Sunday, March 31, 2019

Okun Law Unemployment

Okun legal philosophy Un commerceOkun truth Unemployment Okuns rectitude an Empirical Test crossways CountriesAbstractOkuns truth postulates an inverse totallyiance between the tack in the unemployment esteem and the digression between f square(a) and authority existing byfit. The apprisal has proven to be an influential trial-and-error framework in supply-side economics. This paper sets bring out to through trial-and-error observation evidence whether or not Okuns natural police holds and how it varies across the UK, US and Japan during the period fulfilment 1976-2006. The quarterly data sets ar analysed via approximately(prenominal) OLS regression toward the mean friendships everyplace the all in all pattern period and Rolling Regression estimations everyplace 18 sepa commit replacesamples, with the pull in to it to infer how still the affinity has been over the last 30 years. The reasons for these compounds and the implications these result s can have for policymakers and apprehend grocery stores ar besides drawingly discussed. In addition, we find that the unemployment order responds a bilaterally to expansions and contractions in production when the lineage make pass is considered. There is a considerable come up of evidence that supports Okuns integrity usancefulness as an experimental race.Okuns honor is defined as the human blood between the alter in the unemployment judge and the discordence between actual and potential real fruit. The blood has had a substantial influence in macroeconomics in so far that the legal philosophy is widely apply in macro- homunculuss as easily as providing the theoretical construction blocks to contribute to opposite empirical races such(prenominal) as the Aggregate Supply curve and the Phillips Curve. For this reason, Okuns jurisprudence is an in-chief(postnominal) feature of supply-side economics.Okuns Law withal gives policymakers and economists an indication of how the thrift is do in regard to twain the jade market and the goods market. Further more(prenominal) than, central banks, in the first place m unitarytary policy, exercise Okuns Law as a calculate tool to portend changes in the structure of the economy and aid in the decision-making process. Its effectiveness as a tool is or sowhat contentious, since the relation is intentional to be utilise as a benchmark or guideline to judge the performance of the economy against, rather than as a wet policy rule. supererogatoryly, the family relationship is frequently subroutined to achieve an optimal reaping respect (without adverse effects on the unemployment rate) as well as more operatively measuring the cost of exalted unemployment which is regarded as both(prenominal) socially undesirable and a waste of human capital.This plain specifically elbow greases to test, exploitation the high-powered version of Okuns Law, whether or not the relationshi p holds in the UK, US and Japan and how the relationship varies across these countries over the period 1976-2006. This leave alone be tested via OLS regression outline. The central explore move of this arena is to infer from the results how stable the relation i.e. Okuns Law been over the last 30 years for the UK, US and Japan? This will efficaciously captured by the sensitivity of unemployment changes when yield harvest deviates from its equilibrium level, namely the Okun coefficient (The name in the relation). nigh papers live with a symmetric relationship between make and unemployment. As a secondary objective of the battleground, an attempt will be do to test whether or not Okuns Law characterises an asymmetric relationship, in so far that expansions and contractions in sidetrack have a unlike absolute effect on changes in the unemployment rate, an counter pursued by umpteen springs in the forthcoming publications. In addition, the results can be utilize to in terpret to what extent policymakers can predict the performance of fruit and unemployment in an economy hence the exercisefulness of Okuns Law as a fortune telling tool, once instability of the relation is taken into peak.Over makeThe development proceeds as followsSection 1 presents a theoretical background to the Okuns Law and its significance as an empirical relationship.Section 2 presents a review of the existing empirical literature on Okuns Law along with discussion of any applicable omissions and contradictions of the wishive formers findings.Section 3 gives Blanchard (1998) methodology as a root for the construction of Okuns Law as well as providing the required explanations of the variables manipulationd in the model, version of the relation used. The methods of data collection and the boundarys of the methodology employed will excessively be stated.Section 4 presents some preliminary data analysis including descriptive statistics, tests for Stationarity, Het eroskedasticity, Serial Correlation and chow chow Test for structural stability.Section 5 presents the empirical results and the subsequent analysis of the techniques used to interpret Okuns Law. Namely, OLS Regression Analysis over the whole period, Rolling Regressions, Stability Tests, and Dummy Variable analysis based on its use in the model and how the empirical results integrate with the subject return raised in the literature. The implications of the empirical results for macroeconomic policymakers, the goods and the get the picture market are also briefly discussed.Section 6 presents a judgement on the overall findings from the analysis of the data as well as providing a critical appraisal of Okuns Law and its usefulness as an empirical relation across countries. In addition, potential recommendations will be discussed in the background of how the larn and/or the model can be amend for further research.Background TheoryOkuns Law the inverse relationship between unem ployment and widening is regarded as one of the near reliable empirical regularities of macroeconomics. In recent sentences, there has been a considerable amount of research into the empirical significance of Okuns Law. Policymakers are enkindle in sustaining output egress and achieving a low unemployment rate and the relationship is seen as a fairly good indication of economic performance. The type of unemployment that will concord depends on how labour supply and demand evolve over term and is the prime reason why Okuns coefficient has reduced over time. The consumeiness of empirical testing in this area is a major limitation of reliable Okun coefficients.In 1962, Arthur Okun, an American economist, formulated and interpreted this relationship. He suggested a negative relationship between the change in the unemployment rate and the exploitation of real output. Many economists till this day, view Okuns Law to be a very useful relation in assessing macroeconomic performanc e. Okun estimated that in the US output branch of 3% below equilibrium for one year, leads to an augment in the unemployment rate of one percentage point (reverse slick also applies). However, more recent studies have shown that in fact, a 1% increase in output leads to a reduction in the unemployment rate by 2%.The simplicity of Okuns Law, involving the use of fundamental economic variables (output and unemployment) makes it a striking empirical relationship to field of operations. However, there are a number of forms or versions that Okuns Law can take. The predominant versions of Okuns Law are the difference version, the dynamic version, the gap version and the production-function version. This study will use the dynamic version of Okuns Law since it is widely used by economists as well as taking into account deviation of output from some equilibrium level, which ultimately creates a more slick investigation.Although the magnitude of the lower seems to be declining and w ith widespread acceptance of the relationship creation pervasive, structural differences in an economys product and labour markets coupled with the difficulty that national governments face in managing the economy, juicylights the need to rigorously investigate Okuns Law still further.Literature ReviewThis region experiences the existing empirical literature concerning Okuns Law and the most significant findings. The purpose of this section in particular is to evaluate the usefulness of Okuns Law as an empirical relation against a number of criteria. Additional focus will be set on how the relationship varies across both differing time periods and contrastive countries as well as the techniques used in the literature.Using the original formulation of Okuns Law equality (1) Blanchard (1998) estimated the relation across both countries and time. The time periods the agent used were 1960-2003. (1960-1980 and 1981-2003). The originator estimated the coefficient for the United S tates, the UK, Ger legion(predicate) and Japan. According to the reports, as expected, the law does hold in all of these countries. The econometric techniques used by Blanchard in constructing these results carry the use of measuring rod regression analysis. It was brought to our attention that the US had the highest response (-0.39), whilst Japan the lowest (-0.12). This is in part explained by the differences in structure within each(prenominal) grounds respective labour markets. The study made 2 plausible yet restrictive assurances. The first universe that takings moved one for one with employment. This is an important point to note since economic theory suggests that an expansion in an economys output, ceteris paribus (an increase in amentiferous aptitude) will require an equal increase in the amount of labour (workers) needed to produce that additional output. The second conjecture is that of A unvaried labour force. This assumption follows on from the first in tha t changes in employment are reflected in opposite changes in unemployment. A major critique of these assumptions is the fact that in absolute terms, the rise/ hail in the unemployment rate may not be proportional to the rise/fall in the employment rate repayable to labour force corporation. Blanchard also brought to our attention that in the Medium Run the relationship may differ due to both equilibrium values of output and unemployment returning to their inwrought levels. This adjustment of the variables means that certain macroeconomic policies cannot influence output ripening or unemployment judge. However, earlier formulations assumed any increase or decrease in the unemployment rate relative to the rate of output development to be in equal absolute proportions. The revised equation (below) rectifies this simplistic assumption by involving the actual deviation of output growth from its equilibrium, where the Beta coefficient measures the re employment of unemployment rate changes to deviations of output from equilibrium output.Ut Ut-1 = - (gyt y) (1)Potential Rate of payoff GrowthUnemployment rate at t-1 periodsOutput Growth at t periodsUnemployment rate at t periodsBeta/ImpactCoefficientSogner, L and Stiassny, A, (2000) investigated Okuns Law for 15 OECD countries to deduce whether structural instability originates from the demand or supply-side of the economy. The Keynesian viewpoint was found to hold little empirical severity in contrast to that of the neoclassical one. This is in part down to the assumption of fixed prices and wages. This is unrealistic to assume particularly in a realness where inflation is everywhere a monetary phenomenon. Although firms do change their output plans according to changes in growth, both changes in wages and prices will go down the underlying unemployment rate and any estimates based on such assumptions will derive incorrect results. Economic agents expect certain activities to occur in the future based on either past or occurrent activities. The most crucial finding of this paper is that the persistence in the unemployment is strongest in countries that have a highly protected labour market. Although this is inconclusive in contrast to other(a) studies, it implies to a certain extent that variations in real output only have a small effect on employment levels which needs to be accounted for in particular when revisions of the relation are considered.Most Okuns Law stipulations tend to assume a symmetric relationship between unemployment and output growth. In other oral communication, output growth for event produces the same absolute effect on unemployment. Harris and Silverstone (2000) managed to test this assumption development hypothesis tests for New Zealand over the period 1979-1999. They discovered that Okuns Law does hold by means of regression analysis over this period. The most essential insight which can be extended across many countries if need be, is the Okun coeffi cient which they estimated based on their regression results. In New Zealand, a one percent change in output growth is associated with a 0.4% change in the unemployment rate. This is in fact due to changes in labour force participation, labour hours and capital utilization. The strength of this particular study was the use of labour supply analysis which contributed in supporting Okuns Law and its routine on the supply side of the economy. The authors do however, wrongly assume a symmetric assumption throughout the paper and this is not plausible, especially in the long.Productivity gains and the structure of the labour market play a vital persona to the number of any relationship between unemployment and output. Walterskirchen (1999) proposed this command to his study. This particular study generates differing perspectives to those posed by both Harris and Silverstone (2000) and thus varies greatly in terms of empirical results. The author does support Blanchards view concerni ng the existence of a strong positive correlation between gross domestic product growth and change in the employment rate. However, the additional emphasis placed by Walterskirchen is that of productivity gains and labour supply and demand in the context of each countrys individual labour market. The fact that the author cites demographic influences as well as economic is vital to the pissing blocks of empirical results and whether or not they are consistent with economic theory. The author carried out this particular focus of the study through two predominant methods Time-series data analysis for each individual EU country and cross country data analysis for the period 1988-1998. In both methods there appears to be a strong negative correlation between output growth and the resulting change in the unemployment rate. Walterskirchen highlighted the difficulty in the calculation of potential output in invest to estimate Okuns Law and thus disregard this method in his empirical anal ysis, focusing instead on the change in the rate of output and unemployment.He did however, attempt to correct some other ambiguity in the fact that the relation overlooks the influence of investment activity and technical progress on labour productivity. The results clearly show the rate of productivity to be approximately 2% in the EU, representing a constant figure. In times of high unemployment, Okuns coefficient will tend to also be high (1980s). In contrast, demographics explain the contribution of the rise in population growth on the employment rate. It was found that an increase in population growth puts considerable pressure on employment to increase and as a consequence labour productivity diminishes. This is relevant since employment will only grow if economic growth rates are outstripping productivity. This adds further weight to the claims of productivity on the supply-side of the economy and the role it plays in determining the rate of unemployment. The high the Okun coefficient (usually 0.3 to 0.5), i.e., the elasticity of unemployment rates with respect to gross domestic product growth, the better the chances for reducing unemployment through growth and demand policies. This sentiment of the study is of great importance to policymakers. The author ensured that the significance of Okuns Law at the government level is not disregarded and hence plays a role in the effectiveness of policy at the macro level.Schnabel (2002) investigated whether Okuns Law can be used to derive estimates of cause output growth but more importantly to focus on whether to use the twist rates derived in constructing measures of the output gap. It is a key construct in the construction of Okuns Law and the subsequent tests. The author pointed out the difficulties of estimating trend output, mostly in part to the numerous methods which can pee biases and problems of interpretation. This is regarded as a major flaw of Okuns Law and Schnabel emphasizes this in his stud y. The arouse aspect of his econometric methods to test for the Okun coefficient was by use of Rolling Regressions for the G7 countries he intended to estimate. This technique aimed to test how the actual coefficients change or vary over time (many sample periods), in order to capture the dynamic changes which an economy undergoes over a shorter time horizon. The authors estimates involve the G7 countries as well as the US, Japan and Canada, with each countrys coefficients be significantly diverse than those of the next. Schnabel found out that the full sample had similar coefficients with that of the sub sample. This indicates that the relationship was relatively stable and accurate with the actual rates providing a sound benchmark to be compared against. A unprecedented addition to the overall model was using business cycle stages as measures against the seeed trend values. This allowed the author to test the significance of the coefficients within different stages of growth, recuperation or depressions. This is directly attributable to the case of UK, which had robust coefficients of 2.2 for growth an estimate taken from the period 1980-1990. During the 1990s labour market flexibility contend vital a role in increasing participation rates within the labour market. This would suggest that as potential output grows, actual positive output growth exists. This is not a viable view since alternate(prenominal) unemployment is not constant in all countries. The author, from the results, cited that sophisticated econometric techniques by use of filters may produce more accurate results and little shifting of parameters which are not deemed to be constant. In addition, the trend rates obtained should not be interpreted as the rates of growth compatible with stable inflation. By introducing inflation into these estimates would complicate the estimations since such changes are reflected in the intensity of the business cycle, which the author correctly cites as a major limitation of his study.Harris and Silverstone (2001) in their second study examine how upturns and downswings have a direct impact on Okuns Law. A test which detects how unemployment and output growth react (proportionally) to changes in the business cycle is known as Asymmetry. Earlier, Blanchard made the view that Okuns Law is symmetrical and many economists make this wrong assumption. The adjustment process in the real world follows different paths and involves many complex factors. Both Harris and Silverstone appreciate the need to test for asymmetry and ignoring this would see the hypothesis that there exists an inverse relationship between output and unemployment rejected, as well as numerous forecasting errors being made in the decision making process that policymakers go through. Output growth (yt) was found to be weakly exogenous and this was rightful(a) for all the OECD countries tested. Co integration Tests (were undertaken through Engle-Granger Two-Step meth od and Johansen Procedure) were calculated by Harris and Silverstone in an attempt to observe how the coefficients differed asymmetrically when the phase of the business cycle was considered. It was discovered that adjustments to disequilibrium are not prevalent in the downturn phase of the business cycle but in the upturn phase they are more volatile due to the nature of both the goods and labour market which is consistent with economic theory. This is not the case for the UK and Japan since results indicated that they in fact move in opposite modes. Although, not explicitly stated the author manages to highlight the importance of this test as a benchmark for other relations such as the Philips Curve, AS curve and Taylor-Rule seemingly also strengthening the case for pursuing more in depth study of relationships and their responses in different countries.Kosfeld and Dreger (1992-2000) investigated the German Labour Market and their study unhappy the notion that changes in produc tion and employment are closely cerebrate. This gave rise to the Threshold concept, which in basic terms refers to there being a finite amount of capacity both in the economy and at firm-level. Any output growth above this specified capacity will tend to create new jobs and a fall in the unemployment rate over time. This serves as an important guideline to policymakers, albeit a different one to that specified by Walterskirchen. The thresholds in fact act as a determinant for both employment and unemployment. The authors application of Okuns law is from both the demand and supply-side although Okuns law is usually approached from the supply-side due to the surgery of labour markets. Instead of supporting Walterskirchens view on demographics and other factors, the authors in this study believe that they in fact weaken the relationship. This arose due to the complexity of structural developments in the economy. The overall results followed on with the negative relationship between u nemployment and output existing in Germany. However the unemployment benefit dodge in Germany led to employment and unemployment responding differently to changes in output. This response was discover in the 1990s by a method known as spatial correlation equal to 0.2, which was regarded as relatively weak. This method is regarded as unsatisfactory since the results derived do not make a credible contribution to the study.Huang and Chang (2005) proposed to evaluate the empirical validity of Okuns Law via structural change using the threshold approach in Canada. This supports Kosfelds and Dregers antecedent study. The empirical models used are far accurate than previous stock(a) linear equations. This highlights the difficulty in conducting accurate Okuns Law estimations. The study also takes into account the presence of serial correlation and this is embedded into the followers autoregressive modelUct = 0 + i uct-i + yct + tIn order to obtain both the unemployment rate and rea l output growth (GDP) the author has used the Hodrick-Prescott filter (HP) and the Band-Pass filter (BP). Both filters are widely used and results of the study show that Okuns Law strongly holds, with results support the Law with high negative correlations of -0.7967 and -0.8062.However, the most crucial finding was that of a high Okun coefficient in the recession phase of the business cycle, this further supports Harris and Silverstones notion that cyclical outputs effect on cyclical unemployment is asymmetric. A high Beta coefficient acts as a signal to policymakers that unemployment is highly responsive to output gap deviations and thus provides a call for actions in the form of exacting the level of AD in the economy stimulating labour participation rates in the labour market.weber, C.E (1995) study takes a similar direction to that of Huang and Chang however, the element is more specific and thus more precise. His purpose was to test Okuns Law post-war USA, to see if the relat ionship has been stable after this period. The interesting aspect of this particular study is that there was an apparent oil alarm in the 1970s, which affects the supply-side of the economy. Weber focused on the periods both after and forwards the oil shock. The econometric method used for this test was predominantly OLS estimates via some from of Chow Test, using Dummy Variables (below)Uct = 1yct + 2Dtyct + 1tThe empirical results for the OLS estimations were -0.314 which surprisingly turned out to be close to Okuns original estimate of -0.32. However, parameter exertion was rejected due to the high variation in the high t-statistic of -0.277 and 0.402. Weber did leave scope for further future developments with reference being made to the importance of the initial source of the shock (supply or demand) in the outcome of changes in cyclical unemployment/output.On the basis of the existing literature, it is clear to see that Okuns Law does hold across a number of different countri es and time periods. The ability to infer how stable the relationship is over both the long-run as well as the short-run proves vital in any empirical analysis undertaken. However, due to some of the components of the model being difficult to estimate as well as other factors such as productivity and inflation affecting output growth, doubts remain over the usefulness or reliability of Okuns Law as a benchmark for policymakers.Research MethodologyModelling Economic TheoryThis sub section will provide the theoretical basis of Okuns Law as well as the major underlying assumptions of the model. In addition, brief explanations of the techniques employed and the justification for their use will be included.Although, using near the same methodology as Blanchard (1998) the estimates may vary considerably. Firstly, the most significant reason is that Blanchard (1998) tests Okuns Law across a number of different countries including the G7 countries. This study looks predominantly at the UK, US and Japan with the emphasis being placed on the former. Secondly, both studies look at different time periods and different frequency of data. Blanchard (1998) tested the relationship from 1960-2003 using monthly data, period this study will test the relationship with a technique called bowl regressions, using quarterly data from 1976-2006, giving us a more up to date inspection of Okuns Law. Another essential issue which could cause the results to differ is the estimation of potential output needed to encrypt the output gap term in Okuns Law. Although both studies use this variable, the technique used to measure potential output is different.(1)Ut = (yt )(2)Re-arrangingUt = Ut-1 (yt )Pre-Analysis of the DataSince specific data will be used to build an econometric model and test whether the model has theoretical validity, it is important to check out the properties of the variables in question.Description of DataTo generate the model for Okuns Law as well as test it fo r each country (UK, US, Japan) this study uses the 124 quarterly data points for the Unemployment Rate (%), Real GDP and Potential GDP (GDP) for the period 1976-2006. The latter two are used to compute the Output Gap term in Okuns Law. To ensure reliability whilst distinguish and analysing time series data all the variables are logged.Shortcomings of the DataThe estimation method of potential output is an approximate when generated from the Hodrick-Prescott separate out and thus the figuring of the output gap term is not always accurate. Many authors use the Band-Pass Filter and this may lead to discrepancies of the estimations in this study. There may also be bias in the sample, since different countries use different measures to bound the unemployment rate. This study has used percentage unemployment as per the Claimant Count, Bureau of Labour Statistics and Statistics Bureau. propensity AnalysisIn supplement A, a graphical account of each variable across the UK, US and Japan is given. It is apparent that over time Real GDP has an upward trend which indicates an expanding economy, at the general level.This study makes three crucial assumptions building on from similar assumptions made by Blanchard (1998). Firstly, we assume that changes in output lead to changes of equal magnitude with changes in employment levels. Secondly, we assume that firms adjust their employment levels in response to labour-productivity growth and this has no bearing on the rate of unemployment. In other words, higher induced labour-force participation rates do not have a detrimental impact of the rate of unemployment, ceteris paribus. Thirdly, we assume that output in the long-run will grow at its underlying rate. In other words y = (In equilibrium as the trend rate suggests in Appendix A).The relationship being estimated is the one between the unemployment rate and real output. equivalence (2) is essentially a dynamic version (short-run) version of Okuns Law. The dynamic elem ent stems from the fact that the economy adjusts towards equilibrium over time, hence the use of the output gap term (yt t). The coefficient measures the responsiveness of unemployment changes to changes in output growth from equilibrium (which is denoted by a minus sign in Okuns Law due to the inverse relationship it implies). The equation (2) provides the framework model which will be utilised throughout this study. Economic modelling proposes that equality (2) is not plausible under the conditions of presumptuous that last years unemployment rate and potential output (natural rate of output) dont change. I.e. are discover into the constant. To correct this we introduce lags into the model as well as assuming that potential output is absorbed into the constant. Under this new assumption the unemployment rate is derived from the unemployment rate in the previous period. The model thus becomes(3)Ut = 0 + 1Ut-1 + 2yt + t In an expanding economy, real output increases at a stable rate, therefore putting pressure on the economys crazy resources. Okuns Law thus predicts that any increases in real output above some underlying trend coincide with falling unemployment. Additionally, potential output (t) is an unobservable variable. In order to derive Okuns Law an empirical estimation of potential output is needed. Potential output (t) is generated from the Hodrick-Prescott Filter function in EViews. (Appendix A).Potential output is regarded as the underlying trend rate of output. This effectively is the level of output that the economy would produce if it utilised all of its resources. In order to allow for this in the model for Okuns Law we substitute the output gap term (yt t) into yt from Equation (3).This yields the hobby(4)Ut = 0 + 1 Ut-1 + 2 (yt yt) + t Policymakers are have-to doe with with attaining explicit policy objectives and in order to achieve this they are interested in how the characteristics of a variable have changed over the course of time .In this study, the key variable examined is unemployment, whereby achieving a low unemployment rate is desirable many national governments pursue this policy objective. The fundamental basis for Okuns Law was discovering the cost of excessive unemployment to an economy when real output grows. In an precedent world, the rate of unemployment would be low and an economys growth rate to be expanding at a sustained level. Typically, unemployment is considerably unstable in the short run which is clear to see in the graphical pattern (Appendix B) of the unemployment rates of the respective countries The UK, US and Japan.The primary problem with running a regression over a whole sample period using time-series data is that the relationship does vary in the short-run sometimes more often than the variations in the long-

Hutchinson-Gilford Progeria Syndrome Genetics

Hutchinson-Gilford Progeria Syndrome genetic scienceProgeria is a rare, fatal, sporadic, autosomal dominant syndrome that involves premature aging, generally leading to death at nearly 13 years of historic period due to myocardial infarction or stroke. The genetic basis of most cases of this syndrome is a change from genus Glycine GGC to glycine GGT in codon 608 of the lamin A (LMNA) gene, which activates a cryptic splice donor settle to produce abnormal lamin A this disrupts the atomic membrane and alters transcription.Mutations in the Lamin ATo date, models have been proposed to explain how mutations in the lamin A gene could lead to HGPS, geomorphological fragility and altered gene expression. One model links HGPS to obeisance cell-driven tissue regeneration. In this model, atomic fragility of lamin A-deficient cells increases apoptotic cell death to levels that outfox tissues ability for stem cell-driven regeneration. Tissue-specific differences in cell death or regenerat ive potential, or both, result in the tissue-specific segmental aging pattern seen in HGPS.Children innate(p) with HGPS typically appear normal at birth, but within a year they begin to display the effects of accelerated aging. Typical seventh cranial nerve features include micrognathia (small jaw), craniofacial disproportion, alopecia (loss of hair), and prominent eyes and scalp veins. Children experience delayed emergence and are short in stature and below average weight. collectible to a lack of subcutaneous fat, skin appears wrinkled and aged looking. some other key abnormalities include delayed dentition, a thin and high fling voice, a pyriform (pear-shaped) thorax, and a horse riding stance. As they mature, the disorder mothers children to age about a decade for every year of their life. This means that by the age of 10, an affected child would have the same respiratory, cardiovascular, and arthritic conditions as a senior citizen. On average, death occurs at the age of 13.HGPS vs. inheritanceHGPS had been proposed to be a recessive disorder due to observations of affected individuals implant in consanguineous families. However, many cases of progeria were also observed in families in which the parents were not related, suggesting sporadic autosomal dominant inheritance, which has been confirmed with the discovery of the responsible for(predicate) mutations. Others have reported the presence of various chromosomal abnormalities, such as an inverted insertion in the long arm of chromosome 1, as likely contributing factors to the disease. These cytogenetic clues proved to be critical for discovery of the HGPS gene.HGPS vs. GeneticsAfter many years of appreciating that HGPS was caused by genetic rather than by environmental factors, researchers took the first steps in isolating genetic mutations that cause HGPS. A team centered at the National Human Genome look into Institute in Maryland, under the direction of Francis Collins, initiated their se arch with a genome-wide scan. using 403 polymorphic microsatellite markers, the investigators found no evidence of homozygosity in 12 individuals with unadulterated HGPS. However, two individuals showed uniparental isodisomy of chromosome 1q, and one had a 6Mb paternal interstitial deletion in 1q. From this observation, the investigators concluded that the HGPS gene must lie within a 4.82Mb kingdom on chromosome 1q. This region contains approximately 80 known genes, including Lmna.Lmna and TypesA-type and B-type lamins (Type V mediate filaments) are the main components of the nuclear lamina, the innermost layer of the nuclear envelope. The nuclear lamina in mammalian cells is a thin (20-50 nm) protein meshwork that interacts with various proteins and chromatin granule and is essential for maintaining the structural integrity of the nuclear envelope, the protective barrier amongst the cytoplasm and nucleus.Cell studies of HGPS patientsImmunofluorescence studies with antibodies a gainst lamin A/C were performed using fibroblasts from HGPS subjects and their parents. The results showed structural nuclear abnormalities in 48% of HGPS cells compared with

Saturday, March 30, 2019

The US and UK takeover regulations

The US and UK coup regulationsA putsch of a public caller-up is the buy of adept community whose sh argons are listed on a stock modify by an new(prenominal). Empirical render on purpose everyplaces suggests that they gener ally create value. The nous is wherefore provoke the UK and U.S- both countries with ostensibly similar systems of corportate g everywherenance taking different routes when it comes to regulating coup detats. A rich analysis draws from each countrys diachronic fortifyment, focusing on the shareholder- orient regulations in the UK and the demurrer mechanism managerial play employ in the U.S. This makeup would critically analyse the views of the writers of the Divergence of U.S and UK coup en toyment written by Armour and Skeel JR, two salutary seas mavend Professors of constabulary, a thorough analysis would be make of hostile coup detats and the reasons why takeover tactics in the UK is regarded as a relegate option.An analytical mana kin would be employ relieve the diversity in the systems of takeover in the UK and the U.S. subordinate law clerics much(prenominal) as adjudicate concur had the herculean depute of filling the unintended vacuum and consequences of statute in the two countries that had early(a) objectives at the condemnation of enactment. An examination of the way regulations took shape in the UK and the U.S as the goal is to gain an perceptiveness of the justificatory tactics follow and used frequently in the U.S but is fr avered at and has dire consequences if adopted in the UK. Earlier slick suits from each jurisdiction would be analysed to gain understanding of why different takeover regulations are used. In the UK, defensive tactics by bulls eye managers are prohibited, whereas in the U.S, Delaware law establishs managers a ethical deal of room to manoeuvre1. The primary focus of this essay is to volunteer a simple yet thorough framework to understanding defensive measure ta ctics, what it is why it is so successful in the U.S and is prohibited in the UK. distinctly the two ways of takeover regulations appear to work fairly well in each jurisdiction and contempt the authors of the conditions view one must(prenominal) never forget that because the UK methods seem more(prenominal) than share holder lie and works very well, it does non mean at that place is any anything misemploy with the method used in the U.S.In a takeover bid, accountancy and law firms are hired to conduct Due Diligence- Lawyers review contracts, agreements, leases, up-to-date and pending litigation and all other outstanding or say-so liability obligations so that the buyer bay window tolerate a better understanding of the target companys binding agreements as well as boilersuit legal cerebrate exposure. The facilities in the company and capital equipment in any case make to be inspected so as to avoid unreasonable expenditures in the counterbalance base few months o f acquisition2.The first section of the essay would look at an overview of the history of business organization law development and collective governance in the UK and the U.S. the takeover development and institutional solvents to them. The second part looks at the US and UK takeover regulations and their differences. alike polity that guide been implemented and the fact that despite legislation, subordinate lawmakers make rules that govern the process of takeovers. Who are these subordinate lawmakers and why do they appear to have so much discretion as to what becomes a rule? They include a diverse range of characters from Judges to interest groups (Institutional investors). The identity of the subordinate lawmaker, in turn has major consequences for both the substance and the enforcement of the regulatory rules3. Various case examples would be used to explain the difference in takeover methodology in the UK and the U.S, objectives of takeovers, the disciplinary hypotheses o f the magnificence of takeover regulations. Finally, proposed re patterns in the US and UK and a conclusive summary on the coming backs of hostile takeover tactics.HistoryThe UK and the US are distinguished from other jurisdictions based on their high levels of takeover activities in contrast atomic number 63 has a flyspeck or no commercialize for corporate envision (Franks and Mayer, 1996). The UK does non have the federalist structure of the U.S which does not allow room for corporate managers to exert influence. In the U.S the Delaware jurisdiction became the sole source of rules on takeovers more so, hostile takeovers. The U.S takeover regulations give target managers discretion to defend a bid whereas in the UK the shareholders make the decision. Delaware have a monopoly and is home to most(prenominal) 60% of the largest corporations in the country. Due to the amount of assess and other well-beings that Delaware take enjoys from these corporations the State is attent ive to the managers needs and the state lawmakers have an incentive to salvage the managers content. The Legal rules have to be amenable so that unprecedented cases cornerstone be brought cheaply and quickly later has been a change in business practices so as to allow the precedent cases to be true and updated.The Delaware takeover doctrine was firmly established in the 1990s- that US institutional investors became a signifi loafert force in corporate governance4 unconnected their UK counterparts that embraced the importance of the concept of institutional investors.Corporate takeovers tend to improve not solitary(prenominal) the stock prices of the companies involved but also the stock merchandise overall. Although there is a substantial increase in the targets companys stock price, the endpoint for the merchant dismissk and the market over time however is considerably negative. Also some ill-fated takeovers turn into an embarrassment for the parties involved for example th e conjugation in 1996 of San Francisco banking giant Wells Fargo and its Los Angeles rival First Interstate Bancorp in an $11.6bn hostile takeover, the merge lead to many of the latter companies executives leaving, account errors appeared in the companys account and the problems were visible to the customers.In the UK, lawyers play a relatively little role in takeover bids, complaints and law suits are made to the coup Panel located in the London Stock Exchange building. The coup Panel includes representatives from the Stock Exchange, the Bank of England, major merchant banks and institutional investors5. The takeover Panel is a body that administers a set of rules known as the City statute on coup detats and Mergers. The Panel and the rules were self-regulatory until around 2007 when the EU directives have been implemented into the UKs regulations and have a statutory underpinning designed with the objective of maintaining the characteristic features of the Panels approach, which is based on self-regulation. In the U.S however, takeover regulations are moderated principally by the Securities and Exchange Commission which ensures that disclosure and process rules are adhered to. A managers response to a takeover bid in the U.S is regulated primarily by the Delawares Chancery Judges and Supreme Court- the key players here are lawyers and judges.U.S takeover coup detat protracts are regulated under the Williams subroutine Amendments to the Securities and Exchange Act (SEC) 1934. The act was created to provide governance of securities exchange in the stock market, all the companies listed on the stock exchange must follow its requirements. The SEC is regarded as relatively share-holder friendly, however managers are known to sometimes adopt a hostile approach to takeovers and they adopt defence mechanism mechanisms much(prenominal) as embitter pills or shareholder right final cause which are designed to guard off a hostile bidders stake particular ly if the bidder acquires more than a specified proportion of target stock, unremarkably 10-15 percent.The poison pill is a defence tactic that allows companies to thwart hostile takeover bids from other companies, examples of the poison pill include Flip-over Rights Plan, Flip-in Rights Plan, poison debt, voting poison pill plan etc. The managers of a company that use the poison pill defence and a staggered circuit board of directors have almost complete discretion to compel an unwanted takeover bid, the poison pill is a method that is easy declining in the last couple of years.The U.S tender prolongs are generally not share holder friendly, in the case of Atmel Corp a maker of microchips used in video game controllers, successfully defeated a challenge by investors using the poison pill tactic. Some shareholders who sued over the failed buyout by Microchip Technology Inc stated that the revisions made by Atmel were vague, a Delaware state judge rules in Atmel Corps favour.St ate statute such as character 203 of the Delaware General Corporation Law furthers the federal insurance of investor encourageion. It was enacted to protect shareholders from the coerciveness of two-tier offers by delaying the offer unless the targets board of directors and in some instances the shareholders approves, the legislation has been successful in stopping such coercive practices. Section 203 also gives target boards some authority in resisting unwelcome, under priced tender offers that are not beneficial to shareholders. In the BNS Inc v Koppers Co., the U.S District Court explained that Section 203 does not stop the aims of the William Act even though it may give target boards significant advantage in preventing un-solicited takeovers.To the contrary, the statute may have substantial deterrent effects on tender offersso retentive as hostile offers which are beneficial to target shareholders have a meaningful opportunity for success. Section 203 does not have to let p ernicious offers break through to be constitutional, and in fact, if it did let bad offers succeed, it would frustrate, and not further, the Williams Acts innovation of investor protection. In BNS , the district court concluded that, on this record, the statute appears to offer hostile bidders the necessary degree of opportunity to effect a business combination and upheld the statute6.Another example is the fresh April 2011 hostile takeover battle in the U.S surrounded by doctrine a hospital compass resisting a $7billion takeover by rival Community Health Systems. Tenet filed a lawsuit stating serious allegations that Community Health Systems is an unfit acquirer because the company has been systematically defrauding Medicare, evidence to support Tenets claim was provided. Not only is this allegation posed to resist a takeover, it can also potentially damage the reputation of Community Health Systems. This case ranks high in the pantheon of aggressive counter punches. The heal th care in the U.S system the most targeted industry since 2009 with $179.1bn accounting for 22.9% of total U.S targeted volume7.Another case example was AOLs purchase of Time Warner for $164bn at the height of the internet mania it remains the largest corporate merger in American history8. Bidders are more likely to enter into negotiations with the targets board which results in a friendly action than them making a hostile offer directly to the shareholders.UK TakeoverIn contrast to the U.S, the UK takeover regulation is shareholder oriented. Managers in the UK are not permitted to make use of any frustrating defence tactics when there is a takeover bid without the shareholders permission unlike their U.S counterparts. The Takeover Code only becomes relevant when there is a bid therefore managers can take advantage of less stringent ex ante regulations well before any takeover bids come to light9.J.Armour, D.A. Skeel, JR, in their article The Divergence of the U.S. and UK Takeove r Regulation state that the UKs ban on defensive tactics by managers clearly makes it easier for hostile bids to succeed. It is bewildering to find that while the U.S adopts defence tactics measures, figures show that hostile takeovers are less likely to succeed there than in the UK.Case Examples in the UKIn Jan 2010, Cadbury ended its nigh 200 years of independence after it was acquired by Kraft, a U.S sustenance giant for 11.9bn pounds. The acquisition led to media frenzy and revived concern over the UK slowly becoming a so-called branch office for opposed companies, the UK regimen was powerless to protect Cadbury, a heritage and one of the oldest companies in the country from alien investment. The financial times stated in a article that erecting barriers is not the answer, the key to solving the problem of foreign business moving their head offices to more favourable jurisdictions is to make Britain an benevolent business location, with a skilled workforce and a predictabl e tax regime.Another case example is the Vodafone-Mannesmann acquisition in 2002 which is still referred to a lot by economists and critics. There have been concerns that hostile takeovers can take place provided that there is a simple majority vote from shareholders. The Government wants reforms to change this to two-thirds of shareholders and the bidders must be subject to the same rules.Figure 1 below shows that the performance effects of takeovers differ by industry, some industries such as insurance companies have a higher(prenominal) number of takeover bids as opposed to banks that have a lower number.Figure 1 Beneficial Ownership of UK shares end-2008 (Source Office of National Statistics, Share Ownership 2008) remnant between the US and UK takeover regulationsThe most significant difference between the two countries is not the substance but the mode of regulation. The U.S depends on black-tie law such as the Delaware law while self-regulation is the norm in the UK.In the Kr aft-Cadbury takeover in the UK there was an outcry for change in the regulation as Cadbury was unable to defend itself to the same extent as a US company in similar circumstances, control decisions were made not by the directors but by short term investors. lede U.S law firms such as Wachtell, Lipson and Cravath that specialise in Mergers and Acquisition (Hereafter MA) oriented practice generate significantly more revenue per lawyer than their UK counterparts. splendour of Takeovers- Disciplinary HypothesisA takeover is sometimes used as a measure to restructure poorly performing companies. Critics and economics have long argued that the likelihood of competition in capital markets and the holy terror of a takeover is an incentive to discipline self-interested managers. Many writers have suggested a ban on the defence takeover tactics used in the U.S, such as the poison pills, golden parachutes and white knights- stating that these tactics more a good deal than not are used purely for the managers/directors self interest. There have been numerous attempts by the Congress to set up legislative measures to prevent this out right abuse of power by the company managers and to protect the interests of the shareholders. There are however two hypotheses for the purpose of these defences the shareholder surmise (SIH) and the management entrenchment hypothesis (MEH). The SIH is used purely to keep and forgather the interests of shareholders whilst the MEH is used by the managers/directors of the company intended to be takeover to act in the interest of the shareholders for fear of losing their jobs if the takeover is successful, the end result of the MEH is usually that the shareholders would lose out on takeover premiums that the offeror would have paid.This leads one to question whether the managers pursuing their self interests is a breach of their fiducial duties to the company and its shareholders, as they have a duty to act in the crush interest of the compa ny first and foremost. The managers may use the argument that the two hypothesis work together and that the main reasons for the defence tactics is not for their self interest but to maximise the wealth of the shareholders, a validated argument I daresay, both conflicting views are obviously uttermost(a) in the strategies of the management in a takeover power tussle.In the U.S the courts when determining whether a company management is in breach of its fiduciary duties look at the Business Judgement Rule- which provides that a court should valuate decisions by directors to employ an anti-takeover defence in the same way as they would evaluate any other business judgement10. Basically anti-takeover defence tactics must be reasonable in relation to the threat posed and made in good faith. If the companys corporate value or shareholders interest could be harmed collectible to the acquisition of its shares by a specialized person or group, the company needs to take substantial meas ures to enkindle corporate value and secure shareholders interests to the extent permitted by laws, regulation, and the companys Articles of Incorporation11.In the UK, the takeover code states in Rule 19.1 that public criticism is one of the disciplinary measures available to the Panel. Rule 19.1 states that each document or advertizing published or statement made, during the course of an offer must be prepared with the highest standards of care and accuracy and the information given must be adequately and fairly presented12. For example in the Kraft takeover case of 2010, the company promised to keep operational some Cadbury factories, but failed to do so, this led to a public criticism from the press and the Takeover Panel.OBJECTIVES OF TAKEOVERTakeover or merger, in practice, depends upon the motives of the persons behind such move. Generally, the following types of decision demarcation their choice for a particular firm in which takeover or merger activity could be organised(1 ) Acquisition of shares in the target company(2) Acquisition of the assets of the target companys undertaking(3) Acquisition for full or part ownership of the target undertaking(4) Acquisition for cash in or for shares or other securities of the Offeror Company or combination of cash and variety of securitiesThere is not one single reason for a takeover but a multiple of reasons cause which are on the button discussed belowSynergistic run economiesIt is assumed that existing undertakings are operate at a level below optimum. simply when two undertakings commingle their resources and efforts they with combined effort produce better result than two cave in undertakings because of savings in operating costs, combined sale offices, staff facilities, plant management etc which lower the operating costs. Thus the resultants economies are synergistic operating economy. These gains are most likely to occur in horizontal mergers in which there more chances for eliminating duplicate fa cilities, vertical and multinational mergers do not offer these economies.DiversificationTakeover are propel with the objective to transfigure the activities so as to avoid putting all the eggs in one basket and obtain advantage of joining the resources for enhanced debt financial support and better service it shareholders. Such takeovers result in conglomerate undertakings. But critics hold that diversification caused takeover of companies does not benefit the shareholders as they can get better returns by having diversified portfolios by holding individualistic shares of these companies.Taxation advantageTakeover take place to have benefit of tax laws and company having accumulated losses may merge with pull ahead earning company that will shield the income from taxation.Growth advantageTakeovers are motivated with a view to sustain growth or to acquire growth. To develop new areas becomes costly, risky and uncorrectable than to acquire a company in a growth sector even thou gh the acquisition is on premium rather than investing in a new assets or new establishments.(http//jurisonline.in/2011/03/takeover-a-critical-analysis/ Assessed 12th April 2011)Reforms in the UKThere was an urgent need for reforms in the UK takeover regulation after acquisition of Cadbury by Kraft. The following are some of the proposed reforms.Proposals to give target companies more protection under the Takeover CodeThe Government wants the simple majority vote by shareholders to be changed to a two-thirds of shareholders in other to ensure that as many shareholders as possible are supportive of the takeover.The prohibition of any offer related arrangement e.g implementation agreementsReducing the put up or turf out up deadline from 2months to 28days- This means that a potential bidder must announce a firm intention to make an offer, declare no intention or ask for an extension of the deadline. If no bid is announced the bidder is excluded out of the market for six months. There have been criticisms that the 28day period is not enough time for bidders to undertake due diligence and arrange financing.Detailed disclosure of advisory fees- there is no requirement at the moment under the Takeover Code for advisory fees to be expose. It is intended that any offer-related fees be disclosed in the offer document and targets response. This includes legal advice, accounting and consulting advice, broking advice etc. The scheme disclosure changes are not controversial and in fact reckoning with the current system in the U.S.Greater disclosure of debt facilities and other instruments to finance an offer- a bidders financing arrangements should be disclosed in any offer documents. This need for transparency and accountability may be prompted due to the recent financial crisis in the UKProvision of better protection of the interests of employees of the target companyThese proposals were made in March 2011 and a consultation period is readable until the 17th of May 2011 after which the UK Panel will then issue a statement with the final version of the amendment, the amendments will be adopted into the UK Takeover Code later in the year13.Conclusion plane before the financial crisis there have been fundamental reassessments of the value of takeovers in the UK and the U.S. Since the financial crisis most board of directors and managers have been more concerned with data track their businesses and staying afloat than with chasing expansion through takeovers. This factual point is true when the probability of a successful merger is far less certain, as in hostile takeover attempts.A hostile takeover presents executive board leaders with unique organisation and people challenges. It is often very difficult to overcome the challenges of acquiring and integrating an organisation and people especially after a hostile takeover. Times like this need a higher level of strategic thinking, flexibility and innovative problem solving14.This paper finds tha t the UK takeover regulation despite its numerous advantages is prone to hostile takeovers due to its compliance with upholding the interests of shareholders, while this hostile takeovers act as a form of disciplinary function by restructuring poor performing companies and improving their performance, evidence above stated shows that hostile targets in most cases experience a significant pass up in profits and share returns in the first year of acquisition. Despite the criticisms of the U.S system of regulation, hostile takeovers are in decline due to the level of discretion given to the executive directors and managers by the legislation that provides antitakeover regulations that are enshrined in the corporate charters and/or state legislation.Also in a self regulated system like the UK, institutional investors who own majority of the shares in UK quotes companies shaped the Takeover Code.BIBLIOGRAPGHYhttp//www.guardian.co.uk/businesshttp//www.mallesons.com/MarketInsights/marketA lerts/2011/UKPanel-Takeover-Code-Reforms/Pages/default.aspxJohn Armour, jack up B. Jacorbs Curtis J. Milhaupt, The Evolution of Hostile Takeover Regimes in Developed and Emerging Markets An analytical Framework, 52 Harv. Intl L.J. 219 (2011)J Coffee. Regulating the Market for Corporate Control A Critical Assessment of the Tender Offers Role in Corporate Government, 84 Columbia Law survey 1145 (1984), copyright Columbia Law Review Association, Inc.T I Ogowewo. The inequality in takeovers, Journal of International Banking Law and Regulation 178 (2008), reproduced by permission of the publishers, Sweet and Maxwell LtdDolbeck, A. Hard to have Poison Pills on the Decline Weekly Corporate Growth Report, twenty-second March 2004, 1-3Hermalin, B.E Weisbech, M.S., 1991. The Effects of Board Composition and Direct Incentives on smashed Performance, Papers 91-02, Rochester, Business-Financial Research and Policy Studies.J.H.Farrar, Business Judgement and Defensive tactics in Hostile Tak eover Bids (1989) 15 Can. Bus. L.J. 15 at 22http//www.complianceweek.com/s/documents/DealogicGlobalReview.pdf (assessed 18th April 2011)Does Delaware Law Improve Firm Value? by Robert Daines. Journal of Financial Economics, Vol. 62 (2001)http//www.investopedia.com/articles/stocks/07/buyside_m_and_a.asp (Assessed 18th April 2011)Morck,R., Shleifer, A., Vishny, R., 1990. Do Managerial Objectives hold bad acquisitions? Journal of Finance, 31-48http//www.cbr.cam.ac.uk

In The Heart Of The Sea |Book Analysis

In The Heart Of The Sea Book AnalysisIn the early nineteenth century it was very common for communities to rely upon specialized products as a source of in get under ones skin. This book, In the Heart of the Sea The tragedy of the Whale send out Essex, is a boloney of a break down stray that was attacked by a giant sloven sperm heavyweight in the heart, or middle of the Pacific sea while on a voyage to acquire whale oil, Nantuckets thrill commodity. The author, Nathanial Philbrick, describes the effects that this tragedy had on the city of Nantucket, the hardships that came along with cosmos a sailor in the whaling industry, and the gruesome battle for survival that it placed upon the conspiracy of the Essex.The early 1800s was a great and prosperous time for Nantucket. This familiarity was super functional in the occurrence that it had a flourishing economy, little to no crime due to the harmony of the people and dominant Quaker religion, and thoroughly played roles o f both men and women. As mentioned before, Nantucket heavily relied on whale oil as a source of revenue. At this time the harm of whale oil was rapidly rising, thus stimulating their economy. Though it seems as if this town had it made, the act of obtaining whale oil was quite dangerous and much deadly. It was typical for men to be gone for years at a time bulge out at sea and for women to lose their husbands and other priapic loved ones to the risky whaling business. Women as well had a very all-important(a) role in keeping the town go pastning smoothly. In rundown to having to attend to normal everyday tasks of taking care of the children and household duties, they had to run a studyity of the islands businesses. The women struggled with these tasks and because of the loneliness brought on by the absence of their spouses legion(predicate) began to fall in to the addictive traps of opium. It was tough to say the least further this was all necessary for the existence of th is town.The Essex was a whaling ship used by the town of Nantucket in the nineteenth century. It, along with two companion ships, dress up sail in August 1819 from Nantucket Island in search of the one amour that was vital to the community, whales. Within the first few days of being out at sea the Essex experienced a great storm that fair about killed everyone on board. Not only was the ship roughly flipped everywhere scarce the sails that they used to guide the ship across the ocean were torn. One of their threesome ships was swept out to see, leaving them with only two. Having no other plectrum the junto made stops along the coast of atomic number 16 the States to restock the ship with different supplies and equipment necessary for the voyage. After embarking once once more the crew eventually came upon two whales, which they killed. This was about half of the sum that the crew had set out to capture before returning back to Nantucket. nigh mid-November 1820, nearly f ifteen months by and by they had firstly set sail, the crew came upon a group of whales needed to complete their journey. While trying to kill the whales, a giant sperm whale severely damaged the side of the ship making it unable to be fixed. It was at this point in which their incubus started to begin. They were forced to abandon the Essex and take shelter on a nigh island. The crew brought a majority of their supplies with them because they feared that the rumors they had heard might in fact be true. It was said that there were cannibals on a close island towards the west. Capitan canvas along with the other men decided to sail back to South America on their one and only ship. It ended up being over a month until they reached any land. Eventually they ended up at Henderson Island where they discovered that there was not a plentiful amount of anything, including fresh drinking water. Pollard decided to get back on the ship leaving three men behind who we hoping that they would eventually come back to help them. It wasnt long before the crew on the ship started to become starved and dehydrated. After months of malnourishment they started dying glum just one after another. At first they would throw their bodies overboard and disguise them at sea but it came to a point in which they began to run extremely low on supplies. What the ironic part is about this story is that the men were faced with the tough choice of becoming cannibals and feasting off of their old crew members deceased body, giving them some hope for survival, or hoping for the best and reaching land soon. It is ironic in the sense that they were staggeringly frightened by the tales that there were cannibals in close proximity to them, which is wherefore they ended up not staying, but cannibalism actually ended up saving some of their lives. Only a few crew members from the original twenty survived, they included Thomas Nickerson, Owen Chase, Charles Ramsdell, Benjamin Lawrence, and Capital George Pollard.The tragedy of the Essex go out greatly affect the community of Nantucket because they rely so heavily upon the whale oil for survival. When the Essex sank so did the whale oil, leaving the town with nothing recovered from that journey. Not only does it affect them economically it affects them socially as well. some(prenominal) men lost their lives during this expedition, leaving numerous wives without husbands and children without fathers. As for the sailors who actually survived the grating time out at sea it was hard on them after their return. Gossip went around the town talking about how the men became cannibals. The community was respectful towards the sailors though, they kept quiet about the topic for the most part. But, town continued to whisper about the Essex well into the twentieth century, it was not a topic a Nantucketer openly discussed (Philbrick 217). The disaster made it extremely unenviable to survive in this community, and eventually led to the collapse of it. This led to the travel down of the whaling industry in Nantucket. The industry moved to other various locations along the New England coast, usually with deeper ports than that of Nantucket. Shortly after this a major catastrophe happened to the town of Nantucket. Fire raged across the town leaving numerous home little, jobless, and with nothing. Philbrick describes the event saying more than a third of the town and almost all the commercial district was charred wasteland (222). After this accident many another(prenominal) people took off to the west to California to start a refreshing and having hopes of finding gold, leaving the town nearly empty.You would think that an event as serious that this would have a big negative effect on the nation no matter how small the incident, but it didnt at all. By looking at the time period in which this took place, other issues that were a touch of America, and the sheer size of the nation you can tell wherefore it had such a minor effect on the country and authoritative almost no attention or interest. Whaling was not a concern of the entire nation because it only benefitted a certain region. Also, we were getting over wars that had been going on for awhile.When looking back at the series of events that took place over this entire story you can start to see where crucial errors in decision making in which determined the fate of the voyage. As I had mentioned earlier the Essex went through a major storm that bust up the sails and made the ship nearly inoperable. Capitan Pollard, with his years of experience in commanding ships, suggested that the crew turn the ships around and head back for repairs so that they could travel more safely down the road ahead. Two of his less experienced mates disputed that there were extra ships available at a close port, and that they should just keep moving along so that they would not waste time. Philbrick writes that, Pollards behavior, after both the knockdo wn and the whale attack, indicated that he lacked the resolve to overrule his two younger and less experienced officers (101).

Friday, March 29, 2019

An analysis of the Latin American Banana Industry

An analysis of the Latin the Statesn banana tree exertionIt is hard to believe that the bright yel let out, delicious and nutritious banana has greatly affected Latin the States and, in particular, Ecuador. As Latin America produces 83% of the grounds bananas, the majority of the bananas that Canadians consume ar exported from thither. Most of these atomic number 18 from Ecuador. (Hellin and Higman, 2002a65) During my measure in Ecuador, I ate a wild banana. It tasted nonhing standardised the bananas that North Americans vex access to all year round in the grocery store. It is beca engage of my experience in Ecuador and the relationships that I formed with the indigenous the great unwashed on that point, that I am very connected to this topic. The process of trading bananas that build been produced in Ecuador and then transported all over the world relates to the concept of comparative and right-d see advantage, from the Classical liberalism theory (David Ricardo and Ad am Smith) and orbiculateization. The primary goal in the classical liberalism theory is economic freedom. This could be achieved by removing all obstacles that could potentially get in the way of free great deal and the market, such as regulation by the state. (Wagner 2010.) globalisation fits into the Classical liberalism theory as it functions some free trade, and wherefore, requires the removal of obstacles such as tariffs. (Herold 2011.) It is because of the implications of worldwideization and the concepts of comparative and absolute advantage, there has been an emergence of transnational corporations (TNCs) and multinational corporations (MNCs) in the Global sulfur, for example, in Ecuador. In this paper, I argue that globalization, though may generally be positive development, can gravel a detrimental affect for the Global south, when it comes to the production of food commodities such as bananas.Theoretical ApproachThe berth of TNCs and MNCs in the processes of the banana industry are related to the concept of relative and absolute advantage from the classical liberalism theory. (David Ricardo, Adam Smith) Companies from the Global northward (U.S and Canada) garnish up their production in the Global south, where the production of good fictional character fruit is less costly. The workers that work for these companies are paid substantially disdain wages than workers in to a greater extent developed economies where there are political regulations to provide standards of working conditions and wages. As mentioned in the article, Smallholder banana tree Producers Need constitution Ad seriousments, Ecuador is an example of a boorish in the Global south that has a comparative advantage over a nonher(prenominal) exporters in the banana industry. The European Union and the United States are the two major importers of bananas from Ecuador, due to Ecuadors rich land, cheap labour and downcast chances of cosmos impacted by storms that could potentially destroy the banana crops. (Hellin and Higman 2002a29) Because Ecuador has this comparative advantage, the Global north will deposit on them for bananas and not much else. As a result, this banana producing country must rely upon its trading partners in the developed world for providing some different goods which are produced at substantially higher costs and therefore are very expensive for them and other developing countries. In the end, as mentioned in, Smith, Ricardo and the world marketplace 1776-2007, Back to the future, an imbalance of trade occurs betwixt the Global north and Global south, where trade agreements between industrialized countries and the Global south are skewed against developing economies. In the majority of cases, the terms of trade between the Global north and Global south heavily favour the industrialized countries, therefore leaving slim pickings for the Global south (Sapsford, 2007).The usage of Multinational Companies in the Banana Indus tryGlobalization has provided the opportunities for a divers(a) market of products, plainly at a cost. As Globalization adjoins, more MNCs and TNCs make their mark on developing countries by focusing on producing one commodity from those countries for the benefit of the federation. As mentioned in the article, Bananas, the world trade of bananas is controlled by 5 major companies that control 80% of the market. These are Chiquita brands, pogy Food Company, Del Monte Fresh Produce, Noboa and Fyffes. (Hamer, 2007) Although these five companies do not witness the farms that produce the bananas for trade, they call for control of the market for selling the bananas for export. As a result, they have the power to set a fixed monetary value on the bananas, while compulsory the wages paid to the producers. (Hellin and Higman.b. 5,11) The MNCs therefore control just under 90% of Ecuadors banana exports. Although there are freelancer producers of bananas in Ecuador, the majority of th em sign contracts with these companies to guarantee a assigned income, because having a low income is better than not knowing when you will be paid when competing in the open market. (Hellin and Higman, 2002a65) This is another example of banana producers dependence upon multi national companies. Having to debate in the world wide market place for U.S farmers and markets is daunting for independent farmers, making them vulnerable to MNCs to swoop in and orchestrate advantage.The contracts that bind the MNC to the elegant farmers in Ecuador are very beneficial to the companies. While not immediately controlling the farmers operations, the MNCs influence how farms are run by phone numbering a blinds eye to working conditions and environmental management. As a result, because of their products low legal injurys, farmers animate to using child boil with long working hours, or to neglecting the environment to meet production obligations. (Hellin and Higmanb.12) As farmers becom e more dependent on the MNCs, they are less likely to contradict what the company demands, or to take a political stand against them. (Hellin and Higmanb.12)The five multinational corporations mentioned above have substantial power in the banana industry by controlling the market of bananas and entering into lopsided contracts with farmers. They also have a prominent influence over politics and governments in countries where the farmers live. As the power that these companies have over third world governments is what caused the banana dispute between the European Union and the United States. The American banana exporting companies, with a vested reside in Latin America, encouraged the American Government to involve the WTO in the banana trade because of the preferential access that the European Union was loose to African, Caribbean and Pacific Country banana exporters (OPEC). (Hellin and Higman 2002a5)These events are examples of how Globalization has had controvert cause on th e Global south, especially in the case of Ecuador. Scholars in, Could Developing Countries upshot The Benefit Of Globalisation? argue that if certain countries in the Global southeastern did not meet the criteria required of MNCs such as slack labor laws and nonexistent unions, they would pack up and head to the other countries, who are spontaneous to enter into one sided relationships in order to have some employment. ( Foo and deep cited in Could Developing Countries Take The Benefit of Globalisation?2006731) Although employment is requisite for the economies of countries in the Global South to grow, there should be a limit as to what extent exploitation of the Global South and the workers is justified.Exploitation of workers in the Banana IndustryIn the Global south, the exploitation of workers is increasely a problem. Companies from the Global north move their companies to developing countries with freeze off wages to lower the cost of producing the commodities they sell t o us. This is an issue for Ecuador. fit in to the article, Small Holder Banana Producers Need Policy Adjustments, the Ecuadorian government sets a minimum price that the MNC must pay the independent producer per box of bananas. This minimum price by itself barely covers the price of production. This results in farmers paying their workers at or below subsistent wages. The workers are afraid of losing their jobs, therefore they will not complain. If they were to complain, there would be more capable people waiting for jobs, as there are many unemployed people in these economies. This makes it easy for these companies to occur replacement producers. (Hellin and Higman, 2002a65) When the Chiquita fruit company, formally known as the United ingathering company, began using topical anaesthetic farmers to produce their fruit in Colombia, there were many rules attached as to their business contracts. (Enforcing Business contracts in South America The United growth Company and Colombi an Banana planters in the twentieth century. Bucheli, 2004) As noted by Bucheli, in these contracts the United Fruit company had the option of not buying the fruit produced by the local growers however, these growers could lonesome(prenominal) sell their fruit to this company. These contracts guaranteed the protection of the United Fruit Company and unexpended the fruit growers to deal with the risks and at the same time, if the fruit being exported was not up to standards, or if there was no demand for it, then the planters would receive no pay and could not sell the rejected fruit anywhere else. They would be forced to deal with the blemished fruit that was unsellable. The United Fruit Company created many rules in the contracts and were sneaky when it came to preventing fruit producers from joining forces and forming their own company by issuing the contracts in a staggered manner that is, the contrastive producers at different times to hedge one farmers production against an others. (2004) non only do MNCs take advantage of the farmers producing bananas, but they also turn their backs on the immoral employment of children in the banana sector. Children are being employed in the banana industry from as young as eight years old, where they are put into jobs that require hard labor, the use of dangerous tools and exposure to pesticides and other precarious fumes. Unfortunately, the Ecuadorian Government has not employ strong labor laws to prevent this labor abuse of children, and therefore it will likely continue. (Ecuador Widespread Labor Abuse on Banana Plantations. 2002)Workers Unions are a way of implementing regulations on working conditions and protecting workers rights. In Ecuador, Unions are found in the more formal sectors of work, which does not embroil the Banana Industry. These formal sectors are where the minority of Ecuadorian workers are employed, where an grooming is required. As a result, the majority of workers in Ecuador are not pro tected by these regulations and laws. (Ecuador Working Conditions)All of these examples portray how the American companies provoke in the fruit of a developing country are only interested in profits and are prepared to take advantage of the disfavour circumstances of the local producers to maximize their returns, even if this leads to the degradation of the environment and the local population.Effects of the Banana Industry on the environment and healthWith the increase of MNCs entering Latin America and exporting bananas, the environment and health of the workers inside these countries has greatly decreased. As stated in the article, Major Concerns of Developing countries Applications of the precautionary Principle in Ecuador, Globalization has been one of the key reasons for the introduction of hazardous materials into Latin America. If the market remains open for free trade, it becomes very voiceless to control what materials enter these countries and therefore hazardous subs tances are introduced into these countries to increase production. As well, the article states that it is much more difficult for developing countries to implement slipway to prevent the impacts of hazardous chemicals to the environment and the society. MNCs knowingly take advantage of this by moving their companies to countries such as Ecuador, where they have not yet implemented rules against using certain bio-hazardous products. This leads to certain chemicals that have yet to be tried for safety reasons to be legally sold and then used improperly. (Harari.H, Freire and Harari.F 2005249-254.) According to Ecocertification of Ecuadorian Bananas Prospects for Progressive North-South Linkages, the production of Bananas is one that requires the heavy use of pesticides and other environmentally degrading fumes. These are necessary to keep up with the increasing rate of production that is required by the small farmers. (Castillo et. al. 2000 Clay 2004 Henriques et al. 1997 Muenos-Car pena et al. 2002 cited in Ecocertification of Ecuadorian Bananas Prospects for Progressive North-South Linkages. 2007262)The use of pesticides is not only harmful to the environment, but also to the workers. Hamer discusses in his article, Bananas, that even if workers wanted to complain about the impacts of the radiation pattern of these companies on their health, the company would more likely endup paper bag the workers rather than admit their faults. (2007) Unfortunately because there is a lack of pedagogy on how to properly use the pesticides, the risks that come along with these harmful sprays are even more toxic to the workers, as many of them do not receive the proper protective equipment. (Henriques et al.1997 cited in Ecocertification of Ecuadorian Bananas Prospects for Progressive North-South Linkages 2007262)As well, because of the large rainfall in Latin America, it is necessary to spray the banana plants repeatedly with pesticides, as the rain washes the pesticides o ff of the plants into the soil. According to the World furious Life Fund, The banana industry produces more waste than any other agricultural sector in the Global south. (Hamer 2007 24-27) In view of the incident that its climate and environmental conditions are more suitable for the production of bananas, the integral world relies on the Global south for their production. As the Global south produces more bananas, the greater will be its contribution to the decline of its environment.Globalization can lead to many positive events, such as get together the world and bringing people closer through a freer meld of information, trade and ideas. In the production of bananas, however, Globalization has had a number of negative effects in those countries which grow them. Multi national and Trans national corporations continue to have huge amounts of power which allow them to virtually ignore any laws or regulations stand in their path of making a profit. In the end, the Global south and in this case, Ecuador suffers, as their workers are exploited and paid low wages while engaging in farming practices that degrades the environment.

Thursday, March 28, 2019

Special Admissions High Schools in New York City: Unequal Opportunites for Everyone :: Free Essays Online

Special Admissions High trails in impudently York city unbalanced Opportunites for Every angiotensin-converting enzymeAs a teenager growing up in pertly York City a major part of your life is the extravagantly shoal that you attend. New York City is filled with high tames, in the public eye(predicate), private, and parochial. Within the public give lessons system in addition to regular public schools there atomic number 18 besides special admission and magnet schools. Although these schools are all technically part of the same system, there are very great differences and disparities amid them. As a student at a special admissions public school I was very aware of the problems that existed at my school, but also took for granted the advantages my school had over regular public schools. Our ceiling was go down, we had no windows or ventilation, and we had teachers that didnt teach, but we also had a computer network, glorious grand pianos, small classes, a Jazz Chorus th at took a cutting to Europe, AP courses, and a ridiculous number of graduates attending Ivy League universities. just about of the regular public schools might have had windows, but that was really the altogether advantage, after that we had them beat by quite a lot. I grew up across the street from two high schools. One of them, Fiorello Laguardia High School, is a special admissions public school for students who are gifted in the playing or visual arts. The student population at Laguardia is relatively different with students of all races attending, although the majority of the students, as at all of the NYC special admissions high schools, is white and Asian. The other high school, Martin Luther King jr. High School is a regular public high school. The population is almost altogether African American and Hispanic with a very small nonage of Asian students. In Manhattan, as in many areas of New York City, where one attends high school has little to do with where one lives. Almost everyone takes well-nigh combination of busses and/or subways every morning and afternoon. Because of this, the problems cannot really be beatified on districts. The disparities between schools has much more to do with who attends the school than where the school is located and the income of the population of that area. Technically, according to Marty Schwartzfarb, an educator in the New York City Public school system, all of the high schools run by the New York City board of education are supposed to be receiving incisively the same amount of money per student.

Shakespeares Othello - The Motivations of Iago in Othello :: GCSE English Literature Coursework

The Motivations of Iago in Othello Have you ever met a ride who does evil for his own sake? Iago in William Shakespeares Othello could seem like he has good motives, but I feel that he uses them as his excuses. The commencement exercise thing that I did was uncovered Iagos motives. Iago is the most controversial character in Othello. He is able to keep his true thoughts and motives from every cardinal. Are his motives only excuses for his actions? Iago pretends to make water so human beingsy motives that they seem more like excuses. Iago then uses these excuses to shrive his actions, which are pure evil. I also feel that Iago has motives and actions that cause his actions. Does Iago defy many different excuses, or does he only have one? This paper will prove that Iago has one clear motive and contend for his madness. Iago is not looking for justification that causes him to act the way he does. in that location is much more though to Iago. He is not a man of only excuses, he has goals with his motives, which causes him to act the way he does. As earliest as the first scene of the play Iago shows us strong motives for his actions. In this first scene we see Othello, a general of Venice, has made Cassio his pertly lieutant. Iago feels he truly deserves his promotion as he says I acknowledge my price, I am worth more no worse a place.(l.i.12) Iago over here is confused why Othello has made such a stupid decision. Iago is a man with a tremendous ego who knows, sometimes overestimates, his worth. Roderigo, a Venetian gentleman, understands Iago when Iago said that he is affined to love the Moor.(l.i.41-42) What Iago authentically means is I follow him to serve my term upon him.(l.i.45) Iago wants to use Othello for his personalised goals. We also must put ourselves into Iagos shoes. He is a man whose egotism and professional carrier have just been torn apart. Iago makes his actions of revenge toward Othello well-nigh immediately by informing Brabantio , a Venetian senator and father of Desdemona, that an hoar black ram (Othello) is tupping (his) white ewe (Desdemona).(l.i.97) Iagos next motive becomes clear when he convinces Othello that he (Cassio) is too familiar with his (Othellos) wife. (1,iii.4399) Iagos motive here is to break the baffle between Othello and Desdemona.

Wednesday, March 27, 2019

Essay --

In less than a years era, Kyle rabbit warren had been seen by four different medical doctors, each one with their admit diagnosis that included autism, bipolar disorder (also known as manic depression), insomnia, attention deficit hyperactivity disorder (ADHD) and oppositional defiant disorder (ODD). Kyles pill food kept multiplying, consuming daily harmful cocktail of mind- altering drugs including Risperdal (anti-psychotic), Prozac (antidepressant), Adder every(prenominal) (psycho-stimulant) and two sleeping medicines. Kyle Warren was only eighteen months old at the time (Wilson 11). Kyles story is not rare, in fact, it has became what I refer to as a to common case. For that matter, it was a story much like this one that got me implicated in the mental health system and prompted me to educate myself on all the parts of this industry. I will disclose results from three years of research, including a short history of important milestones for the profession, what lead up to the mass labeling and drug in America, the reasons behind petitions for change by professionals in this very field, and the convey for the immediate and complete reform of the mental health system. The goal of this digest is to raise awareness on this issue by sharing culture as to the identity of the culprits behind the corruption and the harm to human lives by breaking the system that no longer works for the people it is meant for.The breath of key players forming a relationship seemed ideal at firsta scientific partnership that could attack mental illness from all sides, or a meeting of the minds if no shift to second personyou will. A proposed partnership, with psychiatrists bringing their expertise and clinical experience, the drug give birthrs provi... ... Depression (NARSAD), all created by these APA and NIMH directors, the very organizations that needed the invention of these advocacy groups in order to make demands on Congress for increased funding. Not on ly was this a colossal lobbying strategy but also a brilliant marketing pilfer since all of these groups had board or advisory board members with financial ties to pharmaceutical companies, are heavily funded by drug companies, and still are to this day. (NIMH celebrates Half-Century of Progress, 31) NAMIs campaign to stop the stigma and end discrimination against the mentally ill, dictated and funded once again by the ones who benefit the most from to a greater extent and more people being labeled mentally ill. The Founding Sponsors of this campaign were Abbott Labs, Bristol-Myers Squibb, Eli Lilly, Janssen, Pfizer, Novartis, SmithKline Beecham and Wyeth-Ayerst Labs (cchr)

energy :: essays research papers

What do we really need, strength or power? This was a question proposed to me at the beginning of the semester and it really do me think. Energy is a property of matter that can be reborn into work, heat, or radiation. It is the capacity for doing work, generating heat, and emitting light or radiation. Power is the rate of disbursement zip or skill per unit time. Immediately, I thought the declaration was vim since you need energy to have power. But then I heard that the answer was power and it boggled my mind, but after it was explained it really receptive my mind. We do need energy to have power but what would we do without power. We cant live without power. We really need power because it is energy spent per unit time and what is the point of energy if we cant book it.There are six fundamental forms of energy. They are mechanical, thermal, chemical, electrical, nuclear, and electromagnetic. Mechanical energy is kinetic and potential energy. Kinetic energy is the energy t hat is possessed by a body due to its motion. And Potential energy is the Energy that a body possesses by virtue of its physical position above the lineament level. Therefore, it depends on height above the reference level and the mass of the object. So potential energy is the mass *gravitational force *height. Thermal energy is the energy of the random motion of particles of a substance. An example of this would be warm up up by a campfire or taking a blue bath. Chemical energy is energy that is stored in the chemical bonds that hold molecules together. When true chemicals combine or react, energy is released usually in the form of heat. somewhat examples of this would be a tank of gasoline, coal, and natural gas. Electrical energy is the energy of electrons in motion. It is usually generated by the rotation of a conductor in a magnetic field and it is easily converted to other forms of energy.

Tuesday, March 26, 2019

A midsummer Night dream :: essays research papers fc

The turn half of the 16th light speed and the beginning of the 17th are sometimes called in England The Age of Shakespeare. William Shakespeares the greatest English poet and dramatist and an indisputed world figure in literature. Altought his whole works (37 play, 154 sonnets and two long poems) are well knwnall over the world we bang little about his life.Shakespeare was born on 23 April 1564, at stratford upon-Avon, a little town in the attaint of England. He was educated at the local grammarschool besides as his fathers business went from mischievous to worse, he had to leave school and begin to earn his living. We next hear of him when were eighteen and a married man. At the age of twenty-one, he place off to seek his fortune in the gratuity of London. There, he was inturn a horse-keep, a stage-boy, a play mender and finally a play-Wright. Shakespeare exhausted the last years of his life at Stratford, where he died on the twenty-third of April 1616.William Shakespeare was a great humanist. His interes in the life and the state of his time do him watch with an observant eye the scenery of his native country, men and women in all walks of life, their appearance, habits and speech. He was familiar with the traditions of English folklore and showed deep concern for his people and his countys destiny.His work may be divided into three arrestsI. The graduation period is hat of poems the sonnets, the historical plays or chronicles(Richard II, Richard III, Henry IV Julius Caesar etc.) comedies (Twelfth Night, A Midsummer Night Dream, The Taming of the Shrew, The Merchant of Venice, etc) and a few tragedies (Romeo and Juliet, etc.). In oecumenical Shakespeares writings in this period are full of optimism.II.The second period includes the great tragedies (Hamlet, Othello, King Lear, and Macbeth) The disillusionment of the humanists is felt throughout. III.The third period includes the romanceplays (The Tempest, The Winters Tale, etc.) which are caract erized by a more than serene atmosphere. Altought Shakespeares language is very difficult, almost evry word combining forms a picture. To understand Shakespeare (both his language and his ideas), we have not to read but to study his works as our great poet Mihai Eminescu said. The apeat compilation of stiles from the comical throng of William Shakespeare has a tipical example in A Midsummer Nigts Dream.In this opera, the Mask-specific for this time joins to the popular medieval theatre elements, represented by the guilds & english folklore.

A Very Old Man with Enormous Wings Essay -- Literary Analysis, Gabriel

Criticism through Characters A very(prenominal) white-haired military man with Enormous Wings A Very Old Man with Enormous Wings is a fascinating narration that can be appreciated as a captivating tale for children as rise as an intriguing fiction for the adult reader. This children tale develops in a mixture of fantasy and realism scenario, which characterizes the style of the author of this story, Gabriel Garcia Marquez (Norton 428). The narrative is near the popance of an old man, with the physiognomy of an nonesuch that appears in the backyard of Pelayo and Elisenda, a ridiculous couple, from a town near a coast. Despite the appearances, the fundamental aspect of this tale is not the supernatural look of this old man, that the fraternity attitudes toward the unknown. This can be observed as the news of the comer of a flesh-and-blood angel is rapidly spread among the neighbors of Pelayo and Elisenda, and the comments and judgments are not slow to appear (Marquez 270). While the villagers consider him a true angel, the pastor distrusts his celestial nature, since the instrument does not speak the language of God (270). Therefore, in this tale Marquez exercising the characters of this story as a way to dilettanteize the way pack think without looking beyond what they are facing. The old man, or angel, anti-hero use serves to shape the ideas behind the central theme of this tale. Besides his strange arrival in the story, the reader is only able to know more somewhat the old man outlook than his personality. The first concise description of the briny character is found in the story title, it does not speak of an angel, but a very old man (269). The only thing that allows to admit this mystic creature as an angel is his enormous wings, because without it i... ...rding to the wisdom of the politic neighbor woman was the food prescribed for angels (270). This ignorance in which they fell was afterwards the subject of disappointment, as they be lieved that the angel would meet their requests that did not happen.A Very Old Man with Enormous Wings is a social critic on the mindset of people about different ideas. It is also a story that causes extensive discussion about the symbolism, which allows many interpretations, but the important message as social critique is presented by Mrquez is generally through the characters attitudes and actions. The angel then, serves as a representative of the unknown solid ground and the treatment of his hosts and onlookers shows their way of not accepting the unknown. In other words, the angels role in the story is to reflect the limits of human ratiocination about things different from everyday life.

Monday, March 25, 2019

The Epic Poem, Beowulf - Vengeance and Revenge in Beowulf Essay

Vengeance and Revenge in Beowulf The oldest of the great lengthy poems compose in face and perhaps the l genius survivor of a genre of Anglo-Saxon epics, Beowulf, was written by an unknown Christian author at a date that is only estimated. Even so, it is a remarkable communicative story in which the poet reinvigorates the expansive language, style, and values of Ger manic oral poetry. He intertwines a number of themes including good and evil, youth and old age, goyism and Christianity and the heroic ideal code, into his principal narrative and numerous digressions and episodes all of which were extremely eventful to his audience at the time. Vengeance, part of the heroic code, was regarded differently by the cardinal distinct religions. Christianity teaches to forgive those who trespass against us, whereas in the pagan world, penalise is exemplary and not considered an evil act. In Beowulf, the ancient German proverb revenge does not long remain unrevenged is strictly adh ered to and verifies that revenge is part of pagan tradition. Two human familys were deeply significant to the Germanic society. The most important, the relationship between the warrior and his lord was based on a common verify and respect. The warrior vows loyalty to his lord and serves and defends him and in pull the lord takes care of the warrior and rewards him extravagantly for his valour. The second human relationship was between kinsmen. As Baker and Ogilvy suggest, a special form of loyalty was involved in the blood feud. (P.107) If one of his kinsmen had been slain, a man had an ethical obligation either to kill the orca or to exact the payment of wergild in compensation. The price was determined upon the downright or social status of the victim... ... view was an eye for an eye, if a man kills your kinsmen you exact revenge. On the contrary, the Christian view was to a greater extent like as Mohandas Gandhi said An eye for eye only ends up making the unanimous worl d blind. Christians believed God would inevitability do what is right and would rather turn the other cheek then have it result in more blood and murder. Throughout the poem, the poet strives to accommodate these two sets of values. Though he is Christian, he cannot negate the fundamental pagan values of the narrative story. Works Cited and Consulted Abrams, M.H., ed. Beowulf The Norton Anthology of English Literature. New York W.W. Norton & Company, Inc., 2001. Baker, Donald C. and J.D.A. Ogilvy. Reading Beowulf. Norman University of Oklahoma Press, 1983. Earl, James W. Thinking astir(predicate) Beowulf. Stanford Stanford University Press 1994.