Outline Of The Reconstruction During The Civil War

1. Statement of Topic: What topic will you be researching for your final project? African Americans 2. Events Event 1: 1877 to 1945 Event: Reconstruction When: 1870 – 1877 Where: In the United States History, the reconstruction history Period followed the adjustments after the civil war. Who: After the end of the civil war, the south was completely ruined. The physical destruction was enormous. The Old social and economic order that was foundered on slavery collapsed completely. Why: After that period, the 11 Confederate states had to restore their position in the Union, which was provided by the loyal governments. Similarly, their main role was to emancipate the slaves in their Southern society, which had already been defined. How: How is this event historically significant? The Reconstruction period was an important aspect to the African Americans. The Era defined their quest for equal rights before the law for both individuals and the black community as a whole. During this period, more than 2000 Africans were able to secure jobs in public offices. Event 2: 1877 to 1945 Event Harlem Renaissance, When: 1920s, Where: The Harlem Renaissance referred to the flowering of the African- American art and literature during the 1920s. However, it was mainly experienced in the Harlem in New York City. Who: During the Mass migration, the many African Americans moved from the rural agricultural areas, which were to the south to the industrial north. Many of themShow MoreRelatedThe Reconstruction: A Documentary History of the South after the War by James P. Shenton860 Words   |  4 PagesShenton, James P. The Reconstruction: A Documentary History of the South after the War: 1865 1877. New York: Capricorn, 1963. Print. Book Review I read the book The Reconstruction: A Documentary History of the South after the War: 1865-1877 by James P. Shenton. James P. Shenton arrived at the University of Columbia at the age of 21 as a college freshman on the G.I. Bill. He finished his B.A. in three years and continued to finish his M.A. in 1950. In 1954 he finished his Ph. D all his accomplishmentsRead MoreSyria Essay982 Words   |  4 Pagesresearch paper takes stock of its impact and analyzes how Syrias economy and its people have been affected. It also outlines challenges Syria faces in rebuilding its economy. The key messages are; One, that the devastating civil war has set the country back by decades in terms of economic, social, and human development. Syrias GDP is less than half of what it was before the war started and it could take two decades or more for Syrias to return to its GDP levels, and two, while reconstructing damagedRead MoreImpact of the US Civil War1825 Words   |  7 PagesThe Civil War in the Unit ed States was one of the most significant events in the history of the country. This is due not only to the outcome it provided, but more importantly to the actual events that took place during the war, the aspects it dealt with, and the questions it raised concerning humanity, courage, democracy, human rights, slavery, unity and union. Throughout the war, the causes, the tactics, and the context changed. Further, the motivation of the soldiers fighting in both armies changedRead MoreSlavery During The Arab Slave Trade1586 Words   |  7 Pagespropagators of Islam often revealed a cautious attitude toward proselytizing Africans. Still, if an African converted to Islam he was not guaranteed freedom nor did it confer freedom to their children. Only children of slaves or non-Muslim prisoners of war could become slaves, never a freeborn Muslim. African American ancestors were put on plantations for them to be raised and for them to die there and they did not have any power to do anything about it. In 1619, a Dutch ship brought twenty AfricanRead MoreDevelopments in Transportation Bring About Economic and Social Change in the United States in the Period 1820-18601204 Words   |  5 Pagesbe the same today without it. Shriraj Shah AP United States History 3 April 2013 Outline of Prompt Prompt: Evaluate the impact of the Civil War on the political and economic developments in TWO of the regions. 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Teacher Eric Burnett, for example, outlines a long list of catalysts leading up to the Civil War itself but omits the Mexican-American war even though the Civil War catalysts go back through the 1840s all the way back to Eli WhitneyRead MoreEssay about Wars, Guns, and Votes: Democracy in Dangerous Places880 Words   |  4 Pageslargely unsuccessful. In the book Wars, Guns, and Votes: Democracy in Dangerous Places, economist Paul Collier examines how the international community’s obsession with democracy and elections has hindered the developmental process in what he has termed as the bottom billion countries. By employing economic methods of analysis, Collier demonstrates how current international development polices have exacerbated rather than diminished existi ng issues impeding reconstruction efforts in low-income statesRead MoreThe Threat Of The Korean War889 Words   |  4 PagesPrior to the outbreak of the Korean war, US secretary of state Dean Acheson, declared that the US had no interest in Korea as it had no geopolitical significance. Korea having been divided after WWII as a result of Japanese occupation, was occupied in the northern half by Chinese communist forces. Following Acheson s decleration that the US did not posess interest in the Korean pennisnular, the North Korean Communist government in Pyongyang orchestrated an attack on Southen Korea. North Korean forcesRead MoreEssay on One-Party State: Texas vs. Oklahoma754 Words   |  4 PagesDescribe the history of Texas as a one-party state. Texas: For over a 100 years Texas was a one-party state of Democrats (Munisteri). Republicans did not have a chance until Abraham Lincoln who was against slavery and defended the Union during the Civil War. During this time before Republicans took over Texas was free-willed and won majority of seats in the race and had all seats in Legislature. One of the best ways to describe this era was best stated by Author Steven, â€Å"developed a free spirit, aRead MoreThe Genocide Of The Rwandan Genocide1421 Words   |  6 Pages† (Hain 2) The Hutu made up majority of the population and government officials and enforced a government-assisted military force to fatally attack the Tutsis. The genocide lasted one hundred days until a rebel Tutsi groups army Hutu armies in a Civil War. Within ten years of the genocide, Rwanda would make exceptional changes to government that would hold genocide participants accountable, within twenty years of the genocide; the economy has grown about 8% a n annum. In the next fifty years, Rwanda

Strategic Diversity Plan For Public Schools - 2295 Words

Strategic Diversity Plan July 29, 2016 Dear teachers, parents and stakeholders, It is my privilege to share with you Trumann Public Schools strategic diversity plan for 2016-2021. It is the mission of Truman Public Schools to educate all students and to that end we have developed a plan to help reach students that we have not reached as well in the past. It is our intent to develop a school that helps to facilitate a more pluralistic society as well as the academic growth of our students and the growth of the community at large. This plan will be used to aid us in implementing researched based methods to improve student achievement throughout the district. It is also our intent to utilize this plan to foster respect for diversity in religion, ethnic background, culture, gender and all other forms of diversity. The plan outlines five goals that we have found for our school district. These goals show our commitment to provide the highest possible standards of education for all students in our district and to ensure the fair and equitable treatment of all members of our community. We consider understanding individual differences in each student and teacher so that we can adopt the appropriate programs of study for them of the utmost importance. Many hours of intensive effort have gone into the development of this plan, but the work is not finished. The district will continue to monitor and adjust this plan according to the changing needs of our school and community to ensureShow MoreRelatedA Letter From District Administrator1569 Words   |  7 PagesA Letter from District Administrator Greetings Parents, Staff, Students, and Community Members, Hazelwood School District is committed to providing an equitable education to our diverse learners with culturally responsive instruction. Through our commitment, we have formed a Strategic Diversity Planning team that consists of district and school administrators. The team reflected on the district mission, vision, student demographics, and performance data. Our extensive reflection revealed theRead MoreThe Cabot School District Strives to Meet the Educational Needs of Every Student1344 Words   |  6 PagesStrategic Diversity Plan Outline Mission and Overview The Cabot School district is committed to educating all students to be responsible citizens who value learning, treat others with dignity and respect, and successfully adapt to the demands of a rapidly changing society. The Cabot School District strives to meet the needs of â€Å"Every Child, Every Classroom, and Every Day†. The Cabot School District is committed to meeting the needs of all students not only academically but also socially andRead MoreDiversity And Cultural Diversity1198 Words   |  5 Pagestrait. 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SWOT Analysis Strengths: Location Low student to teacher ratio Weaknesses: Crime College Mission/Vision Lack of Diversity Threats: Economy Peer Insitutions Opportunities: Economy External fundraising efforts Strengths: Location Low student to teacher ratio Weaknesses: Crime College Mission/Vision Lack of Diversity Threats: Economy Peer Insitutions Opportunities: Economy External fundraising efforts Strengths: Location The college may beneï ¬ t most fromRead MoreStrategic Plan, Part Ii: Swott Analysis1131 Words   |  5 PagesHeading: Strategic Plan, Part I: Conceptualizing a Business * * * * * * * * * * * * * * * * * * Strategic Plan, Part I: Conceptualizing a Business * * University of Phoenix * * Courtney Authement * * September 20, 2010 * * * * * * * * * * * * * * * * * * * * * * Strategic Plan, PartRead MoreDeveloping Policies Of Trinidad And Tobago1674 Words   |  7 PagesAs I look at the developing policies of Trinidad and Tobago which embraces access to quality education. I found these document which supports our vision, the STRATEGIC PLAN OF THE MINISTRY OF EDUCATION, (MOE), (2002-2006). And MINISTRY OF EDU-CATION, EDUCATION POLICY PAPER (1993 - 2003). In the past Trinidad and Tobago has had equity and equality issues (UNESCO, 2003) these were the developing policy that embraces access to equality education for all. And in these documents the government is focusingRead MoreEmployment And Training : Strategic Plan1469 Words   |  6 Pages Broadmeadows Education, Employment and Training Strategic Plan 2016-2026 Contents Introduction Data collection and analysis 1. Profile of Broadmeadows population 2. Profile of labour market and employment 3. Profile of educational and training institutions Conclusion and issues Vision Objective 1: Objective 2: Objective 3: Objective 4: Community engagement strategy References Introduction According to some existing research on Broadmeadows, there are evident data and reports indicatingRead MoreVista University Strategic Planning For 20251713 Words   |  7 PagesBuena Vista University Strategic Planning for 2025 In this strategic plan, we are looking at today’s situation to help determine the future structure of Buena Vista University at the Council Bluffs location in 2025. The strategic plan consists of a vision and mission statement, SWOT analysis, strategy, and success metrics. Vision Statement â€Å"Our objective is to be in the top 10% of private colleges in financial strength and operational soundness by year 2025.† Mission Statement â€Å"Our purpose is to

Lyrics of Rap Music free essay sample

Rap/Hip-Hop Music and Its effect on Youth Everyday, hundreds-of-thousands of Rap/Help-Hop songs are downloaded and listened to by todays youth (I-Tunes Top Music). For years now, Lyrics to Rap or HIP- Hop Music have been full of Suggestive Ideas and explicit phrases. The ideas and philosophies that Rap music attempts to bestow upon its listeners are seemingly unavoidable. For example, if somebody were to listen to a completely random Rap song written in the last decade, chances are they will be encouraged to take part in drug usage and/or sexual activity throughout those three-to-four minutes that the Eng Is being played (Mathis). Of course, this statement Is seen as common knowledge and Is not noted as much of a problem to the majority of people In society. Any issue as to what sort of effect these negative lyrics have on listeners is often overlooked. However despite this common view on the matter, the effects of Rap music on young people should be taken very seriously. Regulation on the lyrics of Rap/Hip-Hop Music is more than necessary because of the extreme negative effect they have on the young people of today.Before analyzing the actual effects of suggestive Rap and HIP-HIP music or looking t any alternatives to their destructive lyrics, the actual issue itself must be taken into account. This issue is the fact that Rap and Hip-Hop lyrics are not suitable for todays youth. Major studies show that a very high percentage of Rap songs promote negative activity. One of the more frightening realities about Rap music is that eighty- five percent of Rap songs written In 2006 promote violence (Renee). This percentage has Increased over the past few years and will only continue to Increase in the future according to current trends.Another notable piece of data Is that approximately ninety-five percent of the current top one hundred Rap/Hip-Hop albums on I-Tunes contain explicit language and/or phrases promoting drug usage and sexual activity (l- Tunes Top Music). Virtually all of todays youth are exposed to these Rap songs and the majority of the generation listens to the genre daily (Mathis). Rap and Hip-Hop lyrics are far from suitable for young people. Now that the content of Rap and Hip-Hop lyrics have been addressed, a look at the effects of these lyrics Is necessary.Though much of society denies any affiliation with Rap lyrics and youth behavior, young people are heavily influenced by the music they sites to and the Rap artists they ideali ze. Because of the ideas portrayed by many popular Hip-Hop artists, young people constantly walk about dressed as if they are taking part in a twenty-four hour music video. Not only is the appearance of young people heavily Influenced, but the overall behavior Is too. A popular word used In the Rap songs of today Is unfortunately the N word.The N word once degraded the African American Race, however due to modern-day Rap lyrics it is now casually used to greet a peer, and not only by African American young men. Hispanics and Caucasians also commonly greet and refer to each other using the N word. Other popular slang terms used by young men due to Rap lyrics include referring to women as Bitched and Hoes. The Ideas expressed in Rap lyrics teaches youth that its acceptable to have multiple Babies Mommas, hustle, or even kill somebody over a young people, but also the portrayal of the Rap artists themselves. Popular Rappers that youth look up to include self-proclaimed seven-time felon T. L. , Snowman, and Trap or die. The word Snowman refers to Snow, which is a reference to the drug Cocaine. Trap or Die means to Trap: sell drugs and hustle, or die (Mathis). These Rap artists send out a message that our younger generation takes to heart. Rap artists have control of the 12-19 year old crowd more than their parents in the household (Mathis). Their music is popular because it speaks to a generation that can and wants to identify with what the artist is saying.The youth are taking someone elses experiences and making it their own Just for the sake of being cool, being accepted or for the perception of being hard. The days of simply acting tough are gone with the wind. Surprisingly its not Just young men that are influenced by the yards they are listening to, its also heavily impacting young women. As Im growing up, I feel more and more pressured to use sex appeal in my everyday life, and I believe much of that is due to modern-day Rap music, Columbine High School Sophomore Sarah Martyr stated.Those contributing to the negative influence on young girls like Sarah include a female trio of Hip-Hop artists named Train, Eve, and Dad Brat who released an album in 2002 named Scorpion in which they used examples of violence and Sex to obtain wealth and power (Mathis). Whats more is that in the article titled Is There Really an In crease in Teen Prostitution? Written by Jack Shafer, he says that police officials state they have seen a significant increase in teen prostitution over the past few years, though exact numbers are very difficult to come by. Todays Rap/Hip-Hop artists and the lyrics they use are turning a generation of youth more violent, sexually driven, and utterly disrespectful. The fact that Rap/Hip-Hop lyrics have a very negative effect on young people is now established. Its time to look at the suitable alternative. First off, lets observe the genre of Rap; is it the offensive lyrics that make the music desirable to listeners? Or an it possibly be the style/rhythm of Rap and Hip-Hop music that makes the genre so popular?The answer to this question is that the unique style of Rap music has been the main contributor to the genres success. A very popular Rap group, Grits, is widely known for providing the public with clean, positive Rap. Grits hit single Ooh Ah, hit over 500,000 downloads in October of 2010 and has spent many years at the top of the charts when it comes to popular music (Ooh Aha Finds Unparalleled Success). The song was also recently chosen as the theme song for Mats popular show The Buried Life (Ooh Aha Chosen as Theme Song for The Buried Life). Another great Rap artist supporting clean Rap music is Electra. As a notion to his success, Leases new album Rehab: The Overdose is currently placed as the number two album on I-tunes top ten lists (I-Tunes Top Music). One more very well known Hip-Hop artist that is a contributor to the world of clean rap is the one and only Will Smith. Will Smith began his Rap career while still in High School with a goal to change the definition of Rap into something more fun and more positive. He was trying to transcend stereotypical Rap into something that more people can respect and relate to.Just a few of the achievements that Will has achieved during his Rap career are being a millionaire while still in high school, having a disc go Platinum Just out of high school, and most importantly, being the first Rap artist to receive a Grammar award. Will Smith has also Film Producer, and Rapper). Now if listeners were drawn to the explicit lyrics in the Rap music rather than the style of the genre, would Grits hit single Ooh Aha have reached over 500,000 downloads, Leeches new album be at number two on the top ten I-tunes charts, and Will smith have been the very first Rap artist to ever receive a Grammar award?With all of this evidence supporting the claim that Rap and Hip-Hop musics style and rhythm is what makes the genre so popular, one cannot deny the truth that lies before them. Rap music is not popular because of the modern-day vulgar lyrics and suggestive ideas, but rather the style of the genre itself. There is a very clean and positive alternative available to replace the destructive Rap and Hip- Hop music of today. This alternative will help to reshape a crumbling generation that is desperate for something positive and uplifting to be playing through their headphones, although they may not know it yet.Rap and Hip-Hop music is seen as part of our modern-day culture . However the lyrics in this music are giving the young generation a bad name. In order to form a safe, secure, and respected generation, some course of action must take place. Regulation on Rap and Hip-Hop lyrics is an absolute necessity if todays youth are to be molded into loving, respectful, and intellectual people. Think about what the younger generation would be like if Rap music gave a positive and clean message rather than a suggestive and harmful one. Current Rap lyrics are keeping dreams from taking flight, so how about a change?

Drink Up Drunk Driving Should be Legalized Essay Example For Students

Drink Up Drunk Driving Should be Legalized Essay Drunk driving should be legalized in the United States to help improve our standard of living. The legalization of driving while intoxicated would severely reduce the numbers of crimes that are committed on the roads. The number of illegal actions occurring on the roads would be reduced by the number of people that used to break the law by driving while drunk. Allowing people to drive drunk would also reduce the number of accidents occurring on the road systems. For example, only twenty percent of all auto accidents involve a person who has been drinking, where as almost all accidents involve someone who has not been drinking. Removing the restrictions against drinking would remove most of the eighty percent of the accidents that do not involve alcohol. Also, the accidents that would still be occurring would not have as many injuries. Out of the accidents that involve alcohol the person who has been drinking is usually the one who survives the accident, often with out a scratch. Allowing people who have been drinking to drive would also improve the quality of life for those who choose not to drink. Currently people who have been drinking are legally required to use some form of transportation other than them operating a motor vehicle. This requires them to hang around where they are and get a ride with someone else or wait or some public transportation. With the legalization of driving while drunk the non-drinking population would not need to be bothered by drunk people that do not have rides. Finally, this would help stimulate the economy which may be in dire trouble. For example, with the removal of restrictions on alcohol, many more alcoholic beverages would be sold because a new group of possible customers would be open to this industry. Also, if drunks could drive themselves home there would be less need of people going to a party to take only one car, more cars being driven would cause more gasoline to be sold, improving the economy through sales of gasoline. Allowing people, who have been drinking, to drive would greatly improve the living style of people in this country. English .

Craving Perfection Essays - Eating Disorders, Psychiatric Diagnosis

Craving Perfection Craving Perfection Nobody knew, I would eat enough for four, go to the washroom after every meal, or starve for three days straight. For ten years, nobody knew I had a problem with food?I fooled everybody. Nobody knew, not even me, that my eating disorder was never about food, I had been feeding myself love, safety, security and strength. I could conquer the world, be anybody, d anything when I was eating. When I felt I was loosing control of my eating, I starved and immediately, I regained control.? This statement comes from Sheila Mather, author of Leaving Food Behind. In this autobiographical book she discusses her long battle with eating disorders. Eating disorders affect many people throughout the world. Unfortunately anorexia is on the up rise in our society. In the United States there are at least 8,000,000 victims. Upsettingly, six to eight percent of these cases die. A whopping 90% of anorexics are women, although the percentage of males with eating disorders is increasing. This topic is not to be taken lightly; people are starving themselves to ?perfection?. Anorexia Nervosa as defined in The American College Dictionary is; a disorder usually occurring in teenage women, characterized by a fear of obesity; a distorted self-image, an aversion to food and severe weight loss. However, this disease impacts a person in many more ways than what is defined. It is both an emotional and physical disease. It is an obsession that usually begins as a diet to loose a few pounds. For many victims it is an issue of control. Anorexia Nervosa usually strikes those who have problems with friends or family. They blame themselves if they don't get perfect grades, or if other things in their life are not perfect. People with anorexia believe they would be happier and more successful if they were thin. They feel that controlling what they eat they compensate for other issues that are not in their hands. They feel a sense of accomplishment when they go without eating, and they loathe in guilt when they give in and eat. As a result of this guilt they will rely on laxatives and appetite suppressants. A young woman by the name of Christine died from anorexia nervosa at the age of twenty-two. She struggled with this disease for seven years. Her weight drastically dropped from 120 to 60 pounds. At times she was known to swallow up to 150 laxatives a day. A common subtype of anorexia is bulimia. Anorexics will self-induce vomiting after eating. At times they will binge, eating everything in sight. Although this illness is just as threatening to the body, people with bulimia usually don't lose as much weight as people with anorexia. Society plays a major role in the development of this disease. Magazines and television place pressure on young women to be skinny. They strive to be ?perfect? in society. Judy Sargent, a recovered anorexic comments on society's part in the number of people struggling with eating disorders: ? I believe that the media has a profound impact on young girls/women (and increasingly men) in our culture. Young people in our society are socialized to believe that the emaciated (starved) bodies of models portrayed in magazines and on television are the ?American ideal'?. An anorexic will avoid eating to the point of emaciation where the damage to his or her body is irreversible. Once the disease takes over they can no longer make realistic judgements on their body. They have distorted body images. Anorexia affects the body in a multitude of ways. Starvation causes many complications, other than the obvious weight loss Hypothermia is a result of the loss of the body's natural insulation (body fat). This drop in body temperature causes an anorexic to be cold constantly. The body will put up a natural defense by producing fine hair all over the body. Another result of anorexia nervosa is hyperactivity. Most anorexics will exercise compulsively to get rid of unwanted calories, and loose more weight. This obsession will lead to excessive energy until later in the disease. Hyperactivity will also cause sleeplessness, or insomnia in most patients. Amenorrhea occurs in female anorexics. Severe weight loss will affect a woman's menstrual cycle

Decisions can change everything

Decisions can change everything Free Online Research Papers Life is about making decisions, some can lead to positive outcomes or negative consequences. A decision is a choice one makes to reach a final conclusion, one that can change outcomes like the path of life. On a daily basis one makes different kind of decisions, careless ones or more important ones; some can even be able to define life and its future. These decisions are always up to you but can be easily influenced by many factors. The level of pressure towards one choice has to do with the age as well, the younger the person, the less amount of â€Å"life† knowledge that the person has. Adults can defend themselves better than younger people, that is why teenagers can be easily influenced by society’s ethics and family’s beliefs versus what they think for themselves. Teenagers have a harder time at making decision since they are highly influenced by different factors. Society’s ethics are the beliefs that state the difference between right and wrong. They are the differences between what society approves and disapproves; this can be tested in several ways. As stated in the Allphilosophy website,† Right or wrong is relative. It is defined by the principles we share in common. The principles we share in common are the principles we subscribe to and are the principles that bind us.† These principals are taught to us in the different stages of life, but apart from that can be corrupted in a way by the diverse pressure surrounding us. One’s decision is life is influenced by ethics, for example, ethics declare that drugs are illegal. An EL PAIS article talks about a family with a teenage daughter, she is put into a â€Å"society’s ethics† situation. Her parents have been growing marijuana in the basement of her house and she is awake of it; she is between the right and wrong concept. In her situation she knows and has learned that her parent’s actions are illegal and for this reason she decides to turn them in. Her parents had important job positions in the United States, but their insensible decision combined with the daughter’s right move was the reason why they were sued. In this example, the daughter was clearly influenced by society’s rules and perfectly knew the differentiation between what is right and what is wrong in society. A conclusion by an adolescent can depend on various aspects; society can be one and normally leads the person to do the right thing. Family is the group of people that will always be there for you, even if the situation is harsh no one can eliminate that love that goes around, they will help you out and be by your side if everyone else leaves you aside. Among the different stages of life, the family teaches you vales and basically the way of living life. When one reaches the teenage part of life, family and parents have had a huge amount of influence and normally your actions and decisions you make are reflected on the way they have done it. Since they are the examples you follow and even make choices for you, the most common would be having the teenager turn out like them. In some cases, the family values contradict those of society; an example of this is clear in the story â€Å"The Barn Burning†, where the father is corrupted but it doesn’t influence the rest of the family’s decision. The fact that the father goes from town to town burning barns teaches the son a lesson. He does realize th at it is against the law and ethics but decides to stick to his father, not because he is right but because he is all he has. This is demonstrated when the son says: â€Å"I could run away on and on and never look back, never need to see his face again. Only I can’t.† the son could just run away but as he, himself thinks about later on, they are blood and blood should stick together at all time. In this case he son knows that he doesn’t want to turn out like his father but also values family, which complicates his decisions in life. As shown above, society and family are normally the two most influential factors, but the most dangerous one is the evolving mind of a teenager. Once a kid enters the teenager stage of life they become self center and think that they have some sort of â€Å"personal magic†. An adolescent normally only thinks about themselves and wants to experiment new things, this highly influences a decision in life; they tend to loose trust towards others and feel that nobody has felt their pain or love. Those symptoms and emotions can persuade some teens to react in a negative way. Another factor that can have a large amount of pressure on decision making is the â€Å"personal magic† that teens tend to think they own. By this, it would mean that in their point of view, no harm in any way can occur to them. A perfect example for it would be that many teenage girls have the possibility of being pregnant but not the one that thinks so, since she has that personal magic in her. The teen ager brain is not fully evolved at that age, and that is why the thoughts and false believes can also affect a decision made by an adolescent. In conclusion, there are many factors that affect the decision making of a teenager, the three main ones discussed are society’s ethics, family’s beliefs and the developing brain of a teenager as well. Decisions can be very important, specially since some are even life changing and that is why they have to be made carefully and in the right atmosphere, with no negative influence surrounding. Work sited Del Pino, Javier. Hay un Monton de droga encase. EL PAIS. 1998. Faulkner, William. Barn Burning. 1939. University of New Hampshire. Family Developing Fact Sheet. http://allphilosophy.com/topic/2048 Research Papers on Decisions can change everythingCapital PunishmentThe Effects of Illegal ImmigrationPersonal Experience with Teen PregnancyEffects of Television Violence on ChildrenThree Concepts of PsychodynamicIncorporating Risk and Uncertainty Factor in CapitalThe Relationship Between Delinquency and Drug UseRelationship between Media Coverage and Social andHip-Hop is Art19 Century Society: A Deeply Divided Era

Instruction and Student Learning Research Paper

Instruction and Student Learning - Research Paper Example One essential element that needs to be carefully monitored is the curriculum and instruction of the school. It is evident that any curriculum definition one way or another puts emphasis on the learning process, gained knowledge and skills, subject content and students’ comprehensive learning experience. In designing an appropriate course curriculum, an essential process needs to be considered including which curriculum model is most suitable for the needs of the learner. The process of learning is as important as the content learned (Newby 2005). One of the most traditional and most commonly used models is â€Å"content or syllabus-based†. Blenkin et al (1992) suggest that curriculum is delineated into subjects and delivered through a bulk of knowledge-content. Education, he states, is the route where these can be transferred to students using efficient teaching and learning methods. This type of curriculum emphasizes students attending schools to learn subject-specific facts. It also helps to use this model in assessment process where students, according to their gained qualification can be grouped in to high and low achievers. Schools at present may have similar goals of optimizing students’ learning and maximizing their potentials but may have differing philosophies, approaches and educational strategies in fulfilling these goals. â€Å"Predictably, the traditional teacher-centered model in which knowledge is â€Å"transmitted† from teacher to learner is rapidly being replaced by alternative models of instruction (e.g., learner-centered, constructivist, and sociocultural ideas) in which the emphasis is on guiding and supporting students as they learn to construct their understanding of the culture and communities of which they are a part (Brown et al., 1993; Duffy & Cunningham, 1996; Pea, 1993). In the process of shifting our attention to the constructive activity of the learner, we recognize the need to anchor learning in real-w orld or authentic contexts that make learning meaningful and purposeful. â€Å" (Bonk & Cunningham, 1998, p.27) Constructivist theory is gaining more attention, recognition and acceptance in many educational institutions. It premises on the belief that learners â€Å"construct† their own learning, and in effect, have better retention of it. In the Constructivist theory the emphasis is placed on the learner or the student rather than the teacher or the instructor.   It is the learner who interacts with objects and events and thereby gains an understanding of the features held by such objects or events.   The learner, therefore, constructs his/her own conceptualizations and solutions to problems.   Learner autonomy and initiative is accepted and encouraged (Van Ryneveld, n.d., n.p.). Teachers come up with several strategies in capturing their students’ attention, and courses are offered in helping educators become more efficient in imparting knowledge and skills t o their pupils. No longer do they limit their teaching strategies to boring lectures, dizzying written and oral examinations and students’ delivery of memorized answers to expected questions. Teaching aids have likewise expanded from using flashcards, blackboard demonstrations and textbooks to more concrete materials like actual 3-dimensional objects, dioramas and multimedia materials. Activities are likewise evolving to be more

America the Addicted Nation Research Paper Example | Topics and Well Written Essays - 2000 words

America the Addicted Nation - Research Paper Example Despite the government’s continued struggle to encourage the American people to change their bad habits, deaths and accidents because of these addictions still make the news almost every day. As if drugs and alcohol do not do enough damage to the individuals in America, the people have discovered a new craze thanks to the progress of technology and never-ending competition of electronic giants like Samsung and Apple to come up with the most convenient or the smallest electronic gadgets. Americans seem to have made social networking sites a part of their daily routine. Despite all the complaints about violation of privacy and negative effects on behavior, Americans still find themselves susceptible to the appeal of Facebook, Twitter and the like. Marijuana & Prescription Drugs America’s dependence on drugs does not have a definite start. Drugs are part of the field of medicine, the aspect of society which is responsible for promoting the well-being of its members. As suc h, drugs have always been available to the American society. Dependence on these, as with any addiction, began when Americans started taking prescription drugs more often than they were supposed to or for reasons the drugs were not prescribed for. Almost one out of ten Americans above twelve years old is categorized with substance abuse or dependence. (National) This is alarming because the age reference shows that drug addiction already starts when an individual becomes an adolescent. This means that when teenagers are supposed to be enjoying their life by engaging in after-school activities like playing sports and spending time with their families, they are actually getting high on illegal and prescription drugs. The most commonly abused drugs are marijuana, cocaine, heroin, hallucinogens, inhalants and psychotherapeutic drugs for non-medical purposes. (Cooper) This was based on 2010 survey conducted by the government regarding drug, alcohol and tobacco use. Marijuana, specificall y, has had a longer relationship with Americans, making center stage during the 60’s and the 70’s â€Å"when getting high was the norm† (Krueger) in America. However, it soon became listed under narcotic drugs and was considered habit-forming and as such harmful for society. Penalties exist for those cultivating, distributing and using marijuana. In Florida, possessing one ounce of marijuana is equivalent to five years and a $6,000 fine while selling close to 25 pounds is a felony which comes with a-five year jail time and a $5,000 fine. (Rao) Recent times, however, has seen a twist to the tale of marijuana and Americans. Medical benefits derived from use of marijuana have pushed medical experts, legislators and patients to clamor for the legalization of marijuana. In 1976, Robert Randall became the first patient to be legally allowed to use marijuana for the treatment of his glaucoma. (Recipients) Subsequently, the government formed a study in 1992 and starting giving free marijuana to nearly 20 patients every month (Stolberg). The program has long been shut down but the comfort marijuana has provided to people with cancer, rare bone disorder and the like are too obvious. Unafraid of the legalities involved, some retirees use marijuana for Crohn’s disease and arthritis because traditional medicines leave them feel sicker. (Krueger) Although the federal government still rules against the use of marijuana, Washington and Colorado have

Buddhist Philosophy Essay Example | Topics and Well Written Essays - 1250 words

Buddhist Philosophy - Essay Example The Buddha elucidates immersion into Nirvana as achieving ‘deathlessness’ ( in Pali Amata or Amravati) or ‘ the unconditioned’ and the highest spiritual attainment, which can be acquired through following a life of virtuous conduct in accordance with ‘Dharma’ (Bechert, 154). Buddhism approaches the concept of life through a sense of the higher and inner Soul or the â€Å"I† that describes the notion of void and selflessness. In Buddhism ‘Moksha’ or salvation happens when the soul or ‘jivatman’ recognizes its union with the source of all phenomenal existence – the Brahman. Advaita Vedanta says that the Self or Supreme Soul is formless, beyond being and non-being, beyond tangibility and comprehension (Bhaskarananda). An analogy is that the soul is like a drop of water, which upon salvation, merges with the ocean or the Supreme Soul. The concept of non-duality through enlightenment is best summed through the Sanskrit phrase – ‘Tat Tvam Asi’ or ‘Thou Art That’. The quest of life is to break free of separation of the ‘me’ and ‘you’ and see everything as ‘I AM’ (Bhaskarananda, 177). This is the approach of a dignified self-confidence that should one possess while enduring the stress of a modern job. It should be remembered that the ‘I’ here is not the ego but the ‘True Self’. Everything is part of this larger ‘I’ and when awareness shifts from the egocentric ‘me, mine and I† to the real ‘I’, you actually see all that is just you and break free from all duality (Bhaskarananda, 51). Thus the path to selflessness is a deep, truthful understanding of the self rather than creating a void. Moksha is seen as a final release from one's worldly conception of the self and breaking free of the shackle of experiential duality and re-establishment of one's own fundamental nature (Sinha, 88). The state of salvation is seen differently from each ones' perspective depending on the inner soul. This would be best explained in view of a modern American literature. The basic measures of the story "Exchange Value", Charles R Johnson, can be drawn directly from this phase. Charles R Johnson's empathy towards philosophy drove the conclusion of the story towards an end that could justified as completely philosophic in nature. This philosophy is dominantly backed by the teachings of Buddha where the preacher exerts a similar non utilitarian valuation of riches. It is true that the brothers in the story ere predominantly motivated by greed in the first place and it never seized to exist in any part of the story but the main aspect that the author Charles R Johnson incorporated in the story is the ultimate lack of utility or valuation of the fortune that brothers failed to notice. (Roberts, 14) There is always a value for material that could be evaluated at a scale of money, even if it is not utilized but it is still a greater truth that without proper usage any material would loose its current value is remained unutilized. This is exactly what went wrong with the brothers and specifically with the woman before them in the story. Thus, in a way, it

Factors Influencing Corporate Strategy: UK Supermarkets

Factors Influencing Corporate Strategy: UK Supermarkets Tesco Plc Corporate Strategy The definition of corporate strategy has changed over the years. In the past it was deemed to be a set of internal plans and policies designed to enable a business to succeed in the pursuit of its aims and objectives (Pettigrew et al 2002). Robert Grant (2004, p.7) in his study stated that the implementation of successful strategy could not happen until the business managers had appraised the available or required resources, have an in-depth knowledge of the competitive environment they operated within and the whole team had agreed upon the objectives. More recently, the understanding of corporate strategy has been extended to include external forces and thus it can rely upon the definition statement made by Collis and Montgomery (1997, p.5) which observes that: â€Å"Corporate strategy is the way a company creates value through the configuration and coordination of its multimarket activities.† The purpose of this paper is to promote further understanding of the factors that influence corporate strategy within a particularly competitive industry sector. For this purpose the supermarket retail sector has been chosen for analysis. To assess how these factors impact upon the market players, the Tesco organisation has been used a focus for a case study. The reasoning behind this particular choice is that Tesco Plc has maintained a position of industry dominance, despite strong competition from other players, including Asda and Sainsbury Retail Industry Supermarkets During the course of the past four or five decades the Supermarket has taken a progressively increasing share of the grocery retailing market, with their store size and low prices driving local and independent stores in increasing numbers. In 2005 the organisations had reached a position where collectively their revenue accounted for approaching two thirds of total UK grocery sales. in Supermarket sales now account for around nearly two thirds of total grocery sales in the UK and were having an increasing impact in other retail sectors. However, as can be seen from the breakdown of the supermarket sales in grocery products, there is a considerable amount of competition between the supermarket players (see table 1). Table 1: Supermarket grocery sales 2005 (Source: BBC News 2006 and company reports) As can be seen from the above Tesco’s leads the industry sector by a considerable margin in terms of percentage. Furthermore , despite the intensity of competition that is focused upon around a dozen competitors, in revenue terms Tesco’s sales are almost equivalent to the sum of their three closet rivals, which gives them a commanding lead in terms of the number of consumers that are attracted to their stores. Tesco operates a total of 3,262 stores internationally, including 1,988 located throughout the UK. Employing in excess of 450,000 people globally, the business has so far achieved a market leadership position in four other countries as well as the UK and is currently considering expanding its operations in the US. Similarly, in line with other retailing organisations, the business is expanding its home delivery and Internet presence through the development of its online retailing website. (www.tesco.com). As Hill and Jones (2007) identify in their research into the subject of strategic management, the key drivers change and the market players have to respond positively to these changes. The supermarket industry is no exception to this rule. Initially supermarket organisations were driven by the need to create a competitive advantage. In essence this is achieved when the business reaches a position â€Å" â€Å"whenever it outperforms its competitors† (Pettigrew et al 2002, p.55), but as Grant (2004) observes, ultimately it needs to build upon that advantage, thereby reducing the opportunities for others to compete. Grant (2004, p.30), Collis and Montgomery (1998, p.65) state that competitive advantage can be gained through cost or differentiation, either of which return greater value to the consumer. However, competitive advantage is also relevant to the business marketing process, where it is important for the organisation to â€Å"understand its consumers and the decision processes they go through (Kolter et al 2004, p.29). However, advantage in this area is also achieved by a better understanding than that of competitors Consumers also drive the industry as has been seen through recent years. Initially the consumer determinant was for lower prices, wide range of selection, convenience and to a lesser extent the ability to do a one-stop shop, hence the development of the supermarket and out of town hypermarket locations, where all the weekly shop could be performed at one time. They have achieved the objective on price through a strategy of low cost and strategy through a process of low cost and the offering of substitute products (Hill and Jones 2007), which as a side effect, has also enable d the businesses to achieve a level of power over suppliers that has forced such organisations to address their own internal issues in order to remain economically viable. However, more recently consumer demands have changed and the emphasis has now moved to other areas of importance. These include the need for quality, customer service and â€Å"organic† and environmentally friendly products. Similarly, w ith the advent of concerns regarding the natural environment supermarkets are having to respond to these changes as well. To address consumer issues human resource management has also become an important driver in the industry development. The majority of researchers believe that the manner by which a business manages their HR resources has a significant impact on strategy (Collis and Montgomery 1998, p.163) and (Grant 2004, p.144). Thus the supermarket organisations have devoted a considerable amount of effort to increasing motivation and satisfaction within their workforce. The more successful organisations, such as Tesco’s and Asda have created the appropriate style of leadership and team building that has helped them achieve success in this area (Pettigrew et al 2002, p.285). As Hills and Jones (2007) have identified, the better the abilities of management and leaders in dealing with HR management, the easier it is to get a corporate strategy accepted and implemented. Technological developments have also brought about a change in the supermarket retailing industry. By incorporating these within all aspects of the supply chain, such as using new software and Internet systems that enable a closer control of stock, this has â€Å"set the overall context of competition for all firms in the industry (Porter 21004, p.142). It has also enabled organisations such as Tesco’s to continue to maintain their position within the industry. As the supermarkets have increased size and market share, so there have found themselves being increasing subject to the constraints of external forces being exerted upon them for the political and legislative stakeholders(Porter 2004, p.56 and Collis and Montgomery 1998, p.68). For example, the competition commission has often stepped in during the past few years to halt development of new stores on the grounds that it would be detrimental to fair competition. Similarly, as a result of the increasing concerns being expressed regarding health and environmental issues, the supermarket has be driven to introduce new â€Å"health† and â€Å"organic† brands and, as part of the brand management process, to increase the level of product knowledge in respect of these issues that appears upon the packaging. Therefore, all of these external issues are now having to be borne in mind during the planning of the strategy process.(Pettigrew et al 2002, p.190). In essence, at present the critical success factors for the industry can be identified as relating to three specific areas. The first of these is the efficient management of its supply chain, where the effective performance of each part is important to the smooth running of the whole (Porter 2004, p.311). Secondly, the quality of its products and customer services and effective marketing of the brand is important in order for the business to maintain both its market position and competitive advantage. Thirdly, is the effectiveness of its change management strategy. In this later respect it is essential that there is a â€Å"continuous interaction between strategy formulation and strategy implementation in which strategy is constantly being adjusted and revised in light of experience† Grant (2004, p.17). All of these factors are important to the industry players in that there form the vital elements that enable the maintenance of the business main objective, which is to continue to add value for the business stakeholders (Hills and Jones, 2007). The structure of an organisation, how it manages its resources and the relationship that it builds with employees and customers are key elements in a business that is seeking success and profitability. The level to which each organisation can achieve the harmonisation of all these factors will determine both the competitive advantage and the position that the organisation holds with the industry. As will be shown in the following section, Tesco’s has been consistently achieving a position of successfully incorporating all of these elements into their corporate strategy. Tesco Case Study During the past five years, and before this period, Tesco’s have based the main thrust of their corporate strategy on Porter’s â€Å"cost leadership.† By concentrating upon ensuring that all aspects of the supply chain were cost driven, thereby lowering unit price, the business has been able to maintain its policy of reduce prices to the consumer whilst at the same time ensuring that it has the funds and ability to invest in the new technology needed to maintain this advantage (Porter 2004, p36). In terms of the former, this can be evidenced by the fact that, as one of the current advertising campaigns states, there are able to maintain a price advantage over all of their competitors across a wide range of their products. Even given that, partially because of the business cycle, which can be said to have reached a level of some maturity (Hills and Jones 2007), together with the constraints that have been placed upon the industry by political, regulatory and legislative forces, the same low cost strategy is being maintained as the Tesco’s organisation seeks to enter and make an impact upon other market segments, for example fashion, home products and finance. For example, the current range of prices throughout all of these non-core products are still promoted using the organisation’s brand marketing message of â€Å"every little helps,† which indicates that the consumer will receive the same approach to low prices as has been offered within the grocery retail segment of the business revenue. However, as will be noted from their website[1], the business has taken info account the other factors that are important to the cusses of corporate strategy. For example, the human resources management policies are prominent in terms of the employee importance to the business, as is the relationship that the business is maintaining within both its suppliers and consumers, mainly through the increasing use of technology. Another import element of Tesco’s success has been its ability to manage change. As Porter (2004, p.21) suggests, different stages of the business life cycle can bring about change, as can the movement of the consumer demands and aspirations (Collis and Montgomery 1998, p.3). Tesco’s has respond quickly top both of these areas of change rapidly and in an efficient manner (Porter 2004, p.71 and Grant 2004, p.382). In the former instance, as indicated, it has moved into other market segments, and in terms of the latter, it has introduced new brands, including those that concentrate upon the environmental and health issues being raised by consumers and to address the issue of quality, where it now includes a â€Å"Tesco’s finest† range. However all of these moves have been performed whilst still maintaining a dedication to the core business strategy of cost leadership. As can be seen from the following graph, during the course of the past five years, as witness to the success of the Tesco corporate strategy, the business has consistently outperformed the FTSE 100 and the shares of its nearest UK quoted rival Sainsbury. The only time there was any near convergence of the two supermarket chains share value was earlier this year, and this was because of potential bidders showing an interest in Sainsbury, not related to their performance. Conclusion As has been shown during the course of this research, Tesco’s have consistently led the UK supermarket retailing sector of the business during the course of the past few years. This has been achieved by the implementation and maintenance of a successful corporate strategy, which has enabled the business to maintain a competitive advantage despite strong competition from other industry players. In reality this success, which has been evidenced from the financial performance, has been achieved by their turning this strategy into a unique business culture, which as Hofstede et al (2004) has created a situation where the business is seen to have, has resulted in the:- â€Å"†¦the collective programming of the mind that distinguishes the members of the group or category of people from others† Anther major element of the organisation’s success is the effectiveness of the way in which they manage change, being able to respond appropriately and rapidly to anything that poses a threat to the business future. There is little doubt that as long as the management remain focus on these strategies, that the business will maintain its present marketplace position. References Collis, David J and Montgomery, Cynthia A (1998). Corporate Strategy: A resource Based Approach. McGraw Hill. US. BBC News (2006). Tesco’s market share still rising. Retrieved 19 November 2007 from http://news.bbc.co.uk/2/hi/business/4694974.stm Faulkner, David and Campbell, Andrew (2006). The Oxford Book of Strategy: A Strategy Overview and Competitive Strategy. New ed. Oxford University Press. Oxford, UK. Grant, Robert (2004). Contemporary Strategy Analysis. 5th Edition. Blackwell Publishers. Oxford, UK. Gregory, David (2005). Supermarkets and Standards. Presentation, UK. Retrieved 27 September 2007 from http://www.odi.org.uk/speeches/apgood/Agric_in_Africa_05/apgood_nov23/index.html Heavens, Andrew (2005). E-commerce soars by 88%. Times Online. Retrieved 25 September 2007 from http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article417278.ece Hill, C.W.L. Jones, G.R. (2007). Strategic Management Theory: An Integrated Approach. (7th ed) Houghton Mifflin. Boston, US. Hofstede, G. Hofstede, G.J.(2004). Cultures and Organizations: Software of the Mind. New York: McGraw-Hill. Kelly, Sean. (2005). Customer intelligence From Data to Dialogue. John Wiley Sons Ltd. Chichester, UK. Lucas, R. Lupton, B. Mathieson, H. (2007). Human Resources Management in an International Context. London: CIPD. Pettigrew, Andrew M. Thomas, Howard and Whittington, Richard (2002). The Handbook of Strategy and Management. Sage Publications Ltd. London, UK. Porter, Michael E (1985). Competitive Advantage. The Free Press. New York. US. Porter, Michael E (2004). Competitive Strategy: Techniques for Analysing Industries and Competitors. The Free Press. New ed. The Free Press. New York, US. Survey (2006). The UK’s Best Online Shopping Experience 2006. www.blastradius.com. Retrieved 26 September 2007 from http://www.blastradius.com/ukshopping2006.pdf Tesco (2007). Tesco at a glance. Retrieved 27 September from http://www.tescocorporate.com [1] http://www.tescocorporate.com/page.aspx?pointerid=3DB554FCAE344BD88EEEEFA63D71B831 Analysis of the Accrual Anomaly | Accounting Dissertation Analysis of the Accrual Anomaly | Accounting Dissertation Sloan (1996), in a determinative paper, added the accrual anomaly in the list of the market imperfections. Since then, academics have focused on the empirical investigation of the anomaly and the connection it has with other misspricing phenomena. The accrual anomaly is still at an embryonic stage and further research is needed to confirm the profitability of an accruals based strategy net of transaction costs. The current study investigates the accrual anomaly while taking into consideration a UK sample from 1991 to 2008. In addition, the predictive power of the Fama and French (1996) factors HML and SMB is being tested along with the industrial production growth, the dividend yield and the term structure of the interest rates. Chapter 1 Introduction Since the introduction of the random walk theory which formed the basis for the evolvement of the Efficient Market Hypothesis (EMH hereafter) proposed by Fama (1965), the financial literature has made many advances but a piece of the puzzle that is still missing is whether the EMH holds. Undoubtedly, the aforementioned debate can be considered as one of the most fruitful and fast progressing financial debates of the last two decades. The Efficient Market Hypothesis has met many challenges regardless of which of its three forms are being investigated. However, the weak form and semi strong hypothesis have been the most controversial. A literally vast collection of academic papers discuss, explore and argue for phenomena that seem to reject that the financial markets are efficient. The famous label of â€Å"anomaly† has taken several forms. Many well-known anomalies such as the contrarian investment, the post announcement drift, the accruals anomaly and many others are just the beginning of an endless trip. There is absolutely no doubt that many more are going to be introduced and evidence for the ability for the investors to earn abnormal returns will be documented. Recently, academics try to expand their investigation on whether these well-documented anomalies are actually profitable due to several limitations (transaction costs etc) and whether the anomalies are connected. Many papers are exploring the connection of the anomalies with each other proposing the existence of a â€Å"principal† misspricing that is documented into several forms. The current study tries to look into the anomaly that was initially documented by Sloan (1996) and has been labelled as the â€Å"accrual anomaly†. The accrual anomaly can be characterised as being at an embryonic stage if the basis for comparison is the amount of publications and the dimensions of the anomaly that light has been shed on. The facts for the accrual anomaly suggest the existence of the opportunity for investors to earn abnormal returns by taking advantage of simple publicly available information. On the other hand, accruals comprising an accounting figure have been approached from different points of view with consequences visible in the results of the academic papers. Furthermore, Stark et al (2009) challenge the actual profitability of the accrual anomaly by simply taking transaction costs into consideration. The present paper employs an accrual strategy for a sample comprising of UK firms during 1991-2008. The aim is to empirically investigate the profitability of such strategies during the whole data sample. The methodology for the calculation of accruals is largely based on the paper of Hardouvelis et al (2009). Stark et al (2009) propose that the positive excess returns of the accruals’ strategy are based on the profitability of small stock. In order to investigate the aforementioned claim, the current study employs an additional strategy by constructing intersecting portfolios based on accruals and size. Finally, five variables are being investigating at the second part of the study for their predictive power on the excess returns of the constructed portfolios. The monumental paper of Fama and French (1996) documented an impressive performance of two constructed variables (the returns of portfolios named HML and SMB). In addition, the dividend yield of the FTSE all share index, the industrial production growth and the term structure of the interest rates will be investigated as they are considered as potential candidates for the prediction of stock returns. Chapter 2 Literature review 2.1. Introduction During the last century the financial world has offered many substantial advances. From the Portfolio Theory of Markowitz (1952) to the development of the Capital Asset Pricing Model of Sharpe (1964) and Lintner (1965), and from the market Efficient Market Hypothesis (hereafter EMH), developed by Fama (1965), to the recent literature that challenges both the CAPM and the EMH, they all seem to be a chain reaction.   The financial academic world aims to give difficult but important answers on whether markets are efficient and on how investors should allocate their funds. During the last two decades, many researchers have documented that there exist strategies that challenge the claim of the supporters of the efficient and complete markets. In this chapter, the effort will be focused on reviewing the financial literature from the birth of the idea of the EMH until the recent publications that confirm, reject or challenge it. In a determinative paper, Fama (1970) defined efficient markets and categorised them according to the type of information used by investors. Since then, the finance literature has offered a plethora of studies that aim to test or prove whether markets are indeed efficient or not. Well known anomalies such as the post announcement drift, the value-growth anomaly or the accruals anomaly have been the theme of many articles ever since. 2.2. Review of the value-growth anomaly We consider as helpful to review the literature for the value growth-anomaly since it was one of the first anomalies to be investigated in such an extent. In addition, the research for the value-growth anomaly has yielded a largely productive debate on whether the documented returns are due to higher risk or other source of mispricing. Basu (1970) concluded that stocks with high Earnings to Price ratio tend to outperform stocks with low E/P. Lakonishok, Shleifer and Vishny (1994) documented that stocks that appear to have low price to a fundamental (book value, earnings, dividends etc) can outperform stocks with high price to a fundamental measure of value. Lakonishok, Shleifer and Vishny (1994) initiated a productive period that aimed to settle the dispute on the EMH and investigate the causes of such â€Å"anomalies†. Thus, the aforementioned researchers sparked the debate not only on the market efficiency hypothesis but also on what are the sources for these phenomena. Fama and French (1992) supported the idea that certain stocks outperform their counterparts due to the larger risk that the investors bear. Lakonishok, Shleifer and Vishny (1994) supported the idea that investors fail to correctly react to information that is available to them. The same idea was supported by many researchers such as Piotroski (2001). The latter also constructed a score in order to categorise stocks with high B/M that can yield positive abnormal returns (namely, the F Score). Additionally, the â€Å"market efficiency debate â€Å"drove behavioural finance to rise in popularity. The value-growth phenomenon has yielded many articles that aim to find evidence that a profitable strategy is feasible or trace the sources of these profits but, at the same time, the main approach adopted in each study varies significantly. Asness (1997) and Daniel and Titman (1999) examine the price momentum, while Lakonishok, Sougiannis and Chan (2001) examine the impact of the value of intangible assets on security returns. In addition, researchers have found evidence that the value-growth strategies tend to be successful worldwide, as their results suggest. To name a few, Chan, Hamao and Lakonishok (1991) focused on the Japanese market, Put and Veld (1995) based their research on France, Germany and the Netherlands and Gregory, Harris and Michou (2001) examined the UK stock market. It is worth mentioning that solely the evidence of such profitable strategies could be sufficient to draw the attention of practitioners, but academics are additionally interested in exploring the main cause of these arising opportunities as well as the relationship between the aforementioned phenomena (namely, the value growth, post announcement drift and the accrual anomaly). In general, two schools of thought have been developed: the one that supports the risk based explanation or, in other words, that stocks yield higher returns simply because they are riskier, and the one that supports that investors fail to recognise the correct signs included in the available information. 2.3. The accruals anomaly 2.3.1. Introduction of the accrual anomaly. Sloan (1996) documented that firms with high (low) accruals tend to earn negative (positive) returns in the following year. Based on this strategy, a profitable portfolio that has a long position on stocks with low accruals and short position on stocks with high accruals yields approximately 10% abnormal returns. According to Sloan (1996) investors tend to overreact to information on current earnings. Sloan’s (1996) seminar paper has been characterised as a productive work that initiated an interesting to follow debate during the last decade. It is worth noting that even the very recent literature on the accrual anomaly has not reached reconciling conclusion about the main causes of this particular phenomenon and about whether a trading strategy (net of transaction costs) based solely on the mispricing of accruals can be systematically profitable. At this point it is worth mentioning that the accruals have been found to be statistically significant and negative to predict future stock returns. On the other hand, there are papers that examine the accruals and its relations with the aggregate market. A simple example is the paper published by Hirshleifer, Hou and Teoh (2007), who aim to identify the relation of the accruals, if any, with the aggregate stock market. Their findings support that while the operating accruals have been found to be a statistical significant and a negative predictor of the stock returns, the relation with the market portfolio is strong and positive. They support that the sign of the accruals coefficient varies from industry to industry reaching a peek when the High Tech industry is taken into account (1.15), and taking a negative value for the Communication and Beer/Liquor industry. 2.3.2 Evidence for the international presence of the phenomenon. Researchers that investigated the accruals anomaly followed different approaches. At this point, it is worth noting that the evidence shows the accrual anomaly (although it was first found to be present in the US market) to exist worldwide. Leippold and Lohre (2008) examine the accrual anomaly within an international framework. The researchers document that the accrual anomaly is a fact for a plethora of markets. The contribution of the paper though, is the large and â€Å"complete† number of tests used, so that the possibility of pure randomness would be eliminated. Although, similar tests showed that momentum strategies can be profitable, recent methodologies used by the researchers and proposed by Romano and Wolf (2005) and Romano, Shaikh and Wolf (2008), suggest that the accruals anomaly can be partially â€Å"random†. It is noteworthy that the additional tests make the â€Å"anomaly† to fade out for almost all the samples apart from the markets of US, Australia and Denmark. Kaserer and Klingler (2008) examine how the over-reaction of the accrual information is connected with the accounting standards applied. The researchers constructed their sample by solely German firms and their findings document that the anomaly is present in Germany too. We should mention at this point that, interestingly, prior to 2000, that is prior to the adoption of the international accounting standards by Germany, the evidence did not support the existence of the accrual anomaly. However, during 2000-2002, Kaserer and Klingler (2008) found that the market overreacted to accrual information. Hence, the authors support the idea that an additional cause of the anomaly is the lack of legal mechanisms to enforce the preparation of the financial statements according to the international accounting standards which might gave the opportunity to the firms to â€Å"manipulate† their earnings. Another paper that focuses on the worldwide presence of the accruals mispricing is that of Rajgopal and Venkatachalam (2007). Rajgopal and Venkatachalam examined a total of 19 markets and found that the particular market anomaly exists in Australia, UK, Canada and the US. The authors’ primal goal was to identify the key drivers that can distinguish the markets where the anomaly was documented. Their evidence supports the idea that an accrual strategy is favoured in countries where there is a common law tradition, an extensive accrual accounting and a low concentration of firms’ ownership combined with weak shareholders’ rights. LaFond (2005) also considers the existence of the phenomenon within a global framework. The author’s findings support the notion that the accrual anomaly is present worldwide. In addition, LaFond argues that there is not a unique driving factor responsible for the phenomenon across the markets. It is worth noting that LaFond (2005) documented that this particular market imperfection is present in markets with diverse methodology of accrual accounting. Findings are against the idea that the accrual anomaly has any relation with the level of the shareholders protection or a common law tradition, as suggested by Rajgopal and Venkatachalam (2007). Finally, the author suggests that, if any, it is not the different method of accrual accounting (measurement issues) that favours or eliminates the accrual anomaly, but the accrual accounting itself. 2.3.3. Further Evidence for the roots of the accruals anomaly. Additionally, papers such as those of Thomas and Zang (2002) or Hribar (2000) decompose accruals into changes in different items (such as inventory, accounts payable etc). The findings catholically suggest that extreme changes in inventory affect returns the most. On the other hand, many articles connect the accruals with information used by investors, such as the behaviour of insiders or analysts, as the latter can be considered a major signal to the investors for a potential manipulation of the firms’ figures. In particular, Beneish and Vargus (2002) documented that firms with high accruals and significant insider selling have substantial negative returns.  Bradshaw (2001) and Barth and Hutton (2001) examine the analysts’ reports and their relation with the accruals anomaly. Their findings support that the analysts’ forecasting error tends to be larger for firms with high accruals, while analysts do not revise their forecasts when new information for accruals is available. Gu and Jain (2006) decompose accruals into changes in inventory, changes in accounts receivable and payable and depreciation expenses and try to identify the impact of the individual components to the anomaly. Consistent with Sloan (1996), Gu and Jain (2006) document that the accrual anomaly exists at the components level. The findings are important since Desai et al (2004) supported the connection of the accrual anomaly with a single variable (cash flows from operations). The researchers suggest that the results yielded by Desai et al (2004) were highly dependent on the methodology used and thus, suggested that the accruals anomaly is â€Å"alive and well†. Moreover, other articles try to confirm whether the anomaly is mainly caused by the wrong interpretation of the information contained in accruals. Ali et al. (2000), investigate whether the naà ¯ve investors’ hypothesis holds. Following the methodology introduced by Hand (1990) and Walther (1997), they found that for smaller firms, which are more likely to be followed by sophisticated investors, the relation between accruals and negative future returns is weaker compared to larger firms, which are followed by many analysts. Therefore, the researchers suggest that, if anything, the naà ¯ve investors’ hypothesis does not hold. In contrast to other market anomalies where findings suggest that the naà ¯ve investors hypothesis holds, the accruals anomaly is suggested as unique. Shi and Zhang (2007) investigate the earnings fixation hypothesis suggesting that the accruals anomaly is based on the investors â€Å"fixation† or â€Å"obsession† on earnings. Their primal hypothesis is that if investors are highly based on the reports about earnings and misprice the value-relevant earnings, then the returns should be dependent not only on the accruals but also on how the stock’s price changes according to reported earnings.  The researchers’ hypothesis is confirmed and finding support that an accrual strategy for firms whose stocks’ price highly fluctuates according to earnings yields a 37% annual return. Sawicki and Shrestha (2009) aim to examine two possible explanations for the accruals anomaly. Sloan (1996) proposed the fixation theory under which investors fixate on earnings and thus overvalue or undervalue information for accruals. Kothari et al. (2006) proposed the â€Å"agency theory of overvalued equity† according to which managers of overvalued firms try to prolong the period of this overvaluation which causes accruals to increase.  The paper uses the insider trading and other firm characteristics and tries to compare and contrast the two major explanations. Evidence produces bd Sawicki and Shrestha (2009) support the Kothari et al. (2006) explanation for the accrual anomaly. In a relatively different in motif paper, Wu and Zhang (2008) examine the role that the discount rates play in the accrual anomaly. They argue that if anything, the anomaly is not caused by irrationality from the investors’side but by the rationality of firms as it is proposed by the q-theory of investment. They argue that since the discount rates fall and more projects become profitable (which makes accruals to increase) future stock returns should decline. In other words, if the capital investment correctly adjusts to the current discount rates, the accruals should be negatively correlated with the future returns and positively correlated with the current returns. The evidence of Wu and Zhang (2008) support that the accruals are negatively correlated with the future stock returns but the contribution of the paper is in that they document that current stock returns are positively correlated with the accruals. 2.3.4. The relation of the accrual anomaly with other market imperfections. Many papers examine the relation between the accruals anomaly and other well-known anomalies such as the post announcement drift or the value-growth phenomenon. Desai et al. (2002), suggest that the â€Å"value-growth† anomaly and the accruals anomaly basically interact and conclude that the  ¨accruals strategy and the C/P reflect the same underlying phenomena†. Collins and Hribar (2000) suggest that there in no link between the accruals anomaly and the â€Å"PAD†, while Fairfield et al. (2001) support that the accruals anomaly is a sub-category of an anomaly caused by the mistaken interpretation of the information about growth by the investors. Cheng and Thomas (2006) examine the claim that the accrual anomaly is a part of a broader anomaly (and more specifically, the value-glamour anomaly). Prior literature suggested that the operating cash flows to price ratio subordinates accruals in explaining future stock returns (Deshai et al (2004)). Their evidence suggests that the Operating CF to price ratio does not subsume neither abnormal nor total accruals in future announcement returns. This particular result does not confirm the claim that the accrual anomaly is a part of a broad value-glamour anomaly. Atwood and Xie (2005) focus on the relation of the accrual anomaly and the mispricing of the special items first documented by Burgstahler, Jiambalvo and Shevlin (2002). Their hypothesis that the two phenomena are highly related is confirmed since the researchers found that special items and accruals are positively correlated. Additionally, further tests yielded results that suggest that the two imperfections are not distinct, while the special items have an impact on how the market misprices the accruals. Louis and Sun (2008) aim to assess the relation between the abnormal accrual anomaly and the post earnings announcement drift anomaly. The authors hypothesize that both anomalies are related to the management of the earnings and thus, they aim to find whether the two are closely connected. The findings are consistent with the primal hypothesis, as they found that â€Å"firms with large positive change of earnings that were least likely to have manipulated earning downwards† did not suffer from PEAD, while the same result was yielded for firms that had large negative change of earnings that were least likely to have managed their earnings upwards. As supported by many researchers the value-growth anomaly and accruals anomaly might be closely related or they might even be caused by the similar or even identical roots.  Fama and French (1996) support that the book to market factor captures the risk of default, while Khan (2008) suggests that in a similar pattern firms with low accruals have a larger possibility to bankrupt. Therefore, many researchers try to connect the two phenomena or to answer whether a strategy based on the accruals can offer more than what the value growth strategy offers. Hardouvelis, Papanastopoulos, Thomakos and Wang (2009) connect the two anomalies by assessing the profitability of interacting portfolios based on the accruals and value-growth measures. Their findings support that positive returns are obtainable and magnified when a long position is held for a portfolio with low accruals while combined with stocks that are characterised as high market to book. The difference of a risked-based explanation or an imperfection of the markets is considered to be a major debate, as it can challenge the market efficiency hypothesis. Many researchers, such as Fama and French (1996) noted that any potential profitable strategy is simply due to the higher risk that the investors have to bear by holding such portfolios. In a similar way, the profitable accruals strategies are considered as a compensation for a higher risk. Stocks that yield larger returns are compared or labelled as stocks of firms that are close to a financial distress. Khan (2000) aims to confirm or reject the risk-based explanation of the accruals anomaly. The researcher uses the ICAPM in order to test if the risk captured by the model can explain the anomaly first documented by Sloan (1996). It is worth noting that the descriptive statistics results for the sample used showed that firms that had low accruals also had high bankruptcy risk.  The contribution of the paper is that, by proposing a four factor model enhanced by recent asset pricing advances, it showed that a great portion of the mispricing that results in the accrual anomaly can be explained within a risk-based framework. Furthermore, Jeffrey Ng (2005) examines the risk based explanation for the accrual anomaly which proposes that accruals include information for financial distress. As proposed by many papers, the accrual anomaly is simply based on the fact that investors bare more risk and thus low accrual firms have positive abnormal returns. The researcher tries to examine how and if the abnormal returns of a portfolio which is short on low accruals stocks and long on high accrual firms changes when controlling for distress risk. Evidence supports that at least a part of the abnormal returns are a compensation for bearing additional risk. Finally, the results support that the big portion of the high abnormal returns of the accrual strategy used in the particular paper is due to stocks that have high distress risk. 2.3.5. The accruals anomaly and its relation with firms’ characteristics. A noteworthy part of the academic literature examines the existence of some key characteristics or drivers that are highly correlated with the accruals anomaly. Many researchers have published papers that aim to identify the impact of firm characteristics such as the size of the firm, characteristics that belong to the broader environment of the firms such as the accounting standards or the power of the minority shareholders. Zhang (2007) investigates whether the accrual anomaly varies cross-sectionally while being related with firms’ specific characteristics. The researcher primarily aims to explain which the main reason for the accrual anomaly is. As Zhang (2007) mentions, Sloan (1996) attributes the accrual anomaly to the overestimation of the persistence of accruals by investors, while Fairfield (2003) argues that the accrual anomaly is a â€Å"special case of a wider anomaly based on growth†. The evidence supports the researcher’s hypothesis that characteristics such as the covariance of the employee growth with the accruals have an impact on the future stock returns. Finally, Zhang (2007) documents that that accruals co-vary with investment in fixed assets and external financing. Louis, Robinson and Sbaraglia (2006) examine whether the non-disclosure of accruals information can have an impact on the accruals anomaly. The researchers, dividing their sample into firms that disclose accruals information on the earnings announcement and firms that do not, investigate whether there exists accruals’ mispricing. The evidence supports that for firms that disclose accruals information, the market manages to correctly understand the discretionary part of the change of the earnings. On the contrary, firms that do not disclose accruals information are found to experience â€Å"a correction† on their stock price. Chambers and Payne’s (2008) primal aim is to examine the relation of the accrual anomaly and the auditing quality. The researchers’ hypothesis is that the accruals mispricing is related with the quality of auditing.  Additionally, their findings support that the stock prices do not reflect the accruals persistence characterising the lower-quality audit firms. Finally, their empirical work finds that the returns are greater for the lower-quality audit portfolio of firms. Palmon, Sudit and Yezegel (2008) examine the relation of the accruals mispricing and the company size. Evidence shows that company size affects the returns and, as the researchers documented, the negative abnormal returns are mostly due to larger firms while the positive abnormal returns come from the relatively small firms. Particularly, as the strategy with the highest profits they found the one that had a short position in the largest-top-accrual decile and a long position in the smallest-low-accrual decile. Bjojraj, Sengupta and Zhang (2009) examine the introduction of the Sarbanes-Oxley Act and the FAS 146 and how these two changes affected the accrual anomaly. FAS 146 (liabilities are recognized only when they are incurred) reduced the company’s ability to â€Å"manipulate† earnings while the SOX aims to enhance the credibility of the financial statements. The evidence recognises a change on how the market conceives information about restructurings charges. The authors propose that a possible explanation is that before the introduction of SOX and the FAS 146, the market was reluctant due to the ability of the firms to manage earnings. Finally, Bjojraj, Sengupta and Zhang (2009) document that post to the FAS 146 and the SOX act, low accrual portfolios do not generate positive abnormal returns. 2.4. The applications of the accruals phenomenon and reasons why it is not arbitraged away. The importance of the analysis of the anomalies is substantial for two reasons. Firstly, the profitability of a costless strategy challenges the EMH, especially if the strategy is based on bearing no additional risk. Secondly, managers’ incentives to manipulate the financial statements and consequently the accruals would be obvious if a profitable strategy based on such widely available information existed. Chen and Cheng (2002) find that the managers’ incentive to record abnormal accruals is highly correlated with the accrual anomaly. The hypothesis of the researchers, which their findings support, was that the investors fail to detect when the managers aim to record abnormal accruals and that may contribute to the accruals anomaly. Richardson’s (2000) main objective is to examine whether the information contained in the accruals is utilized by short sellers. As the researcher mentions, previous articles such as that of Teoh and Wong (1999) found that sell side analysts were unable to correctly â€Å"exploit† the information contained in accruals for future returns. Richardson suggests that short sellers are considered as sophisticated enough to utilize the accruals information. Findings confirm previous work, such as that of Sloan (2000), who suggests that even short sellers do not correctly utilize the information contained into accruals. Ali, Chen, Yao and Yu (2007) examine whether and how equity funds benefit from the accrual anomaly by taking long position into low accruals firms. The researchers aim to identify how exposed are the equity firms to such a well known anomaly and what characteristics these funds share. By constructing a measure called â€Å"accruals investing measure† (AIM), they try to document the portion of the low accruals firms into the actively managed funds. The evidence shows that generally funds are not widely exposed to low accruals firms but when they do so, they have an average of 2.83% annual return. It is worth noting that the annual return is net of transaction costs. Finally, the side-effects of high volatility in returns and in fund flows of the equity funds that are partially based on the accrual anomaly might be the reason behind the reluctance of the managers. Soares and Stark (2009) used UK firms to test whether a profitable accrual strategy is feasible net of transactions costs. Their findings support that indeed the accrual anomaly is present in the UK market. The authors suggest that for such a strategy to be profitable, someone is required to trade on firms with small market capitalization. They also suggest that although the accruals’ mispricing seems to exist also in the UK, the transaction costs limit the profits to such an extent that the accrual anomaly could be difficult characterised as a challenge to the semi strong form of the efficient market hypothesis. Finally, we should not neglect to mention two papers that discourse on why the markets do not simply correct the accruals anomaly. According to the classical theory, markets are so imperfect that can produce the incentive to the market to correct the â€Å"anomalies† at any point of time. Mashruwala, Rajgopal and Shevlin (2006) examined the transactions costs and the idiosyncratic risk as possible reasons of why the accrual anomaly is not arbitraged away. The researchers aimed to investigate why the market does not correct the anomaly, but also to identify whether the low accruals firms are riskier. The paper poses the question of what stops the informed investors from taking long positions into profitable stocks according to the accrual anomaly so that they can arbitrage it away. The paper examines the practical difficulty of finding substitutes so that the risk can be minimized and its relation with the accrual anomaly. Additionally, the paper investigates the transaction co sts and findings support that according to the accrual anomaly, the profitable stocks tend to be the ones with low stock prices and low trading volume. Lev and Nissim (2004) focus on the persistence of the accr

THE BUTTERFLY EFFECT Essay -- essays research papers

â€Å"Butterfly Effect† was perhaps one of the best films I have ever seen. I found it mysterious, interesting and fascinating. I wanted to write my reaction paper about â€Å"Butterfly Effect† because of the similarity to the film we saw in class called â€Å"Donnie Darko†. Both films investigate the issue of destiny thoroughly. Both film had a male character that has memories, dreams or black outs which make them at first confused. But later on, they realized the power they have in order to change their destiny. The main difference between those two films is their endings. While Donnie Darko has a bad ending, Butterfly effect ends more optimistic. We can say the end of the film in â€Å"butterfly effect† is left to the audience to interpret. Also Donnie Darko had the time travel once but the main character Evan had the time travel several times. Both films impressed me much and changed my view about destiny. But the reason I write about ‘’ B utterfly Effect† is that it was more realistic than â€Å"Donnie Darko†. (Rabbit) While watching the film my suspense level was always at the top. Some points were kept mystical and contradictory till the end of the film. At the first scenes in Film, it is a little bit hard to understand what is happening, but later on, the story can be understand easily. At the beginning we know just that the main character Evan is living with his mom and has a bad childhood with full of missing memories and black outs. He started to get psychological treatment right a... THE BUTTERFLY EFFECT Essay -- essays research papers â€Å"Butterfly Effect† was perhaps one of the best films I have ever seen. I found it mysterious, interesting and fascinating. I wanted to write my reaction paper about â€Å"Butterfly Effect† because of the similarity to the film we saw in class called â€Å"Donnie Darko†. Both films investigate the issue of destiny thoroughly. Both film had a male character that has memories, dreams or black outs which make them at first confused. But later on, they realized the power they have in order to change their destiny. The main difference between those two films is their endings. While Donnie Darko has a bad ending, Butterfly effect ends more optimistic. We can say the end of the film in â€Å"butterfly effect† is left to the audience to interpret. Also Donnie Darko had the time travel once but the main character Evan had the time travel several times. Both films impressed me much and changed my view about destiny. But the reason I write about ‘’ B utterfly Effect† is that it was more realistic than â€Å"Donnie Darko†. (Rabbit) While watching the film my suspense level was always at the top. Some points were kept mystical and contradictory till the end of the film. At the first scenes in Film, it is a little bit hard to understand what is happening, but later on, the story can be understand easily. At the beginning we know just that the main character Evan is living with his mom and has a bad childhood with full of missing memories and black outs. He started to get psychological treatment right a...

Is Free Trade Desirable? Essay

The first part of this essay will be aimed towards understanding the concept of globalisation. We will analyse the various advantages and disadvantages that arise as a result of globalisation. The second part of the essay will concentrate on investigating the benefits and drawbacks that arise from the free trade. In order to devise an accurate and informative response to the essay question we must first understand the concept of globalisation. Globalisation is about what is happening to economies on a world scale. Although the idea is not often clear, everyone who talks about the concept recognises that the countries of the world tend to divide into two groups: those with developed economies and those that are sometimes referred to as developing countries. The economically developed countries have modern industries and technologies (the U.S, Japan and the countries of western Europe). The developing countries (most of Asia, Latin America, and Africa) have more lower incomes and large groups of impoverished people, especially peasants. However some countries are in between and have characteristics of both kinds of economies (for example, states of the former Soviet Union and Eastern Europe). The economic interactions of globalisation are fundamentally about big capitals of the developed countries that operate around the world. These are sometimes called multinational corporations; these dominate the economies of the developing countries along with a handful of global agencies such as the International Monetary Fund, the World Trade Organisation and the G-7 central banks. The results affect the majority of the working population in the developed countries, as shown by issues like runaway factories, satellite-linked offices and the attack on social welfare programs in the name of the free market. The term globalisation was originally started in the 1960’s to describe  international capital flows. Today however, globalisation is not just capital flow, but a revolution to make individual nations part of a global village, under one legislation. Basically, it’s to remove the distance between countries. As a result, it’s also the restructuring of everything, from politics, to the economy, to make it part of a global economy. The defining characteristic of globalisation is a free market capitalism and trade liberalisation. The consequences of these changed however, have not been discussed and are under heated debate. While some people think of globalisation as primarily a synonym for global business, it is much more than that. The same forces that allow businesses to operate as if national borders did not exist also allow social activists, labour organizers, journalists, academics, and many others to work on a global stage. With the technological revolution, it is now a lot easier to do so. Advantages and Disadvantages of Globalisation The existence of trade has always been present between people and between countries. However since the 2nd World War trade in goods and assets has gained a larger significance everywhere. There are various advantages related to globalisation – first the foremost related to trade and investments spreading wealth and linking countries together, however simultaneously there are various negative consequences. Some of the main advantages are: Increased liquidity of capital allowing investors in developed nations to invest in developing countries. Increased free trade between nations. Corporations have greater flexibility to operate across borders. Increases in environmental protection in developed nations. There will be a reduction in the likelihood of war between developed nations. Greater independence of nation-states. Spread of democratic ideals to developed nations. There will be a reduction of cultural barrier, increases the global village effect. Faster and easier transportation of goods and people. There will be increased flow of communication allowing vital information to be shared between individuals and corporations around the world. The presence of global mass media will tie the world together. Some of the main disadvantages are: Corporations seek out for the cheapest labour, therefore there will be increased flow of skilled and non-skilled jobs from developed to developing nations. There is increased risk of economic disruptions in one nation affecting all nations. Corporate influence of nation-states far exceeds that of civil society organisations and average individuals. There will be a threat that the control of world media by a handful of corporations will limit cultural expression. Greater chance of reactions for globalisation being violent in an attempt to preserve cultural heritage. Greater risk of disease being transported unintentionally between nations. International bodies like the World Trade Organisation infringe on national and individual sovereignty. Increase in the chances of civil war within developing countries and open war between developing countries as they compete for resources. Spread of materialistic lifestyle and attitude that sees consumption as the path to prosperity. What are some of the benefits of globalisation as put forward by the pro-globalisation movement? At a global level, globalisation has many benefits. For some people, it has been seen as an alleviation of poverty. One such example is the use of labour in 3rd world countries. At world level, globalisation creates hundreds of millions of jobs, not unemployment. These are mainly in the developing countries, but they are only marginally at the expense of jobs in advanced countries. As a result, the extra income would go to food and an improved lifestyle for some of the people living in 3rd world countries. For an example, the Japanese motor industry, Honda is manufactured in Thailand, and the U.S. Nike sports wear clothing are manufactured in China and South East Asian countries. This can create more jobs in the poorer countries and it also helps the wealthier countries. Due to the lower labour costs, larger quantities can be produced at a lower price. According to the World Bank report, it has said that developing countries have experienced high income growth, longer life expectancy, better schooling, higher wages and fewer people living in poverty since becoming integrated in the global economy. Environmental protection could also be pursued at a global level. Where international impacts, international cooperation and technology innovation, each of which is enhanced by the process of globalisation, can significantly accelerate efforts to find solutions. One such example is the whaling in Japan. With the population whales in the world declining, Japan was pressured into a Whaling Ban Treaty. Through this process, the amounts of whales around the world have gradually increased. More fundamentally,  globalisation fosters economic growth, which in turn generates and distributes additional resources for environmental protection. Increased trade and investment also promote opportunities to exchange more environmentally efficient technologies, share good practices, and contribute to environmental capacity building, particularly in developing countries. Green house gasses are one example. Through the Kyoto Treaty, most of the world’s leading nations have signed a contract to reduce greenhouse emissions. Only America and Australia have not signed. What are some of the disadvantages of globalisation as put forward by the anti globalisation movement? In this utopian idea, there are still flaws and disadvantages; mainly concern the developing countries. Some countries are just not able to compete with the cheap labour costs of other nation. The reason why countries such as Russia remain not integrated with globalisation is because they would lose many jobs. They are not able to compete with the prices of foreign products and many of the local manufacturers would begin to close down. Employment, nationally, would decrease as the factories move to countries of cheaper labour costs. Also, Australia has suffered because of the lamb tariffs in the U.S. As a result of this, many Australian farms will become bankrupt. George Bush, though an avid supporter of free trade and trade liberalisation has puts tariffs on lamb to help the ailing U.S. farming industry. Such hypocrisy however, does not help promote the benefits of globalisation. Despite claims from pro-globalisation companies the globalisation helps alleviate poverty, the Oxfam Community Aid Abroad estimates the 60 countries, a third of which are African, have become poorer since 1990. But why? Before some developing countries can join the globalisation market, they have to meet a certain criteria before entering. This might include dismantling trade protection policies and privatising public assets. This would allow rich and powerful multinational companies to buy up everything at a cheap cost, which would leave developing countries without many assets. Free Trade The free trade debate has been a long and very much politicized one since its conception, with people split up into camps such as â€Å"Economic Liberalists† and â€Å"Neo-Mercantilists†. Whether or not to impose a free trade system between countries has caused much fear and confusion within the public. Will free trade be beneficial to all or will it cause unemployment in developed countries? Will it cause entire domestic industries to crumble under the pressure of cheaper foreign products or will it lead to more productive domestic markets and new jobs in booming export industries? Will it lead to a so called ‘race to the bottom’ in which countries compete for the most lax environmental standards and low wages so as to attract investment, or will it increase workers rights and wages in developing countries and encourage better environmental standards for all countries? These are just some of the issues looming the free trade debate. Economic Liberalists argue that free trade would be beneficial to all countries if each country exports goods that it has the comparative advantage in producing, and imports products that they do not specialize in producing. Thus maximizing profits in they’re own specialized exports and obtaining other goods cheaply from other countries. However, as Clive Hamilton observes (2002:61) the comparative advantage theory makes many assumptions that do not hold in reality. Assumptions such as the non-existence of unemployment, perfect competition and the overlooking of implicit cost such as pollution and damage to the natural word make this theory in applicable in the real world. Even so this theory remains the basis for pushing free trade in the global market. Hamilton also stipulates that producing just what appears to be a country’s â€Å"comparative advantage† is not always the route to the highest profits. For example, in the 1950s the percussor to the World Bank advised South Korea to produce what was in its â€Å"comparative advantage†; rice and silk. However South Korea ignored this advice and instead went on to invest in industrial markets like the automotive industry and today is generating huge profits as a result of this (2002:48). This suggests that free trade would lock countries down into producing goods that it appears to have the â€Å"comparative  advantage† in while locking them out from realizing potential in other, previously unexplored markets. Many free trade advocates also put forward the case that free trade encourages competition. Ellig argues that â€Å"By exposing domestic companies to diverse overseas competitors, free trade creates pressure to improve quality† (2000:20ff). This stipulates that the introduction of less expensive quality goods from other countries will cause domestic companies to re-think strategies and operate more efficiently to compete with the foreign product. Thus improving the domestic market for that product. Hetzel also discusses this in his article The Free Trade Debate: The Illusion of Security Versus Growth: Free trade is a major source that drives innovation. †¦the McKinsey Global Institute†¦.compared productivity for the United States, Germany and Japan in selected sectors†¦ For each country, the Institute found that sectors facing foreign competition were highly productive, while protected sectors where unproductive. For example, in Japan, food manufacturing and brewing are protected from foreign competition. In these sectors, output per man hour is only a third of that in the US. (1994:44) However there is a fear that foreign competition may not always be able to be met by domestic firms thus destroying entire domestic markets for certain products. For example countries that allow sweat shops, suppress trade unions, allow child labour and tolerate highly polluting production methods will always have an advantage over domestic markets such as textiles and clothing (Hamilton, 2002:62). This would prove to be detrimental to unskilled workers. Therefore there is a fear that free trade cannot be fair or advantageous to all countries until a set of minimum workers rights and acceptable production processes are imposed on all countries. This leads to another fear expressed in the free trade debate; the so called â€Å"race to the bottom† in which large mega-corporations would move into countries that would allow them to produce their products at a lower cost due to low wages, the acceptance of child labour and no pollution restrictions in production plants, in turn prompting other countries to  lower their minimum wages and environmental standards to keep themselves attractive to foreign investment. Hamilton argues that â€Å"by permitting environmental subsidies a country can gain an unfair advantage in the international marketplace† (2002:65). Hamilton sums up his fears when he states: We frequently hear business groups arguing that Australia cannot afford proposed restrictions on pollution such as greenhouse gas emissions or improvements in working conditions such as shorter hours because it reduces their â€Å"competitiveness† against countries that have lower standards. They often threaten to move their operations to those countries giving rise to pressures for a ‘race to the bottom’. What is needed is a system that applies pressure to achieve ‘minimum safety standards for all workers. (2002:48) This view is countered by economic liberalists who state that lower wages and pollution restrictions give countries only a small advantage in attracting investment. A common view is that the vast technological differences in developed and developing countries would make up for any advantage developing countries have by providing cheap labour and loose pollution restrictions (Hufbauer and Kotschwar quoted in Ellig 2000:22ff). Another view commonly held by pro-free traders is that increased trade with developing countries will create wealth, therefore increasing wages and working conditions in said countries (Ellig, 2000:23). The view that free trade would improve wages and working conditions in developing countries is seconded by Lukas in his paper â€Å"WTO Report Card III: Globalization and Developing Countries†. Lukas highlights that although workers in the export sector of developing countries earn far less and endure much harsher working conditions than workers in the same sectors of developed countries, the comparison being made should be what these workers earn in the export sector, in comparison to other, locally available opportunities. It then becomes evident that employees in the export sector of developing countries are making much more than is offered in local opportunities (2000:7). Another notable point, is that employees of large  developed-country affiliate corporations, while making much less then they’re developed-country counterparts, are also paid significantly more then the average wage of the country they live in (2000:7). Lukas makes a significant observation that â€Å"poor countries tend to move away from labour-intensive production as they scale the ladder of economic development†. For example, South Korea’s textiles and apparel industry constituted 40% of its exports in 1980, however, this figure dropped to 19% in 1993. Today South Korea is more focused on automotive and electronic exports than clothing, and therefore, average wages have skyrocketed (2000:7). Another crucial point raised by protectionists is the fear that free trade will lead to the exploitation of the environment, with developing countries willing to forego their natural resources in order to attract international corporations and investments in their countries. This leads to the fear that developed countries, will fall to competitive pressures and will lower they’re high environmental standards in order to remain feasible to investors, and this win turn, will lead to a massive global environmental deregulation (Lukas, 2000:9). However, this view is debunked by economic liberalists stating that environmental standards make up only a small part of the factors that businesses take into account when choosing a location to manufacture in (Lukas 2000:9). Lukas argues that: Such considerations as guaranteed property rights, a functioning legal system, a well-educated workforce, and sufficient infrastructure figure much more predominantly in the calculations of most entrepreneurs and business managers than do environmental regulations (2000:9). Another important consideration is that businesses make considerable cost savings when using standardized production techniques. Therefore companies usually operate at the highest world environmental standards rather then using different production methods in different areas (Lukas 2000:9). Ellig also states that as peoples income rises (as a result of trade), that they want a cleaner environment, and the wealthier a society becomes, the more it can afford to spend on environmental protection (2000:23). Ellig also cites  a National (US) Bureau of Economic Research study that while studying 109 cities around the world, concluded that a 1% increase in income, leads to a 1% decrease in measured sulphur dioxide concentrations. This suggests that the more a country has the ability to trade, the cleaner the environment actually becomes. Conclusion In today’s corrupt society, it is hard to see globalisation work in a beneficial way for everyone. If it were to work, many of the rich and powerful nations would have to help many of the poorer nations, and not just with â€Å"jobs (cheap labour)†, but use initiatives such as dept reduction or cancellation. Although some good has been done through globalisation more damage has also been caused. A global effort to improve and upkeep the cultural, living and economic standards of every country would be required. Also, powerful nations would have to follow the rules and guidelines set instead of bullying poorer countries to allow them not to follow it. Globalisation is advantageous for the globe, but the world has to think globally instead of nationally. This would be difficult as there are many â€Å"rogue† countries that disagree with the globalisation paradigm e.g. Iraq. The free trade debate is undoubtedly complex and difficult to conclude. The problem being that its politicised nature invokes many fears of unemployment and environmental breakdown. It is these fears that often cloud people’s judgement and forbid them from looking at the problem in a logical objective manner. Would you think objectively if you thought your job was on the line? Although historically we know what protectionism can lead to; the post World War I depressions, the collapse of the Soviet Union in the 1990s, all a result of gross protectionism. To contrast this we can be benefits of increased trading in East Asia, with countries such as South Korea, and Singapore. No one can deny that increased trade makes a country wealthier and better off, so why then is free trade, the unlimited trade between all countries, so frightening? Bibliography and References: Joseph E. Stiglitz, Globalization and its Discontents , 2002 Ellig, J. 2000. â€Å"Why Free Trade is Good for Consumers†, Consumers’ Research, January: 19-23. Hamilton, C. 2002. â€Å"The Case For Fair Trade†, Journal Of Australian Political Economy, 48: 60-72. Hetzel, R.L. 1994. â€Å"The Free Trade Debate: The Illusion of Security Verses Growth†, Federal Reserve Bank of Richmond Economic Quarterly, 80(Spring): 39-58. Lukas, A. 2000. â€Å"WTO Report Card III: Globalization and Developing Countries†, http://www.freetrade.org/pubs/briefs/tbp-010es.html: 1-19.