Shakespeare play The Merchant of Venice Essay Example

Shakespeare play The Merchant of Venice Essay The plot of the story is that the merchant of Venice (Antonio) borrows money from a Jewish moneylender (Shylock) and Antonio has to pay the money back to shylock within three months otherwise Shylock can take a pound of flesh from Antonios body. There is a daughter (Portia) with a rich father and when the father died he left all the money to the person that marries his daughter, but you cant marry his daughter just like that, you have to choose a chest out of the choice of three but you have to choose the right one. I am doing my coursework on Bassanio; He is a Best friend of Antonio and he goes to Belmont on the search for love and wealth and tries to choose the correct chest and marry Portia e.g. Portia says You must take your chance and attempt to choose at all, or swear before you choose, if you choose wrong, never to speak to lady afterward in a way of marriage: We will write a custom essay sample on Shakespeare play The Merchant of Venice specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Shakespeare play The Merchant of Venice specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Shakespeare play The Merchant of Venice specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Therefore be advisd This means that she cant choose who she marries, she has to wait and see who chooses the right box, then she has to marry them. Act 4 Scene 1 This scene is the court scene where Shylock has taken Antonio to court because Antonio could not pay back the three thousand ducats that Shylock had lent him. Antonio oldest and best friend has chosen the right chest and married Portia, then he heard that his best friend was about to die, so he told Portia to stay in a nunnery until he gets back and he rushes off to Venice to see if he can convince Shylock to forget about his bond and not take a pound of his flesh. Portia wants to go with him so she secretly goes to Venice with her maid and they pretended to be the lawyer and the doctor. They both dress as men and they try and save Antonio as much as they can even with Bassanio trying to give Shylock thrice the amount of money for his bond e.g. Nerissa says Why shall we turn to men? They turn to men so that their husbands will not recognize them. Portia looks through the bond and realises that it has nothing about blood so then she says that shylock must take a pound of his flesh but not spill a drop of his blood e.g. Portia says Therefore prepare thee cut off the flesh. Shed no blood, nor cut thou less, nor more, but just a pound of flesh. When this is said Portia has come across a solution to stop Antonio from dying because you cant cut flesh without dripping blood. So shylock tries to take a pound of flesh but realises that he will not be able to do this so he decides to take the money afteral. Portia tells them that he has to take the pound of flesh because that is the bond, but shylock decides that he cant do it and has to leave and lose his money and not have his bond. Then Portia says that he must not leave because he has tried to kill someone so he has to give Antonio a third of his money for trying to kill him. After Shylock has left, Antonio and Bassanio praises Portia for saving Antonio and asks if there is anything that they can do. Then Portia judges Bassanio and asks him if he would give her his wedding ring and he says This ring, good sir? Alas! It is a trifle, I will not shame myself to give you this. Bassanio doesnt give Portia the ring because he loves her. Then Portia leaves pleased because she did not leave with the ring and she can trust him now, but then Antonio says to Bassanio My lord Bassanio, let him have the ring: Let his deserving and my love withal be valud gainst your wifes commandments. Then Bassanio takes off his ring and tells Gratiano to take the ring to Portia and he does. When Gratiano catches up with Portia he gives her the ring and then she has been let down because her husband gave away the wedding ring she gave to him Portia says to Nerissa We should have old swearing that they did give the rings to men but well outface them, and outswear them too. This basically means that youre not supposed to give your wife/husbands rings away but he did just to please a friend. Shakespeares use of language in this play is very good because the rich and wealthy people speak in iambic pentameter, which means that there are ten words or syllables to a sentence, where as the not so rich people just talk normally, Shakespeare as used rhyming couplets at the end of each scene. This shows that it is actually the end of the scene, in act 1 scene 3 Antonio is creating the bond so he can borrow three thousand ducats but Bassanio doesnt think he should create this bond so Bassanio is speaking in rhyming couplets to try and end the deal or scene he says You shall not seal such a bond for me: Ill rather dwell on my necessity I think this is a really interesting play and an audience that like Shakespeare would like this play very much, but they may have many views to different characters such as Bassanio. I think that the producer would have made Bassanio act as if the audience thought he was a hero but the audience would know that hes really not. Where this play was written along time ago it probably does not have the impact to the audience now compared to how it did back then for example: the audience back then would know exactly how it is so they would like it better but in modern times the audience would first have to understand how life was back then before they could enjoy it like the people in the olden days.

3 Types of Essays Are Models for Professional Writing Forms

3 Types of Essays Are Models for Professional Writing Forms 3 Types of Essays Are Models for Professional Writing Forms 3 Types of Essays Are Models for Professional Writing Forms By Mark Nichol The three types of essay most commonly assigned in school the narrative essay, the persuasive essay, and the expository essay conveniently correspond to those writing forms most frequently published online and in print. Your experience with these prose forms is ideal preparation for writing for publication. 1. The Narrative Essay This form, employed when reporting about an event or an incident, describing an experience, or telling a story, is the basic mode in journalistic writing. Practice in relating what happened when you witnessed an occurrence, or writing about what you were told by someone who witnessed it, is good training for becoming a newspaper reporter. Writing your recollections of something that happened to you is the basis of travel writing and similar content. Meanwhile, effective storytelling is an essential skill for feature writing, which as opposed to reporting, which is event driven focuses on a person, a place, or a thing, such as a company or an organization. (Travel writing, actually, is a hybrid of all three forms of essay writing.) Many magazine articles, for example, and a number of nonfiction books, are basically profiles of one of these types of entities, and fiction writing, of course, is a form of narrative, albeit one that is invented or based on a real-life subject. 2. The Persuasive Essay In this type of essay, the writer attempts to convince readers to agree with an opinion. In a traditional persuasive essay, the writer states the essay’s topic and organizational scheme clearly and concisely, then emphasizes and clarifies the topic’s significance by briefly mentioning the current event or recent publication, for example, that prompted the writer to discuss the topic. The rest of the piece consists of the writer’s argument in favor or in criticism of a position. This persuasion can take the form of a scholarly critique or a review of a creative effort such as a live or recorded performance (for example, a music album) or a work in some medium (a film, for instance). In either case, the writer begins with a thesis, or statement to be proven, summarizes the position (or the plot or theme of a work of art), and provides further detail as necessary to amplify the essay’s points. An essential component of a formal persuasive essay is a balanced discussion of an opposing viewpoint, while an informal review might include a mention of what an artist was attempting to accomplish by performing or creating and, for the sake of courtesy, could refer to how the artist succeeded in part even if the reviewer believes that the work is ultimately unsatisfactory. Persuasive essays, like narrative essays, can be submitted for publication. Guest editorials in newspapers and magazines, reviews in the art sections of periodicals or on entertainment-oriented Web sites, or position statements for nonprofit organizations or political lobbying groups are all forms of persuasive writing that publishers of this content will pay for. 3. The Expository Essay Expository writing can take the form of a how-to manual or other form of instruction, an explanation of a natural or technological process (an outline of the evaporation cycle, for example, or how to rebuild a car engine), a comparison of two similar subjects though this form overlaps with the persuasive essay or a discursion on a historical event or on future possibilities. This last variation also has elements in common with narrative or persuasive writing, and in a sense, none of these types of writing is entirely exclusive. Therefore, if you, like almost all current or former students, have had experience with these forms of essay writing, you’ve already been trained (and, hopefully, coached) in how to write professionally. And if you already do so, be confident that you can easily apply your skill in one form to taking on another: If you write position papers, you have no excuse not to move into instructional writing, if that’s what you want to do. Similarly, if you make a living explaining things in writing, don’t hesitate to explore fiction or nonfiction narrative writing if it appeals to you. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Business Writing category, check our popular posts, or choose a related post below:What is the Difference Between "These" and "Those"?50 Idioms About Arms, Hands, and Fingers

Discuss this quote in relation to Nelson Mandelas inaugural address Essay

Discuss this quote in relation to Nelson Mandelas inaugural address - Essay Example Mandela tactfully addressed a number of issues that faced the country in the past while attempting to strike a balance between the minority white and the majority blacks. The speeches raises pays a particular appeal to the pathos of the audience, an aspect that helps reduce the tension and emotions that could have arose. Mandela points out a number of issues that South Africa requires including unity, tolerance, and developing the image of the country. In his address, Nelson Mandela uses a number of linguistic devices to communicate to the people of South Africa when delivering his first inaugural ceremony in the University of Pretoria. The fact that he is not a native English speaker demonstrates an accent in his pronunciation of the English words. The punctuation of his speech is quite impressive. In addition, he demonstrates good command of language and uses a figurative language that has a good choice of semantics and lexical devices. The choice of words in every sentence has been carefully done in order to convey a specific message to the South Africans as well as the rest of the world. His speech demonstrates a dedication to unite South Africans in order that the world may have a view of what it means be have order, equality, justice, and freedom. The linguistic mastery of Mandela in this speech confirms Boussoffara-Omar’s (2011) saying that, â€Å"linguistic choices and discursive practices are never ‘value-fr ee’ or neutral, they are always situated in histories, whether they are personal, local or global†. In the inaugural speech, Mandela is very systematic in the way he presents issues. The first thing is that he presents a greeting that acknowledges all the participants in a special way. He refers to them using highly dignified words, â€Å"majesties, highnesses, distinguished guests, comrades, and friends.† This opening statement gives a special appreciation to the South Africans as well as the other individuals from the

Coordination and Control Essay Example | Topics and Well Written Essays - 2500 words

Coordination and Control - Essay Example In addition, it is responsible for processing sensory information from external stimuli, such as sight. This system is responsible for the regulation of such involuntary functions of the body as digestion, blood flow, and heartbeat. The autonomic nervous system is most essential for two functions, which are during emergencies that lead to stress and need the individual to either take flight or fight and during non-emergencies, allowing the individual to digest and rest (Mai & Paxinos, 2012: p55), which are under the sympathetic or parasympathetic system respectively. This system is responsible for the regulation of bodily functions like digestion, sweating, and heart rate. The sympathetic system provides for fast responses required for immediate needs, for example in response to present threats. The SNS is responsible for the regulation of many processes of homeostasis in the human body at a basic level, as well as in mobilization of the flight or fight response (Mai & Paxinos, 2012: p56). This is the second part of the autonomic system that opposes the sympathetic system, for example by dilating blood vessels and slowing the heartbeat down. This system serves to relax sphincter muscles, increase glandular and intestinal activity, and slow heart rate, thus conserving energy and this is the reason why it is also referred to as the rest and digest system (Mai & Paxinos, 2012: p56). Sensory neurons transmit signals from peripheral body parts to the CNS, including such sensory information as sound and sight. The neurons undergo activation by sensory input before projecting this information to other nervous system elements (Widmaier et al, 2011: p27). They are afferent neurons, only transmitting signals towards the CNS. Relay neurons conduct information from one part of the CNS to another, forming connections between other neurons. The term relay neurons also refer to

Discuss how psychology can help us understand people's behaviour Essay

Discuss how psychology can help us understand people's behaviour - Essay Example Psychology is the â€Å"science of behavior and processes† (Nevid, 2009, p. 4). Plotnik and Kouyoumdjian (2011) inserted systematic into the previous definition, which seemed appropriate. However, it is the definition provided by Bernstein (2011) best fits the goals of this paper - psychology is â€Å"the science that seeks to understand behavior and mental processes and to apply that understanding in the service of human welfare† (p. 3). Psychology facilitates understanding of human behavior by addressing its four main goals – to describe, explain, predict and control behavior. One way by which psychology helps in understanding human behavior is by describing it. Psychologists address questions pertaining to human behavior by description of observable behaviors. The term describing in psychology refers to naming or classifying, and involves the preparation of a comprehensive record of behavior based on observation (Coon and Mitterer, 2009). As explained in Plotn ik and Kouyoumdjian (2011), describing behaviors and mental processes of autistic children about their difficulties in learning language helps psychologists understand their behavior. A case in point would be Donna. As a child, Donna recounts that she does not understand what people were saying, simply sounds with no particular meaning. These senseless sounds bothered Donna and she reacts by endlessly tapping or twirling in fingers since these movements hold her attention and allows her to escape from a non-sensible environment (Plotnik & Kouyoumdjian, 2011). Psychologists were able to solve the tapping and twirling puzzle by observing Donna and describing the circumstances which would trigger tapping or twirling. It should, however, be made clear at this point that describing observed behaviors benefits both normal humans or those who are mentally challenged like the autistic Donna in Plotnik and Kouyoumdjian (2011). Psychology paved the way for the development Sternberg’s T riarchic Theory. In this theory, Sternberg proposed a framework for teaching and assessment for any grade level or subject by which teaching and evaluation may be designed to highlight the three abilities analytical, analytic, practical, as well as memory. The framework consists of a description or listing of activities which were proven to facilitate analytic, creative and practical learning and sharpen the memory of the students (Snowman, McCown, & Biehler, 2009). Thus, as already discussed, psychology can help in the understanding of human behavior by observing and describing learning behavior to facilitate learning among normal students and to understand learning difficulties among individuals with learning disabilities. Coon and Mitterer (2009), however, argued that describing alone would not help explain behavioral phenomenon. Hence, psychologists also attempt to explain various phenomena in order to understand human behavior. Finding explanations for various behavioral phenom ena assists in discovering the causes of human behavior (Plotnik & Kouyoumdjian, 2011). Psychology helps explain why students miss classes, why they obtain low achievement scores, why divorce is on the rise, why STD claims many victims despite the known perils of contracting it. From a mere description of observed behavior, psychology goes beyond listing by explaining the causes of behavior. Psychological breakthroughs in autism helped explain it is not really caused by cold and rejecting parents

Effects of the Stock Market on Economic Development

Effects of the Stock Market on Economic Development Over the last few decades world stock markets are growing enormously and the stock markets particularly in developing countries represent a large share of this boom. Investors are venturing into the world s newest markets and some are seeing handsome returns but are developing countries themselves reaping any benefits from their stock markets? The evidence indicates that they are. Over the past 10 years, the total value of stocks listed in all of the world s stock markets rose from $4.7 trillion to $15.2 trillion, while the Share of total world capitalization represented by the emerging markets jumped from less than 4 percent to almost 13 percent. Trading in the emerging markets also surged: the value of shares traded climbed from less than 3 percent of the world total in 1985 to 17 percent in 1995. The emerging markets have attracted the interest of international investors while raising a number of critical questions for policy makers in developing countries: Do stock markets affect overall economic development and, if so, how? What is the relationship, between stock markets and banks in fostering economic growth? And, how can developing countries benefit from stock market growth? Impact on development: Do stock markets affect overall economic development? Although some analysts view stock markets in developing countries as casinos that have little positive impact on economic growth, recent evidence suggests that stock markets can give a big boost to economic development. Stock markets may affect economic activity through the creation of liquidity. Many profitable investments require a long-term commitment of capital, but investors are often reluctant to relinquish control of their savings for long periods. Liquid equity markets make investment less risky and more attractive because they allow savers to acquire asset equity and to sell it quickly and cheaply if they need access to their savings or want to alter their portfolios. At the same time, companies enjoy permanent access to capital raised through equity issues. By facilitating longer-term, more profitable investments, liquid markets improve the allocation of capital and enhance prospects for long-term economic growth. Further, by making investment less risky and more profitable, stock market liquidity can also lead to more investment. Put succinctly, investors will come if they can leave. There are alternative views about the effect of liquidity on long-term economic growth, however. Some analysts argue that very liquid markets encourage investor myopia. Because they make it easy for dissatisfied investors to sell quickly, liquid markets may weaken investors commitment and reduce investors incentives to exert corporate control by over- seeing managers and monitoring firm performance and potential. According to this view, enhanced stock market liquidity may actually hurt economic growth. The empirical evidence, however, strongly supports the belief that greater stock market liquidity boosts or at least precedes economic growth. To see how, consider three measures of market liquidity three indicators of how easy it is to buy and sell equities. One commonly used measure is the total value of shares traded on a country s stock exchanges as a share of GDP. This ratio does not directly measure the costs of buying and selling securities at posted prices. Yet, aver- aged over a long time, the value of equity transactions as a share of national output is likely to vary with the ease of trading. In other words, if it is very costly or risky to trade, there will not be much trading. This ratio is used to rank 38 countries by the liquidity of their stock markets in four different groups. The nine countries with the most illiquid markets are in the first group; the nine countries with the most liquid markets that is, with the largest value-traded-to-GDP ratios are in the fourth group; the second and third groups, each of which contains 10 countries, fall between the two extremes of liquidity. As Chart 1 show, countries that had relatively liquid stock markets in 1976 tended to grow much faster over the next 18 years than countries wi th illiquid markets. The second measure of liquidity is the value of traded shares as a percentage of totals market capitalization (the value of stocks listed on the exchange). This turnover ratio measures trading relative to the size of the stock market. Chart 2 indicates that greater turnover predicted faster growth. The more liquid their markets in 1976, the faster countries grew between 1976 and 1993. The third measure is the value-traded-ratio divided by stock price volatility. Markets that are liquid should be able to handle heavy trading without large price swings. As Chart 3 shows, countries whose stock markets were more liquid in 1976 countries with higher trading-to-volatility ratios grew faster over the next 18 years than countries with less liquid markets. As demonstrated in the series of papers on which this article is based (see back- ground note), the strong link between stock market liquidity and economic growth continues to hold when controlling for other Economic, social, political, and policy factors that may affect economic growth, and when using instrumental variable estimation procedures, various periods, and different country samples. The basic conclusion that emerges from this statistical work is that stock market development explains future economic growth. What is important is that other measures of stock market development do not tell the same story. For example, stock market size as measured by dividing market capitalization by GDP is not a good predictor of economic growth (Chart 4), while greater stock price volatility does not necessarily predict poor economic performance (Chart 5). Empirically, it is not the size or volatility of the stock market that matters for growth but the ease with which shares can be traded. Countries may be able to garner big growth dividends by enhancing the liquidity of their stock markets. For example, regression analyses suggest that if Mexico s value-traded-to- GDP ratio in 1976 had been the same as the average for all 38 countries in our sample (0.06 instead of Mexico s actual ratio of 0.01), the annual income of the average Mexican would be 8 percent higher today. This type of forecast does not explain how to enhance liquidity, but it does give an indication of the potentially large economic costs of policy, regulatory, and legal impediments to stock market development. Is there really a link between stock market liquidity and economic growth, or is stock market liquidity just highly correlated with some nonfinancial factor that is the true cause of economic growth? Multiple regression procedures suggest that stock market liquidity helps forecast economic growth even after accounting for a variety of nonfinancial factors that Influence economic growth. After controlling for inflation, fiscal policy, political stability, education, the efficiency of the legal system, exchange rate policy, and openness to international trade, stock market liquidity is still a reliable indicator of future long- term growth. Stock markets versus banks: Is there and independent link between stock market development and growth, or is stock market liquidity correlated with banking development and is the latter the financial factor that really spurs economic growth? Although countries with well-developed banks as measured by total bank loans to private enter- prises as a share of GDP tend to grow faster than countries with underdeveloped banks (Chart 6); the effects of banks on growth can be separated from those of stock markets. To evaluate the relationship between stock markets, banks, and growth, our 38 sample countries were divided into four groups. Group 1 had greater-than-median stock market liquidity (as measured by the value- traded-to-GDP ratio) in 1976 and greater- greater-than-median banking development. Group 2 had liquid stock markets in 1976 but less-than-median banking development. Group 3 had less-than-median stock market liquidity in 1976 but well-developed banks. Group 4 had illiquid stock markets in 1976 and less-than-median banking development. Countries with both liquid stock markets and well-developed banks grew much faster than countries with both illiquid markets and underdeveloped banks. Furthermore, greater stock market liquidity is associated with faster future growth no matter what the level of banking development. Similarly, greater Banking development implies faster growth no matter what the level of stock market liquidity. Thus, it is not a question of stock market development versus banking develop- mint each, on its own, is a strong predictor of future economic growth. Why might stock markets and banks both, independently of each other, boost economic growth? Although the empirical evidence is consistent with the view that stock markets and banks promote economic growth independently of each other, the reasons are not fully understood. One argument is that stock markets and banks provide different types of financial services. Stock markets offer opportunities primarily for trading risk and boosting liquidity; in contrast, banks focus on establishing long-term relationships with firms because they seek to acquire information about projects and managers and enhance corporate control. (There is, of course, some overlap. Like stock markets, banks help savers diversify risk and provide liquid deposits. Like banks, stock markets may stimulate the acquisition of information about firms, because investors want to make a profit by identifying under- valued stocks to invest in; stock markets may also help improve corporate governance by simplifying takeovers, providing an incentive to improve managerial competency.) Is greater stock market liquidity associated with more or better investment? Both Chart 7 shows that countries that had more liquid stock markets in 1976 enjoyed both faster rates of capital accumulation and greater productivity gains over the next 18 years However, although liquid equity markets imply more investment, new equity sales is not the only source of finance for this increased investment? Most corporate capital creation is financed by retained earnings and bank loans. Although this phenomenon is not wholly understood, greater stock market liquidity in developing countries is linked to a rise in the amount of capital raised through bonds and bank loans, so that corporate debt-equity ratios rise with market liquidity. Stock markets tend to complement not replace bank lending and bond issues. Economist believes differently regarding the importance of financial system and its impact on economic growth. Walter Bagehot (1873) and John Hicks (1969) viewed role of financial system as a critical factor for the mobilization of capital. Joseph Schumpeter (1912) explains that a well developed financial system stimulates funding for entrepreneurs; According to his view, Economic development fabricates demand for financial arrangements, and the financial system automatically counters these demands. Besides this, some economists just do not believe the role of finance development is crucial to economic growth. Among those (Robert Lucas, 1988) reasoned that economists poorly over-stress the role of financial development for economic growth. A growing body of work would push even most skeptics toward the belief that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential side show, responding passively to economic growth and industrialization. There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capital accumulation, and technological change. This research paper is based on an existing papers by (Garcia and liu; 1999) and (Julia Losseva, 2006). The main objective of this paper is to find the relationship between stock market development and the economic growth in developed economies. However there is an effort made to address the role of liquidity in the development of stock market which hasn t been given much of the attention. Some researchers argue that there is no influence of stock market development on economic growth. Recent evidence confirmed that Stock markets may affect economic development by providing liquidity to the market. Usually a profitable investment require long term commitment of the capital however Investors are apprehensive in holding up there capital for long time. Liquid equity market makes facilitates investment and offer quicker ways to alter portfolios so it s vital to both the investor and stock market development. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame-work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. Although conclusions must be stated hesitantly and with ample qualifications, the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. Broad problem area Is there a Causal relationship between stock market development and economic growth? Literature Survey: Financial development and economic growth: the role of stock markets: Economists Hold startlingly different opinions regarding the importance of the financial system for economic growth. Walter Bagehot (1873) and John Hicks (1969) argue that it played a critical role in facilitating the mobilization of capital. Joseph Schumpeter (1912) contends that well functioning banks spur technological innovation by identifying and funding those entrepreneurs with the best chances of success. In contrast, Joan Robinson (1952, p. 86) declares that, economic development creates demands for particular types of financial arrangements, and the financial system responds automatically to these demands. The relationship between financial development indicators and economic growth has received a considerable attention in recent empirical literature. Many authors have concluded that the development of the financial system has a positive effect on the rate of economic growth. And the volume and efficiency of investment Fry, (1997), McKinnon (1973) Shaw 1973, and others such as Kapur (1976), Matheson (1980) and fry (1989) and (1997) have presented the theoretical backward of the relationship . Financial intermediation has positive effect on economic growth. McKinnon, 1973 and Shaw, 1973; emphasis the role of financial liberalization to increase saving and investment they argued that financial deepening improve not only productivity but also capital and saving. Therefore it improves prospects for investments and growth. Second by reducing the information and transaction cost the financial intermediaries. The main policy implication of the McKinnon/ Shaw frame work is that government restriction on the financial sector such as interest rate ceilings, high reserve requirements and directed credit policies distort the process of financial development and reduce economic growth. Greenwood and Jovanovic (1990) and king and Levine (1993) argue that the government intervention in the banking system reduces the growth rate of the economy because of the high transaction cost. Gurley and Shaw 1955, 1960, 1967; centred their theme on the importance of financial intermediation to direct saving to investment. Further to their research Atje and Jovanovich; 1993, link stock market development as a positive sign for economic growth and efficiency. Similarly Levine and zervos; 1998 and Singh; 1997 proposed stock market development as a positive function to the long term growth. (Gold smith; 1969) emphasized that the well structured financial system facilitates the growth economy and explained the overall positive impact of financial structure on economic growth. Pagano, 1993; identify that there is an increased risk sharing benefits in larger stock markets through market externalities while Levine and bencivenga smith and Starr, 1996; show that the stock market may affect economic activity through the creation of the liquidity similarly Devereux and Smith, 1994; and obstfeld 1994 shows that the risk diversification through internationally integrated stock markets is another vehicle through which the stock markets can effect economic growth. In the early researches carried out by (Greenwood and jovanovic s, 1990) emphasized the argument that well functioning financial markets lowers the transaction cost which help in directing the capital to most favourable project in terms of returns therefore promotes growth. Both (McKinnon/ Shaw and Gurley and Shaw 1955, 1960, 1967) stress the role of financial intermediaries on economic growth and they concluded that the easy transfer of funds gears the high social return for economic growth. (King and Levine, 1933) provided empirical evidence by observing financial intermediaries and their role in economic growth by using a cross country data of 80 different countries establish a direct relationship between a well developed stock market, banking system promotes economic growth. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. Joseph Schumpeter s view financial intermediaries are crucial for innovation and economic development and the same argument was concluded in the empirical work by Goldsmith, 1969; McKinnon, 1973); However some economist like Lucas, 1988 believe that financial development is not important for economic growth and describe the relationship of financial development and economic growth as over stressed. King and Levine strongly hold the view that there is strong relationship between among financial development and real per capita GDP growth and the rate of capital Allocation. They also determined the financial development is robustly correlated with future rates of economic growth. As a result King and Levine supported the idea which was proposed by Schumpeter 80 years back. In another article (Levine, 1933) develop an endogenous model to clarify the relationship between growth finance and entrepreneurship. The study the role entrepreneurs in initiating economic activity there are two views of Schumpeter; the first one which states that innovation are the motivation to seek temporarily monopoly profit. The second view which less popular is financial intermediary play a vital role in economic growth because of the fact that these financial intermediaries provide fund to the entrepreneur for their innovative activity and facilitate development of new product in the market. Previously the economist such as (Schumpeter, 1911) and (Walter Bagehot, 1873) emphasize the role of banking system in economic growth. Beside this historical emphasize on banking system there are few researches on the relationship between stock market and long run growth. Therefore (Levine and zervos, 1998) focused on stock market by using 47 countries data from (1976 -1993). The study empirically investigates whether banking and stock market indicators are strongly correlated with the current and future rate of economic growth, capital accumulation and productivity growth. Te evidences are consistent with the views that service provided by financial institution and markets are noteworthy for long run growth as argued by (King Levine, 1933) finally the study summarizes that financial environment plays crucial role in the economic growth process. In recent papers by (Rajan and Zingales, 1998) contribute to the finance and growth literature by examining whether industrial sector requiring external finance, in countries with well developed financial markets grow faster compared to those less developed financial market. The results are consistent with the theory that financial markets and institution reduce the cost of external finance. For firms and promote industrial growth a emphasized this would imply that an industry in need of external finance such as pharmaceutical grow relatively faster than tobacco industry requires little external finance in countries with well developed financial system Rajan and Zingales ,1998. Similarly Demirguc-kunt and Maksimovic, 1966 found consistent results with Rajan and Zingales, 1998 that firms in countries with well functioning banking system and equity markets grow faster than it was predicted to sum up the study suggest that financial development may cause the rise of new firms and can improve the growth indirectly and also finding provide evidence that financial market imperfection have an important role in on investment and growth. Moreover, some economists just do not believe that the finance-growth relationship is important. Robert Lucas (1988, p. 6) asserts that economists badly over-stress the role of financial factors in economic growth, while development economists frequently express their skepticism about the role of the financial system by ignoring it (Anand Chandavarkar 1992). The link between liquidity and economic development arises because some high-return projects require a long-run commitment of capital, but savers do not like to relinquish control of their savings for long periods. Thus, if the financial system does not augment the liquidity of long-term investments, less investment is likely to occur in the high-return projects. Indeed, Sir John Hicks (1969, pp. 143-45) argues that the capital market improvements that mitigated liquidity risk were primary causes of the industrial revolution in England. The critical new is capital market liquidity. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. Before delving into formal models of liquidity and economic activity, some intuition and history may help motivate the discussion. Demirguc kunt and Levine; 1996 identifies the relationship between stock market development and financial intermediary development. They find that better developed stock markets also have better developed financial intermediaries. Levine and Zervos; 1998; proposes that liquidity of the stock market is significantly correlated with current and future rates of economic growth. They also discovered that stock market liquidity and banking development significantly predict future areas of growth. Demirguc kunt and Levine, 1996; investigated the relationship between stock market development and financial intermediary development they also found that those countries having well developed stock markets have better developed financial intermediaries. Therefore they concluded that stock market development goes hand in hand with financial intermediary development. The financial development and its impact on new firms creation are investigated by (Beck, Demirguc-kunt and Levine, 2001) and the impact of economic development and financial structure on industry growth are examined by using country industry panel based on work by Rajan and Zingales, 1998 it is questions that whether industries that heavily depend on external finance grow faster in market or bank based financial system. Whether the level of financial development is a matter for economic development , beck Demirguc kunt and Levine, 2001 found that the banks non banks financial intermediaries and stock market are larger more active and more efficient in richer countries. These characteristics of financial system develops as countries become wealthier also the result indicates that while countries become wealthier stock markets become more active and efficient relative to the banks the more important finding of the article is that externally dependent industries grow relatively faster in countries with better developed financial systems which is consistent with the financial services view predicting that industries that dependent on external finance grow faster in economies with a higher level of financial development grow relatively faster in countries with better developed financial systems, which is consistent with the financial services view predicting that the industries that dependent on external finance grow faster in economies with a higher level of financial development. Further to their research by using 44 industrial and developing countries they investigated that institutionally developed market with strong information disclosure laws, international accounting standards and unrestricted capital flows are larger more liquid markets with less volatility and are internationally integrated with smaller markets. (Levine and Renelt, 1992; Arestis and Demetriades, 1997; Luintel and khan 1999) regarded the presence of endogeneity which weakens the estimated effect of stock market indicators (Harris, 1997) as in case of cross country regression to establish the relationship between stock market development and economic growth. Thus our results may be indirectly valuable for less developed economies in way that may help policy decision relating to the adoption of specific types of financial system. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. The ability to acquire and process information may have important growth implications. Because many firms and entrepreneurs will solicit capital, financial intermediaries, and markets that are better at selecting the most promising firms and managers will induce a more efficient allocation of capital and faster growth (Jeremy Greenwood and Boyan Jovanovic 1990). Bagehot (1873, p. 53) expressed this view over 120 years ago. Acquiring Information about Investments and Allocating Resources It is difficult and costly to evaluate firms, managers, and market conditions as discussed by Vincent Carosso (1970). Individual savers may not have the time, capacity, or means to collect and process information on a wide array of enter-prises, managers, and economic conditions. Information acquisition costs create incentives for financial intermediaries to emerge (Diamond 1984; and John Boyd and Edward Prescott 1986). Assume, for example, that there is a fixed cost to acquiring information about a product-ion technology. Without intermediaries, each investor must pay the fixed cost. In response to this information cost structure, however, groups of individuals may form (or join or use) financial intermediaries to economize on the costs of acquiring and processing information about investments. Information costs, however, may also motivate the emergence of money. Because it is costly to evaluate the attributes of goods, barter exchange is very costly. Thus, an easily recognizable medium of exchange may arise to facilitate exchange (King and Charles Plosser 1986; and Williamson and Randall Wright 1994). The financial systems ability to provide risk diversification services can affect long-run economic growth by altering resource allocation and the saving rates. The basic intuition is straightforward. While savers generally do not like risk, high-return projects tend to be riskier than low-re-turn projects. Thus, financial markets that ease risk diversification tend to induce a portfolio shift toward projects with higher expected returns (Gilles Saint-Paul 1992; Michael Devereux and Gregor Smith 1994; and Maurice Obstfeld 1994). Furthermore, a growing literature shows that differences in how well financial systems reduce information and transaction costs influence saving rates, investment decisions, technological innovation, and long-run growth rates. If we will consider the discussion exist on the relationship between the financial system and economic growth; financial markets development is always considered as pivotal element for growth of economy through the diverse contribution of stock markets and banks. Stiglitz (1985) argues that, because stock markets quickly reveal information through posted prices, there will be few incentives for spending private resources to acquire information that is almost immediately publicly available. The absence of financial arrangements that enha

Julius Caesar Essay -- essays research papers fc

The Life And Death of Gaius Julius Caesar In my opinion, no other man in the history of the world symbolizes military and political strength as much as Julius Caesar does. Caesar was born on July 12, 100 BC in Rome, Italy (Encarta 2000). His father belonged to the prestigious Julian clan (Internet Explorer) His uncle by marriage was Gaius Marius, leader of the Populares which supported agrarian reform and opposed the Optimates (Comptons Encyclopedia). Marius saw to it that Julius Caesar was appointed flamen dialis which is a archaic priesthood with no power. Caesar's marriage in 84 BC to Cornelia, the daughter of Marius's associate was a political Match (Lindsay Salo). When Lucius Cornelius Sulla, Marius's enemy and leader of the Optimates, was made dictator in 82 BC, he issued a list of enemies to be executed. Caesar was not harmed but he was ordered by Sulla to divorce Cornelia. Caesar refused that order and left Rome to join the army (Lindsay Salo) (Comptons Encyclopedia). This wa s the beginning of an astonishing military career. He became second in command of the province Asia (Turkey) (Lindsay Salo). In two years he proved his bravery and superior skills at arms. After these years and Sulla's resignation in 78 BC, Julius decided to return to Rome. There he served as an officer in Crassus's army against Spartacus, Caesar climbed steadily in the government by serving as an official in many provinces (Internet Explorer). After the death of his wife Cornelia, Julius remarried a wealthy wife and allied with Crassus, who was the richest man in Rome at the time (Internet Explorer). Their opponent was Pompeius Magnus (the Great). Caesar wanted to become part of the consulate. The consulate was a governmental position where two consuls, nominated each year, held the power of the state. Caesar was hoping that he and Crassus would become the powerful consuls of the Roman Empire. However, the Senate tried to stop his efforts by pitting Crassus, Pompeius and Caesar aga inst each other. Caesar noticed this and did something believed impossible. Julius created an alliance among himself, Crassus, and Pompeius (Encarta 2000). The alliance made it possible for them all to share power. This three way consulship was called a Triumvirate (Internet Explorer). This agreement dictated the Roman policy for the next decade. They shared all offices between them and their followe... ...y corrupt tax system, extended Roman citizenship, and sponsored colonies of veterans. Also Caesar's reform of the calendar gave Rome a rational means of recording time which was very important (Encarta 2000). However, a number of senatorial families felt that Caesar threatened their position. Thus, on the 6th of March 44 BC, the so called Ides of March, Caesar was murdered by Marcus Brutus, Gaius Cassius, and his two trusted commanders of his old legions Decimus Brutus and Gaius Trebonius (Encarta 2000). Caesar was stabbed twenty-three times. While the blood poured out of his wounded body the great dictator of Rome silently pulled his toga over his head and fell at the foot of a statue of Pompeius (Internet Explorer). In conclusion, Julius Caesar was probably the greatest man of his time and the most successful. It was Caesar who ended the Roman republic and paved the way for the later Roman emperors (Encarta 2000). From his early life to his death no other man accomplished as mu ch as he did. Julius Caesar in my opinion was the greatest soldier and dictator of all time. By Vince Henecker Bibliography 1. Compton's Encyclopedia 2. Encarta 2000 3. Internet Explorer 4. Lindsay Salo

The New Form of Presidency and Vice Presidency

With the research that I have gathered I believe Al Gore would pose as a good candidate to serve our country. However I also believe that George W. Bush would serve us well too. So I have come up with an idea that perhaps in the next presidential election there could be a republican and a democrat as running mates. Maybe one could be the vice president and the other the president. I believe that a lot more laws and bills could be passed, and the country could be satisfied as a whole. Maybe the country could even come up with a new form of presidency where there are two presidents and one vice president. Then laws and bills may not be passed without both presidents being in agreement. The vice president would perform the same duties, while the presidents could get twice as much done in half the time. Now if I had to choose on a presidential candidate it would be George W. Bush. I would choose him for two reasons, one for his beliefs on social security and two for his views on education. First off with social security and the way that it is currently heading I believe that there will not be enough money left to fund it for my children or me. Bush believes that it is a promise to our nation. He wants to change it, not for current retirees or those soon approaching it, but for the next generation. To put that money away where it can earn higher interest rates. Now on to Bush†s views on public education. He has already reformed the public schools in Texas, and he wishes to do it all across the country. He wants to offer states the freedom form federal intervention, but receive results in return. Performance checks with also be held annually. With those two reasons alone give me a good enough will to vote for bush. If I were eighteen I would have no trouble when Election Day came.

The Chemistry of Photography essays

The Chemistry of Photography essays Joseph-Nicephore Niepce took he words first photographs in 1824. Many people dont know that he was the person who invented photography; they think that a Frenchman named Daguerre was the inventor but he got the idea from Niepce. Jacqueline Belloni, a chemist at the University of Paris-South at Orsay, is doing research on holes in halide ions. The problem with holes is that they gobble up light-generated electrons. Belloni reasoned that the solution was to dope the film. The dopant would be a negatively charged ion, like halide, so it could substitute for halide in the crystal lattice. Instead of needing ten photons a crystal doped with formate does the job with two. A benefit to consumers will be that it will make high-speed film less grainy and better quality. Rene De Keyzer, a chemist at Agfa-Geveart helps fund Bellonis research, predicts Agfe will have doped films on the market within four years. Film emulsions today are a million times better at capturing photons but th ey still have a long way to go. ~$10 single use camera has 10 times better resolution than todays $1000 digital camera. ~There are 10 billion crystals in a frame of ordinary film. ~The first camera invented was a cubical wooden box about a foot on a side and the film was a tin or stone plate coated in asphalt. I think this article was interesting I never realized how complicated it is to develop a photograph. I think it would be incredible to be able to see one of the first photos Niepce ever made. ...

KRAUS Surname Meaning and Family History

KRAUS Surname Meaning and Family History The last name Kraus is a descriptive German surname meaning with curly hair, from the Middle High German krus, meaning curly. Surname Origin: German Alternate Surname Spellings:  KRAUS, KRAUß, KRAUSS, KRAUßE, KRAUSSE, KRUSE, KRAUSE Famous People with the Kraus  Surname Adolph Kraus  - Jewish leader and lawyerCharles A. Kraus  - American chemistGertrud Kraus  - pioneer of modern dance in IsraelHans Werner-Kraus  - German U-boat commanderJoseph Martin Kraus  - classical composerGeorg Melchior Kraus  - German painter Where is the Kraus  Surname Most Common? According to surname distribution from Forebears, the Kraus  surname is most common in Germany, where it ranks 52nd in the nation, followed by Austria (95th), Luxembourg (170th), and Czech Republic (199th). Krause with the e, however, is even more popular in Germany- coming in as the 27th most frequent surname. WorldNames PublicProfiler indicates a similar distribution, with the greatest percentage of individuals named Kraus  in Germany, followed by Austria and Luxembourg. German surname distribution maps at Verwandt.de show Kraus as most common in southeastern Germany in areas such as Forchheim and Augsburg, while Kraus is much more frequent in northwestern and western Germany, around Hannover and Recklinghausen. Genealogy Resources for the Surname KRAUS Meanings of Common German Surnames: Uncover the meaning of your German last name with this free guide to the meanings and origins of common German surnames.Kraus  Family Crest - Its Not What You Think: Contrary to what you may hear, there is no such thing as a Kraus  family crest or coat of arms for the Kraus surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male line descendants of the person to whom the coat of arms was originally granted.The Kraus/Krause  DNA Surname Project: Individuals with the Kraus  surname or variants such as Krause are invited to participate in this group DNA project in an attempt to learn more about ancient Kraus family origins. The website includes information on the project, the research done to date, and instructions on how to participate.KRAUS  Family Genealogy Forum: This free message board is focused on descendants of Kraus  ancestors around the world.FamilySearch - KRA US  Genealogy: Explore over 1.1  million results from digitized  historical records and lineage-linked family trees related to the Kraus surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints. KRAUS  Surname Mailing List: Free mailing list for researchers of the Kraus  surname and its variations includes subscription details and a searchable archives of past messages.DistantCousin.com - KRAUS  Genealogy Family History: Explore free databases and genealogy links for the last name Kraus.GeneaNet - Kraus  Records: GeneaNet includes archival records, family trees, and other resources for individuals with the Kraus  surname, with a concentration on records and families from France and other European countries.The Kraus  Genealogy and Family Tree Page: Browse genealogy records and links to genealogical and historical records for individuals with the Kraus  surname from the website of Genealogy Today.

Culture In Australian Universities Essay Example | Topics and Well Written Essays - 1250 words

Culture In Australian Universities - Essay Example From my point of view, this culture is widely based on inquisitiveness that involves the search of information on almost everything regardless of its importance to the students. This comes in the perspective of practical use and application. This phenomenon has made it difficult for thousands of students in Australia to cope up with its demands. The kind of rampant interest that comes along with the curiosity has called upon the emergence of innovative and inventive aspects among students from a varied perspective. Many people have also come to criticize the innate curiosity behavior, though it has over the years been linked with advantageous aspects like the development of involving disciplines. This is in the field of biotechnology, computer science and nuclear physics that demand immense research and involvement in an aspect that most Australian universities have come to blend into. The latter culture unlike in other regions calls for a lot of critical thinking. Despite the fact that academic works in universities having to be built through a lot of involving processes. The same calls for immense adaptation to rational argument developments, testing and observations with support and evidence forming a core to almost any academic work done. Such kind of a culture is always rampant not only in Australian universities but in almost any university, with a strong reliance on intuition, unsupported opinions from a personal perspective or hearsay aspects being shunned with immense energies. Australia is well known as a good university study destination especially for the English Speaking states. Currently, more than two hundred thousand international students are enrolled in all universities across Australia. It is essential to comprehend that universities have their particular culture and adjusting to the universities culture usually takes a lot of effort and time. In studying both Australian and International first year students, it is evident that most of these students lack the experience needed in critical reading, appropriate citing and complete understanding of the academic games. Although most students do not provide information about the difficulties associated with settling in universities especially during the first year, enough contests have been organized and incredible information acquired. It is essential to have the university management have complete involvement in the entire process of settling down especially in the case of international students. In this research paper, a lot of information will be provided regarding the varied ways in which different students adapt to the university’s culture and the methods used in avoiding difficult experiences. One main factor that students should fight to overcome in their initial university years is culture shock. This phenomenon includes experiences related to transitions that are encountered by various individuals due to inability of using familiar or well-known cultures in the universities. These cultures could be used to convey, validate, reference and understand key aspects included in a culture and as used in identifying others. The impacts of culture shock are caused by continued or rather prolonged periods of conflicting self or personal ideas since the cultures are not well identified. Among the many difficulties are those

The Legal and Ethical Environment of Business Master Essay

The Legal and Ethical Environment of Business Master - Essay Example As explained by the United States Supreme Court in Atlanta Motel v. United States, the purpose of the Act was that, All persons shall be entitled to the full and equal enjoyment of the goods, services, facilities, privileges, advantages, and accommodations of any place of public accommodation, as defined in this section, without discrimination or segregation on the ground of race, color, or national origin (1964: np). The main issue was whether there was a valid Congressional interest in preventing the disruption of interstate commerce. The Supreme Court found that transient guests needed accommodations and that the restriction of accommodations to blacks was a very real disruption to the interstate travel of black citizens and therefore of interstate commerce. Our casino offers accommodations, indeed it is part of a larger group which is dependent on interstate commerce in order to sell our products and services, and it therefore falls within the scope of interstate commerce. In addition, many of our Arab customers are, in fact, transient guests. Any recommendation that encourages discrimination or segregation would almost certainly violate the Civil Rights Act of 1964. Even our restaurants are covered by these prohibitions. In Katzenbach v.