Later Adulthood Development Report Essay

As adults enter the stage of later adulthood, many changes will begin to develop for each person. The aging process includes transitioning from work life to retirement, changes to roles, social positions, social policies, determining living accommodations with healthcare needs, and relationships with families and peers. The stage known as the golden years comes with great challenges while adjusting to the many changes in a person’s life. (Zastrow & Kirst-Ashman, 2010). Transition from work to retirement The transition from a working life to the retirement years can be a difficult process for aging adults as giving up higher salaries for the amount paid for Social Security is drastically different. Forcing retired adults to look for supplement income during this stage at a lower status than previously held in a prior position. Most companies offer a pension or 401k plan to help employees plan for a better retirement as it is almost impossible to live on Social Security alone. This change also plays a large factor on how the individual views their personal self-worth. Instead of priding themselves in the knowledge of an occupation, retirement forces the person to give up that role in search of another source to occupy their time. (Zastrow & Kirst-Ashman, 2010). Transition from work to retirement Cont. Retirement can be an enjoyed time for some older adults as they see it as the first time since childhood they are able to do the things they want in life without worrying about the limits caused by a profession. Others will struggle to figure out to do with all the extra time during each day. Depending greatly on the attitude a person had toward the many years spent  employed and the ability to continue financially supporting the extracurricular items they would like to partake in during retirement. Personal well-being plays a large factor in how the adult will handle the retirement years and determine additional health issues a person may face. With a solid retirement plan continuing to support the person financially, this can be a joyous time while others learning to live on a fixed income will notices significant changes to their overall health. These changes are brought on by depression, a feeling of no longer being needed, or the bored from not having a specific task for every day living. (Allen, Clark, & Ghent, 2004). Changes in role and social position As aging progresses people begin to lose their role and social positions caused by the changes to activities, each person is involved in and illnesses the elderly develop. The lack of physical and mental activities begins to decrease psychomotor skills that affect various aspects of daily living. When people start aging the changes in the ability to see and hear begin to decline making it appear as if the person suffers from a decline in mental competency, which may not be the case and it just takes an older person longer to process the information that is given to them. Physically the changes to a person’s body will begin in middle adulthood with the most noticeable happening in later adulthood. Physical changes in muscle tone and height along with a slower understanding of the world around them creates the perception of the older adult as a weaker person in the eyes of their loved ones and is the time when health issues become more noticeable. (Zastrow & Kirst-Ashman, 2010). Changes in role and social position Cont. As reaction times slowdown, the elderly begin to lose privileges like driving because the reaction time is greatly affected and is thought to be the cause of additional accidents. Driving is, usually, the first task removed from a person when they are no longer able to operate a vehicle safely without endangering the lives of others. Once a person begins to experience this normal task being taken away from them it causes the person to become dependent on families or friends to help with their daily needs, and decreases the feeling of self-sufficiency, which causes the change to the role a person has in society. (Zastrow & Kirst-Ashman, 2010). Changes in  marriage, family and peer relationships Later adulthood is the time in life when changes in marriage, families, and peer relationships are affected the most by the loss of someone close to that person. â€Å"Most people 70 years of age or older are widowed, divorced, or single† (Zastrow & Kirst-Ashman, 2010, p.619). Losing a spouse or close friend can create a sense of loneliness, which causes depression, anxiety and the emptiness feeling can become overwhelming. Depression also leads to psychological effects that will deteriorate a person’s health causing the chance for a terminal disease to become much higher. The weaker appearance of older adults causes family and remaining peers to step up in the role of making sure the person’s wellbeing is being met. (Zastrow & Kirst-Ashman, 2010). Living accommodations and healthcare needs Declining health and depression are two of the largest reasons families look into assisted living homes for aging loved ones. Making sure that the healthcare needs of the elderly are met becomes a priority for every family as the roles begin to reverse from the parent being the primary caregiver of their children to the children being responsible for meeting the needs of aging parents. Diseases such Alzheimer’s and dementia are very difficult for not only the older person but for their families as well. As a person with this disease is no longer able to live on their own without the fear of something bad happening while no one else is around to watch over them. The disease affects all normal aspects of a person’s life, creating confusion, aggressive behaviors, incontinence, and the inability to meet the daily needs without supervision making it necessary to find a facility that will meet the needs of the patient. (Zastrow & Kirst-Ashman, 2010). Finding a facility that w ill meets all the needs of the older adult and have a level of care that the family desires can be difficult to find. Researching all facilities in the area will help keep a peace of mind for the family and reassure that their loved ones are receiving the care they need. Medical programs Healthcare for older adults is expensive, and since many are living on fixed incomes, they rely on programs such as Medicaid and Medicare to meet their  medical needs. Due to the economic status of the government and the high cost of medical care, both of these programs now provide limited services to older adult. The quality of medical care older people will receive will also be lessened as many primary care physicians focus their practice on younger generations, creating an inability to correctly diagnose problems in older adulthood. Treating younger people allows the physicians to make more money off the current Medicare programs because of the limitations in place to restrict additional procedures when needed. (Zastrow & Kirst-Ashman, 2010). Social policies affecting older adults Social policies were created to aid the aging population meet medical, daily and income needs. The Older Americans Act of 1965 was created to ensure that older adults receive benefits of income, adequate housing, community services, and nutrition programs. (Gelfand, & Bechill, 1991). The Supplement Security Income program was designed to provide additional income after retirement for the individuals that worked the required amount of years to receive full benefits. Medicare plans are split into a two-part system that will pay for limited medical expenses incurred after retirement. Part A of the plan pays for limited care during hospital stays, nursing homes, and home health care when needed, while Part B covers physician expenses and out-patient services. Throughout the years, many changes have been made to the policies because of changes in presidency and budget cuts to the federally funded programs. (Zastrow & Kirst-Ashman, 2010). Conclusion The changes that occur for the older adult population make it necessary for extensive planning during the middle adulthood stage, for retirement and reflecting on how each individual will provide their basic needs when the time comes. Plans will help to ease the stress of aging, put less of a burden on family members, and make sure that the elderly receive the medical attention they need without relying on government assisted programs. Maintaining a presence in social groups will help the overall mental and physical status of the aging population. The future is up to each person to control how they want to live during the last stage of life. (Zastrow & Kirst-Ashman, 2010). References Allen, S. G., Clark, R. L., & Ghent, L. S. (2004). Phasing into retirement. The Industrial & Labor Relations Review, 58(1), 112-127. Gelfand, D.E., & Bechill, W. (1991, Summer-Fall). The evolution of the older Americans act: a 25-year review of the legislative changes. Generations, 15(3), 19-22. Zastrow, C. H., & Kirst-Ashman, K. K. (2010). Understanding Human Behavior and the Social Environment (8th ed.). Mason , Ohio: Brooks Cole/Cengage.

Is America Shallow When it Comes to Advertising? Essay

Introduction. When a subject reads and add in a magazine, what is it that drives that person to go out and purchase the product the add depicts? What even makes a subject willing to spend more time looking at the add? It is at this point where the art of persuasion does it’s best work. Definitions. The Elaboration Likelihood Model claims that there are two paths to persuasion: the central path and the peripheral path. (lecture 2/20/03) The central path is most widely used when the receiver is motivated to think about the. If the person cares about the issue and has access to the message with minimum distractions, then that person will elaborate on the message. (lecture, 2/20/03). If the message is ambiguous but attitudinally neutral (with respect to the receiver) or if the receiver is unable or not motivated to listen to the message then the receiver will look for an easier way to interpret it. This leads to the peripheral route. Peripheral cues include such strategies as trying to associate the advocated position with things the receiver already thinks positively towards (e.g., beauty, money, sex).(lecture, 2/20/03) If the peripheral cue association is accepted here, then there may be a temporary attitude change and possibly future elaboration. Peripheral Route. The first advertisement that was chosen, from Gentleman’s Quarterly magazine, depicts a very attractive man standing in front of a bottle of cologne. The advertisement is for Polo, a brand notoriously associated with affluence, and prestige. This add illustrates the advertisers wish to catch the eye of the consumer as they are flipping the pages of the magazine using a method other then their product.. The argument in this case is weak. Polo is trying to depict that if a subject uses their new cologne, it is possible for them have a lifestyle like the model pictured. Most cologne adds, have a tab that you can open up on the same page and smell the cologne, that would cause one to elaborate on the add. This one does not, therefore, Polo was trying to get the consumer attention to a fragrance, using a beautiful person. This is clearly an example of persuasion using peripheral cues. The average age of a subject that would likely be persuaded by this add, would b e middle to late twenties, the age in which people are attempting to attain affluence. Central Route. The second advertisement that was chosen, from Sports Illustrated, is an add put out by Mercedes Benz to promote their new line of SUV’s, the M-Class.. It is very clear that Mercedes in this case was trying to promote the security aspect of their SUV’s. When a consumer sees this add, it is apparent that the central route will be used, because there is no greater motivation for thinking, then the safety of family. The ad would definatly cause the consumer to elaborate, and think about how safe the car that one is currently driving in, is. Thus, the add has done it’s job in attracting a consumer. One specific characteristic of the add that makes it persuasive, are the g-d’s in the clouds attempting to disrupt the path of the truck, as it seems to effortlessly keep on going. This clever use of history depicts that nothing can hurt those once inside this vehicle, not even g-d’s. The type of person that would most likely be persuaded by th is add would be a young father (28yrs.-40yrs.)who is in the market for a new car. This add is affective cause it gets a subject thinking, thus using the central route Conclusion. The way that consumers read and respond to advertisements as shown in this paper, is crucial to promoting a product. Whether a company uses the central or peripheral routes, to attract consumer interest, can make a huge different in sales of that product. The advertising industry is a multi-billion dollars business,(GQ, December 2002) in which creative minds develop new ideas in the art of persuasion for the next generations.

Primark

Primark: An Overview Primark Stores Limited is an Irish clothing retailer. Its stores are located in various regions like United Kingdom, Ireland, and Spain. Within this area of responsibility, Primark stores outnumbered other clothing retailer business, with one hundred sixty one stores overall distributed in three major regions: one hundred twenty-five in the United Kingdom, thirty-four in Ireland and eight in Spain. The company positions itself as marketing fashionable at cutthroat prices. The original clothing store was established by Arthur Ryan and his collaborator Micaela Mitchell in Dublin Ireland in 1969.After various success in clothing business, great profits and gross income led them to open stores in local and regional areas. It acquired various premises in different business centers within its local and regional areas which eventually generate more profits and income. Primark is known for selling clothes at the budget end of the market. Its success is based on sourcing supply, making clothes with simple designs and fabrics and targets young, fashion-conscious individuals ages 35 below, offering them simple yet high quality clothes and apparels.Hence, these successes brought significant changes on Primark's retail business. The relevance of global trends and consumers' demands on lifestyle made Primark Store Limited reinvent its business scheme and management structure. Primark's management and business structure As a famous clothing retail store, recently, Primark embarks in different retail products not only restricted on manufacturing clothes but also other related products such as apparels and accessories available to all human sizes. Primark employs simple managerial operation on its stores structure.Each store has its own manager responsible in overseeing the status and business operations. With managers' inherent authority, they are given the power and control to manage the store within his/her point of responsibility. Moreover, in smaller o r larger branches, assistant and deputy managers are assigned to control and manage the store. Within the store, there are different subdivided departments in which a manager is assigned like senior department managers and junior department managers who are in charge for individual departments.Moreover, under management, there are supervisors in charge of staff on a sales floor, on different departments like stock room staff, customer service staff, customer service desk, cashiers who work on the tills, cash office staff and staff responsible to look after fitting rooms. This management and business structure posits a simple way of managing human labor force, however, simple it may seem, yet inevitably creates serious problems and issues if and when proper assessment of the structure will be undervalued.Analysis on the internal and external environment of Primark retail industry   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Primark clothing retail industry is a member of Ethical Trading Initiative, a collaborative forum bringing together businesses to work on labor rights issues in their supply chains. In fact, Primark developed ethical strategy in order to promote labor rights issues within its organization. Certain guidelines and code of conduct must be defined in relation to the ethical implications of work to human labor rights.Primark, initiated and defined its ethical trade strategy in 2006, focusing on assessment of employees working conditions, factories operations' concerns and addressed necessary improvement. Primark's annual report of activity should be passed to the Ethical Trading Initiative Board. Moreover, Primark stands to a principle that shared learning and collaboration is one of the most successful ways to achieve sustained positive progression with its supplier's factories. However, climate change within and outside Primark's environment changes as it faces the challenges posed by the global business market.Using PESTLE and SWOT analysi s, let us examine the ins and outs environment of Primark's retail clothing industry. The PESTLE analysis allows us to examine the external factors affecting the environment of an organization while SWOT analysis aids us to assess organization's internal strengths and weaknesses and further identify threats and opportunities external to its environment. Hence, these methods are helpful for us to understand and underline positive and negative factors affecting the external and internal environment of an organization like Primark.In assessing the political, social, and economic factors external to the environment of Primark, we must consider different issues. Primark's business operations are subject to government policies and regulations. The business firm should conform to the set of policies and regulations stipulated and enforced by the government and policy making body while conforming to the set of regulations and policies, the firm should assume social responsibility as demande d by the global consciousness.Nowadays, business sectors no longer busied themselves to produce bonds of profits and income but deeply involved in social programs to promote social awareness and equality. Cultural and social behaviors of different consumers are important to consider when establishing or venturing business in the global landscape. Furthermore, economic, environment, laws, and technology are inseparable entities in which influence the business operations. The economic stability of certain region can contribute allot to the business condition of certain firm, like Primark.Technology on the other hand, brought a tremendous effect to the status and development of business operations and marketing programs. It generates new trends in a rapid movement, which if organizations are unaware will impede growth and development. Hence, Primark's must constantly assess its strategy with consideration to its PESTLE as external factors that in one way or the other affects its intern al and business operations. Assessing the strengths, weaknesses, opportunities, and threats of Primark, we go back to its established management or business structure.The need for re-tracking the management or business structure is important in analyzing its SWOT. As to my knowledge upon my encounter with Primark's business operations, its strengths are gained in its simple, systematic and organized business structure, having assigned proper authorities to proper positions. Moreover, its recognition for valuing high quality of products and quality services with its customers garnered more strength to attract more people. On the other hand, Primark's weaknesses can be found in its way of managing people.Although, Primark is a member of Ethical Trade Initiative, study shows given different negative issues concerning its business operations and transactions like child labor, purports less value on ethical matters. Different issues were attacking Primark concerning exploitation and abus e on labor force, other environmental concerns, poor working conditions, and disvaluing workers' rights. Primark in different surveys was labeled as a fashion industry with oppressive regime. The primacy of autocratic and rigidity on standard structures can be a weakness as well as threats to the life of the company.Since, it goes globally, opportunities are in wide array not only on the part of venturing into regions with much income and profit to gain but also an opportunity to share and provide quality products to fashion-conscious people with vogue to fashion lifestyle. Conclusion Given this analysis we come to realize that each organization has its own external and internal problems to handle. The process in which we enable to identify and analyze such problems is by using proper management method of analysis like SWOT and PESTLE. The importance of these methods is squared to the importance of the business itself. Primark Primark stores ltd is a major retail group employing over 10,000 people. A company which has achieved superior performance in recent years is an associated British Foods plc subsidiary called primark. Primark opened its first store in june 1969 in Ireland, where it operates at Penneys. Today it has a total of more than 193 stores operating in Ireland, Spain, UK, the Netherlands, Portugal and Germany and is till aggressively expanding . n the UK, where primark has its maximum numbers of stores. Primark is seconds to Asda’s George in terms of the largest numbers of clothes sold by volume, overtaking established reputed companies such as Marks & Spencer. It is reported that their profits have increased by 10% and sales increased by 20% in the year 2009 even though each of its three main markets were subject to recessionary pressure and a decline in consumer confidence.Primark has won several awards each year since 2005and its most recent awards are â€Å"best budget store on the High Street at the GMTV High Street Fashion awards 2009 (awarded 7th may 2009), Retailer of the year for the second year in succession at the BCSC Gold Awards and Value Retailer of the year at the Drapers Record Awards. Apart from this, primark has also been successful in establishing it brand name. celeberties such as Katie Holmes have been spotted earing its Clothes and they also been featured in one fot eowrlds most premium fashion magazine Vogue.Primark has numerous competitors such as New Look, H&M and TK Maxx although its biggest competitor in the UK is Asda’s clothing brand George. Primark has managed to increase sales and make profits during turbulent economic climate even when well established brands like Next have not been able do so. Primark adopts the â€Å"no frills† strategy which many successful business in other industries like Ryan air have adopted. They describe themselves as having â€Å"a lean business which responds quickly in the market place, h as short lines of management , good buying and excellent distribution†.Furthermore, unlike its competitors, primark specifically targets people under the age of 35. these are the people who are the most fashion conscious. Primark has excellent â€Å"time to market† and it is said that it takes them a maximum of 6 weeks to get the latest trends from the catwalks to the shop floors. Primark has very clearly positioned themselves as being at the absolute bottom end of the market in terms of prices unlike some of its competitors such as Marks and Spencer which have mid range prices.Primark has a clear marketing strategy where it provides the young generation with the trendiest clothes at the lowest prices possible. This is further emphasized by its company slogan â€Å"look good pay less†. †¢ Primark target customer is fashion-conscious and wants value for money. Primark can offer value for money by †¢ Sourcing products efficiently †¢ Making clothes wi th simpler designs †¢ Using local fabrics and trims †¢ Focusing on the most popular sizes †¢ Buying in volume †¢ Not spending heavily on advertisingTask 01 Communication It is a process of exchange of ideas and information between two persons or more through effective way to achieve both general and special purpose. Communication is a key skill in getting what you need from life. It is basically the sending and receiving of messages. [pic] internal communication internal communication is a subset of effective business communication. Internal communication in a business context, is the dialogue process between employees and employer, and employees and employees.

Influence of the Physical Landscape on the Historical and Recent Term Paper

Influence of the Physical Landscape on the Historical and Recent Settlement Patterns of the Maltese Islands - Term Paper Example Malta’s spectacular landscape and Mediterranean climate have made it a tourist haven. All these factors have affected a shift from the rural to the urban and have led to Malta’s population is heavily concentrated on the east coast. Malta, derived from the Latin name ‘Melita,’ meaning ‘Honey Island,’ is formally called the Republic of Malta. It is an archipelago comprising of six islands and islets in the middle of the Mediterranean Sea, ninety-three kilometers South of Sicily and 288 kilometers north from the African coast. The six islands are Malta, Gozo, Comino, Cominotto, Filfla, and St. Paul’s Island. While the first three are inhabited, the others are very small, barren, uninhabited islets. It has a total area of 316 square kilometers, of which Malta comprises 246 square kilometers. The geographical coordinates of the archipelago are latitudes 36 degrees N and 35 degrees S and longitudes14 degrees E and 14 degrees W. Malta enjoys th e typical central Mediterranean climate of long, hot, dry summers with cooling sea breezes, warm and sporadically wet autumns and mild winters with warm westerly winds. An annual average of eight hours of sunshine a day makes it a holidaymakers’ paradise. The mean temperature is 19 degrees C. and the average annual rainfall measures about 560 mm. (The Malta Story, 1998). With a population of about 394,000, which works out to about 1,247 inhabitants per square kilometer, Malta’s population density ranks among the highest in the world (Commonwealth Secretariat, n. d.). A study of the settlement patterns of the Maltese islands over time shows that the distribution of the human population has been strongly influenced by Malta’s unique physical landscape and geographical location as well as its’ historical circumstances through the ages. Malta’s physical landscape derives from its’ being mainly a gradually undulating globigerina (formed by marine protozoa) limestone plateau.     

The Native Americans in the 18th and 19th Centuries Essay - 1

The Native Americans in the 18th and 19th Centuries - Essay Example This paper illustrates that although there is a common belief that the Native Americans came from Asia, few if any came from India. Mistakenly believing that he had landed in the Indies, Christopher Columbus gave them the name ‘Indian’. Other names accorded to them include Indigenous Peoples of America, Aboriginal Americans, American Indians, Amerindians, and First Peoples First Nations among others. For many years, these people had peacefully lived in America until the invasion of the European colonialists and explorers who brought endless problems to them. Since the European colonists landed in America in the 16th and 17th century, the Native Americans welcomed them enthusiastically. They admired their â€Å"outlandish clothes, ships as well as their superb technology including brass and copper kettles, mirrors, earrings, the fire-belching cannon and arquebus, hawk bells, steel swords and knives† among others. However, there eventually arose conflicts as the Nat ive Americans discovered their materialistic view of the land coupled with their â€Å"cultural arrogance†. In the 18th and 19th centuries, the European colonists invaded the state and colonies frontiers inexorably displacing Native Americans from the most favorable land. Largely displaced were the Native Americans in the central and eastern North Carolina portions. Often times, â€Å"the Natives resisted this process violently†. Armed conflicts such as the Tuscarora (1711–1715) and Yemassee (1715–1717) wars involved â€Å"forcefully† removing native populations onto a small number of small reservations.

Slavery Story by Harriet Jacobs Essay Example | Topics and Well Written Essays - 750 words

Slavery Story by Harriet Jacobs - Essay Example This clearly establishes Jacobs' own status as a person and to make a case against the dehumanization inherent in slavery. Moreover, these women were denied the right to bond, nurture and care for their babies. Indeed fact, it was not unusual but common for the plantation master to satisfy his desires with his female slaves and force them to bear his offspring. As Linda points out, children from such unions were often sold to protect the honor and dignity of the slaveholder's wife, who would otherwise be forced to face the undeniable evidence of her husband's lust. Notably, in an attempt to further humanize these victims, she addressed the women of the North, desperately trying to show them that unless they spoke out in protest, they were just as guilty as Southern slaveholders of supporting and perpetuating the system of slavery. In short, apathy towards the act of slavery is just as horrendous as the act itself. We immediately see the human calling in this piece because from the beginning, Jacobs identifies herself as a slave girl. She maintains focus on her female gender. Because she refers to herself as "a slave girl," she implies-and later states explicitly-that she is speaking not only for herself, but also for her sisters still in bondage. Truth be told, this is actually a documentary. In furtherance of Jacobs' establishment of her own status as a person and to make a case against the dehumanization inherent in slavery, Linda continues to exist in this tortured world. Linda could have left her master. As the story progresses we learn that Linda actually had many opportunities to escape. Determined, she chooses to give up her freedom and her own life to save her children. This is the natural choice of a mother. Thus despite the continued abuses suffered by Linda, she presented her story not just as a woman but as a mother. Finally, it is apparent that Jacobs was determined to convince the world of the devastating and dehumanizing impact of slavery on women. In so doing, she let us see the impact from several perspectives. We see it as a female, and as a girl growing into a woman. Further adding to the experience, we see her as a mother and as one who has the daily risk of loosing her babies to the plantation owner that raped her. It is sickening that a woman had to fear one of the most important parts of her life, the beauty of being pregnant. Indeed, perhaps Jacobs transcends the human nature, because while many of the children of these poor slave women were the result of involuntary sex, it did not interfere with the immediate maternal instinct. It is all of these moments that bring Jacobs' perspective as a truly human

Margins of society Essay Example | Topics and Well Written Essays - 1000 words

Margins of society - Essay Example This creates a jarring impact on the viewers as they are forced to give respect to the subjects that they would otherwise ignore if they get a chance to meet them on the streets. For this paper, three photographs by Arbus would be analyzed, namely Hermaphrodite and a dog in a carnival trailer, A Jewish giant at home with his parents in the Bronx, NY and Child with a toy grenade, Central Park, NY . In this photograph, Arbus has photographed a hermaphrodite. The photograph captures the style and concept of other Arbus’ photograph. The picture seems quite ordinary except for the subject. If the main subject was removed from the picture, there would have been nothing interesting in the picture and yet it is the subject who changes the entire meaning of the picture. The Hermaphrodite stares back at the camera. He is not smiling and neither is he frowning. Rather, it seems that the hermaphrodite is conscious of getting his picture. This, however, does not fit with the body posture of the subject. It is the lack of pose in the body posture that makes the picture more compelling. The picture is quite ordinary in the way the Hermphrodite is relaxing on the chair but it is the same feeling of the oridinary that brings forth the emotion of the viewers to the surface. The picture seems to be challenging the viewer to accept the Hermaphrodite as a part of the society. The subject is partially nude, and yet he does not shy away by attempting to cover himself with his hands. He wears shiny undergarments which show that the subject is getting ready for a show or has just come back from one. The presence of the dog lends a personal touch to the photograph. It tells something about the subject even if it is as ordinary as the fact that the subject owns a dog that loves enough to share the photograph with. It is was not for the title of the photography, many viewers would have missed the small dog lying on the lap of the Hermaphrodite. Arbus, in this

Practical Anthropology and Moral Philosophy Distinction Essay

Practical Anthropology and Moral Philosophy Distinction - Essay Example The essay "Practical Anthropology and Moral Philosophy Distinction" presents the analysis of the difference between Kant’s moral philosophy and the empirical moral philosophy in terms of their principles and major determinants. The basis of finding the supreme moral principle should not be on the descriptive part but on the authoritative normative principle that is most fundamental in deciding human actions. Kant claims that morality commands human beings to be natural using the prior principles but never through the posterior ones. The two principles must be clearly distinguished in order to help determine what the conditional and the unconditional truths are as they may vary from species to species. What may be prudentially good to one person may not be so in another. The only way of justifying such a statement would be to analyze the moral philosophy and the empirical moral philosophy of the species concerned. Kant asserts that all moral theories prior to this fail to explain the categorical nature of moral obligation and to articulate a supreme moral principle that could capture the categorical nature of morality because those previous moral theories had neither recognized moral agents as autonomous nor recognized that the supreme moral principle must be self-legislated. The result of self-legislation in the previous theories on moral philosophy could only lead to hypothetical imperatives whereas Kant’s theory, solely based on the autonomy of legislation, could lead to categorical imperatives.

Prop Essay Example | Topics and Well Written Essays - 500 words

Prop - Essay Example County mental health programs help the individual with no or insufficient health care. Proposition 63 found a way to help boost these programs to help the needy with mental illness. The tax used was only the wealthiest individuals that make millions or even billions of dollars. These tax dollars go for prevention and maintenance through therapy and medication. For example, schizophrenics generally are diagnosed in their late twenties to early thirties. Schizophrenia can be inherited from parents. If a county mental health program is already servicing a parent, the child could receive counseling and information. When the symptoms occurred, the adult child could receive treatment through the county, or their own insurance. The education and preventive counseling could help a schizophrenic become a productive citizen, instead of a violent criminal on no medication. Proposition 63 helps the mentally ill. Instead of taxing the rich for more prisons, this measure helps create more taxpayers. Instead of housing the mentally ill, this measure helps them live productive lives. Proposition 67, or the California Emergency and Medical Services Funding Telephone Surcharge Initiative Constitutional Amendment Statute, is a percentage tax on all phone calls, landlines or cellphone, in the State of California. I believe that Proposition 67 is unfair. It taxes all calls to fund 911, EMS, and Emergency Room costs. This tax is levied on all calls, whether made by the rich or poor. Businesses are not exempt from this tax. It also is not required to have an audit like other tax funded programs. Not all those that are taxed will receive the services from Proposition 67. Tourists, visitors, and anyone in California will pay this tax. Many of the individuals that are taxed will never use 911, EMS, or Emergency Room services. EMS and Emergency Room visits should be paid for by medical insurance or other state programs like Medicaid or Medicare. If this

Company & Insolvency Law Assignment Example | Topics and Well Written Essays - 2500 words

Company & Insolvency Law - Assignment Example whereas a floating charge is that which allows a company to undertake borrowings despite non possession of assets which may be specific in nature and the charges are placed on the company’s assets like its machinery, stock in trade etc. Before and at the onset of insolvency, fixed charge holders enjoy an unfettered right to enforce their debt repayments by dragging their debtors to court upon default by the latter.1 A debenture holder, whose debt is secured by a floating charge over the assets of a company such as its book debts and trading stock, is likely to enjoy boundless benefits should such a charge crystallize preferably before the onset of insolvency. In Khalid and Mahmood’s business, the bank charges a fixed charge on the company’s assets meaning it secures via mortgaging the assets of the company in case of debts and further affixes a floating charge on the rest of the undertaking of the company. ... er party owing to the weight of his needs, leaving room for the stronger party to make collateral demands whose fairness may be of little relevance, given the freedom of contract doctrine at the heart of contract law. However, when the sum realized from the fixed assets is not enough to pay the debt owed to the creditors, the holder is then relegated to the undesirable general league of unsecured creditors for the remaining balance, subject to pari passu regime. The fixed charge of 75,000 that has been granted by the bank is an automatic security clause, and is the first priority and thus needs to be paid before anything else. According to the facts of the case, the bank got the 75,000 pounds of loan as a fixed charge interest. This loan was undertaken to be a floating charge loan with a negative pledge on the floating assets of the company. It can be demarcated to a floating charge loan only when the loan is given on collateral which is not fixed in nature. Loanshark granted a 20000 Pounds worth of floating charge on the company’s undertaking. Adopting from the theory, we can assume that such charge was given on the floating assets of the company. Taking case laws into account, the case of Agnew v Commissioners of Inland Revenue2 involved the security interest of the company’s assets and the priority of the creditors in the winding up of the business. Other cases like Leyland Daf Ltd3 involve floating charges depicting how crystallization on time can help save the company. Under all the circumstances, if a company has taken loan on a fixed charge interest and floating charge interest, the loan which has been taken on the fixed charge interest has to be paid at the earliest time possible. This is done so that the loan on the fixed security which is more vulnerable

International trade and economic growth of China Essay

International trade and economic growth of China - Essay Example China before 1980s was agriculture based economy and almost all the businesses, factories and commercial activities were under the state control. Capitalism was a forbidden and a hated world (USChina, 2011). This section examines the growth of the Chinese economy and trade. 2.1. Growth of the Chinese Economy After the people revolution, China closed its doors to external influences, seized all private factories and businesses and nationalised all the industries and banks. The result was a total shut down of free enterprise. Capitalists and scholars were hunted down and all trade, industries were state owned. As a result, the nations stagnated and led to a sharp increase in poverty. While the rest of the world saw booms and busts, China had a stagnant and stable economy that was controlled by the state. The standard of living was slow and bicycles were the main mode of transport in the city. From 1979 onwards, the Chinese premier Deng Xiaoping started the measures of liberalisation, a llowed trade with foreign nations, allowed FDI and created industrial zones along the eastern coast so that foreign firms could set up manufacturing activity (Zhang, 2007, p. 12). This far-reaching vision paid off and very soon, China started its upward trajectory of growth. The growth in the GDP and other economic indicators are given in Appendix â€Å"Table A1. China Economic Indicators – 1 of 3† to â€Å"3 of 3† that gives details of the economic indicators. Growth figures of the economy have been given for 19 indicators for the years 1980 until 2013. Projections for 2012 and 2013 are estimated figures. Following graph illustrates the growth rates in GDP, PPP and the CAB in USD billions from 1980 to 2013 (IMF, 2012).... This paper presents a comprehensive review of various trade and economic policies that China has used to promote the growth of its economy, which is illustrated with the help of analysis of data from different databases on the Chinese economy and trade. It is clear that China, which was lagging far behind the west has grown its GDP by more than 30 times from 1980 to 2011. This huge growth in GDP was brought out by growth in many sectors such as construction, industry, agriculture and trade. China has used its trade policies in a very clever manner to trap the western nations at their own games. The western nations came to China initially to make use of the low labour costs. However, the lure of China proved to be very strong and hundreds of western nations moved to China. China set up huge manufacturing centres where low cost labour was available and other benefits provided to western firms. Hundreds of firms from the west set up their factories in China and exported the goods to USA, Europe and many other nations. China carries out trade with a large number of countries. However, the maximum trade in terms of value of goods is done with only a few nations. After the acceptance of WTO treaty, there was shift in the balance of trade in Chinas favour. In the previous decade, China was a net importer since it could not manufacture many of the products. However, with increase in the manufacturing sector, exports have grown. With a positive trade balance, China offers a unique competitive advantage to western nations.

Small Package Delivery Industry Essay Example for Free

Small Package Delivery Industry Essay The small package express delivery industry is a complex competitive environment. The â€Å"Porter’s five forces† combined give the competing companies the possibility to make profits with a low risk of entry and a weak bargaining power of suppliers. The intense rivalry between them and the strong bargaining power of buyers has a negative impact over the prices, which can lower the companies’ revenues. The most interesting thing about this case was the struggle of the global delivery company DHL, to enter the United States market. It was interesting to see how a big company could spend an enormous amount of money to purchase all the equipment necessary for a distribution system, and yet not being able to succeed in gaining the market share. Risk of entry by potential competitors In the small package express delivery industry the barriers to entry are high which makes the risk of entry by potential competitors a weak force. The economies of scale in this industry are attained by only three companies, FedEx, UPS and DHL. They developed complex air and ground delivery networks, which are expensive to establish for new entrants; this gives the leading firms an absolute cost advantage in the industry. DHL, a huge name in the European delivery market, is an example of failure in this aspect. After buying Airborne Express for $1 billion and spending $1. 5 billion upgrading it, DHL was forced to get out of the market because of the losses it encountered during 5 years of struggling. Following this event the, North American express delivery industry became dominated by FedEx and UPS. One major element of the barriers to entry is the government regulations. Federal Express waited three years to get the right to fly planes from Memphis to Tokyo, and it got restricted to only 70 lbs per package. Tough government regulations make it difficult for new companies to enter the industry or in different markets, and it can increase the costs of operations as well. When the force of risk of entry of potential competitors is weak, the profitability of the companies that are already competing within the industry increase. Rivalry among established companies The rivalry among established companies is very strong in the small package express industry. The industry is consolidated, dominated by three large companies, FedEx and UPS in the US and DHL in Europe, which are interdependent. Consolidated industry increase rivalry among established firms because one company’s competitive action, such as a change in price, directly affect the market share of its rivals. This can lead to price war, which means that one company follows suit when the other companies lowers the prices. In 1983, UPS offered next-day air service at half a price of its competitors. In order to keep up, Federal Express followed and cut the prices to match UPS prices. This lead to a price war among competitors, which diminished profitability of the companies competing in this consolidated industry. Bargaining power of buyers The bargaining power of buyers in this industry is a strong force. When the buyers purchase in large quantities, they are able to bargain and reduce the prices. An example discussed in the case is Xerox, which negotiated a lower price for express delivery of its products because of the high volume of the orders and was able to get as much as 60% discounts. The strong force of bargaining power of buyers in the small packages express delivery industry leads to lower prices and less profitability. Bargaining power of suppliers The bargaining power of suppliers in the small package express industry is weak. One example discussed in the case is the acquisition of the retail stores Mail Boxes Etc by UPS, which allowed UPS to have a direct contact with the consumers who needed its services. Another example is the Federal Express purchase of Flying Tigers, an international supplier with which Federal Express was working with at that time. This allowed the package express company to reduce the cost of its operations and build a global air express network. By eliminating the direct suppliers with the vertically integrated strategy, the company gains more profits and control. This weak force in the bargaining power of suppliers allow for greater profits for the companies operating within the industry. Substitute products The threats of substitutes in the small package express delivery industry within US and global market is neutral. The evolution of technology over the past few decades has produced several substitute products to small package delivery. The first substitute that was introduces was the fax machines, which made the transfer of documents easier and faster. The internet, a big substitute of the document delivery via email, but it also created online shopping which led to increased demand of the small package delivery industry. This gave the industry the opportunity to gain additional profits and replace the profits lost through the innovation of the fax and email. Conclusions and recommendations In the small package delivery industry, the established companies will continue to play an important role within the industry and their profits will increase, because of the weak bargaining power of suppliers and the high barriers of entry by potential competitors. In a consolidated industry like the one presented in this case, the strong rivalry among established companies and the strong bargaining power of the buyers can lead to profitability losses.

Interventions for Drug Addiction: Case Study

Interventions for Drug Addiction: Case Study 18893 Many attempts have been made to arrive at a universally acceptable definition of addiction and what causes addictive behaviour but the matter still remains unresolved. People often define addiction as drug abuse and misuse. To Krivak (1982,p.83), ‘Addiction will be defined as a behaviour pattern characterised by an ongoing and overwhelming preoccupation with the used of a drug and the securing of its supply.’ This definition could also say the addict is, ‘Someone who is involved with an activity to such an extent that it the major focus of his or her life’, (McAllister et all., 1991,p.5). For my assignment, I have chosen a client within the criminal justice system that has an addiction problem with drug misuse. He has been involved with the criminal justice system because of his offending behaviour relating to illegal drugs. I am basing my assignment on this client. I am going to discuss in my assignment, drug users and the criminal justice system, the psychology of addictive behaviour, Care planning and different options of planning and assessment, the initial referral and the in-depth assessment, methods of intervention and models of care and drug problems in prisons within the criminal justice system. Where there is an addiction to drugs, most drug users at some time or another come into contact with the criminal justice system. This is how my client got involved with the system. Some drug users spend periods of time in prison as a result of drug-related offending behaviour. There is an alternative to custody and these include fines, community service, probation and bail, which is subject to certain conditions such as participation in drug treatment programmes. My client is subject to certain conditions that he participates in a drug treatment programme. Criminal justice orders can be subject to conditions of residence for the offender. For drug service workers, close liaison with practitioners in the criminal justice field of work is normal practice. Joint care plans are carefully and sensitively devised to help both services work with the drug user in collaborative and constructive ways. Criminal justice practitioners are expected to work with offenders to achieve specific objectives and these are not always compatible with drug service objectives, for example, reducing drug-related offending behaviour rather than getting rid of it altogether (Robertson, 1998, p.389). My client has an addiction to drugs. The psychology of the addict involves behaviour that takes a repetitive form and is associated with increases of anxiety. Some behaviours that take a repetitive form are associated with increases or decreases in anxiety and these are considered compulsive behaviours. These types of behaviours can include drug addiction, gambling and exhibitionism. However there are important distinctions between these types of behaviour and action and true compulsive behaviour. Firstly addictive behaviours involve a pleasure-seeking component, which is not in compulsive behaviours. Secondly, the anxiety involved with the performance of criminal activity is appropriate in light of social sanctions. Obsessive-compulsive patients experience anxiety that is inappropriate to the situation (Oltman, 1995,p11). There are different options of planning and assessing with substance misuse offenders in the criminal justice system. For social workers, assessment is a key task and it will determine whether or not a care plan is needed for the offender of if a management service is needed. The NHS and Community Care Act (1990) provides guidance on procedures for assessment for people who are entitled to community care services. The assessment process includes, the initial referral, the initial assessment and the in-depth assessment. The assessment process should be needs led and not service-led. Community care services are greatly in demand and the screening process is used to determine who needs the treatment the most. Drug agencies undertaking assessment may receive referrals from the criminal justice system or other agencies. Basic referral forms are filled in with the details of the service user, such as factors and the reason for referral. My client has been referred from the criminal justice system to a drug agency for assessment. The initial interview with the service user will determine whether or not they need a more in-depth assessment or a formal care plan. Most local authorities have certain criteria and priority levels to which they can base their response on. The service user is told what is involved in the assessment, is told about confidentiality policies and whether or not there will be any participation of others. The service users are told what to do if they want to use complaint procedures or appeal if they are against any decisions made at or after the assessment. The initial assessment will determine the seriousness of the problem and the level of need required. My client has more complex needs with his addiction problems so he would require a more in-depth formal assessment so that a care plan can be made for him. This assessment will include personal details, family and relationships, social details, significant life events, social supports and networks, comprehensive history of addictions and associated problems. The assessment will also include, treatment history, risk behaviour, criminal history and current offending behaviour, financial status, physical health, mental health problems, past and present, self concepts, perceived needs and the level of motivation to address these needs, personal resources and abilities, resources and abilities of partners and carers, other agency assessments and specialist assessments and the conclusions and suggested interventions of the assessment. Robertson (1998,p.376) suggests that care planning should involved developing a package of care, which will meet the client’s needs. Care plans are systematic approaches and include all the care and treatment that will be provided and the desired outcome. Care plans are monitored measured and reviewed and will involve the client, service provider, an assessor and a care manager. The care plan will involve information gathered at the assessment in an easy to monitor format and will illustrate the behaviours that need to be addressed and it will have separate sections for identifying the needs of the problem. Partnerships between the criminal justice system and the treatment agencies direct substance-misusing offenders to the appropriate services. There are many initiatives aimed at encouraging substance misusers to take part in appropriate treatment that will help them. In the UK there are twelve step agencies that are also know as the ‘Minnesota method of treatment’. These agencies are funded through statutory sources. The aim of these agencies is to treat the dependence on drugs to help reduce drug misuse and to help the client give up drugs completely when they feel ready to do so. Three intermediate aims are to help resolve the underlying problems that contribute to drug misuse, to help the client gain more control and minimize harm also known as harm minimization (Keene, 1997,p.223). The Government produced a drug strategy in 1998 in the UK called, ‘Tackling drugs to build a better Britain.’ This was updated again in 2002. The strategy sets out the range of interventions and policies to help reduce harm caused by using illegal drugs by the year 2008. The drug intervention programme used to be known as the criminal justice interventions programme. The government aims to cut crime related to drug use. This strategy uses the criminal justice system to help direct offenders who used drugs out of crime and into treatment. There are different kinds of interventions used by drug service workers. Psychological interventions are very useful when it comes to help treat someone with a drug addiction. Professional psychotherapy is very effective and good quality drug counselling can also be very effective. Psychological interventions are, cognitive behaviour therapy, motivational interviewing, and the twelve-step treatment program that I discussed earlier and relapse prevention. Some people think that complementary and alternative therapies are useful, but there is not enough evidence in the population to back up this claim. The model of care, introduced by the National Treatment agency (NTA), is a framework that is used by Drug Services to ensure that the services provided are consistent and meet the needs of the service user. The framework is categorised by easy to understand tier levels and treatment levels. Tier one, includes primary care by health care professionals and general practitioners that provide medical services along with probation and housing services. Tier two (Open Access Services) offers a range of drop in street agencies that offer advice and support for stimulant users and substance misusers are able to drop in when there is a crisis. Tier three (Community prescribing services) is mostly geared towards opium user. Tier three, (Structured day programmes) are geared into providing education about drug misuse, and provide training for work skills and give advice about practical issues. Tier four, (Residential Care) has different systems in place for entry in different areas for entry in to residential care. The social services community care assessment team usually deal with the funding. Another option for the substance misuse offender is motivation to change. Motivational interviewing is based on using the motivational change model. The model consists of five stages with stage one being the pre-contemplation stage, stage two the contemplation stage, three the action stage, four the maintenance of change and five the relapse stage. Prochaska and DiClemente are two best-known authors on the importance of individual motivation in dependency treatment. The authors developed the motivational change module from their work with smokers. They use a Cognitive behavioural approach method and their interventions are concerned with cognitive and behavioural change (Prochaska and DiClemente, 1983,p.390). The control of drug misuse is a big problem in prisons. People are much more likely to use drugs in prison because of stress, anxiety and boredom. These levels are higher for substance misusers in prison so they would be more likely to take health risks. Drug treatment in prison could be approached the same way, as it is in the community with regimes to reduce drug related harm, rather than prevention. Because of the extent of my client’s addictive behaviour he has had a formal in-depth assessment done so that we can meet his needs. This has resulted in a care plan being made up for so that we can provide services for him and carefully monitor his progress. We have liased with other professional health services and we have had a full mental health assessment done for him. We have considered his past history of using drugs and the amount of offending he has done in the past and the length of time he has been involved in the criminal justice system. We have noticed that he has also had mental health problems in the past and that he suffers from depression. The client did not go into custody this time because of his substance offending behaviour instead he was given a probation order subject to certain conditions that he participate in a drug treatment service. We contacted drug service workers who were happy to help my client as long as he was willing to accept help. My client says that he does want to change his behaviour and put an end to his substance misuse. He has tried in the past to give up but this has always lead to a relapse. After careful consideration and after weighing up all the options of treatment for my client I decided that psychological intervention along with drug therapy was the best way forward to help reduce his drug dependency. I have decided that professional psychotherapy and relapse intervention would be the best option for him because other options have not helped him in the past. We are also going to offer him good quality counselling. My client has told me that spending time in custody has not done him any good. He told me that he gets very depressed when he is inside and this leads to more dependency on drugs. Our goal is to help him stay out of custody and reduce his dependency on drugs. We will continue to monitor, measure and review the clients care plan and see whether or not his dependency and addiction are getting bet ter. As substance service workers our goal is to meets the needs of the service user and in this instance it is to reduce substance addiction and the long term goal is to eradicate substance misuse altogether. In order to intervene effectively where there is addictive behaviour, social workers need to be able to assess and plan appropriate treatment. For my assignment I have chosen a client within the criminal justice system that has an addictive behaviour. He is a drug misuse offender and he has been involved with the criminal justice system for a few years now. I have discussed a bit about the psychology of addictive behaviour and how my client was referred to me through the criminal justice system. I have discussed the methods of assessment and the different options available. I have discussed the most suitable option for my client who I feel has deeper problems to address than some other substance misusers I have encountered. In this instance I felt that my client would benefit from a psychological form of intervention that would include psychotherapy. There are different types of psychotherapy; these are behaviour therapy that helps the client put an end to undesirable habits or certa in fears that they have. Cognitive therapy is a method that tries to show the client that certain thoughts that they are having are not good for them and that they are negative. The therapist will then try to get the client into thinking more positive thoughts in order that the persistence of negative thoughts will eventually fade away. Drug therapy is also called by the name of pharmacotherapy and it is a part of psychotherapy. The approach here with this method of intervention is to calm the person down using certain anti-anxiety drugs so that they permit the other therapies to have effect. The negative side is that sometimes these drugs encourage psychological dependence and the anxiety that was there before might return again. Some addictions such as obsessive – compulsive disorder have been successfully treated using certain antidepressant drugs. The types of interventions I have discussed do not always work for everyone. Social workers need to analyse the situation very carefully and sensitively when working with addictive behaviours. This is because it is a very sensitive area and if treatment goes wrong the client could go back to their old habits of substance misuse and become a part of the drug culture again. The aim is to reduce offending and minimise the number of substance misusers by putting carefully controlled care plans into place to address their needs. The intervention method that was used on my client was very successful and I am happy to say that my client has cured his addictive behaviour. It is important that assessments are done very carefully and to take into consideration all the important facts of the client. It is also important for social workers and other drug service workers to gain the trust of the client because without this there is less change of the client willing to accept treatment. References Barber, J. (2002) Social Work with addictions, 2nd ed. Basingstoke: Palgrave Macmillan. Keene, J. (1997) Drug Misuse; Prevention, Harm, minimisation and treatment. London: Chapman Hall. Krivanek, J. A. (1982) Drug Problems, People Problems: Causes, Treatment and Prevention, Sydney, Allen Unwin. McAllister, I., Moore, R. and Makkai, T. (1991) Drug users in Australian Society: Patterns, Attitudes and Policies, Melbourne, Longman Cheshire. Oltman, T. F. (1999) Case Studies in Abnormal psychology, New York: Chichester. John Wiley Sons. Prochaska, J. O. and Diclemente, C. C. (1983) Stages and Processes of self-change of smoking: Towards a more integrative model of change. Journal of consulting and Clinical Psychology. Robertson, R. (1998) Management of Drug users in the community, a practical handbook. Arnold publishers.

Analysis of Derivatives and the Perception of Investors

Analysis of Derivatives and the Perception of Investors Chapter 1: Introduction 1. Introduction: The stock market is characterized by volatility, which creates uncertainty in the market and makes predictions regarding future exchange rates difficult, both in the short and long term. However, it is these constant fluctuations in the stock market that make it possible for companies or individuals to take advantage of the movements in exchange rates through speculative activities. These fluctuations also pose a threat for any importer/exporter trading in the global marketplace as international businesses are naturally exposed to currency risk. This necessitates the adoption of hedging strategies to mitigate risk. The volatility in the stock market needs to be dealt with in a proper, prudent and timely manner. Otherwise, adverse currency fluctuations can inflict painful lessons on a company or individual. Later in this thesis we will investigate in detail the volatility of the stock market and the potential risk exposure faced by all market participants. People enter into the stock market for various reasons and the above mentioned potential for profit is a very important motivation. Indeed, some traders who come with the intention of making profit by taking advantage of market fluctuations engage in speculative activities in the stock market and accept the risks involved, while others attempt to protect themselves from volatility by engaging in hedging activities. Traders in this first category are commonly known as speculators, whereas the latter are known as hedgers. Speculators enter the market, in effect, by placing their â€Å"bets† on the market movements. Should their prediction come true, they make profits; if their predictions are not realized, they suffer losses. Hedgers enter the market with the intention of insuring themselves against any adverse market movements they may encounter in their business operation. Hedging involves the creation of a position that offsets an open position occurring in their business operations; so that the gain i n the business (hedge) position will offset the loss of the hedging (business) position. There are various financial instruments used for trading in the stock market. The most common are spot contracts, forward, futures, options, swaps and various money market instruments. Forward, futures, options and swaps are derivatives instruments. Commonly used instruments in the money market include (but are not limited to): Treasury bills, Eurodollar, Euro yen, Certificate of deposit (CD), Commercial paper In fact, the money market represents most of the financial instruments that have less than twelve months maturity. This margin is also known as the leverage ratio and can range from twenty to two hundred, depending on the financial institutions involved. If the given leverage ratio is twenty, the trader using a leveraged spot contract can have access to a credit line twenty times larger than his/her initial margin (collateral). Clearly, the leveraged ratio allows traders (both speculators and hedgers) to trade at a significantly lower capital requirement when compared to the spot market. The general mechanism of each of these markets (forward, futures, options, swaps and money markets) will be explained in detail in this thesis. 1.2 Research Context: The selection of the particular research approach depends on the kind of information required. Qualitative research collects, analyzes, and interprets data that cannot be meaningfully quantified, that is, summarized in the form of numbers. For this reason, qualitative research is sometimes referred to as soft research. â€Å"Quantitative Research† calls for very specific data, capable of suggesting a final course of action. A primary role of quantitative research is to test hunches or hypotheses. These suggest that qualitative approach is a soft research approach in which collected data cannot be meaningfully quantified and more importantly in this approach non-structured research is conducted. But so far as quantitative research approach is concerned, through this approach structured research is conducted with approaching larger respondents and the collected data can be meaningfully quantified. Research data can be collected either in the form of secondary or primary or both. This assumption is obviously not realistic. With the aim to close this gap between theory and practice, a new model is developed in this thesis using the assumptions that the interest rate definitely changes according to economic conditions or policies and that the exchange rate movement follows the pattern of a random walk, which is a stochastic process. Moreover, during the course of our research, we did not encounter any literature that dealt with leveraged spot contracts as both speculative and hedging instruments. It is obvious that the leveraged spot market is relatively less commonly used by financial derivatives traders, compared to traditional instruments such as forward, futures, options, swaps, and the money market. Our objective is therefore to develop a model using leveraged spot contracts as an effective financial instrument that can be used for both speculative and hedging purposes. 1.3 Research Objective: * Analysis of Derivatives and the perception of investors† 1.4 Research Questions: Illustrate how the leveraged spot market can be utilized both as a speculating as well as a hedging tool. Derive insights into how real world data will affect the optimal number of contracts that a trader should trade (or invest) at any given time. Present a Black scholes model for speculation using leveraged spot contracts based on Krugmans model of exchange rate dynamics within a target zone. Demonstrate how a trader can hedge an open position in the leveraged spot market with a simultaneous position in the forward market to generate profit. Explain how a hedger can hedge an existing business transaction exposure using options. 1.5 Research Boundary and Scope: This thesis is organized into chapters/sections. The first chapter is an introduction to the thesis. Next chapter provides a view on hedging and the volatility of the Stock market. These two parts: the first part covers a background of hedging and explores the common applications and techniques of hedging; and the second part covers the volatility of Stock market movements, providing a brief background on the economic fundamentals of exchange rate determination and dynamics, exchange rate systems, international financial markets, and government policies affecting exchange rate systems. How the leveraged spot market can be used as a speculating tool. We have adapted model of exchange rate dynamics within a target zone, we assume that the exchange rate movement follows the pattern of a random walk and we develop a model showing how the leveraged spot contract can be used as a superior financial tool when compared to forward and spot contracts under certain circumstances. However, before developing this model illustrates the mechanism of trading in the leveraged spot market with a numerical example. This describes how to eliminate the risk which arises from speculative leveraged spot transactions using a forward contract. Moreover, several numerical examples are used to illustrate how companies can utilize leveraged spot contracts as a hedging tool. We show in this chapter that the leveraged spot contract, when used in conjunction with a forward contract, can indeed derive risk free profits for its users. The effectiveness and profit generated from using leveraged spot contracts depends on the leverage ratio and the interest rate differential between the home and foreign countries. Chapter 2: Literature Review The financial world has witnessed several major catastrophes in the last dozen years. The first catastrophe was the collapse of Barings Bank in Britain in 1995. The banks collapse was a direct result of Nick Lessons aggressive trading in the futures and options markets. Between 1992 and 1995, the self proclaimed â€Å"Rogue Trader†1 accumulated losses of over  £800million. In February 1995, the 233 year-old Barings Bank was unable to meet the Singapore Mercantile Exchanges (SIMEX) margin call. The bank was declared bankrupt and was bought by the Dutch Bank, ING, for only  £1. The second catastrophe was the Asian financial crisis in 1997. Much literature had been written about the crisis as the financial world tries to understand what went wrong that led to the crisis. Some authors claimed that the crisis was triggered by the run of panic investors on those economies as well as depositor on banks which led to the burst of a bubble economy; while others blamed the crisis on the moral hazard in the Asian banking (financing) systems. We believe that the Asian financial crisis was due mainly (but not limited) to the structural imbalance in the region, caused by large current account deficits, high external debt burden, and the failure of governments to stabilize their national currencies. These problems were worsen by the poor prudential regulation of 1 Nick Lesson wrote an autobiography called â€Å"Rogue Trader† detailing his role in the Barings scandal while imprisoned, the Asian financial system during the 1990s. The combination of these factors contributed to the long-term accumulation of problems in fundamentals, such as large amount of ‘over-lending and bad loans in banking systems which led to the bankruptcies of large firms/banks in the economy, and eventually destroyed the confidence of investors and triggered the panic run of both investors and depositors of the Asian financial system. As part of the efforts, governments tried ente ring the derivative markets to stabilize their currencies. The Thai Government, for instance, utilized the forward market. However, as the world witnessed the collapse of several Asian currencies during the course of the 1997 financial crisis, it was obvious that these stabilizing efforts were not successful. As the Asian countries continued their recovery efforts, Enron collapsed in 2001 as a result of imprudent use of financial derivatives. It had been reported that Enrons management engaged in questionable transactions in the options market, in an attempt to keep the true economic losses of various investments off Enrons financial statements and to try to conceal the actual financial situation of the company. The consequences of these catastrophes were devastating. They impacted not only on the governments and companies directly involved in the events, but also their stakeholders, such as shareholders, employees and ordinary citizens. Many studies examining international financia l markets have been designed to prevent the future occurrence of a similar catastrophe. Most of these studies are still attempting to learn from past mistakes through analyzing what exactly triggered such catastrophic events. Amongst those many studies, some have been undertaken to assist companies to minimize their exposure to fluctuations in the currency market, and to implement better techniques and supervision of corporate risk and management. As a result, topics such as currency exposure, hedging strategies and prudent, ethical company practices have become mainstream issues in international financial markets. This thesis is concerned with hedging techniques in relation to the risk faced by companies and individuals of currency fluctuations. We will point out the limitations and strengths of common hedging techniques and then derive a new technique for hedging. This new model aims to minimize or eliminate the limitations of existing hedging techniques. The importance of understanding the underlying economic and financial fundamentals, which were possibly responsible for the 1997 Asian financial crisis, is noted. This chapter begins with a background discussion of hedging and explores the common applications and techniques of hedging. It continues by addressing exchange rate volatility through providing a brief background of the economic fundamentals of exchange rate determination and dynamics, and government policies. Globally, operations in the foreign exchange market started in a major way after the breakdown of the Bretton Woods system in 1971, which also marked the beginning of floating exchange rate regimes in several countries. Over the years, the foreign exchange market has emerged as the largest market in the world. The decade of the 1990s witnessed a perceptible policy shift in many emerging markets towards reorientation of their financial markets in terms of new products and instruments, development of institutional and market infrastructure and realignment of regulatory structure consistent with the liberalized operational framework. The changing contours were mirrored in a rapid expansion of foreign exchange market in terms of participants, transaction volumes, decline in transaction costs and more efficient mechanisms of risk transfer. The origin of the foreign exchange market in India could be traced to the year 1978 when banks in India were permitted to undertake intra-day trade in foreign exchange. However, it was in the 1990s that the Indian foreign exchange market witnessed far reaching changes along with the shifts in the currency regime in India. The exchange rate of the rupee, that was pegged earlier was floated partially in March 1992 and fully in March 1993 following the recommendations of the Report of the High Level Committee on Balance of Payments (Chairman: Dr. C. Rangarajan). The unification of the exchange rate was instrumental in developing a market-determined exchange rate of the rupee and an important step in the progress towards current account convertibility, which was achieved in August 1994. A further impetus to the development of the foreign exchange market in India was provided with the setting up of an Expert Group on Foreign Exchange Markets in India (Chairman: Shri O.P. Sodhani), which submitted its report in June 1995. The Group made several recommendations for deepening and widening of the Indian foreign exchange market. Consequentl y, beginning from January 1996, wide-ranging reforms have been undertaken in the Indian foreign exchange market. After almost a decade, an Internal Technical Group on the Foreign Exchange Market (2005) was constituted to undertake a comprehensive review of the measures initiated by the Reserve Bank and identify areas for further liberalization or relaxation of restrictions in a medium-term framework. The momentous developments over the past few years are reflected in the enhanced risk-bearing capacity of banks along with rising foreign exchange trading volumes and finer margins. The foreign exchange market has acquired depth. The conditions in the foreign exchange market have also generally remained orderly. While it is not possible for any country to remain completely unaffected by developments in international markets, India was able to keep the spillover effect of the Asian crisis to a minimum through constant monitoring and timely action, including recourse to strong monetary measures, when necessary, to prevent emergence of self-fulfilling speculative activities. 2. Financial Derivatives Markets: With the ever increasing total notional value of derivative contracts outstanding worldwide, it is little wonder that there has been continuous interest in unlocking the â€Å"mystery† of hedging using financial derivatives. Studies have shown that in 1994, the total value of hedging was USD 18 trillion. This is more than the combined total value of shares listed on the New York Stock Exchange and the Tokyo Stock Exchange. The amount exceeded USD 55 trillion in 1996, and in 1998, the figure had already reached USD 70 trillion, which is almost four times more than in 1994. Moreover, according to Bureau of Information Statistics (2005), from 1995 to 1998, spot foreign exchange transactions increased by 15%, reaching a total of USD 600 billion-a day, while over-the-counter currency options doubled to a total outstanding daily value of USD 141 billion. According to the Central Bank Survey 2004, the average daily turnover in foreign exchange derivatives contracts rose to $1,292 bil lion in April 2004 compared to only $853 billion in April 2001 (IBS, 2005). Table 2.1 shows that outright forward and foreign exchange swaps hold the record as the most popular derivatives traded over the counter. As such figures continue to climb strongly, it is important to understand the mechanism of the foreign exchange derivatives markets, including what motivates companies to enter the market, and how corporations utilize the market as a hedging mechanism. According to an author Robert W. Kolb, â€Å"a derivative is a financial instrument based upon another more elementary financial instrument. The value of the financial derivative depends upon, or derives from the more basic instrument. The base instrument is usually an underlying asset, as cash market financial instrument, such as a bond or a share of stock†. The underlying instrument can also be based on movements of financial markets, interest rates, the market index, commodities, or a combination of these assets. F or example, consider the derivative value of oil, which indicates that the price of an oil futures contract would be derived from the market price of oil, reflecting supply and demand for the commodity. In fact, as oil prices rise, so does the associated futures contract. It is noted that in order for the derivative market to be operational, the underlying asset prices have to be sufficiently volatile. This is because derivatives are risk management tools. Hence, if there is no risk in the market, there would be no need for the existence of any risk management tool. In other words, without manageable risk, the use of derivatives would be meaningless. Derivatives commonly used as hedging instruments include the foundational form of: 1. forward contracts 2. futures contracts 3. options contracts, 4. Swaps, which involve a combination of forward and spot contracts or two forward contracts. However, with the rapidly changing business environment, many hedgers have also given increasing attention to other more sophisticated and â€Å"exotic† derivatives which evolved from these basic contracts and often consist of a combined use of two or more foundational contracts, such as Options Futures. Global OTC Derivative Market Turnover, 1998-2007 Daily Averages in April, in billions of USD Description 1998 2001 2004 2007 Foreign Exchange Power 688 959 853 1,292 Outright forwards and foreign Exchange Swaps 643 862 786 1,152 Currency Swaps 4 10 7 21 Options 41 87 60 117 Other 1 0 0 2 Interest Rate Turnover 151 265 489 1,025 FRAs 66 74 129 233 Swaps 63 155 331 621 Options 21 36 29 171 Other 2 0 0 0 Total Derivatives Turnover 880 1,256 1,385 2,410 Memo: Turnover at April 2004 exchange rates 825 1,350 1,600 2,410 Exchange traded derivatives 1,221 1,382 2,180 4,657 Currency Contracts 17 11 10 23 Interest Rate Contracts 1,204 1,371 2,170 4,634 The 2004 survey is the sixth global survey since April 1989 of foreign exchange market activity and the fourth survey since March/April 1995 covering also the over-the-counter (OTC) derivatives market activity. The survey includes information on global foreign exchange market turnover and the final statistics on OTC derivatives market turnover and amounts outstanding. 2.4.2 Types of Players in Derivatives Markets: There are three categories of players in a functioning derivatives market: 1. Hedgers 2. Speculators 3. Arbitrageurs While each of these players use the market with varying intention, their combined and balanced influence ensure the market liquidity and volatility that allows the derivatives market to operate. It is easy yet important to differentiate the varying motives of these players. In terms of their level of risk aversion, arbitrageurs are by definition highly risk intolerant (risk averse individuals) who only trade in risk-free transactions; whereas speculators are on the other side of the spectrum (risk-seeking individuals), as they make profit by taking risk; hedgers are risk neutral individuals, as they choose their strategies by ranking the expected value of any given strategy. Based on their varying attitude towards risk these players tend to engage in the derivatives market with very different transaction patterns. More specifically, an arbitrageur who seeks risk-free profits will simultaneously take up a position in two or more markets, for instance, simultaneously buy spot and sell forward the INR, in an attempt to exploit mis-pricings due to a market that is not in equilibrium. However, such price differentials are almost non-existent in a well-functioning market, mainly because supply and demand tends to rapidly restore market equilibrium. As opposed to the arbitrageur, a speculator seeks profit by taking risk. For example, speculators who anticipate an appreciating INR will put their â€Å"bets† on the rising INR. They can do so by buying the INR at a lower value, and then selling it when the value is higher should the prediction come true. A hedger enters derivatives markets mainly with intention to insure against price volatility beyond their control. Based on this intention, it is not surprising that hedgers are mostly acting on behalf of corporations. The mechanism of hedging mainly transfers risk to others who are willing to accept the risk. Indeed, the risk is never nullified but merely transferred from one party to another. In most cases, spec ulators are those who absorb the risks transferred by hedgers. It is perhaps due to these notions that some have referred to the derivatives market as the ‘zero-sum game market, where the gain of one party is exactly equal to loss of another party. Over the last decades, the foreign exchange markets have experienced explosive growth. Indeed, according to the Central Bank Survey 2004, the average daily turnover in traditional foreign exchange markets rose to $US 1,880 billion in April 2004 compared to $US 1,200 billion in April 2001. 2.1 Option Market: Similar to futures markets, options markets provide impersonal transactions between two participants in an organized, orderly and cost-efficient open outcry auction market. Examples of these markets are the Chicago Mercantile Exchange (CME), the New York Mercantile Exchange (NYMEX) and the Australian Stock Exchange (ASX). An options contract gives the contract holder the right but not obligation to buy or sell an asset at a will be specific price and delivery date. For a currency options contract, that asset will be a currency. The contract holder is also known as the options buyer. The counterparty of a contract holder is known as the contract writer or contract seller, who is obligated to respond to the contract holder. In other words, if the contract holder chooses to exercise the contract, the writer is obligated to respond. Call Options Right and Obligations Buyer (holder) Seller (writer) Has the right to buy a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to sell futures at a predetermined price a buyers sole option. Expectation: Rising prices Expectation: Neutral or falling prices Put Options Right and Obligations Buyer (holder) Seller (writer) Has the right to sell a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to buy futures at a predetermined price a buyers sole option. Expectation: Falling prices Expectation: Neutral or rising prices The Options markets offer two styles of contracts: the American and the European. The style of an options contract dictates when it can be exercised. The American options contract gives the buyer (holder) the right to exercise the option at any time between the date of writing and the expiry date; the European options contract, on the other hand, can only be exercised on its expiration date, but not before the expiry date. In Australia, the Australian Stock Exchange (ASX) only offers standardized options contracts. Overseas options markets do offer options contracts in two forms: customized and standardized. The customized options contracts are also known as the over-the-counter (OTC) options. It is usually written by banks for US dollars against the British pound sterling, Swiss francs, Japanese yen, Canadian dollars and the euro. These customized options contracts can be tailored to suit individual needs, in terms of delivery dates, contract size and strike price. The contract size of these over-the-counter options contracts can reach $1 million or more with maturity of up to one or two years. The standardized option contracts are also known as exchange traded options (ETOs). These standardized options contracts were first introduced in the United States by the Philadelphia Stock Exchange (PHLX) in December 1982. Other markets such as the Chicago Mercantile Exchange later followed suit. Like the futures contracts, these exchange traded options are settled through a clearinghouse. The clearinghouse acts as the middleman and handles both sides of an options transaction. Acting as the counterparty of all options contracts, the clearinghouse guarantees the fulfillment of these contracts. Until this time, currency options contracts are still not available for trading through many of the Stock Exchanges. In fact, the Australian Stock Exchange only offers equity options and index options. For traders wanting to speculate or hedge using currency options contracts, th ey can utilize overseas options markets that offer currency options contracts, for example the Philadelphia Stock Exchange (PHLX). The exchange traded currency options offer standardized features such as expiration months and contract size. The following Table 2.8 consists of some of the standardized features of an exchange traded currency options contract as listed by the Philadelphia Stock Exchange (PHLX). Features of Exchange Traded Currency Option Contracts AUD GBP CAD Euro Yen Swiss Franc Contract Size 50,000 31,250 50,000 62,500 6,250,000 62,500 Position and Exercise Limits 200,000 200,000 200,000 200,000 200,000 200,000 Base Currency USD USD USD USD USD USD Underlying Currency AUD GBP CAD EUR JPY CHF Exercise Price Intervals (for 3 nearest months) 1 ¿Ã‚   1 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.005 ¿Ã‚   0.5 ¿Ã‚   Exercise Price Intervals (for 6, 9 or 12 months) 1 ¿Ã‚   2 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.01 ¿Ã‚   1 ¿Ã‚   Premium Quotations Cents per unit Cents per unit Cents per unit Cents per unit Hundredths of cents per unit Cents per unit Minimum Premium Change $.(00)01 per unit = $5.00 $.(00)01 per unit = $3.125 $.(00)01 per unit = $5.00 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 Expiration Months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months Exercise Style American and European American and European American and European American and European American and European American and European 2.2 Future and Forward: 2.2.1 Forward: In 1982, a study had been conducted based on the random sampling of the Fortune 500 companies. In that study, it had been found that the extensive adoption of forward contracts amongst Fortune 500 companies that were involved in currency hedging, it is by far the most commonly adopted hedging instruments. This popularity is perhaps due to the long history of usage, dating back to the early days of civilization and the trading of crop producers. Forward contracts were the first financial derivatives derived from those early â€Å"buy now but pay and deliver later† agreements. In contemporary business world, forward contracts are commonly known as over-the-counter transactions between two or more parties where both buyer and seller enter into an agreement for future delivery of specified amount of currency at an exchange rate agreed today. They are generally privately negotiated between two parties, not necessarily having standardized contract size and maturity. Both parties in the forward contracts are obligated to perform according to the terms and conditions as negotiated in the contracts even if the parties circumstances have changed. In other words, once a forward contract has been negotiated, both parties have to wait for the delivery date to realize the profit or loss on their positions. Nothing happens between the contracting date and delivery date. Indeed, a forward contract cannot be resold or marked to market (where all potential profits and losses are immediately realized), because there is no secondary market for a forward contract. Although, technically, the forward contract can be re-negotiated with the original counterparty, it is usually practically too costly to proceed with. In fact, the counterparty is not obliged to proceed with the renegotiation. Forward contracts have one obvious limitation: they lack flexibility, and therefore do not allow companies to react in a timely manner to favorable market movements. This disadvantage is wide ly acknowledged and often criticism by authors and hedgers. So, why are forward contracts still the most popular hedging instrument? We believe this is mainly because forward contracts allow the hedging of large volumes of transactions with extremely low costs. Indeed, the parties involved in negotiating a forward contract are typically companies that are exposed to currency risk and their nominated banks. The nominated bank typically charges a service fee, of less than 1% of the face value of the hedge amount, for acting as the counter-party in the transaction. So it is the nominal service fee that is the low cost. 2.2.2 Futures Markets: Futures contracts are the first descendant of forward contracts. Futures contracts were derived, based on the fundamental of forward contracts, but with standardized quality, quantity, time (maturity), as well as place for delivery. Like other financial derivatives, futures contracts were initially designed for commodity trading, but as commercial trading continually evolved, the initial de

Electronic Commerce :: social issues

Electronic Commerce Initially, the Internet was designed to be used by government and academic users, but now it is rapidly becoming commercialized. It has on-line "shops", even electronic "shopping malls". Customers, browsing at their computers, can view products, read descriptions, and sometimes even try samples. What they lack is the means to buy from their keyboard, on impulse. They could pay by credit card, transmitting the necessary data by modem; but intercepting messages on the Internet is trivially easy for a smart hacker, so sending a credit-card number in an unscrambled message is inviting trouble. It would be relatively safe to send a credit card number encrypted with a hard-to-break code. That would require either a general adoption across the internet of standard encoding protocols, or the making of prior arrangements between buyers and sellers. Both consumers and merchants could see a windfall if these problems are solved. For merchants, a secure and easily divisible supply of electronic money will motivate more Internet surfers to become on-line shoppers. Electronic money will also make it easier for smaller businesses to achieve a level of automation already enjoyed by many large corporations whose Electronic Data Interchange heritage means streams of electronic bits now flow instead of cash in back-end financial processes. We need to resolve four key technology issues before consumers and merchants anoint electric money with the same real and perceived values as our tangible bills and coins. These four key areas are: Security, Authentication, Anonymity, and Divisibility. Commercial R&D departments and university labs are developing measures to address security for both Internet and private-network transactions. The venerable answer to securing sensitive information, like credit-card numbers, is to encrypt the data before you send it out. MIT's Kerberos, which is named after the three-headed watchdog of Greek mythology, is one of the best-known- private-key encryption technologies. It creates an encrypted data packet, called a ticket, which securely identifies the user. To make a purchase, you generate the ticket during a series of coded messages you exchange with a Kerberos server, which sits between your computer system and the one you are communicating with. These latter two systems share a secret key with the Kerberos server to protect information from prying eyes and to assure that your data has not been altered during the transmission. But this technology has a potentially weak link: Breach the server, and the watchdog rolls over and plays dead.

Friday :: essays research papers

FRIDAY A handsome, in about 26 years old, with straight and strong limbs, tall and well shaped fellow who bare name Friday which he got for the memory of a day he was rescued. The native who was saved from a certain death by Robinson Crusoe during one of the cannibal rituals of a local tribe. By the man who was actually on his way to Africa to buy Negroes! His hair was long and black but not curled, he had very high forehead and great sparkling sharp eyes. Friday’s appearance was somewhere in between Negro and European, black but tawny skin, round face and small but not flat nose as most of the Negroes have. Of course, like all Negroes have, had he fine teeth well set and white as ivory, but oddly enough – thin lips. To lay his head flat upon ground, close to person’s foot and set other foot upon his head – this was Friday’s way of showing the servitude and submission. Robinson understood him in many things and let him know how very pleased he was with him. This was something Friday understood before he could speak Robinson` s language. Still he was a cannibal in his nature, full of lot abhorrence. We can see how the other culture is suppressed from the very beginning. Robinson cures Friday of his cannibalistic habits and gives him a new Western name. But the first words he taught him in English were words that one servant has to know and use! So Friday was domesticated and incorporated into Western society. The main fear and an idea throughout the book is Crusoe `s goal to re-educate Friday to a civilised human being and if he wouldn’t have, he would have no mercy but to kill him!