Should we continue to import goods from China Research Paper

Should we continue to import goods from China - Research Paper Example s second perspective is the thought that protectionism (not allowing imports from China) will bring jobs that have been outsourced and entrusted to China back to the United States, resulting in a vibrant, more productive economy. It is a fact that nearly 200,000 American jobs have been displaced by Chinese imports (Scott) in Wal-Mart Corporation alone. Those who hold protectionism as the answer for creating jobs in America hold this example as an expression of an underlying truth: that imports need to stop in order for the economy to improve. However, what is the overall economic impact of saving these jobs? According to an OECD report, stopping imports from China will actually hurt the American economy, costing $2.16 for every $1 rise in tariffs and dropping world income by $0.73. When a country implements such policies, production does indeed come back to that country; however, since they cannot make those goods as efficiently, consumption decreases because prices go up. Less consumption means more costs and a return to the original problem. From an economic perspective, the protectionist argument against importing goods fails. The opposite perspective, that individuals have the right to choose between all available alternatives certainly seems valid, particularly in response to the analysis that â€Å"open markets will be necessary for a sustained economic recovery† (OECD). Trade with China is mutually beneficial for both parties and should continue until it stops naturally. OECD. "Trade and Economic Effects of Responses to the Economic Crisis." 2010. Organisation for Economic Co-operation and Development.

Empowering through a Self-Sufficiency Strategy Essay

Empowering through a Self-Sufficiency Strategy - Essay Example To overcome the difficulties faced by the tsunami, all NGO's working in that area contributed a lot. Their activities were focussed in areas like physical well being of the victims akin to food clothing and shelter, mental aspects relating to sense of security, reinstating relationships and the economic side comprising of funds as well as resources required for daily life. The initial response of NGO's was to supply materials like food, clothing, napkins etc. More over they also concentrated in the removal of debris, dead bodies of humans and animals. Besides these activities, other services like ensuring clean drinking water, community medical camps, immunization programmes, trauma counselling etc was also done (Arnold.J.P.S. 2005). The devastation caused by the tsunami in the coastal regions has created a new challenge for NGO's working in that area, particularly in the field of water purification. To face the challenging situation NGO's have developed and installed equipments in t he region. (Asian Tsunami concentrates minds around the world. 2006.) The civil wars taking place in Afghanistan and Iraq has increased the misery of the common man living there. During the latter half of the year 2005 many natural disasters occurred in different parts of the world. Large scale of destruction has occurred. The most important effect of war on the society is the destruction of the victim's social environment, their natural living instincts and history as well as identity of their cultures (Zwi.A.B 2000 July 22). The roles that various NGO's play in Iraq are vital. At present they have tailored to the present situation of mistrust, doubt etc. NGO's have adopted the coordination mechanism which helps to locate the needy as well as to understand the situation. To cater to the present needs, NGO's have triggered the field related emergency arrangements. Due to the crisis in Iraq over 8 million people are in need for humanitarian aid. This situation has arisen due to a number of causes like corrupted basic services, failure of finding livelihoods, and uncontrolled price rises. The sadder side of Iraq is that the government and other agencies have a limited role to solve the crisis because of the lack of chance to contact the population. (NGOs Coordination Committee in Iraq. 2007). During the rehabilitation process of the Afghan war, funds around 35 million were distributed for developing the health services sector. NGO's working in the health sector of Afghanistan has brought significant changes and success in the area. Preparation of separate waiting room for female patients and a completely renovated delivery room accompanied by a neo natal ward equipped with modern equipments were also established. For the disposals of clinical waste, pits were dug up and steel and brick furnaces were constructed. NGO"s has also appointed their own staff for monitoring these activities also. (A Formula for Success in Afghanistan) The dangerous war fields of Congo, Sudan and Uganda in Africa are among the most dangerous places to live in. this fact was published by a poll conducted by Reuters. The most affected are children and woman who always find themselves in the receiving end. (Rowling.M. 7-7-2006) Rowling.M. 7-7-2006. The world's 10 worst child danger spots. According to

Experiment on Size, Shape and Structures of Aggregates

Experiment on Size, Shape and Structures of Aggregates Introduction Dye sensitized solar cells (DSSC) have made considerable attention because of their unique features for conversion of free, unlimited solar energy into electricity by utilizing environmental friendly, inexpensive raw materials for low production cost1,2. DSSC composed of nanostructured, mesoporous semiconductors with wide-bandgap materials, to which the dye molecules (sensitizers) are adsorbed, a counter electrode and an electrolyte. In DSSC the dye molecule absorb visible light, and inject electron from photo-excited state of dye molecule to conduction band of semiconductor1,3 The performance of a dye-sensitized solar cell is mainly based on the structure of the visible light absorbing dye/ sensitizer. Applications of several natural carotenoid dyes with higher absorption coefficient in the visible region of the solar spectrum with higher conversion efficiency, is under investigations1,4. Carotenoids are C40 tertraterpenoid hydrocarbons consist of eight-C5 isoprene units5. The major characteristic feature of Car molecule is it comprises of extensive conjugated system of delocalized Ï€-electrons which makes them highly hydrophobic molecules. Therefore when these carotenoid molecules are dissolved in hydrated solvents they tend to form aggregates since the molecule is hydrophobic in nature. The surface arrangements and the aggregation behavior of the sensitizers (carotenoids) on semiconductor nanoparticles is greatly influenced the performance of carotenoid based artificial photosystems such as DSSC. It was stated (Wang et al.2006) that formation of dye aggregates suppresses the performance of DSSC6 since the device performance is influencing the nanoscale morphology of the aggregates. Therefore several researchers have focussed on the nanoscale organization of molecular aggregation in solutions of these conjugated molecules at atomic level resolution. Interchain agg regation behavior of a conjugated polymer (DP10-PPV) which used in opto-electronic applications such as pohotovoltaics, dissolved in two solvents having different qualities at different concentrations were studied by (Chen et al. 2009) using Small angle neutron scattering (SANS), revealed that the internal conformational structure of these network aggregates were differ in different solvents. A similar study was also carried out by Chen and coworkers for another semirigid conjugated polymer (DP6-PPV) in solutions7,8. Moreover it has been reported that, when carotenoid molecules are deposited on the surface of semiconductor often it forms H-shape aggregates5. Aggregation phenomena of natural and artificially modified carotenoids were proved that J- and H-aggregates are the possible geometries9. Apart from the formation of self-assembled aggregates in hydrated solvents of these carotenoid molecules, there is strong relationship between the structural conformation and the composition o f molecules in the solution with the ability of aggregation5. Polar carotenoids consist of –OH (hydroxyl groups) in the carotenoid structure promotes the formation of aggregates compared to the molecules without any functional groups, (Simonyi et al. 2003). Furthermore the position of the functional group may also significantly affect the type of aggregates form10. It was observed experimentally for the first time (Cheng et al. 2009), the crossover from swollen coils in semidilute regime to unperturbed coil at high concentrations11 with the variation of polymer radius of Gyration (Rg) of poly(methyl methacrylate) in chloroform as a function of polymer concentration (à Ã¢â‚¬ ¢). Perahia et al. used SANS data12to investigate how molecular solutions of poly(2,5-dinonylparaphenylene ethynylene)s (PPE) aggregates into large flat clusters. Ratnaweera et al. 2012 and Lodge and coworkers were studied self-assembly modes of several block copolymers in selective solvents using SANS13 -15. Therefore the studies of dye aggregates are really essential for future developments of carotenoid based electrochemical devices for solar energy conversion. Spectroscopic studies on carotenoids in hydrated solvents revealed that the aggregation behavior of carotenoids is significantly affecting the S0 →S2 electronic transition16 of neutral carotenoids. Therefore the solvent quality is one of the major factors for carotenoid solutions which govern the size of the aggregate. When the carotenoid molecules are uniformly dissolved in a good solvent at low concentrations to form a homogeneous mixture, carotenoids are exist as isolated molecules that are very far from each other17. Therefore the interactions between monomers are very weaker than the monomer-solvent interactions and polymer tends to swells and its size is larger than the ideal size13,18. Cheng coworkers stated11 that in the good solvent domain (T > ÃŽ ¸), the repulsions of excluded volume is greater which results Rg of the aggregates enhanced beyond its unperturbed size. Further this expansion effect is greater in dilute solutions since the volume fraction of polymer is very low compared to its overlapping concentration. When the concentration of the solution is increased, the attraction between monomers are stronger and the aggregates tried to collapses into globules wit h solvents inside it corresponds to a poor solvent. The size of the structural conformation of collapsed globule is smaller than the ideal chain17. For a polymer solution (NA = N and NB = 1) to be favorable for mixing or aggregation is depends on the Flory-Huggins equation which consist of two terms, the entropy and energy terms17. The energy change of binary mixing which depends on composition of the mixture is the main factor, for a polymer to be dissolved in a good solvent to make an equilibrium state of a homogeneous mixture of polymer solution. Entropy of mixing is small for polymer solutions and always positive hence promotes mixing, but the energy of mixing is either positive or negative which measures the attractive or repulsive interactions between species. The net attraction between species in the solution is important because it measure the value and the sign of the Flory interaction parameter (χ) and hence to know whether the given mixture consist of single-phase or separated into phases. In this research the small angle neutron scattering (SANS) data was used to investigate the quantitative experimental information on size, shape and structures of aggregates. Two carotenoid molecules, bixin and norbixin were selected in this study to characterize their structural information of monomeric and aggregated forms. The natural dyes, bixin and norbixin are belongs to the group of apo-carotenoids, extracted from annatto seeds of the Bixa orellana tree1. The chemical structures of cis-bixin (C25H30O4) and cis-norbixin (C24H28O4) is shown in fig. 1. (1) Gà ³mez-Ortà ­z, N. M.; Và ¡zquez-Maldonado, I. A.; Pà ©rez-Espadas, A. R.; Mena-Rejà ³n, G. J.; Azamar-Barrios, J. A.; Oskam, G. Solar Energy Materials and Solar Cells 2010, 94, 40. (2) Zhou, H.; Wu, L.; Gao, Y.; Ma, T. Journal of Photochemistry and Photobiology A: Chemistry 2011, 219, 188. (3) Xu, H.; Tao, X.; Wang, D.-T.; Zheng, Y.-Z.; Chen, J.-F. Electrochimica Acta 2010, 55, 2280. (4) Yamazaki, E.; Murayama, M.; Nishikawa, N.; Hashimoto, N.; Shoyama, M.; Kurita, O. Solar Energy 2007, 81, 512. (5) Landrum, J. T. Carotenoids : physical, chemical, and biological functions and properties; CRC Press: Boca Raton, 2010. (6) Wang, X.-F.; Koyama, Y.; Nagae, H.; Yamano, Y.; Ito, M.; Wada, Y. Chemical Physics Letters 2006, 420, 309. (7) Li, Y.-C.; Chen, K.-B.; Chen, H.-L.; Hsu, C.-S.; Tsao, C.-S.; Chen, J.-H.; Chen, S.-A. Langmuir 2006, 22, 11009. (8) Li, Y.-C.; Chen, C.-Y.; Chang, Y.-X.; Chuang, P.-Y.; Chen, J.-H.; Chen, H.-L.; Hsu, C.-S.; Ivanov, V. A.; Khalatur, P. G.; Chen, S.-A. Langmuir 2009, 25, 4668. (9) Auweter, H.; Benade, J.; Betterman, H.; Beutner, S.; Kà ¶psel, C.; Là ¼ddecke, E.; Martin, H.; Mayer, B. Pigments in food technology. Sevilla: Dep Legal 1999, 197. (10) Simonyi, M.; Bikadi, Z.; Zsila, F.; Deli, J. Chirality 2003, 15, 680. (11) Cheng, G.; Graessley, W. W.; Melnichenko, Y. B. Physical Review Letters 2009, 102, 157801. (12) Perahia, D.; Traiphol, R.; Bunz, U. H. F. The Journal of Chemical Physics 2002, 117, 1827. (13) Ratnaweera, D. R.; Shrestha, U. M.; Osti, N.; Kuo, C.-M.; Clarson, S.; Littrell, K.; Perahia, D. Soft Matter 2012, 8, 2176. (14) Lodge, T. P.; Hamersky, M. W.; Hanley, K. J.; Huang, C.-I. Macromolecules 1997, 30, 6139. (15) Lodge, T. P.; Bang, J.; Park, M. J.; Char, K. Physical Review Letters 2004, 92, 145501. (16) Alwis, D. D. D. H.; Chandrika, U. G.; Jayaweera, P. M. Journal of Luminescence 2015, 158, 60. (17) Rubinstein, M.; Colby, R. Polymers Physics; Oxford, 2003. (18) Halperin, A. Journal de Physique 1988, 49, 547.

As I Lay Dying Essay -- Literary Analysis, William Faulkner

William Faulkner’s portrayal of women, Addie Bundren specifically, in As I Lay Dying presents an interesting look into the gender politics of the south in the 1930s. Addie lies at the heart of the novel; yet despite being the heart, her presence for most of the story is as a corpse. Faulkner only gives her one chapter to explain herself; and it is her desire to be buried in Jefferson that sets in motion everything that happens in the novel. There is a profound tension at work between words and Truth her chapter: Addie ascribes no value to words, they are nothing more than dead sounds. And despite her claim that words are â€Å"quick and harmless†, she is tricked by them, and relies on them to take her revenge on Anse. While the word â€Å"sin† means nothing to Addie, she is nevertheless consumed by the idea of Sin. The fundamental problem for the reader is how to decipher a chapter of words when Addie says they are empty shapes. Addie’s nihilistic approach to language reveals her attempt to escape her subjugation as a woman: as a â€Å"woman†, Addie cannot help but fall into the traps of â€Å"wife† and â€Å"mother†, and their associated duities. Addie’s chapter placement complicates the novel, as it is placed after she dies; Faulkner does not make it clear whether he is presenting her voice from beyond the grave or if this is supposed to have taken place sometime in the past. From the very beginning of the chapter, Addie shows a darkness in her heart that the reader has not seen before. She hates children (169). She hates her father for bringing her into the world; and telling her that the â€Å"reason for living [is] to get ready to stay dead a long time† (169). She doesn’t appear to take any pleasure in living, except when she punishes her st... ...idelity; she â€Å"merely took the precautions that he thought necessary for his sake, not for [her] safety, but just as [she] wore clothes in the world’s face† (175). She continues her rebellion in her treatment of Jewel: rather than treating Jewel worse because he is a constant reminder of his sin, he is her favorite child, believing that he will save her from the water and the fire (168)—which Jewel does in turn; he rescues her body from the river, and single handedly carries her body from Gillespie’s burning barn. She identifies Jewel as her savior because he is the symbol of her rebellion. Addie’s carries out her final, and most damning act of revenge, by making Anse promise to take her body to Jefferson. This request places Addie’s dead family explicitly above Anse and her children, and she knows that Anse will carry it out because he is bound by his word.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk

MayBank: Malaysia’s Largest Bank and Financial Group

1. 0. INTRODUCTION 1. 1. MAYBANK BERHAD BACKGROUND Maybank is a trade name for Malayan Banking Berhad. Maybank is well known as the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. This bank also has large interests in Islamic banking throughout Maybank Islamic Berhad and insurance via its Etiqa subsidiary. As it moves into its six decade, Maybank Group already show it commitment and changes in order to become the financial service leader in Malaysia.From its incorporated on 13th May 1960, Maybank starting its operation on 12th September 1960 at Mansion House, High Street, Kuala Lumpur. At that time, Malayan economy was fully dependant on rubber and tin and Maybank take the chances to be the first wholly bank that owned finance company. It was known as Malayan Finance Corporation and later its change to Maybank Finance. Maybank opened its first overseas branch in Brunei on 28th November 1960 followed by Sou th Bridge Road, Singapore in December 1960.On 12th December 1962, the Hong Kong branch was opened followed by a branch in London on 12th September 1962. Maybank also listed on Kuala Lumpur Stock Exchange on February 17 at the same year. On September 1973, Maybank step forward and sets up its investment banking arm known as Aseambanker and was already rename as Maybank Investment Bank in 2009. In 1974, Maybank introduced the Rural Credit Scheme which purposed its services to rural sectors and also to fulfil the government’s objective which want to balance the economic among populance.As the time passed by, Maybank upgraded its services and come out with the first mobile bus banking services in Johor in 1976 which provided financial services to rural communities. Maybank also introduced Mayban Phoenix Assurance Berhad in 1977 with the bank hold 70 % equity and the remaining 30% is held by British Phoenix assurance and changed its name to Mayban Assurance. In 1978, Maybank becom e the first Malaysian bank that computerized all the saving and other current account services. Maybank launched its first credit card called Maybank Visa Card in year 1980.Then, around 1983, the foundation stone of Menara Maybank or known as Maybank Headquarter was lay by Malaysian fourth Prime Minister, Tun Dr Mahathir Bin Mohamed. Maybank also step forward by opened Balai Seni Maybank and Maybank Numismatic Museum that officially launched by Tan Sri Dato Jaafar Hussein, Governor of Bank Negara Malaysia. An offshore bank in Labuan International Financial Centre was set up by Maybank to prove their establishment in this sector. After that, in 1992, Maybank formed Maybank Securities. This situation clearly show that Maybank always improving their standard year by year by introducing new services and products.Then,in year 1996, Maybank sell Kwong Yik Bank to Rashid Hussain Berhad Maybank also become the first bank that offer the convenience of ticket less travel for domestic flights on MAS through MASET (MAS Electronic Ticketing) in 1997. Maybank also upgraded its services by introducing Internet Banking services or known as Maybank2u. com that help their customer to use Maybank services at any time and places. In year 2001, Maybank then merged with Pacific Bank Berhad and Phileo Allied Bank berhad which well known as foreign banks.At the same year, Maybank also introduces Dataran Maybank which consists of head office of Mayban Finance, Maybank General Assurance, Mayban Fortis Holding, Mayban Life Assurance, Maybank Securities and last but not least is Maybank Futures. In year 2004, Mayban Finance vested all their entire operation and business into Maybank. Around 2008, Maybank was starting to establish its Islamic Banking Subsidiary known as Maybank Islamic Berhad. Besides that, Maybank also completed the acquisition of 15% in An Binh Bank (Vietnam), 20% of Muslim Commercial Bank of Pakistan and 97. 5% of Bank International Indonesia (BII).In addition, Maybank won for the second year Malaysia's Most Valuable Brand (worth RM9. 3 billion), and Deal of the Year – Insolvency & Restructuring Deal of the Year at the 2008 ALB SE Asia Law Awards. Maybank was founded by Malaysian business tycoon Khoo Teck Puat, who died in 2004. The company was led by President and CEO Amirsham Abdul Aziz for some two decades until March 2008 after which he was appointed Minister in the Prime Minister's Department in-charge of the Economic Planning Unit, a post he held until April 2009. Dato' Sri Abdul Wahid Omar was officially appointed as President and CEO of Maybank Group in May 2008.As of June 30, 2010, Maybank boasting group assets worth RM337 billion (US$106 billion), placing it among the top 120 banks worldwide. Malayan Banking is also a listed corporation on Bursa Malaysia. Maybank is well known as the largest bank in Malaysia with 384 domestic branches and 190 international branches and offices. Maybank is largest listed companies on the Malaysian Stock Exchange, Bursa Malaysia, with a market capitalization of over RM54 billion (USD22 billion) as of end-March 2011. In addition, Maybank was ranked at 458th in the Forbes Global 2000 Leading Companies with market cap of USD 20. 8 billion in year 2011. 1. 2. MAYBANK OPERATION Maybank operates consumer banking, business and corporate banking as well as private banking services, through a network of 384 branch offices and more than 2,800 automated teller machines in Malaysia. The company operates 22 branches throughout Singapore providing a full range of banking and financial products and services. Maybank, through Maybank Philippines Incorporated, has 50 branches in the Philippines and also has a banking presence in most of the other Southeast Asian markets, including Brunei, Papua New Guinea, Indonesia, Cambodia and Vietnam.The bank also operates branches in New York, London, Hong Kong and Bahrain. Beside its commercial banking network, Maybank operates a number of specialized s ubsidiaries in the insurance, investment banking and assets management, and finance sectors. The group's subsidiaries include Etiqa Insurance & Takaful which provides both conventional and Shariah compliant insurance products, and Maybank Investment Bank which is the Group's investment banking division following the acquisition of Maybank Discount and Maybank Securities. Maybank was the first Malaysian bank granted the right to establish a branch office in China.

Free Essays on Practical Convenience

Comfort and convenience are on the rise in America’s society. People want faster service, with the same or even better quality. Opulence is also particularly essential; however, efficiency is also required to accompany its presence. Most products have undergone dramatic changes in order to please the ever-growing demand for these luxuries. Telephones changed into cellular phones. Note pads transformed, upgraded, and turned into personal data assistants. Humongous personal computers downsized to a 4-ounce laptop. However, a device has refused to undergo the immense technological change to provide improved leisure and expediency: the toilet. The toilet has not changed its basic structure or function since its invention; there are still a great number of consumers for the product. Although size and mobility cannot be changed drastically, an improvement for greater amounts of extravagance and expediency should be insisted upon in order to bring the toilet into the 21st century. If these changes do not occur very soon, I fear its users may find it obsolete and even hazardous to their health. One problem with the toilet is its lack of comfort. Warmed toilet seats are not a new idea- many of the world’s wealthy already own them. Nevertheless, no human being should ever be subject to the torture of a chilled toilet seat. The horror of a cold toilet seat may have already taken the life of the greatest musician ever known to man, Elvis Presley. Many speculate that the King of Rock and Roll died due to a heart attack caused by a drug overdose. However, what if drugs did not cause Elvis’s heart attack? What if the shock of a cold toilet seat caused the King’s premature death? I know if my grandmother found out that a cold toilet seat killed Elvis, she would probably put every cold toilet seat in sight to death. If my theory is correct, maybe America should stop its war on drugs and start a war on cold toilet seats. To improve the lives... Free Essays on Practical Convenience Free Essays on Practical Convenience Comfort and convenience are on the rise in America’s society. People want faster service, with the same or even better quality. Opulence is also particularly essential; however, efficiency is also required to accompany its presence. Most products have undergone dramatic changes in order to please the ever-growing demand for these luxuries. Telephones changed into cellular phones. Note pads transformed, upgraded, and turned into personal data assistants. Humongous personal computers downsized to a 4-ounce laptop. However, a device has refused to undergo the immense technological change to provide improved leisure and expediency: the toilet. The toilet has not changed its basic structure or function since its invention; there are still a great number of consumers for the product. Although size and mobility cannot be changed drastically, an improvement for greater amounts of extravagance and expediency should be insisted upon in order to bring the toilet into the 21st century. If these changes do not occur very soon, I fear its users may find it obsolete and even hazardous to their health. One problem with the toilet is its lack of comfort. Warmed toilet seats are not a new idea- many of the world’s wealthy already own them. Nevertheless, no human being should ever be subject to the torture of a chilled toilet seat. The horror of a cold toilet seat may have already taken the life of the greatest musician ever known to man, Elvis Presley. Many speculate that the King of Rock and Roll died due to a heart attack caused by a drug overdose. However, what if drugs did not cause Elvis’s heart attack? What if the shock of a cold toilet seat caused the King’s premature death? I know if my grandmother found out that a cold toilet seat killed Elvis, she would probably put every cold toilet seat in sight to death. If my theory is correct, maybe America should stop its war on drugs and start a war on cold toilet seats. To improve the lives...

Character Analysis of Shakespeares Othello

Character Analysis of Shakespeare's Othello Above all else, this Othello character analysis reveals that Shakespeares Othello has gravitas. A celebrated soldier and trusted leader whose race both defines him â€Å"The Moor† and defies his lofty position; it would be rare for a man of race to have such a highly respected position in Venetian society. Othello and Race Many of Othellos insecurities are derived from his race and from the perception that he is lowlier than his wife. â€Å"Haply for I am black, And have not those soft parts of conversation That chamberers have†¦Ã¢â‚¬  (Othello, Act 3 Scene 3, Line 267) Iago and Roderigo describe Othello at the start of the play, without even naming him, using his racial difference to identify him, referring to him as â€Å"the Moor†, â€Å"an old black ram†. He is even referred to as â€Å"the thick lips†. It is generally the morally dubious characters who use his race as a reason to disparage him. The Duke only speaks of him in terms of his achievements and his valor; â€Å"Valiant Othello†¦Ã¢â‚¬  ( Act 1 Scene 3 Line 47) Unfortunately, Othello’s insecurity gets the better of him and he is moved to kill his wife in a fit of jealousy. One could argue that Othello is easily manipulated but as an honest man himself, he has no reason to doubt Iago. â€Å"The Moor is of a free and open nature, That thinks men honest that but seem to be so,† (Iago, Act 1 Scene 3, Line 391). Having said that, he more readily believes Iago than his own wife but again this is probably because of his own insecurities. â€Å"By the world, I think my wife be honest and think she is not. I think that thou art just, and think thou art not.† (Act 3 Scene 3, Line 388-390) Othello’s Integrity One of Othello’s admirable qualities is that he believes that men should be transparent and honest as he is; â€Å"Certain, men should be what they seem† (Act 3 Scene 3 Line 134). This juxtaposition between Othello’s transparency and Iago’s duality identifies him as a sympathetic character despite his actions. Othello is manipulated by the truly evil and duplicitous Iago who has so few redeeming qualities. Pride is also one of Othello’s weaknesses; for him, his wife’s alleged affair confounds his belief that he is a lesser man, that he cannot live up to her expectations and her position in society; her need for a conventional white man is a critical blow to his achieved position. â€Å"For naught, I did in hate, but all in honour† (Act 5 Scene 2, Line 301). Othello is clearly very much in love with Desdemona and in killing her he denies himself his own happiness; which heightens the tragedy. Iago’s true Machiavellian victory is that he orchestrates Othello having to take responsibility for his own downfall. Othello and Iago Iago’s hatred of Othello is profound; he does not employ him as his lieutenant and there is a suggestion that he bedded Emilia previous to his relationship with Desdemona. The relationship between Othello and Emilia is never corroborated but Emilia has a very negative opinion of Othello, possibly based on dealings with her own husband? Emilia says to Desdemona of Othello â€Å"I would you had never seen him† (Act 5 Scene 1, Line 17) presumably this is out of love and loyalty to her friend as opposed to a lingering affection for him. Othello would be very attractive to someone in Emilia’s position; he is very demonstrative in his love for Desdemona but sadly this turns sour and his character becomes more recognizable to Emilia as a result. Othello is brave and celebrated which could also account for Iago’s intense hatred of him. Jealousy defines Othello and also the characters associated with his downfall.

Definition and Examples of a Glossary in a Book

Definition and Examples of a Glossary in a Book A glossary is an alphabetized list of specialized terms with their definitions.  In a report, proposal, or book, the glossary is generally located after the conclusion. Also known as a clavis (from the Latin word for key). A good glossary, says William Horton, can define terms, spell out abbreviations, and save us the embarrassment of mispronouncing the shibboleths of our chosen professions (e-Learning by Design, 2012). EtymologyFrom the Latin, foreign words Observations Because you will have numerous readers with multiple levels of expertise, you must be concerned about your use of high-tech language (abbreviations, acronyms, and terms). Although some of your readers will understand your terminology, others wont. However, if you define your terms each time you use them, two problems will occur: you will insult high-tech readers, and you will delay your audience as they read your text. To avoid these pitfalls, use a glossary.(Sharon Gerson and Steven Gerson, Technical Writing: Process and Product. Pearson, 2006)Locating a Glossary in a Class Paper, Thesis, or DissertationYou may need a glossary if your thesis or dissertation (or, in some cases, your class paper) includes many foreign words or technical terms and phrases that may be unfamiliar to your readers. Some departments and universities allow or require the glossary to be placed in the back matter, after any appendixes and before the endnotes and bibliography or reference list. If you are free to choose, put it in the front matter if readers must know the definitions before they begin reading. Otherwise, put it in the back matter.(Kate L. Turabian,  A Manual for Writers of Research Papers, Theses, and Dissertations, 7th ed. The University of Chicago Press, 2007) Suggestions for Preparing a GlossaryUse a glossary if your report contains more than five or six technical terms that may not be understood by all audience members. If fewer than five terms need defining, place them in the report introduction as working definitions, or use footnote definitions. If you use a separate glossary, announce its location: (See the glossary at the end of this report).Follow these suggestions for preparing a glossary:Define all terms unfamiliar to an intelligent layperson. When in doubt, overdefining is safer than underdefining.Define all terms that have a special meaning in your report (In this report, a small business is defined as . . .).Define all terms by giving their class and distinguishing features, unless some terms need expanded definitions.List all terms in alphabetical order. Highlight each term and use a colon to separate it from its definition.On first use, place an asterisk in the text by each item defined in the glossary.List your glossary and its first page number in the table of contents.(John M. Lannon, Technical Communication. Pearson, 2006) Collaborative Glossaries in the ClassroomInstead of creating a glossary on your own, why not have the students create it as they encounter unfamiliar terms? A collaborative glossary can serve as a focal point for collaboration in a course. Each member of the class could be assigned to contribute a term, a definition, or comments on submitted definitions. Multiple definitions can be rated by you and by the students, with the highest-rated definitions accepted for the final class glossary.When students are responsible for creating the definitions, they are much more likely to remember the word and the correct definition.(Jason Cole and Helen Foster, Using Moodle: Teaching With the Popular Open Source Course Management System, 2nd ed. OReilly Media, 2008) Pronunciation: GLOS-se-ree

Plan for Your Professional Development Assignment

Plan for Your Professional Development - Assignment Example It should be noted here that education is a constantly evolving field and one needs to be aware of the recent trends and changes in order to educate effectively and efficiently. Here I would like to discuss two courses that had a profound impact on me and I believe that through the knowledge and skills I have acquired while studying them it will benefit me tremendously when I apply the techniques, knowledge, methodologies to my future educational environment. The two courses belong to the Teacher Leadership program. This program helps mentors to develop critical skills, plan, prepare curriculums, motivate, educate and assist staff members, respond to recent technologies, staff and student management. Hence the two courses are EDU 568 Seminar in Teacher Leadership which I took in summer quarter 2013 and the other is EDU 562 Leadership in Global Education which I took in spring quarter 2013. Teachers are basically mentors who not only educate the masses but have positive impact on the wellbeing of the students. Their role is not only to teach and leave the classroom vicinity but to implement the teachings, have an appealing personality, to understand the needs and requirements of the child, to communicate effectively so that an active mechanism is generated which allows student and teacher interaction. Most of the times teachers forget their duties or get too busy with making money that they forget the purpose and divinity of this job. The role of seminar in teaching leadership thus arises. It is said that â€Å"This is the approach taken by teachers who lead diverse students to great academic achievements." (Farr, 2010). Teachers need to be equipped in leadership education in order to bridge the achievement gap and to relate to new techniques which can pave their way to better techniques, methods and teaching styles. Seminar in Teacher leadership aids you in various respects and provides knowledge about how to deploy leadership in diverse areas of education tha t is bringing about positive reforms in educational environment, plan out and develop curriculum, design innovative methods for assessment, finance and budget out events and educational needs, teach classroom management, teamwork, collaborate and work together for better results, integrate with recent technologies and researches and work positively for individual and collective development in all aspects. Thus by learning about all these aspects will not only benefit me as a teacher but will also help me to act as a leader and bring out positive reforms in my work environment. Leadership is very important as it helps to rejuvenate the forces and provide solution, manage and respond to any issue that might strike the productivity level. This course will not only make a better teacher but will also make me an effective trainer in various respects. My other choice of course which is somehow related to my previous course is Leadership in Global education. Global education is a very impo rtant subject having its own defined significance and importance. Global education acts like a bond which unites various races, cultures, casts and creed on a single platform showing interdependence of the human society. It not only helps to develop understanding of

Business Proposal for custom shoe store called DECO HEELS Essay

Business Proposal for custom shoe store called DECO HEELS - Essay Example Currently, women are finding it difficult to get shoes of their choice because most of the stores are offering already designed shoes (Shaw and Onkvisit, 2008). Decor Heels will have an unmatched and extensive selection of high heel shoes for women. The model of the business is based on customer selection that will allow customers design their own high heels under the brand name of Decor Heels. Customers will be required to place an order and the company will make an invitation for the design of their selected high heel shoes (Moisander and Valtonen, 2006). The business aims a creating a competitive advantage in the first six months of operation through diverse selection. This will depend on the company’s management team especially the marketing team. It is the expectation of the business to capture at least 20 percent of market share and a profitability of more than $100,000 in the first three years of operation. 1.1 Success Factors There is one main success factor and that i s the ability of the business to enhance satisfaction for high heels among women. The business will achieve this by offering a wide selection of shoes as preferred by customers. 1.2 Business Objectives The objectives of the business are based on the first three years of operation and include: Establishing a retail store based on supplying high shoes that will satisfy customer needs beyond expectations Capturing 20 percent of the market share for female shoes by the unmet need for women to design high heel shoes Establishing a retail business that will grow on its financial performance 2.0 Business Description Decor Heels is a sole proprietorship business based in New York serving the unmet demand for customized high heel female shoes. The business aims at enhancing consumer satisfaction by offering the opportunity for customers to design their own high heel shoes under our brand name Decor Heels. Customers will be submitting their shoe design and the company will be making available the desired designs within a period of two days. Basically, Decor Heels will be keeping close contact with manufacturers and suppliers to ensure that the shoes are made available at the shortest time possible. In order to improve service delivery, the company will establish a total of ten retail stores at strategic locations within New York City and depending on its performance; the business will open more outlets in other cities within the first three years of operation. 3.0 Definition of the market 3.1 Industry Analysis The market for high heels is under the general market for shoes. Decor Heels is targeting the market for high heel shoes which has few market players. The market for high heel shoes is dominated by large departmental stores with other players including shoe-only stores and small retail stores. Departmental stores mainly sell everything with shoes being among their items for sale. They do not put their focus on shoes but all their products on sale. Shoe-only stores as the name suggests specialize in selling shoes only. Small retail stores engage in the sale of female shoes and clothes (Hill, 2011). 3.2 Market Segmentation The general market for female shoes has two population segments including female professionals and housewives. Professionals are defined by their responsibility of working on a full-time basis whereas

Education Law Essay Example | Topics and Well Written Essays - 500 words

Education Law - Essay Example The significance of the case is to show that school authorities should ensure that the off-campus rules they implement need clear wording, applied and interpreted for students who do not understand them. The case is an excellent example for school authority officials and for students showing what happens in instances when school rules get breached. The student was not suspended from carrying out other school activities and functions, but got suspended from the baseball team as punishment for being in possession of alcohol. The violation of school rules warrants different punishments. However, certain factors have to be considered before enforcing such punishments. The first factor is the seriousness of the offense. Other factors such as the student’s age, the student’s code adopted by the board, the attitude and how often the student commits the offense are also important to assess. Lastly, the other two factors include requirements of chapter 37 of the education code and the potential effect that the student’s misconduct has on the school environment. The first concept is that the state has to take action (Lesson 3). For example, a teacher from a private school who gets fired without getting a notice from the school’s board of team members has the right to complain for contractual breach. In such an instance the school becomes liable for a lawsuit because it violates its own policies. The second concept is that the person must have been dispossessed of his or her property or liberty by the state for the court to accept that there has been a violation of due process. In this case, the state is liable for violation of due process because of breaching the contract formed between it and the person. The third concept is that the nature of due process is dependent on how severe the problem is in a case. In a case where a person has killed another person and gets sentenced to life imprisonment or death penalty, the state is liable for

Accounting Information Systems Assignment Example | Topics and Well Written Essays - 2500 words

Accounting Information Systems - Assignment Example Air New Zealand has also has diversification in aircraft engineering and ground handling services of airlines. Apart from it won services it also provides these two services to other domestic as well as international companies. Subsidiaries of this group also offer online ticket booking services, retailing and travel wholesaling services. Vision of the company is that it strives to become number airlines company in terms of customer satisfaction of services in every country where it provides services (Air New Zealand, 2012). The company is dedicated to become customers’ first choice of airlines for travelling to within and from New Zealand. The company has developed a competitive advantage in terms of creativity and innovation in its services quality. The company promotes the domestic culture, people, behaviors and quality of business practice to the overseas people. It also has a long term value i.e. growth company and contribution a major percentage to the domestic countries growth. The company has been awarded Airline of the year in 2010 and 2012 and it also achieved many national international awards for its quality services. According to company’s financial report of 2010, it has total assets of NZ$1,566 million and profit of NZ$82 million. Accounting information systems of the company refers to the efficient use information technology to management of company’s operating activities and recoding of daily financials transactions and information. Company provides high priority to its Accounting information systems as it maintains the company’s accounting and financial information and update daily basis. AIS help the company to operate accounting and financial management efficiently and easily. As AIS has higher involvement of information technology and computers systems, network, internet etc so there is higher possibility that the company could be exposed to computer fraud and abuse in many ways (Sori, 2009, p.36). There are some general types of threat related to accounting information systems of the company. Terrorist attack and natural deserter in New Zealand and other operating countries are considered as macroeconomic threats to the company’s information systems. Other micro environmental threats are malfunction of hardwires software errors, human unintentional manual errors, and lastly the most dangerous intentional acts or computer crimes. Now fraud refers to intentional unethical and unfair business practice by organizations or individual or groups. Supplier of product and services to this company might gain unethical interest or benefits over the company. Any individual within the organization may commit fraudulent activities intentionally for his or her individual interests. In efficient asset management through absence of internal control systems leads to theft of company’s valuable assets. Another affective type is fraudulent reporting of financial statements. Accounting informatio n systems has given high priority and focus by the company to protect any fraudulent activities regarding financial reporting which is quarterly or yearly result of daily accounting records and maintenance and updating ethically and fairly representation of that. The company could be exposed to any type of fraudulent financial reporting due to some common reasons that leads to unethical business practice by the company. Presence of deceive creditors or suppliers, or investors might be the reason one reason. Another way of reporting fraudulent financial statements can be done by increasing the current market of share of the company. Third reason might be to collect investment to sufficient cash inflow to the

The War and the Worker Essay Example | Topics and Well Written Essays - 1250 words

The War and the Worker - Essay Example In the aftermath of the war, the entire world, particularly Europe, witnessed utter confusion and drastic changes. "Violated, dishonored, wading in blood, dripping filth--there stands bourgeois society Not all spic and span and moral, with pretense to culture, philosophy, ethics, order, peace, and the rule of law--but the ravening beast, the witches' Sabbath of anarchy, a plague to culture and humanity In the midst of this witches' Sabbath a catastrophe of world-historical proportions has happened: International Social Democracy has capitulated. To deceive ourselves about it, to cover it up, would be the most foolish, the most fatal thing the proletariat could do." (Luxemburg) According to the author, one of the most important results of the 'great historical test' in Germany was that the organization of the proletariat has been yoked entirely to the service of imperialism and the state of siege was borne very docilely in the nation. Similarly, in the aftermath of the war in Germany, the press was hobbled so much, public opinion was stifled, and the economic and political class struggle of the working class was absolutely surrendered. These are the crucial criticisms that the author is putting forward in the article. To her, openhanded self-criticism is essential for the existence of the working class and it is their supreme duty. ... t and will gather up the golden treasure that, in a moment of weakness and confusion in the chaos of the world war, it has allowed to sink to the ground." (Luxemburg) Therefore, the author comes up with serious objections about the developments in the world and Europe in the aftermath of the war and these claims are supported by the arguments in "Modern Europe". According to Luxemburg, one of the most important consequences of the war was that it was ordained to thrust forward the cause of the proletariat and the course of the war and its aftermath as explained in "Modern Europe" substantiates this view. As the author explains in her article, the world war has been a turning point and surviving the war does not mean everything in order to fall happily back into the old routine once it is over. As an essential consequence of the world war, the conditions of the struggle by the proletariat have altered along with the lives of the people. Significantly, the life-and-death war between capital and labor, which is the basic law of capitalist development, will not experience any amelioration in the aftermath of the war. However, the old familiar countenances smirk at the struggles of the proletariat in the midst of the war, as the masks are falling down. The upsurge of the volcano of imperialism has offered a mighty jolt on the tempo of development . "The violence of the conflicts in the bosom of society, the enormousness of the tasks that tower up before the socialist proletariat--these make everything that has transpired in the history of the workers' movement seem a pleasant idyll. Historically, this war was ordained to thrust forward the cause of the proletariat....It was ordained to drive the German proletariat to the pinnacle of the nation and thereby begin to organize

Scripture Assignment Example | Topics and Well Written Essays - 2000 words

Scripture - Assignment Example The section ends with a detailed development of three topics from the Dei Verbum. How did the Church settle on the 27 books of the New Testament? The early Church was prompted to come up with the 27 books of the New Testament by a number of factors. These factors were of, religious, socio-political, or cultural nature. A combination of these factors compelled the early Church leaders, as it were, to come up with the list of authentic and authoritative books in the New Testament. These factors are: Gnosticism: This was a sect of heretical believers who posed a great challenge to the early Christians on the teachings of the church. The central view of the Gnostic scholars was that, the elect souls are divine sparks temporarily imprisoned in the physical bodies as a result of precosmic catastrophe, and as such, these souls have a natural knowledge (gnosis) of their origin and destiny, and this natural knowledge will lead them to salvation. As it can be deduced from this position, for th e Gnostics, there was absolutely no need of an authoritative body of knowledge or traditions that would serve as a condition for salvation. Some of the Gnostic scholars were, Basilides, Carpocrates, and Valentinus and Marcion. The early Christians, therefore, had to come up with an authoritative body of knowledge that contained the teachings of their founder, JesusChrist, and the apostles, that would serve as a guide for their followers and that would enlighten the Christians against the heresies and the fallacies of the Gnostics. Montanism was another heretical religious sect that prompted the formation of the New Testament in the early centuries of Christianity. This Christian movement was a charismatic movement that claimed to be a religion of the Holy Spirit, and it was marked by ecstatic outbursts. This sect claimed that this kind of ecstatic outbursts was the only true form of Christianity. To counter this heretical movement and its teachings, the early church came had to come up with correct teachings of the Church which would act as a guide for its adherents. This led to the formation of the 27 books in the New Testament. Apart from the heretical teachings that precipitated the need for the formulation of the authoritative teachings of the Church, another phenomenon in form of persecution of Christians, further, necessitated the need for the articulation of the authoritative teachings of the Church based on the teachings of Jesus Christ and the apostles. When the imperial police started persecuting the Christians and demanding from the the teachings of Christianity, it became necessary for the Christians of the early Church to determine the correct teachings of Christianity, from a myriad of other teachings that claimed to be the true teachings of Jesus Christ and the apostles. This circumstance, therefore, led to the formation of the 27 books of the New Testament that constitute the authoritative teachings of the Church. Settling on the 27 books in th e New Testament Having been influenced by the above factors, the early Church set out to assemble the Christian books that contained the authentic teachings of Christianity. And to distinguish between the authentic and the inauthentic Christian books, the Church employed four guidelines (How the New Testament Canon was Formed, online). These guidelines

The War and the Worker Essay Example | Topics and Well Written Essays - 1250 words

The War and the Worker - Essay Example In the aftermath of the war, the entire world, particularly Europe, witnessed utter confusion and drastic changes. "Violated, dishonored, wading in blood, dripping filth--there stands bourgeois society Not all spic and span and moral, with pretense to culture, philosophy, ethics, order, peace, and the rule of law--but the ravening beast, the witches' Sabbath of anarchy, a plague to culture and humanity In the midst of this witches' Sabbath a catastrophe of world-historical proportions has happened: International Social Democracy has capitulated. To deceive ourselves about it, to cover it up, would be the most foolish, the most fatal thing the proletariat could do." (Luxemburg) According to the author, one of the most important results of the 'great historical test' in Germany was that the organization of the proletariat has been yoked entirely to the service of imperialism and the state of siege was borne very docilely in the nation. Similarly, in the aftermath of the war in Germany, the press was hobbled so much, public opinion was stifled, and the economic and political class struggle of the working class was absolutely surrendered. These are the crucial criticisms that the author is putting forward in the article. To her, openhanded self-criticism is essential for the existence of the working class and it is their supreme duty. ... t and will gather up the golden treasure that, in a moment of weakness and confusion in the chaos of the world war, it has allowed to sink to the ground." (Luxemburg) Therefore, the author comes up with serious objections about the developments in the world and Europe in the aftermath of the war and these claims are supported by the arguments in "Modern Europe". According to Luxemburg, one of the most important consequences of the war was that it was ordained to thrust forward the cause of the proletariat and the course of the war and its aftermath as explained in "Modern Europe" substantiates this view. As the author explains in her article, the world war has been a turning point and surviving the war does not mean everything in order to fall happily back into the old routine once it is over. As an essential consequence of the world war, the conditions of the struggle by the proletariat have altered along with the lives of the people. Significantly, the life-and-death war between capital and labor, which is the basic law of capitalist development, will not experience any amelioration in the aftermath of the war. However, the old familiar countenances smirk at the struggles of the proletariat in the midst of the war, as the masks are falling down. The upsurge of the volcano of imperialism has offered a mighty jolt on the tempo of development . "The violence of the conflicts in the bosom of society, the enormousness of the tasks that tower up before the socialist proletariat--these make everything that has transpired in the history of the workers' movement seem a pleasant idyll. Historically, this war was ordained to thrust forward the cause of the proletariat....It was ordained to drive the German proletariat to the pinnacle of the nation and thereby begin to organize

How the Prologue in Romeo and Juliet Prepares the Audience for the Play Essay Example for Free

How the Prologue in Romeo and Juliet Prepares the Audience for the Play Essay The prologue to Shakespeares Romeo and Juliet prepares the audience by making a short summary of the play so it gets the audience thinking about what the story is about. The prologue is a sonnet which is a 14 line poem, it is also known as an english, elizabethan sonnet which contains 3 quatrains and a rhyming couplet. A sonnet is usually a love poem and that is exactly what Romeo and Juliet is about. The first quatrain of the sonnet is about the feud and conflict between the two families. Both of the families have the same status both alike in dignity but they seem to be holding a grudge against each other, we arent told what causes the hate within the two houses but it is there and drags the households into fights this is particulaly shown in line 4 where civil blood make civil hands unclean the word blood is meaning that death and injuries occur due to the feud the families have. Civil is meant to mean poliet or fair which is a bit ironic since there isnt any politeness. The second quatrain is about the lovers, Romeo and Juliet, and their deaths. From forth the fatal loins of these two foes this line is saying that the two household enemies have produced a pair of lovers, this is mainly emphasised in the phrase fatal loins this implies that these being in love is deadly and they are also involved with the feud of their parents. It also means that their fate has been decided and that death will be their destiny. The second line A pair of star crossd lovers take their life† this is implying that the stars which is meaning their destinies, since they believed that stars told their destiny like horoscopes, so being star crossd lovers means that their destinies are entwined but they are also against each other due to the feud. The last line of the second quatrain doth with their death bury their parents strife this shows that in order to end the feud the deaths of Romeo and Juliet seem to take affect on their parents. The next quatrain is about both love and hate. The first line The fearful passage of their death-marked love this means that all the events that they go through will lead them them to their destinies of death. The second line says that their parents anger is something that isnt easy to take away but in the next line which but their childrens end, nought could remove this means that the only thing they cant stop is their childrens death and it was caused by their hatred to one another. The last line is now the two hours traffic of our stage this implies that the events that they have mentioned will now take place on the stage by the actors. The rhyming couplet is the last to lines of the sonnet. The which, if you with patient ears attend, what here shall miss, our toil shall strive to mend. These two lines are now directed to the audience and that now they are going to show them the play if they are willing to stay. The phrase patient ears attend show that because they are on a stage they dont usually use scenery so you have to listen and use their imagination to help what is happening. In conclusion the prologue to Shakespeare’s Romeo and Juliet prepare the audience for the play by mentioning the key facts to the play so they know what to expect when that particular event is being performed also it helps to explain the parts of the play which seem to be a mystery like the parents hatred, the audience would not know that the two families are meant to be sharing the same status just that there are two groups who dont like each other. It also prepares the audience like a warning saying that death will occur in the play as well as love and hatred.

Language Is Rule-Governed

Language Is Rule-Governed Wittgenstein stated that his aim in philosophy was to show the fly the way out of the fly-bottle that is, to lead us out of the web of misconceptions and confusions that cloud our understanding. He argued that our confusion lay in our misunderstanding of language and the rules that govern its use. This misunderstanding resulted from the assumptions of traditional Western Philosophy which are based on a Cartesian theory of mind, a Platonist conception of reality and an Augustinian view of language. These assumptions led to the belief that the private mental realm was the primary source of language, the essential function of language was to name objects, and the rules of language were set in a fixed pattern of application respectively. As this account of rules relies on their having a fixed content, the only way to follow these rules is to discern their meaning by finding an appropriate mediating interpretation. Once the rules have been interpreted correctly, they would then disclose h ow they should be applied. Wittgenstein argued that these assumptions cloud the true nature of rule-following and meaning, leaving them vulnerable to scepticism as we lay down rules, a technique for playing a game, and that then, when we follow the rules, things dont turn out as we had assumed. So that we are, as it were, entangled in our own rules.  [2]  The issue that Wittgenstein raises is if we can argue that any action can be interpreted as acting in accordance with a rule, how can we ever know if we are following a rule correctly and therefore, how can we justify that our use of language holds any meaning? This reveals the flaws in the traditional belief that it is the rules themselves that act as the normative standards by which we discern whether or not our use of language is correct. Therefore, we must look for another source of normativity in order to preserve the notion of meaning. In light of Wittgensteins view that following a rule is a practice  [3]  which is analogous to obeying an order  [4]  , I believe that his account of language establishes it as rule-governed by situating the requisite justification and normativity in the linguistic community. These requisites are met in Wittgensteins account as when we are taught a rule we are also trained to follow it in a particular way determined by the linguistic community of which we are a member. I will expound this view by firstly looking at the rule-following considerations as found in 185 and 201 to explicate Wittgensteins view that we cannot establish how to follow a rule correctly by looking at the rule itself, but rather we must examine at how the rule is applied as part of a communal practice. I will then use Meredith Williams critique of Saul Kripkes sceptical solution to the paradox and her argument for a communitarian view of Wittgensteins account of rule-following to discuss what a socially e mbedded justification and standard of normativity might entail. Following from this I will go on to examine John McDowells critique of Crispin Wrights anti-realism in order to discuss how a social normative standard can be established through the shared understandings held by a linguistic community. When describing the purpose of the rule-following considerations, Wittgenstein stated that what we are destroying is nothing but houses of cards and we are clearing up the ground of language on which they stand  [5]  by which he means that through a re-evaluation the nature of language we may dissolve the empty questions that traditional philosophy had been concerned with, including the question of what constitutes meaning. Wittgenstein aimed to achieve this by reminding the reader that rule-following cannot be a mental process by which we discern the meaning of the rule and then establish a set pattern of application. Perhaps the most important issue with the traditional view of rule-following that Wittgensteins attack brings to light is the regress of interpretation. Wittgenstein highlights this flaw in the belief that interpretation necessarily clarifies the content of a rule and provides a method of application. He does so by stating that there is no reason why an interpretat ion may not be just as ambiguous as the rule itself and therefore may also be subject to the same interpretative process as the rule. No one interpretation is going to be unambiguous in every situation to every individual. Therefore, the move to symbolic language does not clarify the rules contents, it simply leads to a regress as in this chain of reasoning we place one interpretation behind another as if each one contented us at least for a moment, until we thought of yet another lying behind it.  [6]  This regress means firstly that there is no ultimate justification to be found through interpretation, and secondly that the countless interpretations that a rule may be subject to renders the rule meaningless. From this Wittgenstein concludes that there is a way of grasping a rule which is not an interpretation  [7]  , meaning that understanding is not always aligned with the act of interpretation and rule-following does not necessarily involve a mediating interpretation bet ween the rule and its application. A second challenge uses the discrepancy between the infinite applications of a rule and the finite amount of times we can observe this application. This discrepancy shows that we cannot regard our understanding of a rule as the grasping of a set pattern of application that we must replicate in every future circumstance. Wittgenstein explicates this challenge in his deviant learner example in paragraph 185, in which a student seems to be following a numerical series +2 correctly up until he reaches 1,000 where he then changes to the series of +4. If the teacher had made the student stop following the series before 1,000 he would have never known that the student misunderstood the rule that he had been taught. The deviant learner also brings forth the issue that for any rule applied, for example, a 100 times, we can imagine other rules that give the same results but then diverges on its 101st application. This means that we cannot conceive of the meaning of rules as an infinite set of their application and therefore it is implausible to argue that when we explain a rule that we have an infinite set in mind. Just like the teacher in the deviant learner example, we may believe that someone has mastered the application of a rule, up until the point where they begin to get it wrong. This may happen at any point through a sequence and thus there is no way of knowing for certain if the person has understood the rule. Therefore, if we represent rules as infinite sets of applications but we only deal with finite numbers of these applications we can never be sure that we have successfully taught the rule, or are following it correctly ourselves. This means that if we wish to examine rules through how we follow them rather than their content, we cannot regard rule-following as being guided by rails invisibly laid out to infinity  [8]  if we wish to develop any semblance of normativity. Regarding his own view of the relation between a rule, our understanding of it and our method of application, Wittgenstein uses the analogy of playing chess, stating where is the connection effected between the sense of the words lets play a game of chess and all the rules of the game? Well, in the list of rules of the game, in the teaching of it, in the everyday practice of playing  [9]  . This means that our understanding of a rule results in how we are taught to understand it and this socially constructed comprehension manifests in the action of following of the rule as part of a custom. For example, when we encounter a signpost pointing right, we react to this by turning right because there is an established custom of doing so which we are initiated into through training. As there is clearly nothing inherent in the arrow that tells us how to react to it, this custom can only have been established by the community of which we are a member. Although Wittgenstein makes it clear that he believes that how we follow a rule is how we participate in a communal custom, he recognises the problem concerning the sustainment of normativity that this view must address. If our understanding is moulded by how we are trained, what happens when two people react to their training differently and how do we know which reaction is the correct one?  [10]  As it is the community that establishes how we follow a rule, and we can make no valid reference to the rule itself, it must then be the community that decides whether an individual follows a rule correctly. However, is there any way to prove that the community can provide the normative standard required to know whether or not we are following a rule correctly? I will now address this issue, beginning with an examination of Kripkes sceptical account of rule following. Saul Kripkes discussion of Wittgensteins account of language (which he stressed was not an interpretation, but a line of thought inspired by his reading of Wittgenstein) rests on the sceptical belief that there is no mental fact that can provide an ultimate justification for our belief that we are following the same rule in the same way as we have in the past, and therefore no objective notion of meaning. Although Kripkes account has not been popular, its influence is undeniable as it is used as the point of departure for the standard approach to rule-following  [11]  . Kripke founded his sceptical version of Wittgensteins account of rules on the first challenge to the classical account that I previously discussed which he named the sceptical paradox. This was our paradox; no course of action could be determined by a rule, because every course of action can be brought into accord with the rule. The answer was: if every course of action can be brought into accord with the rule, then it can be also brought into conflict with it. And so there would be neither accord nor conflict here.  [12]   Kripke saw this issue to be, the most radical sceptical problem that philosophy has seen to date  [13]  he stated that the problem lies in that we cannot discern a fact about the mental state of an individual that can justify their belief that they are following a particular rule in the correct way. Thus, the notion of rule-following becomes meaningless. In order to explicate the problem Kripke used the quaddition example in which he asked the reader to imagine in the method of calculation quaddition where, x quus y = x + y if x, y This would mean that quus would give the same results as plus for numerous calculations, up until y In order provide a solution to the sceptical paradox, Kripke argues that Wittgenstein must look for an exterior source for justification and normativity. Kripkes Wittgenstein finds this justification by first accepting the sceptical problem and acknowledging that there can be no ultimate justification therefore the solution must be sceptical itself. From this starting point he then reduces the severity of the problem by arguing that what is required to solve the sceptical problem are not truth conditions (the facts that meanings must obtain to in order to be true), but justification conditions. These justification conditions rest on our answers to the question what is the role, and the utility in our lives of the practice of asserting (or denying) the form of words under these conditions?  [14]  In other words, we must justify our understanding of a rule by showing how we use it within our everyday lives. Our application of the rule is then evaluated by the community as to whethe r it conforms to the usual application of the rule and is therefore correct. Kripkes sceptical account of rule-following does succeed in providing a comprehensive and plausible account for how we invest meaning into the notion of rule- following through community based justification and evaluation. However, it seems that by accepting the scepticism brought to light by the by the paradox Kripke is guilty of the very misunderstanding that Wittgenstein was trying to correct. Wittgensteins rejection of the sceptical problem appears to be shown in the second paragraph of 201 in which Wittgenstein states that we thereby show that there is a way of grasping a rule which is not an interpretation, but which, from case to case application is exhibited in what we call following the rule and going against it  [15]  . From this it appears that Wittgenstein believed it was possible to reject the view that understanding is reliant on interpretation without having to accept on a sceptical theory of meaning. Meredith Williams highlights Kripkes misunderstanding, arguing t hat his belief that the apparent lack of epistemic guidance and justification for the correct application of a rule presents a genuine problem reflects a continued allegiance to the ideal expressed in the classical view  [16]  . She argues that this allegiance distorts Wittgensteins view by searching for an epistemic solution, leading Kripke to replace truth conditions with justification conditions and subjective verification with communal verification. Although Williams shares Kripkes community view of rule-following, she holds that this is not simply a sceptical solution but a genuine source of justification, stating that Wittgensteins answer to the paradox is not a sceptical throwing up of the hands with But this is what I or we do, but an appeal to the social embeddedness of rules  [17]  . She also criticizes Kripke for misunderstanding the community view by denying the authority of those who have mastered the language and forms of life that they are involved with, thus making the authority of the community arbitrary. Williams argues that Wittgenstein held an overtly communitarian view of rules, she evens goes as far as to argue that only the communitarian view can provide rules with the power to constrain the behaviour of the individual and space needed for the basic normative distinction between correct and incorrect. Williams describes the activity of rule-following as a matter of establishing a second nature  [18]  . Rules gain their power from appearing natural and inevitable, meaning that we develop an instantaneous and blind obedience to them. Blind obedience is cultivated through the training of a novice by a master wherein the novice is taught the technique of application that lies in the background and gives content to the formula as rule  [19]  . These techniques then become bedrock practices which need no epistemic justification as they are legitimised by their conformity. Williams argues that it is the blind obedience in the application of bedrock judgements and actions that create space for the rule rather than vice versa, which she calls the primacy of action. Williams argues that both the novice and the master act blindly, they are alternative blind as they are unaware of alternative actions and judgements. The Novice is blind as they unquestioningly follow the example and in struction of the master as they are aware of no other alternatives. Masters act blindly as once they have mastered the language they are blind (or no longer subject to) the verification of the community. From this Williams then argues that it is these two kinds of blindness than can give weight to the constraints that rules place upon an individual by providing the necessary foundational level needed to stop the regress of interpretation. In regards to the issue of normativity, Williams argues that the necessity of following a rule in a particular way is established through a communal regularity which constitutes the form of life against which error and mistake, truth and falsity can be discerned.  [20]  This means that the community does not provide a normative standard through its assent. Rather, it is the structure of the community or in other words, a certain history and a certain setting  [21]  which sustains the regularity of practices over time therefore acting in accordance with this regularity that constitutes following a rule correctly. This means that when we engage in blind actions and judgements, we comply with rules in a way that has been developed in the community of which we are a member, therefore, it is only in relation to the structured practice of the community that the individual can engage in normative activity  [22]  . Williams theory of blind obedience as the source of the necessity of rules and normativity of rules as socially constructed appears to be a valid interpretation of Wittgensteins account of rule-following. However, the notion of socially embedded normativity appears to be in need of further examination. Even if Williams account does not rely on the overtly arbitrary assent of the community, how can an individual compare their understanding of the meaning of an expression with the one provided by the structured practice of the community and furthermore, how may the community ascertain an individuals understanding of a rule in a comprehensively in order to subject it to verification? In light of these queries, I believe that a more substantial account of social normativity is needed, one that I will explore in John McDowells critique of Crispin Wrights anti-realist theory of meaning. Crispin Wright held a community view of Wittgensteins account of rule-following however, he saw this as necessarily aligned with an anti-realist stance due to the scepticism against investigation-independent truth values that he took to be inherent in Wittgensteins rule-following considerations. According to Wright, there can be no such thing as an objective or investigation-independent fact and so the only source of normativity available to a language speaker is the verdict of the linguistic community. However, due to the lack of investigation-independence this verdict is arbitrary. Wright challenges the existence of investigation-independence by refuting the hypothetico-deductive picture of understanding which he believes to be a foundational aspect. In the case of learning a language, this theory assumes that the trainee is able to form a hypothesis of what they believe their trainer is attempting to convey. Wright argues that this would suggest that we all have some innate grasp of an idiolectic pattern of application. If this is the case, we can then assume that this insight is shared communally. Wright rejects this view of understanding as psychologically artificial  [23]  as it rests on the assumption that we have such access to understanding that allows us to make verifiable assertions about the meaning of expressions. He argues along similar lines to Kripke, that there is no way that a trainee may prove that her hypothesis correctly mirrors that of the apparent investigation-independent fact in every case of application. This then means that it is not possible to have a direct and privileged insight regarding the requisites of understanding an expression irrespective of whether this insight is shared. If we wish to claim that investigation-independent facts pertaining to language exist, they must be recognisable; otherwise the correct use of language would have to be regarded as a radical transcendence of human consciousness  [24]  . However, Wrights examination of the hypothetico-deductive picture shows that an individual cannot attribute themselves with the abil ity to recognise whether they are using an expression in accordance with the prescribed pattern of the fact, let alone persuade anyone else that they have this ability. From this Wright concludes that there is truth in the idea that it is community of assent which supplies the essential background against which alone it makes sense to think of individuals responses as correct or incorrect  [25]  . However, if we suppose that this means that the community has the capability that the individual lacks to recognise whether they are conforming to a determined pattern, we are then faced with the same dilemma as the individual as there is no way of knowing whether consensus aligns with correctness. Wright argues that communal consent can be the only authority regarding the correct employment of language (or in other words the application of the rules of language) but for the community itself there is no authority, so no standard to meet  [26]  meaning a community does not go right or wrong in accepting a particular verdict on a particular decidable question, rather, it just goes.  [27]   In accordance with Wrights belief that meaning cannot be constituted by investigation-independent facts he states that, the only notion of objectivity which the anti-realist can allow himself is the ordinary contrast between areas where disagreement is taken to betoken error or misunderstanding  [28]  . He argues that this is an acceptable view of meaning as our assertions can be given substance through reflecting on our epistemic practices from which they arise. However, this does not seem to be satisfactory, or even in alignment with Wittgensteins intentions due to such statements such as the agreement of ratifications is the pre-condition of our language-game, it is not affirmed in it  [29]  . It appears Wittgenstein believed not only that language games and the rules that govern them are not wholly determined by ratification, but they needed a stronger validation than such ratifications can provide. Although it is clear that Wittgenstein would not regard our grasping of m eaning as the grasping of a private idiolectic pattern, the way in which Wright approaches this seems to threaten normativity in an unnecessary way by associating the invalidity of the hypothetico-deductive picture with an inability of a community to recognise whether or not the individual is able to follow rules correctly. McDowell takes this view in his article Following a Rule in which he argues that Wrights anti-realist theory of meaning and understanding is not recognizable as such and furthermore cannot be regarded as Wittgensteins view. He states that Wrights rejection of investigation-independence yields a picture of the relation between the communal language and the world in which norms are obliterated  [30]  . In light of this it is difficult to see how the susceptibility of the individual to be corrected by the community can be regarded as a form of normativity as there are no norms that may constrain the judgement of the community. McDowell states that this revelation turns Wrights argument on its head  [31]  as it is then becomes necessary to reject anti-realism in order to discern an applicable notion of meaning. According to McDowell, the crux of Wrights misunderstanding, shared with Kripke lies in their overlooking of Wittgensteins intention to refute the convergence of understanding with interpretation which reflects his desire to preserve the sanctity of normativity and meaning. In fact, McDowell sees Wittgensteins goal as finding a middle path between two horns of a dilemma, one which he takes to be Kripkes view that understanding is necessarily interpretative leading to the sceptical paradox, and Wrights view in which expressions are behavioural reactions cultivated by the community making any notion of normativity an illusion. McDowell argues that the way in which we may follow a rule blindly avoiding the need for interpretation while retaining normativity is to situate the questions regarding rules, meaning and understanding within a framework of communal practices  [32]  and furthermore, to redefine what it means to be a member of a linguistic community. According to McDowell, a linguistic community is bound together, not by a match of mere externals (facts accessible to just anyone) but by a capacity for meeting of minds  [33]  . It is as a result of the capacity of members within a linguistic community to access aspects of other members understanding of expressions, that they are able to ascertain a shared meaning. McDowell concedes that Wright is correct to reject the idea that understanding an expression is to formulate a hypothesis concerning something concealed by the speakers linguistic behaviour. However, the anti-realist conclusion from this rejection is misguided in that it fails to also reject the idea that there is such a thing as surface linguistic behaviour. The linguistic behaviour of a speaker that is apparent to others must be characterised in terms of the contents of utterances  [34]  . A command of the language spoken by the speaker allows direct cognitive contact  [35]  with the meaning of this content and thus establishes true meeting of the minds. By this McDowell is suggesting that what we mean by our utterances is not hidden, it is in fact clearly discernible to those who speak the same language. By taking this view McDowell highlights Wittgensteins call for us to stop trying to look beneath the bedrock for reasons as to why we follow rules in a certain way. It is possible to ask further questions concerning the nature of rule-following and meaning but to do so blocks off the obvious and surely correct reading: that hearing a word in one sense rather than another is hearing it in one position rather than another in the network of possible patterns of making sense that we learn to find ourselves in when we acquire mastery of a language  [36]  . When we learn a language we also learn the ways in which this language should be used; there need not be a gap between the expression of a rule given in trainingà ¢Ã¢â€š ¬Ã‚ ¦and an action in conformity with it  [37]  . Therefore, when we understand an expression we use it in accordance with the communal use and our meaning is clear to those who share our language and customs. If we do not understand, our incomprehension is also clear and we may then be corrected. This appears to coincide with Wittgensteins belief that what is true or false is what human beings say; and it is in their language that human beings agree. This agreement not in opinion, but rather in form of life.  [38]   In this essay I have addressed the question of does Wittgenstein establish that language is rule-governed by discussing the issue of whether his account of rule-following can provide the justifications and normative standards that following a rule require. My exposition of the rule-following paradox and the deviant learner example revealed how Wittgenstein proved that we cannot provide a comprehensive account of rule-following by referring to the content of rules. However, even if this is the case, it does not necessarily mean that we must be sceptics regarding meaning as Kripke suggests. To believe that normativity and justification must be epistemic in nature is to misunderstand what it is to follow a rule. Williams account of how training situated within a particular social structure leads individuals to follow rules blindly effectively encapsulates how the only justification we require for the way we follow rules is that we have been trained to do so. I do believe Wright raises a valid point in asking how we may recognise that our understanding of certain rules is shared by others. However, through my examination of McDowells view that by sharing a language we are able to gain significant insight