand. (Fr. Fischer) However, it is often not the easiest way for the male â€Å"hard wiring† to understand.

Summary of Rizal The Movie

The film started with a scene showing Rizal writing a letter. The letter contains his thoughts that the Philippines has a serious illness and that it is plagued by the Spanish domination over our country. Crisostomo Ibarra was also introduced in the film, and it is Rizal’s alter ego. Ibarra had been forced to have two personalities because of the worsening problem in our country. Rizal had published books such as the Noli Me Tangere and El Filibusterismo, as his weapons against the dominions of Spain in our country.These novels became an inspiration over the â€Å"KATIPUNAN† or the â€Å"Sons of the People. † The Katipunans tear their ‘cedulas’ that symbolizes to end all of their ties with Spain and unity with revolution. The friars have discovered such revolution; they even interrogated Paciano (Rizal’s older brother) just to gain information about the uprising in the country. The male members of Rizal’s family left their home at Tondo , Manila because they were being hunted by Spanish forces. On November 1896, Rizal has been brought to Fort Santiago in Manila, and he was being interrogated by a colonel of Spain.He refuse to admit that he knows anything about the revolution and the colonel accused him as a traitor, just like Fr. Burgos. Father Burgos has been sentenced to death together with other priests such as Father Gomez and Father Zamora (GOMBURZA). The death of Father Burgos was witnessed by Paciano. Paciano opened Rizal’s eyes to the injustices at that time. Rizal believed that education is important, but what matters most is how you have learned the things in your life. Rizal’s first teacher was his mother and she had inspired him to learn more.Soon, Rizal was sent to Ateneo Municipal in 1872 and University of Santo Thomas in 1878. Her mother taught him the story of the moth; and she told him not to be like the little moth who was fascinated with the fire and it had burned his wings and fall completely into death. Rizal not only wanted to learn everything, but he wanted to see everything. He became a physician, and he cured his mother’s eye illness. He became a novelist and wrote about the current status of the country. He became a good son and good brother in his family.In the film, Rizal’s mother was accused of attempting to poison her sister-in-law and she was imprisoned for almost two years. This is a revenge of the friars to Rizal’s family and to protect Jose Rizal, Paciano advised him not to use ‘Mercado’ anymore, and only ‘Rizal. ’ Rizal was exiled and Signor Luis Taviel de Andrade became his Defense Counsel (the brother of Jose Taviel, Rizal’s former bodyguard). Luis has unleashed the stories behind Rizal’s intent of writing the novels, his life, his relationships, his education, and his beliefs.Luis believed that as a writer, what Rizal did is not art, but propaganda. Rizal defended that what the Fil ipinos really wanted is recognition that Filipinos are equal with Spaniards and peaceful reforms through education and civic development. Rizal went to Europe to study medicine and do whatever is necessary to help liberate the people, as requested by Paciano. He left Leonor (his cousin and his lover) and his family to help his fellow countrymen. Rizal did well in school of medicine and he was inspired by the uprisings in Spain.He talked some of his fellow Filipinos in Spain in how shall they help in changing the system in the Philippines. Rizal’s novels stimulated uprisings in our country and some copies of it were burned by the friars. Innocent people were imprisoned by the government by illegally possessing the books of Rizal. ‘La Solidaridad’ was founded and writings about the system were once again published. Some misunderstanding happened between the members of the organization and Rizal went back to the Philippines to face the Spaniards.In Manila, Rizal fou nded the ‘La Liga Filipina’ in July 1892. It aims to fortify the foundations of man and his family, give importance to education and agriculture for the development of our country. Rizal was exiled at Dapitan and there he met Josephine Bracken. Monsignor Nosaleda is not contended with the exile of Rizal and he wanted him dead. He asked Governor General Blanco to execute Rizal, but refuse to do so. A new governor general, Governor General Polavieja was sent by Spain to grant Monsignor Nosaleda’s wish. The revolution sparked despite Rizal’s disapproval.For him, we are not yet ready and it is not the right time. Rizal however was charged with being the leader of the revolution and he was sentenced to death. Rizal was fired on December 30, 1896 at Bagumbayan, Manila. His family and the Filipino people mourned for his death. Filipinos joined the uprisings and with Rizal’s death, we have achieved independence on June 12, 1896. Rizal died with honor and di gnity for his country and for his fellow countrymen. He had fought for our freedom till his last breath. He had fought for his principles no matter how hard it is.

My Mom Is My Greatest Influence College Essay

I’ve learned through the eyes of my mother that life isn’t easy. My mother has come a long way after losing her mother at a very young age and growing up with her father and grandmother and five siblings, one being a twin. My mom’s dad had to make sacrifices while raising my mom and her siblings; it wasn’t easy growing up without her mother, my mom put herself through college with the help of her dad. My mom has a successful career and is married and is raising a happy family. Initially I thought of a celebrity as a person with the most influence in my life, but as I thought about it, I realized my mother has had the most influence in my life, always smiling, laughing and having fun. When my mother is around it’s always a fun time with her, sometimes I have to say â€Å"ok, mom enough† and we laugh. My mother is always lifting others up and she always has an encouraging word for someone. My mother by far has had the greatest and most lasting impact on me; she is always there for me and has never let me down. My mother is the epitome of what it means to love unconditionally. She loves my siblings and I no matter what we do; she is always there for us and always gives us an encouraging word or quoting a verse from the Bible. My mother is the most caring person that I know, always helping people and praying for those in need. My mother would give her last to someone who needs it, especially if it means making his or her life easier. My mother would go as far as helping out her worst enemy, which I don’t think I could do, when I listen to my mom on the telephone sometimes she always has a positive attitude about everything regardless of what’s going on in her life. She is always willing to volunteer and help the needy. In her limited free time, my mom enjoys running marathons in order to raise money for charities she supports. She raised over $3,000 for the cancer society when she ran her first marathon on behalf of my godmother who has breast cancer. My mom will be running her 8th marathon this year and only God knows whom she will be raising money for. My mom will always try to crack a joke when she knows I’m not having a good day. My mom will tease me until I actually laughed and then she will say, â€Å"at least I made you laugh† and we would both laugh at that time. My mom is a very caring person and she always goes out of her way to make someone else’s day brighter even if she isn’t having a good day. My friends love my mom because she is always laughing and doing whatever she can to help others. A few weeks ago a friend of mine was having some problems at home and she needed a ride to work. My mom picked my friend up everyday from school, then dropped her off at work and then went back and took her home. She told my friend that she was there for her and she wanted her to talk to her parents and tell them how she feels. My mom wasn’t trying to cause any problems between my friend and her parents; she just wanted to help. As usual my mom told my friend she needs to pray and ask God for direction and guidance on how she can talk to her parents. My friends say I am just like my mother, and not to mention, we look just alike. I don’t think that is true, I can be funny like my mom sometimes but my mom is an exceptional lady and I think everyone should be able to look up to her. My mom never gets tired of giving and doing for others, even though her life wasn’t a bed of roses, she never let anything get her down in spite of the trials and tribulations she faced. My mom keeps the faith no matter what and for that one reason; my mother is the greatest influence in my life.

Jainism vs. Sikhism Essay

Read the assigned chapters for the week and complete the following table. Be as specific as possible when identifying practices, beliefs, rituals, and historical elements. Cite sources in APA formatting. Sikhism as a religion believes in the followings: Core Beliefs Jainism Sikhism 1. Every living being has a soul 2. Sikhism believes in One GOD. 3. Every soul is potentially divine, with innate qualities of infinite knowledge, perception, power, and bliss (masked by its karmas). 4. Sikhism believes Guru Granth Sahib as the last and eternal Gurus of Sikhs. 5. Regard every living being as you do yourself, harming no one and being kind to all living beings. Sikhism believes in Karma- the law of cause and effect. 6. Every soul is born as a heavenly being, human, sub-human or hellish being according to its own karmas. 7. Sikhism believes in Reincarnation. 8. Every soul is the architect of its own life, here or hereafter 6. When a soul is freed from karmas, it becomes free and attains divine consciousness, experiencing infinite knowledge, perception, power, and bliss 9. Sikhism believes in Multiple paths to salvation. 10. Sikhism opposes Pilgrimage,rituals practices 11. Sikhism believes in Karma- the law of cause and effect. Respond to the following questions in 150 to 200 words: 1. What do you think is the most important similarity and which is the most important difference? Use specifics to support your answer. Although Sikhism and Jainism are both South Asian religions with high philosophical values, they differ significantly in their age, diet, ways of salvation, and most importantly, their concept of God. Jainism is the oldest known religion in India being most recently traced back to its latest tirthankara or prophet, Mahavira (599 – 527 BCE), whereas Sikhism is the youngest tradition and began in the 15th century in the state, Punjab. Eventhough both religions believe in karma and reincarnation of the soul, Sikhs are not required to be strict vegetarians, highly contrasting to the vegan diet ofthe Janis. A significant difference between these two eastern religions is their belief in how to attain salvation in their lives. Since Janis do not believe in a single God or multiples gods for that matter, they believe their salvation is gained solely through their own personal struggle and victory. Jains do not believe there is heavenly figure guiding them through life, but rather that the universe is a never-ending cycle. This drastically differs fromthe monotheistic beliefs of Sikhism of how there is only one creator and God,mostly referred to as Allah in the Guru Granth Sahib. Sikhs believe they may gain salvation through serving Allah, and eventually becomes one with God.Both religions practice and revere Ahisma (non-violence), however Jains heavily emphasize this lifestyle more than Sikhs do. This can be seen historically when the Sikhs wanted to rise politically, formed a military and beared arms. 2. Consider the following statement: Sallekhana (â€Å"holy death†) violates the Jain principle of ahimsa because it is an act of violence against oneself. Using examples from Ch. 5 of your text, what points might a follower of Jainism make to argue against this statement? non injury extends to thought, word and action. Mahavira taught that all beings desire life. Therefore no one has the right to take away the life of another being. According to Jainism, the killing of animals is a great sin. Jainism goes further and says that there is life in trees, and plants and there is life in air, water, mud, etc., and that all things have the right to exist.(live) References: http://www.sikhismguide.org/ http://www.religioustolerance.org/sikhism2.htm http://sohum-jainism.blogspot.com/2010/10/jainism-core-beliefs.html http://religion.answers.wikia.com/wiki/What_are_the_5_main_beliefs_of_Jainism http://toseventhheaven.blogspot.com/2010/04/17-significant-differences-between.html http://www.answers.com/Q/What_is_the_core_belief_for_Sikhism