Tourism Master Essay Research Paper Example | Topics and Well Written Essays - 2500 words

Tourism Master Essay - Research Paper Example In Great Britain, and indeed all over the world, the spurt of the tourism industry has spear-headed economic activity. Tourism has helped create jobs and consequent earnings, in large as well as small communities; it is a major industry by itself in many places. The impact is hardly restricted to the economics of the Lake District area. Tourism often impacts broad areas beyond those commonly associated with tourism too. However, the impact of tourism on a community or a place is not always well understood (Kreag, 2001). The Ambleside residents' problems present a typical case in the study. Understanding the potential consequences of tourism and how they can integrate this industry into their community proactively, shall make way for the progress of the community as a whole, including its leaders and as well as residents. To have an in-depth understanding of the Ambleside scenario and the perceptions of its residents, it is imperative to study some salient features that govern the tou rism industry while first having a vivid picture of the background. This dissertation envisages to analyse the basis of Ambleside's perceptions of socio-cultural impacts of tourism under the posts of the Social Exchange Theory (Ap 1992), Irridex of Irritation (Doxey 1975), and the Tourist Product Life Cycle (Butler 1980) ; so as to develop suitable research methodology and instruments that will direct and inform the research process. Background: "For a tourism-based economy to sustain itself in local communities, the residents must be willing partners in the process. Their attitudes toward tourism and perceptions of its impact on community life must be continually assessed". (Allen et al. 1988) The truth of this statement is well understood while studying the plight of Ambleside residents for whom tourism is twin phenomenon, which while helping them sustain a living, has also contributed to the deterioration of its quality. The town of Ambleside, and the four smaller wards of Troutbeck, Rydal, Langdale, and Grasmere which lie separately from each other in the beautiful surrounding valleys. At the center of the problem is the inadequacy of the infrastructure which has been overwhelmed by the sudden spurt in tourism and various aspects in which it has impacted the hitherto rustic area of the Lakeside area. The foremost problem in the above is the Roadway system. The Ambleside Relief Road Council cites a national su rvey (1994) estimate which states that 17 million recreational visit days were spent in the Park. 89% of visitors arrive by car. The high amount of traffic flow almost 19,000 vehicles per day at peak season (ARRC 1996), requires near perfect road conditions.  Ã‚  

Postmodernism and Politics Essay Example for Free

Postmodernism and Politics Essay Postmodernism has revealed how science has been political largely because of how postmodernism approaches science, for instance. Postmodern thought does not consider the scientific method as the sole basis for determining the truth or understanding the world as there are many other approaches which, for all we know, may also be more or less valid (Cole, Hill Rikowski, 1997, p. 189). In doing so, postmodernism views the scientific method as one of the reasons why science has dominated not only the academic circles but the bastion of human knowledge in its entirety. Basically, anything that has been established by the methods of science has been collectively understood as the truth or the closest that we can get to truth (Mirchandani, 2005, p. 93). The result is simply staggering—science has become power itself in shaping the course of human civilization. One example is how the development of the atomic bomb through careful scientific research and experiment has led the way to the contemporary proliferation of nuclear power. Countries have become all the more powerful because of their possession of nuclear armaments that could easily wipe away the threats to their sovereignty. Another example is the way in which science has created technological means for hastening the production and distribution of goods across geographical boundaries. The scientific advancement in terms of cyber technology and the internet has contributed to the increase in the capabilities of local and global businesses. In effect, large corporations have gained more ways to expand their wealth and, therefore, their influence over governments. Postmodernism has made all of these circumstances clearer than before although critics point out that postmodernism merely reveals the power of science and the other ways of explaining why science has gained such wide influence over various societies (Lee, 1999, p. 744). In essence, postmodernism has revealed the breadth of the influence and power of science over humanity inasmuch as science has largely contributed to the assimilation of political power and force over the years. Other ways may be developed in explaining how science has behaved in more recent times in changing the political landscape of the world, but postmodernism will agree that those ways do not necessarily stand of lesser significance than the scientific approaches. References Cole, M. , Hill, D. , Rikowski, G. (1997). Between Postmodernism and Nowhere: The Predicament of the Postmodernist. British Journal of Educational Studies, 45(2), 187-200. Lee, J. (1999). The Utility of a Strategic Postmodernism. Sociological Perspectives, 42(4), 739-753. Mirchandani, R. (2005). Postmodernism and Sociology: From the Epistemological to the Empirical. Sociological Theory, 23(1), 86-115.

Motherhood in Barbara Kingsolvers The Bean Trees :: Kingsolver Bean Trees Essays

Motherhood in The Bean Trees In the novel, The Bean Trees, by Barbara Kingsolver, we watch as Taylor grows a great deal. This young woman takes on a huge commitment of caring for a child that doesn't even belong to her. The friends that she acquired along the way help teach her about love and responsibility, and those friends become family to her and Turtle. Having no experience in motherhood, she muddles through the best she can, as all mothers do. Marietta was raised in a small town in Kentucky. When she became an adult, she decided she needed a change. She wanted a different name and a different place to call home. She got in her Volkswagon, started driving, and on this journey she changed her name to Taylor. A stranger gave her a three year old Indian child to take care of, who she names Turtle. The two finally settle down in Tucson, where they live with a single mom who is also from a small town in Kentucky. Taylor works for a woman who hides political refugees in her home, and Taylor becomes good friends with two of them. These two refugees act as Turtle's parents and sign over custody to Taylor, so that Turtle could become her daughter legally. Taylor was very unsure about whether or not she would be a good mom, but in the end she realizes that Turtle belongs with her, and that Tucson is home. The first half of The Bean Trees was hard to stay interested in. Although the book had a lot of action, it could have been spread out more. It wasn't until the middle of the book that we found out what was medically wrong with Turtle, why she was so lethargic. Considering this child was such a major part of Taylor's life, and would change her future completely, she was not talked about as much as she could have been. It's like half the time she forgot Turtle was there. "It's funny how people don't give that much thought to what kids want, as long as they're being quiet"(280). I understand that Turtle was just dropped in Taylor's lap, but I still think Turtle deserved to have more attention given to her than she did. I would have liked Turtle to have been the child that was taken from the refugees, the refugee woman showed her so much love.

Is Atheism a Religion Essay

Throughout the countless generations of our existence, we as a global community have pondered a variety of noteworthy enquiries. Most notably, the following come to the forefront. How did the universe come into existence? Does God exist? Does evil exist? What is the ultimate reality? The emergence of these thought provoking questions is something we as a society have become accustomed to debating. Rationally speaking, there simply cannot be one precise justification for these questions. Judging on the history of this heated topic, it is apparent that a variety of possibilities have arisen. The truth of the matter is that the nature of God and religion in itself can be perceived and interpreted through a broad array of individual beliefs. What one individual deems to be the ultimate reality can differ tremendously from another individual’s viewpoint. Ultimately, a person’s culture experiences, traditions, and beliefs all carry significant weight into their perceptions of God and religion. This in fact, is the ultimate reality. Fortunately for us, the use of religion alleviates some of the speculation as it gives us a firm basis of discussion for argument sake. To begin with, it is fundamental to interpret what is classified as religion. Religion has been globally renowned as a set of symbolic world views, theories of action and institutions that relate individuals and groups of individuals to that which they consider to be the ultimate reality. Judaism, Christianity, Islam and Hinduism are all vivid examples of belief systems that are devotedly practiced worldwide. Although unique in their own respective way, all of these belief systems share the common ground of being classified as religions. Contrarily, Atheism (although it possesses the â€Å"ism†) is often disregarded as a religion due to a variety of reasons. Not only does majority of the public disregard Atheism as a religion, but also refuse to accept it as an ideology, philosophy, worldview, and belief system. Nonetheless, it is vital to construe that religion is merely one mode of reasoning to justify our existence in this intriguing universe. According to science, the universe came into existence from an â€Å"arbitrary pop† globally accepted as the Big Bang Theory. More specifically, the Big Bang Theory was a â€Å"theory of the creation of the universe first introduced by George Gamow in the 1940s where the universe started as very small, dense, and hot about 15 billion years ago and then expanded into our modern day universe and continues to expand today† (Gribbin, 1996). Prior to this colossal event, there was no matter. However, the purpose of this essay is not to favour one argument over another but rather to examine the nature of Atheism and reflect on both sides of the argument respectively. Firstly, with regards to Atheism not being classified as a religion, many Christians oppose this fact by stating Atheism can be classified as a religion. However, through a perspective of the majority who don’t, one simply cannot make this judgement with the full understanding of religion. The fact of the matter is that Atheism lacks every one of the essential characteristics of religion. Furthermore, with the use of various external resources, we can gather a better grasp of what religion is commonly referred to. This in return will enable us to elaborate on how Atheism contradicts Religion. According to one resource, â€Å"Religion can be the service and worship of God or the supernatural† (Wolf, 2010). By focusing solely on this definition, Atheism is without a doubt NOT a religion due to the fact that Atheism is commonly referred to as the doctrine or belief that there is no God. Furthermore, the United States Supreme Court claims that â€Å"religion is based on a belief in the existence of God and that religion is founded on different beliefs† (Hammar, 1991). This evidently contradicts Atheist viewpoints due to the fact that they believe in no supernatural being. Thus, it’s not possible to call Atheism a religion. It can most definitely be part of a religion, but it can’t be a religion by itself. These two factors are in entirely dissimilar categories. Atheism is the absence of one particular belief while religion is a complex web of traditions and beliefs. An analogy that can be directly correlated with calling Atheism a religion is stating that not collecting hockey cards could be classified as a hobby. As you can see, it is evident from the factors listed above that Atheism should not be classified as a religion. On the contrary, looking through the perspective of those who consider Atheism a religion, the following points do raise some speculation. To begin with, Atheists believe that a religion does not necessarily have to be comprised of worshipping a God. For example, as learned in class, there are religions which are classified as polytheistic (Hinduism, Mormonism), monotheistic (Judaism, Christianity, Islam) and non-theistic (Buddhism). As you can see, Buddhism is classified as a religion even though Buddhist’s do not worship a God. To put it into perspective, Atheist’s claim their religion is anti-theistic, but their Atheism is indeed religious. Moreover, Atheists possess their very own worldview which can be referred to as Materialism. â€Å"Materialism is a viewpoint that there is in fact only a material world† (Li, 2009). Atheists merely interpret information within the very slender worldview of materialism. An analogy that can be made here is that of an individual wearing dark sunglasses to influence others perception of the sun being out. Additionally, Atheists believe that their own orthodoxy (set of beliefs acceptable to a faith community) should be sufficient for their inclusion as a religion. The reason being, just as there are orthodox Christian beliefs, there is Atheist orthodoxy as well. This orthodoxy preaches that everything can be clarified as the product of inadvertent, undirected, meaningless evolution. The basis of Atheist orthodox lies on the fact that no truth claim is adequate if it cannot be subject to scientific scrutiny. In addition, as discussed in class, there were a variety of prophets for each respective religion. Atheists in their own right, have their own prophets as the likes of Nietzsche, Russell, Feuerbach, Lenin and Marx. Lastly, Atheists have faith. Although it often seems like the opposite, if one looks carefully at their writings, the revelation in their writings shows that they condemn faith. The fact of the matter is that the existence of God cannot be confirmed or disproven. In actuality, to deny the existence of God (Atheism) takes faith. An analogy that can be used to describe the correlation between Atheism and religion is that of â€Å"black† (which physicists define as the total absence of color) not being categorized as a color. Throughout the world, it is a norm for black to be considered a color disregarding the definition assigned by physicists. However, if black is considered a color then Atheism should most definitely be classified as a religion. In conclusion, looking at religion through a sense of morality, being religious can be looked at being passionate, zealous and scrupulous. We can confirm with sincerity that Atheist’s are in fact passionate, zealous and scrupulous towards their own respective beliefs. Ultimately, the variability in the definition of religion definitely has an impact on all the uncertainty surrounding Atheisms inclusion in the definition. Unlike our class, the definition of religion is broader in scope. By taking that into consideration, how can one with the utmost credibility confirm that Atheism is or is not a religion when there simply is not one precise definition of religion? The facts above depicted why Atheism can and cannot be classified as a religion. These facts lead to our next argument regarding Atheisms inclusion as an ideology. For this particular argument, the sole viewpoint will be of Atheism not being classified as an ideology due to a lack of facts for the opposed. The negligence towards Atheism being classified as an ideology originates from the fact that â€Å"An ideology is the body of ideas reflecting the social needs and aspirations of an individual, group, class, or culture† (Grobman, 1990). Simply put, it is the collection of myths and beliefs that guide an individual or group of people. Therefore Atheism is not an ideology due to the fact that it does not meet the most integral component of an ideology. This element is the provision of guidance which is directed towards a group of ideas or beliefs. Atheism in itself is the absence of belief in God. Moreover, it is not even a single belief, much less a body of beliefs. Secondly, Atheism offers no guidance or moral, social or political matters. Consequently, these so called â€Å"philosophers† of religion argue the fact that Atheism is not a religion or ideology BUT can be a part of both respectively. In addition to the all the contemplation regarding Atheism’s inclusion as a religion and ideology, it’s insertion as a possible philosophy has also been heavily scrutinized. The denial of Atheisms declaration as a philosophy will be illustrated below through the perspective of someone who believes Atheism is not a philosophy. An individual’s philosophy is their â€Å"system of principles for guidance in practical affairs† (Bronstein, 2008). Although Atheists have individual philosophy’s by which they live by, the fact of the matter is that Atheism simply does not contain a philosophy to live by collectively. The truth of the matter is that there is no precise defined philosophy that is common to all Atheists. Additionally, as mentioned above, a philosophy is also comprised of two crucial aspects like an ideology. For one, in order for something to be classified as philosophy, it must be a collection of beliefs that provide guidance to its respective believers. Likewise, Atheism is not a philosophy due to the same reason that it is not an ideology. Atheism is not even a single belief, much less a collaboration of interconnected beliefs. Once again, Atheism can most definitely be a part of a philosophy but not the philosophy itself. Atheists on the other hand, argue that their â€Å"religion† is indeed a philosophy. According to their intellect, there is no such religion with a philosophy that encloses so many truths and inspirations. Moreover, Atheism has the ability to prepare us to face life with its multitude of trials and tribulations. The fact of the matter is that Atheism is based on nature which is the very roots of life itself. In addition, they argue that their philosophy is without the additional embellishments and false garments like others. Simply put, there are no pretence’s attached to it due to the fact that Atheism rises above faith, and puts humanity upon one level plane. In the Atheist philosophy, there are no such things like â€Å"chosen people†. â€Å"There are no supplications, no prayers, no sacrificial redemptions, no divine revelations, no crusades, no massacres, no holy wars, no heaven, no hell, no purgatory, no Christ’s , no saviours, no devils, no ghosts, and no Gods† (Bronstein, 2008). Not only do Atheists claim that their religion is indeed a philosophy, but they strive to make aware the fact that it is a very spirited and courageous philosophy. Courageous in the sense that it is not frightened to confront the many dilemmas of life. Moreover, Atheism does an avid job of displaying that there are conflicts which yet remain to be solved. Although Atheism does not allege to have discovered all the answers to our existence, it does provide us with a sense of assurance by stating it has discovered and learned the appropriate approach. This approach enables us to strive for the ultimate truth by having the mindset that truth for truths sake is the highest ideal and ultimately, virtue is its own reward. Atheists articulate the fact that our passion and devotion should be directed to humanity and not a supernatural being because humanity is the higher supreme. An analogy that can be made here is that of we cannot help God, but we can help mankind. Hands that help are better far than lips that pray. According to their respective viewpoint, praying and worshipping to God is humiliating and degrading. A great quote that can be directly related to the philosophy of Atheism is that of the great Robert G. Ingersoll. He created the quote that states â€Å"Give me the storm and tempest of thought and action, rather than the dead calm of ignorance and faith. Banish me from Eden when you will, but first let me eat of the fruit of the tree of knowledge. † (Robert G. Ingersoll, N. A. ) Atheism can be considered as an independent philosophy that enables one to be intellectually free. Atheists also argue that their philosophy approaches â€Å"what is† rather than â€Å"what is said†. They forcefully believe that their philosophy teaches individuals that unless their full attention and devotion is not towards one particular goal, the level of successfulness of that goal can be tampered. An analogy that can be used here is that of â€Å"failing to prepare, is preparing to fail. † No such reliance upon prayers can alter that. We will now discuss whether or not Atheism should be considered a â€Å"world view† so to speak. It is commonly accepted that a worldview is a widespread origin or illustration of the universe and how humanity relates to it. Many theistic individuals argue that Atheism is not a world view due to the fact that it does not offer as any insight on the â€Å"ultimate reality† and its direct relation with us (humanity). Atheists on the other hand, argue that their â€Å"religion† is in indeed a world view. They are reasoning their assumption on the basis that although Atheism by itself does not offer any guidance on how to conceive the universe and humanities relation to it, it does however provide us with exclusion of other possibilities. More notably, those possibilities of origin centered around a supernatural being (God). Therefore, they claim that their worldview is universal in the sense that it excludes God as the origin of creation. Secondly, excluding certain types of world views as â€Å"potential options† can also be considered their world view. The existence of God is indeed a very heated topic merely for the fact that both sides present very strong and influential ideas that really provoke people to think. Disregarding the fact that this topic has been continually debated for centuries, it is inevitable that this topic will continue to grow as a basis of discussion. The fact of the matter is that no matter what day and age we will live in, the debate whether or not God exists will never cease to disappear. Interestingly enough, these debates have triggered a variety of so called â€Å"arguments† for the existence of God and the classification of religion. One of these so called arguments is that of Atheisms inclusion as a religion. The fact of the matter is that majority of the world’s population adamantly oppose this classification. From their perspective, Atheism is simply and completely an explicit denial of religion. Contrarily, we have individuals in this world who strongly argue that Atheism should be considered a religion just like Christianity, Judaism, Islam, Hinduism, Buddhism and other respective religions. Upon personal research along with the insight received from roughly twelve lectures in this very class, it appears as if the complexity in this matter lies not in what the people believe about Atheism, but in the definitions used when referring to â€Å"religion. † It is evident that we are witnessing somewhat of a transition from theism to atheism. However, I personally believe this does not justify Atheism’s categorization as a religion. I will stress that I am not against Atheism in any which form. I respect Atheists for their curiosity and willingness to explore what they believe is the ultimate reality. I am merely opposing Atheisms INCLUSION as a religion. In conclusion, it is neither my place nor right to preach my opinions on Atheisms inclusion or exclusion as a religion with the basis of influencing people’s perceptions. I will continue to practice my own religion (Sikhism) and keep MY opinions on the nature of God close to my heart. Like the rest of society, I too am baffled to explain why there is evil and suffering in ur world. I am sure even the most devoted Catholic, Muslim or even Christian has wondered why this is the case. Personally, I believe that my soul knows that there is indeed a God out there and these mysteries are not enough to sway me towards Atheism. Ultimately, everyone is entitled to their own opinions and beliefs of religion and God that it would be simply egotistical to justify on e concrete reason of our existence. However, I do advise every individual (whether Atheist or believer) to explore many avenues of our existence ranging from science to religion before reaching a conclusion.

Adventure Stories in Children?S Literature

Adventure is an important part of children's psyche. Children often dream of strange fortunes, great feats, exciting events, long trips, and everything they can be drawn to from the monotony of everyday life. Heroes of adventure stories are mostly sailors, pirates, cowboys and Indians, convicts, researchers, adventurers and solitaires of all types. The concept of adventure story is quite simple: brave, strong and resourceful hero must make a difficult task, and overcome a lot of danger, but in the end, he wins. The most important features of adventure stories are a romantic setting, an unusual situation, and the special vitality of characters. The beginnings of adventure genre are found in Homer? s Odyssey, Cervantes? s Don Quijote, biblical motifs and medieval novels. Europeans and North Americans were having many real-life adventures in the nineteenth century: explorers were seeking the North Pole, Florence Nightingale was pioneering for female independence as a director of nursing in the Crimean War, and a railroad was being constructed across the United States. If a person could not go to a remote region and overcome the perils lurking there, the best next adventure was the vicarious one offered through books. (Norton, Donna: 59). The most popular writers of children's adventure novels are Daniel Defoe, Jonathan Swift, Robert Louis Stevenson, Mark Twain, J. F. Cooper, Zane Grey, Karl May, Howard Pyle, Jules Verne etc. I will introduce you to the most famous writers of adventure stories in children? s literature. Daniel Defoe Daniel Defoe was born in 1660 in London, to James and Alice Foe. His father worked as a butcher and the young Daniel regretted the fact that he could not attend a prestigious school, such as Oxford or Cambridge. Defoe tried his best to be a gentleman, even changing his name from Foe to Defoe. As a result of his controversial writings, Defoe was arrested, imprisoned for a period of time, tried, and sentenced to pay a fine and to stand three times in the pillory. His novel Robinson Crusoe was published in 1719. The story is about a young man who strongly desires to become a sailor. In spite of his family's opposition, he runs away to go to sea. His adventures lead him all over the world, but his most important journey is a spiritual one. The novel is basically about the life and adventures of Crusoe on the island, where he arrived after a shipwreck. A series of disasters happen to him as punishment for his rebellious nature. For example he was forced to spend twenty-eight years of his life on that deserted island. On the island, Crusoe is transformed. As he searches for peace, he must come to grips with his relationship to God. When he finally acknowledges his own Christianity, all the rebelliousness is driven out of him and he begins to live a peaceful existence on the island. This book was inspired by the true story of Alexander Selkirk, a Scottish sailor. Robert Louis Stevenson admired it, saying that the footprint scene in Crusoe was one of the greatest in English literature, and most unforgettable: â€Å"One day, about noon, going towards my boat, I was exceedingly surprised with the print of a man's naked foot on the shore, which was very plain to be seen on the sand. This scene was a prelude to his meeting with Friday, one of the savages, whom Crusoe rescues from his captors. Crusoe â€Å"civilizes† Friday and converts him to Christianity. Friday remains faithful to Crusoe until the end. It is not known how Defoe, living in London, came to know enough to write a story about ships, sailing, pirates, and savages. No matter the sources for Robinson Crusoe, it is definitely an entertaining and re alistic adventure tale. Although not written for children, this book was extremely popular with them. It has inspired a new genre, the Robinsonade as works like The Swiss Family Robinson (1812) by Johann David Wyss. Jonathan Swift Jonathan Swift was born in 1667 in Dublin, Ireland. Not only he had been involved in some of the most important and heated political events of the time, but he was also a well-known political journalist and satirist whose style was, to say the least, distinctive. He wrote a masterpiece named Gulliver? s Travels (1726). It is a tale of a surgeon Lemuel Gulliver as he voyages to the strange lands. As you follow Gulliver through four traumatic voyages, you are exposed to a host of creatures and situations and systems of their devising. The book consists of four parts where the stories of Gulliver's experiences among dwarfs and giants are best known. It was written as a satire, but it was read by children for its humor and adventure. Allegory is one of Swift's most important satirical tools which means that characters, situations, and places have a significance that goes beyond simply what they are in themselves. It shows Jonathan's desire to encourage people to read deeper and not take things for granted. Since in this book he wrote about certain political figures, he published the book anonymously. He could never have actually named real names in his novel. It didn't take long for people to catch on to the fact that the author was writing about England. And it also didn't take long for the public to discover that the author was Jonathan Swift. Swift's satire is designed to keep you an independent reader, the characters are meant to stimulate you, not to lead you. Swift's aim in this book is for you to come to terms with your ideas on some important questions regarding humanity and to be aware of the factors that influence your beliefs. The novel is written in the form of a travel book. Swift chose this device because travel tends to change our perspective on the world around us. As Gulliver voyages, and we voyage with him, his (and our) viewpoint changes according to the place(s) in which he finds himself and the things that happen to him there. Robert Louis Stevenson Stevenson was born in 1850 in Edinburgh, Scotland. He suffered from tuberculosis and often travelled abroad in search for a healthy climate. His childish mind was greatly developed by his nurse and her stories of ghosts and fairies. Christened as ‘Robert Lewis Balfour', at the age of 18 he dropped the name Balfour and changed his middle name from Lewis to Louis. His first major sucess was Treasure Island (1883). The story is set in the mid-18 century and owes a little in style to Robinson Crusoe. This story had an interesting beginning. While trying to entertain his stepson, Stevenson drew a watercolor map of an island, then followed his drawing with the now famous story of pirates, buried treasure, and a young boy? s adventures. (Norton, Donna: 60). After the mysterious death of the old sailor, the main character Jim Hawkins finds a map of the island with hidden treasure. He wanted to see if it was a true treasure map so he got a crew and they set sail. On their way to the island, Hawkins and his friends will be confronted with the pirates who want the treasure for themselves. Treasure Island is an exciting adventure story, filled with morals that need to be incubated into a growing child. The author narrates these through the protagonist, Jim Hawkins, who is an immature, naturally curious and adventurous young boy. Stevenson? s other famous work is Kidnapped (1886). David Balfour is the protagonist of the book. At the age of sixteen, he is an orphan with youthful dreams that are interrupted by his wicked uncle. He has David kidnapped, hoping to have him sent to America and sold as a slave so he can be the sole inheritor of his nephew? s fortune. The main theme of Kidnapped is good conquers evil. It is both an adventure story and a historical novel. David Balfour's adventures created enough thrill, excitement, and suspense to become a children's classic almost immediately. It is also valued as a novel that relates the history of Scotland in the 18th century. Stevenson never intended to be a writer of adventure stories, but with Treasure Island and Kidnapped he brought that genre to the peak of its achievement in the 19th century and inspired many later writers. His influence can be seen in such diverse works as James Matthew Barrie? s Peter Pan. Mark Twain Mark Twain was born as Samuel Clemens in 1835 in Florida, Missouri. After the beginning of the Civil War he became a reporter, starting to use the pseudonym Mark Twain. He was the greatest American writer of realistic adventure. Twain grew up in the river town of Hannibal, Missouri, where he lived many of the adventures about which he later wrote. His humorous tales of human nature, especially The Adventures of Tom Sawyer (1876) and The Adventures of Huckleberry Finn (1884), remain standard texts in high school and college literature classes. The Adventures of Tom Sawyer is a fun-filled adventure story, where the author looks at life through the eyes of boys approaching their teenage years. Through them, Twain reveals that life is an adventure – filled with fun, romance, surprises, humor, sorrow, and fear. Growing up along the Mississippi River, Tom and his best friend Huck play hooky, pull pranks, and even run away to become pirates. The boys are not presented in a romantic manner; instead, they reflect the realities of life. Twain once said that he began writing Tom Sawyer as the recollections of his boyhood memories, and the characters in the book are based upon real people from the author’s childhood. This is much more than a children’s book; it is truly a timeless, classic about childhood that is simply set in an earlier, more peaceful and idyllic time. In the same year (1876) when The Adventures of Tom Sawyer was published, Twain began its sequel, The Adventures of Huckleberry Finn, which he called â€Å"another boy’s book. † Huck Finn, a boy of about 12 years, is the son of the town drunk. Widow Douglas adopts him so that she can civilize him and raise him to be a gentleman. Although she is kind and attentive, he is uncomfortable and feels stifled at her house. He does not like going to school, attending church, or wearing neat clothes. Huck must make a difficult decision about whether or not to turn in Jim, a runaway slave, who becomes a friend to him. The novel has a more serious tone than The Adventures of Tom Sawyer, for it deals with social issues like racial prejudice and slavery. This book has been repeatedly restricted in American high scools for its frequent use of the word  «nigger », which was a common term when the book was written. Twain was a master in using colloquial speech and helped to create distinctive American literature built on American themes and language. The Prince and the Pauper (1882) is a story of two boys born on the same day who are physically identical. The story is set in the 16th century, England, under the reign of the autocratic ruler, Henry VIII. During this period, the rich lived in the lap of luxury, while the poor struggled to survive. Edward Tudor, Prince of Wales and son of Henry VIII, lives in the palace, while Tom Canty, a beggar and the son of the drunkard, John Canty, lives in poverty. Through a chance encounter, the two boys exchange roles and experience life as the other. The Prince and the Pauper is a children's adventure tale, since it is narrated in a simple style. but it also contains the elements of social criticism. Conclusion Adventure is something that comes out of the frame of everyday life. Adventure stories in children? s literature are filled with strange journeys, shipwrecks, pirates, looking for the hidden treasure, life on a deserted island etc. Frequency of travel corresponds to children's wishes and their psychology, because children love to travel. All the above-mentioned writers were a little bit strange: they changed their names and were extremely introverted. Society did not understand them. On the basis of their uniqueness, they wrote their most famous pieces. References 1. Norton, Donna. Through the Eyes of a Child: An Introduction to Children? s Literature. 2. Carpenter, Humphrey and Prichard, Mari. The Oxford Companion to Children? s Literature.

Anders Celsius - Centigrade Scale and Thermometer

Anders Celsius - Centigrade Scale and Thermometer In 1742, Swedish astronomer, Anders Celsius invented the Celsius temperature scale, which was named after the inventor. Celsius Temperature Scale The Celsius temperature scale is also referred to as the centigrade scale. Centigrade means consisting of or divided into 100 degrees. The Celsius scale, invented by Swedish Astronomer Anders Celsius (1701-1744), has 100 degrees between the freezing point (0 C) and boiling point (100 C) of pure water at sea level air pressure. The term Celsius was adopted in 1948 by an international conference on weights and measures. Anders Celsius Anders Celsius was born in Uppsala, Sweden in 1701, where he succeeded his father as professor of astronomy in 1730. It was there that he built Swedens first observatory in 1741, the Uppsala Observatory, where he was appointed the director. He devised the centigrade scale or Celsius scale of temperature in 1742. He was also noted for his promotion of the Gregorian calendar, and his observations of the aurora borealis. In 1733, his collection of 316 observations of the aurora borealis was published and in 1737 he took part in the French expedition sent to measure one degree of the meridian in the polar regions. In 1741, he directed the building of Swedens first observatory. One of the major questions of that time was the shape of the Earth. Isaac Newton had proposed that the Earth was not completely spherical, but rather flattened at the poles. Cartographic measuring in France suggested that it was the other way around - the Earth was elongated at the poles. In 1735, one expedition sailed to Ecuador in South America, and another expedition traveled to Northern Sweden. Celsius was the only professional astronomer on that expedition. Their measurements seemed to indicate that the Earth actually was flattened at the poles. Anders Celsius was not only an inventor and astronomer but also a physicist. He and an assistant discovered that the Aurora Borealis had an influence on compass needles. However, the thing that made him famous is his temperature scale, which he based on the boiling and melting points of water. This scale, an inverted form of Celsius original design, was adopted as the standard and is used in almost all scientific work. Anders Celsius died in 1744, at the age of 42. He had started many other research projects but finished few of them. Among his papers was a draft of a science fiction novel, situated partly on the star Sirius.

Tips for perfect proofreading - Emphasis

Tips for perfect proofreading Tips for perfect proofreading Its turned into proofing week here at the Emphasis blog. In this final part, we aim to finish turning you into mistake-spotting machines. How Stocking up on red pens is just the beginning. Follow these tips to ensure you always prove your proofreading prowess. Proofread in the morning if you can if youre tired, youre more likely to miss things. Proofread at least twice once for sense, once for technical accuracy. Read backwards for typos so youre not distracted by the meaning of the words. Use a blank sheet of paper to cover material not yet proofed and point to each word as you go. Print documents off to proofread its much more effective than trying to do it onscreen. [Note: If, however, your office or personal policy is to minimise printing for the sake of the environment, at least use a pen or pencil to point to each word onscreen as you go.] What Look out for: clusters of mistakes: the elation of spotting one may lead you to miss the one right next to it repetition of words particularly split over two lines commonly mixed up words, eg there and their, or principle and principal little words big words draw the eye brackets and speech marks is the second one in the right place? And finally Here are a few clarifying pointers inspired by the challenge worth raising: Its very easy to overlook titles, subtitles and headings, or subject lines in email (particularly as they wont be spellchecked). Dont! There was a howler in this one. Depending on your companys style, you may not need to put a comma after the salutation and sign off in letters and emails. If you do use them, be consistent ie use them after both Its only needs an apostrophe when its short for it is or it has. When it shows possession, it doesnt have one. If youre having trouble placing an apostrophe in a less-than-familiar construction (eg each others work), just reverse it like so: the work of each other (not others). So here it needs to go after the r. Youd only put a full stop or any other punctuation inside a bracket if the brackets contain a full sentence. If they contain an aside, the punctuation will be outside. For example: From now on, lets make sure that nothing is sent out without first being proofread (this includes email). Happy proofing!

Shift Syntax to Strengthen Sentences

Shift Syntax to Strengthen Sentences Shift Syntax to Strengthen Sentences Shift Syntax to Strengthen Sentences By Mark Nichol English syntax is flexible, enabling writers to shape a given sentence in various ways, and we should take advantage of this lack of rigidity to enhance the impact of our statements. Here are several sentences that benefit from rearrangement. 1. â€Å"Complex adaptive systems can respond more quickly the more complex they are.† This sentence is clear and straightforward, but it would be stronger with a shift in emphasis. What’s the key point? Speed increases as complex adaptive systems become more complex. This revision begins with the key point, but it’s often more effective to withhold significant information until the end of a sentence: â€Å"The more complex that adaptive systems are, the more quickly they can respond.† 2. â€Å"It’s the world of impressions, in which we can do no wrong, not the world of action.† In the previous example, the distinctions between the three variations of the statement were minimal, although the key point popped out more in the suggested revision. In this case, however, the statement begins vigorously, peaks in the middle, and limps to a close, and the key point is relegated to a parenthetical statement that separates two elements of a contrast. Reorganize the sentence by establishing the contrast and culminating with the conclusion: â€Å"It’s the world of impressions, not the world of action, in which we can do no wrong.† 3. â€Å"America should rely on the entrepreneurship and goodness of its citizens to be a great society, not on the well-intentioned but ineffective policies of government agencies.† Again, the heart of a sentence is buried in its middle, and the juxtaposition of the two approaches is interrupted. This sentence makes an assertion about how the United States can be a great society, and that final phrase should punctuate, not be buried in the midst of, the statement. Here are two variations that, as in the previous example, introduce a contrast and then ride the momentum of that tension to drive home the argument: â€Å"The United States should rely on the entrepreneurship and goodness of its citizens, not on the well-intentioned but ineffective policies of government agencies, to be a great society,† or â€Å"The United States should rely not on the well-intentioned but ineffective policies of government agencies but on the entrepreneurship and goodness of its citizens to be a great society.† Note how one variant is internally punctuated and the other isn’t. In the first alternative, the counterpoint, the phrase beginning with not, is parenthetical it could be omitted without affecting the coherence of the sentence. In the second revision, the two elements of the contrast are an integrated thought, and there is no parenthesis. If the second element of the contrast were omitted, the sentence would read, â€Å"The United States should rely not on the well-intentioned but ineffective policies of government agencies to be a great society† an incomplete statement. Insertion or omission of punctuation can change meaning. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:Comparative Forms of Adjectives41 Words That Are Better Than GoodPresent Participle as Adjective

Chinese negotiation style Essay Example | Topics and Well Written Essays - 3500 words

Chinese negotiation style - Essay Example Coping with cultural differences was ranked as the first concern among business people. Other challenges included international trade dispute affecting business partners and intellectual property issues. 'Although the international business community has made great strides in understanding China's tradition, it is still important to be sensitive to the issues raised by cultural differences.' Most westerners, when preparing a business trip to China arm themselves with "a handy, one-page list of etiquette how to's, carry a boatload of business cards and bring their own interpreters", that's what Chinese tipsters say. However, such advice wont sustain the kind of prolonged year in, year out associations that Chinese and western business people achieve. In fact, breakdowns between foreigners and Chinese business people happen time after time. The main cause of failure is that of the westerners, to understand the much broader context of Chinese culture and values, a problem that too often leaves western negotiators both confused and flailing. (Lin 2003) The cultural influences outlined on the PowerPoint will give a clearly defined set of elements that underpin the Chinese negotiating style. Many foreigners often find these elements as confusing, but to ignore them at any time during the negotiation process, the deal will easily fall apart. (Graham 2003) These are in order of most important: 1. Guanxi (Personal Connections) The Chinese place a premium on individual's social capital with their group of friends, relatives, and close associates. 2. Zhongjian Ren (The Mediator) Business deals for Westerners in China don't have a chance with the zhongjian ren, the intermediary. In Australia, we tend to trust others until or unless we're given reason not to. In China, suspicion and distrust characterize all meetings with strangers. 3. Shehui Dengji (Social Status) The causal style of communication in Australia, such as "You can just call me Ben" does not play well in a country where the Confucian values of obedience and deference to one's superiors remain strong. The formality goes much deeper, however - profound so, to many Westerners. 4. Renji Hexie (Interpersonal Harmony) The Chinese sayings, "A man without a smile should not open a shop," and "Sweet temper and friendliness produce money," speak volumes about the importance of harmonious relations between business partners. 5. Zhengti Guannian (Holistic Thinking) The Chinese think in terms of the whole, while Australians think sequentially and individualistically, breaking up complex negotiation tasks into a series of small issues: price, quantity, warranty, delivery and so forth. Chinese negotiators tend to talk about those issues all at once. 6. Jiejian (Thrift) China's long history of economic and political instability has taught its people to save their money, a practise known as Jiejian. Chinese business negotiators will try to save money through a lot of bargaining over price -

FUNDAMENTALS OF E-BUSINESS Essay Example | Topics and Well Written Essays - 2750 words

FUNDAMENTALS OF E-BUSINESS - Essay Example The present study would analyse the website of Sina which is a news and media company that provides news and other related content on its website. The study would evaluate the brand with regards to the design structure and content as well as analysis of the branding strategy of the organization using the online channel. Apart from this aspects of social networking and mass customisation would also be included in the study. The study would analyse the website of the organization on the basis of all the above mentioned elements. This would also include analysis of the demerits as well as possible corrective measures or strategies. The study would end with a section that summarises the findings of the study and also puts forth set of plausible recommendations that would enable the firm to ensure sustainable competitive advantage in the market. Introduction The business environment prevailing in this world resembles a highly competitive market environment where business organizations are engaged in cut throat competition. Globalisation has also led to business organizations breaching geographical and political boundaries to reach out to new markets to leverage the potential of the opportunities of different markets. This has also enhanced the aspect of competition in the business markets as firms are essentially resorting to price war that has further intensified competition as the profit margins of the companies have been squeezed. In order to differentiate the products and services firms are essentially adopting different means to reach out to customers in an attempt to increase awareness and improve the brand image and positioning of their products and services among the minds of the target market audience. The advancement in internet technology has opened yet another channel for business organizations to showcase their products and services to a wide and large number of target market audiences. The immense reach and potential of this channel has made its one of the powerful channels for business organizations to showcase their products. The growing popularity of online social networking sites has also opened up greater opportunities for this channel. The present study would analyse the online communication channel of Sina which is a leading media house based in China. The study would evaluate the aspect of web design as well as it underlying concepts as well as branding, mass customisation and the aspect of social networking that affects the brand image of the organization. The study would also have a set of plausible recommendations for the organization that would enable it to maintain a roadmap of positive growth and sustainability in the business markets. Website Structure Design and Concepts In order to effectively leverage the opportunities of the online channel it is highly essential to have a website that has a good design and attractiveness so as to make an appeal among the members of the target audience. It is also essential to i nclude a suitable content for readers and visitors so as to create awareness of the website in the minds of the customers. Sina is a media company that larges uses the online channel for its business. The main areas of business include news and related contents, mobile service, online and community gaming as well as online shopping portal. The revenues of the firm mainly arise from advertising

A Report on Social Marketing Campaign Essay Example | Topics and Well Written Essays - 2000 words

A Report on Social Marketing Campaign - Essay Example The spread of HIV and AIDS is mainly caused by social and health problems, therefore social marketing offers mechanisms for solving such problems through encouraging people to live healthier lifestyles. According to Kotler & Roberto (1989); Rogers (1995), the idea of diffusion and social marketing has been transformed to form strategies for use by the public throughout Asia, Africa, North America and south America. According to the United Nations, in the past two decades 60 million people have been infected by HIV/AIDS and reportedly 20 million deaths have been reported. Ninety-five percent of the infected population presently live in developing countries. The report on the Global HIV/AIDS Epidemic, UNAIDS (2002) warned that unless prevention and treatment measures are put in place and followed diligently, over 68 million people would die in the next 20 years. Established cases of HIV/AIDS infection have increased in occurrence throughout different region and numerous countries repor t severe HIV epidemics amongst injecting drug users (IDUs). The countries with high frequency of HIV infections among IDUs are Myanmar, Thailand, Indonesia, Nepal, Malaysia, Vietnam, China, India and Iran. Justification One of the major HIV/AIDS epidemic accelerants is the drug abuse and misuse. The major barrier in the fight against new HIV infections, recent drug use and emerging responses is the limited up-to date information on the magnitude of the problem. Reports across several countries on the number of HIV infection cases show drastic increase among IDUs. Countries in transition and especially developing countries are extremely susceptible to drug abuse and the risks associated therewith, piling serious burden on already frail health and social facilities. UNAIDS (2002) and WHO (2004) state that there was and still is the potential for a main outbreak of HIV among the IDUs particularly in Russia and bordering countries in the Eastern Europe and in other numerous countries es pecially across Asia. In some countries with high HIV frequency among the IDUs, HIV prevention measures have been implemented however reports of low effective impact ability upon epidemic among the IDUs is due to their limited availability and thus receive few drug users. On the other hand some assessed countries are yet to enact policies that specifically address HIV/AIDS issues affecting the IDUs. Some countries rarely address the issue before it becomes an epidemic and therefore the policy makers and programs tasked with the drug use and HIV are deemed unnecessary. Across the world over, HIV and AIDS response in Australia is recognised as a success. The national prevalence is lower compared to other high income countries. Through peer education and community based organisations the IDUs, gay communities, and sex workers in Australia on a national gesture prepared early and efficient on the embryonic crisis such as providing support, care and education on the importance of safe se x and drug injecting practises. Initially, the government and healthcare professionals established sturdy leadership program, across the affected communities and the epidemic at large. Australia continues to utilize and gain from the good leadership foundation and the level of the policy innovation. For instance, the implementation of

Automotive component Assignment Example | Topics and Well Written Essays - 1500 words

Automotive component - Assignment Example It is part of the wheels of the machine which offer a lot of advantages in the automobile ensemble, as well as within the auto industry in general. The wheels make the automobiles run, and the tires are the coverings of the wheels to make the ride pleasant. They protect the total ensemble from crumbling into pieces when they are used. What are tires ? Tires are parts of automobile that provides the coverings for wheels that is used for the general locomotion of the whole machine. They are black donut like forms generally made up of rubber and other complex materials. Tires make the automobiles steer, brake and corner easily along the road. The presence of tires makes the ride comfortable and safe. Tires must be durable and they make the automobiles last for long time. What are Tires Made of? Tires are products of engineering technology mostly made up of rubber. Rubber compounds come from polymers such as Natural Rubber, Isoprene Rubber, Styrene Butadiene and others. They are mixed wi th softeners, reinforcement materials and other various chemicals. Mostly, natural rubber coming from rubber trees are the preferred materials used to manufacture tires. Rubbers are the most suitable materials for tires because they have high tear strength, wear resistance, impact resilience, and low heat generation. In order for the rubbers to achieve such characteristics, they are subjected to heat and pretreated with various chemicals. The rubber materials are enhanced with substances such as waxes and antioxidants. These substances protect the rubber from aging and wearing caused by heat, ozone and deflection. Tires are structured with steel cords to provide reinforcement and strong body. These steel cords have high level of carbon content to assure that the tires would have superior tensile strength with high modulus of elasticity in the entire length. The total performance of tires depends upon the construction of these cords to assure that tires are durable and would last a l ong period of time (Tire Materials, n.d). What are the design parameters of tires? Tires look simple from the outside, but they are actually mixtures of various materials processed and designed through sophisticated equipment and facilities. They are intricately formed and manufactured so as to make them durable, flexible, and make them last long. There are many parameters in the design of tires to consider them as those having high quality. Tires are designed with tread, beads and sidewalls. Treads are the patterned and molded surfaces that come in contact with the road surface. The body and sidewalls gives the shape of the tire and the rubber covered beads embedded with metals and wires holds the wheel tires. The tread depth is the parameter that shows the wear and tear of the tire. It can be measured through the difference of the top of the rubber tread with the bottom of the deepest grooves of the tire. The tread wear percentage is calculated for the remaining usability of the e ntire tire. Tires have maximum load. The load of the tire is related to the overall size and diameter of the tire. Tires with higher loads are considered to have stronger internal construction. Tires are also marked with their allowable inflation pressure for the general safe operation for tires with specific load ratings. Every tire has an allowable recommended inflation pressure

The Debate Concerning The Transition From Modernity To Post Modernity Essay

The Debate Concerning The Transition From Modernity To Post Modernity Poses Major Problems For The Classic Literature On The Sociology Of Deviance - Essay Example We encourage ourselves of our own normalcy by reproving and scheming those who oppose. Deviance is an observable detail to be found in power: Frontrunners are the excellent one and the regular; Losers are the under par, the extreme, and the malevolence (and they frequently recognize the "marker"). Post Modern Deviance is not described as a substance of the cost or significance of particular activities, or the conduct itself. Deviance is a tag (method) used to preserve the power, control, and situation of an overriding group (Journal Information for Teaching Sociology, Pg 16, 2002). Post Modern Deviance used to be in an agreed order. Deviance infringes some group suppositions about actuality (social order). It infringes prospect. The description of deviance defines the warning and permits for repression and management of the warning. The description of deviance preserves, looks after, and classifies group interests and in doing so continues a sense of normalcy. Deviance is a result of Social relations. According to According to The University of Chicago Press (2004), "Deviance" is a comprehensive expression used by sociologists of both modern and contemporary world to submit to behaviour that differs, in some method, from a social standard. In this reverence, it is apparent that the perception of deviance refers to some structure of "rule- breaching" behaviour. In relative to deviance, consequently, the thought narrates to all figures of rule-breaking (whether this occupies such things as murder, stealing or inflammable - the infringement of recognized social regulations - or such things as wearing unsuitable clothing for a given social circumstances, failing to construct homework at school or being rude to a parent, teacher and so forth - comparatively the infringement of comparatively comfortable social rules) (Heckert, A., and D. Heckert, Pg 210, 2004). As should be evident, in post modern deviance, criminal behaviour is a shape of deviance (one that is defined as the breaking of lawful rules) and, whilst we will be directed upon this vicinity of deviance, it requirements to be kept in mind that it is only one feature - even though a very noteworthy one - in relative to the thought of deviant behaviour in any culture. As a universal regulation, as a result, we can say that there is a peculiarity between crime and deviance in terms of modern and postmodern literature. All crime is, by description, deviant behaviour,

Automotive component Assignment Example | Topics and Well Written Essays - 1500 words

Automotive component - Assignment Example It is part of the wheels of the machine which offer a lot of advantages in the automobile ensemble, as well as within the auto industry in general. The wheels make the automobiles run, and the tires are the coverings of the wheels to make the ride pleasant. They protect the total ensemble from crumbling into pieces when they are used. What are tires ? Tires are parts of automobile that provides the coverings for wheels that is used for the general locomotion of the whole machine. They are black donut like forms generally made up of rubber and other complex materials. Tires make the automobiles steer, brake and corner easily along the road. The presence of tires makes the ride comfortable and safe. Tires must be durable and they make the automobiles last for long time. What are Tires Made of? Tires are products of engineering technology mostly made up of rubber. Rubber compounds come from polymers such as Natural Rubber, Isoprene Rubber, Styrene Butadiene and others. They are mixed wi th softeners, reinforcement materials and other various chemicals. Mostly, natural rubber coming from rubber trees are the preferred materials used to manufacture tires. Rubbers are the most suitable materials for tires because they have high tear strength, wear resistance, impact resilience, and low heat generation. In order for the rubbers to achieve such characteristics, they are subjected to heat and pretreated with various chemicals. The rubber materials are enhanced with substances such as waxes and antioxidants. These substances protect the rubber from aging and wearing caused by heat, ozone and deflection. Tires are structured with steel cords to provide reinforcement and strong body. These steel cords have high level of carbon content to assure that the tires would have superior tensile strength with high modulus of elasticity in the entire length. The total performance of tires depends upon the construction of these cords to assure that tires are durable and would last a l ong period of time (Tire Materials, n.d). What are the design parameters of tires? Tires look simple from the outside, but they are actually mixtures of various materials processed and designed through sophisticated equipment and facilities. They are intricately formed and manufactured so as to make them durable, flexible, and make them last long. There are many parameters in the design of tires to consider them as those having high quality. Tires are designed with tread, beads and sidewalls. Treads are the patterned and molded surfaces that come in contact with the road surface. The body and sidewalls gives the shape of the tire and the rubber covered beads embedded with metals and wires holds the wheel tires. The tread depth is the parameter that shows the wear and tear of the tire. It can be measured through the difference of the top of the rubber tread with the bottom of the deepest grooves of the tire. The tread wear percentage is calculated for the remaining usability of the e ntire tire. Tires have maximum load. The load of the tire is related to the overall size and diameter of the tire. Tires with higher loads are considered to have stronger internal construction. Tires are also marked with their allowable inflation pressure for the general safe operation for tires with specific load ratings. Every tire has an allowable recommended inflation pressure

Wholesalers in the business world Essay Example | Topics and Well Written Essays - 2000 words

Wholesalers in the business world - Essay Example But they have certainly been around for centuries. The role they have played depended largely on the merchandise or service they represented. â€Å"Wholesaling includes all activities involved in selling goods or services to those who buy for resale or business use (Kotler 532)†. There are three main differences between wholesalers and retailers. Wholesalers are not concerned about the location of their establishment, the ambience or about promotion, because their customers are resellers and not the final consumer. The transactions of wholesalers are usually bigger than retail transactions, and they cover a much larger geographic area. Even governments treat wholesalers differently, in that the tax and legal parameters concerning them are different from those for retailers. As we will see later in this paper, there are different types of wholesalers, providing a variety of services. Some wholesalers provide selling and promoting services. These services complement the functions of manufacturers who cannot attend to these functions themselves for whatever reasons. Sometimes manufacturers are compelled to use these services of wholesalers, as local customers are more prepared to trust a local wholesaler, than some far away manufacturer. Wholesalers offer their customers a wider choice. By representing many manufacturers, they are able to offer customers the wares of all the entities they represent. Sometimes wholesalers buy in bulk, and offer their customer smaller units of a product – quantities that customers cannot buy - by approaching manufacturers directly. Wholesalers also offer inventory holding services and transportation. Wholesalers sometimes render financing services by offering credit terms to their customers. They also assist their customers by providing them market intelligence. In addition, they counsel their customers on such topics as inventory management, operational excellence and store layout and displays. There are

Social Stratification Case Essay Example for Free

Social Stratification Case Essay * Refers to the ranking individuals and groups in any given society * Tends to be transmitted from one generation to another * Is the hierarchical arrangement and establishment of social categories that may evolve into social groups as well as of statuses and their corresponding roles * May be viewed as a social structure, as a social process, or as a social problem Basic Concepts of Inequality 1. Attributions – attributions play a very vital role in social stratification. It assigns to people different attributes as a result of differences 2. Stereotype – one assumes that persons who fall into a particular category on the basis of certain characteristics also have many characteristics that we assume to belong to that category 3. Self-fulfilling prophecies – once we categorize people through assigning a stereotype, our perception of their behavior if filtered through that stereotype 4. Self comparison – social scientist find that people need to compare themselves with others in order to establish for themselves what kind of people they are. 5. A fair world – related to the key of comparison in social life are beliefs about justice or the fair distribution of rewards. 6. Just world hypothesis – according to this, people like to believe that there is justice, that people get what they deserve. Social Stratification System * Differentiation refers to how things or people can be distinguished from one another. * Stratification refers to the ranking of things or people or objects. Dimensions of Stratification 1. Wealth and income – the income of any family depends on what its members earn and what they own. 2. Inequalities of power – sociologists define power as the ability to control one’s life (personal power) and to control or influence the actions of others (social power). 3. Inequalities of prestige – prestige of individuals and groups may be defined as the social recognition that a person or group receives from others. The Theories of Social Stratification * The conflict theory maintains that the result of the struggle among people for scarce rewards and that it persists in society because the â€Å"haves† are determined and equipped to preserve their advantage by dominating and exploiting the â€Å"have nots.† * Conflict theorists consider stratification unjust and unnecessary. Karl Marx – believe that all history has been the story of class conflict over material privilege and power. 4 ways of distributing wealth 1. To each according to need – the basic needs of all the people are satisfied. 2. To each according to want – wealth is distributed according to what people desire and respect. 3. To each according to what is earned – people who live according to this system become themselves the source of their own wealth. 4. To each according to what can be taken – by using whatever means. * The functionalist theory – Kingsley Davis elaborated the idea that stratification serves an important function in society. He was joined by Wilbert Moore. Comparison of the two theories: The Functionalist View The Conflict View * Stratification is universal, necessary, and inevitable * Stratification facilitates the optimal functioning of society and the individual * Stratification is an expression of commonly shared values * Task and reward are equitably allocated * Stratification system generally change through evolutionary processes| * Stratification may be universal without being necessary and inevitable * Stratification impedes the optimal functioning of society and the individual * Stratification is an expression of the values of powerful groups * Tasks and rewards are inequitably allocated * Stratification system often change through revolutionary processes Open and Closed System * Open system – this is also known as a class system. It has a few impediments to social mobility. There is a difference between equality of opportunity and equality of results. * Closed system – this is also known as caste system. In the caste system, ascribed characteristics determine social position, and individuals’ opportunities are limited accordingly. * Estate system – it is a closed system stratification in which a person’s social position is based on ownership of land, birth, military strength. Not included. (pampam lang) Methods of Determining Class Division 1. The subjective method – researchers using this method simply ask a random sample population to name the class they belong to. 2. The reputational method – the researchers select a small town and ask a number of residents to assist them in their study. 3. The objective method – the researchers divide people into social classes according to their income, occupation, education, and type of residence.

Objectives And Goals Of Central Banks Finance Essay

Objectives And Goals Of Central Banks Finance Essay Every central bank is responsible of implementing a monetary policy which aims at ensuring economic growth, low inflation and currency stability and to do that lowering inflation is the best way for enhancing economic growth and development. So eventually every year central banks with the help of the governments set indicative inflation target and try to maintain it within the target band. In addition central banks need to ensure price stability and regulate the money flow in order to control inflation and this is done by 2 ways: Inject the market with liquidity: By tradition, the Fed uses the produce-money-and-purchase approach (PMP): the Fed produces money in their computers and uses it to buy US Treasuries from the banking system. In exchange for the US Treasuries, the Fed creates money on the account that the selling bank holds at the Fed. The ECB, in contrast, uses the produce-money-and-lend (PML) approach. It produces money and lends it to the banking system for one week or three months. The preferred collateral for these loans to banks is government bonds. As a result of PMP and PML, banks receive new base money. Or Absorb extra funds by issuing treasury bills or central bank bills. So to conclude, a compromise has to be found between decreasing interest rates and encouraging borrowing and increasing inflation. Microeconomic Objectives When a bank finds itself in shortage of liquidity in order to meet fulfill its role, the central bank can lend additional funds to avoid bankruptcy of banks or other institutions deemed systemically important or too big to fail. Central Banks must be impartial in its lending process, thats why Central Banks are independent. Central banks can also require deposit insurance from commercial banks. Some central banks will hold commercial-bank reserves that are based on a ratio of each commercial banks deposits. This is also a way of controlling money supply in the market. The rate at which commercial banks and other lending facilities can borrow short-term funds from the central bank is called the discount rate (which is set by the central bank and provides a base rate for interest rates). It has been argued that, for open market transactions to become more efficient, the discount rate should keep the banks from perpetual borrowing, which would disrupt the markets money supply and the central banks monetary policy. By borrowing too much, the commercial bank will be circulating more money in the system. Use of the discount rate can be restricted by making it unattractive when used repeatedly. A third objective of central banks can also be added. It concerns long-term strategic objectives of financial sector development including the development of an effective payments system and secure the financial markets and transactions. Functions The major functions of central banks are the following: Monetary Policy Implementation and Money Supply Control Bank of Note issue lender of last resort and governments bank interest rate interventions Clearing Agent Banker, agent and adviser to the government banking supervision and regulation The central bank can also be entrusted with other crucial functions like credit control, management of public debts, rediscounting of bills, and custodian of foreign exchangeà ¢Ã¢â€š ¬Ã‚ ¦ Monetary Policy Implementation and Money Supply Control The aim of an effective monetary policy is to create employment in the country, resist undue inflation and achieve a favorable balance of payment. Central banks implement a countrys chosen monetary policy by choosing the type of the currency and by determining the size and rate of growth of the money supply, which in turn affects interest rates. Bank of Note issue Earlier every banks notes lacked uniformity and were different from each others in color, size, value and even market goodwill. Hence the paper currency system was unstable, unreliable, and used to yield to gold and silver currencies. It was then necessary for a single bank to centrally issue currency notes for different reasons: It brings uniformity in the monetary system The central bank can exercise better control over the money supply in the country. ==> it increases public confidence in the monetary system. Monetary management of the paper currency becomes easier. Being the supreme bank of the country, the central bank has full information about the monetary requirements of the economy and, therefore, can change the quantity of currency accordingly. It enables the central bank to exercise control over the creation of credit by the commercial banks. The central bank earns money by issuing currency notes and selling them to the public for interest-bearing assets, such as government bonds. Since currency usually pays no interest, the difference in interest generates income. In most central banking systems, this income is remitted to the government. Granting of monopoly right of note issue to the central bank avoids the political interference in the matter of note issue. Lender of Last Resort The central bank is the lender of last resort in cases of banking insolvency or illiquidity, which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. In other words, the central bank prevents the countrys banking system from failing by acting as a bank to commercial banks. By acting this way, central banks: Increases the elasticity and liquidity of the whole credit structure of the economy, Enables the commercial banks to carry on their activities, Provides financial help to the commercial banks in time of emergency, Enables the central bank to exercise its control over banking system of the country. Interest rate Interventions The central bank sets the official interest rate in order to manage both inflation and the countrys exchange rate and to ensure that this rate takes effect via a variety of policy mechanisms. Typically a central bank controls certain types of short-term interest rates. These influence the stock and bond markets as well as mortgage and other interest rates. Clearing agent As the custodian of the cash reserves of the commercial banks, the central bank acts as the clearing house for these banks. Since all banks have their accounts with the central bank, the central bank can easily settle the claims of various banks against each other with least use of cash. The clearing house function of the central bank has the following advantages: It economies the use of cash by banks while settling their claims and counter-claims. It reduces the withdrawals of cash and these enable the commercial banks to create credit on a large scale. It keeps the central bank fully informed about the liquidity position of the commercial banks. Banker, agent and adviser to the governments First As a banker to government, the central bank performs the same functions for the government as a commercial bank performs for its customers. It maintains the accounts of the central as well as state government; it receives deposits from government; it makes short-term advances to the government; it collects cheques and drafts deposited in the government account; it provides foreign exchange resources to the government for repaying external debt or purchasing foreign goods or making other payments; Second as an Agent to the government, the central bank collects taxes and other payments on behalf of the government. It raises loans from the public and thus manages public debt. It also represents the government in the international financial institutions and conferences; and finally As a financial advisor, the central bank gives advice to the government on economic, monetary, financial and fiscal matters such as deficit financing, devaluation, trade policy, foreign exchange policyà ¢Ã¢â€š ¬Ã‚ ¦ Banking Supervision and Regulation In some countries a central bank controls and monitors the banking sector. It examines the banks balance sheets and behavior and policies toward consumers. Apart from refinancing, it also provides banks with services such as transfer of funds, bank notes and coins or foreign currency. The subprime crisis Markets Pre-Crisis Situation Following the 2000 burst in the dotcom bubble, investors lost confidence in the equity markets and concentrated their investments in government bonds, and secure assets. However, this lack of confidence started to turn around at the end of 2003, fueled by: à ¢Ã¢â€š ¬Ã‚ ¢ The rise of real estate prices à ¢Ã¢â€š ¬Ã‚ ¢ improving figures of world economy and in particular the U.S. economy à ¢Ã¢â€š ¬Ã‚ ¢ the intervention of the Federal Reserve, helping banks by providing liquidity at particularly easy conditions (this liquidity injection by the Federal Reserve did not solve the problem, but only postponed it to blow up again in July 2007 in the form of the subprime crisis) à ¢Ã¢â€š ¬Ã‚ ¢ The short memory of investors To fully understand the origins and the impact of the current crisis on the world economy, it is crucial to understand the subprime loans and their use in the credit derivatives and structured products world. The term subprime lending refers to the practice of making loans to borrowers who do not qualify for market interest rates due to various risk factors, such as income level, size of the down payment made, credit history and employment status. Subprime loans are considered risky for both the borrower and the lender. Its risky for the lender because borrowers usually have lower incomes and a poor record of paying debt which increases their default probability. It is also risky for borrowers. To offset the risk of defaults, lenders will charge high rates of interest to offset the risk. The high interest rates however are strenuous for borrowers which further increases their likelihood of default. Two aspects of the subprime loans could give us a clearer image of the causes of the crisis. First, borrowers not being able to pay the interest rates on their mortgages have used the continuing rise in the value of their real estate to refinance their debt, thus taking on a higher debt. Second , every couple of years the interest rates on the subprime loans is reset in a way to take into account, the moves that have taken into the market. The final piece of the puzzle is the understanding of how these local loans issued by local brokers have made their way into the hands of Wall Street firms. Brokers match prospective borrowers with lenders who further lure borrower with exotic mortgages such as no doc mortgages, which do not require any evidence of income or savings. Bing banks and wholesale lenders buy the debt, repackage them and sell them to investment banks. These investment houses further repackage these loans in mortgage backed securities (MBS) and collateralized debt obligations (CDO). These structured products very often yield high rates of return and are sold to pension funds, hedge funds and institutions. It all started out in the end of 2006 and the beginning of 2007, when the rise of real estate that started in 1997 showed sign of slowing down. Not being able to refinance their debt, subprime borrowers found themselves in default, and faced foreclosure. In March 2007, General Motors announced that earnings plunged 90% during the first 3 months. The reason was due to losses at its mortgage loan subsidiary GMAC. UBS said that it will shut down its Dillon Read Capital Management arm after the hedge fund lost 150 million Swiss Francs on subprime investments. Finally, on June 21st 2007 data was released showing the record number of foreclosure, with biggest increase in the subprime sector. These signs are the start of a crisis that would cost investors, banks and almost all financial institutions enormous losses, thus forcing central banks around the world to intervene in order to maintain the grip on the financial system. Timeline of the subprime crisis: The pre-crisis 2001: Crises of confidence on the American Stock Exchange (Internet bubble, terrorist attacks of September 2009). The Fed lowered interest rates. 2002-2004: Invention of the subprime, low loan rate credit for 2 years, then variable rate based on the market rate: for households that have a high risk of non-repayment. if they cant reimburse it, their properties are seized by the bank. 2002-2004: The low interest rate allows an increase in the real estate purchases, which leads to higher market prices 2004: higher Inflation due to rising in oil prices. 2004-2007: interest rates increased by the Fed. 2006: real estate prices went down 2007: Increase in foreclosures in the United States due to the non-repayment of subprime loans. The crisis of 2008: 8 February 2007: HSBC global investment bank was the first to announce a liquidity problem due to the non-reimbursement of the subprime loans. June 2007: Bear Stearns, the U.S. investment bank, closes two of their investment fund related to real estate market. October 29, 2007: Merrill Lynch, the U.S. investment bank, announced $ 2 billion losses. Few months later other banks (American Bear Sterns, the French Socià ©tà © Gà ©nà ©rale, UBS Switzerlandà ¢Ã¢â€š ¬Ã‚ ¦)will announce identical losses. March 16, 2008: Bear Stearns was saved from bankruptcy by JPMorgan with the help of the U.S. government. 13 July 2008: Henri Paulson announces the refinancing of Freddie Mac and Fannie Mae, the two funds that guarantee mortgages in the United States. 7 September 2008: Refinancing Fannie Mae and Freddie Mac by nationalizing them. September 15, 2008: Bankruptcy, the first of a long list started by Lehmann Brothers. Merrill Lynch was saved by Bank of America. September 16, 2008: AIG the American insurance went bankrupt.it was bought later by the U.S. government. September 26, 2008: Bankruptcy of the first retail bank, Washington Mutual was bought by JPMorgan. September 30, 2008: Dexia went bankrupt; refinanced later by the Belgian and French governments. October 3rd, 2008: American Congress Voted for the Paulson rescue plan to save the financial market. 6 October 2008: The historical fall of the CAC40 and the Dow Jones, this continued throughout the week. October 8, 2008: Major central banks have lowered their interest rates based on a mutual agreement. October 12, 2008: European Union announced a bailout of the financial market. October 15, 2008: The French Parliament voted for a bailout of the banks. Quick remind of the banks losses: Banks Losses % of total losses recapitalization Citigroup 55,1 11,0% 49,1 Merrill Lynch 52,2 10,4% bought by Bank of America UBS 44,2 8,8% 28,4 HSBC 27,4 5,5% 3,9 Wachovia 22,7 4,5% bought by Citigroup Bank of America 21,2 4,2% 20,7 Morgan Stanley 15,7 3,1% 5,6 IKB Deutched 15,1 3,0% 12,4 Washington Mutual 14,8 3,0% bought by JP Morgan Chase Royal Bank of Scotland 14,5 2,9% 23,8 JP.Morgan Chase 14,3 2,9% 9,7 Lehman Brothers 13,8 2,8% Bankrupt Deutsche Bank 10,6 2,1% 6,2 Crà ©dit Suisse 10,5 2,1% 3,0 Wells Fargo 10,0 2,0% 5,8 French banks Crà ©dit Agricole 9,0 1,8% 8,7 Fortis 7,3 1,5% Nationalized Socià ©tà © Gà ©nà ©rale 6,7 1,3% 9,6 Natixis 5,4 1,1% 12,1 BNP Paribas 3,9 0,8% 0 Dexia 1,7 0,3% Source: Bloomberg Nationalized Caisse dà ©pargne 1,2 0,2% 0 Total 501,1 352,9 What the ECB did during the crisis : 2 big phases The first phase of the turbulence During the first phase of the turbulence on the capital markets, which lasted from August 2007 to mid-September 2008 and was characterized by a systemic shortage of liquidity, the ECB has amended the terms of the provision of technical applying liquidity in normal times. It has, at the same time, fully utilizing the flexibility offered by its operational framework for the implementation of monetary policy. First, the Eurosystem has adjusted the distribution of liquidity during the period of reserve in advance by providing liquidity, compared to what it does in normal times. Thus, at the beginning of the maintenance period, ECB systematically allocated volume of liquidity than the usual theoretical reference in its main refinancing operations, while still aiming for balanced liquidity conditions at the end of the maintenance period. In this way, the total supply of liquidity throughout the period remained unchanged. These measures tended to take into account changes in the profile of the liquidity demand made by the banks. Second, the Eurosystem has also provided liquidity to the banking system through procedures open market that had been little or no use before the onset of turbulence. Particularly in response to the increased demand for bank financing in the longer term, the Eurosystem has significantly extended the average maturity of its loans to banks in the euro area. Accordingly, and to leave unchanged the total outstanding refinancing, the amount of liquidity provided through MROs in a week was reduced in corresponding proportions. The second phase of the turbulence In mid-September 2008, however, concerns about credit risk have greatly increased, tensions immediately propagated in the United States in the euro area, and the money market has virtually ceased to function. Therefore, the Eurosystem has intensified its efforts to allow solvent banks to continue their activities. And several additional measures were taken unprecedented in this direction. Thus, in mid-October, the ECB adopted as quite exceptional, a tendering procedure fixed rate full allotment for all main refinancing operations and the weekly refinancing operations more long term, with maturities ranging from one week to six months. This procedure will remain in effect as long as necessary in light of the market situation. It also increased the number and frequency of refinancing longer term by three months each additional refinancing operations, two for a term of three months and a period of six months, and introducing a special-term refinancing operation with a maturity corresponding to the duration of the period of reserve. Meanwhile, the ECB has implemented a new series of exceptional measures to temporarily expand the list of assets eligible as collateral in credit operations by the Eurosystem. Finally, the ECB has increased the supply of dollars in funding to its counterparties in conducting tenders fixed rate, full allotment and maturities from one week to three months, through swap agreements with the Federal Reserve System of the United States. These measures, which reflect the important role of strengthening intermediation taken by the Eurosystem during this turbulent period helped ensure the continued access of solvent banks to liquidity despite the monetary market failure. In addition, they have helped to reduce tensions in some segments of the money market. For example, the difference between the rates of unsecured long-term Euribor rate and index swaps on a daily basis is significantly reduced, even if it remains at a level high, significantly higher than the levels observed prior to September 2008. In practice, these measures imply that banks in the euro area can get as much euro liquidity they wish, through both our weekly operations as our futures, and this by using a wide range of assets as collateral. In total, the balance sheet of the Eurosystem increased by a total of approximately EUR 600 billion since the end of June 2007 until today, an increase in the size of 65%, the assets reflecting the sharp rise in the volume of liquidity provided and liabilities resulting from concomitant use banks to the deposit facility. These measures were effective to address the shortage of liquidity in the interbank market. They cannot, however, remove the heightened concerns regarding credit risk. In this regard, the money market conditions are not yet standardized and remain strongly affected by a high degree of risk aversion. The increase in the intermediation role of the Eurosystem has proved a necessary measure to cope with the current money market malfunction, but it can, and should, be considered as a temporary measure. The Eurosystem would naturally resume interbank lending and traditional intermediation activity of banks. The recent decision of the ECB to reduce the corridor of standing facility rates to 200 basis points around the interest rate on the main refinancing operations aims to stimulate interbank activity. That s why we observe, in this context, a reduction in the demand for bank refinancing operations during our open market and a corresponding decrease in the use of the deposit facility. We see a parallel increase in the volumes underlying the calculation of the EONIA. What the fed did during the crisis : 5 big phases Phase 1: 2007 / mid-March 2008 | From late spring, the Fed began to note that the growth in the U.S.is slowing down and targets need to be lowered. However, the inflation and underlying inflation are going up. The Fed believes that with this rate of inflation the Fed Funds rate should stay at 5.25%. But in August 2007, the subprime crisis and tensions within the bank market appeared. On 10 August 2007, the Fed announced the first corrective measures to the problems, by injecting liquidity into the market via refinancing operations. The liquidity crisis remains stable, and the Fed lowers the penalty on the discount rate. on August 17, Penalty decreased from 100 bp to 50 bp. The Fed lost any hope of a possible economic growth so they lowered their key lending rate despite a strong inflation. The rate reaches the 3% after his 5.25% in only 6 months which is one of the fastest decline the USA ever had. At the same time, the Fed put in place specific measures to facilitate access to liquidity for U.S. and international banks. Refinancing operations are going up. Then the Fed launches in December 12th the Term Auction Credit Facility (TAF). It consists in lending $ 60 billion within 28 days by accepting as collateral a large range of assets at a lower rate (discount rate). Line Swaps had been implemented with European banks. Nevertheless, the crisis has continued to expand, hitting after the interbank market, the Mortgage Backed Securities (MBS) guaranteed by Government Sponsored Enterprise (GSE, primarily Fannie Mae and Freddie Mac), and the credit and equity markets. From March 2008, the Fed further increases its liquidity loans with the creation of the Term Repurchase Transaction ($ 80 billion) and the TAF increased from $ 60 billion to $ 100 billion. Then they created the Term Securities Lending Facility (TSLF) which can lend up to $ 200 billion. In 14 of March, the Fed saved the Bear Stearns bank which was one of the best news since the beginning of the crisis. Its the first time that the Fed intervenes directly on the market, since 1929 and rescues a bank on behalf of the Too big to fail. Disturbances become wider for that time, so the Fed decided to gives access to a last resort facility to the investment banks that remain. In addition, the penalty discount rate is reduced to 25 basis points against 100 bp before the crisis. Finally, the Fed decides to lower its key lending rate, from 3% to 2.25% in March and 2% in May. Then follows minor adjustments to the lending facilities (TAF increased to $ 150 billion, with an extend in the loans maturity, larger swap lines with other central banks). The Fed believes that the financial situation has stabilized and that the U.S. economy does not need more monetary stimulus. The rate is stable until September. we should notice that the money lent by the Fed do not inflate the monetary base: they sell bonds to finance its loans. Phase 2: September 2008 / February 2009 In September 2008, the market turmoil began with the announcement of the tutelage of Freddie Mac and Fannie Mae on September 7. Between Monday 8 and Friday 12, a lot of rumors alarmed the financial markets about financial stocks and a fall in prices. Sunday 14 September 2008, the announcement of the Lehman bankruptcy, but also the acquisition of Merrill Lynch by Bank of America and the profound difficulties of AIG and Washington Mutual, will be the trigger of one of the most tempestuous financial crisis. The Fed will react very quickly to ensure market stability and mitigate systemic risks. Then, to counteract deflationary pressures, it prepares the transition to an unconventional monetary policy. Without going into the details of all measures taken between September and December 2008, the Fed will support Fannie Mae and Freddie Mac, to participate in the rescue of financial institutions significantly expand the scope of collateral accepted for loans, buy directly from financial assets (MBS, GSE debt, short-term debt) and lower at lower interest rates. The risks to the global economy is now cataclysmic Fed with the ECB, SNB, Bank of Canada and the Riksbank (Sweden) undertake the first rate cut concerted history (-50 bp), the October 8, 2008. The U.S. rate is brought to the lowest in December (band 0% / 0.25%). Remember that this phase is that the Fed reduces interest rates to a minimum and that the liquidity injected quickly becomes unsterilized. Is to do quantitative easing without saying. From September 2008, the liquidity injected exceeds the amount of Treasuries (debt U.S. State) remaining on the balance sheet of the Fed. At first, the U.S. Treasury this imbalance, but the beginning of October, the dam broke. The Fed then engages in a policy of balance sheet expansion unsterilized, with an increase in the monetary base (reserve money). It passes 900 billion to $ 1 $ 800 billion between September 2008 and March 2009. Phase 3: March 2009 / July 2010 | 1 quantitative easing QE 1 From early 2009, the Fed began to wonder how to stimulate the economy with rates at 0%? In a speech on 13 January 2009, the Bernanke Doctrine is exposed. It is anchored rate expectations at low levels, changes in the composition of assets held by the central bank to increase the size of the balance sheet of the central bank (quantitativism). At the FOMC March 18, 2009, the central bank crossed the Rubicon and one announces quantitative easing targets for unsterilized purchases of debt: debt GSE ($ 200 billion), MBS ($ 750 billion) and debt (300 billion $). The program runs until the end of 2009. In addition, the Fed introduced the famous sentence The Committee will Maintain the ranks for the target federal funds rate at 0 to 1/4 percent and anticipates economic terms That are Likely to warrant exceptionally low levels of the federal funds rate for year extended period . It is committed over a long period (years) to keep rates low. Until late 2009, the U.S. economy out of the recession, there will be more movement towards monetary policy. Speech on growth becomes increasingly positive. The amount of purchased debt agency will even reduced to $ 175 billion. From the spring, the FOMC no longer evokes purchases in its communiquà ©s. It should be noted that liquidity injections become less important, quantitative easing 1 (EQ 1) resulting in an excess supply of liquidity growing. Loan facilities are largely removed. Phase 4: August 2010 / August 2011 | First fear of double dip QE 1.2 and QE 2 The Fed noted that the growth was not as strong as expected, that the labor market remains very poor and that underlying inflation plunges more. She decided in August not to allow its balance sheet to deflate some debt maturing (ie destruction of money injected). She reinvested the money recovered in U.S. government bonds so that the long-term balance sheet size remains unchanged. There is no additional injection, just a re-investment (EQ 1.2). Continuing economic deterioration (rising unemployment, inflation at its lowest for 50 years), the Fed launches quantitative easing 2 (QE2). She decided in November 2010 to buy $ 600 billion of debt] b (from November 2010 to mid-2011) and continue to reinvest. The balance begins to swell until June 2011. FOMC releases are progressively more positive, even if economic activity is considered at best a phase of moderate recovery. Then, from the late spring, it deteriorates again. Following the August 2011 FOMC, the Fed announced that it will keep the Fed Funds rate unchanged until mid-2013 (at least 2 years). The idea is to anchor expectations on Fed Funds, thus lowering the rate to maturity longer. Phase 5: September 2011 / | The twist, QE 2.2 Fear of double dip continues to strengthen. At the end of September 2011 FOMC, the Fed announces a twist. It extends the maturity of its holdings of U.S. government bonds. This operation twist is to sell the bonds in the short term (less than 3 years) to buy long-term loans (between 6 and 30 years). The Fed will twister for $ 400 billion. This was already implemented in the 60s (1961-1963). The Fed will now reinvest the money recovered on refunds of MBS and agency debt and MBS in more in bonds to support the mortgage market in the USA. The idea is to lower interest rates in the long term, short-term ones are already almost at its lowest. These two transactions will not generate inflation balance as purchases will be offset by sales or repayments (no printing money, no QE3 but QE 2.2). Comparison  : ECB vs FED Similarities: The European System of Central Banks and the US Federal Reserve are the two biggest and most active central banks. Although they present many apparent differences, they still have several similarities: à ¢Ã¢â€š ¬Ã‚ ¢ They are independent from any direct political authority and hence are protected from political interferences. à ¢Ã¢â€š ¬Ã‚ ¢ They have decentralized structures: a system of national/regional banks coordinating with a central entity, i.e. the Board of Governors. à ¢Ã¢â€š ¬Ã‚ ¢ They modify the interest rate structure by targeting short-term money-market rates, specially the Marginal Lending Rate in the EU or the discount window in the US and the inter-bank rates (Federal Funds rate in the US). à ¢Ã¢â€š ¬Ã‚ ¢ They use the basic monetary policy tools to achieve their objectives: reserve requirements, discount window lending and open-market operations. à ¢Ã¢â€š ¬Ã‚ ¢ They share the s