The Poetry of Sylvia Plath Essay Example

The Poetry of Sylvia Plath Paper Plath’s real-life marriage to the poet Ted Hughes involved, as even a cursory glance of the biographic record indicates, a replication of the â€Å"Tyrant† theme associated with her father in her journals and in the poem â€Å"Daddy. † The sordid details of Plath’s marriage to Hughes involved sexual domination and submission, physical fighting, infidelity, poetic rivalry, and a exploration of occultism, including Cabalistic work and magickal operations. This latter consideration of magickal and cabalistic practices enjoins the poem â€Å"Daddy† in a veiled autobiographical reference â€Å"With my gipsy ancestress and my weird luck/And my Taroc pack and my Taroc pack/ I may be a bit of a Jew. † These lines may seem obscure — or purely within the invented scope of the poem; however, inspection of Plath’s biography reveals that these lines invoke her sense of oppression through mysticism likely brought upon by her magickal associations with Hughes. In addition to Cabala , astrology, and Tarot, Hughes practiced hypnosis on Plath seeking to guide her to self-affirmation and poetic inspiration. (Malcom). In â€Å"Daddy,† Plath identifies herself, mystically, as a persecuted Jew indicating that she regarded Hughes’ attempts to guide her as artificial and constraining of her own gifts, which, in turn, brought upon her own subjection to oppression. Instead of illumination, blackness, exudes from father and husband. Here, an important distinction between autobiography and narrative is made; a distinction which propels the poem in a Confessional mode from the merely personal, and thus becoming, perhaps, turgid or melodramatic rather than spell-binding and dramatic. This distinction is that Plath identifies her speaker with the Jews of the Auschwitz, Dachua, and Belsen concentration camps, exalting her personal mode of suffering brought upon by her fathers death and her abusive marriage to a stature that would resonate not merely with those familiar with the details of her life but with those who had never known her at all. We will write a custom essay sample on The Poetry of Sylvia Plath specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Poetry of Sylvia Plath specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Poetry of Sylvia Plath specifically for you FOR ONLY $16.38 $13.9/page Hire Writer That said, the poem gains its most sinister and perhaps most powerful energies from deeply autobiographical confession. That â€Å"Daddy† was written by Plath as an exercise in personal catharsis, as well as a lyric poem meant to excite large audiences, is obvious. The lines which seemingly abruptly refer to San Francisco: Ghastly statue with one gray toe / Big as a Frisco Seal / And a head in the freakish Atlantic. † identify the daddy in the poem â€Å"as a colossus who stretches across America from the Atlantic to the Pacifica colossus even larger than the one described in The Colossus. These seemingly obscure details are in fact references to Plaths father: the Ghastly statue with one gray toe is Otto Plaths gangrenous leg, and San Francisco Bay is where he conducted his research on muscid larvae. † (Plath 194). The poem’s narrative arc foreshadows suicide in the poem’s opening lines, and repeats the affirmation of suicide in the lines â€Å"At twenty I tried to die/ And get back, back, back to you.? I thought even bones would do. † Thus, suicide becomes the implicit form of revenge with the â€Å"stake† in Daddy’s â€Å"fat black heart† being the stake of death— and the poet’s death as an act of revenge and personal empowerment. Works Cited Annas, Pamela J. A Disturbance in Mirrors: The Poetry of Sylvia Plath. New York: Greenwood Press, 1988. Plath, Sylvia. The Unabridged Journals of Sylvia Plath. New York NY Anchor Books. 2000. Plath, Sylvia The Collected Poems New York NY: HarperPerennial 1992. Malcolm, Janet. The Silent Woman: Sylvia Plath Ted Hughes. New York: Alfred A. Knopf, 1994.

Sociology of Gambling

Sociology of Gambling Summary of Reading Gambling has for a long time been regarded to as a social vice (Eagley and Chaiken, 1993). The act of gambling is normally regarded to as immoral. This is because it is addictive and in most cases people tend to lose their money or any other valuable item that was used as stake.Advertising We will write a custom critical writing sample on Sociology of Gambling specifically for you for only $16.05 $11/page Learn More However, the more an individual loses, the more he/she feels like playing in order to recover his loss and make a quick profit. In most situations, such individuals tend to end up in even more losses. It is due to this fact that the society has a negative attitude towards gambling. However, in the US, gambling alone bring in more revenue than the sale of movie tickets, theme parks, music concerts and sports events combined (Bernhard and Frey, 2006). Furthermore, 50 states in the United States have legalized several forms of gam bling. This therefore shows that gambling is a part and parcel of our society. The act of gambling has been there in since time immemorial, is with us today and will continue until perpetuity. It is therefore essential for sociologist to understand the positive aspects of gambling and the impact that it has on our lives. To support these arguments, several theories have been presented that try to explain the social aspect of gambling. During the renaissance era, the Catholics used gambling as one of the weaknesses against the Protestants who advocated for it (Greenwald et al, 2002). The catholic stated that it is wrong and evil to get something without working for it. This act was compared to the acts and promises that were made by Satan. In the early 20th century, Devereux explained the gambling theory with the use of the institutional theory. He suggested that gambling had more impact on the society that its individualistic and pathological effects that were well known. At the pre sent moment, sociologists have shifted their views and regard gambling as a form of play (Boyer, 2003). Many countries have lotteries and have legalised gambling which, in many circumstances is controlled by the betting and licensing board. They also state that gambling, as an act is a good leisure activity just like any other form of entertainment. Critique of the arguments presented As stated in the article, gambling is an act that can be used for leisure. The act has been a part of the human culture for many generations now. Due to this fact, it is essential to fully understand it and utilize its benefits to improve the status of individuals and the society (Allport, 2005).Advertising Looking for critical writing on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More As stated in the article, gambling has high economic return. This money can be used to fund other projects hence improve the development of the economy. In addition, the act of gambling keeps people occupied. This therefore prevents them from committing social ills. However, it is essential to control the level of gambling. However, for gambling to be socially viable, it should be controlled. This is because the act of gambling is addictive and may lead to adverse conditions on individuals and the society. Application of the arguments Occasional gambling is one of my pass time activities. I have been participating in lotteries and charities ever since I was 12 years old. I do this not only to win but for the fun of it. If properly controlled, participating in charities and lotteries can be fun. From the experience that I have, I think that I believe that gambling can be used to improve the status of the society. References Allport, G.W. (2005). Attitudes. In C.M. Murchison. Handbook of social psychology  Winchester, MA: Clark University Press. Bernhar, B and Frey, J. (2006). The Sociology of Gambling. Brayant, 1(1), 399-404. Boye r, M. (2003). Attentional bias and addictive behaviour: Automaticity in a gambling-specific modified Stroop task. Addiction, 98, 61–70. Eagley, A., and Chaiken, S. (1993). The psychology of attitudes. Fort Worth, TX: Harcourt Brace Jovanovich College Publishers. Greenwald, A.G., Banaji, M.R., Rudman, L.A., Farnham, S.D., Nosek, B.A., Mellot, D.S. (2002). A unified theory of implicit attitudes, stereotypes, self-esteem, and self-concept. Psychological Review, 109, 3–25.Advertising We will write a custom critical writing sample on Sociology of Gambling specifically for you for only $16.05 $11/page Learn More

Definition and Examples of Vocabulary

Definition and Examples of Vocabulary Vocabulary refers to all the words of a language, or to the words used by a particular person or group. Also called  wordstock,  lexicon, and lexis. English has a stunningly bastard vocabulary, says linguist John McWhorter. Out of all of the words in the Oxford English Dictionary,...no less than ninetys and Observations below. Also see: Active Vocabulary and Passive VocabularyCommon Word RootsIntroduction to EtymologyLexical CompetenceLexicalizationLexicogrammar Vocabulary-Building Exercises and Quizzes Vocabulary Quiz #1: Defining Words in ContextVocabulary Quiz on the I Have a Dream Speech by Martin Luther King, Jr. EtymologyFrom the Latin, name Examples and Observations How many words are there in the English language?No easy answer is possible. In order to reach a credible total, there must be agreement about what to count as an item of vocabulary and also something physical to count or to serve as the basis for an estimate . . ..In effect, the overall vocabulary is beyond strict statistical assessment. Nonetheless, limited counts take place and serve useful ends, and some rough indications can be given about the overall vocabulary. The Oxford English Dictionary (1989) defines over 500,000 items described as words in a promotional press release. The average college, desk, or family dictionary defines over 100,000 such items. Specialist dictionaries contain vast lists of words and word-like items . . .. When printed material of this kind is taken into account, along with lists of geographical, zoological, botanical, and other usages, the crude but credible total for words and word-like forms in present-day English is somewhere over a billion items.( Tom McArthur, The Oxford Companion to the English Language. Oxford University Press, 1992) Vocabulary AcquisitionBy age two, spoken vocabulary usually exceeds 200 words. . . . Three-year-olds have an active vocabulary of at least 2,000 words, and some have far more. By five, the figure is well over 4,000. The suggestion is that they are learning, on average, three or four new words a day.(David Crystal, How Language Works. Overlook, 2005)A Bastard VocabularyEnglish, probably more so than any language on earth, has a stunningly bastard vocabulary. Somewhere between 80 and 90 percent of all the words in the OED [Oxford English Dictionary] were born from other languages. Old English, lest we forget, was already an amalgam of Germanic tongues, Celtic, and Latin, with pinches of Scandinavian and Old French influence as well.(David Wolman, Righting the Mother Tongue: From Olde English to Email, the Tangled Story of English Spelling. Harper, 2010)The vocabulary of English is currently 70 to 80 percent composed of words of Greek and Latin origin, but it is certainly not a Romance language, it is a Germanic one. Evidence of this may be found in the fact that it is quite easy to create a sentence without words of Latin origin, but pretty much impossible to make one that has no words from Old English.(Ammon Shea, Bad English: A History of Linguistic Aggravation. Pergee, 2014) Canadian English VocabularyTo summarize the comparative status of the vocabulary of Canadian English, it may be said that, where British and American English differ, Canadian English inclines usually toward American forms; that the language brought by American and British settlers was transferred to Canada largely intact, without a significant degree of differentiation caused by contact with Canadian Aboriginal languages (or with French); and that the number of true Canadianisms, which is to say Canadian words for things that have other names in other dialects, is small, but nonetheless adequate for asserting the status of Canadian English as an identifiable dialect at the lexical levela distinct type of North American English.(Charles Boberg, The English Language in Canada: Status, History and Comparative Analysis. Cambridge University Press, 2010)British English and American English[T]here is a much greater number of American words and expressions in British English than vice versa . The much stronger flow of borrowing seems to go from American to British. Moreover, in general speakers of British English appear to know more Americanisms than speakers of American English know British words and expressions.(Zoltn Kà ¶vecses, American English: An Introduction. Broadview Press, 2000) Scottish EnglishThe official and usual literary language of Scotland has for three centuries been Standard Englishpronounced, though, with a Scottish accent and retaining a few Scotticisms in vocabulary. This Scottish English co-exists with Scots in an accent and traditional-dialect set-up comparable with that found in the north of England . . ..(John Christopher Wells, Accents of English: The British Isles. Cambridge University Press, 1986)Australian EnglishAustralian English is particularly interesting for its rich store of highly colloquial words and expressions. Australian colloquialisms often involve shortening a word. Sometimes the ending -ie or -o is then added, e.g. a truckie is a truck or lorry-driver and a milko delivers the milk; beaut, short for beautiful means great and biggie is a big one. Oz is short for Australia and Aussie is an Australian.(Michael McCarthy and Felicity ODell, English Vocabulary in Use: Upper-Intermediate, 2nd ed. Cambridge University Press, 2001) The Lighter Side of VocabularyEd Miller: I was with a girl once. Wasnt a squaw, but she was purty. She had yellow hair, like, uh . . . oh, like something.Dick Liddil: Like hair bobbed from a ray of sunlight?Ed Miller: Yeah, yeah. Like that. Boy, you talk good.Dick Liddil: You can hide things in vocabulary.(Garret Dillahunt and Paul Schneider in The Assassination of Jesse James by the Coward Robert Ford, 2007) Pronunciation: vo-KAB-ye-lar-ee

Marketing research insurance program Essay Example | Topics and Well Written Essays - 1250 words

Marketing research insurance program - Essay Example The research aims at assessing the potential of proposed insurance program by garnering data from the target audience. The research approach and data collection methods would further highlight the research objective. Primary research method has been favored to achieve the objective of the research as it would offer current information and understanding. Research Approach The research is based on offering a new and innovative insurance program to elder people who find it difficult to manage their finances and time. As per the current Elder Shield plan, insured people would get $300 per month for a maximum period of 5 years and $400 for a maximum period of 6 years. The new insurance program would offer the same benefits along with wide arrays of physical and mental activities that would offer great results in the short as well as in the long run. Moreover, for each referral, there would be certain rewards and awards that would further motivate and influence people to insure their life and health along with spreading the message in a positive manner. There is no denying that elder people are more prone to injuries and health issues and thus this insurance plan would try to help them regain their health through physical and mental activities. This can also be considered as a noble cause by taking care of the elder people along with making their life exci ting and problem free. As per the statistics of the United States Department of Labor, around 20% of the retirement income is attributed to health expenses that can be considered as quite high (United States Department of Labor, 2011). Moreover, basic Elder Shield Plan offers $300 per month for a maximum period of five years that can be considered as good enough to meet health demands. This insurance plan would help in engaging retired people in physical activities like golf and Taichi along with few mental activities like chess and emotional intelligence games. This insurance plan would also help in saving more money as people who are healthy and fit tend to spend less on health problems. This statement can only be considered as a valid one once views and opinions of the respondents confirm it. However, there is no denying that garnering personal opinions and offering wide arrays of information to the respondents would help in achieving the research objectives in a desired manner. Research Design Research design plays an important role in achieving desired results pertaining to the research. Research designs are classified as explanatory, descriptive and casual with distinctive features. Explanatory design is useful in analysing secondary data as it determines the hypotheses that can be tested. Descriptive design is based on primary data collection methods favoring quantitative analysis. It also examines the association and relationship with wide arrays of variables. In this particular research paper, descriptive and explanatory designs have been preferred as explanatory design helped in examining the hypotheses through secondary data and information while descriptive design would help in understanding the utility of introducing new and innovative insurance plan for retired people. There is no denying that descriptive design is time consuming and often a cumbersome task but the validity and reliability of

Ethical Dilemma Analysis- Capstone Project Essay

Ethical Dilemma Analysis- Capstone Project - Essay Example Mountains of clothes and books fill the room, and a pervasive foul odor emanates from the house. The woman pleads with the author not to tell anyone about her condition or state of living. The ethical dilemma is, should one report this to the proper authorities or not? An ethical dilemma which could arise in my own field of study could be that a nursing home patient is having difficulty keeping his room tidy, and this is causing him to become overwhelmed in his environment. Although the patient pleads with the author to not tell anyone, should nursing home officials be alerted to this fact? These are ethical dilemmas because, on one hand, officials in authority should know about potential problems. On the other hand, the individuals have their right to privacy. This is a â€Å"right vs. right† dilemma because, on one hand, when one can harm oneself or others, authorities must know. However, the level of harm that an individual is causing may be negligible, so a patient’ s right to privacy is still a valid concern. Regarding values in this ethical dilemma, there are certain non-moral values at work here. Public health is not a moral issue—rather, if piles of garbage are going to cause a health hazard, then perhaps the woman should be reported to authorities. A moral value that is at conflict belongs to the utilitarian family, which means that calling the authorities would be beneficial for the woman as much as for the good of everyone (the public). In contra of calling authorities, Kant says, â€Å"Thus morality, and humanity as capable of it, is that which alone has dignity.†1 This woman has her dignity on the line by not having people on the outside know what her problems are. If they were to know the source of her problems is helplessness, her dignity would be shattered, as would her feeling of being independent. In support of the opinion that one should

History of the U.S. Income Tax Essay Example for Free

History of the U.S. Income Tax Essay The income tax of the United States of America, be it federal, state and local, has changed over time. Different circumstances pushed the government to create taxation and to amend the existing taxation laws. During the pre-Revolutionary War era in the 1700s, taxes were not imposed by the colonial government as their need for tax revenue did not exist. The colonies, on the other hand, had greater responsibilities therefore, had greater need for tax revenue. Because of this, different types of taxes were imposed by the colonies. The southern colonies imposed taxes on imports and exports while the middle colonies imposed taxes on property and a poll tax on each adult male. The New England colonies, on the other hand, collected taxes through property taxes, income taxes and excise taxes. When the English Parliament realized the need for money to pay for the French war, it imposed different taxes to the American colonies through the Stamp Act which was enacted in 1765. Later on, this Stamp Act was revised to include taxes for permits, newspapers, legal documents and playing cards. The Townsend Act was later on enacted by the Parliament to include taxes for paint, tea and paper . After a decade of paying taxes, there was much resistance to the tax imposed by the Parliament. During the Boston Tea Party in 1773, colonists, dressed as Native Americans, threw 342 chests of tea from a ship of the British East India Company to the Boston Harbor. In 1775, Isaac Backus during the Massachusetts Assembly said that â€Å"It’s not all America now appealing to Heaven against injustice of being taxed†¦We are persuaded that an entire freedom from being taxed by civil rulers†¦is not mere favor from any men in the world but a right and property granted us by God, who commands us to stand fast in it† . Taxation is considered as one of the factors that led to American War for Independence hence, when America gained its Independence, Article 1, Section 9, Article 4 of the U. S. Constitution in 1787 declared that there be no capitation or any direct taxes imposed on the citizens. The national government had very little responsibilities during these times and relied only on donations given by the States for its revenue. However, in 1789, the Founding Fathers realized that it could not function at its efficiency if it relied only on other governments’ donations hence the Federal Government was granted the authority to impose taxes. The sensitivity to taxation was still existing at this point in time hence the government has to be careful on how it impose taxes so as to minimize resistance from its people. Alexander Hamilton, Secretary of the Treasury in the 1790s, decided that a â€Å"sin tax† was imposed . Through the â€Å"sin tax†, only items which society thinks is deviant or vice were taxed such as distilled spirits, alcohol and whiskey. However, this still led to the armed revolt called Whisky Rebellion by a group of South Pennsylvania farmers. Still during the 1790s, the Federal Government imposed direct taxes to owners of houses, slaves and land. However, when Thomas Jefferson was elected to office in 1802, these direct taxes were removed and for the succeeding 10 years, only excise taxes were imposed. The reason for this was because he realized the inverse relationship of tax rates and tax revenue wherein the higher the taxes imposed on the citizens, the slower the economy grows hence the tax revenue declines. A cut in the rate of tax means that income for the family will become higher, expenditures become higher and hence, the economy experiences growth. During the 1812 War, the need for tax revenue resurfaced again hence taxes on the sales of gold, jewelry, watches and silver were imposed. Treasury notes were also issued to raise money. However, in 1817, the Congress revoked these taxes and for the next 40 years, government revenue was based on high customs duties and sale of government or public land . In 1861, when the Civil War erupted, the Revenue Act of 1861 was enacted. This Act restored the previous taxes on personal income. This tax was similar to the modern income tax because it was based on a gradual taxation of withholding tax from its source. A person earning $600 to $10,000 a year paid 3% tax. Persons with income higher than $10,000 paid a higher rate of tax. In 1862, the debt created by the war was rising at a rate of $2 million per day hence there was another need for the government to increase its revenue. Because of this, the Congress passed another tax imposition on items such gunpowder, playing cards, telegrams, iron, pianos, yatchs, drugs, among others. After the Civil War, the need for revenue declined and hence the income tax was abolished and only the excise taxes remained from 1868 to 1913. The War Revenue Act in 1899 was enacted to raise funds for the Spanish-American War. Government revenues, thru this Act, was raised through sales of bonds, tax imposition on recreational facilities, beer and tobacco. However, the Supreme Court realized that the people of America were becoming aware that the high tarrifs and excise taxes were not good to the economic welfare of the nation and that these taxes were usually paid by the less affluent citizens. Hence, there was an agreement that business income instead was imposed tax. By 1913, Congress enacted a new income tax law which imposes 1% to 7% for persons with income above $500,000. These people earning above $500,000 was only 1% of the total United States population . During World War I, the United States needed to increase its revenue again to fund the war. The 1916 Act raised the tax imposition from 1% to 2% and could go as high as 15% for those with income of more than $1. 5 million. By 1917, the government still needs further government revenue to pay for the war, hence the War Revenue Act of 1917 was enacted. Through this Act, exemptions were lowered and tax rates increased that those who earn $40,000 needs to pay 16% tax rate. In 1918, the tax rates were further increased. Those citizens paying 1% had to pay 6%. The highest rate in 1917 was 15% but during 1918, this was increased to 77%. Due to this increase in tax rates, government revenue increased from $761 million during 1916 to $3. 6 billion in 1918. After the war, the government revenue rose and the government decided to cut taxes to 1% bottom rate and 25% top rate . The Great Depression during the late 1920s and early 1930s pushed the government to once again increase the tax rates. The Tax Act of 1932 was enacted and by 1936, the bottom tax rate was at 4% and the top tax rate reached 79%. When the World War II came, another price hike came into place which altered the tax rates. Those with taxable income of less than $500 paid a bottom rate of 23% taxes while those earning taxable income of over a million dollars paid about 94% of taxes . The tax structure in the United States was also heavily altered in that the number of taxpayers increased from 4 million during 1939 to roughly 43 million during the World War II. Throughout all these years of implementing taxation, the government learned a very important lesson which until now is being valued by government officials and economists and has affected the tax laws enacted in the country – the marginal dollar is far more important to the economy compared to the tax rate being used. The Economic Recovery Tax Act of 1981 was implemented with this important lesson in mind. Unlike the previous taxation laws, this Act was intended to focus on marginal tax rates and it also included consumption taxes. However, due to the deep recession experienced by the country in 1982, the government was once again faced with the need to increase tax rates to overcome budget deficits. Following the 1982 recession was an economic boom which lead the country to believe that marginal tax rates are very important for a strong economy. During the Reagan administration, tax rates were further reduced and had a broader base through the Tax Reform Act of 1986. This reduced tax rate from 50% to 28% while business taxes were reduced from 50% to 35% . In 1997, the Taxpayer Relief Actof 1997 was enacted. The significant party of this Act was the Per Child Tax credit which benefited the lower-income families. During the Bush administration in 2001, the government experienced a budget surplus of about $281 billion hence a tax cut was once again conducted . This tax cut included raising the Per Child Tax Credit from $500 to $1,000 per child, as well as increased the Dependent Child Tax Credit. Until now, this tax law is being implemented and is expected to boost economic growth for the country.

Demise of the Great Democracy Essays -- Education

Demise of the Great Democracy From the Declaration of Independence, where America’s forefathers had bounties on their lives; to the fight for integration in 1960- America strives to create equal opportunities within its boundaries. â€Å"Land of the Free† and â€Å"Land of Opportunity,† rightfully earned names America hold. Keeping the opportunities rolling, the G.I. Bill allowed war veterans to attend college at an affordable rate, giving every person a chance to attain their full potential, no matter their situation. Unfortunately, an educational gap still continued to stabilize, sending America into the hands of literate voters and a questionable future. The current solution to this gap, called the No Child Left Behind Act, (NCLB), insists that schools use standardized tests to show improvement in students each year. These tests attempt to stitch-up the educational gap but fails overall because it pushes the best and the brightest students down to an average level of a nation ranked numbe r forty-two in literacy in the world, (Mundi Index). While the No Child Left Behind Act delivers more accountability on education systems, and has a great intention of improving students to a proficient level, it also causes a detrimental, disadvantageous, and stunting growth of our democratic nation. Revised as The No Child left Behind Act, the Elementary and Secondary Education Act of 1965, presented in President Lyndon B. Johnson’s â€Å"War on Poverty,† aimed to reduce the nation’s high poverty rate during 1965, (US Government). Closing the achievement gaps between the economical classes of America’s by providing equal opportunity provided the Elementary and Secondary Education Act’s (ESEA) goal. President Johnson only authorized this act until 1970,... ...p://www.nagc.org/index2.aspx?id=548>. "No Child Left Behind Act." New York Times. 9 2 2012: n. page. Web. 13 Mar. 2012. . Phelps, Richard P. Defending Standardized Testing. Introduction. Mahwah: Lawrence Erlbaum Associates Publishers, 2005. Pollard, Jonathan. StandardizedTesting.net. 2002. January 2012 . US Government. U.S. Department of Education. 6 12 2010. January 2012 . US Legal. USlegal.com. n.d. February 2012 . White, Deborah. "Pros & Cons of the No Child Left Behind Act." US Liberal Politics . New York Times Company, n.d. Web. 14 Mar 2012. . Demise of the Great Democracy Essays -- Education Demise of the Great Democracy From the Declaration of Independence, where America’s forefathers had bounties on their lives; to the fight for integration in 1960- America strives to create equal opportunities within its boundaries. â€Å"Land of the Free† and â€Å"Land of Opportunity,† rightfully earned names America hold. Keeping the opportunities rolling, the G.I. Bill allowed war veterans to attend college at an affordable rate, giving every person a chance to attain their full potential, no matter their situation. Unfortunately, an educational gap still continued to stabilize, sending America into the hands of literate voters and a questionable future. The current solution to this gap, called the No Child Left Behind Act, (NCLB), insists that schools use standardized tests to show improvement in students each year. These tests attempt to stitch-up the educational gap but fails overall because it pushes the best and the brightest students down to an average level of a nation ranked numbe r forty-two in literacy in the world, (Mundi Index). While the No Child Left Behind Act delivers more accountability on education systems, and has a great intention of improving students to a proficient level, it also causes a detrimental, disadvantageous, and stunting growth of our democratic nation. Revised as The No Child left Behind Act, the Elementary and Secondary Education Act of 1965, presented in President Lyndon B. Johnson’s â€Å"War on Poverty,† aimed to reduce the nation’s high poverty rate during 1965, (US Government). Closing the achievement gaps between the economical classes of America’s by providing equal opportunity provided the Elementary and Secondary Education Act’s (ESEA) goal. President Johnson only authorized this act until 1970,... ...p://www.nagc.org/index2.aspx?id=548>. "No Child Left Behind Act." New York Times. 9 2 2012: n. page. Web. 13 Mar. 2012. . Phelps, Richard P. Defending Standardized Testing. Introduction. Mahwah: Lawrence Erlbaum Associates Publishers, 2005. Pollard, Jonathan. StandardizedTesting.net. 2002. January 2012 . US Government. U.S. Department of Education. 6 12 2010. January 2012 . US Legal. USlegal.com. n.d. February 2012 . White, Deborah. "Pros & Cons of the No Child Left Behind Act." US Liberal Politics . New York Times Company, n.d. Web. 14 Mar 2012. .

Mitel Semiconducter Case Essay

Mitel Semiconductors is a division of Mitel Corporation. The semiconductors division focuses on the business communications segment of the overall semiconductor market. The segment is relatively small when compared to the semiconductor market as a whole but the segment is experiencing high levels of growth over the next five years. Currently Mitel Semiconductors holds 7% of the business communications segment and management would like to see market share double in the next five to six years. Mitel Semiconductors is quickly approaching full capacity at its Bromont Foundry that performs the entire FAB portion of the integrated circuit manufacturing process. In order to meet management’s goal of doubling market share over the next five to six years, Mitel Semiconductors needs to figure out a way to dramatically increase production to keep pace with demand. Since traditionally, Mitel Semiconductors is risk adverse management needs a creative solution that can be implemented using only the current amounts of cash and cash equivalents on hand. Mitel Semiconductors can increase capacity in three distinct ways. First, it can build or acquire a new foundry that can be brought online to produce more wafers for the integrated circuits. This would obviously cost the company a lot of money. It will also take considerable amount of time to get a new foundry up and running. There are however, a few alternatives that require less capital outlay and can be implemented in a matter of months. The next way Mitel Semiconductors can increase its capacity is to change their wafer size from 100mm to 150mm, 200mm, or 300mm. The increased size of the wafer can increase capacity from the increase in surface area. Each wafer would still require the same amount of processing time but could now produce more integrated circuits per wafer due to the larger size. Another way to increase capacity would be to better utilize the same surface area on each wafer. Equipment could be upgraded so that the circuits that were cut into the surface of the wafer were thinner. This would allow a more efficient use of space and more integrated circuits out of each wafer. The case presents each of these three options for Mitel Semiconductors to increase its capacity in six iterations. Convert Bromont to Larger Wafers Advantages  · Allows the division to convert to smaller line width for low cost  · Already making production equipment changes and installing advance clean rooms  · Increased capacity significantly  · Larger wafers would extend life of the plant  · 150mm could be accomplished without plant shut down  · Supply was plentiful and cheap Disadvantages  · $250 Million dollar cost  · Immature technology  · All costs hovering around the $150 million mark  · Cannot use current equipment  · Lack of supply because of glut of 200mm FAB’s  · Four year to plan, build, and get foundry operational  · 150mm wafers would cost $30-$40 Million and would take two years  · 150mm could run into the same problem as 100mm wafers Given the circumstances, a conversion of the Bromont Foundry over to 150mm wafers is the most appropriate alternative for Mitel Semiconductors. The larger sized wafers are too expensive for Mitel to consider given their risk adverse position. The company has available around $30 million in cash and cash equivalents that are net of its current liabilities. The conversion over to 150mm wafers can be accomplished in as little as two years but the most important thing is that it can be done without a plant shutdown so Mitel can continue to manufacture 100mm wafers until the project is complete. The project was estimated to cost between $35 million and $40 million so it fits in line with what Mitel has available to spend. The conversion to 150mm wafers would increase the Bromont Foundry’s capacity from 112,000 100mm wafers to 252,000 100mm equivalents because of the greater surface area. This increase in capacity will cover Mitel’s projected demand into the foreseeable future. The risk to this alternative is the fear that the industry will continue to move into larger sized wafers and it will become increasingly difficult to find suppliers for the 150mm wafer. If that should happen, Mitel would once again be in the same situation. Given the forecasted demand for Mitel’s semiconductors, there is not sufficient cause to upgrade the Bromont Foundry to sizes of wafers greater than 150mm. At anything larger than 150mm Mitel will find itself in an excess capacity situation and have to find ways to sell more integrated circuits.

Gary Becker’s Contribution to Family Economics

Gary Becker’s research on economics has also been his life’s work and garnered him the Nobel Prize in Economics in 1992 for â€Å"having extended the domain of the microeconomic Analysis to a wide range of human behavior and interactions, including non-market behavior. † (Federal, p. 1).Becker’s entire life has been spent taking the typical economic approach and extending it to a wider range of social issues. In addition to sheer monetary issues, Becker goes further and shows that individuals, contrary to widely held belief do not operate solely under financial gain and, in fact can show great acts of altruism as well.It has been said that Becker’s analysis should perhaps be known as the theory of rational choice, or purposeful behavior rather than simply as the straight economic approach generally seen. (The Prize p. 1). Becker himself notes that economic analysis can be applied to many issues in our daily social lives, other than the ones we tradi tionally believe to be strictly â€Å"economic. † He further states that â€Å"the horizons of economics need to be expanded. Economists can talk not only about the demand for cars, but also about matters such as the family, discrimination, and religion, and about prejudice, guilt and love.† (Religion p. 1). He very staunchly states that economic imperialism is not the same thing at all as crude materialism and that the idea that the total of a person’s value lies in their material worth has more in common with Marxist analysis than his own. (Religion p. 1). Robert Pollack, a self-stated critic of Becker’s concedes that he is really more of a follower of Becker’s than a critic, and that in all reality Becker put the family on the economic professions research agenda. (Pollack p. 5). The economics of the family is a creation of Gary Becker, and exhibits incredible significance in our lives today. B.Objectives/Hypotheses/Position Becker calls the for m of interdependent preferences within the family â€Å"altruism. † These preferences are introduced by supposing that one spouse is egoistic, while the other is altruistic, or cares both about his or her own consumption as well as the spouse’s utility. Pollack argues that rather than altruistic, the word should be known as â€Å"deferential,† as it is much more descriptive, denoting that, for instance the husband defers to his wife’s preferences regarding her consumption pattern. (Pollack pg. 12). Regardless of the terminology used, we can take Pollack’s model for explanation.Family members often have non-deferential preferences wherein each spouse cares about each other’s consumption habits either instead of or in addition to caring about their own. For the laymen, Pollack lays out Becker’s theory even simpler: A wife may have non-deferential preferences in that she wants her husband to spend more time jogging â€Å"because it†™s good for him,† and less time watching TV. In other words, non-deferential preferences tend to mean that each spouse prefers a different consumption patter for the other spouse, than the other spouse would choose for him/herself. (Pollack p. 14).Becker would state that the altruist, or deferential partner does not give anymore weight to his own well-being or self-interests than he gives to any other family member. Becker typically allows that the head of the household is regarded as an altruistic agent of the interests of all family members. (Pollack p. 14). Martha Nussbaum, a philosopher, finds this theory to be full of holes. Because the typical head of the household is male, Nussbaum feels that Becker’s theory becomes flawed as â€Å"males are often neglectful of the interests of females, whether wives or children, and makes decisions inimical to those interests.† (Pollack p. 14). Whether or not you agree with Nussbaum that the typical male head of househo ld is far from altruistic, or deferential, I think we can all agree that in theory there is generally one altruistic or deferential spouse in a relationship, along with the other who is the non-deferential spouse, or is more concerned with their own financial issues than of those of their spouse. Becker’s deferential preferences as related to parents and children would state that parents were not only concerned with their children’s utilities, but with their consumption patterns as well.In other words, while parents might be willing to pay for college, or perhaps a down payment on their children’s first house, they will be much less inclined to pay for a Hummer, or a trip to Europe. (Pollack p. 16). So the deferential model has parents willing to fund the â€Å"necessities† of life, such as education or a roof over their children’s heads, but are much less likely to want to pay for the frills. C. Methodology Becker’s household production mod el theorizes that households â€Å"combine both time and market goods to produce more basic commodities that directly enter their utility functions.† (Pollack p. 16). This is, of course, based on the assumed absence of joint production in the family as well as the assumed observability and measurability of commodities. Becker denotes â€Å"commodity shadow prices† in his household production model, which is the ratio at which a household can transform one commodity into another. All time and market goods that produce more basic commodities means treating all household functions as commodities. Therefore, time spent cooking, time spent cleaning, time spent helping children with homework all become commodities.Please note, that Becker defines commodities as anything that is observable or measurable, therefore in his model, time spent watching a pay with the children, sleeping, or listening to music is measurable, while stating these same things differently, such as †Å"music appreciation,† makes them unable to be measured or observed. So, the same activity, stated differently might or might not be a commodity. (Pollack p. 19). Becker’s altruistic model in the context of family consisted of a â€Å"brood of egoistic but rational â€Å"kids† and one deferential or altruistic parent.In his â€Å"Rotten Kid Theorem,† Becker notes that â€Å"Each beneficiary, no matter how selfish, maximizes the family income of his benefactor and thereby internalizes all effects of his actions on other beneficiaries. † (Pollack p. 21). Becker frequently uses the wife in the family model as the Rotten Kid, and Pollack’s example is that an altruist (or his selfish beneficiary) would eat with his fingers only when its value to him exceeds the value of the disgust suffered by another family member, or the altruist would read in bed late at night only when its value to him far exceeds the loss of sleep suffered by his spouse.(Pol lack p. 21). D. Innovating Aspects of Paper Becker basically looked upon the family, or the household as a miniature factory which produced services for the members of the household, â€Å"with an input of time and purchased consumer goods, the latter being regarded as intermediate inputs in the production process taking place in the household. † (The Prize p. 1). In this particular context, then, a wage rise can lead to less time-consuming production of services within the household.In other words, the father’s increase in pay might well enable the mother to hire a maid to help with the household chores, thereby freeing up more of her own time for the children or for leisure activities. In a really innovative step, Becker also applied his economic family theories to the area of crime and punishment, making the assumption that except for a certain number of true psychopaths, â€Å"individuals who behave criminally react in predictable ways to different stimuli in the form of benefits and the costs of criminal activities.† (The Prize p. 2). This theory would then offer fairly solid predictions about which groups of citizens could reasonably be expected to commit which types of crime. Studies on this subject have shown that an increase in the probability of being convicted at all is more a deterrent to the would-be criminal than the expectation of a certain level of harshness of punishment. (The Prize, pg. 2). D. Brief Critical Literature Survey Another famous book of Gary Becker’s is entitled â€Å"The Economics ofDiscrimination. † The theory of this book is that discrimination carries certain costs. For example, let’s assume that a certain businessman doesn’t like hiring women, or blacks, or any specific group, for that matter. In our present day highly competitive marketplace this businessman must then bear the cost of his particular discrimination. If he hires a high-wage white worker as opposed to an equally productive but lower-wage female worker, he has then foregone profits that could accrue to his firm.Although he may still decide to discriminate based on his strong feelings about one group or another, essentially the stronger his prejudices, the higher the cost. Although in some situations these costs might be hidden, and even though a competitive market will never completely eliminate discrimination, the market will, in itself, tend to reduce discrimination purely because the company that discriminates must pay the monetary costs associated with discrimination. (Economic p. 3).Becker also discusses Richard Epstein’s book, â€Å"Forbidden Grounds,† calling it a very â€Å"thoughtful book, which raises good questions. † (Economic p. 3). Epstein stresses the difficulties in implementing civil rights legislation, stressing the huge gap between the promise and the practice; Becker agrees with Epstein’s conclusion that there should be no civil rights legislat ion. (Economic p. 4). II. Analysis A. Hypotheses/Model Becker believes his model of household production puts economics into a simpler form that can be more easily understood by the general public.In fact, the American people as a whole tend to be frightened by economics, to the point, Becker says, that when you mention you are an economist, the typical response is that people say they took an economics class in college and either hated it or were terrible at it, or both. Becker believes that we should relax over the whole issue of economics, and that economists should attempt to express economic concepts in simple language, and detail the solving of economics in a straightforward, simple way. (Federal, p. 6).Becker continues by saying that many intellectuals and economists use big words and obscure language when they are writing about economics. â€Å"Sometimes it is a way of disguising that they are not saying a heck of a lot. Of course, some propositions are tougher to express. † (Federal p. 6). The challenge to a writer of economics, or any subject considered by the average person to be difficult, is to give a reasonably intelligent person a feel for the basics, and let their own intellect take it from that point. B. Analytical Discussion of Topic/Model In an interview with Gary Becker, he was asked if it was a true story that the initialInspiration for his work on the economics of crime was found while searching for a parking spot, and he agrees, â€Å"True story. † As he tells the story, he was coming down to Columbus University for an oral exam. He was to ask students a half-hour’s worth of questions on price theory. Becker was living in the suburbs at the time and drove to Columbia. He was running a bit late—never a good thing in New York City with parking spaces at such a premium. Because in those days Columbia had no designated parking for their faculty members, the choice was to either park illegally or go into a parking lot.Realizing how late he was, Becker pondered on the two choices, mentally calculating his chances of getting caught if he parked illegally versus parking a couple of blocks away which would entail a longer walk, as well as costing money. As Becker walked to the exam—a walk that took about ten minutes—he suddenly realized that if he was thinking about his chances of getting caught while parked illegally, that in all likelihood, the police were thinking about the same thing. They must, if they were rational human beings, be thinking about the likelihood of catching someone who was illegally parked.When Becker reached his student’s oral exam, the first question he presented was the one he had been pondering, and while he remembers the student didn’t do to well with an answer, Becker realized what an interesting topic it was, and started working seriously on it from that point out. Becker states that â€Å"I set it up so that society was trying to minimize the expected loss from criminals, taking account of the damage done by the crime, cost of policing, cost of taking somebody to trial, cost of punishment, how much deterrence there would be if criminals expected greater punishment or lesser punishment and so on.† (Federal p. 2). In the end, Becker was grateful to his parking problem, as it led him to one of his most â€Å"famous† theories of crime and economics. C. Theoretical Analysis Gary Becker was a great believer that family law would be a good area in which to do more law and economics work. He notes that family law is often looked down on in law school, not being a field that â€Å"top† people should consider going into, yet the family is such an important institution in society, that family law should certainly garner more respect from the legal industry.Families have been ever-changing, particularly in the last few decades, and now there are more and more areas of family law such as divorce, fertility, c hild care, homosexual marriages, homosexual parenting, marriage contracts, custody provision†¦the list goes on and on. Therefore Becker finds family law an area of great interest, ready to have more law students making it their specialty. Becker feels that family law is clearly one area that can have much more done with it using the tools of laws and economics. (Federal p. 3). D. Experts’ Insights and FindingsPollack finds Becker’s earlier talked about altruistic model as an â€Å"ultimatum game. † Pollack’s example is that the first player, or the proposer, offers a division of a fixed sum of money between himself and the second player. The second player, or the responder, is informed of the proposed division, and must then choose between two alternatives which are: †¢ She can accept the proposed division, in which case both players receive the proposed payoffs, or †¢ She can reject the proposed division, in which case both players receive exactly nothing.Therefore, Pollack reasons, the ultimatum game is a one-shot non-cooperative game in which the â€Å"proposer moves first and confronts the potential recipient with a take it or leave it offer. Commitment is essential to ultimatum games—if the responder rejects the offer, the game ends; the proposer cannot improve his offer. † (Pollack p. 24). E. Regressions/Correlation Analysis/data/tables To relate the above ultimatum game to Becker’s altruistic model, consider the game in which the proposer and the responder divide a fixed sum of money. Further consider that the proposer has egoistic tendencies.Therefore, the proposer offers a division in which he gets the entire sum, and the responder accepts, because she can do no better. If, on the other hand the proposer cares about the responder’s utility, then the proposer is going to offer a division that benefits the responder above himself. F. Findings/Arguments/Evidence The take it or leave i t family ultimatum game provides â€Å"a model in which all Becker’s claims about efficiency, distribution, and family demand functions hold. The altruist attains his most preferred feasible point, subject to the constraint that others receive enough to remain in the family. † (Pollack p. 25).G. Statistical Data/Tables â€Å"Empirical work on pooling began with articles by Duncan Thomas and T. Paul Schultz. † (Pollack p. 33). Thomas showed that kids do better in terms of mortality and morbidity when their mothers control a larger fraction of the family resources. Beck’s alternative theory to this assumption is the â€Å"better mothers† story, or the fact that mothers with more energy and ability are more likely to control a larger fraction of family nonlabor resources, and thus to have kids who do better. Thomas and Shultz, however, do not observe energy or ability. III. Policy Findings and Conclusions A. Basic Findings/SummaryAccording to Pollack, Becker’s economic approach to the family is often believed to imply that certain types of government policies cannot and do not affect allocation within families because they â€Å"will be fully neutralized by individuals’ responses. † (Pollack, p. 39). Both Becker’s altruist model and Rotten Kid Theorem imply that which parent receives the child benefit must be irrelevant, however Pollack feels that the conclusion that parents will neutralize the child benefit â€Å"depends on the assumption that family collective choice is determined by the altruist model, and that preferences exhibit transferable utility.† (Pollack p. 40). B. Policy Recommendations from your findings The role of technology and its place in facilitating the ability of human capital is both critical and important in today’s world. Becker felt that modern economies depend on modern technology, and you can’t have one without the other. Additionally, these various tech nologies are generally produced by people who have lots of human capital. Without that human capital there would not be the opportunity to build and make effective use of technology.Lastly, according to Becker, these new technologies are going to significantly impact the acquiring of this capital. People are beginning to use the various forms of technology to work at home, or earn degrees at home, thereby reducing the cost of gathering many people under one roof. (Manville, p. 3). The possibilities of the new technologies, along with the specific economics of these same technologies offer incredible opportunities for our future. C. Limitations of your study The limitations of the study on Gary Becker’s contributions to Family Economicsexist only in the capacity to devote enough information to each subject in the required amount of space. D. Suggestions for Future Research Reading Gary Becker’s â€Å"Human Capital and Poverty Alleviation† would be my number one s uggestion for future research. Becker believes that the main purpose of economics is to both understand and help alleviate poverty and this issue seems to be one that requires further investigation and study. IV. References: A. Scholarly Books/Journal Articles Pollak, Robert A. 2002. Gary Becker’s Contributions to Family and Household Economics.National Bureau of Economic Research. Cambridge, MA 02138, October 2002. B. WWW. References Becker, Gary S. December 16, 1994. Human Capital and Poverty Alleviation. http://www. worldbank. org/html/extdr/hnp/hddflash/workp/wp_00052. (Accessed June 17, 2006). Becker Honored with Phoenix Prize. April 23, 2001. Economist Wins Prize for Contributions to Social Sciences. http://www. chibus. com/media/storage/paper408/news/2001/04/23/GsbNe ws/Becker. Honor (Accessed June 13, 2006). Federal Reserve Bank of Minneapolis. June, 2002. Interview with Gary Becker. http://minneapolisfed.org/pubs/region/02-06/becker. cfm (Accessed June 15, 2006). Man ville, Brook. 1994. Talking Human Capital with Professor Gary S. Becker, Nobel Laureate. http://www. linezine. com/7. 1/interviews/gbbmthc. htm (Accessed June 12, 2006). Religion and Liberty. March and April 1993. Economic Imperialism. http://www. acton. org/publicat/randl/print_interview. php? id=76 (Accessed June 13, 2006). The Prize in Economic Sciences 1992. The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 1992. http://www. nobelprize. org/economics/laureates/1992/presentation-speech(Accessed June 12, 2006). V. Appendix A. Mathematical/statistical elaboration There was little mathematical elaboration in the sources I used, although Pollack used a specific mathematical equation to explain Becker’s household production model. B. Data Data used consisted of both Gary Becker’s writings and interviews as well as the views of other professionals regarding his conclusions. C. Results The results of this paper are to explore Becker’s theories of economics and present the results in a format that is hopefully more easily read by the laymen.

society and individuals essays

society and individuals essays Society and individuals do not denote separable phenomena, but are simply collective and distributive aspects of the same thing. In this aspect of his theory Charles Horton Cooley states that the individual or person is actually a part of a larger individual called society. With that statement I will discuss Cooleys theory and explain my reaction to the theory. Cooley states that a persons self grows out of a persons commerce with others. Well doesnt that create a society? A persons individual self put together with millions of others selves equals a society. So where does an image that society want, come from? One person? In my opinion most individuals are afraid to express their own opinion. Thus creating a free market on the opinion. One person comes up with the opinion and the rest of society, if they feel it is not harmful to themselves, goes along with the opinion. This creates separate subculture in society such as the punk subculture or the thug subculture. Because one person was willing to put spikes in his hair for an outrageous reaction, others followed to express them selves with out being an individual but being an individual society. In the thug subculture does in make you hard to wear clothes to big? If it does, than how do today's youth in middle class suburbia sport that style, they have never lived in the ghetto and exp erienced things like true thugs have. In this manner peoples individual selfs have come from whom they interact with. Supporting Cooleys theory. The only problem with this idea is that it leaves the idea of originality to be an outcast on society. Being different from every one is a call for prejudice, harassment, and being left out of societys in crowd. We should be able to see a person for their accomplishments and their abilities. ...

The Development of Banking in the Industrial Revolution

The Development of Banking in the Industrial Revolution As well as industry, banking also developed during the Industrial Revolution as the demands of entrepreneurs in industries like steam  led to a vast expansion of the financial system. Banking Before 1750 Before 1750, the traditional ‘start date’ for the Industrial revolution, paper money and commercial bills were used in England, but gold and silver were preferred for major transactions and copper for daily trading. There were three tiers of banks already in existence, but only in limited numbers. The first was the central Bank of England. This has been created in 1694 by William of Orange to fund wars and had become a foreign exchange storing foreign country’s gold. In 1708 it was given the monopoly on Joint Stock Banking (where there’s more than 1 shareholder) to try and make it more powerful, and other banks were limited in size and resources. Joint stock was declared illegal by the Bubble Act of 1720, a reaction to the great losses of the collapse of the South Sea Bubble. A second tier was provided by less than thirty Private Banks, which were few in number but growing, and their main customer was merchants and industrialists. Finally, you had the county banks which operated in a local area, e.g., just Bedford, but there were only twelve in 1760. By 1750 private banks were increasing in status and business, and some specialization was occurring geographically in London. The Role of Entrepreneurs in the Industrial Revolution Malthus called entrepreneurs the ‘shock troops’ of the industrial revolution. This group of individuals whose investment helped spread the revolution were based mainly in the Midlands, a center  for industrial growth. Most were middle class and well educated, and there were a substantial number of entrepreneurs from non-conformist religions like the Quakers. They have been characterized as feeling they had to be challenged, had to organize and succeed, although they ranged in size from major captains of industry to small-scale players. Many were after money, self-improvement, and success, and many were able to buy into the landowning elite with their profits. The entrepreneurs were capitalists, financiers, works managers, merchants, and salesmen, although their role changed as the business developed and the nature of enterprise evolved. The first half of the industrial revolution saw just one individual running the companies, but as time went on shareholders and joint stock companies emerged, and management had to change to cope with specialized positions. Sources of Finance As the revolution grew and more opportunities presented themselves, there was a demand for more capital. While technology costs were coming down, the infrastructure demands of large factories or canals and railways were high, and most industrial businesses needed funds to start up and get started. Entrepreneurs had several sources of finance. The domestic system, when it was still in operation, allowed for capital to be raised as it had no infrastructure costs and you could reduce or expand your workforce rapidly. Merchants provided some circulated capital, as did aristocrats, who had money from land and estates and were keen to make more money by assisting others. They could provide land, capital, and infrastructure. Banks could provide short-term loans, but have been accused of holding the industry back by the legislation on liability and joint-stock. Families could provide money, and were always a trusted source, as here the Quakers, who funded key entrepreneurs like the Darbys (who pushed forward Iron production.) The Development of the Banking System By 1800 private banks had increased in number to seventy, while county banks increased rapidly, doubling from 1775 to 1800. These were set up mainly by businessmen who wanted to add banking to their portfolios and satisfied a demand. During the Napoleonic Wars, the banks came under pressure from panicking customers making cash withdrawals, and the government stepped in to restrict withdrawals to just paper notes, no gold. By 1825 the depression which followed the wars had caused many banks to fail, leading to a financial panic. The government now repealed the Bubble Act and allowed joint-stock, but with unlimited liability. The Banking Act of 1826 restricted the issuing of notes- many banks had issued their own- and encouraged the formation of joint stock companies. In 1837 new laws gave joint-stock companies the ability to acquire limited liability, and in 1855 and 58 these laws were expanded, with banks and insurance now given limited liability which was a financial incentive for investment. By the end of the nineteenth century, many local banks had amalgamated to try and take advantage of the new legal situation. Why the Banking System Developed Long before 1750 Britain had a well-developed money economy with gold, copper, and notes. But several factors changed. The growth in wealth and business opportunities increased the need for both somewhere for money to be deposited, and a source of loans for buildings, equipment and- most crucially- circulating capital for everyday running. Specialist banks with knowledge of certain industries and areas thus grew up to take full advantage of this situation. Banks could also make a profit by keeping a cash reserve and lending out sums to gain interest, and there were many people interested in profits. Did Banks Fail Industry? In the US and Germany, industry used their banks heavily for long-term loans. Britons didn’t do this, and the system has been accused of failing industry as a result. However, America and Germany started at a higher level, and needed much more money than Britain where banks weren’t required for long-term loans, but instead for short-term ones to cover small shortfalls. British entrepreneurs were skeptical of banks and often preferred older methods of finance for start-up costs. Banks evolved along with British industry and were only a part of the funding, whereas America and Germany were diving into industrialization at a much more evolved level.

2014 FOMC Meetings Essay Example | Topics and Well Written Essays - 3000 words

2014 FOMC Meetings - Essay Example After discussion and questions from the Bank presidents, the report is then ratified. The next stage is board’s staff representation where the board’s director gives a forecast; it is discussed and the bank presidents raise questions where necessary. Bank presidents then provide an overview of the economic conditions in their areas followed by the governors giving their national outlook. Agenda number two is about the monetary policy and domestic policy directives. Board Director of Monetary Affairs Division outlines different scenarios of the monetary policy, participants’ discuss them and then the chairperson summarizes and proposes any wordings to be made in the policy statements. Next, the participants have their lunch as they present the latest developments in Congress on the banking legislations of importance to the Federal Reserve. At exactly 2.15 p.m., an announcement is made regarding any change in the discount and federal funds rates. The announcement is made as a promotion to openness in banking. When FOMC meeting ends, the Chair of Fe deral Reserve gives a press statement to give out the decisions made. The January press statement shows some improvement in economic activities as well as improved labor markets. Unemployment rates have reduced, and there is an increasing household spending trend. Business investments have also improved which is believed to have stimulated the improved economic activities. The existing fiscal policy is seen to be pulling down economic activities, but it is losing its strength with time. With reduced unemployment rates, the committee sees a risk of inflation though it will be maintained at the committee’s objective of 2%. In the statement, the committee confirms that the target rate for the funds will remain to be 0 to 1/4 percent if the unemployment rate will stay 6-1/2 percent. However, the inflation rate is expected to be above the committee’s objective