STEEP ANALYSIS ON INDUSTRY OF PULP AND PAPER Essay

STEEP ANALYSIS ON INDUSTRY OF PULP AND PAPER - Essay Example ronic vehicle of correspondence or the digitization and mechanization in the each part of business the requirement for physical paper has demonstrated a decrease in the ongoing ages (Barney, 1991). The utilization of the electronic medium in the organizations has influenced this industry. This has prompted a decrease in the acquisition of the paper and mash. Be that as it may, various new advancements have been embraced by the makers which would be cost effective and would prompt ascent in the income of the organizations. The innovative move would likewise prompt an ascent in the creation of the paper in the nation. Be that as it may, as the greater part of the organizations are moving towards manageability the utilization of printed version paper utilizing for sends and documentation are getting decreased. Since the significant contributions for the assembling of paper and mash is tree, the makers have gotten progressively slanted towards eco neighborly. This has prompted an ascent in the interest for the hand-made paper or of materials which are comprised of recyclable items and consequently sparing a great deal of trees. The assembling organizations likewise must be cognizant about the equalization in the discharges during the procedure of creation (Chhabra, 2010). There are various laws relating to the ecological examining and guidelines which has been set by the administration of the nation. The organizations need to guarantee that these laws are not disregarded while they are attempted their creation procedure. There is a ton of assortment of paper that is being delivered in India. For every one of the characteristics the evaluating of the paper differs and henceforth the income from the costly class of the item is very low. Canada has a stable world of politics. Alongside that the exchange relations with the United States and the support in the NAFTA has helped the nation to move towards a superior financial position and have helped the nation to finish in the bigger world

Climate and Migration Essays - Climate Change, Environmental Issues

Atmosphere and Migration Essays - Climate Change, Environmental Issues Janayna Manuel Worldwide Issues Composing Assignment # 2 Atmosphere and Migration Since the Neolithic Revolution, with he move to food creation, social orders have gotten progressively inactive, and have relied upon regular assets so as to settle networks. For instance, networks began to rise along streams, lakes, and maritime expenses with the goal that water could be utilized for crop water system, and to get assets, for example, fish and salt. All things considered, nature is flighty, and when there is an environmental change, stationary networks are essentially influenced. In West Africa, dry seasons have dislodged individuals, and caused out-movement, influencing networks in various ways. The Sahel district, in the South of the Sahar desert, and North of the tropical zone, along the equator, is one of the precarious areas on the planet, with respect to environmental change. Topographically, the Sahel area is basically found. Such a large number of elements assume a significant job in this area, causing debasement of the land. To start with, there are worldwide scale factors, for example, the ocean surface temperature (SST) peculiarities (Hagos There are a few issues connected to environmental change in the Sahel district. As indicated by Africa Renewal magazine, the Sahel area faces numerous issues, from delicate economy to unpredictable rainfalls. Because of its area, the district is entirely vulnerable to water lack, and land debasement, issues regularly connected to anthropogenic environmental change. For example, this district confronted an extreme dry spells through the 1970s and 1980s what set off a huge decrease of the economy (Hagos As appeared in the U.N. contextual investigation, a youngster, who used to live in the Lake Chad area, was altogether influenced by dry season, and he needed to move from the locale, and locate another spot to live. This fundamentally outlines how dry spells are a significant issue for the Sahel locale, and how they are firmly identified with populace. Unquestionably, it is conceivable to tackle the issue that the area is confronting. Be that as it may, the issues are as confused in neighborhood scale as they are in worldwide scale. As indicated by the article Responding to Climate Change, from NASA, relief and adjustment to environmental change, includes changing the human culture of utilization, by decreasing the nursery outflow. This is in a worldwide scale, yet additionally, this is likely the suitable answer for Sahel district climate. Indeed, Hagos and Cook announced in their investigation that the recuperation saw in Sahel during the 1990s was because of the change in SST abnormalities; A little variety in temperature of the two seas was the reason for that recuperation. Thusly, this investigation shows that human will keep on relying on climate conditions, which diminishes the odds of people changing the present circumstance in the Sahel area. By the by, the way that a drawn out arrangement relies generally on nature powers doesn't imply that there is nothing to do with respect to the Sahel district. As the U.N. contextual analysis appeared, the area is poor and it impacts the neighborhood ability to adapt to ecological issues, for example, dry seasons. Understand that the significant issue isn't that the locale is dry, yet how individuals manage dry spells. Therefore, it is outstanding that the principle issue is neediness in the district, what limits nearby individuals arrangements. As per Africa Renewal Magazine, in 2013,

Young Learners English Fingerplay Songs

Youthful Learner's English Fingerplay Songs Fingerplays - Learning Through MovementHere are various English fingerplay tunes which consolidate developments of the hands and fingers with key jargon. The demonstration of singing and carrying on the fingers youngsters make both a motor and melodic association with the new words, otherwise called aâ multiple insights approachâ to learning. Fingerplays are generally recited, albeit a few tunes additionally have developments which are in enclosures after each verbally expressed line. Three Little Monkeys Three Little Monkeys can have the same number of refrains as you like toâ practice the numbers. Here are the last two refrains as models. Stanza 1 Three little monkeys bouncing on the bed,â (tap three fingers on palm) One tumbled off and knock is head.â (one finger tumbles off, at that point hold head) Mother called the specialist and the specialist said:â (hold nonexistent phone to your ear) Not any more little monkeys hopping on the bed.â (shake finger) Stanza 2 Two little monkeys bouncing on the bed,â (tap three fingers on palm) One tumbled off and knock is head.â (one finger tumbles off, at that point hold head) Mom called the specialist and the specialist said:â (hold fanciful phone to your ear) Not any more little monkeys bouncing on the bed.â (shake finger) Little Bunny Foo-Foo Section 1 Little rabbit Foo-Foo bouncing through the forestâ (raise your hand all over as though jumping along through the woodland) Gathering up the chipmunks and bopping them on the head.â (pound clench hand into palm) Down came the great pixie and she said:â (drop shaking hand from above to underneath) Little rabbit Foo-Foo, I dont need to see youâ (shake finger) Gathering up the chipmunks and bopping them on the headâ (raise your hand all over as though jumping along through the woodland) Sick give you three chances,â (raise three fingers) Also, if youre not great, Ill transform you into a goon.â (raise two hands out of sight and shake them as though terrified) Stanza 2 Along these lines, the following day...(repeat aside from the pixie Godmother says two possibilities) Refrain 3 In this way, the following day...(repeat with the exception of the pixie Godmother says one possibility) Last Moral The lesson of this story is: Hare today, Goon Tomorrow!(play on expressions of the regular saying: Here today, gone tomorrow) Applaud 1 Applaud, applaud, applaud as gradually as you can.â (clap your hands gradually) Applaud, applaud, applaud as fast as you can.â (clap your hands rapidly) 2 Shake, shake, shake your hands as gradually as you can.â (shake your hands gradually) Shake, shake, shake your hands as fast as you can.â (shake your hands rapidly) 3 Rub, rub, rub your hands as gradually as you can.â (rub your hands gradually) Rub, rub, rub your hands as fast as you can.â (rub your hands rapidly) 4 Move, move, roll your hands as gradually as you can.â (roll your hands gradually) Move, move, roll your hands as fast as you can.â (roll your hands rapidly) Tips for Teaching Fingerplay Songs Compose key jargon for every tune on the board. Practice every development, and check for understanding.Model the tune a couple of times yourself. Dont be shy!Have understudies contribute different developments to Clap Your HandsHave various understudies lead the class in the tunes once theyve took in the tunes by heart.Ask understudies to make their own songs.Use grammar chantsâ to assist understudies with learning basic punctuation structures.

Marx Communist Manifesto Summary Essay Essay Example

Marx Communist Manifesto Summary Essay Paper All since the beginning. there has ever been a feeling of pecking order in the public arena, for example, the elites over the provincials. blue bloods over plebeians. and so forth. Despite the fact that there was a lot of social adjustment in the clasp of transformation. this subjection of classes did non. Grown from medieval society. businessman proceeds with the division of social classifications: Bourgeoisie and Proletariat. Crafted by the Proletariats was to just happen occupations and work. They’d keep working insofar as it expanded the capital. In any case. Low classes did non require any â€Å"individual character† to be working. They were simply a â€Å"appendage† to the machines in the plants. Very little achievement or guidance was expected to work these machines. thus. the expense of bring forthing the stuffs was truly restricted. As work expanded. their prizes would lessen. As industry expanded. so did the Proletariat. Production lines were quickly going pressed with more workers. Conditionss of life for them started to balance. by and by their prizes appeared to vary in light of the opposition between different plants. Innovatively. the machines weren’t advancing because of their trust on the laborers to rush creation at any rate. This started to burst down the Proletariats dynamic help. so they started to make bunches against the Bourgeoisie. Their stria together he lped them keep up better way on the stableness of the prizes and were all the more remarkable in their intermittent uprisings. On occasion. they would be effective in these uprisings. Be that as it may. their existent achievement originated from their lies. The constant loaded conduct of the Proletariat was not, at this point good with society. We will compose a custom paper test on Marx Communist Manifesto Summary Essay explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Marx Communist Manifesto Summary Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Marx Communist Manifesto Summary Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer

Ruth says update your blog!

Ruth says update your blog! The field hockey team is doing awesome this year, (The Tech even wrote an article about us breaking records!) but when we lose, we lose spectacularly. Like last night, we lost 1-0 in double overtime on the road and didnt get back to campus until quarter til 11. I mean, come on. Anyway, for whatever reason, I had a ton of energy when I got back, so Javier 08 and I decided to literally run circles around the dorm. The title of this entry was the last thing I heard Rick 09 yell as I skipped out of his suite: Ruth says update your blog! And when Ruth tells you to do something Being a blogger is a lot of fun. People (like Noah 09) introduce you to others as, Laura. You know. The blogger. People yell at you when you dont update (like Ruth). People get all excited when you mention them in an entry(Adelaide 09 and Meara 09). Hell, people even get excited when you do psets with them. Monday night I visited Adelaide and Meara to work on 3.091. Clifton 09 was there, and when I sat down on the floor next to him and cracked the textbook he said, Wow. Who wouldve thought Id be doing my homework with a blogger? Anyway. On to Woodie Flowers. (Remember I promised to write about him forever ago? Yeah.) First of all, props to Nehalita for properly identifying him right away. Woodie Flowers is a national advisor of the FIRST Robotics competition (heres even an award named after him: the Woodie Flowers Award, which goes a teacher/mentor who has had a profound positive impact on his/her students) and he also happens to be a professor here at MIT. So a few weeks ago, Adelaide came running into study break, all excited about something. She proceeded to tell me breathlessly that she walked behind Woodie Flowers himself just that same day while on her way to class. Adelaide, being a veteran FIRSTer up in Canada, was thrilled about this. Her roommate, Meara, rolled her eyes when she heard the conversation and asked if Adelaide was still talking about it. Apparently, Adelaide had been telling this story to anyone who would listen, and no one cared! She was waiting all day to tell me, because she knew I was involved in FIRST in high school. I was appropriately excited, and even more so when I made another discovery a few days later. I was on my way to the MechE computer lab to work on a project for FSAE when I passed this inconspicuous door Woodie Flowers office! If youre thinking, Duh, hes a professor, of course he has an office on campus, whats the big deal? then youll never understand. Its just so cool. =) Moving onin response to my entry about cooking, Dave asked, cooking is fun, but is there any kind of dining hall? just for times when you dont xactly have time to make a three-course meal? Absolutely! (And dont get me wrong, when I say I cook for myself, what I really mean is I make sandwiches for myself.) But there are numerous dining halls on campus. In general, dorms that dont have kitchens have dining halls instead- this includes Baker and Next. Simmons and McCormick have both kitchens and a dining hall. There are also dining halls in the student center and Stata. There are also various other options for food (like food trucks and coffee shops). You can read more about all of these things at the MIT Dininig Website. (Just a note- theres also a preferred dining plan where you pay a set fee in the beginning of the semester and receive 1/2 off of all meals in the house dining halls. You can read more of the details here.) On a completely unrelated and yet excessively amusing note: the Conner-side elevator in Burton-Conner is broken. Theres a sign saying so taped to the front desk, so that its the first thing you see when you walk in the door. But just in case you cant read, the message is repated on the elevator doors:

The Benefits of Yoga and Mindfulness on Post Traumatic Stress Disorder - Free Essay Example

Posttraumatic stress disorder, or PTSD, is a mental health disorder that is triggered from experiencing or witnessing a terrifying or traumatic event which results in a person needing treatment from not being able to recover or cope from the incident. Psychotherapy is the primary treatment for PTSD, though more recently researchers have conducted studies to determine whether or not the practice of mindful meditation and yoga are beneficial in treatment of symptoms compared to other methods, which often present significant challenges. Mindful meditation incorporated with hatha yoga combines mindfulness through the combination of relaxation, breathing exercises, and movements that have been shown to alleviate hyper-arousal, intrusion, and avoidance symptoms. To validate this theory, participants were interviewed to determine if they met the diagnostic criteria for PTSD using the Clinician Administered PTSD Scale (CAPS), which was then followed by a 10 week yoga intervention and post assessment or interview to evaluate the impact on symptom-reduction. The results clearly indicated that treatment through yoga greatly reduced dysfunctional coping, avoidance, and overall stress. This was evident through participants being able to cultivate awareness and regulate arousal, in addition to ones search for novelty. The results of the studies provide evidence that therapy based on mindful meditation and yoga are essential in providing treatment for those suffering from posttraumatic stress. Keywords: mindfulness, yoga, posttraumatic stress disorder Posttraumatic stress disorder, or PTSD, is a mental health disorder that is triggered from experiencing or witnessing a terrifying or traumatic event which results in a person needing treatment from not being able to recover or cope from the incident. PTSD can develop as a result from dangerous events such as combat, sexual assault, a car accident, and natural disasters. Though in some cases people have developed PTSD from experiences like an unexpected or sudden death of a loved one, or a friend. In order to be diagnosed with PTSD, he or she must experience one re-experiencing and avoidance symptom, two arousal-reactivity symptoms, and two cognition-mood symptoms for at least a month or more (Post-Traumatic Stress Disorder, 2016). Re-experiencing symptoms generally cause issues throughout ones day, for they derive from a persons own thoughts and feelings. Often those suffering from PTSD will experience flashbacks to the event, reliving the trauma over in their head, or have bad drea ms that relate to the incident. For example, many people whom suffer from PTSD as related to combat are triggered by ceiling fans, thinking that they are helicopter blades. Avoidance symptoms are fairly self explanatory in the sense that those suffering simply avoid places, objects, and events that remind the of the incident. Avoidance symptoms impact the persons everyday life, for they change their routine in order to prevent being triggered, such as a women avoiding a certain street considering that was where she was sexually assaulted. Arousal-reactivity symptoms are when a person is consistently in a state of fear, or constantly being on edge, which result in angry outbursts and difficulty sleeping and eating. Lastly, there are cognition-mood symptoms that make the person alienated from friends and family due to the feelings of guilt and blame. Additionally those suffering often experience negative thoughts about themselves, often resulting in them relying on substances, or sink ing into a depression. Treating PTSD is often difficult, considering that everyone is different, and one form of treatment may not work for another. PTSD is usually treated through medication and psychotherapy, though the lack of integration between the self and the body expose issues in current methods of treatment. PTSD is a psychophysiological condition that warrants interventions that address both the physical and physiological symptoms of PTSD, and many treatments fail to direct attention to trauma that is held in the body and the mind (Johnston et al., 2015). Research has suggested that treatment for PTSD should focus on mindful meditation and yoga for it systematically approaches that incorporate both mental practices and physical poses to alleviate symptoms. Yoga has proven to be beneficial in reducing symptoms of PTSD through the combination of physical movement, breathing exercises, and relaxation. Over time research has shown that yoga has the ability to reduce musculoskeletal and mental tension, in addition to increasing both body and cognitive awareness all while helping people become more physically flexible. Breathing exercises taught and practiced in the studio aim to reduce stress and increase mindfulness through psychological and physiological change that modifies respiratory frequency. People with PTSD are low in inhibitory neurotransmitter gamma amino butyric acid (GABA), and coincidently GABA has been shown to increase in PTSD patients while practicing yoga (Johnston et al., 2015). Incorporated into yogic practice is mindful meditation, which has been shown to help people manage stressful situations by fully embracing their current life situation and help increase overall awareness. Qualities of mindfulness that benefit thos e struggling with PTSD include: acceptance, patience, trust, openness, and letting go (Snyder, Lopez Pedrotti, 2011). Practicing mindfulness and mindful meditation helps alleviate dysfunctional coping and avoidance symptoms with those diagnosed with PTSD, and provides individuals with the ability to manage their triggers and symptoms. The benefits of yoga and mindful meditation have been tested on people diagnosed with posttraumatic stress disorder to see whether or not the practices relieve symptoms. In 2015, Johnston et al. staged a yoga intervention to help service men and women participants suffering from PTSD increase awareness, release chronic tension and decrease maladaptive automatic reactions while inducing a state of relaxation to manage and diminish symptoms. The study was benchmarked against other interventions used on men and women in the service to see whether or not yoga has more positive results. Participants were recruited through flyers and advertisements, who would undergo a phone screening to see whether or not they were eligible for the study. Participants were then interviewed in person to ensure inclusion criteria was met, in which they would then undergo a Clinician Administered PTSD Scale (CAPS) assessment. The study consisted of a 10-week yoga intervention that included poses, breathing s trategies, and mindful meditation, along with 15-min a day at home yoga practice. Instructors focused on cultivating mindful awareness in each poses to insure relaxation and responsiveness to the environment, rather then the participants displaying hyper-arousal and avoidance. When the study concluded participants were asked to complete self-report questionnaires and once again underwent a CAPS assessment. Results supported that yoga was a practical and successful intervention for PTSD as a result of a decrease in CAPS scores. Unfortunately, there were no significant findings on mindfulness likely due to a small sample size, and individual variation among participants (Johnston et al., 2015). Similarly, in 2017 West, Liang, and Spinazzola conducted a qualitative study to address treatment of PTSD following participation in a 10-week yoga program that focused primarily on trauma sensitive yoga. Participants were recruited through involvement in a previous study related to their PTSD. As previously stated the participants all mer the diagnostic criteria of PTSD, which was originally discovered through the CAPS assessment. Unlike the previous study mentioned, participants were required to also participate in psychotherapy to investigate whether yoga could target symptoms left untreated despite ongoing psychotherapy. In the interview prior to the yoga program participants were asked to describe their level of functioning. The program focused on the key elements practice in yoga; breathing and mindful silence and meditation. Additionally the program emphasized a sense of awareness, ownership, and befriending of ones own body. At the conclusion of the program, participants were interviewed using symptoms of PTSD and Organismic Valuing Theory (OVT) to describe the their experiences in treatment, in which they reflected on changes they observed in themselves. Researchers found that yoga and mindful meditation did in fact diminish participants symptoms of PTSD, in addition to learning how to control their stress and anxiety. A common theme researchers found through the interviews of the participants was that each displayed gratitude and compassion, relatedness, acceptance, centeredness, and empowerment. One of the authors Jennifer West coined the acronym G.R.A.C.E to explain the five themes. For example, centeredness was expressed by the participants having a new found ability to quiet their mind, be less reactive, and feel more positive; or acceptance which participants expressed in being able to accept their disorder and their lives and feel at peace. (West, Liang, Spinazzola, 2017). Treatment for PTSD should focus on mindful meditation and yoga for it systematically approaches that incorporate both mental practices and physical poses to alleviate symptoms. Future research should gather assessments from therapists on their clients change and growth throughout the 10-week yoga interventions. Further research is needed in order to clarify the role yoga and mindful meditation play in helping those whom suffer from PTSD recover. Moreover, research in yoga as it relates to PTSD is essential to positive psychology for its correlation to positive cognitive states and processes. Overall yoga and mindful meditation help elevate ones well-being and ultimate goal to achieve happiness.

Whale Species That Migrate and the Distance Traveled

Whales may migrate thousands of miles between breeding and feeding grounds. In this article, you can learn about how whales migrate and the longest distance a whale has migrated. About Migration Migration is the seasonal movement of animals from one place to another. Many species of whales migrate from feeding grounds to breeding grounds - some traveling long distances that may amount to thousands of miles. Some whales migrate latitudinally (north-south), some move between onshore and offshore areas, and some do both. Where Whales Migrate There are over 80 species of whales, and each has their own movement patterns, many of which are not yet fully understood. In general, whales migrate toward the colder poles in the summer and toward the more tropical waters of the equator in the winter. This pattern allows whales to take advantage of the productive feeding grounds in colder waters in the summer, and then when productivity lowers, to migrate to warmer waters and give birth to calves.   Do All Whales Migrate? All whales in a population may not migrate. For example, juvenile humpback whales may not travel as far as adults, since they are not mature enough to reproduce. They often stay in cooler waters and exploit the prey that occurs there during the winter. Some whale species with fairly well-known migration patterns include: Gray whales, which migrate between Alaska and Russia and Baja CaliforniaNorth Atlantic right whales, which appear to move between cold waters off the Northeastern US and Canada to waters off South Carolina, Georgia and Florida.Humpback whales, which move between northern feeding grounds and southern breeding grounds.  Blue whales. In the Pacific, blue whales migrate from California to Mexico and Costa Rica. What Is the Longest Whale Migration? Gray whales are thought to have the longest migrations of any marine mammal, traveling 10,000-12,000 miles round trip between their breeding grounds off Baja California to their feeding grounds in the Bering and Chukchi Seas off Alaska and Russia. A gray whale reported in 2015 broke all marine mammal migration records - she traveled from Russia to Mexico and back again. this was a distance of  13,988 miles in 172 days. Humpback whales also migrate far - one humpback was sighted off the Antarctic Peninsula in April 1986 and then resighted off Colombia in August 1986, which means it traveled over 5,100 miles. Whales are a wide-ranging species, and not all migrate as close to shore as gray whales and humpbacks. So the migration routes and distances of many whale species (the fin whale, for example) are still relatively unknown. Sources Clapham, Phil. 1999. ASK Archive: Whale Migrations (Online). Note: Accessed online October 5, 2009. As of October 17, 2011, link no longer active.Geggel, L. 2015. Gray Whale Breaks Mammal Migration Record. LiveScience. Accessed June 30, 2015.Journey North. 2009. Gray Whale Migration (Online). Accessed October 5, 2009.Mead, J.G. and J.P. Gold. 2002. Whales and Dolphins in Question. Smithsonian Institution Press: Washington and London.

Fairfax Media Australia’s Largest Media Companies Essay

Fairfax Media Executive Summary: Fairfax media, originally John Fairfax and Sons, was founded by John Fairfax in 1941 and for over 170 years has grown to become one of Australia’s largest media companies. The company’s operations include the distribution of newspapers, magazines, radio as well as operating digital media throughout Australia and New Zealand. Some notable figures from Fairfax Media’s current Board of Directors include company chairman Roger Corbett, Chief Executive Officer and Managing Director Greg Hywood and Chief Financial Officer, David Housego. This report provides a situational analysis regarding the current stage the business’s lifecycle and the internal and external influences on the business. This is followed by an†¦show more content†¦Over the past year, Fairfax Media has focused on removing unprofitable distribution channels, reduced discounting and also increasing cover pricing. This has led to a 5% increase in the metropolitan media revenue circulation . Long Term: As a key objective of the â€Å"Fairfax of the Future† program, the company is attempting to reduce its debt in order to strengthen its balance sheet. To achieve this, Fairfax Media has sold 59.4 million â€Å"Trade Me shares to reduce its interest from 66% to 51%.as well agricultural businesses based in the United States. This has enabled Fairfax Media to reduce its debt by $760 million. In 2011, Fairfax had begun procedures to effectively minimise its carbon emission, and in 2020, hopes to have reduced it by 20-25%. This is being achieved through a number of activities such as the removal of high-energy lighting to low energy alternatives at 10 of its regional printing sites, the consolidation of large-scale printing assets and moving to smaller, more energy efficient sites which will also reduce the company’s carbon emissions and the review of property assets and office accommodation to achieve effective utilisation of floor space which will also reduce e nergy requirements. As proposed in the â€Å"Fairfax of the Future† program, they will be closing Chullora and Tullamarine printing facilities in order to achieve annual cost savings of $44 million. Key financial indicators The analysis of a business’sShow MoreRelatedAustralian Financial Review And Australian Newspapers1046 Words   |  5 PagesCountry Analysis CMST 102 Jiasui Huang 6/9/15 Australia’s newspaper In Australia, there are two national and ten state or territory daily newspapers, 35 regional dailies and 470 other regional newspapers. 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Race and Affirmative Action Essay - 2807 Words

Race and Affirmative Action Race is an issue that is embedded in the nation’s history and continues to spur discussions on how the different minorities and ethnic groups must be treated fairly. Affirmative action is a recent attempt to solve the discriminations produced by racial inequality. However, affirmative action is also being scrutinized as scholars and the public debate the benefits and harms of affirmative action. A Historical View Throughout the past 30 years, affirmative action has been the answer to racial inequality. The policy began in 1965 under President Johnson. It was used to redress issues of discrimination, following the civil rights laws and constitutional guarantees on†¦show more content†¦However, by the late 1970s flaws surfaced in the affirmative action policy. Reverse discrimination became an issue, epitomized by the Bakke case of 1978. A medical school that had accepted less qualified minority applicants had rejected Allan Bakke, a white male, two consecutive years. The school had a separate admissions policy for minorities. It reserved 16 out of 100 places for minority students. The Supreme Court voted that it was unconstitutional to set inflexible quota systems in affirmative action programs. The medical school had discriminated against a white applicant. In the same ruling, however, the Court upheld the legality of affirmative action in forms other than quota sys tems. In 1979 the Supreme Court reflected the Bakke decision. The Supreme Court ruled in AFO-CIO v. Weber, 444 U.S. 889 that race-conscious affirmative action efforts designed to eliminate a conspicuous racial imbalance in an employers workforce resulting from past discrimination was permissible, as long as the actions were temporary and did not violate the rights of white employees. College admission imbalances have resurfaced as a problem for affirmative action. Recently, the Smith v. University of Washington case upheld the universitys affirmative action program, although the program could no longer be used after the passage of Initiative 200 in 1998. Initiative 200 is a controversialShow MoreRelatedRace and The Affirmative Action Policies1244 Words   |  5 PagesThe utilization of race in affirmative action policies in higher education has been a topic of contention for several decades now. Since the passing of the Civil Rights Act of 1964, we have seen some of the most heated debates over the fairness of affirmative action and the impacts on society the utilization of race creates. With such pending questions on fairness and of the constitutionality of affirmative action policies two major Supreme Court cases have arisen, University of California RegentsRead MoreThe Race Based Affirmative Action1649 Words   |  7 Pagesas race-based affirmative action. Informally called affirmative action, it is a combination of adopted policies that construct an advantage to minority groups, giving them more possibilities to succeed in jobs, education, and other aspects of daily life. The whole concept came from the 1960’s Civil Rights Movement which advocated for equalizing the rights and opportunities for minorities. John F. Kennedy, the current president at the time, accepted the challenge and formally used â€Å"affirmative action†Read MoreThe Race Based Affirmative Action966 Words   |  4 PagesRace-based affirmative action has been challen ged by a great deal of objection during the course of it duration. According to its opponents, Affirmative action proves to be inconsistent. Affirmative action based on race increases race consciousness instead of supporting color-blind justice. By giving people special consideration to ensure equality, it contributes to inequality. 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But in the four years since Californians passed Proposition 209, most states have agreed that killing affirmative action outright would deepen social inequality by denying minority citizens access to higher educationRead MoreAffirmative Action Is The Perfect Plan1173 Words   |  5 PagesAffirmative Action On March 6th, 1955, President John F. Kennedy signed executive order 10925 enforcing that government corporations not discriminate against anyone based off their race and skin color. This became â€Å"positive† discrimination otherwise known as affirmative action. Affirmative action is a method benefiting anyone who have experienced discrimination particular to one’s education and/ or employment (Affirmative Action). In today’s age affirmative action is creating â€Å"reverse racism† dueRead MoreAffirmative Action Should Not Be A Program1540 Words   |  7 Pagesmodern American government and yet is still very active today. 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Affirmative action policies are passionatelyRead MoreThe Precedency: Supporting the Affrimative Action Essay1486 Words   |  6 PagesAffirmative action is a government policy that gives opportunities to minorities, women, and any group who has been the victim of discrimination in the past. Affirmative action is the outcome of the 1960’s Civil Rights movement, growing out of the Civil Rights Act of 1964 which outlawed discrimination based on race, ethnicity, or gender. It was the 1978 Supreme Court decision, The Regents of the University of California v. Bakke, which allowed for the use of race-based preferences as a means of

My Goals On My Development Plan - 821 Words

This part of my action plan must be designed while keeping the company’s best interest in mind so I can transfer the knowledge to the new group in the best manner possible, to minimize any issues of product quality in maintained during the transitional phase. This transition is one of the biggest goals on my development plan for 2016. My company really depends on me to smoothly transfer these skills to the contract group in the most efficient way possible. To accomplish this goal, I will need to meticulously plan out all training with the appropriate personnel to ensure that I am setting clear, concise and attainable goals for the analysts. Once the training curricula has been established, it will be up to me to effectively communicate the learning plan to the group, while answering any questions before we move to the hands-on part of the training. During this training process, it will be of paramount importance for me to keep giving them updates on what is going well and what is not going so well, which will ensure sure that we all stay on track with the training program and we will be able to clearly present the progress to upper management. A big hurdle for me will be in keeping a positive attitude and engaging body language throughout the entire process, to ensure that the analysts are not fearful of asking questions if there is something they do not understand. The last part in ensuring this goal is a success is considering the entire group as equal partners andShow MoreRelatedSample Resume : Early Childhood Development926 Words   |  4 PagesChildhood Development Teacher In accordance with Section 648A Staff Qualifications and Development of the Head Start Act, â€Å"each Head Start agency and program shall create, in consultation with each employee, a professional development plan. 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Mate Selection Free Essays

It is not uncommon for individuals to bargain with themselves in an effort to create motivation where none exists: If I get the lawn mowed before noon, I’ll spend the rest of the day watching football; if I lose five pounds, I’ll buy that new dress.   Sometimes, when individuals bargain, it isn’t as much for motivation as it is for justification: If my boss won’t give me that raise, I’ll stop working those extra hours; I had every right to flip that guy off because he cut right in front of me. These are instances in which the bargaining is self-motivated, self-serving, and self-indulgent, and while effective and perhaps necessary, the stakes in most of these circumstances isn’t necessarily high. We will write a custom essay sample on Mate Selection or any similar topic only for you Order Now    After all, who’s going to know or care if a yard goes unmowed, a dress is prematurely purchased, an extra hour isn’t spent at one’s desk, or a flip-off wasn’t honestly deserved?   However, when it comes to choosing a mate in a relationship, the role played by bargaining carries a much higher stake, and the consequences of poor judgment while bargaining and/or poor bargaining tactics can be devastating. The degree to which bargaining occurs during the mate selection process varies from person to person as do the focal point(s) of the bargain; however, there are a number of areas that are particularly intriguing. â€Å"The Necessities and Luxuries of Mate Preferences: Testing the Tradeoffs† (2002)  focuses on the degree to which â€Å"women and men first ensure sufficient levels of necessities in  potential mates before considering many other characteristics† (Li, Bailey, Kenrick,   Linsenmeier).   Factors such as a potential mate’s attractiveness and social status are essential  according to Li, et al. (2002); however, because their research placed greater emphasis on  realistic economic potential as opposed to that of previous research (which allowed for  speculation regarding â€Å"how to spend imaginary lottery winnings†), a pattern that had not  previously emerged became clear: the sexes do not always agree on what constitutes a  Ã¢â‚¬Å"necessity† versus what constitutes a â€Å"luxury† (Li, et al., 2002). American social construct is partially responsible for this difference.   Men are far more likely to have access to â€Å"status, power, and resources†; therefore, these are deemed â€Å"necessary† traits by women who seek a mate.   On the other hand, men view women as the means by which offspring can be produced, and based on this, they see physical attractiveness and age as â€Å"necessary† factors in mate selection (Li, et al., 2002).   Obviously, this requires a great degree of bargaining as the two subjects are (at least initially) focused on absolutely different traits while evaluating a potential mate Where Li, et al. conclude that much of the bargaining that occurs in mate selection is based on the differences between what men and women consider â€Å"necessary,† â€Å"Gender Socialization: How Bargaining Power Shapes Social Norms and Political Attitudes,† (2005) examines the social dynamics that might be responsible for creating the basis for the differences between the sexes regarding what is â€Å"necessary† (Iversen Rosenbluth). Iversen and Rosenbluth (2005) focus on the issue of patriarchy â€Å"and explore its effects on female social, economic, and political status† in order to evaluate â€Å"mate choice preferences between agricultural, industrial, and post-industrial societies.†Ã‚   This research was an intriguing undertaking, and what it revealed was the effect that social structure had on the bargaining that took place in mate selection. Social settings that required brawn (i.e. the agricultural and industrial periods) required women willingly bargain to find a mate who was physically capable of performing basic household and wage-earning duties (Iverson Rosenbluth).   Women often bargained for a mate with physical strength by giving up living arrangements, locations, and circumstances.   Because women of the agricultural and industrial periods were not physically capable of performing some tasks and legally barred from others, there was little choice but for them to put aside almost everything but sheer physical strength when undertaking bargaining during mate selection (Iversen Rosenbluth). When the post-industrial period was examined, two significant differences were seen.   First, because the need for physical prowess to survive at home and at work had diminished, women were far less likely to bargain away everything simply to secure a strong man.   â€Å"Once employment opportunities for women [began to approach] those of men in quantity and quality, socialization [began] to shift away from [women’s] ‘playing the marriage market’ † (Iversen Rosenbluth). No longer would women willingly pack up and move hundreds of miles away from all family and all friends, nor would they automatically settle for a man of lower social and economic status in order to marry brawn—women could consider themselves wage-earners and be more choosey when it came to potential mates (Iversen Rosenbluth). The second phenomenon that was revealed was â€Å"the declining importance of virginity† that factored into the bargaining (Iversen Rosenbluth).   Where women of the agricultural and industrial periods had to secure their virginity absolutely, women of the post-industrial period were not as likely to be dismissed as ineligible brides by the men of the era simply because they were no longer virgins.   This degree of personal control had a freeing effect on women who began to see themselves as capable of autonomy (Iversen Rosenbluth). Much of this seems to indicate a breaking away on the part of women, and Iversen and Rosenbluth (2005) conclude that â€Å"while mate preferences in agrarian societies seemed to reflect an inevitable female resignation to their subordination, modern mate preferences are more egalitarian, and the gender gap in policy preferences suggest that many women are hoping to use the democratic state to make them more egalitarian still.† Given the number of times a day an individual is likely to bargain with him/herself over routine actions or mundane decisions, it seems reasonable that a great deal of bargaining go into something as significant as the selection of one’s mate.   Research seems to indicate that like other acknowledged differences that exist between the sexes, the degree to which certain factors influence bargaining with and selection of a potential mate may depend on the gender of the evaluator. Further, it seems that as time passes and the more independent women become, the more the evaluative items regarding what is â€Å"necessary† may change in the minds of both males and females. References Iversen, T. Rosenbluth, F.   (2005).   Gender socialization: How bargaining power shapes social norms and political attitudes.   Retrieved October 22, 2006. Li, N. P., Bailey, J. M., Kenrick, D. T., Linsenmeier, J. A. W.   (2002).   The necessities and luxuries of mate preferences: Testing and tradeoffs.   Journal of Personality and Social Psychology, 82(6). Retrieved October 22, 2006                How to cite Mate Selection, Essay examples

Explain the Causes and Consequences of the Iraq War free essay sample

On the 20th of March 2003, US cruise missiles and bombs were dropped on Baghdad, Iraq’s capital city. The target was the then Iraqi president, Saddam Hussein’s and his closest aides, who were believed to be in a meeting. It would be the start of a conflict that would still be going strong seven years later. Even after so many years of US-led invasion, the reasons for invading Iraq are still debated worldwide. As Allawi (2007) argues ‘in the history of conflicts and wars, there are few instances that match the invasion and occupation for complexity of motive and ambiguity of purpose’[1]. As a result, the Iraq War or otherwise known as ‘Operation Iraqi freedom’ was to become one of the most controversial wars to date especially because of the overwhelming international hostility. It is one of the most important events that affected the world, radically changing 21st century international relations. We will write a custom essay sample on Explain the Causes and Consequences of the Iraq War or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This essay will be structured as follows the first section will explore the causes of the war. It argues that the main cause of the war was the perceived threat of Iraq’s possession of weapons of mass destruction. This study further argues an attempt to bring democracy to the country and getting rid of the country’s authoritarian leader was another cause of the Iraq war. The second section will explore the consequences such of the war from four different perspectives: the humanitarian consequences, the military consequences, the political consequences and finally the economic consequences. This will be followed by a conclusion. Hallenbery and Karlsson (2005) argue that the September 11th attacks on the twin towers in 2001 to some extent led to the Iraq invasion. The attack on the twin towers is one of the events that changed the world forever. Soon after the attacks, the then president, George Bush Jr, publically televised America’s War on Terror. The first of America’s target was Afghanistan, in particular the Taliban ‘who openly supported the Al-Qaeda’[2]and ‘allowed Afghani territory to be used for training camps and bases’[3]. However even after the invasion of Afghanistan, America was still concerned about possible threats. The US concluded that the September 11th attacks showed that ‘some countries could ally themselves with terrorist movements’[4] and most importantly provide them with weapons of mass destruction. Bush was especially concerned by Saddam Hussein’s Iraq. It was well known that during the 1980/90’s, Saddam had access to weapons of mass destruction. He had used them on his own people, killing thousands of innocent Kurds during the attack on Halabja[5]. Furthermore Saddam showed persistent hatred towards the west, especially America. The perceived threat of Saddam Hussein’s weapons of mass destruction was the main cause of the Iraq War. As already mentioned, soon after the September 11th attacks and the invasion of Afghanistan, Bush placed is attentions onto Iraq. Both the US government and the UK government argued that the invasion of Iraq was necessary for a number of reasons. Firstly, it was seen as part of the axis of evil, alongside Iran and North Korea, accused of seeking weapons of mass destruction and helping terrorism. Secondly, Saddam’s regime was linked to Al-Qaeda. It was feared that he might pass the weapons of mass destruction to Al-Qaeda who could potentially use them against western democracys. Thirdly, Iraq was accused of not only possessing WMD’s but was developing more deadly ones[6]. During 2002, speech after speech, Bush argued that world faced a common problem; Iraq. He pledged to work with the United Nations to deal with the issues posed by Iraq. By the end of 2002 the United Nations Security Council adopted resolution 1441; they gave their final opportunity to Saddam to comply with its disarmament obligations of face serious actions. However, by 2003, the US, UK and Spain introduced the ‘second resolution’ arguing that Iraq failed to take the final opportunity provided by the UN Security Council to disarm. The second resolution meant the authorisation of immediate force to disarm Saddam’s Iraq. [8] However, France’s president Jack Chiroc argued that they would veto the resolution. Crisis talks were held with the leaders of the US, UK and Spain resulting in the withdrawal of the resolution. The very same evening, President Bush televised a live conference warning that if Saddam Hussein did not leave Iraq in 48 hours the result would be ‘military conflict commenced at the time of our choosing’[9]. Therefore the main cause of the Iraq War was the threat of Saddam Hussein’s claimed WMDs. Prior to the invasion, American policy makers also emphasised ‘the broad benefits likely to result from the removal of Saddam Hussein’s authoritarian regime into a ‘cultivation of a democratic regime’[10]. They argued that democratization of Iraq would improve the well being of Iraqi citizens, politically and economically. Furthermore, and perhaps most importantly, the democratization of Iraq would help stimulate greater economic prosperity and promote further democracy in the rest of the middle east a region historically characterised by authoritarian governments where there is a wide spread of conflict, instability and widespread poverty[11]. Moreover it was claimed that the democratization of Iraq would set the stage for the settlement of conflicts that had plagued the Middle Eastern region for decades which would mean the chance to create lasting peace. [12] This next section will examine the consequences of the Iraq war. Soon after the US entered Iraq, the Ba’ath party quickly crumbled. Many of the key members were killed soon after the invasion began. Saddam Hussein on the other hand, went on the run. This left the the country without a leader. Nine months after the war had begun, on the 14th of December, Saddam was finally captured. His capture would be the biggest, and some say only, accomplishment of the Iraq War. Shortly After his rise to power, Saddam’s ruthless tendencies came to light. For example he would often use violence to achieve his political goal, murdering any of his rivals. He invaded neighbours Iran in 1990 and Kuwait in 1991. He also created a secret police. The most disturbing of his actions could be seen in the events in small Kurdish town, in northern Iraq, called Halabja. As a result of Kurdish opposition, ‘Iraqi aircraft dropped canisters believed to contain a lethal cocktail of the nerve agents sarin, tabun, VX and mustard gas on the town’[13]. Over 5,000 civilians died, most to be believed women and children. Thousands of more were permanently affected[14]. Time and time again, Saddam showed no remorse about killing his own people. It is also believed he was also responsible for the deaths of his own daughter’s husbands. Altogether, although there is no official count of how many deaths Saddam caused, it is estimated to be around the region of 400, 00 to 50,000. Soon after his capture, Saddam was put on trial for crimes against humanity. He was found guilty killed and sentenced to death by hanging. He was hanged on the 30th December 2006. The removal of the brutal, ruthless, remorseless and genocidal leader is therefore seen a positive consequence of the Iraq War. Another consequence of the Iraq war is the failure to bring stability and democracy into the country. As already mentioned previously in this study, one of the causes of the war were to democratize the country which would in turn result into stability of not only the country but the whole region. The US led coalition were able to take Iraq within a matter of weeks as the Iraqi army proved weak. Instead the coalition forces faced a guerrilla style war. Insurgency intensified shortly after the war began. It seemed that almost, everyday there was a new story about some type of suicide bomber attack. However even after seven years, such attacks in Iraq are still are nearly an everyday occurrence. For example, the latest attack which happened on the August 17th 2010, 57 Iraqi recruits and soldiers were killed in Baghdad, while 123 were seriously wounded by a suicide bomber who blew himself up at an army recruitment centre[15]. The consequence of this latest attacks is that even after seven years, coalition forces have failed to stabilize the country. Interestingly, Wehrey et al (2010) argues that the removal of Saddam upset a traditional balance of power in the region'[16], bringing further instability into the country. Traditionally, the balance of power in the region involved Iran and Arab nations. However with the Iraq war, the balance of power has now shifted towards Iran. Wehrey et al (2010) further argues that this shift in the balance of power has led to widespread concern amongst Arab states because of how easily Iran can manoeuvre in the core of the Middle East, from Lebanon to Gaza'[17]. Therefore one of the consequences of the war and the removal of Saddam has created the perception of increased vulnerability on the Arab side. [18] The attempts to bring democracy have also failed. Iraq is no more democratised then before. This can be proven by the recent election results. Although elections were successfully held in 2005 to create a transitional national assembly whose main purpose was to create a constitution. As a result Prime Minister Nouri Maliki was able to formulate a government. However the recent election results have so far not been so successful, as six after Iraqi’s went to the polls, no winner has been declared due to delays and claims of vote rigging. The importance of the 2010 elections was great as the party who one would be the first to rule over a fully sovereign Iraq since the invasion of Iraq in 2003. [19] However the months of political instability has brought about fears of insurgency violence arising to levels seen between 2003-2006, where violence was at its highest. One of the major consequences of the war has been the huge loss of life. The BBC estimate that over 90,000 Iraqi civilians have been killed in since the beginning of the war. It estimated that nearly 5,000 casualties from the coalition forces[20]. However the number of causalities, both civilian and military, have been falling in the last few years. The loss of creditability of both the US and UK governments have been another consequence of the war. Mitchell argues that a number of policy errors were made by both governments. He argues that opinions were not debated, intelligence was selectively used, the invasion lacked sufficient force, there was a failure to anticipate on insurgency and postwar planning was poorly devised. There has been widespread anger that the reasons for war were found true, therefore as some claim, making the war unjust and illegal. In the case of the British Government, the then prime minster, Tony Blair, popularity had fallen hugely as many believed he had led the country into war under false pretences. Wehrey et al (2010) make an interesting point. They argue that once consequence of the Iraq war is that is ‘has provided an anti-Western motivational focus and consolidated pre-existing grievances’[21]. The beginning stages of the war particularly from 2003 to 2006, presented a narrative of resistance to the US led invasion that proved powerfully ttractive to people across the region ‘whose immediate local grievances may have been unrelated to Iraq itself but who nonetheless may have been inspired toward violence by the war’[22]. Furthermore Al-Qaeda, successfully portrayed Iraq as the most striking example of an infidel invasion of an Arab Muslim land[23]. The economic consequences of the Iraq war have also been great. Reports have suggested that the cost of the war for the US is over three trillion dollars. Before the war, Iraq’s economy was weak due to decades of economic mismanagement by Saddam. Although Iraq was oil rich- it had huge debts due to Saddam’s wars in Iran and Kuwait. Furthermore economic sanctions from the UN during the 1990’s heavily affected Iraq’s economy. The country was never quite able to bounce back from the sanctions despite the large oil reserves. The impact of the war has worsened the situation. Unemployment it at an all time high and rebuilding infrastructure that was destroyed by the war, has been slow. The war has also brought about the problems of refugees. The United Nations commissioner for refugees argues that there are nearly one million refugees as a result of the war and roughly about 1. 5 million internally displaced person ‘a third of who are living in settlements or camp-like situations in extremely poor conditions’[24]. In conclusion, the main cause of the Iraq was the belief that Saddam Hussein was in possessions of weapons of mass destruction. Although it was no secret that Saddam had access to WMDs in the past, UN inspections would later find no evidence of them. Another cause for war was the belief that the overthrow of Saddams brutal regime would allow the democraztisation of the country which would improve Iraqi lives and lead to economic prosperity. Futhermore it would enable peace in a region which was riddled by conflict and instability. The toppling of saddams authoraitive rule and then eventual capture of the ruler was one of the rare success stories of the war. However this seems to be the only one. An attempt to bring democracy to the country has yet to be achieved; the casualities of the war have been high, people have lost confidence in governments and some have argued that the war has led to increased terror levels and consolidated an increased anti-western focus. Only time will tell the full extent of the wars further impacts. With America preparing to end its combat mission and end the number of American troops in Iraq, Iraq’s future looks dim. Even after six months of Iraqi’s going to the polls, a government has still not been formed. Fears are growing that Iraq still may not have the ability to provide security for itself or to be able to govern. Although Iraq may have got rid of their despot leader, the already weak country may have become even weaker as a result of the war.

The Dredd Scott Decision Essays - Missouri In The American Civil War

The Dredd Scott Decision INTRODUCTION United States Supreme Court case Scott v. Sanford (1857), commonly known as the Dred Scott Case, is probably the most famous case of the nineteenth century (with the exception possibly of Marbury v. Madison). It is one of only four cases in U. S. history that has ever been overturned by a Constitutional amendment (overturned by the 13th and 14th Amendments). It is also, along with Marbury, one of only two cases prior to the Civil War that declared a federal law unconstitutional. This case may have also been one of the most, if not the most, controversial case in American history, due simply to the fact that it dealt an explosive opinion on an issue already prepared to erupt - slavery. Thus, many scholars assert that the Dred Scott case may have almost single-handedly ignited the ever growing slavery issue into violence, culminating ultimately into the American Civil War. It effectively brought many abolitionists and anti-slavery proponents, particularly in the North, over the edge. BACKGROUND Dred Scott was a slave born in Virginia who early in life moved with his owner to St. Louis, Missouri. At this time, due to the Missouri Compromise of 1820, Missouri was added as a slave state, but no state may allow slavery if that state falls above the 36 degree 30 minute latitudinal line. Later, in 1854 under the Kansas-Nebraska Act, states were allowed to vote on whether they will allow slavery or not, known commonly as popular sovereignty. In St. Louis, Scott was sold to an army surgeon named Dr. John Emerson in 1833. A year later, Emerson, on a tour of duty, took Scott, his slave, to Illinois, a free state. In 1836, Emerson's military career then took the both of them to the free Wisconsin territory known today as Minnesota. Both of these states, it is important to recognize, where both free states and both above the 36 degree 30 minute line. While Emerson and Scott were in Wisconsin, Scott married Harriet Robinson, another slave, and ownership of her was subsequently transferred to Emerson. Dr. Emerson himself took a bride while on a tour of duty in Louisiana, named Eliza Irene Sanford, whose family happened to live in St. Louis. While the slaves (Dred and Harriet) stayed in St. Louis with Eliza and the rest of the family, Dr. Emerson was posted in Florida in 1842, where the Seminole war was being fought. He returned a year later but died within a few months of arrival at home. The slaves continued to work for Mrs. Emerson after Dr. Emerson's death. In April of 1846, Dred and Harriet Scott filed a suit for freedom against Irene Emerson in the Circuit Court of St. Louis County, obviously under the jurisdiction of Missouri law. The established legal principle of Missouri at this time regarding slavery was once free, always free. In other words, to the Missouri courts, what Scott was doing was perfectly acceptable due to the precedent of the Missouri case Rachael v. Walker (1837), which basically stated that if a slave was taken by his or her master to a free state that slave was then entitled to freedom by virtue of residence in the free state or territory [Oxford, 761]. On account of this alone, Scott and his wife would have been freed when the case came to trial in 1847, however there was a problem of hearsay evidence in the case and the judge declared it a mistrial. It was not until three years later in 1850 that the court was able to correct the problem and unfalteringly sided with the Scott's and ordered them freed, citing th at once he had been in free territory, he was indirectly freed and remained freed. By this time Mrs. Emerson had married, moved to New England with her new husband, and left these affairs and ownership of the Scotts to her brother, John F. A. Sanford. After Scott was declared free by the courts, Sanford sought an appeal from the Missouri Supreme Court. In 1852 in, Scott v. Emerson, the Missouri Supreme Court reversed the decision by the lower court seeing this case now not as the freeing of one slave but as

Sample of Social Studies Essay Goals - Where Do You Start

Sample of Social Studies Essay Goals - Where Do You StartWhen considering writing a sample of social studies essay goals, the first thing you should look at is what you plan to discuss in the text. While this sounds simple enough, the problems begin when you try to find a topic to begin with. The easiest way to avoid this pitfall is to look at what you already know.Another thing you need to keep in mind is that the writers guide to sample of social studies essay goals for students and teachers will most likely recommend a common theme for the assignment. By looking at your knowledge of the subject and applying it to a theme based on this knowledge, you can most likely find the best possible topic. Here are some examples:- What is your favorite movie? - What is your favorite scene from that movie? - What is the one scene that you wish you could be a part of? - You can make that happen by writing an essay about it.This sort of essay is simple to write and will allow you to come up with several topics to write about. The essay may also be longer than a number of the other forms of essays that you have written in the past. The sample of social studies essay goals will guide you through each step and provide the guidance you need.A more complex and detailed example will come as a result of carefully planning and following through on the steps in the guide. If you follow through and don't try to force the themes into something that they are not, you will be able to come up with a specific text that covers each topic in depth.As I mentioned before, you must start from what you know. This may mean, for example, finding yourself a list of your favorite scenes from a movie. Once you have this list, look at the scene in question from a different perspective than you did originally and you will likely find a different scene that makes you want to watch the movie all over again.Once you have your own list of your favorite scenes from a movie, look at the sample of social st udies essay goals and write down each one. After you have finished, you will be able to quickly compare what you wrote and which scenes you enjoyed the most and think about what themes would apply to them.This example of the sample of social studies essay goals give you one example of what to do when you find yourself at a loss for ideas. By adding to this specific example, you will be able to find the topics you are interested in and begin to write essays that will interest you.

The Temperature Range of Rainfall

The Temperature Range of Rainfall If youve ever wondered why getting soaked in a rainstorm makes you cold, its not just because the precipitation moistens your clothes and skin, the temperature of the rainwater itself is also to blame. On average, raindrops have temperatures somewhere between 32 F (0 C) and 80 F (27 C). Whether a raindrop is closer to the cold or warm end of that range  depends on a number of things including what temperature it starts at high up in the clouds and what the air temperatures are in the upper atmosphere where those clouds are floating. As you can imagine, both of these things vary from day to day, season to season, and location to location, which means there is no usual  temperature for raindrops.   Temperatures in the atmosphere interact with raindrops, starting from their birth high up in a cloud to their final target- you and the ground- drastically affecting the temperature of these droplets of water. Cold Beginnings and Cold Descents Surprisingly, most of the worlds rainfall begins as snow high up in the clouds overhead- even on a hot summer day! Thats because temperatures in the upper portions of clouds are well below freezing, sometimes as low as -58 F. The snowflakes and ice crystals found in clouds at these cold temperatures and heights warm and melt into liquid water as they pass below the freezing level, then exit the parent cloud and enter the warmer air below it. As the melted raindrops continue to descend, they can become cooler through evaporation  in a process that  meteorologists call evaporative cooling,  wherein rain falls into drier air, causing that airs dewpoint to increase and its temperature to lower. Evaporative cooling is also one reason why rainfall is associated with cooler air, which explains why meteorologists sometimes claim it is raining or snowing high up in the upper atmosphere and will soon do so out your window- the longer this happens, the more the air near the ground will moisten and cool, allowing the precipitation a path to fall to the surface. Air Temperatures Above Ground Affect Final Raindrop Temp In general, as precipitation nears the ground, the atmospheres temperature profile- the range of air temperatures that the precipitation passes through- from around the 700 millibar level down to the surface determines the type of precipitation (rain, snow, sleet, or freezing rain) that will reach the ground. If this temperature is above freezing, the precipitation will, of course, be rain, but how warm above freezing they are will determine how cool the raindrops will be once they hit the ground. On the other hand, if the temperature is below freezing, the precipitation will fall as snow, sleet, or freezing rain depending on how much lower than freezing the range of air temperatures is. If youve ever experienced a rain shower that was warm to the touch, its because the rains temperature is above the current surface air temperature. This occurs when temperatures  from 700 millibars (3,000 meters) down are quite warm but a shallow layer of cooler air blankets the surface.

Majority Government in Canada

Majority Government in Canada The way Canada elects its representatives and head of government is different from the process we follow in the United States. Winning a majority of seats in the Canadian Parliaments House of Commons has different ramifications than winning a majority in the U.S. Senate or House of Representatives. In our presidential system, the head of state and the head of government is the same  person, and he or she is elected independently of the members of the American legislature (Senate and House of Representatives). But in a parliamentary system, theres a head of state and a head of government, and the head of government derives its power from the ruling party. In Canada, the head of state is the Queen, and the prime minister is the head of government. The ruling party determines who will be prime minister. So how does a party become Canadas ruling party? Majority Party Versus Minority Party in Canada The political party that wins the most seats in a general election becomes the governments ruling party. If that party wins more than half of the seats in the House of Commons or legislative assembly, then the party forms a majority government. This is the best-case scenario as far as a political party is concerned (but may not be ideal for voters, depending on how they voted), since it ensures they will be able to steer the direction of policy and legislation without much input (or interference, depending on your point of view) from other parties.  The parliamentary system of government makes party loyalty from Canadian politicians  all but assured. Heres why: A majority government can pass legislation and maintain the confidence of the House of Commons or legislative assembly to stay in power much more easily than a  minority government. Thats what happens when a party wins half or fewer than half of the seats in the House of Commons or legislative assembly.   In order to retain the confidence of the House of Commons and remain in power, a minority government has to work a lot harder. It will have to negotiate more frequently with other parties and possibly make concessions and adjustments in order to win enough votes to pass legislation.   Choosing Canadas Prime Minister The entire country of Canada is divided into districts, also known as ridings, and each one elects its representative in Parliament. The leader of the party that wins the most ridings in a general federal election becomes Canadas Prime Minister.   As head of the countrys executive branch, Canadas prime minister chooses the cabinet, deciding who should oversee the various government departments, such as agriculture or foreign affairs. Most of Canadas cabinet ministers come from the House of Commons, and occasionally one or two come from the Senate. The prime minister serves as chairman of the cabinet. Canadian federal elections are usually held every four years on the first Thursday in October. But if the government loses the confidence of the House of Commons, a new election may be called.   The political party which wins the second highest number of seats in the House of Commons becomes the official opposition party.   The prime minister and cabinet are the key decision-makers in Canadian government. Having a majority party makes their jobs much easier.

Michael Collins movie Review Example | Topics and Well Written Essays - 1000 words

Michael Collins - Movie Review Example The British government had ruled the country for over 700 years and the cruelty with which it subjected the rule in the country made them revolt into armed resistance. However, what aggravated the situation more was the killing of a group of Irish rebels who had staged a six-day siege at Dublin’s General Post Office. Among the rebels in the group, only one of them survived the attack, De Valera who was an American citizen of Irish blood. All the other rebels succumbed to shootings in the execution. When a number of De Valera’s supporters are arrested and imprisoned, one of them, Michael Collins walked out of jail with the belief that a new approach was needed to free Ireland from the British rule. He and several other volunteers organized armed resistance by using a combination of terrorists’ acts of violence and guerrilla warfare. The movie is based at the first and fourth stages of insurgency. The first stage of insurgency is characterized by initial use of ter rorism acts in fighting before their increase in numbers to get the capacity to stage a guerrilla fight. If the rebels succeed with their terrorism, they receive support from other angry men and women who form similar groups and join in the fight. The reaction of the dominant government is disruption of lives and hurting the innocent people. This stage is marked in the movie by the use of a combination of terrorism acts of violence and guerrilla war tactics. The various groups attacked the British military in the regions where it showed signs of weakness. The rebels also used informants, with Collins having a key inside informant who gave them crucial information on the plans of the British military. Despite the violent war that they faced from the British, the rebels remained focused and fought with undeterred determination to secure their freedom. Stage four of an insurgency is characterized by the departure of foreigners, while the local surrogates give-up power. The guerrilla fi ghters become superfluous while the leaders of the insurgency become leaders of the government. In the movie, this stage is demonstrated by the announcement of the British government’s willingness to negotiate with the fighters. This lead to the group led by Collins to consider negotiations and bring the war to end. When the negotiations began, radicals such as Collins loosened their view of the war and rebellion when they realized that the violence was causing numerous deaths to innocent people. Collins himself wanted negations to start while the likes of De Valera felt that negotiations were not the best way to go in the struggle to secure Ireland’s freedom. The agreement was that the final political control would be left in the arms of the British, which was an indication of a crucial journey, according to Collins, in achieving true freedom of the people. The rivalry between the two rebel leaders caused violence among the pro-and anti-treaty group factions. The movi e used a guerrilla type of insurgency, where the rebels used armed rebellion against the British authority instituted in Ireland. The rebels organized themselves into groups of volunteer guerrilla fighters, who staged armed war against the dominating British rule. They opted to attack the weakest points of the British military, thereby weakening its forces the country. With the help

Primate comparison Essay Example | Topics and Well Written Essays - 750 words

Primate comparison - Essay Example The diet of the animal includes sap, fruit, arthropods as well as nectar. The animal unlike other animals such as the Bengal Slow Loris does not in any way show forms of sexual dimorphism with an increase in weight. In fact, the vestigial tail that exists within the animal is often hidden beneath the fur and is reduced to what can be described as a stump. The primate has a toothcomb; this means that it has six teeth that are forward facing on the bottom of the jaw (Wiens, 2002). These teeth are mainly incisors and canine teeth. The structure of these teeth is often used to graze off gum when it comes to the process of foraging. The animal excretes a brawny smelling fluid from the glands used in communication. The Sunda Slow Loris often moves swiftly through trees with its four limbs. Callithrix pygmaea often known as the pygmy marmoset can be described as new world monkey species that is often native to Peru, Brazil, Bolivia and Colombia. Its range often stretches expansively over the Andrean foothills of the Southern Colombia to the Southeastern Peru (Townsend, 2001). The pygmy marmosets often live and thrive in a multistratal river edge forests at different and diverse lower evaluations. The pygmy marmosets are often described as the smallest extant monkeys, this is because they have an average body length of 13 cm. The animal has a coat of buff as well as grey fur that is marked with yellow, green as well as black ticking on the head. Infants initially have grey heads as well as yellow coats that are covered with black ticking and they exhibit the adult pattern with the first month life. Although the pygmy marmosets are not often considered as being sexually dimorphic, the females are often known to be slightly heavier than the males. Longer hair that exists around the face as well as the neck often gives the pygmy pygamae the facade of a lion like mane. The animal has hindlimbs are often

Foreign Exchange Risk Management Analysis

Foreign Exchange Risk Management Analysis Chapter 1 Introduction This chapter will introduce the reader to the subject at hand and why the chosen research area is of interest and relevance for further development. Finally, the chapter includes a problem discussion, which in turn ends up in the research purpose of the thesis. 1.1 Background of the Study The deepening of globalization process has led to an increase in foreign exchange transactions in international financial markets. This has determined a higher volatility of exchange rates, and, implicitly, an increased foreign exchange risk. There are many types of risks, but only few of them can bring losses as large as foreign exchange risk. In these conditions, the development of new modern and effective methods for managing foreign exchange risk becomes a great necessity for the players in international financial activity. Foreign exchange risk management is crucial for companies frequently trading in the international market. Empirical research shows that profits of multinational companies are affected by volatile floating foreign exchange rates. Nevertheless, small firms trading exclusively on their domestic markets also become increasingly exposed to foreign currency fluctuations. Actually, small firms depend on the volatility of the main currencies because many of them out-source their production to foreign countries. This means that they incur costs in a foreign currency (wages, taxes, material, etc.) and they also need to manage this exposure. Other small firms are exposed indirectly given that their strategic position can be affected by volatile FX rates. By definition, all entrepreneurial activities incur risks, and coping with risk has therefore always been an important managerial function. In recent years, however, risk management has received increasing attention in both corporate practice and the literature. This is particularly true for the management of financial risks, i.e. the management of foreign exchange risk, interest rate risk and other financial market risks. A major reason for this is the development of markets for derivative financial instruments. Forward contracts, futures, options, swaps and other, more complex financial instruments today allow firms to transfer risks to other economic agents who are better able, or more willing, to bear them. In 1971, the Bretton Woods system of administering fixed foreign exchange rates was abolished in favour of market-determination of foreign exchange rates; a regime of fluctuating exchange rates was introduced. Besides market-determined fluctuations, there was a lot of volatility in other markets around the world owing to increased inflation and the oil shock. Corporates struggled to cope with the uncertainty in profits, cash flows and future costs. It was then that financial derivatives foreign currency, interest rate, and commodity derivatives emerged as means of managing risks facing corporations. The interest in the potential vulnerability of multinational firms to foreign exchange rate risk is heightened by the wide currency fluctuations experienced during the last few decades and this issue has engendered a considerable amount of research (Muller, A., Verschoor, W.F.C. 2006). In India, exchange rates were deregulated and were allowed to be determined by markets in 1993. The economic liberalization of the early nineties facilitated the introduction of derivatives based on interest rates and foreign exchange. However derivative use is still a highly regulated area due to the partial convertibility of the rupee. Currently forwards, swaps and options are available in India and the use of foreign currency derivatives is permitted for hedging purposes only (Giddy et.al. 1992). 1.2 Problem Statement Transaction exposure to foreign exchange risk results from the effect of (unanticipated) changes in the spot exchange rate on the base currency value of foreign currency cash flows (contractual payables and receivables). Financial hedging of transaction exposure is implemented by taking an opposite position (to the spot position) on a currency derivate (such as forwards, futures and options) or by using money market hedging. In some cases, however, financial hedging may not be possible or it may be too expensive. For example, forwards, futures, and options may not be available for some currencies or for long maturities, and it may not be possible to obtain credit lines in certain currencies (which precludes money market hedging). This observation is particularly valid for countries where financial markets are rudimentary. If a firm facing (transaction) exposure to foreign exchange risk cannot indulge in financial hedging, it may resort to the operational hedging techniques of risk sharing and currency collars, which can be implemented by using customised hedge contracts embedded in the underlying trade contracts. Under a risk sharing arrangement, the benefits accruing to one party of a transaction as a result of a favourable change in the exchange rate (which is necessarily an unfavourable change for the other party) are shared by the two parties. A currency collar, on the other hand, is used to set a minimum value for the base currency value of cash flows at the expense of setting a maximum value. Thus, it involves a trade-off between potential loss and potential gain. The unpredictability of forex market may erode or even eliminate the profit margin built into an international sale at the time the sale was carried out, when selling on terms of weeks and even months. Foreign exchange rate keeps on fluctuating and they depend upon the market forces of demand and supply (Platt, G. 2007). Hedging refers to managing risk to an extent that makes it bearable. In international trade and dealings foreign exchange play an important role. Fluctuations in the foreign exchange rate can have significant impact on business decisions and outcomes. Many international trade and business dealings are shelved or become unworthy due to significant exchange rate risk embedded in them. Historically, the foremost instrument used for exchange rate risk management is the forward contract. Forward contracts are customized agreements between two parties to fix the exchange rate for a future transaction. This simple arrangement would easily eliminate exchange rate risk, but it has some shortcomings, particularly getting a counter party who would agree to fix the future rate for the amount and time period in question may not be easy. In India many businesses are not even aware that some banks do provide forward rate arrangements as a service to their customers. By entering into a forward rate agreement with a bank, the businessman simply transfers the risk to the bank, which will now have to bear this risk. Of course the bank in turn may have to do some kind of arrangement to manage this risk. Forward contracts are somewhat less familiar, probably because there exists no formal trading facilities, building or even regulating body. 1.3 Research Objectives and Questions There is a need to identify, quantify, and evaluate a firms risk exposure and to choose appropriate procurement strategies. The general objective of this study is to incorporate procurement and marketing decisions into a single hedging model, considering risk factors typically faced by firms in the textiles and garment industry. There are several reasons to explain why foreign risk management has gained in popularity over the last decades. The most important reason lies in the increased volatility of exchange rates, interest rates, and commodity prices, causing firms cash flows to become more uncertain. Secondly, firms tend to focus more on their core business, which makes them less diversified. As a consequence, the volatility of firms cash flows may increase. A third reason for the growing importance of foreign risk management can be found in the globalization of business activities, in which competition has increased and profit margins have declined. A final explanation we offer is the growing number of opportunities to manage risks. Based on the problem discussion our research objectives are formulated as follows: To review and critically analyse the practices adopt by the Indian exporters to hedge the forex risk. To evaluate the impact of foreign exchange risk on exporters and exports of a country like India To critically compile the issues faced by the Indian exporters in hedging foreign exchange risk. Based on the above stated research objectives the following research questions have been developed: RQ 1: How the export company determines foreign exchange risk? RQ 2: Which level the company can actively manage foreign exchange risk? RQ 3: How it can hedge the forex risk? RQ 4: What techniques are preferred by company in its forex risk management? 1.4 Relevance of Research Currently there is a scarcity of research papers about currency exposure management in companies in emerging markets. Theoretical studies like that of Copeland and Copeland (1999) are usually supported by the findings from developed countries (the USA, Canada, the UK). Therefore, the application of such studies might be complicated in developing markets. Researchers that analyze the foreign exposure management in companies often use large samples and questionnaires to evaluate the derivate use, and are successful in describing countries with well-developed markets. For emerging markets like India such quantitative approaches are extremely rare. Most often the situation with currency exposure management and application of derivatives by non-financial institutions is reflected in the newspapers. Yet, these articles are not academic papers and serve only as descriptions of the situation. Therefore, this study will be distinctive in several areas. First, it concentrates on India and will contribute to the increase in the number of academic studies about emerging markets. Second, it will contribute to the business community , as it will analyze the application of derivatives by exporting companies for hedging currency exposure and reveal the causes higher or lower popularity of derivatives. Third, it will apply the theoretical model which was developed based on the practice in developed countries, and test if the results from model application match the empirical findings in reality in India. 1.5 Outline of the Study This dissertation consists of five chapters (see Figure 1.1). In chapter one, a relative broad description is given in the beginning, providing the reader with a background and discussion of issues related to the problem area. This discussion lands in a specific research problem, which has been broken down into research questions. Chapter two gives a presentation of theories relevant for the research problem. Continuously, a description and justification of the methodological approaches chosen in this thesis is given in Chapter three. In chapter four the received empirical data is presented and contains an analysis of the collected data against the theory. Finally, conclusions and implications are presented in chapter five. Literature Review This chapter reviews the literature theory of foreign exchange risk management include the concepts of foreign exchange risks, its characteristics by different types, and hedge theory of foreign exchange risks. 2.1 Foreign exchange risk Whenever a company is running overseas business, the company is exposed to different categories of risk including commercial risk, financial risk, country risk and foreign exchange risk (Oxelheim 1984). Country Risk Foreign Exchange Risk Financial Risk Commercial Risk Figure2.1 The company risk Source: Oxelheim 1984, p14 Foreign exchange risk is commonly defined as the additional variability experienced by a multinational corporation in its worldwide consolidated earnings that results from unexpected currency fluctuations. It is generally understood that this considerable earnings variability can be eliminated-partially or fully-at a cost, the cost of Foreign Exchange Risk Management. (Jacques, 1981). According to Shapiro (2006), foreign exchange rate exposure can be defined as a measure of the potential changes in a firms profitability, net cash flow and market value because of a change in exchange rates. 2.2 The existing classifications of foreign exchange risks In the recent literature of foreign exchange exposure management, the types of exposures are usually summarized and simplified into three categories, translation, transaction, and economic ( Cowdell, 1993; Girnblatt and Titamn, 1998; Eitman et. al.,1998 and Shapiro, 2006). It is conventionally stated that the exposure to currency risk is categorized into three factors; seen below in figure 2.2. Figure 2.2 Types of currency risk exposure Source: Eun et al.,2007 Transaction Exposure The transaction exposure concept concentrates on contractual commitments which involve the actual conversion of currencies. A firms transaction exposure thus consists of its foreign currency accounts receivables and payables, its longer-term foreign currency investments and debt, as well as those of its foreign currency cash positions which are to be exchanged into other currencies. Until these positions are settled, their home currency value may be impaired by unfavorable parity changes. There exist four possibilities by which transaction exposure may arise (Eiteman 2007): When prices are stated in foreign currencies and the firm decides to purchase or sell goods or services. When borrowing or lending funds while contractual agreements on repayment are to be make in a foreign currency. When becoming a party to an unimplemented foreign exchange forward contract. When incurring liabilities or acquiring assets which are denominated in foreign currencies. The total transaction exposure consists of quotation exposure, backlog exposure and billing exposure, see figure 2.3: Figure 2.3 The life span of a transaction exposure Source: Eiteman et al., 2007 2.2.2 Economic Exposure The economic exposure, also called the operating exposure, measures any change in the present value of a company resulting from changes in future operating cash flows caused by unexpected changes in currency exchange rates. The analysis of economic exposure assesses the result of changing exchange rates on a companys own operations over coming months and years and on its competitive position in comparison with other companies. By measuring the effects on future cash flows related to economic exposure, the goal is to identify strategic moves or operating techniques that a company might wish to adopt in order to enhance its value in the face of unexpected exchange rate changes (Eiteman et al., 2007). Loderer and Pichler (2002) assert that firms often manage economic exposure by lending and borrowing in foreign currencies. He cites the following reasons for not hedging economic exposure: firms are unable to measure the size and the currency of future expected cash flows with much confidence, firms already hedge transaction exposure, firms consider that in the long term currency fluctuations offset each others. Surprisingly, the cost of hedging economic exposure is not an obstacle. 2.2.3 Translation exposure By consolidating its financial statements, a parent company with foreign operations must translate the assets and liabilities of its foreign subsidiaries, which are stated in a foreign currency, into the reporting currency of the parent firm. Basically, foreign subsidiaries must restate their local currency into the main reporting currency so the foreign values can be added to the parents reporting currency denominated balance sheet and income statement. The translation is usually used for measuring a subsidiarys performance(McInnes, 1971), providing accurate information for decision makers and investors (Ross, 1992; Bartov, 1995), and for both internal and external users (Sercu and Uppal, 1995). The common reason for translation from a foreign currency into the home currency is to meet the requirements of accounting regulations of home countries. External Hedging Methods As it is shown, the exposure to currency risk may involve current business transactions, future business transactions as well as financial statement translations. However, as there are factors or risk, so are there strategies for dealing with them. For companies, there are a number of external methods to use for the management of currency risk, namely the use of financial derivatives. The name derivative arises from the fact that the value of these instruments is derived from an underlying asset like a stock or a currency. By using these instruments it is possible to reduce the risks associated with the management of corporate cash flow, a method known as hedging. Financial market hedging instruments include (Butler, 2004): Fig 2.4: External Hedging Techniques 2.3.1 Foreign Exchange Forwards A foreign exchange forward is an agreement to buy or sell one currency at a certain future date for a certain price with a specific amount. It is the most common instrument used to hedge currency risk. The predetermined exchange rate is the forward exchange rate. The amount of the transaction, the transaction date, and the exchange rate are all determined in advance where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a pre-determined date in the future. In major currencies, forward contracts can be available daily with maturities of up to 30, 90 or 180 days (Bodie Marcus 2008). A survey by Belk and Glaum (1990) indicates that the most common method used to hedge exchange rate risk is the forward contract. An empirical study of Pramborg (2002), also demonstrates that firms can be fully hedged with forward contracts. 2.3.2 Currency Futures In principle, a futures contract can be arranged for any product or commodity, including financial instruments and currencies. A currency futures contract is a commitment to deliver a specific amount of a specified currency at a specified date for an agreed price incorporated in the contract. The futures perform a similar function to a forward contract, but it has some major differences. Fig 2.5 Currency Futures The specific characteristics of currency futures include (Pike et.al., 1992): They are marketable instruments traded on organized futures markets. Futures can be completed (liquidated) before the contracted date, whereas a forward contract has to run to maturity. They are relatively inflexible, being available for only a limited range of currencies and for standardized maturity dates. The dealings occur in standard lot sizes, or contracts. They require a down-payment of margin of about 5 percent of the contract value, whereas forward contracts involve a single payment at maturity. Futures are usually cheaper than forwards contracts, requiring a small commission payment rather than a buy / sell spread. Table 2.1 provides a clearer summary of the major differences between forward and futures contracts. Table 2.1: Major Differences between Forward and Futures Contracts Forward Contracts Futures Contracts Customized contracts in terms of size and delivery dates Standardized contracts in terms of size and delivery dates Private contracts between two parties Standardized contracts between a customer and a clearing house Difficult to reverse a contract Contract may be freely traded on the market Profit and loss on a position is realized only on the delivery date All contracts are marked to market- the profit and loss are realized immediately. No explicit collateral, but standard bank relationship necessary Collateral (margins) must be maintained to reflect price movements Delivery or final cash settlement usually takes place. Contract is usually closed out prior to Maturity Source: Hull (2006), Moffett et al (2006) and Solnik and McLeavey (2004). 2.3.3 Currency options A foreign exchange option which is different from currency forward contracts and currency futures is to give the holder of the contract the right to buy or sell a certain amount of a certain currency at a predetermined price (also called strike or exercise price) until or on a specified date, but he is not obliged to do so. The seller of a currency option has obligation to perform the contract. The right to buy is a call; the right to sell, a put. There is option premium needed to pay by those who obtain such a right. The holder of a call option can benefit from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to excise when the price decreases (locked in loss of the option premium). Vice versa is for the holder of a put option. For the advantages of simplicity, flexibility, lower cost than the forward, and the predicted maximum losswhich is the premium, the currency option has become increasing popular as a hedging devise to protect firms against the exchange movements. Whenever there is uncertainty in the size of cash flows and the timing of cash flows, currency option contracts would be superior to traditional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) examined the extent of derivative use and the reasons for their use by carried out surveys in 250 large UK companies, found that a widespread use of both forwards and options(respectively 96% and 59%). The pointed that comparing to the primary reasons for the use of forwards were company policy, commercial reasons and risk aversion, a good understanding of instrument, and price were prominent while the primary reasons to use option for company management. 2.3.4 Currency Swaps Currency swaps are a hedging instrument for which two parties agree to swap a debt denominated in one currency for that in another currency. For example, an agreement between two firms to swap their debts of which one is denominated in Euro and that in US dollar (Leger and Fortin, 1994). In order to explain the use of currency of swaps, a Japanese firm that has exports to Australia is given as an example. The Japanese firm wants to protect its Australian-dollar receivables by using currency swap to match inflows in one currency with outflows in a foreign currency (natural hedging). Assuming the Japanese firm is not well recognized in the US financial markets, it may obtain funds from a domestic bank to swap with another firm that has dollar-denominated debt. This process is carried out by the swap dealers (usually banks) as an intermediary. The common objective of this type of transaction is that firms want to alter various future currency cash flows in its schedules into a particular currency for which its future revenues will be generated (Eiteman et.al 1998). The preference of particular currency is caused by several factors, such as, capital market segmentation, differences in regulation governing investment by institutional investors and asymmetry in the tax treatment of interest income and capital gains/losses (Jacque 1996). Although there are other types of swaps involving foreign currencies, such as, foreign currency forward swaps, plain vanilla, and a three-way back-to-back currency swap, they are designated primarily for hedging interest rate exposure. 2.4 Internal hedging methods For the reason that external hedging techniques with derivatives to manage foreign exchange exposure are often costly, many multinational firms would rather turn to consider using internal hedging devices such as Michael (2006): Currency matching, which involves pairing suitably a multinational firms foreign currency inflows and outflows with respect to amount and timing Currency netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a multinational firm Invoicing in domestic currency, which reduces transaction risk primarily related to exports and imports. 2.5 Fundamental Philosophy behind Hedging We have presented that authors embrace hedging as insurance, and hedging as a value-enhancing tool. We believe the common view of hedging can be summarized as follows: Hedging is one of the three most fundamental reasons for the existence of the financial market, alongside speculative and arbitrage activities (JÃ ¼ttner, 2000). The hedging industry is evolving just like the rest of the business world. In fact, there is no definite set of tools or technique that can define hedging. As the world changes, new hedging mechanisms are derived; and as time passes, these mechanisms are refined and evolve into something new that can be better applied to the contemporary commercial marketplace (Batten et al, 1993; Faff and Chan, 1998; Alster, 2003;). Hedging is not a way of making money, but to assist management in better managing corporate revenue through reducing the corporate exposure to volatility in the foreign currency markets (Nguyen and Faff, 2002, 2003a; Anac and Gozen, 2003; Alster, 2003; De Roon et al., 2003; and Dinwoodie and Morris 2003). When used prudently, hedging can be effective insurance as well as a value-enhancing exercise for corporations. Effective hedging programs have been proven to allow corporations to minimize or transfer their foreign currency exposure. The diminished exposure to foreign currency fluctuations allows more stable and predictable cash-flows, notably in terms of revenue. As a result, firms are then capable of making more comprehensive financial plans, including more reliable estimations on tax, income after tax and dividends payable to shareholders. It is believed that a dividend payout is often of significant appeal to long-term, current or prospective shareholders (Nguyen and Faff, 2002, 2003b; Alster, 2003; Anac and Gozen, 2003; De Roon et al., 2003; and Dinwoodie and Morris, 2003). The three main questions surrounding hedging: when, what and how to hedge are shown in Figure 2.2 below as a decision tree. How to Hedge? Hedge Ratio 10% 50% 100% OR Any Ratio between 0.1%-99.9% What to Hedge? When to Hedge? Financial Tools Forward Futures Options Swap Hedge Under Currency Risk Exposure Non-Financial Tools Leading Lagging Fully participating market movements No Hedge Fig 2.7 Generic Hedging Decision Tree The question to hedge or not to hedge is a complex and controversial one in financial risk management. Natural hedges carry no explicit out of pocket cost and intrinsically form a better offset to economic exposures and so generally are preferred to synthetic hedges. Synthetic hedging can be likened to insurance, where the company incurs an explicit cost to reduce the risk or volatility inherent in its business results. The cost must be weighed against the risk-reducing benefits of the transactions, taking into account their precision and effectiveness. The real drivers of any hedging decision are 1) what is the risk tolerance of the company; and 2) what cost is acceptable for entering into transactions to reduce or eliminate the risk. Foreign currency-denominated activities engaged by Indian Exporters Expected payments of foreign exchange from trade Expected receipts of foreign exchange from trade Liabilities Assets Debt Debt Equity Net trade foreign exchange exposure (before derivates) Net balance sheet foreign exchange exposure (before derivatives) Foreign exchange Derivatives Net foreign exchange exposure (after derivatives) Fig 2.8: Decision to Hedge Foreign Currency Exposures Some managers feel strongly that hedging either should always be done or never done, and their approaches vary tremendously. Indeed, there is an academic perspective that hedging is never appropriate since risks like FX exposure represent diversifiable risks from the shareholder perspective, and thus, the cost is wasted effort for shareholders. Some managers share this view, but most multinational businesses of significant size engage in some financial hedging transactions. Major arguments for and against hedging are displayed in Table 2.2 Table 2.2: Theoretical Arguments on Hedging For Against Managing earnings volatility for FX risk can reduce a firms potential cost of financial distress. PPP and CIP imply compensating levels of FX rates and prices. Firms in financial distress face higher contracting costs with customers, suppliers, and employees. FX rates even out over time. Firms that hedge and reduce their earnings volatility pay less taxes over the long run if tax rates increase the income levels. With transactions costs, hedging is a losing bet on average. Managing FX risk and smoothing earnings volatility has a positive effect on stock price and shareholder value. Shareholders can diversify their own portfolios to compensate for FX risk.