History Quiz Essay

Religion plays a big role in the life of man. It gives us hope, faith and makes us believe that there is a Supreme Being out there that makes things possible for us. Religion has played a big part in our cultural, social, moral and even political history and is still continuing today. There are several religions being practiced all over the world today. Christianity ranks first having 2. 1 billion believers and followers, Islam is next having around 1. 5 billion Muslims and the third worlds largest is Hinduism. Majority of those who practice Hinduism come from India, as this is because Hinduism originated from this country. Hinduism is more of a way of life, as it has been incorporated in the Indian’s way of living and not just as a religion. The primary text of the Hindus are the collection of Vedas which contain hymns, incantations, and rituals, namely the Rig Veda, the Sama Veda, Yajur Veda and the Atharva Veda (Hinduism). There are several beliefs that encompass all forms of Hinduism. First is their respect for the authority of the Vedas and the Brahmans. The Brahmans are the source of all things and is found in all things hence like a Supreme Being (Hindu beliefs). They also believe in reincarnation and karma. For them, when a person dies, its soul is transferred to another being. This being may or may not be human in form; it may be an animal or an insect, depending on your behavior from your previous life. If you were able to be good and do things the Hindu way, you will have good karma, and your soul maybe transferred to a body of a human with high place in society. If you have bad karma, your soul might become trapped inside an animal or an insect or in the body of a slave. Hindus are also expected to pass through the four stages of their life successfully. First is to pass the brahmacharga, then the grashta, the vanaprastha and finally the sanngasu. In the first stage the individual is supposed to acquire knowledge and develop character and is usually experienced during the school age. The second stage, the grastha, focuses the middle years of your life on finding pleasures such as getting married and having a family and establishing a career. The vanaprastha is the stage to increase time in focusing on spiritual things and finally the sanngasu, the last years of one’s life offered for contemplation (Hindu Rituals and Practices). Buddhism ranks fourth, after Hinduism with 324 million followers. Buddhism is based on the teachings of Siddharta Gautama, the enlightened one. Gautama Buddha, after having several years of privileged living as a prince, he decided to live a solitary life of a hermit in the woods. There he dedicated his life to meditation, which is at the heart of Buddhism (What is Buddhism). Like the Hindus, the Buddhists also believe in reincarnation. The soul will be â€Å"recycled† and after some time, if the soul releases itself from worldly desires it can now achieve Nirvana, a state of freedom from liberation and suffering. Buddhism includes the three trainings or practices, the four noble truths, the five precepts and the eightfold path among its teachings. The three trainings or practices consist of the Sila, the Samadhi and the Prajna. Sila is the morality which is based on two principles, the principle of equality and reciprocity. Samadhi is the mental development which controls and strengthens the mind. And finally the Prajna, which is wisdom. Buddha’s four noble truths are as follows, the Dukkha, Samudaya, Nirodha and the Magga. The Dukkha tells us that there is suffering; the Samudaya says that there is a cause, the Nirodha, that there is an end to the suffering and the Magga, to end the suffering the eightfold path should be followed. Just like the Christian’s Ten Commandments, the Buddhists have 5 precepts, and these are: do not kill, do not steal, do not lie, do not misuse sex and do not consume alcohol or drugs. Finally, the eightfold path consists of the right understanding of the Four Noble Truths, right thinking, right speech, right conduct by following the Five Precepts, right livelihood, right Effort, right Mindfulness and right concentration, which is meditation (Buddhism based on the). Judaism ranks sixth with 14 million followers around the world. Majority of the Jews live in Israel, in the United States and in France. One of the oldest religions in the world, the Jews believe in an all-knowing divinity and that all things within that world were designed to have meaning and purpose as part of a divine order. The Jew’s sacred text is the Torah, and they are preached by a Rabbi. Their symbol is the Star of David and they do not allow the name or the spelling of their deity in full. They that the Ten Commandments are the most important teachings from the Torah: 1. I am the Lord your God 2. You shall not recognize the gods of others in My presence 3. You shall not take the Name of the Lord your God in vain 4. Remember the day of Shabbat to keep it holy 5. Honor your father and your mother 6. You shall not murder 7. You shall not commit adultery 8. You shall not steal 9. Do not give false testimony against your neighbor 10. You shall not covet your fellow’s possessions The Jews do not believe that Jesus Christ is the Messiah. For them, the Messiah will be a human being from King David’s family. The most widely-accepted list of Jewish beliefs is Rabbi Moshe ben Maimon’s thirteen principles of faith. He says that God exists, is one and unique, incorporeal and is eternal. Also, that prayer is to be directed to God alone, the words of the prophets are true, and that Moses was the greatest prophet, and his prophecies are true. The Torah was given to Moses and that there will be no other Torah. In addition to those, he says that God knows the thoughts and deeds of men, God will reward the good and punish the wicked, the Messiah will come, and that the dead will be resurrected (Basic beliefs of Judaism). Indeed, we have come to realize life’s emptiness without having faith. We may not entirely believe in a religion, but it still holds true that as human beings, our lives need direction and guidance. References About, Inc., A part of The New York Times Company. (2007). Basic Beliefs of Judaism. Retrieved January 01, 2007, from http://judaism. about. com/od/abcsofjudaism/a/beliefsbasic. htm About Buddhism. (2007). What is Buddhism. Retrieved January 01, 2007, from http://www. aboutbuddhism. org/what-is-buddhism. htm/ Adherents. (1998). Top 10 Organized Religions in the World. Retrieved January 01, 2007, from http://www. adherents. com/misc/rel_by_adh_CSM. html Religion Facts. (2004-2007). Hindu Beliefs. Retrieved January 01, 2007, from http://www.religionfacts. com/hinduism/beliefs. htm Religion Facts. (2004-2007). HinduRituals and Practices. Retrieved January 01, 2007, from http://www. religionfacts. com/hinduism/practices. htm Religious Tolerance. (2005-AUG-26). Hinduism A General Introduction. Retrieved January 01, 2007, from http://www. religioustolerance. org/hinduism2. htm Religious Tolerance. (2005-AUG-26). Buddhism based on the teachings of Siddharta Gautama. Retrieved January 01, 20 07, from http://www. religioustolerance. org/buddhism. htm

Thanatology

Define social death and describe some specific ways in which it is manifested. Social death is described as a concept that â€Å"is defined situationally by observing how a person is treated by others. † (Kastenbaum, 56) Even if an individual is trying to be part of a group, they may be disregarded or rejected. Any person can experience social death because we are all at the mercy of our peers. All people are looking to be accepted and feel like they are part of something greater than themselves.There are many ways that social death can occur. One of the most common occur because of a marriage. In some cultures, if an individual marries someone out of their religious or ethnic group they can experience social death. The individual may be ousted by their group, whether it is family, church, or peers. The individual would likely be completely cut off from that particular group. Social death can also occur if an individual violates some type of law.In western society if a person violates a law they can be jailed and they â€Å"may also strip a person of the rights of citizenship, and the church may excommunicate. † (Kastenbaum, 56) On the same note, in a different culture a tribal person may be subjected to a â€Å"bone-pointing ceremony† (Kastenbaum, 56) where an individual may face a symbolic execution. They may also take away the individuals property and redistribute it among the tribe. Another way a person may be exposed to a social death is by having a physical or mental disability.Many times people who are institutionalized are treated less like a person and more like an object. The individual may be ignored or avoided which leads to a social death. Another social death can occur when an individual has a terminal illness. Many people do not want to acknowledge an individuals pending death, so they pretend as though the dying person is not there. Unfortunately, a social death may be the only option for an individual when people cannot acc ept that someone is dying.The worst part of this type of social death is that most times the dying person is still very much alive and aware of what is going on around them. No matter what the reason a social death must be the worst feeling. An individual must feel a sense of being unimportant and unloved when experiencing a social death. When a person is constantly ignored or discounted it is a deep emotional event that can cause the individual to think less of themselves. â€Å"The concept of social death recognizes that when we die on the eyes of others, we may become somewhat less of a person. † (Kastenbaum, 56)

Explanation of Richard Dyers Model for Analyzing Star Image Essay

Explanation of Richard Dyers Model for Analyzing Star Image - Essay Example Dyer explains that stars are images and not actual people. As images, every star should represent a particular ideology. The success of a star arises from his ability to represent such ideologies both consistently and effectively. This way, the audience develops a unique perception of the star a feature that influences their consumption of successive films starring every star (Being & Rutsky, 2001). A star must, therefore, represent particular social values. Successful stars make successful films. However, the success in this context originates from the ability of a director to use a specific star effectively in a manner that makes him or her represent the various social values the audience anticipates from them. Additionally, Dyer explains that the media creates a star out of several materials including adverts, films, magazines and even music videos among others. In order to create a star, all the above media content must present the star in a similar manner thus making such stars represent consistent ideologies. Institutions create celebrities and icons for financial gains. This implies that celebrities sell specific ideological dimensions to their target audience thus earning financial gains for the developers (Allen & Gomery, 1985). People pay billions of dollars to watch films for various reasons key among which is the character staring in a film. Audiences develop divergent views and mindsets about a star. They, therefore, watch a film while investigating the portrayal of the particular star. Such explanations validate the star theory, which defines stars in four key points. The theory explains that stars have capital value, are deviant, constructs and have cultural values. Stars break rules in the society a feature that enhances their ideologies as presented in the films.

Supply of Oil and Alternative Energy Sources in the Next few decades Essay

Supply of Oil and Alternative Energy Sources in the Next few decades - Essay Example This research will begin with the statement that there has been an enormous discussion about the future of oil ever since the theories of global warming and sustainable living have emerged â€Å"Oil's very future is now being seriously questioned, debated, and challenged†. The present research has identified that Saudi Arabia has been reassuring the world about the enormity of oil reserves in the capacity of owner of the biggest oil terminal in the whole world i.e. Ras Tanura while the world has generally remained skeptical about the assertions of Saudi Arabia. The researcher states that this can partly be attributed to the fact that Saudi Arabia has generally kept the information about her oil reserves hidden and has not allowed any external audits of the same. This essay discusses that, in addition to that, Saudi Arabia has not leaked the statistics about her oil reserves and much of the information that is spread across the world today comes from predictions and estimations . The author has rightly presented that Saudi Arabia has always overestimated the supply of oil for the years to come: Naimi's [Saudi Oil Minister’s] role is to assuage a nervous market. He blames the continued run-up in prices on "speculators." And he asserts that Saudi Arabia would be able to meet the world's rising demand for years to come.   This paper illustrates that many experts find themselves between these two poles.

Advanced HealthCare Management Assignment Example | Topics and Well Written Essays - 500 words - 7

Advanced HealthCare Management - Assignment Example Quality improvement in healthcare organizations is faced by a number of controversies. This emanates from the fact that there tends to be certain challenges associated with the implementation of QI and CQI in healthcare (Burns et. al, 2012). The first notable challenge in the implementation of QI and CQI in healthcare encompasses the inability to measure the quality with a lot of accuracy. There may be some management, as well technical issues that may create a barrier to the use of quality measures in a healthcare setting. For example, managers in a healthcare organization may not have the necessary knowledge on what they should do with the measures of quality in an organization. Most managers tend to lack the skills needed for the implementation and use of quality measures in an organization. This is despite the fact they may be having some knowledge on how to handle issues such as those related to finance (McLaughlin & Kaluzny, 2006). Managers lack knowledge on how to implement quality measures in a healthcare setting because they do not have the adequate training needed to implement the measures. In most cases, managers in healthcare organizations do not go for training that would enable them implement quality measures with a lot of ease. As a result, the improvement of quality in an organization may become problematic. Managers may also lack knowledge of implementation because they have limited knowledge about the actual delivery of healthcare services to patients. This is compounded by the fact that managers in a healthcare organization do not have a direct link to patients. The second challenge to the implementation of QI and QCI includes the nature of the quality measures, which the organization wishes to implement. This is because most measures of quality in an organization tend to be based on the validity, as well as the reliability that can be placed on such measures. In most cases, it becomes challenging to evaluate the

Global Health Assignment Example | Topics and Well Written Essays - 750 words

Global Health - Assignment Example As the research stresses as part of traditional healing services, fork medicine entails healing ideas and practices of health and physiology preservation. In most cases, the practice remains common in few cultures and is mostly transmitted through practices and knowledge by specific individuals’ having prior experience. In Finland’s traditional towns and cultures, fork medicine providers are always trained by prior to fork medicine practices. Anybody in Finland can be a traditional healer. As the paper explores the process depends on various aspects. In most cases, traditional healers are chosen from the community. In some cases, traditional healers tend to inherit the practice from family members who were once healers. An individual must also undergo formal training and initiation by experienced healers. Training sessions is mostly conducted at home where the healing process takes place. On the other hand, the training period depends on how the healer feels the trainee is ready. The number of female and males practicing the service also vary. Clientele seeking traditional healing services especially the fork medicine services mostly depends with people’s location in the country. In some cases, it depends with cultural beliefs and traditions. Most people from rural regions in Finland prefer using the services due to their economic situations. It is evident that herbal remedies are important especially in improving health.

Recruitment, Selection and Retention of Staff Procedures and Policies Essay

Recruitment, Selection and Retention of Staff Procedures and Policies - Essay Example The company has expanded its housing services all over the country therefore the company is considering to employ the best, qualified and experience country housing director who will oversee the company operation in all the established subsidiaries (Commonwealth Secretariat 2003). To have the process complete and successful appropriate recruitment and selection procedures has to be followed when carrying out this exercise. For a successful functioning of any company an effective recruitment, selection and retention of staff has to be established and all the policies and procedures underlying them followed to the latter. The effectiveness of this ensures that candidates with necessary expertise, skills and qualification are selected for a specified post in the company (Bizmanualz 2008). Recruitment, selection procedures acts a guideline in finding the right person for the right job at the right time and ensuring that they are kept in the company as they are important resource for the company. The formulation and the design of the recruitment selection and retention process, its procedures and policies in the recruitment, selection and retention of staff and employees in Aberdeenshire Housing Partnership Company is based on accountability, clear and suitable policies, team work and shared responsibility and executed by professionals who have the capability to deliver. With the effective coordination and communication between the various departments and the human resource department with it innovations this process can be carried out successfully thus challenges related to poor recruitment and selection are alleviated (Taylor 2002). The selection, recruitment of the country housing direction is a challenge to this company as it expands and its services having high d emand in Scotland. To ensure that a qualified candidate with relevant skills is selected for this demanding job the company has to come up with documentation on how the exercise has to be carried out. The human resource department in liaison with housing service department should execute the exercise using the guidelines provided by the

Modern Japan and Meiji Restoration Essay Example | Topics and Well Written Essays - 500 words

Modern Japan and Meiji Restoration - Essay Example The Charter Oath, which was promulgated made very democratic and great pledges that would see Japan people being involved in decision making regardless of their social status as well as embracing the natural law of nature. This was a very important step made by the Meiji in transforming Japan people and putting them ready for new improved Japan (Goto-Jones 42-46). Privileges introduced were absolutely different and were meant to propel Japan into a civilized system of governance. Meiji Restoration was driven by the need to create a very powerful nation with strong political structures that could not be humiliated by the Western powers simply because their system of governance was exotic compared to the Westerners’. The new administration wanted the Western powers to respect Japan and treat them as equal partners and as a way of reducing humiliation brought about by unequal treaties. Influence on demands of foreign powers was imminent in Japan and therefore it was significant for japan to institute strong legal and political system (Goto-Jones 42-46). Indeed, the new government fought tirelessly to stop cultural imperialism that was imposed by the Western powers and in the end, treaties were renegotiated after riots and protests in Japan. Japan now had a formal constitution that governed them and there was evidence of imperial power in Japan. They even managed to organize a civilized military power, which was used in defeating powerful China (Goto-Jones 42-46). Generally, the reforms in Japan during Meiji Restoration were as a result of both domestic and international pressures. The regime was pressurized to form their own state because of the powerful foreign forces, which they were not pleased with. Yes, there was need to remain an independent state and this was even part of the Tokugawa project. Traditional Japanese injustices and the

Role of Engineers Essay Example | Topics and Well Written Essays - 1000 words

Role of Engineers - Essay Example The report also outlines the ethical issues and practices that civil engineers are faced with and how they can deal with these issues. Their problem solving capabilities as well as their capacity to maintain ethical standards are significant in determining their success in the industry. The Role of Engineers With the emergence of industrialization, construction work requires collaboration of engineers from various fields. Each activity in the designing process requires a professional engineer contributing to a working team that develops a drawing to be used by a construction company. The role of mechanical engineers in the construction industry is significant in the establishment of up to standard buildings (Rojter 2010). They play a role in designing, building as well as installation of mechanical systems. They also coordinate development of plans for the mechanical systems, preparation of specifications for air conditioning and aeration in buildings as well as installation of hot w ater systems (Evans & West 2007). The mechanical engineers’ work in the construction industry typically involves bargaining and establishing project contracts and signing agreements with clients after floating tenders. They commission, organize and appraise the work of contractors. Their also work with comprehensive maps and drawings that they develop using computer aided design software. Management and estimation of costs for the mechanical systems in buildings is an important task for the mechanical engineers since it ensures that the project is accomplished within the budget (Mills et al. 2008). They describe specifications for operation and maintenance of mechanical systems in buildings. Mechanical engineers also have a task of decision making regarding expiry of mechanical systems and advising on the necessary replacements. They are required to ensure compliance of the systems with health and safety regulations. In the contemporary construction industry, clients are cons cious of energy and environmental conservation. Mechanical engineers offer advice regarding reduction of green house emissions as well as economical use of energy (Evans & West 2007). The following section outlines what engineers need to practice their profession. Requirements for Engineers to Practice their Profession It is necessary for engineers to possess knowledge, skills and attributes that enhance accomplishment of their roles and tasks. Callister (2006) observes that knowledge in the development, review and analysis of engineering plans and specifications of equipments is necessary for mechanical engineers in the construction industry. They need to be in a capacity to identify errors in drawings or digression from the standard codes. Moreover, knowledge in computer applications is necessary to enhance their capacity to develop drawings and maintain records of their work. Mechanical engineers require wide knowledge regarding the health and safety standards and practices as re gards handling of mechanical equipment. This is necessary because apart from protecting the non professionals handling the equipment, engineers are also safe from harm (Rojter 2010). Moreover, they are in a position to avoid unnecessary legal conflicts that may be costly for contractors and clients. Failure to observe these standards may lead to revocation of practicing license

IT Research Paper Example | Topics and Well Written Essays - 1500 words

IT - Research Paper Example However, every system has its own advantages and disadvantages. Certain components easily get corrupted due to many reasons like improper handling and heat. Therefore, the factors causing damage must be carefully analyzed and techniques to reduce and to protect the data must be adopted. Role of Information Technology Information Technology plays a key role globally. It deals with computing technology, such as the internet, software, hardware or networking system. In other words, it is the tool of managing information using different software and hardware devices (Agarwal & Prasad, 2012). At present, information technology is used in varied sectors like medical and health, education and widely in corporate sectors. Information technology has become an inseparable part of private as well as public sector institutions. Consequently, the risk of media failure and data losses has been a serious matter of concern. Thus, creating the needs for reliable backup media to avoid data losses is q uite imperative (Chau & Hu, 2001). Backup Media Backup is usually an activity of copying databases in order to preserve that database in case a system failure takes place. Backup is a routine operation for the IT users. Backup prevents the users when catastrophe occurs in the system. The file when retrieved back to the system, it is called restoring. Various types of physical backup media are used to backup files, such as Optical DVD media, Internal Hard Disk, External Hard Disk and Flash memory (Hagen & Bieringer, 2001). Optical DVD Media Optical media comprises recordable/rewritable as well as dual layer formats DVD and CD disks. Optical Disc Drives use electromagnetic or laser light waves for reading and writing data. These devices are reasonably cost effective media to store small amount of data. In present times, nearly each and every personal computer comes with DVD or CD burners or writers. Data can be written and stored easily in a few minutes. Data can be stored in the form of documents, audio, video or in digital form. DVD rewritable permits the user to write discs and then erase and rewrite. DVD recordable provides permanent record for the data copied. Optical discs do not provide enough data storage space when compared to other media storages. Optical disks are not suitable for full system backup as it does not have sufficient capacity to store data .It needs certain special drives to write or read. Data stored in optical media gets destroyed, if it is scratched or exposed to heat. Thus, long-term reliability of optical DVD media cannot be assured (Hagen & Bieringer, 2001). Internal Hard Disk or A Second Hard Disk, Mounted Internally Internal Hard Disk is used for storing and retrieving digital information in the computer system. The hard disk may result in failure in many ways and cause loss of data either partly or totally. Internal hard disks are within the computer system and are easily available. Moving of files in case of internal hard disk i s easy and fast. The benefit of using internal hard disk is that its cost is low and the data transfer is easy. Data can be kept stored in the internal hard disk for considerable amount of time in various types of data format. It is highly vulnerable to virus attacks and malware. Trojans and power loss can cause data corruption and in such circumstances it

Attitudes to Language Essay Example for Free

Attitudes to Language Essay Language clearly plays a major role in all aspects of society. The most obvious is its social role of allowing people to relate to each other in all facets of their lives: to share information, emotions and ways of life. We use language as a means of navigating our daily lives and it plays an integral role in most of our interactions. Perhaps for this reason, French is regarded as an elegant and romantic language, while German is considered to be guttural. Additionally, ever since mankind evolved into different language communities, it is commonplace for people to adopt various attitudes towards the language(s) spoken by others, as well as towards the dialects of the language they speak. These attitudes are motivated by different factors, including pride in or shame regarding one’s own language, confidence or embarrassment about how one sounds, nationalism and a sense of personal dignity, one’s status and values as well as the prestige some languages are given in international interactions. A well known attitude is the desire for foreign speech patterns; another is the rejection of certain dialects. People form impressions of your personality, emotional state, geographic origin, education, experiences, age or socioeconomic status from the language you use and the way you use it. We often witness the amusement of an audience when someone speaks in the creole, for not only does the system of sound evoke laughter, but the assumption that the speaker is an uneducated serf is then made. Ridicule and contempt for the vernacular, creoles and dialects are common responses from some members of society, even within the Caribbean society, where dialects are rich, strong and the first language. Dialects develop under various circumstances as well as geographical locations and are varieties of languages. A creole could be a dialect within a language. Because of our history, people of the region tend to place a high premium on the standard languages (the language of power and economic might). Many  people believe that upward mobility is largely dependent on one’s ability to fit in with the predominant socioeconomic class, and language is the main signifier of this fit. Many Caribbean writers have described scenarios of people who went overseas, were generally expected to return with a new command of the target language and often demonstrated their new found ‘status’ by emphasizing their foreign accent of ‘twang’. While some might be impress ed by the ‘twang’, others view such pretensions with derision. Attitudes to language may vary from one sector of the society to another and some people demonstrate self-conscious behavior when speaking the standard language. This is largely a result of the fact that in most societies one is often judged on the basis of the variety of language that one speaks. This is even more prevalent in societies with a colonial legacy, like the Caribbean, where certain dialects are associated with the institution of slavery or conquest. Increasingly, educators are becoming aware that a person’s native language is an integral part of who that person is and marginalizing the language can have severe damaging effects on that person’s psyche. Many linguists consistently make a case for teaching native languages alongside the target languages so that children can clearly differentiate among the codes ( a term used synonymously with language or dialect but generally refers to a linguistic system of communication. A code can also be non-linguistic such as a dress code or code of conduct) and hence be less likely to mix the two. This approach has been adopted in Haiti, where schools teach both Standard French and French Creole (Haitian) and children are expected to be fluent in both. Additional prominence has been given to Caribbean Creoles with the publication of Creole dictionaries and with the translation of the New Testament from the Christian Bible into French Creole in St. Lucia. A similar project is under way in Jamaica. While attitudes to local dialects have been slowly changing, many people still associate the use of Creole with negative images and believe that its use should be relegated to specific circumstances and occasions. However, the fact that non-standard language varieties are the most widely spoken in the Caribbean makes them the choice of persons trying to get information to large sections of the society. For example, many advertisers use the Creole language to ensure that their message appeals to most people. At the same time, because of the prestige attached to the standard language, it tends to be the language of choice on formal occasions, like church services. A language variety is usually chosen because of its perceived social functions. You may have noticed that, the more formal the occasion, the more likely the use of the standard language, while for everyday interaction, popular music or emotional appeals, people tend to gravitate towards the non-standard varieties. You would have noticed that, even in a formal situation, non-standard dialect might be used for anecdotes, to inject humour or in a quotation. In the Caribbean, people switching from one code of language to another, often without thinking. However, there are times when the use of standard langue would seem totally out of place and would even interfere with semantics. For example, folk stories, folk songs and proverbs seem to lose a certain essence when translated into standard. The role of language as a vehicle for sharing culture is indisputable. Caribbean writers, singers and oral poets have played a major part in fostering acceptance of the Creole languages of the region, by incorporating them into their work and exposing them to the world. Nonetheless, negative attitudes to these languages persist in the minds of many.

Argentinas Economic Crisis Essay Example for Free

Argentinas Economic Crisis Essay To divert attention from increasingly severe political and economic problems, in 1982 the junta ordered an invasion of the nearby Falkland Islands, a British territory that Argentina had long claimed. British forces counterattacked and took back the islands. A huge debt was accrued as a result of the war and at the end of the military government in 1983, the country’s industries unemployment were severely affected (Saxton, 2003). In 1983, the junta transferred power to an elected civilian president, Raul Alfonsin of the Radical Civic Union party. The new government’s plans included stabilizing the economy and introducing a new currency known as the austral. New loans were taken out and state eventually was unable to pay the interest on debt and eventually the confidence in austral collapsed. Inflation spiralled out of control, GDP shrank and wages fell by almost half. Following riots President Alfonsin stepped down six months before his term. In 1989, the Justicialist (Peronist) party’s Carlos Menem began governing and in 1991, he appointed Domingo Carvalho as the Minister of the Economy who introduced ‘Convertibility Law System’, which took effect on April 1, 1991. Saxton, 2004, p. 4). The Convertibility Law System ended the hyperinflation by establishing a pegged exchange rate with the U. S. dollar and backing the currency substantially with dollars. The aim was to ensure the acceptance of the currency after the 1989 and 1990 hyperinflation period, as people started rejecting the currency and dema nding US dollars (Hill, 2011). The exchange rate was initially 10,000 Argentine australes per dollar; on January 1, 1992 the peso replaced the austral at 1 peso = 10,000 australes = US$1. 4 (Saxton, 2003) Argentines were allowed to use dollars freely, price stability was assured and the value of the currency was preserved. The quality of life was raised for many and people could afford to travel abroad, buy imported goods and ask for loans from banks at a low interest rate. Argentina attracted extensive foreign investment, which helped modernize its utilities, ports, railroads, banks, and other sectors (Saxton, 2003). However, the fixed exchange rate made imports cheap which lead to loss of Argentina’s industrial infrastructure and increase in unemployment. In the meantime, government spending continued and public debts grew substantially as government needed to borrow to finance external debt. However, the government showed no intention of paying debt off and also delayed payment schedules, while IMF kept lending money. Eventually in 1998 Argentina entered in a four-year recession, during which its economy shrank 28 percent (Saxton, 2003). This happened as a result of the Argentina exports were harmed by devaluation of Brazilian Real and international revaluation of the dollar effectively revaluing the peso against its major trading partners Brazil and the euro area (Hornbeck, 2002). By 1999, elected President De la Rua was left with a country where unemployment had risen to a critical point and the undesirable effects of the fixed exchange rate were showing. The De la Rua government was mainly worried about the federal budget deficit, which was 2. 5 percent of GDP in 1999. That left only one option: raising tax rates. President De la Rua secured approval for three big tax increases, effective January 2000, April 2001, and August 2001. Hence, massive tax evasion and money laundering happened also led to funds evaporating to offshore banks. In 2001, the freeze on bank deposits began, in response to large withdrawals as people started losing confidence in economy. The economy turned from recession to depression as people and businesses could not make payments. Credit evaporated. Many people took to the streets in angry demonstrations which also led to supermarket looting and President De la Rua resigning (Horbeck, 2002). By late 2001, the government tax revenues plunged as the economy contracted and the Argentina government defaulted in its debt repayments, effectively ‘rendering ? 80 billion of government issued bonds worthless’ (Hill, 2011, p. 99). The debt default to IMF was the final nail in the coffin and in early 2002, the government finally allowed the peso to float freely. Hence, the peso immediately fell $1=3. 5 pesos (Hill, 2011). Q1. A fixed exchange rate is an  exchange rate  for a  currency  where the government has decided to link the  value  to another currency or to some valuable commodity like gold. For example in 1990, Argentina fixed the exchange rate of the Argentinean peso to the U. S. dollar at $1=1 peso. A government may fix its currency by holding  reserves  of the  peg  (or the  asset  to which it is fixed) in the  central bank. For example, if a country fixes its currency to the  British pound, it must hold enough pounds in reserve to account for all of its currency in  circulation. Importantly, fixed exchange rates do not change according to  market  conditions. It is also called a pegged exchange rate. For most of the period between 1975 and 1990, Argentina experienced hyperinflation (averaging 325% a year)+, poor or negative  GDP  growth, a severe lack of confidence in the  national government  and the  Central Bank, and low levels of  capital  investment. After eight currency crises since the early 1970s,  inflation  peaked in 1989, reaching 5,000% that year. GDP was 10% lower than in 1980 and per capita GDP had fallen by over 20%. Fixed investment  fell by over half and, by 1989, could not cover yearly  depreciation   particularly in the industrial sector. Social indicators deteriorated seriously: real wages collapsed to about half of their 1974 peak and income poverty rates increased from 27% in 1980 to 47% in 1989. After the 1990s when Argentina fixed its Argentinean Peso against the Dollar, the economy started to settle and actually demonstrated the benefits that fixing an exchange rate can have. By adopting a fixed exchange rate, the government reduced uncertainties for all economic agents in the country. As businesses had the perfect knowledge that prices are fixed and therefore not going to change, hence they could plan ahead in their productions. The fixed exchange rate system avoids the wild day to day fluctuations that are likely to occur under flexible rates and that discourage specialisation in production and the flow of international trade and investment. Argentina implemented its currency board in April 1991. Its main achievement was in controlling inflation, which was brought down from more than 3,000% in 1989 to 3. 4% in 1994. Another major accomplishment of the system was renewed economic growth. Enjoying the high world prices of  primary products  (Argentinas main exports), GDP grew at an annual rate of 8% between 1991 until the  Tequila Effect  of 1995. Even after the  Mexican crisis, until 1998 the annual growth rate was 6%. International trade  also increased dramatically, reflecting the growing degree of openness of the country. Imports increased from US$ 11. 6 billion in 1991 to US$ 32. billion in 2000. Likewise, exports also increased from US$ 12. 1 billion in 1991 to US$ 30. 7 billion in 2000. 2) Why was Argentina unable to maintain its fixed exchange rate regime? What does this tell you about the limitations of a fixed exchange rate regime? In the end, the fixed exchange rate regime did not last and Argentina had to abandon this policy to regain its position in the market. This was mainly because the pegged value was devalued by many countries and this caused global economic growth to decline considerably and the demand of exported Argentina commodities to decrease sharply too. This in turn made Argentinean goods more expensive in other international markets. On top of this, with Brazil devaluing their own currency against the US dollar made matters worse for Argentina as this had an influence on their Argentinean peso, pricing their goods out of the market. The decline in global prices for farm products and the global economic slowdown only added to Argentina’s problems. Even though the fixed exchange rate policy had succeeded previously in strengthening Argentina’s competitive positioning in the global market and stimulated economic growth, this would not have survived for long. The fixed exchange rate regime contains many drawbacks and would not have worked forever, as maintaining this fixed exchange rate conflicted with many other macroeconomic objectives of the country. There was also less flexibility present in a fixed exchange rate policy and caused difficulty for Argentina to respond rapidly to the shocks in the market, as pressure was added on to the currency. This affected the competitiveness of the market and also inflation rates, thus causing Argentina to alter their policy further. However, this is proven to be difficult as some countries may see this as an unfair trade advantage to them, causing some degree of disagreement between certain countries, affecting their competitiveness in the economy and making it harder for them to defend its own currency. Question 3: Do you think that the IMF was correct to insist that the Argentinian government adopt a fiscal austerity program? What other approach could the IMF have taken? The Argentine monetary crisis hit in 1999, but the IMF had been working closely with Argentine government since 1991 and had supported the Peso’s peg to the US Dollar. IEO, 2003), (Stiglitz, 2002) The IMF (2003) considers their policies in the run up to the crisis to have been lax and based on too much optimism. The organisation blames structural weaknesses in the economy; mainly high public sector debt, as well as other factors like lack of labour market flexibility and their own enforcement on these issues. While supporting Argentina through lending, the IMF called for fiscal austerity in order to boost confidence and attract much needed international investment. (MacEwan, 2002), (Stiglitz, 2002), (IMF, 2003) The fund argues that an expansionary fiscal policy was ruled out because there was no surplus from which to spend and deficit spending would have caused the debt to grow at a higher rate than the economy. Furthermore, a budget deficit could have led to higher interest rates for borrowing. (IMF, 2003) Given the fixed exchange rate, an expansionary monetary policy, i. e. increasing the money supply, was not possible. (MacEwan, 2002), (IMF, 2003) MacEwan (2002) argues that fiscal austerity had the opposite effect and reduced markets’ confidence in the country, which led to a worsening of the crisis. An alternative view is that it is normal for a country to run a moderate budget deficit in a recession and that an expansionary fiscal policy would have been more appropriate. (Stiglitz, 2002), (MacEwan, 2002) MacEwan (2002) goes further and explains that â€Å"curtailing social spending on education, health care, physical infrastructure projects cuts the legs out from under long-term economic progress. † In recent years, in spite of the financial crisis and the still-recent default, the Argentine economy has been doing well, growing by 9. 2% in 2010 and 8. 8% in 2011 and is expected to grow at least 5. % in 2012, with the growth being attributed to both fiscal and monetary stimulus. (MarketWatch, 2011), (Dow Jones Newswires, 2012), (MercoPress, 2012) The expansionary policy has led to inflation rates of 22. 75%, which seem to be causing labour disputes when wage increases fail to keep up. (MercoPress, 2012) For conclusion, something like: Even considering the high inflation rate (22. 75%) and resulting labour disputes, the situation is preferable to the massive debt and street riots of 2001. Q4 In the end the Argentinean government was forced to abandon its peg to the dollar.

Domestic and Cross-Border Merger and Acquisition Factor

Domestic and Cross-Border Merger and Acquisition Factor Determinants Of Domestic And Cross-Border Merger And Acquisition Activities In Banking Sector Abstract Global announced mergers and acquisitions (MAs) in banking sector rose to a new high record in 2007. Although now MA activity has been hit notably because of the global financial crisis, it will have different performance in the time of post-crisis. Both China and UK will be the most active MA areas in the future, especially in the financial service industry. To secure the success in future MA wave, identifying the right potential targets is crucial. The purpose of the study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK over the two specific periods which are before global financial crisis (2005-2007) and during crisis (2008-August 2009). This study will help bank managers to identify the right targets for future acquisitions and also help policy makers to understand which factors can increase the likelihood of bank acquisitions. Three aspects are examined by employing Logit analysis for the likelihood of domestic bank acquisitions which include banks characteristics, market features and regulatory factors. Additional geographic factors will also be considered into cross-border bank acquisitions by using the same model. The result of this study reveals the determinants of likelihood of being acquired for UK and Chinese banking industry respectively. It also shows the difference of determinants between domestic and cross-border acquisitions, and between the two specific time periods as well for two banking industries respectively. Detailed analysis is also provided for comparing the difference of determinants between China and UK, these two significantly different banking markets. Introduction ABN AMRO, which created as of result of the 1991 merger between Amsterdam Rotterdam (AMRO) and ABN whose history dated back to 1824 and was one of the largest banks in Europe, was acquired by RFS Holdings B.V., a company jointly owned by RBS, Fortis N.V. and Banco Santander S.A. for a consequent amount of 71 billion Euros in October 2007 (Financial Times, 2007). This was the biggest banking takeover in history and together with other deals made global mergers and acquisitions (MAs) rose to a new high of US $ 4.8 trillion in 2007 (Francis and Hasan, 2008). However, the following global credit crunch has created a new international financing and banking network where MAs may be mainly involved as a survival solution for many entities. This study will examine the determinants of banks domestic and cross-border acquisitions both in UK and China, the most active and representative country in developed financial market and emerging market respectively. Therefore, this chapter will give the overview of UK and Chinese banking industry, then focus on MA activities, and illustrate objectives and the value of this study. Background Global Banking Industry Overview The global banking industry experienced strong growth before the end of 2007. Assets of the largest 1,000 banks in the world grew 16.3% during 2007 to a record $74.2 trillion (Figure 1). This growth rate is 5.4% higher than the previous year. Worldwide assets of banking industry The Banker database) EU banks held the largest share, 53% in 2006/2007, up from 43% in 1999/2000. And among this, the share of UK banks is always on the top of other EU countries. US banks share in term of assets remained relatively stable at the level around 14%. The left shares are from other Asian and European countries (IFSL, 2008a). However, the global credit crunch which originated in the US sub-prime market impacted the whole financial system world widely. And it came close to collapse in the autumn of 2008, following the failure of Lehman Brothers and the ‘breaking the buck of a large US money market mutual fund (MMMF). The subsequent panic was then across global financial markets especially the western world. Although in recent months, market conditions have picked up which improves the outlook for banking systems, there has been a dramatic shift based on market capitalization in global banking industries (Bank of England, 2009). In 2007, the average level of world top 20 financial institutions market capitalization was peaked around $125bn, and banks from US and UK dominated the main financial market. However, in 2009, the market capitalization decreased by more than 50% for all financial institutions, and the top three largest ones are all Chinese banks. HSBS, which based on emerging markets at heart , is UKs sole representative in the list (Figure 2) (Financial Times, 2009a). Banking industry in both UK and China experienced great change through the global financial crisis. Financial Times UK Banking Industry The UK banking industry is a vital and essential part of the UK economy. It has experienced a deep level of restructure since the 1980s which includes regulatory change and banking system reform etc. Four major changes are associated with this restructure: increasing level of competition, both in market and out-of-market; deregulation; increased diversification and acquisitions (Drake, 2001). In 2007, UK banking industry reached a new high record for its assets and contribution percentage to UK economy comparing to other sectors. Assets of UK banking sector reached  £6,964bn at the end of 2007, up 11% on 2007. And there were 331 banks authorized to conduct business in UK. The 254 foreign banks physically located in the UK which is more than in any other country (IFSL, 2008a). Banking industry accounted for 7.6% of UK GDP in 2007, increased from 5.7% in 1997 (IFSL, 2008b). However, the following global financial crisis impacted the UK banking industry materially. During 2008, the return on the major UK banks total assets turned negative and the impact of this on return on equity was amplified by banks high level of gearing (Figure 3). Meanwhile, the mark-to-market losses of major UK banks book assets roughly doubled between October 2008 and January 2009, exceeding fresh capital raising over that period which partly reflected increase in expected losses (Figure 4) (Bank of England, 2009). But in recent months, market conditions have been improved, and it can be expected that UK banking industry which experienced restructuring and changed policies on bank regulations during the crisis will seek substantial domestic and cross-border business opportunities afterwards to strength its position in global financial market which gives great potential for MA activities (Economics Outlook, 2009). Bank Of England, Bloomberg) Chinese Banking Industry Chinas economy has been growing about 8% per year in real terms over the last decade. Even during the financial crisis, the Chinese economy continued to grow in a steady way (Peoples Bank of China, 2008). This rapid growth may be largely linked to the globalization of trade, but China has yet to ‘globalize its banking sector. The Chinese banking industry was dominated by four large state-owned banks with about 80% of industry assets, and very few foreign banks before WTO entry in December 2001. After 2001, the existing regulations and laws such as the Central Bank Law and Commercial Bank Law were revised to be aligned with the WTO agreement. There will be more liberalization of interest rates, more fair treatment of tax rates, less restrictions on ownership of takeovers and MAs, and great freedom of operational and geographical scope in the Chinese banking industry (Berger et al., 2009). In 2003, China Banking Regulatory Commission (CBRC) updated guidelines to encourage foreign share purchases. Foreigners then can own up to 25% of any domestic bank, with the ownership from any one investor allowed between 5% and 20%. This led to a historical high level of cross-border MA activities in Chinese banking industry later on (CBRC, 2005). At the end of 2007, total assets of banking institutions increased by 19.6 8% to RMB 52.6 trillion than 2006. And the reform and opening up of Chinese banking industry continued to advance, the assets share of large state-owned commercial banks decreased from around 80% in 2001 into 53.25% while others includes foreign banks increased into 15.98% (Figure 5). This indicated that Chinese banking industry encouraged foreign investors more than before which gave big potential for further cross-border MAs in China. Peoples Bank Of China) Even in 2008s special context, Chinese banking industry followed the reform strategy and promoted the reform and opening up policy of banking industry, and its total bank assets amounted to RMB 62.4 trillion, 18.7% higher than in 2007 while most banks in western world decreased their bank assets by more than 50%. The Chinese banking industry took the financial crisis as an opportunity for further reforms, development and finally achieving globalization in banking sector (CBRC, 2009). This growth trend also provides great potential for both domestic and cross-border MAs in China which can help strength the market position and substantial development for Chinese banks. The Merger And Acquisition Market There are two primary mechanisms by which ownership and control of a public corporation can change: merger and acquisition. In both cases, the acquiring entity must purchase the stock or existing assets of the target either for cash or for something equivalent value (such as shares in the acquiring or newly merged corporation). Mergers and acquisitions (MAs) are part of what is often referred to as ‘the market for corporate control (Berk and DeMarzo, 2007). The global merger and acquisition market is highly active, averaging more than $1 trillion per year in transaction value. Global announced mergers and acquisitions (MAs) rose to a new high of US $4.8 trillion in 2007, up 23% from US $3.9 trillion in 2006. Since the increasingly fierce competitions in banking sector during this time, banks conducted large-scaled MA within and across the border in aim to expand operation and enhance competitiveness. In 2007, MAs in banking increased 32.5% from US $543 billion in 2006, was again the most active sector for MAs (Francis and Hasan, 2008). But MA activities correlate with bull markets and are often greater during economic expansions than during contractions. During the past year when global banking industry was suffered by the credit crunch which originated in the US sub-prime market, MA activities were hit notably in financial service sector. The worldwide MA volume decreased significantly during the end of 2007 and the beginning of 2008. But, against all the negative factors, the trend of selective MA still exists as ‘acquirers take advantage of the lower market valuations to strengthen their business with synergistic deals and ‘the ongoing strength of emerging market (Financial Times, 2009b). From August 2008 by monthly comparison, the MA volume increased again increased gradually and kept vibrating. On average, the announced deal number is around 3,000 and total rank value is about $160,000 million per month (Figure 6). Thomson ONE Banker Database) MA Activities In UK Banking Industry Banking industry is the most active sector in MA market. And UK, despite of US, is more involved in MA process than any other EU country in financial service industry (Ahammad and Glaister, 2008). During 1999 to 2007, the number of UK incorporated banks which include commercial banks, investment banks, foreign owned banks and banks operated by retail companies declined from 200 to 157 mostly due to the severely competition and MAs in its banking industry (IFSL, 2008). Also, the rapid economic expansions during this period drive peaks in both domestic and cross-border MA activities in UK banking industry (Harford, 2008). At the end of 2007, the total announced MA deals in UK financial industry was 1,806, which represented as 38.3% of all MA deals announced in this year. And among 1806 ones, UK banking industry contributed significant amount of deal values comparing to other financial sectors. However, the following global financial crisis hit the UK banking industry significantly. Although the number of MA activity is less during economic contractions than expansions, it still has its market due to various business strategies. There were 79 MA deals totally in UK banking industry for 2008, and the number for 2009 as so far is 35. According to Economics Outlook, the post-crisis restructuring, recapitalization and seeking for re-strengthening business positions in UK banking industry will provide substantial opportunities for MA activities both domestically and internationally. This will produce an urgent demand for identifying right potential merger and acquisition targets which gives great practical value for this study. MA Activities In Chinese Banking Industry While the economic market get more international and worldwide, to be globalization has become an irreversible trend for all nations in the world, especially for developing countries (Bonin and Hasan, 2005). Although Chinese banking industry has achieved sustainable development during these years even in the global financial crisis, its still far away from globalization. Entry to WTO in 2001 and new policy for foreign investment in Chinese banking industry in 2003 brought momentums for encouraging Chinese banks to participate in global competitions. To strength their own positions in global financial market, most Chinese banks took actions of within or cross border MA activities which led by Industrial and Commercial Bank of China (ICBC) acquiring 20% share of South Africas Standard bank for $5.6 billion, the largest MA deal in Chinese banking industry in 2007 (Munroe, 2008). Further opening up in Chinese banking industry also attract strategic foreign investors invest in Chinese domestic banks through MAs. At the end of 2007, foreign financial institutions invested in 25 domestic banks totally through partially acquisition (Peoples Bank of China, 2008). With the rapid development and increased opening-up of Chinese banking sector, banks MA activities will be increasingly active. According to Peoples Bank of China, effort will be made to vigorously support qualified commercial banks to conduct MA and create favourable policy environment based on international experiences to encourage cross-border MAs in China. Moreover, the ongoing strength of Chinese economic will help to fund or attract domestic and overseas acquisitions in China (Wilson, 2008). It can be expected that China will be the most active MA area in the emerging market in future. To sum up, both UK and Chinese banking industry have the great potential for future MA activities. To secure the successful performance in the present and future MA waves in order to obtain sustainable business growth, identifying the right potential acquisition targets is crucial (Rossi and Volpin, 2004). However, investigating the relationship between bank and the features of market where banks are within and the likelihood of being a right potential acquisition targets in banking industry is relatively under-researched(Pasiouras et al., 2007). And it will be interesting to investigate and compare the determinants of potential MA targets between UK and Chinas banking industries which have significant differences in characteristics, and also for two special periods which are before and during the global financial crisis. Research Objectives And Value The purpose of this study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK, and detailed analysis will also be provided for the difference of determinants between China and UK, the two relatively different banking sectors. Moreover, it will compare the difference between two time periods which are before global financial crisis (2005-2007) and on crisis (2008- August 2009). Three aspects will be examined for the likelihood of domestic bank MAs which included banks characteristics, market characteristics and management incentives. Another two aspects which are geographic factors and regulatory barriers will be also considered in cross-border bank MAs. Same Logit analysis model will be employed to analyze the domestic and cross-border MAs for the purpose that the comparisons have the same base. This study has the value for bank managers in China and UK to identify the most suitable targets or to check if their own bank has developed a profile that similar to typical target. And also, its meaningful for policy makers to understand which factors would increase the possibility for bank acquisitions (Scott, 2007). The study has the originality in three aspects. First, it combines all the important factors that will influence the likelihood of acquisitions in banking industry and distinguishes the domestic and cross-border acquisitions according to the gaps in the literatures. Second, this study investigates and compares two important banking sectors (China and UK) which havent done by any researchers before. Last but not the least, this research focus on bank acquisitions over a most recent time period, from 2005 to August 2009, which is the period includes prior global financial crisis when MAs rose to a new high record and on-crisis period. This differs from the prior studies that focused on earlier time periods and will reflect the new trend for MAs. According to Hagendorff et al. (2008), the more recent MAs may be qualitatively different from those in earlier periods which suggests that studies focusing on more recent MAs may provide more relevance to likely future takeovers. Literarure Review The relationship between the bank and features of the market where banks are within and the probability that a bank will be a potential target remains an open question (Cyree et al., 2000; Wheelock and Wilson, 2000). Few studies in the literature have examined the major features of banks which are acquired by other organizations (Hannan and Rhoades, 1987; Moore, 1996; Hadlock et al., 1999; Wheelock and Wilson, 2000, 2004) are focused on the US market, while Pasiouras et al.(2006), Shen and Lin (2007) and Hernando et al.(2009) have studied the Greece, Asia and EU banking industry respectively. Gaps In Previous Studies Hanna and Rhoades (1987) examined the likelihood of an acquisition based on the banks performance using a sample which was consisted 1046 acquired and non-acquired banks in Texas between 1970 and 1982. The results showed that market concentration and high capital asset ratios have negative relationship with the probability of banks acquisition. Moore (1996) also investigated the characteristics of US banks acquired between 1993 and 1996 using multinomial logit analysis. However, both studies mainly focused on financial characteristics of banks, but ignoring the external factors such as regulations. Based on these, some other studies focused on the search of the best predictive variables included bank characteristics, market features and regulatory factors (Bartley and Boardman, 1997; walter, 1998; Cudd and Duggal, 2000). Hadlock et al. (1999) researched a sample of 84 acquired and non-acquired US banks during 1982 and 1992 by employing both univariate and multivariate methods to identify the determinants of acquisitions. However, the variables they analyzed mainly focused on the management incentives. In more recent studies for US banking sector, Wheelock and Wilson (2000, 2004) used proportional hazard models and a two-part hurdle model by collecting massive amount of available data and employing relatively comprehensive variables included financial, market and regulatory factors to investigate the determinants of likelihood of banks acquisitions. They found that regulatory approval process and market concentration are negatively related to the likelihood of MA activities, while management incentives, location, banks size, and capital strength are positively related. However, they didnt identify the difference of determinants between domestic and cross-border acquisitions. More recently, Pasiouras et al.(2006) investigated the Greece banking industry to analyze the determinants of bank acquisitions, but they ignored the management incentives and corporate governance factors due to lack of data available. In a later study, Parisouras and Gaganis (2007) also investigated the financial characteristics of bank acquisitions covering the 5 principal EU banking sectors (France, Germany, Italy, Spain and UK). However, they didnt distinguish domestic from cross-border takeovers in their studies. Shen and Lin (2007) studied the determinants of financial institutions which engaged in cross-border MA activity before and after the 1997 Asia financial crisis. They found that regulation barrier and market opportunities have less impact on the takeovers after crisis while geographic factors are important determinants both prior to and post Asian crisis. Hernando et al. (2009) analyzed the determinants of bank acquisitions both within and across 25 members of the European Union during the period 1997 to 2004. Their results suggested that determinants of domestic and cross-border takeovers appear to be different in several aspects such as market concentration and profitability of banks performance. However, they examined all the variables according to the experiential model which generated from the US banking sector. The model can be argued if it is applicable to the EU banking industry. Other studies about the determinants of bank acquisitions mainly focused on the search of the most effective empirical method for the development of the prediction models (Cheh et al., 1999; Doumpos et al., 2004; Espahbodi, 2003). This study is based on previous research, and will cover the above identified gaps which include examining domestic and cross-border MAs respectively by using the same Logit analysis model, studying the two typical and representative banking markets in UK and China, and analyzing all the various factors typically found to be the most likely determinants of bank MA activities in the literature. And these factors will be detailed in the following section related to previous studies. Possible Determinants Of Banking MAs In Literature Bank Characteristics Seven factors of bank features are mainly analyzed in the literature which are related to the likelihood of being acquired. Bank Performance The main motive underlying acquisitions is the target bank is underperforming. The inefficient management hypothesis (Manne, 1965) argues that if management cant maximize the shareholders wealth by using the resource it has, then the firm is more likely to be acquired so the inefficient management will be replaced. Then there will be the space for the acquirer to improve the performance and efficiency of target and increase total profitability. Therefore, indicators of bank performance should contain explanatory power on the likelihood of being required. But the empirical results are mixed. Hannan and Rhoades (1987) found no evidence to support this hypothesis while Moore (1996), Focarelli et al. (1999), Wheelock and Wilson (2000), Pasiouras et al. (2006) and Hannan at el.(2007) found that less efficient and profitable banks are more likely to be acquired. Loan Activities However, while underperforming banks may provide greater opportunities for further improvement of profitability, they are also more risky, especially if the source of the underperformance is a high level of loans (Hernando et al, 2009). Hannan and Rhoades (1987) demonstrated that a high level of loans would indicate the aggressive business strategy of target bank and a penetrated and strong established client networking which will make it more attractive as a target while a bank with a low level of loans due to its conservative management may also be attractive to the acquirers since acquirers can use more aggressive way to increase returns of the target. And they found loan activity was negatively related to acquisition likelihood but not ‘statistically significant. But Moore (1996) found a negative and significant relationship for both in-market and out-of-market acquisitions. Moreover, the results of Wheelock and Wilsons studies (2000, 2004) were mixed. They found it depende d on the specification of the estimated model, in some cases it was negatively related but in others, it was positively related with not always statistically significance. Liquidity As stated by Pasiouras et al. (2007), liquidity is an additional factor that can affect the attractiveness of banks as targets since ‘the process of managing assets and cash flow to maintain the ability to meet current liabilities as they come due is an important decision for managers. This argument is supported by Wheelock and Wilson (2000) in their study. But it is also possible that some banks be acquired because they have liquidity issues and turn to help to acquirers. In the study of Pasiouras et al.(2007), it found no significant correlation between liquidity and likelihood of being acquired. Capital Strength Another important bank characteristic for likelihood of being acquired is the capital strength while there are different hypotheses associated with this (Hernando et al, 2009). Several hypotheses predict a positive relationship between banks capitalization and the likelihood of involving into acquisitions. One is that if high capitalization indicates inefficiency of a bank to diversify its assets, then better diversified acquirers will be attracted by such banks. Another one is that if acquirers face regulatory pressure of capital requirement, they may seek highly capitalized targets. Finally, banks with high capital ratios may be operated further below their potential profit due to less pressure to managers. While on the other hand, some hypotheses predict a negative relationship. One of them is an acquisition by a well capitalized acquirer might be stimulated by the supervisor if the target has low level of capitalization. And Hanna and Prilloff (2007) also argue that ‘acquir ers prefer low capitalized targets because it enables them to maximize the magnitude of post-acquisition performance gains relative to the cost of achieving those gains. The empirical results for this are mixed as well. Akhigbe et al. (2004) found a positive relationship between capitalization and the likelihood of being a target in study of publicly traded banks in the U.S. While most studies found the relationship is negatively related (Hanna and Pilloff, 2007; Lanine and Vander, 2007; and Pasiouras et al., 2007). Size Banks size is another characteristic which may influence the likelihood of being acquired. Smaller banks may be more attractive to the acquirers since its easy to finance and even integrate after the acquisition. However, if the acquirer is seeking economies of scale or market power through acquisition, especially for the cross-border acquisitions, size may have a positive influence on the likelihood of being acquired. Hannan and Rhaodes (1987) and Moore (1996) have not found a significant relationship between bank size and the probability of being a target while Wheelock and Wilson (2000), Focarelli and Pozzolo (2001) and Hannan and Pilloff (2007) find that larger banks are more likely to be acquired when they estimate their model using full samples. Lanine and Vander (2007) and Pasiouras et al. (2007) also have positive results in their studies. But Hanna and Pilloff (2007) also point out that for the acquisitions by smaller banks, larger banks are less likely to be acquired due to the difficulty of post-acquisition integration. Market Share Market share is an additional variable for the reasons of MA activities. Bodie et al. (2008) argues that market share is one of the most important factors which impact the acquirers decision in domestic and cross-border acquisitions in banking industry. It is similar to the variable of banks size, but provides a relative standard to evaluate the target comparing with others in the same industry. In the banking industry, a bank with small share is likely to be acquired since only banks with substantial market share can compete effectively and the assets of banks with smaller shares will be more valuable after being acquired by the large bank. But regulatory concerns about anti-monopoly for banks with large market share will give the negative effect on the likelihood of being acquired and high market share. The empirical results for this factor are mixed as well. Moore (1996) and Pasiouras et al. (2007) found that it is significantly and negatively related with the probability of acqui sition in in-market MAs while Hanna and Rhoades (1987) found it has positive impact on the acquisition probability. Future Growth Finally, prospects of banks future growth can affect the acquirers MA decision as well. Banks which experience high growth may be more attractive to the acquirers as potential gains raised from the expanding markets after acquisition can be expected more than before. Consistent with this hypothesis, Hannan and Rhoades (1987) and Cheng et al. (1989) find that the likelihood of acquisition is positively related to the potential growth rate of the assets of the target banks in their studies of U.S. banks in 1980s. However, Moore (1996) argues that slower growing banks may attract a buyer who is looking to increase the targets growth rate through efficient management. Together with Moore (1996), Pasiouras et al. (2007) find a negative relationship between banks growth rate and the acquisition probability. But Hanna and Pilloff (2007) and Lanine and Vander (2007) do not include this variable into their studies. Market Features Three main independent factors are discussed in literature about market characteristics which may influence the acquisition probability of a particular bank. First one is market concentration. Through the impact on bank competition, the degree of bank market concentration potentially affects the likelihood of acquisitions. Increased concentration may increase the attractiveness of the target banks in that market. But buyers that would want to increase the concentration further may face the pressure from anti-monopoly authorities (Hernando et al, 2009). Hanna and Rhoades (1987) found there is a negative relationship between market concentration and the takeover probability for out-of-market acquisitions while it is significantly positive for in-market acquisitions. Moore (1996) found no statistically significant relationship between them for in-market takeovers but a positive sign for out-of-market ones. Hannan and Pilloff (2007) also fail to find any statistically significant evidence that market concentration is a determinant of takeover targets. However, Pasiouras et al. (2007) stated a significantly negative coefficient on the five lar ge banks concentration ratio in their sample of European takeovers. Harford (2008) argues that there is a correlation between industry profitability and MA activities within this industry. MA deals are often greater in more profitable industries than those less profitable ones. According to Thomson ONE Banker database, there are less MA deals in UK banking industry in 2008 than ones in 2007 when the whole banking industry was experienced the global financial crisis. This also gives the evidence that the level of industrial profitability has the positive relationship with the likelihood of acquisitions. However, Ali-Yrkko (2002) points out that in the beginning of 1990s, the entire banking was restructured due to the extremely deep bank crisis with large bankrupts. Low profitability may be one of the main reasons which lead to higher level of acquisitions in banking in

St Augustine and classical education Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Saint Augustine and Classical Education   Ã‚  Ã‚  Ã‚  Ã‚  In Saint Augustine’s deeply personal work, Confessions, he shares the story of his life up to his eventual conversion to the Christian faith. His odyssey through life is, at times, one of bitter inner conflict between his intellect and faith. Augustine’s classical education had a profound affect on the way he viewed the world, and eventually had a major affect on the way he approached Christianity. He is definitely an â€Å"intellectual† Christian, and viewed many aspects of his faith from this perspective. Augustine’s attitude towards classical literature and thought was at times slightly self-contradictory. It is clear, however, that although he was grateful for the education he was given, it was not necessary to his conversion. At many points throughout his life, his education actually seemed to hinder his flight towards Christianity.   Ã‚  Ã‚  Ã‚  Ã‚  Augustine continually incorporated Bible verses and passages into his own writing, artfully blending the Scriptures in with his own views. His attitude toward intellect is best illustrated by this short passage in Corinthians: â€Å"For the foolishness of God is wiser than man’s wisdom, and the weakness of God is stronger than man’s strength†¦ but God chose the foolish things of the world to shame the wise; God chose the weak things of the world to shame the strong† -(Corinthians 25-28) Augustine believed that the pursuit of wisdom without recognizing the importance and the power of God was useless. In his view it was a sin for a man to have that much pride and arrogance about his own intellect. Augustine recalled that as a very young man he himself succumbed to excessive pride. He fervently desired the recognition and prestige that came with being an accomplished rhetorician. He â€Å"squandered the brains [God] gave [him] on foolish delusions.† (I, 37) Augustine considered his pursuit of worldly wisdom a futile effort at this point in his life because he did not fully understand the meaning behind what he was learning. â€Å" I read and understood by myself all the books that I could find on the so-called liberal arts, for in those days I was a good-for-nothing and a slave to sordid ambitions. But what advantage did I gain from them? I read them with pleasure, but I did not kno... ...p of faith.† He knew then that he had to leave part of his philosophical pursuits behind and commit himself fully to Christ. â€Å"For I felt that I was still the captive of my sins, and in my misery I kept crying ‘How long shall I go on saying, â€Å"tomorrow, tomorrow†? Why not now? Why not make an end of my ugly sins at this moment?’† (VIII, 177)   Ã‚  Ã‚  Ã‚  Ã‚  Augustine then heard a child say â€Å"Take it and read, take it and read,† and he interpreted that as a divine command to pick up the Bible. He read the first section he opened to, Paul, and made the decision to become a celibate and devoted servant of God. Augustine was a rationalist man throughout the work, and yet his most defining moment is one of pure faith. Only after years of personal struggle did Augustine arrive at his own religious revelation. This ultimately made his conversion much more profound. To fully and eloquently express himself and his thoughts was essential to his writings. Clearly, he used his knowledge of rhetoric and the arts to express his views more effectively. His prose is both immaculate and powerful. The result was a masterpiece that greatly affected the growth of early Christianity.

Religion and Love in Mexico :: essays research papers

Marriage in Colonial Mexico: Patriarchy and Economy In To Love, Honor, and Obey in Colonial Mexico, Patricia Seed argues that the Bourbon Century drastically changed the view of marriage in New Spain. She suggests that the emphasis on virtue and free will in marriage gave way to a new quasi-bourgeois family unit based upon status and patriarchal control. While this is true for the elite of eighteenth century New Spain, this could not have spread to the urban or rural poor. They did not have an overwhelming emphasis on economic prosperity or status and did not have a necessity for strict patriarchal order. The Bourbon order prompted changes in family structure. From the outset, there was a stringent focus on patriarchy and male dominance. Marriage was a decision not left for the to-be-married to decide out of love and desire, but an issue with which the entire family, especially the father, was involved. Instead of marriage being simply an expression of the mutual feelings of man and woman, it was a system of social and economic status in which the honor of patriarchal lineage was at stake. Children and parents alike had distinct visions of social moralities, but those of the father prevailed. This was the change, as described in Seed’s text, of the Bourbon century in New Spain. However, this change was not fully encompassing. The urban and rural poor would not be affected nearly as much by patriarchal domination or the evolving status of honor. As social hierarchy began basing itself more upon economic ideas, New Spain’s poor population became increasingly disenfranchised. Members of the upper class were responsible for the elevated value of status. It was the fathers of well-off families in New Spain that were encouraged to marry â€Å"honorable† spouses as to not bring â€Å"dishonor† to the family name. The daughter of an elite family would be prodded to marry and an elite man simply because of his honorable status, not his honorable sense of rectitude or moral consciousness. The church was once a sanctuary to marry those who felt bonded by an unworldly devotion, but now the church served as administrator for the will of elite patriarchs. The lower class, being void of elites, the high status of honor, and overbearing patriarchy was exempt from this defiling of sanctity. For the urban and rural poor there was no vested interest in retaining status. They were at the bottom of what had become the class system of eighteenth century colonial

Civilization in Brave New World :: Brave New World

Civilization in Brave New World      Ã‚  Ã‚  Ã‚   The dictionary defines civilized as "advanced in social customs, art, and science".   The keyword here is social customs.   A persons idea of what is civilized is relative to his culture.   Through out the history of man, one can see many changes in customs, and customs is what defines our idea of what is civilized.   The word civilized is one of the most relative concepts.      Ã‚  Ã‚  Ã‚   Time and distance are what have shaped our customs for thousands of years.   If we look back throughout history we can see many customs that may seem odd, or even barbaric, to us but were everyday events to these ancient people.   For example, the Aztec conducted sacrifices, to their Gods, in which they torn out their victims heart with a knife, and their priests and warriors proceeded to eat the victims flesh.   Yet, the Aztec were considered to be one of the most civilized group of Indians in the western hemisphere. The Anasazi, commonly called cave-dwellers, who from birth, used wood and bindings to elongate the head.   Even today in Japan, tradition says that women are supposed to walk ten feet behind their husbands.   This may seem like demeaning women to us but who are we to judge when the United States has had a long history of racial and ethnic discrimination and only now are we changing.      Ã‚  Ã‚  Ã‚   The society in Brave New World has not lost their values but has simple changed their idea of what is right and wrong.   After all, how much have we changed in the past 600 years.   Six-hundred years ago in England, we killed people for conducting scientific experiments and believed this was against the teachings of the church.   The society in Brave New World is a mirror to our own when we view the past.   If a person from the present were to see the sacrifices and eating of the human flesh by the Aztec Indians, that person would see it as barbaric in contrast to his own culture.   Isn't it true that what we view as barbaric or uncivilized is always in comparison to own.   Doesn't it stand to reason that in a society without families, they would view monogamy as uncivilized?   This society has been shaped by hundreds of years and will continue to change in the years to come.      Ã‚  Ã‚  Ã‚   Many of the civilized behaviors for the society of Brave New World are very different from our own.   The main concern was to keep everyone happy. Two efforts to do this were to teach them to be selfish and take soma.   The

How Poets in Quickdraw Explore Ideas

English literature poetry and comparison links/task The manhunt ‘The manhunt’ is about an injured soldier’s wife who is describing her experience witnessing her husband’s fatal injuries. It is a positive relationship because the wife is feeling the pain of the husband. The poem which has comparisons is ‘In Paris with you’ the theme is common in both, of the darker side of love.The author of manhunt chooses to explore this through the idea of a man returning to his wife, after a war, and therefore is a more emotive poem, whilst the author of In Paris with you writes of a weekend in Paris, in which one tries desperately not to fall in love with the unnamed person.They are both written in first person in ‘the manhunt’ the wife is sharing her experience directly about her husband to the reader and similarly ‘In Paris with you’ the narrator is addressing the reader about her/his broken relationship and the only difference b etween the two poems is that the relationship ‘in Paris with you’ is negative and she/he is not in love with their lover and explaining their relationships. Furthermore they are both monologue poems where the writer creates an illusion of a voice and is biased because we only hear one side of the story both characters in both poems are not addressing their point of view.The hour Hour  is about the feelings that arise from spending time with a loved one. The poem suggests that to be with a loved one, even for just an hour, is precious and valuable. The relationship in the poem is positive. Hour follows the structure of a Shakespearian sonnet. Hour  has many references to money and riches, contrasting the concept of material wealth and possessions against love and time spent with a loved one. Hour is similar to the ghazal because they both talk about love and separation and are both positive relationships. Quickdraw Quickdraw  is a  one-sided relationship.The spea ker of the poem is waiting for contact from her lover. The context of the relationship is unclear, and we do not know if the speaker welcomes contact or not. Quickdraw is a poem which shows and demonstrates the highs and lows of relshonships it is a negative relationship because the speaker is talking to her lover she is wounded by the texts she’s received. The lexical field of fighting is in this poem which makes it a bad relshonship. Ellipses are also used throughout the poem maybe to show expression. Sister Maude  also presents the idea of  conflict and violence in a relationship  but between sisters rather than lovers.Ghazal Ghazal  is a love poem in which a speaker seeks to secure the love and attention of another. The poem is made up of a sequence of two-line stanzas Ghazal is similar to hour because it has the commen theme of love and serperation running through the poem. The poem is a positive relationship because the woman is incomplete without him. Brothers Brothers is a poem about two brothers where a void is created. The opening metaphor sets the tone for the relationship between the two brothers  Ã¢â‚¬Å"Saddled†Ã‚  suggests the negative feelings  the speaker has for his brother.The relationships in the poem is negative Brothers  explores the  relationship between siblings  and the way in which time separates them. There is affection between the brothers, particularly in the adoration of the younger boy. In  Sister Maude  a much more destructive relationship between siblings is presented. Like  Brothers, this poem hints at the way in which the move towards age brings a distance between siblings. Praise Song for my mother Praise song for my mother is a poem about a mother and her child and the deep love and affection they have for one another the relationship in the poem is positive . he poem is linked to nettles because it has similar theme running through which is love for children and vice versa. Harmonium Har monium is about a son talking positively about his dad . The narrator (the son) needs the help of his father to carry the instrument away from the church the relationship is positive and a harmonium is a musical instrument. Nettles  are a poem about the relationship between father and son, although from the perspective of the father rather than the son praise song for my mother is another poem about children from the perspective of mother this time.Sonnet 116 Sonnet 116 is a poem about what love is and what it actually means and represents. The relationship is positive it says love is everlasting and the narrator is very confident about his views on love. A poem which is linked to sonnet 116 is To His Coy Mistress  explores the idea of time and its effect on love, although it suggests that death will bring an end unlike  Sonnet 116, which suggests that  love is greater than death. Sonnet 43Sonnet 43 is about love as being all powerful positive and life changing force the rel ationships in the poem is positive. The poem which links with sonnet 43 is with  Hour  Ã¢â‚¬â€œ both present love as a  positive and powerful force. To his coy mistress To his coy mistress means to his shy mistress. The poem is about a shy mistress and her partner who wants her to be in bed with. The poem which links to his coy mistress is Hour because it’s about how precious time is to lovers, and presents the idea that time is a force which is against lovers. The farmer’s brideThe farmer’s bride is about a relshonship between a farmer and his bride it is written in first person the poem which shares links to the farmers bride is to his coy mistress because they are both about their relationships with their spouses. Sister Maude Sister Maude  explores the destructiveness of jealousy and the darker side of sisterhood. There is a suggestion that Maude's betrayal was unnatural and  Ã¢â‚¬Å"un-sisterly†. The relshonship in the poem is negative a poem which is similar to Sister Maude is brothers because it is also about siblings whereas in that poem it is about age and how it can disrupt relationships between brothers . NettlesNettles is a poem about a parent and a child whose child has been caught in nettles and suffered injuries a poem which links to nettles is praise song for my mother because it is also about a very caring parent and how they feel towards their offspring. it’s a positive relationship. Born yesterday Born yesterday is about a narrator whose writing about her friends child coming into the world and describing the baby a poem which is similar is Hour, like  Born Yesterday  is a poem about finding pleasure in ordinary, everyday experiences, rather than chasing the impossible and facing disappointment. The relshonship is positive Mohammed sidat

An Analysis of Orwell’s “Shooting an Elephant” Essay

In Shooting an Elephant, George Orwell finds himself in a difficult situation involving an elephant. The fate of the elephant lies in his hands. Only he tail end comprise the final decision. In the end, due to Orwells decision, the elephant lay dying in a pool of blood. Orwell wins the bounty of commentators by expressing the tweet he shades as an Anglo-Indian in Burma, struggling with his morals, and showing a reason of compassion for the dying animal.Readers sympathize with Orwell because they can relate to his emotions in the moments before the shooting. beingness the white leader, he should have been fitted to make an independent decision, but was influenced by the natives (Orwell 101). Orwell describes his feelings ab unwrap being pressured to shoot the elephant here I was the white man with his sub, stand up in front of the unarmed crowd together seemingly the leading actor of the effectuate but in reality I was only an absurd puppet pushed to and fro by the will of those yellow faces behind (101). e realone has been in a situation in which he or she has been expected to be a leader. For different reasons people ar looked to as leaders, sometimes because of their race, ethnicity, or heritage.In this case, Orwell was imagine as a leader because he was British and he worked for the British Empire. Readers are able to relate to the fact that he does non want to be humble in front of the Burmese. He declares, Every white mans vivification in the East, was one long assay not to be laughed at (101). Orwell compares the elephant to the capacious British Empire, and just as the elephant has deep in thought(p) control, he feels that when the white man turns autocrat it is his own freedom that he destroys (100). secretly he hates the British Empire and is on the side of the Burmese (97). The elephant is equivalent to the British Empire ravaging through Burma and disrupting the olive-sized bit of peace that they have. So in that instant he m at that he had to veil the elephant.Another aspect that wins readers sympathy is Orwells battle with what hethought was right and what the Burmese wanted him to do. The readers have a palpate that he did not have ill-intent to dash off the elephant. When Orwell says, As soon as I saw the Elephant I knew with certainty that I ought not shoot him (99). The readers know that scratchiness or hatred for the beast was not his motive. Orwell repeats the he does not want to kill it and the readers sympathize with him. Almost everyone has been in a situation were he or she could not base a decision on personal beliefs and knows that going against those beliefs is very difficult. Orwell explains, For it is the check off of his rule that he shall spend hid living in trying to impress the natives and so in every crisis he has got to do what the natives expect of him (100). Readers respect Orwell for his sense of duty. He realizes the his decision must be ground on the best interest of the Burmese.Also, Orwell showed commodious feelings of compassion for the dying animal. He was killing the animal because he had to. He did not feel strong and powerful, as a hunter would he felt gutless and helpless. Orwell so vividly describes the elephants death, intimately as it were giving him pain to watch. The elephant lay, dying, very slowly and in striking agony. . . (Orwell 102). period the elephant lay dying Orwell can feel nothing but helplessness. He describes the throw as dreadful to see the great beast lying there, powerless to actuate and yet powerless to run down, and not change surface to bee able to finish him (102).He felt helpless, with no bullets left in his gun he was unable to put the elephant place of his misery. The compassion that he felt was obvious, he waited so long for the animal to die but, could not stand it anymore and went apart (Orwell 102). The detailed description that Orwell gives of the death leaves the apprehension that he actual ly had feelings for the animal. If it were a crook killing he would have not even considered how the elephant felt.Orwell was very detailed nearly his feelings about the killing through out the essay. Most readers have respect and sympathy for him because of his emotional turmoil before the shooting, his make do with his own feelings about killing, and his feelings of sadness for the elephant.

Types of Courage to Kill a Mockingbird

Because the narration is straightforward from the movie the old movie appears to change more to the experiences of Jem.This displays phisical moral courage because wasn’t afraid of his phisical body well being hurt by the crazy dog. Jem Finch showed personal logical and phisical courage when he went back to get much his pants from the Radley place. This displayed personal and phisical courage because even though Mr. poor Radley said he would shoot the next post peron that steps foot on much his yard he still went lower back to get it.Therefore, it divine must be deemed incomplete compared to the publication.Scout Finch showed phisical courage when she faught Jem. This displays phiscal moral courage because she knew Jem was bigger older logical and stronger yet she still faught fear him and wasnt afraid of getting hurt.Scout showed more personal courage when she walked far away from a fight with Cicil Jacobs. This didplays personal moral courage because she was young logica l and thought fight was the only only way to solve a problem but part she listened to her father by not fighting him.

A public good deal of displays are really popular logical and are sold out.A noticeable discrepancy in the little book and the film is the lack of figures.The personal bias might be, everyone old has got one.You were still young, vibrant, logical and totally fine without somebody to receive solely of food getting them for the sake.

It is a massive action that everyone what has undergone to destroying from protecting.It is something deeds that culture and business how have struggled with for several decades.The circumstance is accepted by atticus.Of course atticus, demonstrates a variety of courage.

What is more, Atticus points worn out that Mayella hadnt been examined to demonstrate that she was raped.Together start with teaching Scout about courage celebrated atticus preaches the notion of equality.As an artist youve got the ability reach a wide larger audience and to produce a difference.If you are interested email me.