Joseph Kony Term Paper Example | Topics and Well Written Essays - 1500 words

Joseph Kony - Term Paper Example This paper therefore presents a qualitative research using both primary and secondary data to examine the opinions of the public to the issue. The Primary data is gathered from 5 students using questionnaires. Secondary data is gathered from various internet websites and journals that analyze opinions on this issue. The opinions gathered in this research showed that has expressed mixed reactions to the issue, with some supporting it and others do not. Various arguments are advanced in support of the different perspectives of the public. Joseph Kony is the head of a Ugandan Guerilla group known as Lord Resistant Army (LRA). This group was formed in 1987 with an agenda of overthrowing the government of Uganda. According to Ksilvers (2012), this group enjoyed massive public support initially. However, this changed after the group turned against its own supporters in the process of trying to turn Uganda into a theocracy. Kony is a superstitious leader who claims that he is a spirit medium and a spokesman of God. He believes that if he succeeds in overthrowing Ugandan government, he can create a more suitable government based on theocracy and guided by the biblical Ten Commandments. His soldiers have crosses painted on their chests and believe that this will protect them from bullets. Unfortunately, the actions of this group directly contrast the requirements of biblical principles. However, though as the survey portrays most people did not know Kony before his indictment by the ICC, Kony remains as the biggest threat t o peace and stability in Norhtern Uganda, having carried out massive abductions and killings in his guerrilla tactics. As noted earlier, LRA, originally called United Holy Salvation Army (UHSA) was established in 1987. Its agenda was political and the ruling party, the National Resistant Army led by Ugandan President did not perceive it as a threat

The immigration debate Essay Example | Topics and Well Written Essays - 250 words

The immigration debate - Essay Example In other words, the undocumented workers may take jobs away from Americans, but these are jobs Americans did not want in the first place. Rather, the illegal immigrants are doing us a favor by accomplishing the tasks that Americans find to menial for their tastes. In the overall scheme of things, illegal immigrants actually provide a larger benefit to the American economic system by adding at least $10 billion a year to our GDP. A small contribution to an overall GDP of a $10 trillion economy but an increase none the less and in our current national economic state, every little bit helps to ease the burden of inflation on the public. By boosting our GDP, these workers have actually proven that a larger workforce, regardless of employment status, will actually make a difference when it comes to worker output and/or consumer spending ( Said, Carolyn â€Å"The Immigration Debate†). Instead, the illegal immigrants who are working for us should be considered unsung heroes who actually contribute to the system. the Social Security system to be precise . The only problem is that since this batch of employees do not use valid SS numbers, their contributions remain floating within our system. So rather than debating the effects of illegal immigration on the workforce or economy, what we should really be looking at is a way to help make the contribution of these workers a part of the economic system of the country since those contributions are currently located in an economic limbo where it remains useless to everyone

How Investment Opportunities Affect Cash Holdings

How Investment Opportunities Affect Cash Holdings Introduction In recent years the interest of financial researches raised to firms cash policy, cash positions; if more accurate they are paying more attention why do firms hold so much cash. These issues have a long history and are the basis of corporate finance.  Indeed, from the day to day operations to finance long-term investments, own funds are just the most important source of funding. In particular, observers have recently serious doubts about the validity of so much cash.  This problem has led to important research aimed at clarifying the multifaceted aspects of monetary policy firms.  Although the rapid development of significantly enriched our understanding of the factors that stocks of companies the funds, the literature has paid little attention in the form of cash policys real impact on the daily activities of firms. In the 2007-2008 credit crunch business leaders and the media have made the phrase cash is sovereign back in vogue.  Although the firms internal cash flows decline, the stock markets collapsed and the credit markets nearly frozen, the lack of money has become a reality for many firms.  For example, General Motors (GM), based in the U.S. automaker, announced on 7 November 2008 that he could escape from the liquidity, despite the ongoing restructuring process. GM eventually reorganized through bankruptcy, but their fate was to demonstrate the importance of cash holdings.  Although the reduction of cash flows, as a rule, inevitable in many industries during the economic downturn, the symptoms can be removed by a sufficient amount of cash as a buffer to the crisis.  Nevertheless, for several reasons shareholders do not always want to see the firm to save money and sit on it.  The shareholders outlook on firms cash holdings and the cost they place on it will be examined in this research. The determinants and consequences of corporate cash holdings have attracted enlarged interest of scientists over the past ten years.  One key issue was that the relationship between cash and the value of the company.  Broadly speaking, two main factors in the equation of the advantages of liquidity of the company and the agency cost of managerial discretion.  Both these arguments have their supporters. For example, Myers and Majluf (1984) argue that costly external financing means that firms must maintain a sufficient cash reserve, which provides liquidity to take advantage of new projects a positive NPV.  However, according to Jensen (1986) the agency costs of managerial consolidation means that large amounts of cash should be paid to shareholders to keep managers overinvesting negative NPV projects.  Apparently, there is no single truth, which will apply to all companies at once, as the needs of both the firm and its managers are not uniform. Understanding the value of cash is of interest not only for researchers and scientists, but even more so for practitioners.  Equity analysts, financiers and corporate chief financial officers must all be very interesting to know which factors affect the cost of cash holdings in the company and why. Most equity analysts simply add cash to the top of the value of the company, without giving attention from what could be the reason why money should not be evaluated at face value. However, researches show, markets, monetary values in different firms in different ways, and, consequently, analysts may be too especially if the company has a large amount of liquid assets.  For corporate financiers situation is somewhat different, because they often give the conclusion that the value of the target firm is the acquirer, thereby eliminating the influence of the prevailing corporate governance and financial policies.  Nevertheless, it can be valuable to understand the value of cash when as sessing the market value of the firm.  Finally, the financial department of a firm must know why their cash cannot be appreciated at face value, and that they could do if they want.  This allows us not only to understand the preferences of shareholders, but perhaps an opportunity to meet them. Problem Statement In this research I want to find answers to the questions like: What is the reason of holding so much cash than needed? What kind of effects it could cause? How the financing constraints and investment opportunities together affect the value the shareholders place on cash? How firms investment opportunities affect the marginal value of firms cash holdings? How firms the state of external capital markets affect the marginal value of firms cash holdings? 1.3 Research objectives The aim of this work is the approach to the cost of cash holdings of firms in two directions. First, subsequent to Faulkender and Wang (2006), who studied the cross-section changes in the marginal value of corporate cash, which arises from differences in corporate financial policy. Secondly, inspired by the credit crunch of 2007-2008, I examine how changes in the external capital markets affect the cost of money over time.  As far as I know there have not been previous studies on the time changes in the value of cash.  There are several reasons why the loan should affect any results related to the companys cash holdings.  First, Almeida et al.(2004) show that financially constrained firms maintain a significantly higher proportion of their cash flow, the following adverse macroeconomic shocks than before.  This means that the relationship between the preserve cash flow and earnings of the company is dynamic and may change over time.  Second, the importance of cash is emphasized in a recession.  When a loan is becoming more rationed, the company in which a lot of cash does not need to worry about the inability to finance daily operations.  Intuitively, firms with more cash are less likely to be downgraded credit rating and are able to maintain acce ss to capital markets.  In addition, these companies can take advantage of the plight of the weaker firms, which may be less liquid assets, through active competitive actions and acquisitions.  Thus, it seems appropriate to us a treasure load of cash in good times to be able to strike when the economy turns.  Finally, as credit becomes more and more rationed, it also becomes more expensive.  This is especially true for financially constrained firms. I use a sample of around 1000 Malaysian firms for the last decade from 1999 to 2009 to test the hypothesis in Faulkender and Wang (2006), impact of investment opportunities on the value of cash, and the change in value of cash over the economic cycle. The usable observations begin from 1999 because for most of the variables I require a change throughout a fiscal year. The extraordinary state in the financial markets during 2007-2008 allows me to study how it may have impacted the value of cash. The following terms interchangeably I use in this thesis. First, in a few ways, mainly as cash holdings, cash reserves, or simply cash I refer to firms cash holdings. Nevertheless, cash level is used to refer to cash ratio (cash to net assets). Second, I use the value of cash, the marginal value of cash, value of additional cash, value of an extra dollar of cash, and the value the shareholders place on cash while referring to the value of firms cash holdings. Third, since most of the previous studies have been done with U.S. data, I discuss the value of a dollar in the introduction. However, my data are from Malaysia, and therefore in the empirical part I am examining the value of a ringgit. I review the related literature in the next section. Section 3 develops theoretical framework of the study, the main hypothesis, illustrates the methods and details the sample selection. LITERATURE REVIEW The literature on market value of cash can be divided into research focus on the benefits of liquidity, or agency costs.  The former approaches through the studies of financial policy and corporate decision making of companies, whereas the latter evaluates the degree of agency conflicts on the basis of corporate governance factors.  Despite the general division between the two issues, both are at least implicitly always present during the tests and conclusions. Although much effort has recently been devoted to studying the determinants of cash policy of firms, data on the impact of reserves firms cash remains relatively small.  However, there are a few notable exceptions.  Blanchard, Lopez-de-Silanes and Shleifer (1994), who studied a small sample of companies that received cash windfalls from lawsuits, and Harford (1999), studied the acquisition of the company with unusual cash, the document that managers with weaker incentives to maximize  value, tend to spend large amounts of cash is inefficient. Opler, Pinkowitz, Stulz and Williamson (1999) argue that corporate cash can be attributed to a compromise, the theory of financial hierarchy and agency theory.  Kim, Mauer and Sherman (1998) develop a model of compromise and argue that the optimal amount of corporate cash holdings is determined by the tradeoff between lower income and benefits to minimize the need for costly external financing.  Almeida, Campello and Weisbach (2004) believe that corporate cash holdings affected by financial difficulties.  Pinkowitz and Williamson (2001) believe that the bank authorities can affect the cash holdings of Japanese firms.  Faulkender and Wang (2006) consider changes in the marginal value of corporate cash holdings related to differences in corporate financial policy.  Foley, Hartzell, Titman and Twite (2006) offer tax-based explanations of corporate cash. Most of the literature to evaluate the relationship between financial policy and the exact market value cash holding focused on companies in the United States of America (USA) Pinkowitz and Williamson (2004), Faulkender and Wang (2006), and Denis and Sibilkov (2007) all  study how the financial characteristics of the company, and the cost of cash to play together. Pinkowitz and Williamson (2004) show that the average market value of the dollar held by a firm at roughly $ 1.20, which indicates that shareholders believe that the benefits outweigh the potential liquidity problems of the agency associated with it.  Faulkender and Wang (2006), using different methodologies to find the market value of the dollar at $ 0.94 on average.  Their results suggest that the potential costs of institutions, as well as tax effects outweigh the benefits to the average firm.  Denis Sibilkov (2007) focus on the financial difficulties of the company and the investment opportunities and find consi stent results.  Nevertheless, there is significant cross-section changes in the market value of money, thus focusing on the mean values shows only a little about the relationship between fiscal policy and the value of cash. The other branch of value of cash literature focuses on the effect of corporate governance.  For example, Dittmar and Mahrt-Smith (2007) use U.S. data show that the additional $ 1 cash for badly managed companies worth between $ 0.42 to $ 0.88, while good governance doubles the value.  Pinkowitz et al.  (2006) used a cross-border data and found that an additional $ 1 is associated with an increase in company value of $ 0.29 to $ 0.33, depending on the criteria of corporate governance in countries with weak protection of shareholders, while an additional $ 1 in cash  associated with an increase of $ 0.91 to $ 0.95 in the value of the company in countries with good shareholder protection.  In addition, Kalcheva and Lins (2003) found that a minority of investors who are not very well protected by applicable discounts for firms in high levels of cash.  This is consistent with the findings Fresard and Salva (2009), which show that the value of $ 1 of excess cash of typical non -US companies is U.S. $ 0,58, while it is $ 1.61 for the firms listed in the U.S. through exchanges means that  investors discount the value of corporate cash reserves when they are at high risk of turning into private profit. RESEARCH DESIGN AND METHODS Theoretical Framework Here I will talk about the early literature related to the value of cash holdings of the company, as well as provide relevant theory.  I begin with outlining the background to understand why firms hold cash. It is necessary to identify with why firms hold cash in order to understand how the shareholders determine the importance they attach to the cash.  Then I will present before the relevant studies and conclusions contained in the value of the cash literature. 3.1.1 Cash holding motives If all firms operating in the world of perfect capital markets, cash holdings will have no value.  If the firm was in need of cash for operations or investments, it can raise funds at zero cost. While there is no liquidity premium in such a world, holdings of liquid assets have no possibility of cost.  Consequently, if a company borrows money and invests it in liquid assets, shareholder wealth is unchanged. Nevertheless, in the real world markets are not perfect and the holding of liquid assets has its costs.  Thus, a firm must strike a balance between the marginal cost of holding liquid assets and the marginal benefit of holding these assets. Here, I present five theories of why firms hold cash and which have been shown in earlier literature. 3.1.1.1 The transaction motive Transactions motive for holding cash is due to the cost of converting money substitutes into cash.  According to Keynes (1936), a company can save on transaction costs by using cash to make payments without liquidation of assets.  Miller and Orr (1966) model the demand for cash to finance daily operations, and the required level of cash.  The company short of liquid assets has to raise funds in capital markets, liquidate existing assets, reduce dividends and investment, the revision of existing financial contracts, or use a combination of these actions.  Since there are both fixed and variable costs in increasing cash, the company must hold a buffer of cash to avoid raising cash often, and thus to avoid the associated fixed transaction costs. Myers and Majluf (1984) argue that the increase in external financing is more costly than using internal resources in the presence of asymmetric information.  Since outsiders know less than the management, they may discount the price of securities more than management was willing to accept.  Thus, the management may find it more profitable not to sell securities, and even reduce the investment.  For this reason, it may be optimal for companies that conduct a certain level of cash to meet the needs of investment spending. 3.1.1.2 The agency motive Jensen (1986) argues that entrenched managers have incentives to retain cash rather than an increase in payments to shareholders, even if the firm has limited opportunities for investment.  Opler et al.  (1999) tender reasons why managers can use the optimal cash policies.  First, managers can accumulate funds to pursue their personal interests.  Cash allows managers to invest in external capital markets would not be willing to finance.  They usually spend one dollar in cash in hand, even if they cannot raise financing from the markets.  Consequently, they could make investments that may have a negative impact on the value of the company.  Jensens (1986) free cash flow problem predicts that managers with surplus cash are probably to overinvest.  Thus, a one dollar increase in cash holdings of firms can lead to significantly less than one dollar increase in the value of the company.  As the outsiders do not know, whether managers are accumulating cash to increase the value of the company or pursue their own goals, the cost of external capital is likely to increase. 3.1.1.3 The tax motive In recent studies by Foley et al. (2007) shows that U.S. companies which will bear the tax consequences associated with the repatriation of foreign earnings hold a high level of cash. Affiliates referring to the highest tax consequences of repatriating also have the highest level of cash.  This means that multinational companies are more likely to accumulate cash.  The extent this applies to the Malaysian firms has yet be studied. 3.1.1.4 The theory financing hierarchy The theory of financing hierarchy implies that there is no optimal amount of cash, based on arguments similar to the hierarchy theory of capital structure (Opler et al. (1999)).  According to theory, firms are not willing to issue shares, because it is too expensive because of the asymmetry of information.  They sell the debt when they do not have sufficient resources, and when they can do so.  When they have sufficient resources to invest in profitable opportunities available, they pay the debt which becomes due, and to accumulate more cash or else.  The theory assumes that the cash holdings of firms are less strategic choice but more a result of a dynamic, endogenous process. 3.1.1.5 Investment opportunities and the value of cash Pinkowitz and Williamson (2004) were the first who studied the market value of cash holdings.  They focus on firms investment and financing opportunities.  They find that the growth of the company have the possibility of a positive attitude to the market value of money.  Firms with greater investment opportunities have a higher cost of cash.  They also show that firms with higher uncertainty of investment have a higher valuation.  In addition, firms in a difficult financial situation have lower valuation on cost. Faulkender and Wang (2006) confirm this conclusion, as they show that firms with lower leverage, a proxy for financial distress, have higher value put on cash.  Finally, Pinkowitz and Williamson (2004) argue that access to capital markets does not affect the market value of cash.  However, they note that their proxy for access to capital markets, company size may not be perfect. Consequently, Faulkender and Wang (2006) show that the difficulties in obtaining ac cess to capital markets play an important role in the market value of cash.  Liu and Chang (2009) show similar proof on the impact of financial constraints on the market value of cash.  Faulkender and Wang (2006) also show that the marginal cost of cash reduces with the amount of cash holdings.  They argue that this is associated with an increase in the probability distribution of cash to shareholders, and consequently incurring transaction costs and taxation, to reduce the cost of cash. Hypothesis After I studied the theory of the value of cash holdings, I turn to the empirical predictions.  I present hypotheses for the impact of financial policy and investment opportunities on the value of cash.  These hypotheses relate to previous work in the field of corporate finance and the value for cash. Hypothesis 1: The marginal value of cash is decreasing in the level of the firms cash position After Faulkender and Wang (2006), I initially hypothesize that the marginal value of the shareholders place on cash holdings of the company reduces as the level of cash holdings increases.  The reasons are based on agency and tax considerations.  As firms cash level rises it becomes more likely to distribute the cash to shareholders who then as a result incur a dividend tax.  In addition, the company with high cash holdings becomes more vulnerable to face agency costs as shareholders begin to worry about the interest and ability of managers to invest in positive NPV projects.  Thus, the marginal cost of cash should reduce as the cash level of the company increases. Hypothesis 2: An extra ringgit of cash holdings is less valuable for shareholders in highly levered firms than in firms with low leverage. The second hypothesis from Faulkender and Wang (2006), which I test in my Malaysian sample, is the negative relation marginal cost of cash and firms leverage.  The cost of cash for shareholders in high levered firms is likely to be less than in firms with low leverage as contingent claims analysis predicts that most of the value of these firms is in the hands of debt holders. Additional ringgit is likely to go mostly to increase the value of debt and therefore, the value for shareholders is low. Hypothesis 3: An extra ringgit of cash holdings is more valuable for shareholders in financially constrained firms. The last hypothesis which follows Faulkender and Wang (2006) is that the simplicity of accessing to external capital markets should have an impact on the value of cash.  Access may be limited for various reasons, but often associated with asymmetric information about the state of the company, which may occur for smaller firms, firms without any credit rating or equity research coverage and the firms that do not pay dividends.  These firms can be considered as financially constrained and can be thought of having higher costs in raising external funds.  Thus, with its own funds, i.e. cash in hand, should be more valuable to these firms than financially unconstrained firms, which are likely and able to obtain external financing. Hypothesis 4: An extra ringgit of cash holdings is more valuable for firms with good investment opportunities. I examine whether firms with better investment opportunities have a higher valuation on their cash holdings than firms with weaker growth potential by following Pinkowitz and Williamson (2004).  Pinkowitz and Williamson argue that the main theoretical determinant of the value of cash holding should be the investment opportunity set of the firm.  First, liquidity is important, because without liquid assets of the firm will be forced to abandon a positive NPV project (Myers and Majluf (1984)).  This should increase the cost of cash as it is expected to increase in value of assets.  Secondly, Jensens (1986) free cash flow problem arises when the firm has a few good opportunities for investment.  If a company with sufficient cash reserves has positive NPV investment opportunities, it is likely to use these advantages instead of wasting money on unproductive ventures.  Intuition is that when two identical firms except that one has a positive NPV investment opportunities and th e other one does not have the opportunity to invest, it is likely that the first firm will spend its cash in ways more valuable to the shareholders. Hypothesis 5: The marginal value of cash is high for financially constrained firms with good investment opportunities. One of the arguments in Faulkender and Wang (2006) having a higher marginal value of cash for financially constrained firms is that when firms have positive NPV investment opportunities. The higher the cost of raising external capital is, the more likely these opportunities are foregone. Though, they do not test for it empirically. I hypothesize that the reason why financially constrained firms and firms with better investment opportunities have a higher value placed on cash when examined separately, is in fact due to the combined effect of these two criteria.  A financially constrained firm without investment opportunities is unable to make return for the cash, while a financially unconstrained firm with good investment opportunities can simply increase external funding when it needs to. Thus, financially constrained firms with good investment opportunities should have a high value placed on their cash holdings by their shareholders compared with other firms. Hypothesis 6: Firms cash holdings, on average, decrease when the cost of external capital increases. When conditions in the corporate credit market deteriorate, it often leads to a reduction in the economy (Fisher (1933)).  As firms generate less internal cash flows and at the same time, corporate credit becomes more expensive and rationed, cash reserves of firms, on average, should decline.  It was also suggested by Opler et al (1999). Hypothesis 7: When the cost of external capital is higher an extra ringgit of cash holdings is more valuable. As the supply of credit becomes more rationed and therefore more expensive, the cost of raising capital increases.  The increase in the cost of capital makes firms more likely to give up positive NPV projects due to lack of funding.  Therefore, when a credit is more rationed, cash holdings should become more valuable because they can help companies take advantage of positive NPV investment opportunities without incurring high costs of raising external capital. Methods I follow Faulkender and Wang (2006) who developed a methodology which estimates the extra value the market incorporates into equity values that result from changes in the cash position of firms over the fiscal year to measure the impact of corporate financial policy on the value of cash holdings. Since stock returns are influenced by the common risk factors, as well as changes in firm-specific characteristics it is necessary to control for both to be able to estimate the magnitude change attributed to the change in cash. The change in the value of a firm is measured by the excess return for the firm i during fiscal year t less the return of stock is benchmark portfolio during fiscal year t. Then the excess returns are regressed on changes in the characteristics of the firm.  In this case the main interest is in the estimated coefficient corresponding to the variable measuring the ratio of unexpected changes in cash of the firms lagged equity value.  Since the dependent and indepe ndent variables are standardized by lagged market value of equity, the coefficient measures the dollar change in shareholder value resulting from a change of one dollar of cash held by the firm. Faulkender and Wang (2006) methodology is in effect a long-term event study, in which event is unexpected changes in cash holdings, controlled for other factors that may impact returns over the assessment window of one year. 3.3.1 Controlling for risk-related market-wide factors To control for risk-related factors excess returns are examined that may impact a firms discount rate and return. Fama and French (1993) show that size and the book-to-market of equity clarifies ordinary variation in stock returns. To arrive at the estimate of the excess return I use the 25 Fama-French portfolios (Fama and French (1993)) formed on size, measured as market capitalization, and book-to-market value of equity ratio (BE/ME henceforth) as my benchmark portfolios. First firms are sorted by size and divided in five size groups, and then firms are sorted by BE/ME ratios and divided in five BE/ME quintiles for each year. Then I group every firm into one of BE/ME portfolios and 25 size based on the intersection between the BE/ME and size independent sorts. Firms excess return is calculated by subtracting the firm is benchmark portfolio return during fiscal year t from the firm is stock return during fiscal year t. The fiscal year, or yearly, returns are calculated using the monthly returns. Hence, the dependent variable for the baseline regression is (1) where ri,t is the stock return for firm i during fiscal year t and is stock is benchmark portfolios return during the corresponding fiscal year t. 3.3.2 Controlling for firm-specific factors It is necessary to control for variables that could be correlated with both change and returns in cash holdings to be able to examine how much the change in cash holdings impacts the change in equity value. Hence, in addition to change in cash should be regressed the excess stock return over the fiscal year on changes in a firms profitability, investment policy, and financing policy. The subsequent equation describes baseline regression: = (2) where the ΔX term indicates unforeseen change in variable X. The dependent variable is described above. The independent variables are firm-specific factors that control for sources of value other than cash or may be correlated with cash holdings. The dependent variable was described above.  Independent variables are firm-specific factors that control the sources of value, except for cash and can be correlated with cash holdings. ΔCi,t is the unforeseen change throughout fiscal year t in firm is cash holdings in balance sheet and the most significant variable in the regression. I suppose that the unforeseen change in cash holdings equals to the realized change in cash holdings throughout the fiscal year. ΔEi,t is the change throughout fiscal year t in earnings before interest and extraordinary items, and controls for profitability of firm. Firms investment changes policy are controlled by ΔNAi,t, the change throughout fiscal year t in total assets net of cash, and ΔRDi,t, the change throughout fiscal year t in RD expenditure. The financing policy is controlled by ΔIi,t which is the change throughout fiscal year t in interest expense, ΔDi,t which is the change during fiscal year t in sum dividends, Ci,t-1 which is firm is lagged cash holdings at time t-1, Li,t which is market leverage at the of fiscal year t, and finally NFi,t which is the firms net financing throughout the fiscal year t. As the stock return is also by definition divided by Mi,t-1, the standardization allows for understanding the estimated coefficients as the dollar change in value for a one-dollar change in the relevant independent variable. Sample Selection For my empirical analysis of the marginal value of cash in Malaysia and how it may have changed over time with the availability of capital from the external market I use a sample of publicly listed Malaysian firms from 1999 to 2009. The sample includes both active and inactive firms to avoid a survivorship bias. In this section I describe how I calculate the variables and from where I obtain the data. Here I will first describe how the dependent variable is calculated, and then describe the independent variables in detail. 3.4.1 Dependent variable The dependent variable is the excess return of a firms stock (Eq. (1)). The stock return for a firm i through fiscal year t, ri,t, is calculated using Total Return Index (item ReturnIndex) from Thomson Reuters Datastream database (referred as Datastream after this). The index regulates for stock splits and dividends, and therefore the most accurate measure of increase in firm equity value. 3.4.2 Independent variables The change is basically the difference between fiscal years t and t-1. In addition, all variables excluding for leverage and net financing are deflated by one-year holdup market value of equity. The variables used in Eq. (2) are measured as below: a) Ci,t and Ci,t-1 One-year holdup cash holdings and cash holdings are measured as cash and short-term investments (CashAndSTInvestments). Ever since this is the most important variable, it should be noted that firms cash holdings are considered to include marketable securities and cash in majority of academic studies. Depending on the source, these can be listed as cash and equivalent, cash and short-term investments or marketable securities and cash. Though, in addition to cash the definition can include items such as commercial papers, treasury bills and other money market investments. In general databases adjust the reported records from firm financial statements in order to make the data comparable across the firms. b) Ei,t Earnings before interest and extraordinary items are calculated as earnings before extraordinary items (IncomeBefExtraItemsCFStmt) plus interest expenses (InterestExpenseOnDebt). c) NAi,t Total assets net of cash or net assets, are calculated as total assets (TotalAssets) minus cash holdings (CashAndSTInvestments). d) RDi,t RD expenditure is simply RD expenditure (ResearchAndDevelopmentExpense). It is set to zero if missing. e) Ii,t Interest expense is measured as interest expenses on debt (InterestExpenseOnDebt). f) Di,t Total dividends are measured as common dividends paid (CommonDividendsCash). g) Li,t Ma

The Picture Of Dorian Gray Essay -- essays research papers

Art, what is Art? It is an ambiguous matter: without an exact form, an exact meaning. Does it have any rules or restrictions? However, it can be a great influence on the lives of people. In the novel, The Picture of Dorian Gray, two lovers have fell in and out of love due to Art!   Ã‚  Ã‚  Ã‚  Ã‚  Dorian Gray found Sibyl charming because of her Art!  ¡Ã‚ §She has not merely art, consummate art-instinct in her, but she has personality also; and you have often told me that it is personalities, not principles, that move the age ¡Ã‚ ¨ (63). Sibyl is an actress. She is formed by others: no self is without external influence. Therefore, Art that expresses the self is less valuable than art which expresses the influence of others. The special thing that made Dorian mad about her is that she is more than an individual.  ¡Ã‚ §I (Dorian) have seen her in every age and in every costume. Ordinary women never appeal to one ¡Ã‚ ¦s imagination. No glamour ever transfigures them ¡Ã‚ ¨ (59). By imagination that Sibyl has the power to arouse, she can be of any characteristics. Art has no set form, but the purpose of art is to give form to feeling. Now, Sibyl is a person that is able to provide all kinds of feelings that Dorian wishes to experience. Dorian finds extreme pleasure in experiencing through all the sentiments that Sibyl gives. Being a spectator to the different lives and stories amuses Dorian: one evening Sibyl is Juliet, next evening she is Imogen, another night, she is Roselind. &nbs... The Picture Of Dorian Gray Essay -- essays research papers Art, what is Art? It is an ambiguous matter: without an exact form, an exact meaning. Does it have any rules or restrictions? However, it can be a great influence on the lives of people. In the novel, The Picture of Dorian Gray, two lovers have fell in and out of love due to Art!   Ã‚  Ã‚  Ã‚  Ã‚  Dorian Gray found Sibyl charming because of her Art!  ¡Ã‚ §She has not merely art, consummate art-instinct in her, but she has personality also; and you have often told me that it is personalities, not principles, that move the age ¡Ã‚ ¨ (63). Sibyl is an actress. She is formed by others: no self is without external influence. Therefore, Art that expresses the self is less valuable than art which expresses the influence of others. The special thing that made Dorian mad about her is that she is more than an individual.  ¡Ã‚ §I (Dorian) have seen her in every age and in every costume. Ordinary women never appeal to one ¡Ã‚ ¦s imagination. No glamour ever transfigures them ¡Ã‚ ¨ (59). By imagination that Sibyl has the power to arouse, she can be of any characteristics. Art has no set form, but the purpose of art is to give form to feeling. Now, Sibyl is a person that is able to provide all kinds of feelings that Dorian wishes to experience. Dorian finds extreme pleasure in experiencing through all the sentiments that Sibyl gives. Being a spectator to the different lives and stories amuses Dorian: one evening Sibyl is Juliet, next evening she is Imogen, another night, she is Roselind. &nbs...

Native Americans of Chesapeake Bay

The Native American group in the Chesapeake Bay region was known collectively as the Powhatan Federation of Indians. Powhatan also refers to the Algonquin Indian chief that lived and ruled in the region around the early 17th century. The Algonquians were a deeply religious group of people subsisted primarily through agriculture. The natives referred to the area as Tsenacommacah. Powhatan was the weroance, or chief ruler of Tsenacommacah and 25 other Algonquin villages. Powhatan would play a significant role with the 104 men from the Virginia company that made up the settlement of Jamestown.Powhatan agreed to an alliance with the settlers, Powhatan would provide the colonists with foodstuffs in exchange for guns, hatchets, and swords. Powhatan hoped this alliance would make him technologically superior over his people’s enemies. The following is a quote from Powhatan recorded by John smith in 1609; â€Å"I am not so simple as not to know it is better to eat good meat, sleep co mfortably, live quietly with my women and children, laugh and be merry with the English, and being their friend, trade for their copper and hatchets, than to run away from them. (Smithsonian source, 2012) Joint stock companies were business corporations that amassed capital through sales of stock to investors. Joint stock companies were the forerunners for modern day corporations. The Virginia Company was a joint stock venture that funded the settlement at Jamestown. Colonies required ongoing capital investments and the lack of immediate returns created tensions between stockholders and the colonists. Although investors were expecting great returns, there was great risk and start up costs, and could take years to recoup their money.With an excess landless population to serve as workers, and motivated, adventurous, or devout investors, the joint-stock company became the vehicle by which England finally settled the Western Hemisphere. The first joint stock company to launch its ventur e in the new world was The Virginia Company of London. In 1607 The Virginia Company established the first colony along the Chesapeake bay in what is now modern day Virginia. The new colony was called Jamestown, named after King James I. The colonists arrived in the midst of the worse drought in 1,700 years, and life in the new world was hard from the get go.The settlement at Jamestown was on a swampy peninsula located in the middle of a river. The colonists proved to be ill equipped for survival, and many fell victim to starvation and disease. In attempts to ease the colonists struggle for food ,Captain John Smith made a deal with the weroance. The Powhatan would help the colonists acquire food in exchange for weaponry. This deal was short lasting, as mutual mistrust built on both sides. The weroance relocated his primary village to an area not easily accessible to the colonists. The colonists struggled greatly without Powhatan’s help, and soon were driven to starvation.This time of hardship for the colonists was referred to as the â€Å"starving time. † The situation was very bleak for the colonists, and the starving time lasted from 1609-1610. Throughout the colonists year long struggle for survival many died, and one colonist resorted to cannibalism. This was the beginning of a bloody history that ensued between the colonists and the Powhatan people. In the spring of 1610 a new wave of settlers came to Jamestown, and brought with them more supplies. Around 1613, and in attempts to gain the upper hand , the colonists kidnapped Powhatan’s daughter Pocahontas.During her captivity she was converted to Christianity and married settler John Rolfe. This event helped to further sour the relationship between the two groups. The two also could not come to terms on each others ideas of property rights, gender roles, and religion. The colonists thought the Powhatan were lazy because they did not cultivate crops, conversely the Powhatan thought the colonists effeminate for doing so. Perhaps the biggest cause for dispute was the colonists superiority complex, in which they expected full cooperation from the native people to convert to Christianity and adopt English customs.Around 1620 Jamestown finally began to prosper through tobacco cultivation and exportation. Opechancanough, Powhatan’s brother, and successor, watched as the colonists expanded and attempted to convert the natives to Christianity. This angered Opechancanough, and in March of 1622 he attacked, killing 347 colonists. The Powhatans indiscriminately attacked, men, women, and children, mutilating many of their corpses. Although the colonists were surprised at the treachery of the Powhatans, a decade and a half of hatred fueled the natives call for vengeance.The massacre was a terrible loss to the settlers, but still they persevered. A short time had passed until the settlers inflicted massive retaliation on the Powhatans. One of the colonists wrote, â€Å" Now we have just cause to destroy them by all means possible, it is more easy to civilize them by conquest than faire meanest. † (Schwarz,1997) The two sides continued their brutal onslaught for the next ten years, and in 1632 an ill advised cease-fire was agreed upon. However, in 1644 the Powhatans attacked one last time, killing several more hundred settlers.In 1646 the Powhatans surrendered for good, but the bloody history and interaction of the two will never be forgotten. Norton, M. B. , Sheriff, C. , Blight, D. W. , Chudacoff, H. P. , Logevall, F. , Bailey, B. (2012), A people & a nation, a history of the united states (Vol. 1) Ninth edition. Boston, MA, Wadsworth, Cengage Learning. Schwarz, Frederic D. â€Å" Massacre. † American Heritage Feb. -Mar. 1997 US History Collection. Web. 1 Apr. 2012Smith, John. (nd). Smithsonian Source. In Resources for teaching American History. Retrieved April 1, 2012, from http://www. smithsoniansource. org/.

Proliferation of Interest Groups

ThÐ µ concÐ µrn about spÐ µcial intÐ µrÐ µsts is not a nÐ µw onÐ µ, as thÐ µ framÐ µrs of thÐ µ Constitution wÐ µrÐ µ worriÐ µd about it too. ThÐ µy fÐ µarÐ µd thÐ µ powÐ µr that could bÐ µ wiÐ µldÐ µd by organizÐ µd intÐ µrÐ µsts, yÐ µt thÐ µy undÐ µrstood that thÐ µ right to organizÐ µ was basic to thÐ µ notion of frÐ µÃ µdom. This dilÐ µmma of frÐ µÃ µdom vÐ µrsus powÐ µr was a tough onÐ µ for thÐ µm. ThÐ µy knÐ µw that if thÐ µ govÐ µrnmÐ µnt was given power to restrain organized interests it would be the same as the power to suppress freedom. This essay tries to answer whether proliferation of interest groups in recent decades a sign that the pluralist view of interest group representation is increasingly accurate or not. Interest group scholars began to note the proliferation of â€Å"outsider† groups at about the same time policy scholars began to question the utility of subgovernment theory. By the mid-1980s, it was widely acknowledged that the number of interest groups in the United States especially public interest groups–had exploded during the 1960s and 1970s (Walker, 1983). Pluralists had addressed the question of group mobilization years before the â€Å"advocacy explosion. † For example, in his The Governmental Process, David Truman argued that interest groups arise from two interrelated processes. First, societal change precipitates the emergence of new interests. Second, disturbances–political or economic upheavals disrupt stable patterns of interaction between individuals. In short, Truman argued that individuals with shared interests (reacting to social change and/or disturbances) band together (to stabilize relations among themselves, and between themselves and other societal interests) when these interests are threatened. By the late-1960s, Truman's â€Å"disturbance theory† had fallen into disrepute. Interest group scholars, spurred by Olson and drawing heavily upon Clark and Wilson's study of organizational incentives, began to examine how groups overcome the substantial barriers to mobilization. (Dine) While Olson emphasized material benefits, subsequent studies showed that solidary benefits (those derived from association in group activities) and purposive benefits (rewards associated with ideological or issue-oriented goals) also motivate group membership (Cook). Salisbury's exchange theory (which rests upon Olson's cost-benefit framework) is now the dominant paradigm for explaining group development (Cigler). Yet the basic â€Å"exchange theory† framework has a critical flaw: It underestimates the role of external patrons in group studies of group formation suggest that many groups –especially public interest groups –rely heavily upon patron â€Å"seed money. † For example, Walker found that 89% of (sample) public interest groups received â€Å"seed money† from foundations, large donors, the federal government, or corporations. He also found that many public interest groups rely heavily upon patrons for maintenance income. In general, public interest group proliferation has contributed mightily to the dissolution of subgovernments. There are number of factors that may help to explain both the proliferation of public interest groups and where public interest group activity is most likely. For example, pluralists argue that societal change and disturbances create conditions that foster group mobilization. In contrast, â€Å"exchange theorists† suggest that we examine group incentive structures and entrepreneurial activity to explain interest mobilization. In order to better understand the interest groups representation, one must understand the way the American government runs. There are many different systems of government structure and organization: representative democracy, pluralist democracy, elitist system, hyper pluralist, and anarchy. The United States is organized much like a typical representative democracy, but in operation, with all factors considered, it is in reality much more of a hyper pluralist society. A state in which members of diverse ethnic, racial, religious, or social groups maintain an autonomous participation in and development of their traditional culture or special interest within the confines of a common civilization is pluralistic. When those special interests form large substantial voting blocks, the pluralistic nature of the government becomes more focused on fewer interests, but represented in many areas by larger numbers of individuals. The other question you need to ask is what do mean when you say big or special interest, who and what are you referring to specifically, industries, such as oil or pharmaceutical, ethnic groups such as Hispanic or African-American, social groups such as the elderly or woman, political groups such as Democrats or Republicans or different religious groups. All of these are special interests, they just might not seem like a special interest group if you are part of them. (Ceaser) Probably the largest big interest group to consider is the political parties themselves. Political parties are the foundation of a representative democracy, acting as a â€Å"crucial link between what citizens want and what government does†. The party is supposed to represent the needs of its members and use the party platform to express these opinions. Through public elections, voters elect those people they feel will best represent them. The Democratic Party and the Republican are the two main parties in the US though other smaller parties emerge occasionally to better represent those who do not feel that they are accurately represented by either of the major parties, usually because of special interests that they have such as environmental or other issues. This structure is typical of a representative democracy in which people are represented by parties and vote for leaders that they feel will work towards their best interests. (Miroff) In reality, the party system is not fully representative or fully functional. On one hand, part of the democratic process allows for the emergence of new parties to represent the people. On the other hand, if the existing parties accurately represented the people then other parties would not be needed. People however do not believe completely in the process, which is evidenced by poor voter turnout and voter apathy. The United States has an extremely low average voter turnout of only 55%. The Constitution guarantees one vote to each citizen over the age of 18, male or female, black or white, etc. This is indicative of a representative democracy in which each adult citizen has an equal say in how the government should be run. If voters do not vote, then the level of representation becomes skewed and the system is not fully representational. (Dine) People associate with not the candidate but with groups that represent their thinking and a special interest. A perfect example of this would be the NRA. Voters might not have a lot of opinions but they might have one on gun control. Instead of voting for the person who best reflects his ideas, he votes for the one that the NRA endorses, which in turn makes the NRA and extremely powerful interest group, and can influence congressional votes. In elections, political parties frequently send out mailers to voters that show which candidates running for office, or which of the Senate and House members receive financial support from the NRA. This suddenly reduces the value of every member of Congress to whether or not they have accepted money from the National Rifle Association. This is in turn translated into an assumed meaning on their stand on gun control, while all other issues and stands that they have on those issues are suddenly made unimportant. Their total worth relates to their assumed position on guns. The government in this case is reflecting the will of the big interest even though it's a single issue. A politician who might reflect very little of his communities values, can be elected by that community by receiving the support of a single-issue influence group. (Berman, Murphy) So the question becomes is this single issue the interest of a big group or the common goal of the majority? Who is pressing the issue and which way is the government going. If large oil companies are â€Å"buying† officials with large contributions to campaigns, are they actually influencing the government or merely a handful of officials and do they actually dictate policy or just have a louder voice in the debates that effect their companies. Misinformation seems to be the guideline of all campaigns now so it becomes almost impossible to figure out just what the goal is of the candidate that you are voting for. Because of that, the elected officials sometimes don't have a true feeling on what the voters wanted him to do. The power then slides back to the inner circle, which includes advisors who have their own individual desires, and those who paid for his campaign and therefore have vast influence. (Muller) Special interest groups appear to have a great deal of influence in campaigns and in political activities. Campaigns are extremely expensive: in 1992, the average winner of a House election spent $550,000 on his/her campaign; the average Senator who won a race spent more than $4 million. Dine) Presidential campaigns run into the hundreds of millions. Eight years later those numbers are significantly higher. Major contributors to election campaigns are corporations and interest groups. While some people believe certain industries or interest groups â€Å"buy† candidates through election contributions, it is not that simple. Those candidates heavily funded by the Sierra Club or gro ups that are concerned with environmental protection, will vote in support of environmental conservation – they will vote to reduce logging and not to save the jobs of the individual loggers who did not vote. This is a sort of paradox because the elected leaders are representing those who voted for them and helped them into office, but this group is a large group of special interests rather than the individual citizens who probably did not contribute and did not even vote. When viewed in this way, the US electoral system does not seem to be fully representative of the people and is again reflective of a more hyper pluralist society. A system of government labeled as hyper pluralist, means that there is a rapid proliferation of interest groups, all competing for influence over policy. The interest groups tend to overshadow the interest of individuals. The interest groups are powerful and influential, but there are also interest groups for both sides of most issues. In their battle to win the political coups they each seek, there develops a competition in which the interest groups try to influence politicians to vote for their side. The result is that there are a number of politicians supporting each side of an issue, there are overlapping concerns that related to other interest groups, and the outcome is political gridlock. Usually at this point, for anything to happen, concessions must be made with the end result that if any law is passed, it has little real effect one way or the other. The other possibility is that neither side will make concessions or give up any power in which case there is still nothing accomplished. This is very much the system that we have today. Again, gun control laws are a very good example. Congress goes back and forth arguing the pros and cons of gun control. The NRA is a very powerful interest group that does not want any form of gun control. There are many other interest groups that fight to ban assault weapons, others that want a total ban on guns of all types, some only want handguns banned. The feuding between the different groups is played out through the politicians and very little has been accomplished. Even when a bill is passed, it is oven later overturned. All special interest groups find this ying and yang to the system. There is no large interest that doesn't have a competing self-interest. Abortion has choice. Industry has the Sierra Club and other environmental groups. The NRA has anti-gun groups. Most of all, Republicans have Democrats. There might be the illusion that the government has been taken over by the special interests and that they control everything, but as we have looked into it we see that the basis of the questions revolves around who exactly is the special interests. It seems to me that they are us. (Peters) And thus we come to the contradictory conclusion that pluralist view of interest group representation is not increasingly accurate. While the public's perception might be that special interest groups are robbing them of their rights, and in a narrow sense, when it comes to a particular interest that effects them, they may be justified, what the public doesn't usually understand is that the activity of interest groups is in fact acting out in the interest of them or their fellow citizens. The public further misconceives that special interests influence government, overlooking the fact that special interests are formed, as often as not, as a response to government and not in anticipation of it.

Definition and Examples of Marginal Modals in English

Definition and Examples of Marginal Modals in English In English grammar, a marginal modal is a verb (such as dare, need, used to, ought to) that displays some but not all of the properties of an auxiliary. The marginal modals all have meanings that are related to necessity and advice.  A marginal modal can be used as either an auxiliary or a main verb. Examples I think we ought to read only the kind of books that wound and stab us.(Franz Kafka, letter to Oscar Pollack, January 27, 1904)I used to live in a room full of mirrors.All I could see was me.(Jimi Hendrix, Room Full Of Mirrors)For Children: You will need to know the difference between Friday and a fried egg. Its quite a simple difference, but an important one. Friday comes at the end of the week, whereas a fried egg comes out of a chicken.(Douglas Adams, The Salmon of Doubt: Hitchhiking the Galaxy One Last Time. Crown, 2002) Characteristics of Marginal Modals Neither the marginal modal nor any of the modal idioms form past or present participles (thus *I have oughted to work hard, *I am oughting to work hard). And although very few semi-auxiliaries participate in compound tenses, a few function adequately as perfects (I have been able/going to/obliged/willing to work hard, I have been about to work hard on several occasions, I have had to work hard) and only two are unquestionably acceptable as progressives (I am being obliged to work hard, I am having to work hard). As a general rule, semi-auxiliaries are reluctant to enter compound tenses.(Richard V. Teschner and Eston E. Evans, Analyzing the Grammar of English, 3rd ed. Georgetown University  Press, 2007) Dare and Need As Marginal Modals ​​As modal verbs, dare and need take a bare infinitive complement in negated and/or inverted structures. They do not have third person singular forms.(128) Or darent you ask?(129) You neednt read every chapter.(130) And dare I suggest that that is the match-winner?(131) Nor need I look further than my own city of Sheffield.As a marginal modal verb need has no past tense: we cannot say, for example *He needed read every chapter. It expresses necessity which is clearly a central modal meaning. Dare is not obviously modal from the point of view of meaning, though it is forward-looking, and is sometimes regarded as instantiating dynamic modality, due to the fact that the act of daring relates to the subject of the clause.(Bas Aarts, Oxford Modern English Grammar. Oxford University Press, 2011)The verb dare . . . is an odd little word. . . . Sometimes its called a marginal modal, but I prefer the description quasi modal. Either label, dare hovers between being an ordinary ga rden-variety verb meaning to challenge and one of these more abstract and grammatically complex verbs conveying a judgment about likelihoodand its this double life that gives rise to some fairly eccentric behaviour. Consider how it forms a negative. Do you say I darent (pronounced darent or dairnt), I dare not, or I dont care? T.S. Eliot might have chosen to phrase the question in The Love Song of J. Alfred Prufrock as Do I dare to eat a peach? but some of you might prefer Dare I eat a peach? The word order is different, and its also variable whether or not you follow dare with to.Colloquial English is full of these quasi modals. The verb need is one, and so are contracted expressions such as gonna, wanna and halfta. But one of my current favourites is better as in I better do it.(Kate Burridge, Weeds in the Garden of Words: Further Observations on the Tangled History of the English Language. Cambridge University  Press, 2005) Used to As a Marginal Modal Used to occurs only in the past tense form, and always includes to. We do not say * I use to go or * I used go. In the negative form, some people prefer it as a main verb (but are often uncertain about the spelling): I didnt (use(d) to go. Others prefer it as an auxiliary verb: I usent/used not to go (especially in Britain).(David Crystal, Rediscover Grammar, 3rd ed. Longman, 2004)[T]here are a number of marginal auxiliaries (dare, need, ought to, used to) that share some of the characteristics of the auxiliaries and a larger group of semi-auxiliaries (auxiliary-like verbs) that convey similar notions of time, aspect, and modality (e.g.: be going to, have to, had better).(Sidney Greenbaum, Oxford English Grammar. Oxford University  Press, 1996) Also Known As: marginal auxiliary, marginal modal auxiliary, semi-modal, quasi-modal, semi-auxiliary

Regional Trade and Trading Block Agreements essays

Regional Trade and Trading Block Agreements essays The North American Free Trade Agreement: The North American Free Trade Agreement (NAFTA) was signed into law in October of 1992, and went into effect on January 1st, 1994. This tripartite trading bloc of North American countries established tariff-free trade, while removing many of the barriers to cross-border investment, expanding the earlier Canada- US Free Trade Agreement, created in 1989.. With tariff eliminations and duty-free status of a variety of products from favored nation suppliers, NAFTA has created the worlds largest free trade areas (Fugate). Several benefits have been noted, especially for member nation, Mexico. The benefits accruing to Mexico from the agreement include growth in national output, falling unemployment rates, and increasing trade with the U.S. The benefits of the agreement to Mexico are also reflected in the rapid growth of the Mexican maquiladora industry (Fugate). However, it is not all positive news. As real wage increases take hold in Mexico, some maquiladoras are no longer able to operate cost effectively. As such, there has been a disturbing trend of moving low-wage jobs out of the country and to China. In addition, it is feared that NAFTA has increased trade between the member countries at the expense of other nations, concentrating wealth in both Mexico and the United States (North American). As such, other trading bloc agreements have become to form, to counter this economic loss. The European Union was created in 1992, by the Treaty on European Union, otherwise known as the Maastricht Treaty. The finalized treaty had slowly evolved, since 1951, and many relationships that had developed during that forty-year period, beginning with the European Coal and Steel Community, formed by Belgium, West Germany, Luxembourg, France, Italy, and the Netherlands. Unlike NAFTA, the EU not only removes trade barriers, but also involves a single ...

Brutus Character Analysis Essays - Free Essays, Term Papers

Brutus Character Analysis William Shakespeare's play, The Tragedy of Julius Caesar, is mainly based on the assassination of Julius Caesar. The character who was in charge of the assassination was, ironically, Marcus Brutus, a servant and close friend to Julius Caesar. But what would cause a person to kill a close friend? After examining Brutus' relationship to Caesar, his involvement in the conspiracy, and his importance to the plot, the truth can be revealed. Marcus Brutus, a servant and close friend to Caesar, has a strong relationship with Caesar but a stronger relationship with Rome and its people. Brutus is very close to Caesar. In Roman times, the only way for someone to get close to a person of high rank is if he/she is close to him/her. In many points of the play, Brutus was talking and next to Caesar. Brutus also loves Caesar but fears his power. In the early acts of the play, Brutus says to Cassius, "What means this shouting? I do fear the people do choose Caesar for their king...yet I love him well."(act 1, scene 2, ll.85-89), as he is speaking to Cassius. Brutus loves Caesar, but would not allow him to "climber-upward...He then unto the ladder turns his back..."(act 2, scene 1, ll.24,26). As the quote says, Brutus would not allow Caesar to rise to power and then turn his back onto the people of Rome. After the assassination of Julius Caesar, Brutus talks to Antony about Caesar's death. "Our hearts you see not; they are pitiful; and pity to the general wrong of Rome..."(act 3, scene 1, ll.185-186). Brutus says that Antony cannot see their(members of the conspiracy) hearts, which are full of pity. Again, this shows how Brutus loved Caesar but cared for the life of Rome and its people more. This is the only reason Brutus would conspire against Caesar. For Brutus says to himself, "I know no personal cause to spurn at him...How that might change his nature..."(act 2, scene1, ll. 1,13) Caesar's relationship with Brutus is also strong. Just allowing Brutus to speak to Caesar shows his respect for Brutus. Caesar feels that Brutus is noble to him and does the right thing regardless of personal danger. On the Ides of March, as Caesar was assassinated, Caesar's last line is: "Et tu, Brute?--Then fall, Caesar."(act 3, scene 1, l.85). This shows that Caesar would not die without Brutus' stab. Caesar realizes that there must be a noble reason for this assassination if Brutus was in it. This again shows how much Caesar respects Brutus. Brutus and Caesar both respect each other, but in different ways. Marcus Brutus had a very important role in the conspiracy against Caesar. He was the "back-bone" of the plan. According to Cassius, Brutus' main purpose in the conspiracy is for an insurance policy. The people will think, since Brutus is noble to Caesar, that there is a good reason for Caesar's assassination. Brutus will also be the leader of the conspiracy for another "insurance policy" for the assassination. Cassius is the one who declares this, "Brutus shall lead the way, and we will grace his heels with the most boldest and best hearts of Rome. "(act 3, scene 1, ll.135-136). Again, if Brutus leads the way, the people will think that the death of Julius Caesar wasn't such a bad thing. Brutus also declares to himself that his role in the conspiracy is to save Rome. He says to the people that, "If then that friend demand why Brutus rose against Caesar, this is my answer: not that I loved Caesar less, but that I loved Rome more."(Act 3,scene 2,ll.21-24). If Brutus was not in the plot of The Tragedy of Julius Caesar, the conspiracy would probably not have worked. Since Brutus "...loved Rome more."(Act 3,scene2, ll.23-24), he decided to be a part of the conspiracy. If he hadn't loved Rome more than Caesar, he would not have joined in the assassination of Julius Caesar. Cassius and the rest of the conspirators would probably not have continued on without Brutus because they would have no "insurance" afterwards. The people would think that there was no reason for Caesar's death and most likely beheaded all the conspirators. Also,

David Bech Essay Example | Topics and Well Written Essays - 500 words

David Bech - Essay Example The Latte Factor is a term to emphasize the non-necessity spending we do such as getting latte everyday which are simple things we spend on without thinking if we really need them (Bach, D., 2003). Chapter 3 centers on welcoming the idea of paying yourself first. â€Å"Paying Yourself† means setting aside a certain amount from one’s paycheck and putting it in one’s savings before one busies themselves with paying bills. This kind of habit will train someone to prioritize savings first and adjust one’s lifestyle accordingly (Bach, D., 2003). In line with the last chapter, this chapter makes sure it happens. Making sure you regularly deposit on your savings, has a lot to do with making things automatic such as directly making your company deposit a certain amount of your paycheck to your savings account. With this, your savings will never be sacrificed (Bach, D., 2003). This Chapter teaches us to be financially prepared for emergency spending. Just like we would automatically deposit on our savings account, one should also allot money for the rainy days through opening a rainy day fund and/or investing money where it surely will grow (Bach, D., 2003). This chapter impresses on the need to stop renting a home and take the plunge to buy one. This might be overwhelming but in doing the math, buying a house does not only lessen your spending in the long run but also increase your financial leverage and value (Bach, D., 2003). Get rid of your credit card. This chapter suggests doing this to start an automatic debt-free lifestyle. The rule of thumb in spending is if you cannot pay it in cash, you cannot afford it (Bach, D., 2003). This chapter teaches us that there is more to life than money. We should put high value of which not only with regards to what we can get from it, but rather what difference our money could do to help change the world for the better (Bach, D.,

Essay assignment Example | Topics and Well Written Essays - 500 words - 3

Assignment - Essay Example However, these programs cannot eliminate food insecurity completely. This work represents the project, including the number of strategies, which will help to reduce the rate of food insecurity in the USA. The first measure, which must be included in the program, is an annual monitoring of the state of food security. The forecast of socio-economic development of the country should contain the current and medium-term balance of production and the consumption of basic foodstuffs. This step will give the government an opportunity to predict the gabs in the process of development of the food market and take steps for their elimination. The second measure includes the introduction of the analysis of price and food proportions into the practice of the government in order to increase the volume of agricultural products, raise the investment attractiveness of the industry, ensure its financial sustainability and profitability. An important problem of food security remains the quality of food. The poor areas of the USA are often imported with the products, which are of low quality and do harm to human health. Considering this issue, it is necessary to organize a system of quality control of the imported products for the whole technological chain. The particular attention should be paid to the turnover of raw materials and food products with the high level of genetically modified sources. It is necessary to introduce the measures for stimulation and certification of eco products. At the state level, the government should actively promote healthy nutrition policy. The next measure concerns the building of a strong nutrition safety net. Even those people, who have a good level of income, can face financial troubles, caused by seasonal unprofitability, family conditions and so forth. In this case, it is important for them to be supported by the state authorities by means of the available access to the USDA’s assistance

Scholarship Letter Essay Example | Topics and Well Written Essays - 750 words

Letter - Scholarship Essay Example Though I have been a dedicated student in my school days, I now feel that I should have worked harder with more commitment, with a definite goal in my mind. In this area, I remained unsteady and I did not plan an integrated approach to the possible future challenges in life. What happened in the past cannot be undone, but I can definitely look forward for the future, to fulfill my ambition. The goal that I have set for me is to obtain my RN Degree with flying colors. When I do that, I know it will set a great example for my family and our well-wishers. I will be the first individual in the generation to enter the portals of the college and emerge as a graduate. They say, by educating an individual, you are enriching a generation. This is absolutely true in my case. I hope to pass on the knowledge to my children and they will have proper guidance, which unfortunately, I was not fortunate enough to get from my parents. Ambition is just one part of my inner urge. My RN Degree is the mission of my life now. Without doubt, it has the materialistic outlook, the reasons for which I will tender in the following paragraph, but the inner urge to serve the health needs of the patients, is my dominant urge. I have observed that the health care professional enjoys respect in the society, for this job provides the opportunity to boost the morale of the patients. Generally, the sick person and his immediate family members are down in spirits. With proper counseling and by providing true service to them, I expect to fulfill my spiritual aspirations. So, this fall is going to be the decisive period in my life when I hope to commence my nursing education. I recollect my past with mixed feelings. I have committed mistakes, by not applying the required time and patience for assiduous studies and engaged myself in other activities, at the cost of neglecting my studies. I did my homework, because I had to do it,

The European Court of Justice has distorted the purpose of the Essay

The European Court of Justice has distorted the purpose of the preliminary ruling procedure, as set out in Article 234 EC. The relationship between the nationa - Essay Example ompliance with EC law by the member states have compelled the European Court of Justice or ECJ, to formulate a general principle of state responsibility. This state liability is the result of the fact that EU Member States have to perforce, implement and enforce the EC law. Further, it is the duty of the national courts to decide on cases entailing violation of EC law granted rights of individuals. The doctrine of supremacy of Community law, which is well entrenched, states that the national law of the member states is subservient to the Community law. This doctrine applies not only to primary but also to secondary Community law and in case of a dispute between Community law and national law; the Community law has to be accorded predominance over the national law. Article 10 of the EC describes the various obligations that Member States have to fulfil in order to comply with the EC law. The preliminary reference procedure set out in Article 234 of the EC defines a formal relationship between the European Court of Justice and the national courts. The importance of this procedure lies in the fact that it is used to establish consistent rules, which the national courts have to follow in order to enforce EC law. The result was that the national courts became part of a â€Å"supra-national judicial hierarchy, with the European Court at its apex1.† Under the aegis of Article 234 EC, the ECJ developed the judicial system of the EU. As per the provisions of Article 234, if any clarification are required on questions of EC law, then any ‘court or tribunal may if it considers that a decision on the question is necessary to enable it to give judgement, require the Court of Justice to give a ruling thereon’. Due to such intervention, all national courts are empowered to make direct references to the ECJ. The ECJ was allotted a paramount position in the national judicial systems by Article 234 EC, which states that â€Å"Where any such question is raised in a case pending

The relationship between employee engagement and organisational Research Paper

The relationship between employee engagement and organisational performance - Research Paper Example Moreover, the survey also stated that 28% of the global workforce is engaged, 54% is not engaged and 17% is actively disengaged. It was also found that with high level of employees’ engagement organizations tens to do well in the competitive business environment. The discussion aims to investigate the complex issues in contemporary HRM by focusing more on socio-economic issues offering challenges to HR practioners. The discussion underpins relevant literature to seek answer for the key issue revolving around socio-economic issues posing as a great challenge for contemporary HRM that is yet to be defined and understood fully in the current business environment. Majority of the literature stated that high level of employee engagement leads to better organizational performance but organizations need to be transparent and honest in their approach while making their employees fully engaged to accomplish stated goals and objectives. Based on the analysis of the literature in the con text of employees’ engagement and organizations performance, it was concluded that strengthening the relationship between employees and organizations matters the most in order to enhance the overall organizational performance. ... Robinson, et al (2004) stated that employee engagement is the involvement of employees with enthusiasm for work that often results in better organizational performance. Furthermore, Fernandez (2007) stated that employee engagement is the positive attitude held by employees for their organization’s values and objectives that is created by effective relationship between employers and employees. Coffman (2000) stated that there is a positive relationship between employee engagement and organizational performance as engaged employees are more likely to help organizations through their dedicated approach and efforts. Meere (2005) conducted a survey on 360000 employees from 41 companies of 10 different countries and found that operating and net profit drastically reduced with low engagement of employees. Clifton (2008) stated that employee engagement is closely linked to the organizational performance but also requires organizations to form sustainable relationship with employees. O n the other hand, Vance (2006) believed that every organization has different ways of engaging their employees to enhance organizational performance. However, motivation and compassionate behaviour always help organizations to engage their employees to perform well along with putting their best foot forward in achieving the proposed goals and objectives in a systematic and enthusiastic manner. On the basis of the above discussion, it can be said that employee engagement leads to better organizational performance but organizations need to maintain good relationship with employees in order to win their confidence and loyalty resulting in better engagement and better creation of value and thus enhancing the overall organizational performance. Employee Engagement and Organizational Performance

Obesity Annotated Bibliography Example | Topics and Well Written Essays - 1250 words

Obesity - Annotated Bibliography Example Nonetheless, obesity is a serious problem. Undeniably, obesity is a common problem that affects both the young and old age. In as much as biologists believe it is genetically motivated, much does not exist to substantiate such claims. Nevertheless, many have failed to provide quality information on the best way to treat the complication other than awareness campaigns. According to research, children who develop overweight at a tender age fail to meet various expectations in both class and the outside environment. Additionally, obese adults also have serious health complications leading to lifestyle diseases such as hypertension. It, therefore, is imperative to conduct research in this area not only to unearth the hidden challenges but also to suggest the way forward. The annotated biography makes use of various important sources of both statistical and theoretical formation. The works examine the causes, symptoms, prevention and control of obesity. Additionally, it examines the generational growth of obesity from a tender age to adulthood. Most importantly, the world also assimilates theories responsible for proliferation of obesity. It also takes into account the important role of past studies in teaching and stering a future free of obesity. Last but importantly, the works also present clear strategies of avoiding obesity, which has become a global problem. Undoubtedly, research in obesity plays a crucial role for not only medical experts but also the public at large. Apparently, many people suffer from obesity because of ignorance. Capacity building, therefore, is a sure strategy for eliminating and controlling the complication. In this light research in obesity is not only a capacity builder but also a breakthrough into the future of obesity. Mayo clinic is a reputable health organization, which has done research and examination of obesity. This site provides access to information regarding various symptoms of obesity. Understanding

The relationship between employee engagement and organisational Research Paper

The relationship between employee engagement and organisational performance - Research Paper Example Moreover, the survey also stated that 28% of the global workforce is engaged, 54% is not engaged and 17% is actively disengaged. It was also found that with high level of employees’ engagement organizations tens to do well in the competitive business environment. The discussion aims to investigate the complex issues in contemporary HRM by focusing more on socio-economic issues offering challenges to HR practioners. The discussion underpins relevant literature to seek answer for the key issue revolving around socio-economic issues posing as a great challenge for contemporary HRM that is yet to be defined and understood fully in the current business environment. Majority of the literature stated that high level of employee engagement leads to better organizational performance but organizations need to be transparent and honest in their approach while making their employees fully engaged to accomplish stated goals and objectives. Based on the analysis of the literature in the con text of employees’ engagement and organizations performance, it was concluded that strengthening the relationship between employees and organizations matters the most in order to enhance the overall organizational performance. ... Robinson, et al (2004) stated that employee engagement is the involvement of employees with enthusiasm for work that often results in better organizational performance. Furthermore, Fernandez (2007) stated that employee engagement is the positive attitude held by employees for their organization’s values and objectives that is created by effective relationship between employers and employees. Coffman (2000) stated that there is a positive relationship between employee engagement and organizational performance as engaged employees are more likely to help organizations through their dedicated approach and efforts. Meere (2005) conducted a survey on 360000 employees from 41 companies of 10 different countries and found that operating and net profit drastically reduced with low engagement of employees. Clifton (2008) stated that employee engagement is closely linked to the organizational performance but also requires organizations to form sustainable relationship with employees. O n the other hand, Vance (2006) believed that every organization has different ways of engaging their employees to enhance organizational performance. However, motivation and compassionate behaviour always help organizations to engage their employees to perform well along with putting their best foot forward in achieving the proposed goals and objectives in a systematic and enthusiastic manner. On the basis of the above discussion, it can be said that employee engagement leads to better organizational performance but organizations need to maintain good relationship with employees in order to win their confidence and loyalty resulting in better engagement and better creation of value and thus enhancing the overall organizational performance. Employee Engagement and Organizational Performance

My watch Essay Example for Free

My watch Essay My beautiful new watch had run eighteen months without losing or gaining, and without breaking any part of its machinery or stopping. I had come to believe it infallible in its judgments about the time of day, and to consider its constitution and its anatomy imperishable. But at last, one night, I let it run down. I grieved about it as if it were a recognized messenger and forerunner of calamity. But by and by I cheered up, set the watch by guess, and commanded my bodings and superstitions to depart. Next day I stepped into the chief jewelers to set it by the exact time, and the head of the establishment took it out of my hand and proceeded to set it for me. Then he said, She is four minutes slow – regulator wants pushing up. I tried to stop him – tried to make him understand that the watch kept perfect time. But no; all this human cabbage could see was that the watch was four minutes slow, and the regulator MUST be pushed up a little; and so, while I danced around him in anguish, and implored him to let the watch alone, he calmly and cruelly did the shameful deed. My watch began to gain. It gained faster and faster day by day. Within the week it sickened to a raging fever, and its pulse went up to a hundred and fifty in the shade. At the end of two months it had left all the timepieces of the town far in the rear, and was a fraction over thirteen days ahead of the almanac. It was away into November enjoying the snow, while the October leaves were still turning. It hurried up house rent, bills payable, and such things, in such a ruinous way that I could not abide it. I took it to the watchmaker to be regulated. He asked me if I had ever had it repaired. I said no, it had never needed any repairing. He looked a look of vicious happiness and eagerly pried the watch open, and then put a small dice box into his eye and peered into its machinery. He said it wanted cleaning and oiling, besides regulating – come in a week. After being cleaned and oiled, and regulated, my watch slowed down to that degree that it ticked like a tolling bell. I began to be left by trains, I failed all appointments, I got to missing my dinner; my watch strung out three days grace to four and let me go to protest; I gradually drifted back into yesterday, then day before, then into last week, and by and by the comprehension came upon me that all solitary and alone I was lingering along in week before last, and the world was out of sight. I seemed to detect in myself a sort of sneaking fellow-feeling for the mummy in the museum, and desire to swap news with him. I went to a watch maker again. He took the watch all to pieces while I waited, and then said the barrel was swelled. He said he could reduce it in three days. After this the watch AVERAGED well, but nothing more. For half a day it would go like the very mischief, and keep up such a barking and wheezing and whooping and sneezing and snorting, that I could not hear myself think for the disturbance; and as long as it held out there was not a watch in the land that stood any chance against it. But the rest of the day it would keep on slowing down and fooling along until all the clocks it had left behind caught up again. So at last, at the end of twenty-four hours, it would trot up to the judges stand all right and just in time. It would show a fair and square average, and no man could say it had done more or less than its duty. But a correct average is only a mild virtue in a watch, and I took this instrument to another watchmaker. He said the kingbolt was broken. I said I was glad it was nothing more serious. To tell the plain truth, I had no idea what the kingbolt was, but I did not choose to appear ignorant to a stranger. He repaired the kingbolt, but what the watch gained in one way it lost in another. It would run awhile and then stop awhile, and then run awhile again, and so on, using its own discretion about the intervals. And every time it went off it kicked back like a musket. I padded my breast for a few days, but finally took the watch to another watchmaker. He picked it all to pieces, and turned the ruin over and over under his glass; and then he said there appeared to be something the matter with the hair- trigger. He fixed it, and gave it a fresh start. It did well now, except that always at ten minutes to ten the hands would shut together like a pair of scissors, and from that time forth they would travel together. The oldest man in the world could not make head or tail of the time of day by such a watch, and so I went again to have the thing repaired. This person said that the crystal had got bent, and that the mainspring was not straight. He also remarked that part of the works needed ha lf- soling. He made these things all right, and then my timepiece performed unexceptionably, save that now and then, after working along quietly for nearly eight hours, everything inside would let go all of a sudden and begin to buzz like a bee, and the hands would straightway begin to spin round and round so fast that their individuality was lost completely, and they simply seemed a delicate spiders web over the face of the watch. She would reel off the next twenty-four hours in six or seven minutes, and then stop with a bang. I went with a heavy heart to one more watchmaker, and looked on while he took her to pieces. Then I prepared to cross-question him rigidly, for this thing was getting serious. The watch had cost two hundred dollars originally, and I seemed to have paid out two or three thousand for repairs. While I waited and looked on I presently recognized in this watchmaker an old acquaintance – a steamboat engineer of other days, and not a good engineer, either. He examined all the parts carefully, just as the other watchmakers had done, and then delivered his verdict with the same confidence of manner. He said: She makes too much steam – you want to hang the monkey-wrench on the safety-valve! I brained him on the spot, and had him buried at my own expense. My uncle William (now deceased, alas!) used to say that a good horse was a good horse until it had run away once, and that a good watch was a good watch until the repairers got a chance at it. And he used to wonder what became of all the unsuccessful tinkers, and gunsmiths, and shoemakers, and engineers, and blacksmiths; but nobody could ever tell him

History of Chinese Traditional Clothing: Green Design

History of Chinese Traditional Clothing: Green Design China is a multi-ethnic country that had approximately 5000 years history. Clothing manufacture in China dates back to prehistoric times, at least 7,000 years ago. According to the findings of 18,000 year-old artifacts by the archaeologists. They found the bone sewing needles and stone beads and shells with holes bored in them attest to the existence of ornamentation and of sewing extremely early in Chinese civilization. For thousands of years, China has experienced many dynasties from first Xia Dynasty (BC 2100) to the last Qin dynasty (AD 1911), the generations of clothing designers created different style of garments. The meaning of garments from cover the human body into an important component of Chinese culture. The progress of nation can be seen through its changes in clothing styles. However, with the development of the social and economic, at the same time of pay more attention on the styles and effect of the garments, the fashion designers ignored the materials what they have used whether it is good or bad for our environment. That is Green design which was the popular points of view in recent years. The purpose of my research is to appeal more and more Chinese fashion designers begin to focus on the green design throughout the long history of Chinese traditional clothing. Part 1: The history of Chinese traditional clothing The symbol of colors during the Chinese history During the approximately 5000 years of Chinese history, color had it own particular meanings. Stringent rules are made for the color of ancient dress and adornment. Yellow is the most valuable color as a symbol of center. It is reserved for royalty and emperor. Although each dynasty designates their own color in each official rank, clothing and objects that are yellow in color still resemble a higher social status. Yellow also is the main color of Buddhism, thus it represents being free from worldly cares. Red is used for happiness and joy such as births, weddings holidays and so on. In fact, after the Ming Dynasty, only the Emperors close relatives could have homes with red walls and yellow roof tiles. Peasants could only live in homes made with blue bricks and roof tiles. White is a symbol of the unknown and purity. It is white is the color of mourning, death, and ghosts. Therefore Chinese people will wear white during a funeral or while summoning ghosts. Whats more, green, red, wh ite and black symbolize the East, the South, the West and the North respectively. These four colors also associate with four specific seasons: spring, summer, autumn and winter. In general, Green, red, black, white and yellow are pure colors applied by the emperors and officials. The common people could only apply the secondary colors. Darker colors were favored over lighter ones in traditional Chinese clothing, so the main color of ceremonial clothing tended to be dark while bright, elaborate tapestry designs accented. The common people for everyday and around the house use wore lighter colored clothing more frequently. (Amaranthine, 2007) Clothing styles and the usage of fabrics in different dynasty According to the Chinese long history, each dynasty in China had its own memorable culture and style of garments. The costumes of ancient China were emblems of Chinese tradition, as well as an essential element in the history and culture of each dynasty. Costume maintained an important role in Chinese culture for more than three thousand years. The culture of China is ancient and well established, brilliant and resplendent. The costumes are likewise magnificent and colorful. There were many dynasties throughout Chinas history, each having its own unique style of garments. And each style would change or disappear as its dynasty changed, declined, or was replaced. With the advent of each new dynasty and the progression of time, costumes were revolutionized. The style was classical and conservative in the Qin and Han dynasties, luxurious and glamorous in the Tang dynasty, delicate and exquisite in the Song dynasty, graceful and magnificent in the Ming dynasty, and very intricate in the Qing dynasty. Chinas complete code of costume and trappings was established in the Han Dynasty (206BC-220AD). (Shenyi in Han Dynasty) The yarn-dyeing, embroidering and metal-processing technologies developed rapidly in the period. Han dynasty also was the first time in history that China had contact with the West through the Silk Road. Shenyi or deep garments was most famous in Han dynasty. The shenyi is made up of the upper and lower garment, tailored and made in a unique way. It has to be long enough not to expose the skin, but short enough not to drag on the floor. The forepart is elongated into a large triangle; with the part above the waist in straight cut and tile part below the waist bias cut, for ease of movement. The frock and skirt were sewn together in the Shenyi system. People worn in black would like to match purple silk adornments. It implied that silk started to be used in the garments. The unified and prosperous China was established in the Tang Dynasty (AD618-AD907). In Chinas history, the Tang Dynasty was a period when the polity and economy were highly developed and the culture and art were thriving. In general, the Tang womens dresses can be classified into three categories: the hufu, or alien dress that came from the Silk Road, the traditional ruqun or double layered or padded short jacket that was typical of central China, as well as the full set of male garments that broke the tradition of the Confucian formalities. The Tang women inherited this traditional style and developed it further, opening up the collar as far as exposing the cleavage between the breasts. This was unheard of and unimaginable in the previous dynasties. In the early years of the Qing Dynasty (AD1644-AD1911), long gowns featured collarless, narrow cuff in the shape of a horses hoof, buttons down the left front, four slits and a fitting waist. Wearers usually coiled up their cuff, and put it down when hunting or battling to cover the back of hand. In winter, the cuff could serve to prevent cold. The gown had four slits, with one on the left, right, front and back, which reached the knees. It was fitted to the body and rather warm. Fastened with a waistband, the long gown could hold solid food and utensils when people went out hunting. Mens long gowns were mostly blue, gray or green; and womens, white. Another feature of Manchu cheongsam was that people generally wore it plus a waistcoat that was either with buttons down the front, a twisted front, or a front in the shape of lute, etc. When the early Manchu rulers came to China proper, the capital was moved to Beijing and cheongsam began to spread in the Central Plains. The Qing Dynasty unified China, and unified the nationwide costume as well. At that time, men wore a long gown and a mandarin jacket over the gown, while women wore cheongsam. Although the 1911 Revolution toppled the rule of the Qing (Manchu) Dynasty, the female dress survived the political change and, with succeeding improvements, has become the traditional dress for Chinese women. After the 1940s, influenced by new fashion home and abroad, Manchu mens cheongsam was phased out, while womens cheongsam became narrow-sleeved and fitted to the waist and had a relatively loose hip part, and its lower hem reached the ankles. Then there emerge various forms of cheongsams we see today that emphasize color decoration and set off the beauty of the female shape. Why cheongsam was more popular at that period of time? The main reason is that it fits well the fe males body, although it only shows the simple lines, it looks elegant and well fitted. The cheongsam can either be long or short, unlined or interlined, woolen or made of silk floss. Besides, with different materials, the cheongsam presents different styles. Cheongsams made of silk with patterns of floweret, plain lattices or thin lines demonstrate charm of femininity and staidness; those made of brocade are eye-catching and magnificent. The earliest known silk textiles excavated in China dated to about 3630 BCE. Fabrics made of silk consist of many types: Brocade, satin, silk fabric, etc. This variety of fabric is due to different kinds of weaving skill and silk fabrics. Some are lined, some are unbleached, some are heavy, and some are thin. Silk- knit goods is one of great Chinese products in the world. The weaving skills emerged in the primitive society. They can demonstrate the culture tradition of one nation. Except the different kinds of silk, cotton, flax, voile, jute and satin were commonly used in the garments as well. 5,000+ BC FLAX: Generally considered to be the oldest natural textile fiber. 3,000+ BC COTTON: Earliest use estimated between 3,000 BC to 5,000 BC. Worn by Egyptians earlier than 2,500 BC. Eli Whitneys invention of the cotton gin in 1793 revolutionized  the processing of cotton. The development of the power loom in 1884 brought significant  improvements and variations to cotton fabrics. Major producers: United States, Soviet States, Chinaand India. Lessor producers include Pakistan, Brazil, Turkey, Egypt, Mexico  Iran and Sudan. 3,000 BC WOOL: Used by people of the Late Stone Age, There are 40 different breeds of sheep, which produce  approximately 200 types of wool of varying grades. Major producers include: Australia, New Zealand, Soviet States, China, South Africa, and Argentina. 2,600 BC SILK: Believed discovered by a Chinese princess. Silk is made from two continuous filaments cemented together  and used to form the cocoon of the silkworm. Silk culture began about 1725 BC, sponsored by the wife of Chinas  emperor. Secrets of cultivation and fabric manufacturing were closely guarded  by the Chinese for about 3,000 years. There is a story that two monks smuggled seeds of the mulberry  tree and silkworm eggs out of China by hiding them in their walking  sticks. India learned of silk culture when a Chinese princess married an  Indian prince. Part 2: Green Design What is green design? Green design, also known as eco-design, uses design to include economic, social and ecological sustainability. Green design can be used for the microcosm and macrocosm in the scheme of daily living. Green design uses renewable resources. It reminds people about recycling to save the environment. Green design is sustainable design as materials that can be recycled sustain it. It is beneficial to recycle material as it reduces the wastage of new resources. Green design can be also explained as design for the environment. Protecting our environment, and its present and future inhabitants, is the essential and important goal of sustainability. This large and complex field looks at our marketplace, at the way we grow, make and consume products, and strives to incorporate an awareness of the impact of our choices at every stage of the process. There is no one right way to be environmentally responsible, but there are a growing number of intelligent choices and best practices. The concept of sustainability combines concern for the well being of our planet with the needs of continued human development. The World Commission on Environment and Development defines it as meeting the needs of the present without compromising the ability of future generations to meet their own needs. When the design process is informed by this imperative, the central concern is to assess the consequences, both short and long-term, of any transformation of the environment. Design must also aim to eliminate waste, to use renewable energy, to reduce toxic emissions and to leave as light a footprint on the environment as possible. What is green fabrics? These fabrics, without any additional backings or chemical finishes, utilize post-consumer and post-industrial recycled polyester, and are themselves recyclable. The American mills that weave these designs have programs to minimize and recycle selvage waste and shipping materials, assess dye protocols and reduce energy use. The materials are typically harvested within a 10-year or shorter cycle. These natural fibers include cotton, sisal, flax, ramie, hemp, jute, wool, silk, mohair and bamboo. The Market of Green design in China There are a large amount of wasted materials can be recycled in the textile industry. China is a big textile country. The production of cotton gauze is ranking first in the world so as to the textile wastes resources are also very rich in the process of production. The consumption of textile fabric is about 5 million tons per year. With the continually increase of textile consumption; the textile wastes are also keep growing. On the other hands, China has a huge population. The textile recourses are inadequate, it cannot satisfy the needs of textile industry production. Strengthen the textile waste recycling, waste to treasure, it is not only has a huge effect on making up for the shortage of textile raw materials, but also a new industrial projects for low cost, high benefits and adequate recourses. Thus the recycle textile fabrics have a broad prospects development in the Chinese market. It is estimated that more than 1 million tones of textiles are thrown away every year, with most of this coming from household sources. Textiles make up about 3% by weight of a household bin. At least 50% of the textiles we throw away are recyclable. (Analysis of household waste composition and factors driving waste increases Dr. J. Parfitt, WRAP, December 2002) Although the majority of textile waste originates from household sources, waste textiles also arise during yarn and fabric manufacture, garment-making processes and from the retail industry. These are termed post-industrial waste, as opposed to the post-consumer waste, which goes to jumble sales and charity shops. Together they provide a vast potential for recovery and recycling. Recovery and recycling provide both environmental and economic benefits. Textile recovery: Reduces the need for landfill space. Textiles present particular problems in landfill as synthetic (man-made fibres) products will not decompose, while woollen garments do decompose and produce methane that contributes to global warming. Reduces pressure on virgin resources. Aids the balance of payments as we import fewer materials for our needs. Results in less pollution and energy savings, as fibers do not have to be transported from abroad. At present the consumer has the option of putting textiles in clothes banks, taking them to charity shops or having them picked up for a jumble sale. Recycled, a scheme run by the Textile Recycling Association in conjunction with local authorities and charities provides textile banks for public use. The Salvation Army, Scope, and Oxfam also use a bank scheme in conjunction with other methods. Scope, for example, runs a national door-to-door textile collection service. There are about 3,000 textile banks nationwide, but clothes banks are only operating at about 25% capacity. The Salvation Army is the largest operator of textile banks in the UK, with over 2,000 banks nationwide. On average, each of these banks is estimated to collect about six tones of textiles per year. Combined with door-to-door collections, The Salvation Armys textile recycling operations account for the processing of in excess of 17,000 tones of clothing a year. Clothes are given to the homeless, sold in charity sh ops or sold in developing countries in Africa, the Indian sub-continent and parts of Eastern Europe.Nearly 70% of items put into clothing banks are reused as clothes, and any un-wearable items are sold to merchants to be recycled and used as factory wiping cloths. Thus for the Chinese market, we also can set more clothes banks in order to recycle more clothes. It is fortune that there is a lot of Chinese fashion designers begin to focus on the green design. For example, the Chinese fashion designer Yichao Zhang, he won the Creative award in 2009. He uses kong and Yu as his inspiration to show the new collection in the 2010 Chinese international fashion week-Autumn/Winter. He said, the meaning of Chinese word kong in English is sky, natural, and the space that human beings belong to. Yu means the space that human beings live to. He want to express that natural is the best living space for the human beings, thus people needs to love our natural and environment. All the garments were be made by the natural fabric, it reflect the green design obviously. What have I plan to do in the next step? Make more research about the fabric about Chinese traditional clothing, the news and report about green design in china and green fabrics. Make a questionnaire to survey the target customers, to get some information about what their opinion and their understanding of the green design. Make an interview to a Chinese fashion designer or some factories that prefers green design or product green fabrics. Make some market analysis about how popular will green design have in china. Questionnaire I am the student from Northumbria University in Newcastle. Can you help me to finish some questions about the Green Design as follow? Gender_____ Occupation_____ Age_____ 1. Have you heard about the Green Design? ___Yes ___No 2. When you buy a piece of garments, will you concern about the fabrics whether it was made in natural fabrics? ___Always ___Sometimes ___Never 3. Do you know the difference between natural fabrics and man-made fabrics? ___ Yes, I know ___Yes, I know a little bit ___No, I dont know 4. What will you do to deal with your old clothing? ___Throw away ___Recycle the clothing to the related department ___Keep it 5. Do you agree to advocate the fashion designers to use natural fabrics for making the garments? ___Yes I agree. ___Its up to the fashion designers, I never mind. ___I prefer the designers to use man-made fabrics. References CHUEN-FANG, L. (1991). Chinese decorative design. Taiwan, Republic of China, SMC Pub. Là ¼, H., Ma, C. (1980). Traditional Chinese textile designs in full color. Dover pictorial archive series. New York: Dover Publications. POOLE, B. (2006). Green design. New York, N.Y., Mark Batty Publisher. YANG, S. (2004). Traditional Chinese clothing: costumes, adornments culture. San Francisco, Long River Press. Chinese Clothing Five Thousand Years History http://polaris.gseis.ucla.edu/yanglu/ECC_CULTURE_CLOTHING.HTM (no date) (Accessed at 21 April 2010) DESIGN FOR THE ENVIRONMENT. http://www.pollackassociates.com/fabrics/info/green-design.cfm (no date) (Accessed at 21 April 2010) Medical Issue of Negligence | Case Study Medical Issue of Negligence | Case Study Muhammad Younas Introduction Healthcare professionals often confront situations of ambiguity and uncertainty regarding patient’s treatment. Ethical issues arise when there is violation of ethical principles by the health care providers, more specifically when the patient and family leave the decision on physicians considering them dominant and body of knowledge. These issues also arise when physician takes decision based some personal interest and which is partially or not at all in favor of patient. In this paper I am going to comment on the malpractice which is defined as the form of negligence where by any professional misconduct, unreasonable lack of professional skills or the care provided not meet the standards and causes harm to the patient (Burkhardt Nathaniel, 2008). Scenario A 25 years old male patient diagnosed with subarachnoid hemorrhage after road traffic accident was kept on ventilator in intensive care unit (ICU). Patient attendants were relying for any decision on health professionals. The family was well established and was able to pay any cost to save their patient. Patient was progressing towards brain death and attendants were not informed about the situation. Patient remained on ventilator for the next seven days and then declared dead. Nurses failed to intervene as they were afraid of job insecurity. The doctor misused his authority and forced nurses to just follow the orders. The doctor was aware about patient’s condition, but kept the patient on vent to generate revenue. Ethical issue In this scenario the doctor was aware about the subarachnoid hemorrhage and its poor prognosis as it was a traumatic brain injury leading towards brain death. Bullock et al. (2006) have classified subarachnoid hemorrhage as severe traumatic brain injury with twofold mortality rate and very poor prognosis. Despite the poor prognosis and no chances of survival of the patient the doctor kept the patient on ventilator because of his own, as well as institutional interest. The doctor kept the family unaware of this information and took decision based on his own interest as the family was well-off and was totally relying on the doctor for any action to be taken. Moreover, dignity of a human being was violated by keeping on prolong mechanical ventilation with brain death. Furthermore, the ICU bed and the ventilator could have been used for another critically ill patient as this was a case of brain death. Analysis of the ethical issue: Baskett, Steen and Bossaert (2005) have mentioned that the four ethical principles that are Autonomy, beneficence, non-maleficence and justice are crucial in making decision at the end of life care. In this particular scenario the four ethical principles have been violated as consequences of the malpractice that is keeping the family unaware of the patient situation and prognosis. The term autonomy literally means â€Å"self-governance† (Burkhardt Nathaniel, 2008, p. 54). As the patient was on ventilator, in this case the surrogate decision maker will be one of the family members. It is the doctor’s obligation to inform the family about the prognosis and chances of survival and also explain them the code options and then let them autonomously decide on behalf of the patient. By not informing the family and not involving them actively in the decision about code status of the patient, the healthcare provider violated the family autonomy and misused paternalistic approach. The principle of beneficence refers to an act for the benefit of others (Beauchamp Childress, 2001). In particular to this scenario the specific beneficence has been violated as keeping the patient on ventilator with brain death is of no use for patient but only a false hope for family and financial burden. The element of veracity has been violated by not telling truth to the fa mily about the patient’s condition and prognosis. One of the consequences of the malpractice by the doctor is violation of justice. The doctor was not fair in proper allocation of resources the ventilator and ICU bed could have been used for another critically ill patient which were occupied by this patient with brain death. Ethical issue of interest and my position Then main issues in this scenario are the decision taken by the physician based on his own interest and then keeping the family unaware of the whole situation and consequently the general ethical principles have violated through malpractice. My stance in this situation is that Parents are legitimate decision makers and must be involve in making decision on behalf of their children. Arguments Autonomy of the legitimate decision makers has been violated. Emanuel and Emanuel (1992) suggested a four models approach based namely, (i) paternalistic model, (ii) the informative model, (iii) the interpretive model and, (iv) the deliberative model. Firstly, paternalistic model, the physician has adopted paternalistic approach but did not make sure that whether the interventions best promote health and wellbeing. Secondly, in the objective of the informative model, the physician did not provide legitimate decision makers with all the relevant information about the disease prognosis, the risk and benefits of the available interventions, but just decided on his own. Thirdly, in the interpretive model the physician did not elucidate the parent’s values about selection of the available interventions which realizes their values. Lastly, the deliberative model, the physician did not assist the parents to choose and decide for the patient the best health related values. All of the four models are focused on patient autonomy and stressed that autonomy of the patient should be taken care in any circumstances. Malpractice by the physician reflects that he did not show adherence to his oath and accountability in taking decision for patient. It is the duty of the physician to bear in mind the preserving of human life and should owe his complete loyalty and resources of his knowledge for the patient (Pakistan medical and dental council, 2006). Furthermore, there was misuse of paternalistic approach by the doctor. Burkhardt and Nathaniel (2008) suggests that though based on beneficence, decisions taken are centered to patient wellbeing, however, the inherent supremacy in such a hierarchical arrangement may be abused and the decision taken may reflect the self-interest of the healthcare professional more than care for the patient (p. 270). In addition there was violation of social justice by the physician in the allocation of resources and budget for other deserving candidates. After the brain death the physician new that further treatment is futile and of no benefit for the patient yet he ordered to continue the treatment. The ICU bed and ventilator could have been used for other deserving candidates. If a patient is dead and still on ventilator in this case the cessation of treatment will not provide harm (Beauchamp Childress, 2001). It clearly indicates that the doctor kept the patient after brain death longer for own and hospital interest. Ethics of care In the light of ethics of care being a nurse the nurse personally feels that that the patient was on ventilator and was in a vulnerable state and though he failed to intervene but what possible he could have done? The theory of ethics defined by Tronto (1993) as cited in Lachman (2012), there is a pre-existing moral relationship between people and he further stated that there are four phases in patient care that are (i) caring about, (ii) taking care of, (iii) care giving and (iv) care receiving. In â€Å"caring about† phase the nurse noticed that the physician violated the legitimate decision makers’ autonomy by not involving them in decision making. In the phase â€Å"taking care of† he realized that he could have taken the responsibility and empathize what the parents were experiencing. Therefore in the â€Å"care giving† phase he could have advocate for the patient and family that they must know about the patient’s prognosis and thus take their own decision. Finally in the â€Å"care receiving† phase then he could have got the success of the interventions done in the previous three phases. Counter arguments Though the survival rate was low but there was still hope and the physician just wanted to give chance to this young blood and was hopeful that there might be a small chance. Occasionally miraculous recoveries from comas are reported widely (Swinburn, Ali, Banerjee and Khan, 1999). As the family was very anxious and the patient’s father was a cardiac patient, in this situation the doctor did not want to inform the family promptly. (Literature support with statistics) (We should not give up). The family gave the rights to the physician to decide for the patient, so he claims that he was just doing for the benefit of the patient. Moreover, the doctor did not misinform the family but just kept them unaware of the situation because he thought that telling the truth may increase their anxiety level. The physician may support him through Mill’s autonomy which talks about the obligation to persuade others when they have false or views (Beauchamp Childress, 2001). Justification of my Position Even if the doctor was right in his position he still should have not taken the decision by himself. The decision to withhold or with draw is made by the physician in consultation with family members (Burkhardt ansd Nathaniel, 2008). Moreover, burden of the treatment outweigh the benefits. The reasons for continuing the futile treatment are primarily based on physician emotions, guilt, concerns about family and fear of legal consequences (Jox, Schaider, Marckmann Borasio, 2012). How the scenario could have changed The family should have informed about the patient situation, prognosis, possible interventions along with risk benefit ratio. Thus the physician would have remained loyal to his oath and obligation by not providing false assurance to the family, and also the family was to suppose face the grief anyway. After the brain death the patient should have weaned off form ventilator and by announcement of death the dead body should have processed with dignity. Thus there would have less financial burden on the family and also justice have maintained by providing chance to other critically ill patients. Recommendations There should be a clear policy at institutional level regarding patients with brain death. Moreover, health care provider should show adherence to the implementation of such policy. The nurse as an advocator should advocate on patient’s behalf and also involve hospital ethical committee. It should be responsibility of the hospital ethics committee to investigate such cases and consider further necessary action accordingly. Patient and family education is an utmost duty of healthcare professionals, specifically physician should involve family in the decision making process. Conclusion Being health care professionals we face ethical issues in patient care and treatment more often, when we are dealing with critically ill patients when they are at their most vulnerable. The situation of uncertainty and ambiguity is always there, but health care professional should be more accountable and sensible and should take decisions that are ethically and legally sound and should meet the patient and family values. References Beauchamp, T. L., Childress, J. F. (2001). Principles of biomedical ethics. (5th ed.). New York: Oxford University Press. Burkhardt, M. Nathaniel, A. (2008). Ethics and Issues in Contemporary Nursing (3rd ed.) Australia: Delmar. Bullock, M. R., Chesnut, R., Ghajar, J., Gordon, D., Hartl, R., Newell, D. W., Wilberger, J. (2006). Surgical management of traumatic parenchymal lesions. Neurosurgery, 58(3), S2-7-S2-62. doi: 10.1227/01.NEU.0000210363.91172.A8 Emanuel, E. J., Emanuel, L. L. (1992). Four models of the physician-patient relationship. Journal of the American Medical Association, 267(16), 2221-2226. Jox, R. J., Schaider, A., Marckmann, G., Borasio, G. D. (2012). Medical futility at the end of life: the perspectives of intensive care and palliative care clinicians. Journal of medical ethics, 38(9), 540-545. doi: 10.1136/medethics-2011-100479 Lachman, V. D. (2012). Applying the ethics of care to your nursing practice. MedSurg Nursing, 21(2), 112-116. Swinburn, J. M., Ali, S. M., Banerjee, D. J., Khan, Z. P., Cranford, R. E., Jennett, B. (1999). Discontinuation of ventilation after brain stem death. British Medical Journal, 318, 1753- 55. How Effective is Policy in Reducing Child Poverty? How Effective is Policy in Reducing Child Poverty? How effective is policy in reducing child poverty Despite the United Kingdom being one of the worlds richest nations, it has one of the highest rates of child poverty. Research has shown, children living in poverty are less likely to achieve at school and by the age of fourteen many poor children are two years behind their peers (Fisher, 2008). This would suggest, children living in poverty are more likely to leave school with fewer qualifications, unable to realise their full potential, therefore, are less likely to contribute fully to society. Since 1997, New Labour policy has intended to improve services to children and families as part of a wider strategy to tackle social exclusion and poverty in the UK (Blair. 2005). In 1999 the labour party set out to end child poverty in a generation. I will set out our historic aim, that ours is the first generation to end child poverty forever, and it will take a generation. It is a 20-year mission but I believe it can be done. Blair (1999, in Ridge, 2004) Blairs historic pledge to end child poverty moved the issue from the side-line to the centre of the policy agenda (Ridge, 2004). In ending child poverty, the DCSF has outlined four areas which it believes are key to achieving the goal. Getting more parents into work, providing financial support that matches family requirements, improving childrens life chances and creating safe cohesive communities in which children can thrive (Defries, 2009). The intention to end child poverty by 2020 has introduced various forms of incentives to single parents encouraging them back to work (Blair. 1999). The Government has introduced a guaranteed minimum income for families with children who are in full time employment and child care grants for parents wishing to return to work. In addition, the Government has also extended maternity leave to fifty two weeks in the hope of enticing mothers to work rather than claim benefits (Work Families Act. 2006). Government policies on tackling childhood pover ty will be examined further in this essay. This literature review will explore current opinion on the role Government policy and legislation plays in effectively reducing child poverty. Through Government documents, websites and peer reviewed academic journals; I aim to establish if literature supports the effectiveness of policy in reducing child poverty. This essay will give a brief history of various policies introduced to support children and their families and examine the driving force behind them. It will also look at alternatives to end child poverty and reduce dependency on Welfare state. In order to appreciate the term ‘poverty it is important to give a succinct description of what poverty is and how it is classed; Poverty has many manifestations, including lack of income and productive resources to ensure sustainable livelihoods. Hunger, malnutrition, ill health and basic education has also been a consistent theme among children in poverty (Alcock, 2006). The Governments classification of poverty in the UK is based on income and resources. If these are so inadequate as to preclude you from having a standard of living which is regarded as acceptable by the Government, then you are said to be in poverty (Cullen, 2007). Currently the Government class all families with an income of less than 60% of the British median to be in poverty (Gentleman, 2009). This is slightly different than the calculations used in research completed by UNICEF, where homes with equivalent income below 50% of the nations median are said to be in poverty (UNICEF, 2009). Although there appe ars to be no one clear measure, the Governments definition underpins their strategic response to tackling child poverty. Therefore, for the purpose of this review, child poverty will be measured through family income. Poverty exists within a dynamic and changing social order and is, to some extent, created and recreated buy the social and economic policies that have been developed over time. The history of policies of child poverty can be dated back as far as the first Poor Law. Prior to the Poor Law, assistance with, and relief from poverty was provided by the church, relatives or the parish. Policy and poverty has consistently shaped the position of children who are poor within all aspects of the boarder social structure. To develop an understanding of child poverty it is necessary to have an insight of how child poverty has been represented over time. Historically, the voices of children living in poverty have rarely been heard. Laslett (1971) points out, that despite there being a large number of children in the pre-industrial world; they are missing from written record (Laslett, 1971. P110). Cunningham (1991) reiterates this by stating, â€Å"Early representations of child poverty have come from neither child nor the poor†. (Cunningham, 1991) Therefore, our understanding of the history of child poverty has been filtered through an adults perspective based on family circumstances. As a result, any historical account of children living in poverty needs to be embedded in a wider account of the social, economic and political developments over time (Ridge, 2004). With this in mind, this review will give a brief overview of the key factors of legislation. The first Poor Law was introduced to aid assistance to those who needed it. The first Poor Law legislation of 1388 in England was made in response to a particular social situation following a high death rate from the Black Death plague epidemic. During the 19th century children whose parents were impoverished came under the jurisdiction of the 1934 Poor Law. Two main systems of relief existed within this law; the workhouse and outdoor relief. The Poor Law commission assumed children should be treated the same as their parents. Consequently, children of the ‘able bodied poor were expected to follow their parents into the workhouses (Fletcher, 2005). This would have made it almost impossible for children living in poverty to break the cycle as once they were old enough to work they took their positions within the work house. Outdoor relief was typically given to able-bodied paupers in the form of clothing, food or even money. However, work was expected in return (Walker, 2008). The underlying notion of the Poor Act was to foster independence and self reliance, therefore reinforcing the inherent values of work. It could be argued that these values are still current today. This will be explored further in the essay. Due to the high mortality rates of single mothers who died in child birth, about 20% of the children in the workhouses were parentless (Fletcher, 2005). Whilst provision was made for the parentless children of the work house, no provision was made for the parentless beggar children from the street. The street children were very much left to provide for themselves. Many of the children turned to crime, this was portrayed in the film Oliver Twist which was written in the late 1830s (Ref). This again, would have made it extremely difficult for poor children to break the cycle of poverty and highlights the ineptness of the Poor Law. The Royal Commission on the Poor Laws, in the early part of the twentieth century, reflected on its ineffectiveness in the majority and minority reports (1909) (Glennerster et al, 2004) It was believed some of the poor were beyond relief and of those on relief, it was felt they should not continue to do as they please. That is, they should not choose not to work if they were able to (Ref). This is a clear parallel of debates regarding todays society and welfare reform, where the government are actively encouraging able bodied parents to work to reduce dependency on the welfare state (Ref). The minority report saw the causes of poverty as largely the result of basic structural factors in the economy and argued provision for the poor should become part of a range of services for the whole community. This proved a strong thread in the debate of the Poor Law and became the centrepiece of a campaign to abolish it (Glennerster et al, 2004). After the Second World War it became clear there needed a big idea to put an end to poverty. The social security reforms of the 1940s, based on the recommendations of the Beveridge Report (1942) aimed to give everyone economic security from the ‘cradle to the grave through the provision of benefit support (Alcock, 2006). The introduction to family allowances in 1946 undoubtedly improved services to children and was an effective tool in reducing the problem of child poverty (BBC Radio). This was just one of a number of initiatives used to raise the standards of living for children in poverty. Although, Family Allowances were initially only paid to families with more than one child, this was later converted into Child Benefit and paid for all children and all families regardless of income (ref). This was to encourage low income families to work as they would still get some kind of benefit for their children regardless of income. However, due to the changes in family structure a high number of family break downs occurred, consequently the numbers of one-parent families grew. This made it very difficult for single parents as many were largely unable to work due to their child care responsibilities so many children remained poor. It could be argued that single parents fell through Beverages safety net as his reforms had only been intended to work as a family unit. This is a clear indication of the changes in family structure in a post modern Britain. It is widely recognised that family breakdowns are costly to the state with a high number of lone-parents claiming benefits. In 1905 a times editorial warned of relying too much on the state. He declared, parents had already been relieved of the duty of educating their children and now this was being used as an argument of relieving them from their duty of clothing them. He voiced his concern that children, in adulthood, may fail to take a productive role in society and instead rely heavily on the government when they in turn become parents. We have already made a serious inroad upon personal responsibility and a personal independence by relieving parents of their duty to educate their children. When we have done that, the argument will be stronger than ever for relieving them of the duty of clothing their children. But what are we to expect of our children when they in turn become parents. Their habit of looking to the state for their maintenance would be ingrained in them. However, without the state intervention there would undoubtedly have been no end to the squalor and disease with the century began. (Ref) It could therefore be argued that social policy has been effective in increasing living standards for children. Today many people believe they have gone too far and created a ‘nanny state. Can future governments do any better than those of the past? If not what will be the consequence of our children? needed a big idea to through national insurance. There was widespread support for the Beveridge plan and the post-war labour government pledged to make it a reality and the welfare state was born. This led to improved services for all, including education and a free national health service. This was largely welcomed by the nation. As the nation gradually became wealthier it was believed child poverty was becoming a thing of the past. By the 1990s however, it became clear that this was not the case. In the UK in 1991 the Child Support Act introduced major changes in the way the state intervenes in the financial support of children when parents separate (Burgoyne Millar, 1994). Previously, courts were responsible for setting and enforcing maintenance payments however, very few fathers paid anything for their children (Ref). The new approach required absent fathers to pay higher amounts for their children and enforced these payments much more rigorously than in the past. It could however be argued that the governments intentions of introducing the CSA was for the benefit of the state rather than the children, as a large number of lone-parents are unable to work. In which case the lone-parents receive no financial gain from the absent parent as any child support collected is simply deducted from their benefits. In 1996 the Child Poverty Action Group issued a report which indicated that one in four children were living in poverty (CPAG,). Although the destitution of the post-war days had gone, children were found to be living in conditions well below standards that we consider acceptable in todays society. Single parents are finding it extremely hard to exist on single parent benefit but many feel embedded in the poverty trap. It has been widely acknowledged that child care can be costly and the Governments scheme to assist with the cost of child care has been welcomed by many single parents wishing to return to work. However, many still find the costs too much even with support from the Child Care Grants. In addition to the cost of child care, many single mothers in a low-paying jobs battle with their imperative to keep a job so they can buy food and shelter for their children, and their responsibility to see the health, safety and education of their children. The needs of children can crea te a crisis when family needs overlap with demands of employers. This can discourage many employers from employing single parents. Theorists such as Bowlby, Stern, Clyman and Bucci (Gerhardt, 2004) have written much about the benefits of secure bonds for very young childrens development. In the case of Buccis theory, the development of a secure internal schema is given as much importance as the visible external schemas that practitioners strive to recognise and extend. It could therefore be argued, the Governments underlying aim to have as many adults working outside of the home as possible, regardless of the age of their children, is to the detriment of the long term social and emotional development of the children involved. A vital part of the Governments strategy to end child poverty was the introduction of Sure Start Centres where the intention is to ‘improve outcomes for all children. (Sure Start, 2008) However, the first brief for Sure Start centered on the goals of ‘helping prevent family breakdown and promoting readiness for school (Link, 2000. P94). The move towards Sure Start providing child care rather than purely child and family support could be viewed as a Government tool for removing parental choice and encouraging parents to work. In the year 2000, the Department for Education and Employment described Sure Start as ‘a cornerstone of the Governments drive to tackle child poverty and social exclusion. (DfEE, 2000) This aim supports the research of many interested organisations such as the Institute for Public Policy Research who stated in 1998 that ‘social inclusion is best promoted though enhanced employment opportunity (Oppenheim, 1998. P113) and that ‘poverty and deprivation in childrens families and in their neighbourhoods is associated with their performance at school. (Oppenheim, 1998. P139) This would suggest that literature supports the Governments views in building an educated workforce and supports the Sure Start family Centres aim to meet both the individual needs of the family to get an early start in education support to narrow the performance gap. Due to the ineffectiveness of the Poor Law policies of the nineteenth century, many self-help organisations were set up to offer help to those who needed it. Many of these charities remained independent of government control or influence. British social policy, in relation to child poverty acknowledges the major contribution of these organistions in promoting childrens needs. The importance of the functions and responsibilities of the voluntary sector are well documented. This was evident in the Wolfenden Report 1978 which viewed the voluntary sector as one of the four sets of institutions through which social needs are met(Taylor Woods, 2005). Changes in society, to some degree, have caused poverty. Work for unskilled men and women have become more difficult to find. The wages paid for unskilled workers is far less, therefore creating a huge wage divide for skilled and unskilled workers. Poverty today is not just about money, it is also about feeling of worthlessness in society. Many pathways have been blocked and more and more people are finding it increasing difficult to break free from poverty cycle due to employers requiring skilled workers. People becoming The social security system is complex and the ongoing use of mean-testing for assessing eligibility for benefits may prevent some families from making claims this could prevent some children from being ‘lifted out of poverty. All parents including lone-parents, have been encouraged to take up paid work through the vigorous promotion of employment opportunities and child care support coupled with the policing of benefit use. It is increasingly evident that Britain is investing in children today in recognition of the children as the ‘future adults and future workforce of our society. Literature acknowledges that a countrys success is progressively tied to its workforce (Melhuish et al, 2008). Britain isnt alone in recognising that the future workforce is dependent on our children and requires investing in them.