Philosophical outlooks and polemics between herbert marcuse

INTRODUCTIONThe middle of XX century marked new era in the western philosophy: shaping of modern mass culture, aftersounds of the second World War, growing opposition between socialistic and capitalistic regimes caused emergence of a so-called â€Å"second crisis† in a western social philosophy. The brightest representatives of that time philosophical paradigm were German American philosopher Herbert Marcuse, an offspring of a well-known â€Å"Frankfurt school† and native American philosopher Norman Oliver Brown.They represented two different approaches in social philosophy. Being a witness of German people’s struggles during Nazi regime Marcuse formed his outlook as a leftist philosopher and sociologist becoming a partisan of a â€Å"Freudian-Marxist† philosophy. Pessimistic perspectives of Norman Brown on the contrary determined his â€Å"apocalyptical mystical† outlooks. These philosophical approaches of two brightest scientists of the last centu ry need to be compared and contrasted.MAIN DISCUSSIONDuring the 1960s the philosophical debates between H. Marcuse and N. Brown concerning interpretation of Freudian ideas made a serious impact on the development of social philosophy. As J. Chytry (Chytry, 1989) believes, Norman Brown's and Herbert Marcuse's interpretations of Freud â€Å"seemed to point to meaningful, and opposed, orientations for the New Left [a new paradigm in social sciences during middle XX century]. During this period of time Freud, as many scientists believe, appeared as the successor to a ‘superannuated’, but not yet surpassed, Marxist project (Zaretsky, 2002). This discussion of Freudian ideas also influenced interpretations of aesthetics, culture and politics.In the middle of XX century both Marcuse and Brown developed own vision of Freudian ideas in a general philosophical and cultural context Two books of two philosophers written in the 1950's are captivating explorations of Freud's outlook s and the implications of psychoanalytical ideas of sexuality on human freedom. Herbert Marcuse’s â€Å"Eros and Civilization†, published first focused on the role of sexuality in forming of modern civilization and humans.The second is â€Å"Life Against Death† by Norman O. Brown who developed Freudian idea of suppression and applied it to the general civilization’s context. Generalizing the main ideas of two examinations it’s necessary to mention that both authors focused on remedial therapeutic strategies able to cure diseased society of XX century infected by revolutionary ideas, aggression, intolerance etc. Orthodox psychoanalysis as both Brown and Marcuse believed suggests society a principle of reality and ethics of survival. The logics of this survival they, however, see in different manners. In a word, they stood on different psychological positions according to which society exists.The polemics between Marcuse and Brown wasn’t liter ally a virtual one. Being close friends they often criticized philosophical outlooks of one another afterwards. Nevertheless that both philosophers were troubled with the same idea to help pinched society the visions of such help were different. Marcuse believed in the primacy of progress and technique that is to replace out of time relationships between people. Brown on the contrary believed in palliative imaginative escape from the problems. With this one should define the main doctrines of two philosophers: Marcuse stood on the ideas of rationality while Brown, in his turn, looked for imaginative escape from the reality.Norman Brown believed that repressed sexuality of people appears the primary reason for their aggression. To avoid aggressiveness of people Brown suggests his idea of â€Å"polymorphous perversity† believing that each person and every part of the body are to be used in all-round sexual play (Myers, 2004). Brown fully supports Freud’s idea of unconsci ousness and develops it quite logically. He believed that psychoanalytical mechanism of suppression serves negative function for people provoking their intolerance and aggression. Instead, Brown voted for transformation of subliminal ideas to rational ones.As far as Eros is the primary subliminal drive of people Brown suggests to â€Å"construct an erotic sense of reality† that means to realize people’s implicit sexual desires. A primary goal of society, observing Brown is to establish chaos or anarchy where all people are free from anger and realize their sexual ambitions. Marcuse, however, believed that freedom could be achieved through transformation of technology writing that: â€Å"Freedom indeed depends largely on technical progress, on the advancement of science†.To achieve this freedom Marcuse votes for the necessity of technological changes in accordance with the new sensible demands of the life instincts. â€Å"Then, according to Marcuse, one could sp eak of a technology of liberation, product of a scientific imagination free to project and design the forms of a human universe without exploitation and toil† (Marcuse, 1966, p. 19).The Freudian Marxist Herbert Marcuse also inspired by Freudian symbolism believed in its crucial role in social and political contexts. He believed that revolutions, anger, freedom etc. are nothing more than symbolic ideas, objectives and events that have their roots in repressed people’s sexual energy. Nevertheless, on the contrast to Brown Marcuse saw final goal of the society in establishing of Marxist society where all people will finally be socially equal.These ideas are closely interrelated with further Marcuse’s ideas of â€Å"One-dimensional men†. Marcuse, along with Marxists blames free market and private property for all man's economic and social ills. He believes that these ills can be cured only by the abolition of private property. Brown in his turn believed that h armony means love and devotedness being, hence, more close in his ideas to Christian and Buddhist theologies.While Brown called for establishment of a new chaotic society Marcuse developed own vision of changes. He called for the alteration of the very fundamentals of society that would be modified by the elimination of class society.Suggesting himself more rational approach to Freudian interpretation Marcuse believed that Brown’s ideas completely contrast with practice: he   recognized Brown's mad monism to be powerless to bring about political and social improvement. Marcuse did not believe it possible to replace technology with some sort of mystical unity of man and nature. He, besides, considered that Freudian ideas fail in helping of people’s adjustment to society. With this Marcuse was closer to Freud himself who was also pessimistic about achieving long-term benefits for society in general through psychoanalysis.Brown, in his turn, was looking for different ps ychoanalytically based solutions for people’s harmony. He believed that to reduce man to â€Å"nothingness† (a chaos) is to find a best â€Å"solution† to society’s and people’s deepest problem, i.e. social existence. Brown believed that to achieve long-lasting social harmony people are to forget of their superiority over other creature that, according to Freud, leads to serious mental neuroses. According to Brown, when the idea of power and domination first emerged it appeared a reason for all problems. Marcuse, in his turn also supported this idea of people’s drive to the power as a strong reason for social problems and aggressions between people and nations.Marcuse, voting for rationality in society’s development strongly objected Brown’s belief in schizophrenia as a normal state of a person. He considered the idea that schizophrenia should be in any sense a model for normal human behavior to be ludicrous. Contrasting Brownà ¢â‚¬â„¢s ideas of social escapism Marcuse believed that people could achieve social progress and harmony through reality and clear definition of existing problems. Escape from the reality, observing Marcuse, is not a solution at all; instead, it will lead to furthermore social and political problems.Critically speaking, Brown’s ideas don’t look so Utopian. Voting for living without repressions Brown shows society a possible solution to achieve harmonic development. This solution lies in self-denial and abnegation of people necessary to make them more tolerable and loyal to the others. Marcuse instead believed that self-denial is not a solution at all.The only working remedy that could cure ill society and make it indeed multi-dimensional (where all people will finally achieve their individuality and will not identify themselves with the state) is revolution. The only force that could make this revolution is lumpen proletarians. Illustrating these philosophic ideas in a more free manner one could say that Brown anticipated Hippy’s movement with their motto â€Å"All you need is love† while Marcuse on the contrary was a partisan of â€Å"International† and â€Å"Marseillaise†.Marcuse criticized Brown’s ideas of self-expression saying that there’s no sense to to try to turn the assembly line into a scene of self-expression, or to broadcast propaganda for culture and free thought. To achieve final self-expression of people it’s necessary, observing Marcuse, to change technological rationality itself, make it more â€Å"people-centered† and friendly.Critically observing Freudian ideas of â€Å"Id†, â€Å"Ego† and â€Å"Superego† Marcuse came to the conclusion that the only way to conciliate people and nations is to conciliate people’s rationality and irrationality. When rationality contrasts Eros, Marcuse believed, people establish the culture that is adverse to human nature and represses people permanently. A perfect illustrations of the struggle between rationality and repressed Eros, according to Marcuse are World Wars that were the results of people’s aggression.Being a partisan of technological progress Marcuse at the same time appealed to the aesthetic experience as a new locus of technological values. With this, he believed, people could finally become close with the nature and achieve peace, freedom, and fulfillment into the construction of technological rationality.CONCLUSIONSIn the middle of XX century philosophy focused on reinterpretation of Freudian psychoanalytical ideas. Herbert Marcuse and Norman Brown each developed personal vision of the issue. Reconsidering Freud’s ideas of unconsciousness and focusing in the problem of repression they, nevertheless, pointed out different solutions necessary to make society more harmonic and free. While Marcuse concentrated on technological breakthrough in accordance with peopleâ €™s deep demands, Brown believed in complete abolishment of technology and called for anarchy in people’s relationships.REFERENCES Brown, Norman O. (1985) Life Against Death. Middleton. CN: Weslayan University Press. Second Edition. 1985.Chytry, Josef (1989). The Aesthetic State: A Quest in Modern German Thought Berkeley: University of California Press.Marcuse, Herbert. (1966). Eros and Civilization: A Philosophical Inquiry into Freud. Beacon Press.Myers, Ellen (2004). Forerunner of New Age Madness: A Critique of Norman O. Brown On-line article retrieved July, 23 from http://www.creationism.org/csshs/v13n1p07.htmZaretsky, Eli. (2003) â€Å"Norman O. Brown, 1913-2003† Radical Philosophy, Issue 118.

Migrants to the Coast

Migrants to the Coasts Overview and Discussion There are three goals Eder presents in his fieldwork. They were to ; (1) â€Å"understand fishing and the fishing peoples†(Eder 5), how they lived and how their resources affected their day to day lives,(2) The Palawan’s culture had become diverse and he thought it was important he showed appreciation for what it had become. (3) Last, but not least, he wanted to be more involved with research issues such as â€Å"environmental crisis, economic difficulty, and social well-being†(Eder 5). Eder explains these motives throughout the text.In the second chapter Eder explains how the marine wildlife , full of sea grasses and coral reef play a vital role in the food chains for the animals inhabiting it. The author further explains that the â€Å"coastal zone† occupies the coastal plains as well as the water itself. He explains that there is a local distinction between the four types vegetative cover. Eder was able to get both the fishing peoples and the government official’s perspective of the coastal zone, and how they can preserve the area. In San Vicente there are ten communities with a total population of just fewer than 22,000.Here, Eder selects four of the communities in which he studies the people living within them. He provides a clear understanding of his fieldwork in which he works directly with the people of San Vicente. In order to truly understand their culture, Eder listened to their stories in addition to exploring the history of the people and the place itself. To investigate Eder’s motive of engaging in economic research, he looked into many different prominent industries of the region. One of these industries is fishing. As a reader I could easily envision the beautiful coast and its waters used for fishing.The fishing peoples used the resources of the coast in a way to build their economic culture. I think the author could have focused on fewer topics and covered them more in depth, opposed to going over so many. Altogether, the lives of the people and the visuals of their surrounding were enchanting. How Global Forces Impact Local Lives in San Vicente The Philippines is abundant in natural resources, but the people are among the poorest in Southeast Asia. Problems arise when these resources are no longer abundant and taken advantage of. When the logging industry in the 1960s became a top exporter, the license agreements were very corrupt.Instead of using the money to fund programs for the people, the president would distribute the revenue to his own inner circle. The mining industry brought in more money for the wealthy, but at a cost. The businesses were privatized so the profit stayed within. Environmental care was not seen as an issue, and dump mine wastes ruined bays and once plentiful farmlands. The poor essentially became even poorer. Illegal commercial fishing is also a problem among the coastal areas. Fishing for trawler fish is le gal at open sea, â€Å"but the national law reserves water within 15 kilometers of the coast†(49).Fish are a major resource and illegal fishing has led the fish population into a downward spiral. Commercial fishing and blast fisherman have severely limited the opportunities to the local people who depend on it. Much of the coastal people make their living by fishing on a small scale. Competition between the people and the market is created due to the vast amount of fishermen in the area. Fishing practices and economic stability differed among the fishing peoples. For example, one man could be struggling to support his family, even by fishing every day, while another is making a considerable living fishing and doesn’t nearly work as often.Because of the privatized companies and the recourses they had, difficulties arose for small time fisherman and led them into poverty. Global forces seemed to restrict the fishing peoples in many ways. They did not open opportunities t o the coastal people. The coastal people then had make a living the best way they knew how. With extreme completion, fish prices became inflated, making the people even poorer. The Philippine government needs to intervene, not by shutting down illegal fishing, but by forming programs to help its people.

Internation Disputes Essay Example | Topics and Well Written Essays - 4500 words

Internation Disputes - Essay Example This essay will include elaborate details of the topic along with a discussion on settlement and the role of mediation for settling disputes. A critical analysis of the significance of the entire process supported by structured examples will also be discussed. The applicability of the concept takes place on the individuals, state level and regional and international level for resolving conflicts. In other words, the concept is applicable in resolving the conflicts amongst the individuals, independently amongst the states or regions of a country or amongst different countries functioning on the face of the earth. This concept is used by the regulators under the light of laws and legislation so that the problems can be resolved and a consensus can be formed between the aggrieved parties. Under this concept, several examples can be found which shows various peace treaties which have taken place between the nations. Examples of such treaties are Bulgaria, Hungary, Romania, Iran, Pakistan , Argentina, Chile etc. Nearly all countries have been under treaties for resolving the issues and finding methods for resolving issues which arise internally. There are two methods using which the conflicts are resolved. One is the direct method and other is the indirect method. Both methods are applied after understanding and analyzing the complexities of the situations. Different methods have been proposed for resolving the conflicts along with different settlement methods3. Different methods will be discussed and analyzed as per the changing and varying situations as they arise. DEFINING INTERNATIONAL DISPUTES The concept of international disputes highlights the fact that the problems which arise between the nations must be resolved. This will ensure progress and stability in the entire environment and bind the nations in complying with the set standards4. â€Å"International disputes can be defined as a disagreement which arises between the states and impacts on the relations maintained between the states.5† The contemporary international law forbids the nations from the use of force or threats and impacts on the relation between the states. There are organizations which ensure that the conflicts and the disputes amongst the nations are resolved in a peaceful manner6. This can be settled on the basis of accords developed between the states. The principle of the state is managed, and resolutions are proposed using the UN charters, Pact of the Arab League, the Charter of the Organization of African Unity and the declarations proposed on the Principles of International Laws which are concerned directly with the friendly relations amongst the states. All these propositions are made in the light of the UN charter. Understanding this fact it can be concluded that United Nations plays a significantly prominent role in resolving conflicts. The international law does not provide precise methods for resolution of disputes. This is because the solution which is provided shall vary with the upcoming issues. The propositions for resolving the conflicts in the UN charter suggest negotiation, inquiry, mediation, conciliation, arbitration, judicial settlement and setup an environment for proposing the issues which arise. The peaceful methods for resolving the international disputes include various methods include investigation and commissioning of the factors which have led to this problem. Direct negotiation methods

Iraq and Afghanistan War and the US Essay Example | Topics and Well Written Essays - 750 words

Iraq and Afghanistan War and the US - Essay Example The war in Afghanistan is one of the major United States military offensives aimed at destroying the terrorists’ hideouts that had inflicted heavy damages on American interest around the globe. Iraq war was launched to overthrow the regime of Saddam Hussein accused by the government of possessing weapons of mass destruction with intention of using them to spread terror. Both wars were executed with highly sophisticated weapons that allowed the United States forces to demolish the enemy defenses with high precision aerial weaponry and at unprecedented rate. The quick demolition and annihilation of strategic enemy areas enabled subsequent entrance of the ground forces into the countries to finish off the remaining resistance (DOD, 2007). According to Anne(2004,p15), the execution of both wars heralded a new era of military tactics, which heavily relied on technologically enhanced devices in carrying out of both aerial and ground combat. This strategy was more precise, faster, an d resulted to lower number of military and civilian casualties. DOD (2007) noted that the war strategy in both wars was culmination of coordination high technology military hardware with enhanced communication devices that enabled them to strike with pinpoint precision.  

Individual Project Essay Example | Topics and Well Written Essays - 1250 words

Individual Project - Essay Example concerned in the given circumstances is entitled to similar protection against unreasonable searches. It must, however, be established whether the search was "unreasonable" within the meaning of law. Under the United States Constitution's Fourth Amendment: "... except in certain carefully defined classes of cases, a search of private property without proper consent is "unreasonable" unless it has been authorized by a valid search-warrant."4 Courts in the US have upheld searches without a search warrant under the following situations: the person searched consents; or the search is limited and is incident to a lawful arrest; or there is "probable cause" to justify a search but the exigent circumstances make it necessary or reasonable to proceed with the search without first obtaining a warrant; or the police are in hot pursuit chasing a suspect who attempts to hide from them; or the police merely stop and "frisk" the person, based on a reasonable belief that the person is armed and presently dangerous. The burden of justifying a search without a warrant lies on the government (Coolidge v. New Hampshire5). In the above situation, the search falls within the ambit of carefully defined classes. First, the person complies with the police officer's move to search. Next, since the locality was a high crime neighborhood, it is reasonable for the police to search the person based on his suspicious movements. Finally, the search was limited and led to a lawful arrest as the person was found possessing illegal substance. Under the US constitutional law, the police cannot justify a search by what it produces nor can an arrest be justified by the fruit of an illegal search. The legality of the search is based of...The officer reached into the car and touched a bugle in the passenger's pocket. He felt a large, hard object, which he believed to be rocks of crack cocaine. He then removed a plastic bag from the pocket. It contained several rocks of crack cocaine that, together with another rock found in the passenger's clothing, totaled almost 100 grams. The passenger was arrested, but the driver and women standing outside it were not. On a routine patrol, and officer noticed a parked car. Two people were inside, and they were in a high crime area a bar that was known for gang activity. In the past, the officer had responded to calls from the bar for everything from murder to public intoxication. The officer testified that he stopped to see if the individuals were committing a crime, lived in the area, or had some other concern. When the officer pulled behind the car and illuminated the car with his spotlight, he observed the passenger's fumbling with something on the floorboard. As the officer was checking for indication, he noticed a bullet on top of the console of the car. The officer had the individual step out of the car to ensure that they did not have any weapons after frisking them for weapons, the officer looked in the area where he observed the passenger fumbling with something to see if he was hiding a gun.

Modern Foreign Languages Essay Example | Topics and Well Written Essays - 3000 words

Modern Foreign Languages - Essay Example As such learning of MFL should be given prime preference in order to make our young citizens to become global citizens, in the matter of social integration.(http://www.qca.org.uk/qca_7348.aspx, viewed on 14th March 2009). This is why the researcher has intended to analyse the issues such as (i) how is the study of languages implemented within primary schools, and (ii) which languages are offered to primary school children, and (iii) how is this being taught etc., in schools The necessity for teaching of Modern Foreign Languages had not been felt strongly till the beginning of the last decade.The National Curriculum implemented widely in the EU between the 1880s and the 1890s entitled the students between 11 and And therefore this research is focused on the modus operandi of MFL teaching at primary level schools in London. The details of the report on the research conducted by me are elaborated in four main chapters, viz., (i) review of literature (ii) methodology (iii) data collection, and (iv) conclusion. This dissertation is conceived by combining theory and practice propped by the information acquired from the review of literature along with a brief research conducted in primary schools adopting different methods such as survey, observations and interviews. Its aim is to collect data on the study of modern languages at primary levels in London and on how it is implemented by teachers, and how it is conceived by the children. The findings arrived at, established beyond doubt that MFL learning should get the prime position in the National Curriculum, and the present system of teaching must be improved to some extent, so that this will make our young citizens well acquainted with international understanding and harmony through cultural awareness. Such a step will make them ideal citizens. KEY WORDS: Modern Foreign Languages National Curriculum Key stage 2 Additional Language Linguistic Cultural 3 Social Integration DfES (The Department for Education and Skills) ACKNOWLEDGEMENT In the outset I must express my heartfelt thanks to my learned Guide who helped me a lot with timely directions and advice to complete this assignment well in time. And I do extend my thanks to the lecturers and professors of the University as well, who supported me with their revered wisdom and guidance throughout, so as to enable me to fulfil my assignment. I take this opportunity to thank my friends and parents who have imparted their knowledge in a friendly and loving manner, and the librarian of the University, without whom this project would not have been materialised. My

Marketing Reserch Assignment Example | Topics and Well Written Essays - 1500 words

Marketing Reserch - Assignment Example (Mumbai Mirror, Business Briefs, 28 May 2007). the tremendous potential of the internet for genuine marketing purposes. And with the rising volumes of online trading, the menace is only threatening to grow further unchecked. (Times of India, Times Business section, 25 May 2007). Small retailers and street vendors have protested, and in some cases, even ransacked outlets operated by modern retailers. This in part has been provoked by an unprecedented rush in the last two years mostly by Indian corporate houses who have said they want to invest billions of dollars to roll out thousands of stores selling everything from fruits to furniture. Higher prices may reduce the attraction of palm oil as a substitute for soya bean oil, especially in China and India, the biggest importers of both oils. It may also make palm oil less attractive in its use in new applications such as bio-fuels. (Mint, Money Matters, p17, 31 May 2007, www.livemint.com). Although revenue jumped 37%, India's leading retailer, Shoppers' Stop, reported a fourth quarter loss of Rs. 22 million ( US$ 543,210), for the year 2006-07. This in spite of competition from other majors like Reliance Retail and Bharti-Wal-Mart, yet to begin. While management has blamed competition, other factors like soaring employee and operating costs including bludgeoning depreciation also have a decisive role in the loss. (Business Today, It's beginning to hurt, p46, 03 June 2007M, www.business-today.com). Five examples of problem-solving research 1. Smart Accounting helps Dunlop turn around. After 12 years in the red, Dunlop India reported a positive net worth in April for 2006-07. Compared to a negative net worth of Rs. 2611.50 million (US$ 64.5 million) in 2005-06, Dunlop reported Rs 1518.20 million (US$ 37.5 million) in the positive net worth last year. Evaluating its real estate, the company transferred part of it to its associate companies, including Dunlop Properties and Bharatiya Hotels. Instead of paying cash, these companies have issued shares of equal worth to Dunlop, which has booked them as other income, thereby shoring up its balance sheet. (Business Today, Dunlop's Paper Trick, p52, 03 June 2007, www.business-today.com). 2. Handloom industry to get a new lease of life. The handloom industry is the second largest economic activity in the country after agriculture. India is perhaps the only country to produce handlooms on large, commercial scale. However, overpowered by the presence of power loom and mill sectors, the industry is going through a lean phase. However, officials are pinning their hopes on the recent initiatives of the textile ministry to boost the dwindling prospects of the handloom industry. The ministry has initiated the development of Handloom Export Zones (HEZ) at various handloom clusters in

American in the 50s Essay Example | Topics and Well Written Essays - 250 words - 1

American in the 50s - Essay Example These changes in social interaction as well as culture were largely brought about by the increase in economic prosperity in the country. People were not struggling as much to get a job or earn a living giving hence leaving them free time to engage in other activities. The presence of peace after the war also led to people having the freedom to be creative in the entertainment arena and hence the cultural development alongside the social development. The cold war made the US take sides with the anti-communists and this meant that it preferred capitalism. Capitalism led to the economic boom and the social changes that took place in the society as every person worked hard on their own initiative and interacted in trade hence creating bonds and friendships in the process. The cold war also created a political climate that was conservative and which did not agree much with direct confrontation that would lead to war. The political climate that was present therefore set the atmosphere of increased productivity and creativity without any cause of alarm for future (Costigliola and Michael

Detail the Renaissance, and Baroque Periods of Art in Europe Literature review - 1

Detail the Renaissance, and Baroque Periods of Art in Europe - Literature review Example The term â€Å"renaissance† stands for â€Å"rebirth†; it describes a period in history when the classical values of Greece and Rome were reborn. According to Aigret & Kloss (2005), renaissance art is reported to have emerged in the nation of Italy; this was in the late 13th and early 14th centuries (Kloss, 2013). It is noteworthy that the Renaissance art period is generally categorized into three main periods; these are the early Renaissance, high Renaissance, and Northern Renaissance. Several characteristics describe the art in the Renaissance period (Kloss, 2013). In addition to being very naturalistic and individualistic in nature, the art of the Renaissance placed a great emphasis on perspective In addition to this, Aigret & Kloss (2005) purport that the art of the Renaissance was typified by intricate formal displays as well as a unique tendency towards emotional expression (Adams, 2001). Artists in this period, for instance in Flanders, wanted their audience to r eact emotionally to their work in order to derive inspiration or encouragement from the artwork. Renaissance art was also very realistic in nature and made expansive use of light and shadow for purposes of creating an appearance of depth (Kloss, 2013). According to Aigret & Kloss (2005), the art period described as the Renaissance occurred at a time in history when Europe was characterized by an increased level of prosperity and political stability. In addition to this, this time in history was typified by the emergent of new technology and knowledge, for instance, the establishment of new methodologies of astronomy and the creation of the printing press (Adams, 2001). The Renaissance art period in Europe is a time in history when literature and philosophy gained an increased level of preeminence.   

Social Order Essay Example for Free

Social Order Essay Functionalists theory assumes that a certain degree of order and stability is essential for the survival of social systems. Without it, society may be exposed to chaos and disorder. Therefore, social order is essential for society and it refers to shared nor,s and values, which provide the foundation for cooperation, since common values produce goals. Functionalists believe that social order exists in the concept of value consensus to a large extent. Functionalists believe that without collective conscience/shared values and beliefs, achieving social order is impossible and social order is crucial for the well-being of society. They believe that value consensus forms the basic integrating principle in society. And if members of society have shared values they therefore also have similar identities, this helps cooperation and avoids conflict. Talcott Parsons argues that social order is achieved through the existence of a shared value system. According to him, Social order is only possible as long as members of the society agree on these norms and values. This agreement is called value consensus. Parsons argues that socialization helps to ensure that individuals conform to shared values and meet the systems needs. Through the socialization process individuals internalize the systems norms and values so that society becomes part of their personality structure. Different agencies of socialization such as family, school. etc On the other hand, The Marxists see the functionalists view of consensus as pure fiction. According to them, what actually happens is that the rich force the rest of the population to compliance and conformity. According to them there are scarce resources such as prestige, power and wealth, and the demands for these things exceed the supply. Those who get in control of these resources now use it for their interest at the expense of others. In conclusion, the functionalists theory sees social order as being maintained by value consensus. According to them, the society is organized, well integrated and stable through value consensus. While the Marxists see this view of consensus as pure fiction and say that social order is maintained by force.

The Factors That Affect Global Warming Environmental Sciences Essay

The Factors That Affect Global Warming Environmental Sciences Essay The affects of global warming are vast and spread across and the dangers are several. This paper aims at understanding the factors that affect global warming. A discussion of human impact on global warming has also been made. This will permit to bring out an evaluation strategy to sustain the current situation and to find a strategy to devise a solution for the problem. The Problem: With the growing levels of irresponsible behavior on the part of humans and several other factors, the biggest issue in hand is Global Warming. The term global warming is used to describe the changes, more specifically the increase in the temperature of the Earth. The issue has been studied over several years and one of the major attributes to the issue is the increase in the greenhouse gases (Houghton, 2009). A few facts from the National Geographic show that the World is being faced with this issue and Earth has already begun showing a number of signs in terms of the worldwide climate change. A few of these signs include: According to the NASA Goddard Institute of Space Studies, there has been an increase in the average temperature and since 1880, the average temperatures have raised by 1.4 degrees Fahrenheit. The level of warming has been noted to be increasing to a great extent. As per the National Geographic website, The rate of warming is increasing. The 20th centurys last two decades were the hottest in 400 years and possibly the warmest for several millennia, according to a number of climate studies. And the United Nations Intergovernmental Panel on Climate Change (IPCC) reports that 11 of the past 12 years are among the dozen warmest since 1850 (National Geographic, 2007). The Arctic Circle has been faced with the highest changes. The average temperatures in regions like Alaska, Canada and Easter Russia has risen to an extent almost double of the global average. Also, studies have shown that the Arctic ice has been disappearing and the region is expected to have an ice free summer by 2040 or earlier. The various glaciers and mountain snow have also been impacted by the global warming and one of the best examples for this is that Montanas Glacier National park now has only about 27 glaciers when compared to 150 in 1910 (National Geographic, 2007). Experts have also pointed that an upsurge in extreme climate events like wildfires, heat waves and also strong tropical storms are major contributors to the climate changes. The world famous Coral Reefs have also been affected because of the high temperatures. The Coral Reefs are highly sensitive to the slightest changes in the water temperature and the increase in temperatures has led to bleaching, and even die off of this beautiful formation (Houghton, 2009). Factors Affecting Global Warming: There have been several factors that affect the global warming. Under normal circumstances the process that is occurs as explained by Environment Canada is that, under normal circumstances, the Earth intercepts radiations from the sun. These radiations are the ones that help derive the climate and the weather of the Earth. What normally happens is that one third of the radiations are reflected back into space, while the rest of it is absorbed by the various forms of life, land, ice and the atmosphere. Furthermore the Earth re radiates several long waves of radiation which are sent out into space. Of these a part of it is absorbed as energy while the rest is left into space. This remission is referred to as Greenhouse Effect (Environment Canada, 2010). It is necessary for Earth to be able to maintain a balance between the amounts of radiation that is outgoing versus the amount of solar energy incoming. Any change in this balance can lead to the process of global warming (Singer Avery , 2007). Another factor that has also been explained by the Environment Canada is the changes that have been noted in the Earths Orbit. The changes in the orbit leads to changes in the amount of energy received on earth, and there is also a direct impact on the energy that is absorbed and reflected as well. Also another essential factor that affects the global warming is the aerosols. Environment Canada has explained this factor as, these are fine particles and droplets that are small enough to remain suspended in the atmosphere for considerable periods of time.   They both reflect and absorb incoming solar radiation.   Changing the type and quantity of aerosols in the atmosphere affects the amount of solar energy reflected or absorbed (Environment Canada, 2010). Global Warming: Human Impact: Several studies over the years by numerous scientists across over 130 countries have led to the conclusion that almost all or major part of the global warming is due to humans. The global warming that is caused due to humans is referred to as anthropogenic climate change. There are several things that humans have done which have led to the situation of global warming. Some of these include factors like industrialization, deforestation, and pollution which have impacted the levels of water vapor, carbon di oxide, methane gas, and also nitrous oxide. This leads the greenhouse gases to be a trapped near the Earths surface thereby making the level of heat much higher (Singer Avery, 2007). Also, it is seen that humans have poured in higher levels of carbon di oxide into the atmosphere compared to that which can be absorbed by the plants and oceans. It is also essential to note that Carbon di oxide takes as much as 100 years to be absorbed into space, hence with the levels of this gas that is being emitted there are very low chances of stopping global warming immediately (Environment Canada, 2010). Experts have also pointed out that the orbital shifts that have taken place over the past hundred years are normally one which would take at least centuries to occur. This increases the possibility of the heating and cooling of the earth. Evaluation of Strategies: In the current period several experts and channels like National Geographic try to explain to the general public the several ways that they can help improve the world and help save the planet. Things like using more eco friendly items, eating organic foods, changing to become vegetarians to help reduce the harmful gases are emitted into the atmosphere. The experts also suggest using different types of products to help reduce the emission of harmful elements into the atmosphere and thereby assist in sustaining the earths heat at the current level. However irrespective of how much the governments or the experts have tried the conscious efforts to help reduce the emission of harmful elements, yet the rate at which the emission of harmful gases have been present is quite high (Singer Avery, 2007). The governments and the society together will need to work hand in hand to save the world and to at least be able to retain the world at the current level. In order to be able to develop a pla n which might help increase the awareness among all the people in the world a brief sustainability plan has been designed. Sustainability Plan: Action Items Action Steps Timeline Conduct a thorough research of the effects of global warming and how the daily activities affect global warming Several journals, articles, and websites need to be analyzed and studied. The main causes for global warming can be listed based on this. Furthermore, surveys can be conducted and details of the possible daily activities can be made to bring out the activities that affect and contribute to the global warming. 2 3 month Develop a plan to encourage and raise the awareness among people across the world A presentation can be made to provide population with a detailed understanding of what causes global warming, the effects of global warming and how each individual can individual can help reduce the contribution of harmful chemicals and harmful gases as well. 1 1.5 Month Distribute and extend the knowledge to all A copy of the presentation can be sent out to various organizations which will in fact allow the knowledge to be spread across the countries. Distribute a copy of the presentation across the country to as many colleges, universities, movie theatres, industries, manufacturing companies, offices, schools. The movie theatres can play the presentation before every movies and this will help at least reach out to a small set of people worldwide. 3 month Evaluation of Plan: The above mentioned plan might sound outrageous and very demanding and expensive; however it will allow the people across the world to be aware of the various problems and issues that are being faced due to being ignorant or simply not aware. Using a presentation to be sent out slowly to all countries and the presentations to be distributed within each country will help in reaching out to a major part of the population. The main benefits of the plan is that it will help build awareness and will also help in changes simple things in the daily routine that can assist with doing the bit to help prevent global warming. Also playing the presentation in schools and colleges and movies will help the younger generation be more aware of what they do and also assist in correcting the mistakes of not only themselves but also those around them. Required Support: Global warming is a global issue and it is not one which will affect only a few countries. If we aim at saving out planet, it is essential that a form of unity and commitment is formed within each one of us and a form of unity among countries is also essential. The support of the government is necessary here to help ensure that countries can have cordial and helping nature so that we can also work together to resolve this issue. Similar to how the entire world is ready to take up a new technology and enjoy the benefits, it is necessary that the world works together to build a safer planet (Spencer, 2010). Companies can help by passing the message, governments can help by keeping cordial relations with other countries, so we can help one another in times of difficulties. Most importantly, it is up to each individual on the planet to their bit to help reduce the emission of the gases and prevent global warming. The world is our own, and irrespective of which country we belong, or which religion we belong, we need to understand that ignorance or not taking up responsibility is not an answer here and we all lose if global warming continues to grow as it is currently.

Western Expansion Essay -- United States History Historical Essays

The Westward Expansion Introduction The Westward Expansion has often been regarded as the central theme of American history, down to the end of the19th century and as the main factor in the shaping of American history. As Frederick Jackson Turner says, the greatest force or influence in shaping American democracy and society had been that there was so much free land in America and this profoundly affected American society. Motives After the revolution, the winning of independence opened up the Western country and was hence followed by a steady flow of settlers to the Mississippi valley. By 1840, 10 new western states had been added to the Federal union. The frontier line ran through Iowa, Missouri and Arkansas on the western side of the river. All parts of the valley except Wisconsin and Minnesota were well populated. Thus a whole new section had been colonized with lasting effects on the American institutions, ideals and ways of living. The far west was the land of high mountains, deserts, strange rock formations, br illiant colors and immense distance. Fur trade with Europe had now become a lucrative business and the fur traders became the pathfinders for the settlers. Migration was now possible by the discovery of paths over which ox-driven carts could be driven through seeking mountains and across the western desert. People wanted to move away from the overcrowded cities and this led to the migration into the uninhabited lands. Increased transportation like roads, railroads and canals and their construction created a demand for cheap labor making it easier for people to get jobs now, in contrast with the cities where there was unemployment. The pioneer movement for 70 years after the revolution roughly represented the form of 3 parallel streams, flowing westwards from New England, Virginia and South Carolina. The first pioneer groups tended to move directly westward. Thus the new Englanders migrated into western New York and along the shores of the great lakes, Virginians into Kentucky and th en into Missouri and the South Carolinians and Georgians into the gulf territories. Throughout the settlement of the Mississippi valley, most pioneers did not travel long distances and as a territory had been occupied, families would move into the adjacent one. There were boom periods of great activity, during which million acres of land were sold, alternated ... ...or wider opportunities. Even the safety valve theory has an element of truth when applied to ambitious young men of the professional class who had a better chance of making it big much quicker in the West than in the East. Without the open frontier, moreover, there would have been a much larger migration of young people from the farms to the cities; thus the frontier helped indirectly to check the exploitation of the working class by preventing it from expanding too rapidly. The Westward Expansion also weakened state and regional loyalties and promoted national unity due to its inherent mobility. Most westerners thought of themselves primarily as Americans, and wanted strong national government with broad powers for developing transportation and promoting the general welfare. The most significant feature of the Westward Expansion was that the pioneers took with them the essential institutions of their civilization. Thus we must look upon the Westward Expansion as one of the facto rs in the shaping of the American civilization but not the only one. AKSHARA PRADHAN Roll No. 385 Tute. Grp.- Tuesday, 1st Pd. Bibliography the history of the united states of america -H.B.Parkes

hannibal Essay -- essays research papers fc

  Ã‚  Ã‚  Ã‚  Ã‚  From the middle of the 3rd century to the middle of the 2nd century BC, Carthage was engaged in a series of wars with Rome (Dorey, P 57). These wars, known as the Punic Wars, ended in the complete defeat of Carthage by Rome. The most prominent figure of the Punic wars was General Hannibal of Pheonician Carthage. During these wars, it's likely that the colonizing expeditions of the Carthaginians were supported by many emigrants from the Phoenician homeland.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Hannibal was the son of the great Carthaginian general Hamilcar Barca. According to Polybius and Livy, the main Latin sources for his life, Hannibal was taken to Spain by his father and at an early age was made to swear eternal hostility to Rome (Dorey, P 24). From the death of his father in 229/228 until his own death, Hannibal's life was one of constant struggle against the Roman republic.   Ã‚  Ã‚  Ã‚  Ã‚  His earliest commands were given to him in the Carthaginian p rovince of Spain by Hasdrubal, son-in-law and successor of Hamilcar; and it is clear that he emerged as a successful officer, for, on the assassination of Hasdrubal in 221 BC, the army proclaimed him, at the age of 26, its commander in chief, and the Carthaginian government quickly ratified his field appointment (Dorey, P 27).   Ã‚  Ã‚  Ã‚  Ã‚  Some details of Hannibal's crossing of the Alps have been preserved. At first danger came from the Allobroges, who attacked the rear of Hannibal's column. (Along the middle stages of the route, other Celtic groups attacked the baggage animals and rolled heavy stones down from the heights on the enfilade below, thus causing both men and animals to panic and lose their footings on the precipitous paths. Hannibal took countermeasures, but these involved him in heavy losses in men.) On the third day he captured a Gallic town and provided the army from its stores with rations for two or three days. Harassed by the daytime attentions of the Gauls from the heights and mistrusting the loyalty of his Gallic guides, Hannibal bivouacked on a large bare rock to cover the passage by night of his horses and pack animals in the gorge below. Snow was falling on the summit of the pass, making the descent even more treacherous. Upon the hardened ice of the previous year's fall, the soldiers and animals ali... ...r his elephants and horses as well as his men gives proof of a humane disposition. His treachery, that punica fides that the Romans detested, could from another point of view pass for resourcefulness in war and boldness in stratagem (encyclopedia.com). Of his wit and subtlety of speech many anecdotes remain. He spoke Greek and Latin fluently, but more personal information is absent from his biographies. He is shown in the only surviving portraits, the silver coins of Cartagena struck in 221, the year of his election as general, with a youthful, beardless, and pleasant face. Hannibal Michael Long 3.05.02 Medieval History, Hour 2 Works Cited http://www.wsu.edu:8080/~dee/ROME/PUNICWAR.HTM   Ã‚  Ã‚  Ã‚  Ã‚  It is a web page by the Washington State University. http://www.encyclopedia.com/articles/02359ThePunicWarsandtheDeclineofCarthage.   Ã‚  Ã‚  Ã‚  Ã‚  html   Ã‚  Ã‚  Ã‚  Ã‚  This is a web page of factual information provided in the form of an   Ã‚  Ã‚  Ã‚  Ã‚  encyclopedia. Dorey, T.A., and D.R. Dudley. Rome Against Carthage. London: Secker & Warburg,   Ã‚  Ã‚  Ã‚  Ã‚  1971.

Agile Strategiesf

Every company's objective is to make profits. In order to achieve this fundamental goal, production has to be efficient. This will enable companies to incur minimum and manageable losses. For them to achieve this, seemingly, companies need to review their production strategies. Over years, agile production mechanisms have been proposed to be the most efficient.According to Dimancescu (1997), Lean manufacturing refers to a method of producing more valuable products with fewer resources. He further asserts that there are two approaches to this concept. The first refers to a set of tools that assist in identifying and continuously removing wastes from a manufacturing process. Steady waste removal makes the quality of the end product better.Meanwhile, the time used in producing goods as well as the cost is lowered. The second approach focuses on making work flow smooth and hence eliminating inconsistency throughout the system.The process of lean manufacturing was initiated by Henry Ford, who also initiated the complete process of production (Warmack, Jones & Roos, 1990). In 1913, he put together interchangeable segments that had standard work and conveyance in motion. He referred to this as flow production.He then put in to a line order fabrication steps in process sequence wherever it deemed possible. He used specific machinery and gauges to bring together the different vehicle parts to meet the needs of the customer.Warmack et al. (1990) agrees that this was a major step especially because the American market had machines meant for general purpose and were grouped according to the process. In addition, they were more tiresome and generated great volumes of waste before a product could finally reach the market.However, James and Daniel (2003) affirm that Ford's work lacked variety. This was his major challenge. According to James and Daniel (2003), his Model T was not only limited to one color, but also to one stipulation. This meant that all his models were simil ar.When the world demanded for different variations of automated machines in the market, other auto manufactures stepped in with different ideas. With time, the market was filled with more convenient designs that were larger and operated faster. With each step, the costs and wastes from the same were reduced.In the early 1930's, Mondem (1988) explains that the Toyota company, not being satisfied with what the market was offering revisited the earlier principles applied by Ford and invented the Toyota Production System (TPS).Basically, this system changed the focus of engineers in the manufacturing sector from specific machines and their use to product flow through the manufacturing process.Toyota concluded that that by sizing the machines for the required volume, introducing machines that had the capacity to perform self monitoring for purposes of quality, putting the machines in sequence ass the process stipulates, initiating faster set ups so that each machine could create small a mounts of various part numbers and having each step  Ã‚   that is set up notifying the previous step of its current material requirements, would lead to obtaining cheaper, wide variety, best quality and faster machines to meet the dynamic customer requirements.In addition, it found out that management of past information is mandatory to achieve this as past records could be simpler and accurate (Fujimoto, 1999).Today, the basics of lean manufacturing are taking root and spreading so fast. Every company in the near future will be pressurized to reduce wastes and increase production in order to realize profits and be able to compete favorably. Besides, the world now is changing to green production and companies do not have an option.Leaders are also beginning to appreciate the importance of lean production, especially in these hard economic times. It is obvious that every leader would desire his company to be economically efficient by lowering costs and enhancing the quality of prod uction.The service industry is also coming on board with all the leaders realizing the importance of incorporating lean principles in its delivery. For example, in the education sector, parents are overwhelmingly going for learning institutions that give the best quality education.Likewise, the health sector is adopting the same principles. Most companies prefer low cost labor (Fine, 1998). Elimination of wastes if adopted by such companies will be instrumental in assisting them avoid the impacts of solely depending on low cost labor. The answer for this lies in the fundamentals of lean production.With an increase in the demand and delivery manufactured products, it will be mandatory to adopt lean principles in their supply. Besides, Kanigal (1997) argues that the assimilation of lean principles in people's lifestyles will enable them to be creative, conquer the obstacles and look forward to new and advanced production methods in all sectors. The future of lean manufacturing is henc e promising as most companies are now adopting the trend.Nakajima (1988) defines mass production as a way of producing standardized goods in large amounts and at a low cost per unit. Lean production contrasts to mass production in so many ways. Mass production focuses on specialized and expensive machines that produce goods in huge quantities.Its employment of many people to keep the costly machines occupied justifies their high cost of the final products. Lean production on the other hand gives manufacturers a chance to produce fewer products with minimal defects and that address the requirements of the customer (James and Daniel, 2003).For instance, in the production of cars, mass produced cars would be many and virtually identical while lean produced cars would be fewer and to the needs of the customer. They would not then be similar.Products from lean production reach the market earlier than mass produced products. It is because the products are less than those produced through mass. As a result, lean produced products are sold off faster than the mass produced products.This is not only because of the quantities produced, but also because lean produced goods are customized. Individual needs of customers differ and lean production pays special attention to this.For example, a car produced through lean production would have every detail a customer really expects unlike to that from mass production where the specific needs of customers are not considered. In the case of catering, mass produced meals contain the same type of ingredients while lean produced varied depending on the needs of the customer.With regard to leadership, Warmack et al (1990) argues that in mass production, the command strategy is commonly used while in lean production; leadership is mainly participative and consultative.For a company to satisfy the demands of their customer, different specialists are employed and consultation and full participation is mandatory in order to get the views of every individual, which have equal chances of being necessary. With mass production, commanding is employed more often as skills are also limited. In addition, running a certain machine would involve just pressing certain buttons, and then the job rolls on.External relations in lean production are long-term as opposed to mass production where the relations are largely based on the price of the product. It is because in the lean production, manufacturers follow up the needs of the customers and in the process, long term relations develop (Warmack et al, 1990).For example, in the textile industry, lean production ensures that the customer chooses the design and in the case of any alteration, the customer's views are taken in to consideration. Then, long term relations develop as the customer will be consulted on several occasions before the production process ends.According to James and Daniel (2003), the organizational make up in mass production is usually hierarchical and highly encourages taking orders and discourages flow of vital information. Those in senior positions usually give orders and challenging them is not tolerated. Juniors are expected to obediently take orders.This practice is prevalent in large mass manufacturing companies where supervisors have the duty to give orders and not to be challenged in any way. In the lean production, flat structures are employed hence the flow and information sharing is highly encouraged.The views of all the stakeholders rather than shareholders are given equal consideration. Information sharing is key in designing perfect products and avoiding obstacles that the team might encounter as they progress.Customer satisfaction in lean production is assured than in mass production because in the former, goods produced have lesser defects as their design is customized. In the latter, customer satisfaction is lower as their views are not considered during production (Warmack, et al, 1990). Any product designed to addres s the specific requirements of the customer will always be more satisfying than those produced to meet the needs of the market.With regard to engineering, James and Daniel (2003) argue that mass production usually employs the genius models with minimal customer input and respect for the goods provided. Machines are fixed and expected to perform accordingly.Specialists are employed and more often, customers are perceived to be poorly informed about the product. Lean manufacturing on the other hand is team based with maximum in put from the customer. All the complaints, praises and recommendations from customers are vital in lean manufactured products.Manufacturing schedules in the mass production are specific, adhered to and very difficult to adjust. Orders from the authorities are strictly followed without fail. This is unlike in the lean manufacturing where schedules are very flexible and can be adjusted accordingly depending on the demands of customers.For example, if a customer d emands that the product ordered be ready within a specified period of time, this will be strictly followed and other orders would be put on hold (Warmck et al, 1990).Quality assurance in mass production is done through sampling. At certain intervals during as production progresses, products are picked and assessed to determine if they conform to the expected standards. However, in lean production, quality is guaranteed from the source and the product being let out to the market usually has very few or no defects.The products are usually thoroughly checked to ensure they meet the customer's demands (James and Daniel, 2003).

Mothers Who Work and Attend College

There has been a debate on the previous years on whether sociology must be regarded as a science or not. Experts had presented their stand and study why sociology is a science and why not. Many of them started by defining what science, what comprises a science, and what can be called and claimed scientific. Even in our early school days, science by definition is the logical activity of observation, identification, description, experimental investigation, and theoretical explanation of phenomena. Science is a big scope of study and therefore must be divided into categories. So, the branches of science appeared. Early sociologists fought to establish sociology as a science. Their main argument is on the methodology used in sociology that is for them, is a science. According to Comte, like what is observable methodologies in science, are what sociology has. Scientific methodologies such as observation, experiment, comparison and historical research are all present and used in sociology. For him, if sociology uses these four methodologies which are common to scientific methodologies then, a strong claim for sociology as a science must be recognized. But because Comte did not execute an experimental research about this, then his claim was not valid. The argument of Comte approached Durkheim. Durkheim made the claim that sociology is a study of social facts, that is â€Å"a thing that is externalto, and coercive of, the actor† (http://www.human.nagoya-u.ac.jp/~iseda/works/soc-sci.html) Durkheim introduced a thing that he called externalto in his claim to make sociology as a science. He deepened what Comte cannot explain. His argument is that, social facts cannot be explained by the detailed mental examination of your own feelings, thoughts, and motives because social facts are external. Durkheim did an experimental research on suicide to support his claim. Suicide has been a global social problem. Suicide happens for a total of 90 countries around the world. Wasserman (2005) cited that, â€Å"Lithuania has the highest suicide rates per 100, 00 young person aged 15-19 in 90 countries with 23.9 in 2002.† Durkheim included statistical analysis on suicide rate. By that, the goal is a have a support for the claim that suicide is a social phenomenon. The predictions did not agree with statistical data. Durkheim rejected the alternative hypotheses. The attempt of Durkheim to present an empirical result was admired though it faced several problems. The falsification criteria did not work because Durkheim resulted to very strict criteria. Consequently, precise predictions are hard to achieve and/or gain based on sociological theory. Others argued to the work of Durkheim that conflicted on his definition of suicide and his removal of introspection in the methodology. Suicide for him is any cause of death that the executor knows that death is the result. Many questioned that if introspection is not present, how can the executor knows that the result of his/her action which is suicide, is death? Weber also attempted to provide explanation and support in making sociology as a science. Unlike Durkheim, Weber used introspection. According to him, the understanding on other people’s motivation is needed for it necessary for sociology. This understanding can be attained through introspection. But this was never easy to be presented as a science. A strong falsification was given to interpreted facts. Philosophers of science explained that interpreted facts cannot be run to the theory because anyone can give his/her interpretation. There is a way for sociology to be known as science. It is when the provided criteria are not too strict, and when minimal possibility of falsification is presented. Works Cited â€Å"Science† American Heritage Dictionaries. Retrieved November 5, 2007, from (http://www.answers.com/topic/science) â€Å"The Case for Sociology as a Science† Retrieved November 5, 2007, from (http://www.human.nagoya-u.ac.jp/~iseda/works/soc-sci.html) Max Weber. â€Å"Sociological Writings.† (1994) Retrieved November 5, 2007, from (http://www.marxists.org/reference/subject/philosophy/works/ge/weber.htm) Wasserman, D., Qi Cheng, Guo-Xin Jiang. â€Å"Global suicide rates among young people aged 15-19† World Psychiatry (2005) 4(2): 114–120. Retrieved November 5, 2007, from (http://www.pubmedcentral.nih.gov/articlerender.fcgi?artid=1414751)      

Susan B. Anthony Speech

Effective Speech Susan B. Anthony Speech 1873 Susan B. Anthony was born on February 15, 1820 and she was one of the many women in the nineteenth century to fight for women’s rights. She would travel all over the nation and create petitions for the right for women to vote and also slavery. She was an abolitionist, an educational reformer, a labor activist, and of course a women’s right campaigner. As brave as she was, she voted illegally in the presidential election of 1872 in Rochester, New York and arrested.They had fined her 100 dollars but did not imprison her, which she refused to pay. The next year, Susan presented a speech explaining and demanding that women had the right vote just as much as men did. She states, â€Å"It was we, the people; not we, the white male citizens; nor yet we, the male citizens; but we, the whole people, who formed the Union. (1873)†. She pointed out that the constitution itself stated that people as a whole would help and contribu te to justice and establishment in the United States.Most importantly, Susan Anthony’s speech in 1873 was effective in every way. Although, it took as long as 14 years after her speech for women to have the lawful right to vote and exactly one hundred years after her birth, she campaigned and petitioned all over the nation and was part of several organizations against slavery, women’s suffrage and the labor movement. She fought and petitioned for the thirteenth amendment which was to outlaw slavery. She was threatened by many people and humiliated but nothing stopped Susan from continuing to fight for everyone’s rights.I define effective as being helpful and successful, in Susan’s case, it wasn’t successful right away, but her intelligence throughout all the years after her arrest, made her stronger and that’s what made her goal become a success, she never gave up. The speech took place in 1872 in Rochester, New York after she voted for the presidential election. It was after the judge had fined her with $100 to pay for unlawfully voting for a candidate. The court room was filled with politics, former presidents, women and men that supported her words.She stood alone at the Canandaigua Courthouse and gave her speech before her sentencing. She stood handcuffed but nothing stopped Susan B. Anthony from expressing her feelings towards the authorities that were trying to keep her from voting. Susan opened her speech by addressing it to each and every single person in the room. She did not mention only men or only women but stated, â€Å"Friends and fellow citizens†. Her main ideas that she was mainly focused on getting across were the constitution itself explained how we the people were to help establish a better and equal America.She did not understand why the constitution contradicted itself because later, women were still not allowed to vote. She also explained, if the government wouldn’t allow women to vo te, they were degrading us. â€Å"For any state to make sex a qualification that must ever result in the disfranchisement of one entire half of the people, is to pass a bill of attainder, or, an ex post facto law, and is therefore a violation of the supreme law of the land. By it the blessings of liberty are forever withheld from women and their female posterity† (Susan B.Anthony 1873). In this quote she strongly expresses her feelings and beliefs, if the government were to ever pass that law, liberty and equality were to be taken from women forever. Women all over the nation supported her and felt the same exact way. She used effective language and everyone understood where she was coming from. Susan was very motivating and persuading, not only in her speech but many of the other speeches she had presented in the past in court rooms, events in town during the woman’s suffrage movement.She created petitions all over the nation to get people to support her so she would have many reasons and supporters when the time would come. The speech wasn’t so conversational but more of a last words speech before she was sentenced. She had many goals she wanted to achieve but her main concern was to be able to have the same rights as men had. Men at the time had the right to vote, and were eligible to run as a candidate in a presidential election. They treated women as animals that were not capable of managing anything and had no say in who would be the best choice for America.Many people were emotionally affected by Susan’s speech because she wasn’t only fighting for herself but for other women and also slaves. She did not only think about herself but others too. People realized that she casted this vote for women and slaves so that the government would know that Susan was no longer taking any disrespect from her fellow citizens. I’m not sure if she was well prepared because when she had given her speech she was in court. She proba bly felt a lot of pressure because this speech determined if they would really listen to her or sentence her to a long time in jail or bombard her with fines from he government. The text from the speech is well said and well thought out, every word came out one hundred percent strong and she spoke with powerful words. If you pay attention on how she stands up for women and the slaves at the time, she was very serious and completely heartbroken because of the decisions and laws that the government had created at the time. â€Å"To them this government is not a democracy. It is not a republic. It is an odious aristocracy; a hateful oligarchy of sex; the most hateful aristocracy ever established on the face of the globe; an oligarchy of wealth, where the rich govern the poor.An oligarchy of learning, where the educated govern the ignorant, or even an oligarchy of race, where the Saxon rules the African, might be endured; but this oligarchy of sex, which makes father, brothers, husband , sons, the oligarchs over the mother and sisters, the wife and daughters, of every household – which ordains all men sovereigns, all women subjects, carries dissension, discord, and rebellion into every home of the nation†(Susan B . Anthony 1873 Speech) Susan believed that the government ad only focused on the negativity.Instead of them trying to educate the â€Å"ignorant†, why wouldn’t they try to educate â€Å"just people† in general? Not everyone had the same opportunities as other so why not give them the opportunity to learn and share that knowledge. She also didn’t understand why the head of household was always addressed as the father, or if the father died the son would take his place for example in a royal chain, if the king dies, the son automatically became king. The rich were always the superior because they had the money. I support Susan B.Anthony completely because even though, it took many years for the law to become effectiv e, she did everything possible to help out women and slaves. She risked her life in some situations, was arrested for illegally voting knowing she couldn’t vote but did anyways for the sake of women. She has motivated me to want to be superior in a large company one day. The CEO of many companies are always men and very few women. Society has painted a picture out for us that make us think automatically that the CEO of a popular firm or chain is man instead of a woman.Also, America back in 2008 had the chance to vote a woman for president, Hilary Clinton, but we did not because we felt as if she wasn’t capable of running a country all on her own and America wasn’t ready for a woman president. Others believed that if she were to have won the election, Bill Clinton would’ve helped her run this country which is a very negative comment to say. There is nothing I would have changed about her speech but what I would have changed was the timing of the law becomi ng effective. Susan was an extraordinary woman who had courage, determination, and motivated many other women after that to continue her footsteps.

A Study on Futures and Potions

A STUDY ON FUTURES AND POTIONS Project submitted in partial fulfillment for the award of the degree of MASTER OF BUSINESS ADMINISTRATION DECLARATION I hereby declare that this Project Report titled, â€Å"A STUDY ON THE DERIVATIVES† submitted by me to the Department OF BUSINESS ADMINISTRATION, XXXX and is a bonafide work under taken by me and it is not submitted to any other University or Institution for the award of any degree diploma / certificate or published any time before. Name and Address of the StudentSignature of the student Date : ACKNOWLEDGEMENTI wish to express my sincere deep sense of gratitude and also thank my guide XXX, Faculty of Finance for his significant suggestions and help in every aspect to accomplish the project work. His persisting encouragement, everlasting patience and keen interest in discussions have benefited me to the extent that cannot be spanned by words. I take my pleasure to acknowledge XXXX for the facilities provided and constant encouragem ent. Finally I express bows to everyone who are involved with this project. CONTENTS INTRODUCTION METHODOLOGY 1 FUTURES 2 OPTIONS ANALYSIS OF THE STUDYSUMMARY AND CONCLUSIONS BIBLIOGRAPHY INTRODUCTION Nature of the problem: The turnover of the stock exchanges has been tremendously increasing from last 10 years. The number of trades and the number of investors, who are participating, have increased. The investors are willing to reduce their risk, so they are seeking for the risk management tools. Prior to SEBI abolishing the BADLA system, the investors had this system as a source of reducing the risk, as it has many problems like no strong margining system, unclear expiration date and generating counter party risk.In view of this problem SEBI abolished the BADLA system. After the abolition of the BADLA system, the investors are seeking for a hedging system, which could reduce their portfolio risk. SEBI thought the introduction of the derivatives trading, as a first step it has set up a 24 member committee under the chairmanship of Dr. L. C. Gupta to develop the appropriate regulatory framework for derivative trading in India, SEBI accepted the recommendations of the committee on May 11, 1998 and approved the phased introduction of the derivatives trading beginning with stock index futures.There are many investors who are willing to trade in the derivative segment, because of its advantages like limited loss and unlimited profit by paying the small premiums. IMPORTANCE OF THE STUDY: To evaluate the profit/loss position of option holder and option writer. OBJECTIVES OF THE STUDY: ? To analyze the derivatives market in India. ? To analyze the operations of futures and options. ? To find out the profit/loss position of the option writer and option holder. ? To study about risk management with the help of derivatives. SCOPE OF THE STUDY:The study is limited to â€Å"Derivatives† with special reference to futures and options in the Indian context and the Hyder abad stock exchange has been taken as a representative sample for the study. The study can’t be said as totally perfect. Any alteration may come. The study has only made a humble attempt at evaluating derivatives market only in Indian context. The study is not based on the international perspective of derivatives markets, which exists in NASDAQ, NYSE etc. LIMITATIONS OF THE STUDY: The following are the limitations of this study. The scrip chosen for analysis is STATE BANK OF INDIA and the contract taken is March 2005 ending one-month contract. ? The data collected is completely restricted to the STATE BANK OF INDIA of March 2005; hence this analysis cannot be taken as universal. METHODOLOGY The emergence of the market for derivative products, most notably forwards, futures and options, can be traced back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices.By their very nature, the financial ma rkets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking–in asset prices. As instruments of risk management, these generally do not influence the fluctuations in the underlying asset prices. However, by locking-in asset prices, derivative products minimize the impact of fluctuations in asset prices on the profitability and cash flow situation of risk-averse investors. Derivatives are risk management instruments, which derive their value from an underlying asset.The underlying asset can be bullion, index, share, bonds, currency, interest etc. Banks, securities firms, companies and investors to hedge risks, to gain access to cheaper money and to make profit, use derivatives. Derivatives are likely to grow even at a faster rate in future. DEFINITION: Derivative is a product whose value is derived from the value of an underlying asset in a contractual manner. The underlying a sset can be equity, forex, commodity or any other asset. Securities Contracts (Regulation) Act, 1956 (SC(R) A) defines â€Å"derivative† to include – 1.A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security. 2. A contract which derives its value from the prices, or index of prices, of underlying securities. PARTICIPANTS: The following three broad categories of participants in the derivatives market. HEDGERS: Hedgers face risk associated with the price of an asset. They use futures or options markets to reduce or eliminate this risk. SPECULATORS: Speculators wish to bet on future movements in the price of an asset.Futures and options contracts can give them an extra leverage; that is, they can increase both the potential gains and potential losses in a speculative venture. ARBITRAGEURS: Arbitrageurs are in business to take advantage of a discrepancy between prices in two different markets. If, for example, they see the futures price of an asset getting out of line with the cash price, they will take offsetting positions in the two markets to lock in a profit. FUNCTIONS OF DERIVATIVES MARKET: The following are the various functions that are performed by the derivatives markets.They are: ? Prices in an organized derivatives market reflect the perception of market participants about the future and lead the prices of underlying to the perceived future level. ? Derivatives market helps to transfer risks from those who have them but may not like them to those who have an appetite for them. ? Derivative trading acts as a catalyst for new entrepreneurial activity. ? Derivatives markets help increase savings and investment in the long run. Types of derivatives: the following are the various types of derivatives. They are: Forwards:A forward contract is a customized contract between two entities, where settlement takes place on a specific date in the futu re at today’s pre-agreed price. Futures: A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Options: Options are of two types – calls and puts. Calls give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date.Warrants: Options generally have lives of upto one year; the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter. LEAPS: The acronym LEAPS means Long-Term Equity Anticipation Securities. These are options having a maturity of upto three years. Baskets: Basket options are options on portfolios of underlying assets. The underlying asset i s usually a moving average of a basket of assets. Equity index options are a form of basket options. Swaps:Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. The two commonly used swaps are: Interest rate swaps: These entail swapping only the interest related cash flows between the parties in the same currency. _ Currency swaps: These entail swapping both principal and interest between the parties, with the cash flows in one direction being in a different currency than those in the opposite Direction. Swaptions: Swaptions are options to buy or sell a swap that will become operative at the expiry of the options.Thus a swaption is an option on a forward swap. RATIONALE BEHIND THE DEVELOPMENT OF DERIVATIVES: Holding portfolio of securities is associated with the risk of the possibility that the investor may realize his returns, which would be much lesser than what he expected to get. There are various factors, which affect the returns: 1. Price or dividend (interest). 2. Some are internal to the firm like – ? Industrial policy ? Management capabilities ? Consumer’s preference ? Labor strike, etc. These forces are to a large extent controllable and are termed as non Systematic risks.An investor can easily manage such non-systematic by having a well – diversified portfolio spread across the companies, industries and groups so that a loss in one may easily be compensated with a gain in other. There are yet other types of influences which are external to the firm, cannot be controlled and affect large number of securities. They are termed as systematic risk. They are: 1. Economic 2. Political 3. Sociological changes are sources of systematic risk. For instance, inflation, interest rate, etc. their effect is to cause prices of nearly all individual stocks to move together in the same manner.We therefore quite often find s tock prices falling from time to time in spite of company’s earnings rising and vice versa. Rationale behind the development of derivatives market is to manage this systematic risk, liquidity and liquidity in the sense of being able to buy and sell relatively large amounts quickly without substantial price concessions. In debt market, a large position of the total risk of securities is systematic. Debt instruments are also finite life securities with limited marketability due to their small size relative to many common stocks.Those factors favour for the purpose of both portfolio hedging and speculation, the introduction of a derivative security that is on some broader market rather than an individual security. India has vibrant securities market with strong retail participation that has rolled over the years. It was until recently basically cash market with a facility to carry forward positions in actively traded ‘A’ group scrips from one settlement to another b y paying the required margins and borrowing some money and securities in a separate carry forward session held for this purpose.However, a need was felt to introduce financial products like in other financial markets world over which are characterized with high degree of derivative products in India. Derivative products allow the user to transfer this price risk by looking in the asset price there by minimizing the impact of fluctuations in the asset price on his balance sheet and have assured cash flows. Derivatives are risk management instruments, which derive their value from an underlying asset. The underlying asset can be bullion, index, shares, bonds, currency etc.DERIVATIVE SEGMENT AT NATIONAL STOCK EXCHANGE: The derivatives segment on the exchange commenced with S&P CNX Nifty Index futures on June 12, 20007. The F&O segment of NSE provides trading facilities for the following derivative segment: 1. Index Based Futures 2. Index Based Options 3. Individual Stock Options 4. Ind ividual Stock Futures |COMPANY NAME |CODE |LOT SIZE | |ABB Ltd. ABB |200 | |Associated Cement Co. Ltd. |ACC |750 | |Allahabad Bank |ALBK |2450 | |Andhra Bank |ANDHRABANK |2300 | |Arvind Mills Ltd. ARVINDMILL |2150 | |Ashok Leyland Ltd |ASHOKLEY |9550 | |Bajaj Auto Ltd. |BAJAJAUTO |200 | |Bank of Baroda |BANKBARODA |1400 | |Bank of India |BANKINDIA |1900 | |Bharat Electronics Ltd. BEL |550 | |Bharat Forge Co Ltd |BHARATFORG |200 | |Bharti Tele-Ventures Ltd |BHARTI |1000 | |Bharat Heavy Electricals Ltd. |BHEL |300 | |Bharat Petroleum Corporation Ltd. |BPCL |550 | |Cadila Healthcare Limited |CADILAHC 500 | |Canara Bank |CANBK |1600 | |Century Textiles Ltd |CENTURYTEX |850 | |Chennai Petroleum Corp Ltd. |CHENNPETRO |950 | |Cipla Ltd. |CIPLA |1000 | |Kochi Refineries Ltd |COCHINREFN |1300 | |Colgate Palmolive (I) Ltd. COLGATE |1050 | |Dabur India Ltd. |DABUR |1800 | |GAIL (India) Ltd. |GAIL |1500 | |Great Eastern Shipping Co. Ltd. |GESHIPPING |1350 | |Glaxosmithkline Pharma Ltd. |GLAXO |300 | |Grasim Industries Ltd. |GRASIM |175 | |Gujarat Ambuja Cement Ltd. GUJAMBCEM |550 | |HCL Technologies Ltd. |HCLTECH |650 | |Housing Development Finance Corporation Ltd. |HDFC |300 | |HDFC Bank Ltd. |HDFCBANK |400 | |Hero Honda Motors Ltd. |HEROHONDA |400 | |Hindalco Industries Ltd. |HINDALC0 |150 | |Hindustan Lever Ltd. HINDLEVER |2000 | |Hindustan Petroleum Corporation Ltd. |HINDPETRO |650 | |ICICI Bank Ltd. |ICICIBANK |700 | |Industrial development bank of India Ltd. |IDBI |2400 | |Indian Hotels Co. Ltd. |INDHOTEL |350 | |Indian Rayon And Industries Ltd | INDRAYON |500 | |Infosys Technologies Ltd. INFOSYSTCH |100 | |Indian Overseas Bank |IOB |2950 | |Indian Oil Corporation Ltd. |IOC |600 | |ITC Ltd. |ITC |150 | |Jet Airways (India) Ltd. |JETAIRWAYS |200 | |Jindal Steel & Power Ltd |JINDALSTEL |250 | |Jaiprakash Hydro-Power Ltd. JPHYDRO |6250 | |Cummins India Ltd |KIRLOSKCUM |1900 | |LIC Housing Finance Ltd |LICHSGFIN |850 | |Mahindra & Mahindra Ltd. |M&M |625 | |Matrix La boratories Ltd. |MATRIXLABS |1250 | |Mangalore Refinery and Petrochemicals Ltd. MRPL |4450 | |Mahanagar Telephone Nigam Ltd. |MTNL |1600 | |National Aluminium Co. Ltd. |NATIONALUM |1150 | |Neyveli Lignite Corporation Ltd. |NEYVELILIG |2950 | |Nicolas Piramal India Ltd |NICOLASPIR |950 | |National Thermal Power Corporation Ltd. NTPC |3250 | |Oil & Natural Gas Corp. Ltd. |ONGC |300 | |Oriental Bank of Commerce |ORIENTBANK |600 | |Patni Computer System Ltd |PATNI |650 | |Punjab National Bank |PNB |600 | |Ranbaxy Laboratories Ltd. RANBAXY |200 | |Reliance Energy Ltd. |REL |550 | |Reliance Capital Ltd |RELCAPITAL |1100 | |Reliance Industries Ltd. |RELIANCE |600 | |Satyam Computer Services Ltd. SATYAMCOMP |600 | |State Bank of India |SBIN |500 | |Shipping Corporation of India Ltd. |SCI |1600 | |Siemens Ltd |SIEMENS |150 | |Sterlite Industries (I) Ltd |STER |350 | |Sun Pharmaceuticals India Ltd. SUNPHARMA |450 | |Syndicate Bank |SYNDIBANK |3800 | |Tata Chemicals Ltd |TATACHEM |1350 | |Tata Consultancy Services Ltd |TCS |250 | |Tata Power Co.Ltd. |TATAPOWER |800 | |Tata Tea Ltd. |TATATEA |550 | |Tata Motors Ltd. |TATAMOTORS |825 | |Tata Iron and Steel Co. Ltd. |TISCO |675 | |Union Bank of India |UNIONBANK |2100 | |UTI Bank Ltd. UTIBANK |900 | |Vijaya Bank |VIJAYABANK |3450 | |Videsh Sanchar Nigam Ltd |VSNL |1050 | |Wipro Ltd. |WIPRO |300 | |Wockhardt Ltd. |WOCKPHARMA |600 | REGULATORY FRAMEWORK:The trading of derivatives is governed by the provisions contained in the SC ( R ) A, the SEBI Act, the and the regulations framed there under the rules and byelaws of stock exchanges. Regulation for Derivative Trading: SEBI set up a 24 member committed under Chairmanship of Dr. L. C. Gupta develop the appropriate regulatory framework for derivative trading in India. The committee submitted its report in March 1998. On May 11, 1998 SEBI accepted the recommendations of the committee and approved the phased introduction of Derivatives trading in India beginning with Stock Index F utures.SEBI also approved he â€Å"Suggestive bye-laws† recommended by the committee for regulation and control of trading and settlement of Derivatives contracts. The provisions in the SC (R) A govern the trading in the securities. The amendment of the SC (R) A to include â€Å"DERIVATIVES† within the ambit of ‘Securities’ in the SC (R ) A made trading in Derivatives possible within the framework of the Act. 1. Any exchange fulfilling the eligibility criteria as prescribed in the L. C. Gupta committee report may apply to SEBI for grant of recognition under Section 4 of the SC (R) A, 1956 to start Derivatives Trading.The derivatives exchange/segment should have a separate governing council and representation of trading / clearing members shall be limited to maximum of 40% of the total members of the governing council. The exchange shall regulate the sales practices of its members and will obtain approval of SEBI before start of Trading in any derivative co ntract. 2. The exchange shall have minimum 50 members. 3. The members of an existing segment of the exchange will not automatically become the members of the derivative segment. The members of the derivative segment need to fulfill the eligibility conditions as lay down by the L.C. Gupta Committee. 4. The clearing and settlement of derivates trades shall be through a SEBI approved Clearing Corporation / Clearing house. Clearing Corporation / Clearing House complying with the eligibility conditions as lay down By the committee have to apply to SEBI for grant of approval. 5. Derivatives broker/dealers and Clearing members are required to seek registration from SEBI. 6. The Minimum contract value shall not be less than Rs. 2 Lakh. Exchanges should also submit details of the futures contract they purpose to introduce. 7.The trading members are required to have qualified approved user and sales person who have passed a certification programme approved by SEBI. FUTURES DEFINITION: A Futur es contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. To facilitate liquidity in the futures contract, the exchange specifies certain standard features of the contract. The standardized items on a futures contract are: ? Quantity of the underlying ? Quality of the underlying ? The date and the month of delivery ? The units of price quotations and minimum price change ? Locations of settlementTYPES OF FUTURES: On the basis of the underlying asset they derive, the futures are divided into two types: ? Stock futures: The stock futures are the futures that have the underlying asset as the individual securities. The settlement of the stock futures is of cash settlement and the settlement price of the future is the closing price of the underlying security. ? Index futures: Index futures are the futures, which have the underlying asset as an Index. The Index futures are also cash settled. The settlement price of the Inde x futures shall be the closing value of the underlying index on the expiry date of the contract.Parties in the Futures Contract: There are two parties in a future contract, the Buyer and the Seller. The buyer of the futures contract is one who is LONG on the futures contract and the seller of the futures contract is one who is SHORT on the futures contract. The pay off for the buyer and the seller of the futures contract are as follows. PAYOFF FOR A BUYER OF FUTURES: [pic] CASE 1: The buyer bought the future contract at (F); if the futures price goes to E1 then the buyer gets the profit of (FP). CASE 2: The buyer gets loss when the future price goes less than (F), if the futures price goes to E2 then the buyer gets the loss of (FL).PAYOFF FOR A SELLER OF FUTURES: [pic] F – FUTURES PRICE E1, E2 – SETTLEMENT PRICE. CASE 1: The Seller sold the future contract at (f); if the futures price goes to E1 then the Seller gets the profit of (FP). CASE 2: The Seller gets loss when the future price goes greater than (F), if the futures price goes to E2 then the Seller gets the loss of (FL). MARGINS: Margins are the deposits, which reduce counter party risk, arise in a futures contract. These margins are collected in order to eliminate the counter party risk. There are three types of margins: Initial Margin:Whenever a futures contract is signed, both buyer and seller are required to post initial margin. Both buyer and seller are required to make security deposits that are intended to guarantee that they will infact be able to fulfill their obligation. These deposits are Initial margins and they are often referred as performance margins. The amount of margin is roughly 5% to 15% of total purchase price of futures contract. Marking to Market Margin: The process of adjusting the equity in an investor’s account in order to reflect the change in the settlement price of futures contract is known as MTM Margin.Maintenance margin: The investor must keep the fut ures account equity equal to or greater than certain percentage of the amount deposited as Initial Margin. If the equity goes less than that percentage of Initial margin, then the investor receives a call for an additional deposit of cash known as Maintenance Margin to bring the equity up to the Initial margin. Role of Margins: The role of margins in the futures contract is explained in the following example. S sold a Satyam February futures contract to B at Rs. 300; the following table shows the effect of margins on the contract.The contract size of Satyam is 1200. The initial margin amount is say Rs. 20000, the maintenance margin is 65% of Initial margin. |DAY |PRICE OF SATYAM |EFFECT ON BUYER (B) |EFFECT ON SELLER (S) |REMARKS | | | |MTM |MTM | | | | |P/L |P/L | | | | |Bal. in Margin |Bal. n Margin | | | | | | | | |1 | | | | | | | | | |Contract is entered and| | |300. 00 | | |initial margin is | | | | | |deposited. |2 | | | | | | | | | | | | | |+13,200 | | | | | | |-13,200 |B got profit and S got | | |311(price increased) | |+13,200 |loss, S deposited | |3 | | | |maintenance margin. | | | | | | | | | | | |B got loss and | | | | | |deposited maintenance | |4 | |-28,800 | |margin. | | |+15,400 |+28,800 | | | | | | | | | |287 | | |B got profit, S got | | | | | |loss. Contract settled| | | | | |at 305, totally B got | | | |+21,600 | |profit and S got loss. | | | |-21,600 | | | | | | | | | |305 | | | | Pricing the Futures: The fair value of the futures contract is derived from a model known as the Cost of Carry model. This model gives the fair value of the futures contract. Cost of Carry Model: F=S (1+r-q) t Where F – Futures Price S – Spot price of the Underlying r – Cost of Financing q – Expected Dividend Yield T – Holding Period. FUTURES TERMINOLOGY: Spot price: The price at which an asset trades in the spot market. Futures price: The price at which the futures contract trades in the futures market.Contract cycle: The period over which a contract trades. The index futures contracts on the NSE have one-month, two-months and three-month expiry cycles which expire on the last Thursday of the month. Thus a January expiration contract expires on the last Thursday of January and a February expiration contract ceases trading on the last Thursday of February. On the Friday following the last Thursday, a new contract having a three-month expiry is introduced for trading. Expiry date: It is the date specified in the futures contract. This is the last day on which the contract will be traded, at the end of which it will cease to exist. Contract size:The amount of asset that has to be delivered under one contract. For instance, the contract size on NSE’s futures market is 200 Nifties. Basis: In the context of financial futures, basis can be defined as the futures price minus the spot price. There will be a different basis for each delivery month for each contract. In a normal market, basis will be positive. This reflects that futures prices normally exceed spot prices. Cost of carry: The relationship between futures prices and spot prices can be summarized in terms of what is known as the cost of carry. This measures the storage cost plus the interest that is paid to finance the asset less the income earned on the asset. Open Interest:Total outstanding long or short positions in the market at any specific time. As total long positions for market would be equal to short positions, for calculation of open interest, only one side of the contract is counted. OPTIONS DEFINITION: Option is a type of contract between two persons where one grants the other the right to buy a specific asset at a specific price within a specified time period. Alternatively the contract may grant the other person the right to sell a specific asset at a specific price within a specific time period. In order to have this right, the option buyer has to pay the seller of the option premium. The assets on which optio ns can be derived are stocks, commodities, indexes etc.If the underlying asset is the financial asset, then the options are financial options like stock options, currency options, index options etc, and if the underlying asset is the non-financial asset the options are non-financial options like commodity options. PROPERTIES OF OPTIONS: Options have several unique properties that set them apart from other securities. The following are the properties of options: ? Limited Loss ? High Leverage Potential ? Limited Life PARTIES IN AN OPTION CONTRACT: 1. Buyer of the Option: The buyer of an option is one who by paying option premium buys the right but not the obligation to exercise his option on seller/writer. . Writer/Seller of the Option: The writer of a call/put options is the one who receives the option premium and is there by obligated to sell/buy the asset if the buyer exercises the option on him. . TYPES OF OPTIONS: The options are classified into various types on the basis of var ious variables. The following are the various types of options: I) On the basis of the Underlying asset: On the basis of the underlying asset the options are divided into two types: ? INDEX OPTIONS: The Index options have the underlying asset as the index. ? STOCK OPTIONS: A stock option gives the buyer of the option the right to buy/sell stock at a specified price.Stock options are options on the individual stocks, there are currently more than 50 stocks are trading in this segment. II. On the basis of the market movement: On the basis of the market movement the options are divided into two types. They are: ? CALL OPTION: A call options is bought by an investor when he seems that the stock price moves upwards. A call option gives the holder of the option the right but not the obligation to buy an asset by a certain date for a certain price. ? PUT OPTION: A put option is bought by an investor when he seems that the stock price moves downwards. A put option gives the holder of the op tion right but not the obligation to sell an asset by a certain date for a certain price. III. On the basis of exercise of Option:On the basis of the exercising of the option, the options are classified into two categories. ? AMERICAN OPTION: American options are options that can be exercised at any time up to the expiration date, most exchange-traded options are American. ? EUROPEAN OPTION: European options are options that can be exercised only on the expiration date itself. European options are easier to analyze than American options. PAY-OFF PROFILE FOR BUYER OF A CALL OPTION: The pay-off of a buyer options depends on the spot price of the underlying asset. The following graph shows the pay-off of buyer of a call option: S-Strike priceOTM – Out of the Money SP -Premium/LossATM – At the MoneyE1 – Spot price 1 ITM – In The Money E2 – Spot price 2 SR – profit at spot price E1 CASE 1: (Spot price > Strike Price) As the spot price (E1) of the underlying asset is more than strike price (S). The buyer gets the profit of (SR), if price increases more than E1 than profit also increase more than SR. CASE 2: (Sport price < Strike Price) As the spot price (E2) of the underlying asset is less than strike price (s). The buyer gets loss of (SP), if price goes down less than E2 than also his loss is limited to his premium (SP). PAY – OFF PROFILE FOR SELLER OF A CALL OPTION:The pay-off of seller of the call option depends on the spot price of the underlying asset. The following graph shows the pay-off of seller of a call option: [pic] S-Strike priceITM – In the Money SP – Premium/profitATM – At the Money E1-Spot price 1OTM – Out of The Money E2 -Spot price 2 SR-profit at spot price E1 CASE 1: (Spot price < Strike price) As the spot price (E1) of the underlying asset is less than strike price (S). The seller gets the profit of (SP), if the price decreases less than E1 than also profit of the seller does not exceed (SP). CASE 2: (Spot price > Strike price) As the spot price (E2) of the underlying asset is more than strike price (S).The seller gets loss of (SR), if price goes more less than E2 than the loss of the seller also increase more than (SR). PAY-OFF PROFILE FOR BUYER OF A PUT OPTION: The payoff of buyer of the option depends on the spot price of the underlying asset. The following graph shows the pay off of the buyer of a call option: [pic] S-Strike priceITM-In The Money SP-Premium/profitOTM-Out of The Money E1-Spot price 1ATM-At The Money E2-Spot price 2 SR-profit at spot price E1 CASE 1: (Spot price < Strike price) As the spot price (E1) of the underlying asset is less than strike price (S). The buyer gets the profit of (SR), if price decreases less than E1 than the profit also increases more than (SR). CASE 2: (Spot price > Strike price)As the spot price (E2) of the underlying asset is more than strike price (s), the buyer gets loss of (SP), if price goes more than E2 than the loss of the buyer is limited to his premium (SP). PAY-OFF PROFILE FOR SELLER OF A PUT OPTION: The pay off of seller of the option depends on the spot price of the underlying asset. The following graph shows the pay-off of seller of a put option: [pic] S-Strike priceITM-In The Money SP-Premium/profitATM-At The Money E1-Spot price 1OTM-Out of The Money E2-Spot price 2 SR-profit at spot price E1 CASE 1: (Spot price < Strike price) As the spot price (E1) of the underlying asset is less than strike price (S), the seller gets the loss of (SR), if price decreases less than E1 than the loss also increases more than (SR). CASE 2: (Spot price > Strike price)As the spot price (E2) of the underlying asset is more than strike price (S), the seller gets profit of (SP), if price goes more than E2 than the profit of the seller is limited to his premium (SP). FACTORS AFFECTING THE PRICE OF AN OPTION: The following are the various factors that affect the price of an option. They are: Stoc k price: The pay-off from a call option is the amount by which the stock price exceeds the strike price. Call options therefore become more valuable as the stock price increases and vice versa. The pay-off from a put option is the amount; by which the strike price exceeds the stock price. Put options therefore become more valuable as the stock price increases and vice versa. Strike price:In the case of a call, as the strike price increases, the stock price has to make a larger upward move for the option to go in-the –money. Therefore, for a call, as the strike price increases, options become less valuable and as strike price decreases, options become more valuable. Time to expiration: Both Put and Call American options become more valuable as the time to expiration increases. Volatility: The volatility of n a stock price is a measure of uncertain about future stock price movements. As volatility increases, the chance that the stock will do very well or very poor increases. Th e value of both Calls and Puts therefore increase as volatility increase.Risk-free interest rate: The put option prices decline as the risk – free rate increases where as the prices of calls always increase as the risk – free interest rate increases. Dividends: Dividends have the effect of reducing the stock price on the ex dividend date. This has a negative effect on the value of call options and a positive affect on the value of put options. PRICING OPTIONS The Black Scholes formulas for the prices of European Calls and puts on a non-dividend paying stock are: CALL OPTION: C = SN (D1)-Xe-rtN(D2) PUT OPTION: P = Xe-rtN(-D2)-SN (-D2) C – VALUE OF CALL OPTION S – SPOT PRICE OF STOCK X – STRIKE PRICE r – ANNUAL RISK FREE RETURN – CONTRACT CYCLE D1 – (ln(s/x) +(r+ )/2) t)/ D2 – D1- Options Terminology: Strike Price: The price specified in the options contract is known as the Strike price or Exercise price. Option Premium: O ption premium is the price paid by the option buyer to the option seller. Expiration Date: The date specified in the options contract is known as the expiration date. In-The-Money Option: An in the money option is an option that would lead to a positive cash inflow to the holder if it is exercised immediately. At-The-Money Option: An at the money option is an option that would lead to zero cash flow if it is exercised immediately. Out-Of-The-Money Option:An out of the money option is an option that would lead to a negative cash flow if it is exercised immediately. Intrinsic Value of an Option: The intrinsic value of an option is ITM, if option is ITM. If the option is OTM, its intrinsic value is ZERO. Time Value of an Option: The time value of an option is the difference between its premium and its intrinsic value. DESCRIPTION OF THE METHOD: The following are the steps involved in the study. 1. Selection of the scrip: The scrip selection is done on a random basis and the scrip selec ted is RELIANCE COMMUNICATIONS. The lot size of the scrip is 500. Profitability position of the option holder and option writer is studied. 2. Data collection:The data of the RELIANCE COMMUNICATIONS has been collected from the â€Å"The Economic Times† and the internet. The data consists of the March contract and the period of data collection is from 30th December 2008 to 31st January 2008. 3. Analysis: The analysis consists of the tabulation of the data assessing the profitability positions of the option holder and the option writer, representing the data with graphs and making the interpretations using the data. ANALYSIS ANALYSIS The objective of this analysis is to evaluate the profit/loss position of option holder and option writer. This analysis is based on the sample data, taken RELIANCE COMMUNICATIONS scrip. This analysis considered the March ending contract of the SBI.The lot size of SBI is 500. The time period in which this analysis is done is from 30/12/2007 To 31/0 1/2008 Price of SBI in the Cash Market. |DATE |MARKET PRICE | | | | |30-Dec-07 |685. 1 | |31-Dec-07 |714. 65 | |1-Jan-08 |695. 6 | |2-Jan-08 |706. 4 | |3-Jan-08 |717. 1 | |4-Jan-08 |713. 45 | |7-Jan-08 |726. 6 | |8-Jan-08 |724. 05 | |9-Jan-08 |720. 85 | |10-Jan-08 |742. 1 | |11-Jan-08 |736. | |14-jan-08 |734. 1 | |15-Jan-08 |731. 75 | |16-Jan-08 |728 | |17-Jan-08 |726. 2 | |18-Jan-08 | | | |727. 8 | | | | |21-Jan-08 |722. 7 | |22-Jan-08 |693. 25 | |23-Jan-08 |657. 7 | |24-Jan-08 |664. 4 | |28-Mar-08 |665. 6 | |29-Jan-08 |641. 7 | |30-Jan-08 |661. 05 | |31-Jan-08 |654. 8 | pic] The closing price of SBI at the end of the contract period is 654. 80 and this is considered as settlement price. The following table explains the amount of transaction between option holder and option writer. ? The first column explains the trading date. ? The second column explains the market price in cash segment on that date. ? The call column explains the call/put options which are considered. Every call/ put has three sub columns. ? The first column consists of the premium value per share of the contracts, second column consists of the volume of the contract, and the third column consists of total premium value paid by the buyer. ?NET PAYOFF FOR CALL OPTION HOLDERS AND WRITERS |MARKET PRICE |CALLS |VOLUME (‘000) |PREMIUM (‘000) |PROFIT TO HOLDER|NET PROFIT TO |NET PROFIT TO | | | | | |(‘000) |HOLDER (‘000) |BUYER (‘000) | | | | | | | | | |654. 8 |640 |199. 5 |3634. 15 |2952. 6 |-681. 55 |681. 55 | |654. 8 |660 |1463 |21600. 35 |0 |-21600. 35 |21600. 35 | |654. |680 |2008 |51831. 53 |0 |-51831. 525 |51831. 525 | |654. 8 |700 |3297 |85603. 45 |0 |-85603. 45 |85603. 45 | |654. 8 |720 |3796. 5 |74881. 93 |0 |-74881. 925 |74881. 925 | |654. 8 |740 |2309. 5 |30208. 4 |0 |-30208. 4 |30208. 4 | OBSERVATIONS AND FINDINGS: ? Six call options are considered with six different strike prices. ? The current market price on the expiry date is Rs. 654. 80 and this is c onsidered as final settlement price. The premium paid by the option holders whose strike price is far and greater than the current market price have paid high amounts of premium than those who are near to the current market price. ? The call option holders whose strike price is less than the current market price are said to be In-The-Money. The calls with strike price 640 are said to be In-The-Money, since, if they exercise they will get profits. ? The call option holders whose strike price is less than the current market price are said to be Out-Of-The-Money. The calls with strike price of 660, 680,700,720,740 are said to be Out-Of-The-Money, since, if they exercise, they will get losses. [pic] FINDINGS:The premium of the options with strike price of 700 and 720 is high, since most of the period of the contract the cash market is moving around 700 mark. [pic] FINDINGS: ? The contracts with strike price 660, 680, 700, 720, 740 get no profit, since their strike price is more than the settlement price. ? The contract with strike price 640 gets the profit. NET PAY OFF OF PUT OPTION HOLDERS AND WRITERS. |MARKET PRICE |PUTS |VOLUME (‘000) |PREMIUM (‘000) |PROFIT TO HOLDER |NET PROFIT TO HOLDER |NET PROFIT TO WRITER| | | | | |(‘000) |(‘000) |(‘000) | | | | | | | | | |654. |600 |25 |47. 625 |0 |-47. 625 |47. 625 | |654. 8 |640 |323. 5 |993. 5 |0 |-993. 5 |993. 5 | |654. 8 |660 |1239. 5 |9506. 575 |6445. 4 |-3061. 175 |3061. 175 | |654. 8 |680 |1399. 5 |21894 |35267. 4 |13373. 4 |-13373. 4 | |654. 8 |700 |1858 |30871. 28 |83981. 6 |53110. 325 |-53110. 325 | |654. |720 |1468. 5 |23727. 83 |95746. 2 |72018. 375 |-72018. 375 | | | | | | | | | OBSERVATIONS AND FINDINGS: ? Six put options are considered with six different strike prices. ? The current market price on the expiry date is Rs. 654. 80 and this is considered as the final settlement price. ? The premium paid by the option holders whose strike price is far and greater than the current market price have paid high amount of premium than those who are near to the current market price. The put option holders whose strike price is more than the current market price are said to be In-The-Money. The puts with strike price 660,680,700,720 are said to be In-The-Money, since, if they exercise they will get profits. ? The put option holders whose strike price is less than the current market price are said to be Out-Of-The-Money. The puts with strike price of 600,640 are said to be Out-Of-The-Money, since, if they exercise their puts, they will get losses. [pic] FINDINGS: ? The premium of the option with strike price 700 is higher when compared to other strike prices. This is because of the movement of the cash market price of the SBI between 640 and 720. [pic] FINDINGS: The put option holders whose strike price is more than the settlement price are In-The-Money. ? The put options whose strike price is less than the settlement price are Out-Of-The-Money. DATA OF SBI THE FUT URES OF THE JANUARY MONTH |DATE |FUTURES CLOSING PRICE (Rs. ) |CASH CLOSING PRICE (Rs. ) | | | | | |30-Dec-07 |689. 6 |685. 1 | |31-Dec-07 |720. 65 |714. 65 | |1-Jan-08 |700. 5 |695. 6 | |2-Jan-08 |710. 9 |706. 4 | |3-Jan-08 |720. 85 |717. 1 | |4-Jan-08 |716. 85 |713. 45 | |7-Jan-08 |729. 2 |726. 6 | |8-Jan-08 |728. 25 |724. 05 | |9-Jan-08 |723. 35 |720. 5 | |10-Jan-08 |745. 3 |742. 1 | |11-Jan-08 |741. 35 |736. 9 | |14-Jan-08 |738. 95 |734. 1 | |15-Jan-08 |735. 7 |731. 75 | |16-Jan-08 |733. 15 |728 | |17-Jan-08 |730. 75 |726. 2 | |18-Jan-08 |732. |727. 8 | |21-Jan-08 |725. 25 |722. 7 | |22-Jan-08 |695 |693. 25 | |23-Jan-08 |660. 1 |657. 7 | |24-Jan-08 |666. 7 |664. 4 | |28-Jan-08 |667. 75 |665. 6 | |29-Jan-08 |642. 7 |641. 7 | |30-Jan-08 |662. 5 |661. 05 | |31-Jan-08 |655. 95 |654. 8 | [pic] OBSERVATIONS AND FINDINGS: The cash market price of the SBI is moving along with the futures price. ? If the buy price of the futures is less than the settlement price, then the buyer of the f utures get profit. ? If the selling price of the futures is less than the settlement price, then the seller incur losses. SUMMARY, CONCLUSIONS AND RECOMMENDATINONS SUMMARY ? Derivatives market is an innovation to cash market. Approximately its daily turnover reaches to the equal stage of cash market. Presently the available scrips in futures are 89 and in options segment are 62. ? In cash market the profit/loss of the investor depends on the market price of the underlying asset. The investor may incur huge profits or he may incur huge losses. But in derivatives segment the investor enjoys huge profits with limited downside. ? In cash market the investor has to pay the total money, but in derivatives the investor has to pay premiums or margins, which are some percentage of total money. ? Derivatives are mostly used for hedging purpose. ? In derivative segment the profit/loss of the option holder/option writer is purely depended on the fluctuations of the underlying asset. CONCLUSIONS In bullish market the call option writer incurs more losses so the investor is suggested to go for a call option to hold, where as the put option holder suffers in a bullish market, so he is suggested to write a put option. ? In bearish market the call option holder will incur more losses so the investor is suggested to go for a call option to write, where as the put option writer will get more losses, so he is suggested to hold a put option. ? In the above analysis the market price of State Bank of India is having low volatility, so the call option writers enjoy more profits to holders. RECOMMENDATIONS ? The derivative market is newly started in India and it is not known by every investor, so SEBI has to take steps to create awareness among the investors about the derivative segment. In order to increase the derivatives market in India, SEBI should revise some of their regulations like contract size, participation of FII in the derivatives market. ? Contract size should be minimiz ed because small investors cannot afford this much of huge premiums. ? SEBI has to take further steps in the risk management mechanism. ? SEBI has to take measures to use effectively the derivatives segment as a tool of hedging. BIBLIOGRAPHY BIBLIOGRAPHY BOOKS: FUTURES AND OPTIONS – N. D. VOHRA, B. R. BAGRI DERIVATIVES CORE MODULE WORKBOOK – NCFM MATERIAL FUTURES AND OPTIONS – R. MAHAJAN WEBSITES: www. nseindia. com www. equitymaster. com www. peninsularonline. com NEWS EDITIONS: THE ECONOMIC TIMES BUSINESS LINE