Book Report Essay Example | Topics and Well Written Essays - 1250 words

Book Report - Essay Example Of course, all history books such as Bickerstaff’s Lines in the Sand are subjective, one way or the other. Even Bickerstaff openly admits that his book is not objective. He notes that by way of selecting which stories are to be included or excluded in his narrative substantially implies that his book is â€Å"to some extent subjective† (Bickerstaff ix). The inclusion and exclusion or the presence and absence of certain storyline make the storytelling quite personal; personal in the sense that it leads the writer to choose among the many scenes or events that appear connected or relevant to his objective or main outline. Despite the subjectivity of his book, Bickerstaff argues that he writes it, to some degree, in an â€Å"accurate and dispassionate† manner. Moreover, Bickerstaff states that he has attempted to write the book without taking a partisan side to the two contending parties, saying that he has no intention to â€Å"demonize or lionize anyone† (i x). Congressman Tom DeLay is the central character of Bickerstaff’s book. In Bickerstaff’s narration, it appears that Mr. DeLay has played an important role in the realization of Texas redistricting. The organization called Texans for a Republican Majority or TRMPAC was organized mainly by Mr. DeLay; and TRMPAC has become a major force in financially supporting would-be Republican representatives in the Texas House. Mr. DeLay’s TRMPAC primarily aims to achieve a political majority in the legislative body of the State of Texas. In Mr. DeLay’s mind-set, TRMPAC will be successful in its objective if it also supports and pursues a plan in redistricting Texas. In doing so, the political majority by the Republican Party will not be far from possible in attaining such ambition or vision. Back in 2001, however, Mr. DeLay favored a kind of redistricting that is drawn on the â€Å"basis of neutral factors, consisted of compact districts, and preserved communities of interest† (Bickerstaff 287, emphasis mine). Such kind of redistricting is far from partisan in character; the neutrality of this redistricting design makes it possible for the American people, especially the voters, to choose whomever they like. In general, the outcome of the election depends largely on the voting public rather than the political party itself. Bickerstaff argues that Cong. DeLay chose for this redistricting project because of the situation that was more favorable to the Democrats: the Democratic Party was the political majority while the Republican Party was the political minority. There are three fundamental reasons for pursuing redistricting in the Texas House, at least in the eyes of Cong. DeLay. First, since Mr. George W. Bush, who belonged to the Republican Party, overwhelmingly won in the Presidential race in the State of Texas, it is rational that its representatives in Congress â€Å"should do the same† (qtd. in Bickerstaff 85). However, the representatives from the Democratic Party, who dominated the congressional delegation at that time, failed to buy that fallacious argument. Second, redistricting in the State of Texas is an act of â€Å"political fairness† (qtd. in Bickerstaff 85). Mr. DeLay argues that the reason why Republican representatives garnered only a smaller number of seats in the Texas House, despite its greater percentage of vote from Texans, is because of the â€Å"way the lines are drawn† (Bickerstaff 86). What Mr. DeLay refers to â€Å"lines [that] are drawn† is the1991 district lines prominent in Texas. And third, the

Critical Analysis Worksheet Essay Example for Free

Critical Analysis Worksheet Essay Perform a critical analysis of each reading using critical thinking techniques from this week’s readings. Respond to the following based on your critical thinking analysis of the â€Å"Common Core† and â€Å"The Battle Against Common Core Standards† readings. 1) Define the term conclusion. Aside from being the obvious result or closing, a conclusion is also â€Å"a proposition concluded or inferred from the premises of an argument† as defined by dictionary.com. This means, the conclusion is a final logically reasoned deduction. 2) What is the conclusion of each article? The conclusion from the â€Å"Common Core† perspective is that students will learn the essentials for success in college and business prior to graduating high school. The conclusion for those that are in â€Å"The Battle Against Common Core Standards† is that implementing these standards is politically motivated and not in the best interest of students. See more: how to write an analysis 3) Define the term premises. The premise is the basis of support for a given conclusion. 4) What premises support the conclusions in each article? Those working against common core implementation cite government control due to the funding provided to school districts and lack of proof that the system works as basic reasons for their conclusions. Those in favor of common core cite better prepared graduating students, a more educated workforce, and standardization amongst students. The article indicated that if districts had to define their own educational standards, they would start  by seeking out â€Å"common core standards.† 5) How convincing is the conclusion of each article? Explain your answer. I was more convinced by the arguments in favor of implementing common core standards. I noticed more bias in Smith’s article against common core implementation. I was more convinced by Sell’s article because of the objectivity. 6) Define the term biases. A bias is â€Å"a particular dendency or inclination, especially one that prevents unprejudiced consideration of a quesiton; prejudice† according to dictionary.com. Anything that prevents someone from objectively drawing a conclusion is a bias. 7) What biases did you observe in each article? Why do you think they are biases? While the â€Å"Common Core† article objectively defined common core and explained its function all of the sources cited were supportive of implementing common core standards. The article would state the opposition and then Sell would quote someone in favor of common core. Smith’s title alone lets you know that this is an opposing argument. The article is politically motivated. Throughout the article, Smith discusses democratic initiatives and state’s â€Å"relinquishing their right to control.† 8) What might be the sources of the biases in each article? Personal expertise is the initial bias. Perhaps they have a child that has fallen below common core standards. Living in a state that has already implemented common core values, I have dealt with standardized tests as both a student and parent. While I was able to pass them with ease, I have witnessed students taken them multiple times to no avail. Those politically motivated are driven by funding and votes. It’s hard to determine if their focus is genuine or if ulterior motives are present. I recognize my personal bias with regard to choosing or opposing common core. References Bias. (n.d.). Dictionary.com Unabridged. Retrieved November 14, 2014, from \ Dictionary.com website: http://dictionary.reference.com/browse/bias Conclusion. (n.d.). Dictionary.com Unabridged. Retrieved November 14, 2014, from Dictionary.com website: http://dictionary.reference.com/browse/conclusion Premise. (n.d.). Dictionary.com Unabridged. Retrieved November 14, 2014, from Dictionary.com website: http://dictionary.reference.com/browse/premise Sell, M. (2013). Common core. McClatchy Tribune Business News [Washington]. Smith, H.K. (2013, March). The battle against common core standards. FreedomWorks, Retrieved from www.freedomworks.org Link to the article: http://www.freedomworks.org/blog/rousseau/the-battle-against-common-core-standards

How to Founding Fathers Developed Democracy

How to Founding Fathers Developed Democracy How the Founding Fathers of the United States designed political institutions that embody the values of democracy and liberty while preventing the rise of tyranny over time? American democracy is often perceived as a true model for democratic institutions around the world. The United States presidential system has often been copied by many states in Africa, Asia and Latin America (Llanos 55). Despite their best efforts, few nations have achieved similar success in creating stable democratic regimes that respect and protect individual rights for long periods of time. In this modern era of democratization, an insightful analysis of American institutions will help us understand what types of institutions are likely to help democratic regimes survive and thrive over time. The following essay argues the founding fathers of the United States designed a unique formula of democratic institutions that was specifically designed to guarantee the survival of democratic values and liberty while preventing the rise of tyranny. In order to support this claim we shall analyze the three cornerstones of American democracy: an â€Å"evolving† written constitution, a federal system that constitutionally divides power between the national and subnational level and a presidential system which separates power into different branches. An evolving written constitution The founding fathers of the United States were largely inspired by important political philosophers just as Montesquieu and Locke when designing the American Political system (Pole 152). As a result of their theories and beliefs, the founding fathers realized efficient democracy requires the recognition of a powerful written constitution as the supreme law of the land (Caraley 384). By recognizing the law as supreme, it was possible to clearly distribute power and to guarantee the protection of individual rights and freedoms. The American Constitution is one the most influential documents ever written as it recognizes the importance of natural rights but also the need for a government to have the democratic consent of its people . The American Constitution is unique as it is often perceived as a â€Å"living† document that evolves along society needs and values (Barnett 10). The United States is a nation born out of revolution that fought with reason and action against the opp ressive actions of a tyrant. The modern origins of the constitutionalism can be traced back to the American Declaration of Independence issued on July 4th, 1776 (Alibrandi 22). This document officially affirmed the right of the thirteen colonies for self-determination and cut ties with British Crown due to the abuses inflicted by British authorities (Bradley 92). In 1787 Philadelphia Convention, the American Patriot James Wilson claimed that freedom would be guaranteed under common law and the charter of the individual colonies (Alibrandi 23). As a result of this rebellious attitude, British forces invaded the colonies in an attempt to regain control of the territory. However, the American patriots endured and managed to defeat British troops with the support of France (Alibrandi 21). In 1783, British authorities signed the Treaty of Paris that officially recognized the United States as independent state (Alibrandi 21). The fear and despise of any type of tyranny is an important cha racteristic of the American people that constantly shapes their political debates and beliefs. It was the very same fear of tyranny that pushed the Continental Congress to adopt the Articles of Confederation as way to redistribute power. Under the Articles of Confederation, the United States became a confederacy where individual states retained a great deal of power and independence (Bradley 92). This system established a legislative branch of government and weak central government that would be responsible for the foreign affairs and protection of the territory (Bradley 92). However, as a result of ineffective central authority, the new nation faced many issues such as free-riding, inter-state tensions and poor commerce due the different currencies in circulation. In 1786, the Continental Congress which was the executive body of the confederation authorized the state legislature to appoint delegation to meet in Philadelphia to strengthen the Articles (Pole 150). At first, delegates proposed the Virginia Plan which aimed to create a strong national government where power would be separated in three branches and the executive would be appointed by popular vote (Pole 150). This initiative was rejected and the delegations moved to analyze the New Jersey Plan which was a less radical version of the Virginia plan that aimed to preserve the key outlines of the confederation (Pole 150). However, this proposal was also rejected as many delegates deemed necessary the creation of a strong national government to guarantee the prosperity and security of the young nation. The last plan was known as the Connecticut Compromise aimed to approve the American Constitution and set in place a strong national government where the executive would be appointed through the creation and us of the Electoral College (Morlon 345). Federalism as a principle The found fathers realized that in order for democracy to survive in the United States, the thirteen colonies needed to adopt a true federal system to ensure that interest of both large and small states were respected. One of the major reasons behind the downfall of the relationship between the American colonies and the British Crown lies on fact that British authorities had refused to accommodate the growing interests for more equitable representation of these states (Hulchinson 5). Following the Declaration of Independence of 1776, the Americans colonies renounced British sovereignty and established themselves as a unity of independent states (Alibrandi 22). Following the recognition of independence in 1783, the United States became a confederacy. The Articles of Confederation embodied the basic fear of strong government and highlighted the importance of individual states (Bradley 92). The United States described itself as a confederacy by which several states had voluntarily agree d to join a firm league of friendship for common defence. However, the states were committed to retain freedom, sovereignty and independence. Under the system, limited powers were vested in the legislature that had no way ratifying treaties, changing finances or defend the national territory without the complete approval of all its members (Bradley 92). In addition, there was no mention for the creation of an executive branch as many administrative duties were left in the hands of committees appointed by Congress. This first experiment of American Federalism was hardly operational and was marked by its inefficiency that deeply affected the people’s confidence in any government (Bradley 93). Shays’ rebellion seriously tested the power of the new nation as it became clear that the United States required a new way to divide institutions that power between the national level and the states in order to prosper and thrive (Bradley 93). Many Americans believed federalism was a major compromise where a strong government could be implemented but ensure that government would not be strong enough to impose tyranny as there were different jurisdictions of power among the states (Bradley 93). The concept of federalism is associated with the constitutional division of powers between national and subnational levels of government. In a true federal state, the national and subnational governments are required to cooperate and treat each other as partners in order to find consensus. In the 1780’s, Thomas Jefferson and George Washington had decided to come up with a constitutional plan to divide power between the national governments and the states that would become the basis of American Federalism (Alibrandi 23). The adoption of American Constitution led to an open debate between two major groups of Americans. The first group was the Federalists, who often referred to themselves as Plubius (Pole 151). They advocated for a strong national government based on separation of powers that included a set of checks and balances. Among the most prominent Federalists figures we find the likes of James Madison, Thomas Jefferson and Jay (Pole 151). These eloquent and intelligent individuals managed through a series of published documents to convince Americans to support the creation a strong national government to ensure the protection of their liberties and rights (Pole 151). By acknowledging that men were ambitious and rapacious, the federalists proposed to design a system of government that would make ambition counteract ambition (Pole 152). By investing a great amount of power and authority in Congress, they hoped to reconcile the interest of the people and the elites as both of chambers required majoritarily support to pass legislation (Llanos60). On the other hand, the Anti-Federalist fiercely opposed this new set of institutions. On a series of published letters, this group attacked the proposed Constitution as they believed that an excessively powerful government would put in jeopardy the individual rights and freedoms that they had fought so hard to obtain from Britain (Alibrandi 27). In the end, the federalists were successful in convincing the American people in creating a strong government to reinforce legislation but also worked arduously to limit its power in a manner so that the state could not legally threaten individual rights. On September 17, 1787, the majority of the states ratified the American Constitution which officially put an end to the American Confederation and set the foundations of the more stable federal democracy (Alibrandi 23). In 1791, the American Congress adopted ten amendments to the American Constitution known as the Bill of rights (Salt 491). This set of liberties and fundamental rights cannot be violated by the government and should be protected by the government by all means. The evolving nature of the American Constitution is largely propelled by the ability of Congress to pass new amendments to expand the protection of rights and freedoms as American society changes over time. Americans display profound respect for this text and the supremacy of law is one of the predominant factors that make their nation a strong democracy. Separation of power with check and balances The American Constitution separates power into three different branches referred as the executive, legislative and judicial branches of government (Caraley 379). Each branch has a specific area of jurisdiction and powers that are meant to provide effective government. This approach was justified by the ideas of Montesquieu and Locke who claimed that the consolidation of power ultimately leads to tyranny (Pole 152). The American presidential system is a living remainder of the struggle against tyranny. Under a presidential system, institutions are designed in such a way to provide limited government that functions on the premise of separation of power. Since no individual can hold more than one position at the same time within these branches of government, power remains unfocused and more difficult to obtain. It is important to note, the founding fathers of the United States had a profound distrust on the ability of men to govern themselves democratically ( Morlon 341). For this reaso n, they believed in the creation of a system of government with limited popular control to prevent the majority to oppress others through the use direct democracy known as â€Å"mob rule† (Morlon 343). The solution envisioned to by the founding father was the creation of a system of checks and balances to regulate the separation of powers. Checks and balances provide the ability for one branch, under very specific circumstances, to deny or block the action of another branch whose actions are deemed unconstitutional and vice versa (Fontana 1141). This is a representation of James Madison’s ideals found in his works Federalist 10 and Federalist 51 that advocated for the creation of a system of government where ambition would counter-act ambition. The idea of competition between the three branches of government was central to the constitutional design in order to prevent a potential tyrant from consolidating its power (Fontana 1141). However, it is important to note the American Constitution does not perfectly separate the power of the legislative, executive and judicial branches but rather fragments these powers so that branches can check each other’s authority (Bulman Ponzen465). This lack of precision was used in more than one occasion by presidents to take significant action in order to protect the rights and freedoms of American people (Marchisio 220). In addition, since no branch of government can unilaterally declare that they represent the popular will, this thick form of accountability is necessary to give legitimacy to the government. Ever since the adoption the American Constitution, the role and power of the executive branch has been under close scrutiny. Initially, the founding father envisioned a system where Congress would be the most powerful branch of government (Morlon 342). However, historic events and major crisis have often led to an increase in power of the president. In the majority of time, presidents such as Reagan, Lincoln and Roosevelt had made an extraordinary use of the presidential power to take decisive action (Young 328). The American president and its Cabinet are responsible for reinforcing and implementing the law. It is important to note, that the American Constitution perceives the American President as the supreme leader of the armed forces and the representatives of the American people at the international stage (Young 328). While the president yields great power, his actions are largely confined to the limits prescribed in the American Constitution. In addition, the American president is constraint by a fixed term in office which prevents from clinging to power for too long. The fact that there is an open window for change in power every four years makes political competition far more intense as candidates have to engage in efficient and concise policy-making to attract a high number of votes. A major factor that contributes to the stability of the American democracy is free regular elections that allow the people to express their political preferences by casting ballots (Caraley 379). The founders believed that the only way to prevent the rise of tyrannical figure was to hold free elections periodically so that people in positions of power would have to act according the interests and needs of their constituents. It is important to note that for a long period of time, the right of vote was only given to white male property owners (Salt 486). The exclusion of women and African-Americans of voting rights put in doubt the legitimacy of the elections as many members of society were unfairly excluded from exercising their basic rights (Salt 486). Free elections and voting rights were not the only feature established by the founding fathers when designing effective democratic institutions. In terms of legislative power, the Constitution adopted bicameral chamber known as Congress to create and pass legislation. Congress is composed by two chambers: the House of Representatives and Senate (Morlon 342). The House of Representatives is known as the lower chamber where candidates are elected through direct popular vote. Since it was taken for granted that the legislative would function on a majority rule, it was important to create a devise to prevent direct democracy (Morlon 342). A solution to this problem was found in the creation of the American Senate. Initially members of the Senate were appointed by their states legislature and were meant to represent the interest of their particular states (Morlon 342). In addition, members of the Senate are given equal voting power and equal number of representatives at the upper house re gardless of population disparities (Morlon 342). Today, Senators are elected to serve six year terms With regards to the judicial branch of government, the American Constitution grants the Supreme Court the power of judicial review which allows it to override decisions made by lower courts or legislation that is deemed unconstitutional (Harriger 201). The judicial court has played an important part in shaping American democracy as it keeps a close eye on the actions of the legislative and executive. Most Americans revere the constitution, in particular libertarians, which praise the fundamental rights enshrined in the Constitution (Barnett 9). The majority of provisions found in the Bill of rights were designed to place certain citizens beyond the reach of majorities and officials that might want to oppress them (Harriger 201). The Bill of Rights provided the necessary legal protection to ensure one’s right to life, liberty, property, freedom of speech, freedom of press, freedom of worship and assembly as well as other fundamental right that could not be submitted to vote (Ca raley 386). The written nature of the constitution performs a restraining function because of its semantic meaning that is independent of the desires who decide to interpret it (Caraley 387). The Supreme Court has played a fundamental role in protecting people’s rights and advancing the struggle for equality of minorities. The Supreme Court ensures a stable democratic government by interpreting the law and the Constitution in a manner that is fair an equal for people. Conclusion To conclude, the political success of American democracy can be largely attributed to the herculean effort displayed by the founding fathers when designing American institutions. The incorporation of democratic ideals into an effective set of institutions guaranteed the survival and success of American democracy through time and change. American democracy is built on three cornerstones that prevent the rise of tyranny. The first one is the recognition of the American constitution as supreme law of the land which guarantees the protection of individual rights and freedoms. The second was the adoption of a federal system that demonstrated a compromise to include the needs and interests of large and small states. The third cornerstone is the adoption of a separation of powers to prevent individual from consolidating absolute power. James Madison played a fundamental role in creating a double protection system provided by federalism and the separation of power among the three branches of power which protects to this day the quality of American democracy.

Patriotism Aided in Socrates Acceptance of His Death Essay -- History

THESIS STATEMENT Patriotism aided in Socrates' acceptance of his death, although believing he was unjustly convicted of corrupting the youth of Athens and creating divinities in place of the gods. PURPOSE STATEMENT Through books and essays about Socrates, research, and analysis it shows that he was truly guilty of his crimes and accepted them willingly although he believed he was innocent. INTRODUCTION A member of the jury watched as the defendant, tense and nervous, looked over at the Kleptsydra, or the water-clock, and realized time is of the essence. When the Kleptsydra is empty, the jury of five hundred, who are expected to make a decision, look puzzled and confused on which side to vote for. After counting the votes, the verdict, guilty. The defendant had only lost by a slight margin of 260 against to 240. Each party, accusers and defendant, proposes a penalty: the accuser proposes death, but astonishingly, the defendant proposes to be treated as an Olympic victor. The year is 399 BCE. Socrates was a simple man, famous, seventy years old, and had been doing his normal routine when he was confronted with an obstacle, which changed the course of what was left of his life. He had seen something similar in his time which also happened coincide with the obstacle he faced. What he did not know was what was gong to happen next. Socrates was accused of corrupting the youth of Athens and creating new divinities. The new accusers, as Socrates called them, were Meletus, Lycon, and Anytas. He was found guilty, but many today and then argue for his innocence, including Socrates himself. He thought himself innocent, but still accepted his death with courage out of his patriotism for Athens. Socrates could have avoided his d... ... accepted his penalty out of patriotism. Socrates is the meaning of Patriot when it comes to Athens. "Nothing means more to Socrates than Athens, and, more importantly, than the Athenians within it" (Hughes xxii). Socrates served in the military and the assembly, having an active role in politics. He did this to fashion Athens to be the best it can be. Even when Athens turned against him, he still had a deep love for it, by carrying out his sentence of death, believing he had done a favor for Athens by removing the sickness. Socrates was a visionary of a greater Athens, but was quietly targeted and gun down by those who found fault in him. At the end of Socrates' life, he was not honorably discharged, nor did he receive a corona civica for his attempt in changing Athens for the better, but was condemned to death for stepping out of line, marching in plain site.

Human Cloning and the Future Essay

In his work from 2002 â€Å"Religion and Human Cloning: An Exploratory Analysis of the First Available Opinion Data†, John Evans proudly states a few possible benefits, or advantages, of human ‘therapeutic’ cloning. While talking about embryonic stem cells, he states â€Å"these cells can eventually be used to treat diseases such as Alzheimer’s, Parkinson’s, and kidney failure, to name but a few†¦Ã¢â‚¬ (748). These possibilities have mostly been confirmed since the publishing of Evans’ piece and other more incredible possibilities have come about. The benefits of both reproductive and therapeutic cloning are endless, yet many still disagree. They say that cloning is dangerous and that it would end human evolution and bring disaster to society as we know it (Mautner, 68). Do most people really think this is true? Or is modern society simply scared of the unknown and not ready for change? Many scientists and authors constantly debate the ethics and possibilities of human cloning, both for reproductive use and therapeutic use. A couple of possible risks would accompany the beginning of human cloning, however the benefits are legitimate, and we as a species should reconsider. It is common knowledge that mother and father love one another. And it’s the classic ideal for a family to begin, in the act of spousal love through sexual reproduction. Alix Magney, in his work â€Å"Cloning Me, Cloning You: Reflections on the Ethics of Cloning for Individuals, Families and Society†, argues that since human cloning would cause childbearing to lose its proper origins as an act of spousal love, it â€Å"†¦plainly poses a threat to the dignity and equality of women†¦Ã¢â‚¬  (25). I don’t think this is true at all, as adopting a child has been practiced for thousands of years and in vitro fertilization was invented in 1978. In vitro fertilization is where an egg is fertilized by sperm outside the female body and then inserted into the uterus for maturation only once the egg is fertilized. Sperm donors have been used for decades, completely negating any ‘spousal love’ from the equation that is reproduction. While people continue to fight over equality for women, which has been true since the ratification of the Nineteenth Amendment to the Constitution in 1920, other people continue to debate greater concerns about cloning. I have always heard it said ‘You’re special’, or ‘Just be yourself’, and these are sayings of encouragement to develop your own identity, not to follow others when unnecessary, and to accept that everyone is different. Giovanni Berlucchi, in his work â€Å"The Myth of the Clonable Human Brain†, states that â€Å"†¦most human values are corollaries of the concept that each person is unique and identical to himself or herself through space and time. (160) and â€Å"†¦that this kind of genetic manipulation may interfere with psychological and biological diversity, and therefore with the distinctiveness and autonomy of the individual† (160). I do think that the overuse of a single genetic identity for reproductive cloning would cause a disruption in the common value of individuality, but only in that physical aspect of things. Th e benefits of reproductive cloning and the possibilities of advancing the individual through therapeutic cloning could greatly outweigh any disruptions. Berlucchi continues, â€Å"Nature has, of course, been producing genetically identical humans from time immemorial†¦ in trifling pairs of monozygotic twins, and even less frequently in batches of monozygotic triplets†¦Ã¢â‚¬  (160). Prenatal uterine environment differences, along with other environmental differences post-conception, can significantly affect the psychological outcome of the child and is a main reason for psychological differences between monozygotic twins. The concept of environmental determinism dispels the myth that cloning humans would eliminate the core value of individuality. The controversy over abortion is one of the biggest issues for politicians and the rest of society alike. The debate over whether or not an embryo is to be considered a human being with rights is a ‘hot topic’ among the public and continues to be an important argument for almost everyone. In his aforementioned piece â€Å"Religion and Human Cloning†¦Ã¢â‚¬ , John Evans says that the Roman Catholic Church has the most clear-cut position against cloning, simply based on the status they give to a human embryo. They believe embryos are equivalent to fully grown humans: â€Å"Embryos are to be treated the same as born persons and therefore cannot be used as means toward an end. Most obviously, they cannot be destroyed to benefit others† (748). The church also opposes cloning because it â€Å"†¦severs human reproduction from sexuality† (748). If a couple is attempting to have a kid with each other, by any means, they are more than likely sexually active with one another, and therefore cloning doesn’t remove the sexuality from the overall situation, even if it is not directly involved with the contraception. Also, new technology has been developed since the writing of this article, and it is now possible to extract stem cells from embryos without destroying the embryo. You can take a single stem cell, or blastomere, and coax it to become an endlessly proliferating stem cell. Although these cells can’t form embryos, they can form major types of human tissue just as any embryonic stem cells do. So, therapeutic cloning is possible without the destruction of embryos. Other people fear the end of what Charles Darwin so valiantly discovered and explained to us all over 150 years ago – human evolution. Michael Mautner, in his piece â€Å"Will Cloning End Human Evolution? †, argues that a result of human cloning would be the end of human evolution. He states â€Å"Cloning will, in contrast, reproduce the same genetic makeup of an existing individual. There is no room for new traits to arise†¦ The result: Human evolution is halted† (68). Only an insane situation where cloning was the only method for reproduction and the same genetic makeup was used over and over again would lead to the end of human evolution. This is an extreme situation and would almost definitely never happen. New science behind non-embryonic stem cell research has shown incredible potential for stem cells in general, as embryonic stem cells show significantly more potential than stem cells extracted from other parts of the human body, like the yellow bone marrow. Stem cells are beginning to be used to regrow hair, teeth and cartilage in damaged joints. Since the procedures and research are incredibly expensive, treatment is limited to those wealthy enough. Professional North-American athletes have led the way, being human guinea pigs for the non-invasive procedures in hopes of returning their bodies to their prime, pre-injury, form. Stem cell treatments are growing in popularity and legitimacy, and the use of embryonic stem cells shouldn’t be limited as it can only advance our species. Scientific tests and studies have proven limitless benefits to stem cell transplants, yet ethical concerns and moral-based laws are constraining what could be groundbreaking and life-saving science. There is possible potential for embryonic stem cells to be grown into whole, functional, organs or entire limbs of the human body. The uses could range from a ounded amputee war veteran in need of a new leg, or an elderly woman in need of a new kidney as hers is failing, and the possibilities are endless. Human fear of the unknown is instinctual, but as the realm of the previously impossible comes more into the lights of reality, we need to change our minds on the practicality and usefulness of cloning and embryonic stem cells. For our ailing parents, for our children, and our children’s children, we need to advance as a society, and take hold of the opportunities and benefits sitting right in front of us.

96 Essays - Organelles

Essay of Eukaryotic Organelles 10/1/96 Essays - Organelles Essay of Eukaryotic Organelles 10/1/96 The mitochondria has an eggshape structure. The mitochondria consists of an inner and outer membrane. The outer membrane is what shapes the organelle to its egglike shape. The inner membrane which folds inward makes a set of "shelves" or cristae that allow the reactions of the mitochondria to take place. The more the mitochondria makes these reactions the more the inner membrane folds. This happens because the mitochondria now has more surface area connecting it to its surroundings. The processes that the mitochondria make are to break down the high energy organic molecules into smaller more useful packages. The endoplasmic reticulum is a network of tubes and channels that transport and with the help of ribosomes produce proteins. The rough endoplasmic reticulum contains ribosomes which are not present in the smooth endoplasmic reticulum. The rough endoplasmic reticulum allows the cell to produce proteins. The smooth endoplasmic reticulum is used in the detoxification processes in the cell and the transitional endoplasmic reticulum is used to breakdown glycogen to glucose. The endoplasmic reticulum is versatile and grows and shrinks according to the cell's activities. Chloroplasts which are found in plant cells are used in the process of photosynthesis. They fall into the category of plastids but they are differentiated in that they contain chlorophyll. These organelles produce chemical reactions from the energy that the sun gives them. The Golgi complex's structure is made up of many flattened membranes sacs that are surrounded by tubules or vesicles. These are called the cisternae. The golgi complex accepts vesicles from the endoplasmic reticulum and modifies them for usage in the cell. The golgi complex is used to distribute materials which help form the cell membranes. They also assemble the membranous material by producing glycolipids and glycoproteins. The golgi complexes also hand their vesicles materials for secretion. The golgi complex could not do its job without the help of vesicles. Vesicles bring and send the organelle its materials.

Impact of the introduction of sound and style in classical Hollywood cinema

Impact of the introduction of sound and style in classical Hollywood cinema A good number of inventions noted that a sequence of individual immobile pictures set into movement created the delusion of motion. This concept came to be known as the persistence of vision. A British physician named Peter Mark Roget in the early years of the 1800s first noted the phenomenon1.Advertising We will write a custom essay sample on Impact of the introduction of sound and style in classical Hollywood cinema specifically for you for only $16.05 $11/page Learn More It was the revolutionary step in the growth of the cinema. Before this, many innovations related to motion and vision had been developed. These were the precursors to the origin of the motion picture industry. This essay outlines the history of the film industry through the centuries. A lot of emphasis will be paid to the era when sound was incorporated in the film industry. The impact of the introduction of sound to the film industry will also be discussed with specific reference to two Hollywood classic movies. As mentioned above, the infancy of the film industry was preceded by a number of technologies. One of them was the magic lantern. Athanisius Kircher in Rome invented this device in the 17th century. It could project images using a simple light source. In 1824, the Thaumatrope was invented. It was the most basic adaptation of an optical illusion toy that used the notion of persistence of vision. An English doctor called John Ayrton Paris invented the device2. In 1831, Michael Faraday, a British scientist, discovered the law of electromagnetic induction. This principle was deployed in the generation of electricity to power motors and other equipment including film machines. In the following year, Joseph Blaeau, a Belgian, invented the Fantascope, also referred to as the Phenakistiscope or, simply put, the spindle viewer. The device was used to reproduce sound. A succession of distinct depicting pictures stages of an action was set around the peripheries of a slotted disk. The spectator would view the pictures through slots3. Two years after this discovery, another stroboscopic device called the Daedalum or Zoetrope (as it came to be named in 1967) was invented. This was courtesy of a British inventor called William George Horner. The device was a hollow, rotating cylinder or drum. It had a crank with a strip having a series of pictures, drawings and paintings in progression. The images were in the interior surface. A spectator would view the pictures in ‘motion’ through slim slits. Five years following this discovery saw of yet another milestone invention in the film industry. This was the invention of still photography4.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More This was followed by the development of the pioneering commercially viable daguerreotype. The latter was a way of capturing pictures on silvered, copper-metal p lates. As the name suggests, the invention was courtesy of Frenchman Louis –Jacqueds-Mande Daguerre. This innovation was followed by that of the British inventor William Henry Fox Talbot. The latter was calotype, a process by which negative photographs would be printed on high-quality paper. In 1861, Philadelphian Coleman Sellers invented the Kinematoscope. This was an enhanced rotating needle paddle machine. It was used for viewing a sequence of stereoscopic immobile pictures on glass plates. After this invention, the film industry experience six years of silence in terms of new inventions and innovations5. However, John Wesley Hyatt broke this silence in 1869 when he developed the celluloid. This provided a basis for photographic film. In the following year, Henry Renno Heyll, a Philadelphian came up with the first exhibition of the Phansmotrope. The device was used to show a quick series of immobile or posed photographs of dancers, giving the chimera of movement. Seven yea rs later, Frenchman Charles Emile Reynaud invented the Praxinoscope. This projector equipment had a mirrored drum, which created the delusion of motion with picture strips hence serving as an improved edition of the Zoetrope. By the onset of the1890s, Reynaud’s Parisian Theatre Optique was making public shows with screenings of 15-minute ’movies’. This precursor era also saw the invention of the incandescent light bulb that was used for film projectors. This occurred in 1879 courtesy of Thomas Alva Edison6. As the 19th century ended, Eadweard Muybridge, a pioneering British photographer and inventor became renowned for his photographic locomotion studies. This is because, in 1870, he had experimented with recordings of a galloping horse at a Californian racetrack. In 1878, he conducted a chronophotography experiment by use of many cameras recording horse’s gallops. This ascertained that all the horse’s feet are off the ground at the same time. In 1 879, Muybridge invented the Zoopraxiscope, also referred to as the wheel of life. This was a primitive motion picture projector machine, which also created the delusion of motion by projecting images onto a screen from photos on a revolving glass disc7. All the developments discussed above only succeeded in providing eye-fooling animations. Genuine motion pictures were a phenomenon only possible with the development of the film. This supple and clear celluloid could record pictures at a very high speed. The pioneer in this field was a Parisian innovator and psychologist called Etienne-Jules Marey in the 1880s. This Parisian came up with a camera capable of taking many photographs at a go. Contrary to Muybridge’s device, this new equipment could many images on the same camera plate. His experiment is also associated with the coined terminology of ‘shooting a video’8.Advertising We will write a custom essay sample on Impact of the introduction of sound and style in classical Hollywood cinema specifically for you for only $16.05 $11/page Learn More The experiments of Muybridge and Marie laid the base for the development of the motion picture cameras, projectors and transparent celluloid film hence the cinema was born. In the last years of the 1880s, American inventor Thomas Alva Edison and his British assistant William Kennedy Laurie Dickson endeavored to create a device that could record movement on film and another for watching the film. In 1890, Dickson cake up with a primitive, camera able to take photographs of moving in motion. The device was named a Kinetograph. It captured motion with a harmonized shutter and sprocket system able to wind the film through the camera with the aid of an electric motor. This innovation led to the birth of the US cinema. The world’s first film production studio, the Black Maria was also developed from this invention9. Edison and Dickson innovations prompted a series of other inventions in the film industry. The most notably were from Charles Francis Jenkins. He endeavored to show pictures in motion to large groups of people. As such, he invented the first film projector called the Phantoscope10. Concurrently in France, two brothers, the Lumieres, invented the cinematograph. This was a portable camera, printer and projector. One striking characteristic of the films produced during this period was that they were very short. They were usually under a minute long and showed only a single scene. The scene was drawn from either authentic or staged representing every day life. Cinematique technique was less applied since there was even no editing11. Nevertheless, the progress was enough to catapult the industry to new heights for the century that followed. Before discussing the introduction of sound in film production, it is important to note that the first years into the 20th century were a silent era for the film industry. Nevertheless, a number of innovati ons in Cinematique techniques were developed during this silent era. These include animation, film continuity, crosscutting between parallel actions, and point of view shots. Others included reverse-angle cutting, intertitles and flashback12. Nevertheless, none of these developments could be paralleled to the impact that was brought in by the introduction of sound technology in the film industry.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Although there were experiments on sound technology in the silent era, it was difficult to overcome the challenges of accurate synchronization and amplification at that time. The year 1926 saw the introduction of the Vitaphone system in Hollywood studio by Warner Brothers. This device added sound effects to film recordings. In the following year, Warner Bros released the first film, The Jazz Singer, having a synchronized dialogue and singing13. The Jazz Singer is one of the Hollywood classic films that will be used to show the impact brought about by the introduction of sound technology. Despite been a pioneer in the field, the idea of incorporating sound in film was not a new phenomenon. This is because Charles Taze Russell had attempted it in 1914 in his long film, The Photo-Drama of Creation. The film showed pictures in motion harmonized with sound14. Before embarking on the impact of sound technology, it would be paramount to note what had delayed the introduction of this much-n eeded innovation. The invention of the introduction of sound technology in film production was stalled by a number of factors. This led to motion pictures and sound recording parting ways for almost a generation. As hinted earlier, one of the major problems that delayed the introduction of sound technology was the synchronization challenge15. This was occasioned by the fact that pictures and sound were recorded and played back by two distinct devices. This made it difficult to start and sustain in cycle. Another challenge was the issue of adequate playback volume. This was stalled due to lack of amplification systems. The last barrier to the introduction of sound technology in the film industry was recording reliability. The primitive technologies produced low quality sound. This imposed boundaries on the kind of films that could be produced with live-recorded sound16. To counter the above challenges, and especially the synchronization huddle, cinematic innovators tried a number of ways. The prime one was the introduction of the sound-on-film technology to replace the sound-on-disc one that existed. The former was superior to the later in several ways. This is because sound-on-disc technology had a myriad of limitations. To begin with, due to the unreliability of their interlock system, sound would fall out of synch, a fact occasioned by disc skipping or small alterations in film speed. This, therefore, called for regular supervision and numerous manual adjustments. Another limitation of the sound-on-disc technology was the fact that discs could not be directly edited. This greatly limited the ability to make changes in the complementary films after the original release cut17. To add on, phonograph discs, increased expenses and complications in film production and, hence, were making the process dear and time consuming. Lastly, the discs needed replacement after a number of screenings due to tear and wear. Nevertheless, the first years of the introduction of s ound technology in films saw the sound-on-disc technology have an edge over its counterpart18. This was because it was relatively cheap to record music onto film. In addition, the central exhibition devices were easy to manufacture and acquire when compared to the sophisticated image-and-audio equipment, which was a prerequisite of the sound-on-film technology era. After the introduction of the sound-on-disc and sound-on-film technology, the innovation that followed was the fidelity electronic recording and amplification19. This was a blend of the two technologies. It was pioneered by AT T’S Western Electric manufacturing section. By 1925, the company rolled out a new sound system that had microphones and rubber-line recorders. There is no doubt that the introduction of sound technology had far-reaching implications to the art and production of films as well as to the industry at large. The impact was both short term and long term. In the short term, it led an increase in ea rnings for the movie houses. For instance, The Jazz Singer, Warner Bros released, on 6 October 1927, their premier talkie earning a total of $2.65 million in the US and elsewhere20. This was almost a million dollars higher than what the company had earned fro a preceding film in the silent era. Another film that shows that the sound technology brought good tidings to the industry was Lights of New York. The film, also produced by the same company, earned a gross of $ 1.2 million compared to a $23000 budget they spent in its production21. This kind of profits was occasioned by a surge in terms of sales as moviegoers. The introduction of sound technology in film production also affected other factors and in particular, labor. Those artists that did not have stage voices were dismissed as susceptible to the reception of the film. The contrary was also true. The latter case can be used to explain the success of The Jazz Trailer. Although the film was not sound synchronized, the few ins tances where Al Jason, who was already famous as one of the America’s biggest music stars, starred made the film a hit. As such, sound technology meant doom for those actors whose stage experience was not up to the Hollywood standards. This was the case to a number of stars like Norma Talmadge, Emil Jannings and John Gilbert22. In conclusion, though the introduction of sound technology may have seemed inevitable, it was not received warmheartedly from all corners. The innovation was perceived as a destruction of the initial purpose of art. In addition, the technology imposed a limitation to the deaf who felt separated fro the rest of the audience. Despite this criticism, there is more than meets the eye in the film industry today that has its origin in the silent era and the talkie’s era as well. If the number, of movie houses sprouting in every corner of the world is anything to go by, there is no doubt that the world owes much to the cinema innovators and especially those who came up with the incorporation of sound technology than blunt criticism. Bibliography Altman, R, Silent Film Sound, Columbia University Press, New York, 2005. Bordwell, D â€Å"The Introduction of Sound,† chap. in Bordwell, Janet Staiger, and Kristin T, The Classical Hollywood Cinema: Film Style Mode of Production to 1960, Columbia University Press, New York, 1985, pp.298-308. Braun, M, Picturing Time: The Work of Etienne-Jules Marey (1830–1904) University of Chicago Press, Chicago, 1992. Chapman, J, Cinemas of the World: Film and Society from 1895 to the Present. Reaktion Book, London, 2003. Cousins, M, The Story of Film: A Worldwide History, Thunders Mouth press, New York, 2006. Crafton, D, The Talkies: American Cinemas Transition to Sound, 1926–1931. New York: Charles Scribners Sons, 1997. Dirks, T. Filmsite. The history of Film.  https://www.filmsite.org/pre20sintro.html. Eyman, S The Speed of Sound: Hollywood and the Talkie Revolution 1926†“1930, Simon Schuster, New York, 1997. Finler, JW, The Hollywood Story, (3d ed) Wallflower, London and New York, 2003. Geduld, HM, The Birth of the Talkies: From Edison to Jolson. Indiana University Press, Bloomington, 1975. Gomery, D â€Å"The Coming of Sound: Technological Change in the American Film Industry, in Technology and Culture- The Film Reader (2005), ed. Andrew Utterson, pp. 53–67.: Routledge/Taylor Francis, Oxford and New York, 1985. Hirschhorn, C, The Warner Bros. Story. Crown, New York, 1979. King, G, New Hollywood Cinema: An Introduction, Columbia University Press, New York, 2002. Morton, D, Sound Recording, The Life Story of a Technology, Baltimore, 2006. Robertson, Film Facts, Billboard Books, New York, 2001. Robinson, D, From Peepshow to Palace: The Birth of American Film. Columbia University Press, New York, 1997. Sponable, EI Historical Development of Sound Films,† Journal of the Society of Motion Picture Engineers, vol. 48, nos. 4–5, Ap ril/May, 1947. Footnotes 1 P Robertson, 2001. Film Facts. (New York: Billboard Books).p.6. 2 T Dirks, Filmsite. The history of Film. 3 J Chapman, 2003, Cinemas of the World: Film and Society from 1895 to the Present. (London: Reaktion Book). p. 12. 4 Dicks, p.1 5 HM, Geduld, 1975, The Birth of the Talkies: From Edison to Jolson. (Bloomington: Indiana University Press) pp. 12-17 6 Geduld, p. 7 7 D, Bordwell, 1985, The Introduction of Sound,† chap. in Bordwell, Janet Staiger, and Kristin Thompson, The Classical Hollywood Cinema: Film Style Mode of Production to 1960, (Columbia University Press: New York) pp. 298-308 8 M, Braun (1992). Picturing Time: The Work of Etienne-Jules Marey (1830–1904) (Chicago: University of Chicago Press), p. 7 9 R, David ,1997, From Peepshow to Palace: The Birth of American Film.(New York: Columbia University Press) p. 23 10 David, p. 27 11 Ibid 12 R, Altman, 2005, Silent Film Sound, (New York: Columbia University Press) p.45 13 C, Hirschhorn, 1979, The Warner Bros. Story. (New York: Crown) p. 12 1414. EI, Sponable ,1947, Historical Development of Sound Films,† Journal of the Society of Motion Picture Engineers, vol. 48, nos.4–5, April/May 15 D, Morton, 2006, Sound Recording: The Life Story of a Technology. (Baltimore: Johns Hopkins University Press) pp. 32-35 16 D, Gomery, Douglas,1985, The Coming of Sound: Technological Change in the American Film Industry, in Technology and Culture- The Film Reader (2005), ed. Andrew Utterson, pp. 53–67.( Oxford and New York: Routledge/Taylor Francis) pp. 53-67 17 S, Eyman, 1997,The Speed of Sound: Hollywood and the Talkie Revolution 1926–1930.( New York: Simon Schuster) p. 67 18 Ibid 19 D, Bordwel,1985, The Introduction of Sound,† chap. in Bordwell, Janet Staiger, and Kristin Thompson, The Classical Hollywood Cinema: Film Style Mode of Production to 1960, ( New York: Columbia University Press) pp. 298-308 20 G, King, 2002, New Hollywood Cinema: An Introduction. (New York: Columbia University Press) p. 29 21 D, Crafton, 1997, The Talkies: American Cinemas Transition to Sound, 1926–1931. (New York: Charles Scribners Sons) p. 56 22 JW, Finler,2003, The Hollywood Story, 3d ed.(London and New York: Wallflower) p. 12

Estimates of Taxes Paid by Undocumented Immigrants

Estimates of Taxes Paid by Undocumented Immigrants The generally-held belief that undocumented immigrants pay no income tax is generally incorrect. The fact is that many undocumented immigrants find ways to pay both federal income and payroll taxes even though they might not have a Social Security number and even if they are working illegally. According to estimates by the nonpartisan American Immigration Council, households headed by illegal immigrants paid a combined $11.2 billion in state and local taxes during 2010. Based on estimates compiled by the Institute for Taxation and Economic Policy, the American Immigration Council reported that the $11.2 billion in taxes paid by illegal immigrants in 2010 included $8.4 billion in sales taxes, $1.6 billion in property taxes and $1.2 billion in state personal income taxes. In spite of the fact that they lack legal status, these immigrants and their family members are adding value to the U.S. economy; not only as taxpayers, but as workers, consumers, and entrepreneurs as well, states the  American Immigration Council. Why Would an Undocumented Immigrant Pay Taxes? While it is true that many undocumented immigrants who are illegally paid â€Å"under the table,† for their work do not pay taxes on their income, many others choose to pay income tax hoping that doing so will eventually become American citizens. While evidence for this is largely anecdotal, several attempts at comprehensive immigration reform legislation over the last decade, including S.744- the Border Security, Economic Opportunity, and Immigration Modernization Act, have contained provisions listing attributes such as â€Å"good moral character† and â€Å"paying back taxes† as requirements for obtaining citizenship. Should such an immigration reform bill ever become law, undocumented immigrants could use a provable history of paying taxes as one way to show good faith and moral character.   Which States Got the Most? According to the American Immigration Council, California led all states in taxes from households headed by undocumented immigrants, at $2.7 billion in 2010. Other states gleaning significant revenue from taxes paid by illegal immigrants included Texas ($1.6 billion), Florida ($806.8 million), New York ($662.4 million), and Illinois ($499.2 million).Note: While California may have realized $2.7 billion from taxes paid by undocumented  immigrants in 2010, a 2004 report by the Federation for American Immigration Reform showed that California spends over $10.5 billion annually on the education, health care and incarceration of its illegal immigrant population. Where Did They Get These Figures? In coming up with its estimate of $11.2 billion in annual taxes paid by undocumented  immigrants, the Institute for Taxation and Economic Policy say it relied on: 1) an estimate of each states unauthorized population; 2) the average family income for unauthorized immigrants, and 3) state-specific tax payments.Estimates of the undocumented  or unauthorized population of each state came from the Pew Hispanic Center and Census 2010. According to the Pew Center, an estimated 11.2 million undocumented immigrants lived in the U.S. during 2010. The average annual income for households headed by an illegal alien was estimated at $36,000, of which about 10% is sent to support family members in countries of origin. The Institute for Taxation and Economic Policy (ITEP) and the American Immigration Council  assume  undocumented immigrants actually pay these taxes because: Sales tax is automatic, so it is assumed that unauthorized residents would pay sales tax at similar rates to U.S. citizens and legal immigrants with similar income levels. Similar to sales tax, property taxes are hard to avoid, and unauthorized immigrants are assumed to pay the same property taxes as others with the same income level. ITEP assumes that most unauthorized immigrants are renters, and only calculates the taxes paid by renters. Income tax contributions by the unauthorized population are less comparable to other populations because many unauthorized immigrants work off the books and income taxes are not automatically withheld from their paychecks. ITEP conservatively estimates that 50 percent of unauthorized immigrants are paying income taxes. But One Big Disclaimer Looms There is no question that undocumented  immigrants do pay some taxes. As the American Immigration Council  correctly points out, sales taxes and property taxes as a component of rent are basically unavoidable, no matter a persons citizenship status. However, when the U.S. Census Bureau so emphatically states that illegal immigrants are the most difficult individuals for them to locate and count in the decennial census, any figure as elusive as the total taxes they pay must be considered a very rough estimate. In fact, the  American Immigration Council acknowledges this fact by adding the following disclaimer:Of course, it is difficult to know precisely how much these families pay in taxes because the spending and income behavior of these families is not as well documented as is the case for U.S. citizens. But these estimates represent a sensible best approximation of the taxes these families likely pay.

Zakat and the taxation system in Saudi Arabia Research Proposal

Zakat and the taxation system in Saudi Arabia - Research Proposal Example These taxes are; income tax, Zakat, Natural Gas Investment tax, withholding tax, capital gains tax, and indirect taxes. Under income tax, the government of Saudi Arabia targets the taxable income of joint stock companies, Saudi legal organizations, partnership businesses, contractors, foreign companies, and independent professionals (Janjua, 39). Zakat is a religious wealth tax, the government levies on the citizens of Saudi-Arabia, and other nationals of the GCC. This tax is levied from the profits they obtain in the various companies that these nationals operate in Saudi Arabia (Hefner, 39). The rate of calculating this tax is 2.5% of the capital employed. The Natural Gas Investment Tax is charged on any person involved in the business of natural gas, and other businesses related to the production and sale of natural gas. Withholding tax is a deducted from any payment made to an individual who is a non-resident of Saudi Arabia (Otto, 28). The people targeted do not have any legal registration that allows them to engage in economic activities in Saudi Arabia. Capital gain taxes are levied on the gains made by the sale of business assets, or an individual’s fixed assets (Janjua, 42). Despite the recognition of these taxes by the Ministerial Resolution 278, this research proposal concentrates on the tax system referred to Zakat. To understand the nature of this research, this proposal will explain this concept of Zakat, and how it relates to Sharia law. Sharia law is one of the laws that govern the administration of Saudi Arabia. Saudi Arabia is an Islamic State. This has made the country to develop a system whereby everybody residing within the Saudi Arabia has to live in accordance to the principles and teachings of Islam. Paying alms to the poor is one of the teachings of Islam. Zakat Taxation system is developed from this teaching of paying alms to the poor (Hefner, 36). This research proposal analyzes the aims and

Police Discretion Position Paper Essay Example | Topics and Well Written Essays - 1250 words

Police Discretion Position Paper - Essay Example Several myths, such as an inevitable abuse of power, are unsupported by the research. The main causes of police discretion are offender variables, situational variables, and systemic variables. The exercise of police discretion arises in many situations, such as domestic violence and juvenile delinquency, and can often lead to positive resolutions. Discretion is a valuable part of police work. The issue of police discretion, while a seemingly natural aspect of the duties of a law enforcement officer, is a topic which generates much debate. Historically, the concept of police discretion was thought to be associated with police corruption and with an "extralegal" use of police power (O'Connor, 2005: np). Indeed, the recognition of police discretion as a legitimate aspect of police duties was not formally recognized until 1956 when it was formally identified and discussed by an American Bar Association study. This revelation, that the police did in fact use discretion in the course of their duties, generated a substantial amount of controversy: "When it was finally exposed, people like the American Friends Service Committee (1971) called for its abolishment, and police administrators sought a clampdown on discretion (administrative rulemaking)" (O'Connor, 2005: np). In the beginning, though police discretion was an integral part of daily police work, it was viewed with suspi cion. A more modern view posits that police discretion is a valuable and necessary part of police work. To this end, calls for the elimination of police discretion have been replaced by proposals to more carefully define when and how police officers should use discretion. This modern view operates on the assumption that police work is often complex, that situations are rarely neat and simple, and that discretion results in better police work than a mechanistic application of the law. As noted by a National Institute of Justice Research Report, "Each tactical choice by the police, each citizen's response, counter responses by each, and changes in other variables in the context (for instance, intervention of strangers) create a fluid, ever-changing encounter" (1997: pg.35). This essay will define what is meant by "police discretion", a number of common myths associated with the concept, and the real-life sources of the need for police discretion. The essay will then present ten practical illustrations of police discretion in operation in order to compare situations in which discretion is used appropriately and situations in which discretion very well might be abused. Police Discretion: Definitions, Myths, and Sources Discretion means many things and encompasses a tremendous variety of different situations. From a theoretical point of view, it has been referred to as the making of decisions where the law is not clear, where the police officer has alternative courses of action, and where a cost-benefit analysis cautions against the rigid application of the law. Some scholars have defined police discretion as judgments made within the realm of a "regulated autonomy" (De Lint, 1998: pg. 2) and others have characterized discretion as a police officer's role as a public servant whom is sworn to balance the intent of the law against the interests of

A Moral Program for Myself as a Person and as a Professional Essay

A Moral Program for Myself as a Person and as a Professional - Essay Example Nevertheless, in order to attain this betterment, I need to come up with a moral program for my personal and professional lives. Whether it is applying the ethical principles of Aristotle, Kant and Mill, or combating moral illiteracy within my department, I plan to use my newfound information to its greatest potential. Therefore, this article first elucidates on the moral program that I would implement in my professional life as a nurse. Consequently, the second part is on a program fitted for my personal life as a single mother to a four-year-old child. Out of all the philosophers that we studied during the course, Aristotles virtue ethics is the most suitable theory for my profession. According to Solomon (1992), Aristotle believed that â€Å"virtuous acts required conscious choice and moral purpose or motivation† (p. 321). In this regard, this is the most crucial aspect that I must exemplify in my professional life as a nurse. Furthermore, the six dimensions of virtue ethics are community, excellence, role identity, holism, integrity and judgment are crucial for an exemplary career as a nurse. According to Solomon (1992), Aristotles virtue ethics has its foundation â€Å"upon the character of a moral agent as a driving force for ethical behavior† (p. 326). As registered nurses, we have a code of ethics, which are similar to Aristotles virtue ethics. From a general point of view, the nursing code of ethics calls for a nurse to practice with sympathy and reverence for the natural dignity, value and distinctiveness of every human being (American Nurses Association [ANA], 2011, p. 3). In this regard, I need to engage Aristotle’s virtue ethics as a nurse in order to practice compassion and respect my patients. In addition, ANA (2011) notes that the second provision in this code of ethics provides that â€Å"the nurse’s primary commitment is to the patient, and not to the company or hospital,

Environment issue Essay Example | Topics and Well Written Essays - 1000 words

Environment issue - Essay Example They have various remarkable properties due to which people prefer using them as compared to paper bags. Their production is cheaper. These are light weight, easy to carry around, cost-efficient and durable, and the consumer as such does not see any harm using them in packing their stuff. We use them during our shopping spree. We put eatables in them and put them in our refrigerators. We store things in them so that they remain safe for years. We line our bathroom bins with them. Plastic bags are all over our environment. We see plastic bags blowing around on streets and in the waters. We see them clustered together at a place blocking the sewage lines. And we see people collecting their litter in the plastic bags and throwing them in garbage cans. 3. Problems with the usage of Plastic Bags 3.1. Damage to the Environment Often, we see someone collecting plastic bags and burning them. But do they disappear? No, and this is what is the biggest problem with these plastic bags. They do n ot disappear and they cannot be recycled into something else. They are made up of polyethylene which is a non-degradable material and just changes its shape when burnt but does not change its form. It is believed that a plastic bag takes thousands of years to decay entirely. So, it continues to be present in our surroundings as a permanent problem. The hitch actually arises when people do not dispose of the plastic bags properly. This is this unethical disposal that becomes the real trouble for the environment. â€Å"6.9 billion bags† are used in the world every year, and almost â€Å"30 million† of them end up clustering at dumpsites per year (James & Grant 2005:1). The aesthetic view of the surroundings also gets spoiled. 3.2. Air Pollution Burning them at dumpsites eliminates hazardous chemicals such as dioxins and furans, which get inhaled by people thus damaging their health. Since these chemicals are toxic, they pose threats to the human body and give rise to dis eases resulting from air pollution. Dioxins and furans are chemicals which are believed to destroy the purity of air and this fact is internationally accepted. 3.3. Hazards for Sea Life With increase in the usage of plastic bags, the marine environment is being forced to accept increased quantities of plastic debris. When the used plastic bags get clustered over rivers and seas, they become a hazard for marine mammals, fish, seabirds, crustaceans and turtles that ingest them or get entangled, and then die because of suffocation. â€Å"Ingested plastics may block digestive tracts, damage stomach linings, or lessen feeding drives† (Laist 2006:319). 3.4. Suffocation Plastic bags have also been found of being responsible for taking lives of many infants who put them on their faces and inside their mouths or nostrils, and may die of suffocation because plastic bags are air-tight. 3.5. Blockage of Drainage System Plastic bags can also block the drainage system which damages sanitat ion. Dirty water starts oozing out of the drains on the streets and into the houses in cities where drainage system is already not properly implemented. Flies and mosquitoes breed in this water and then they bring dirt onto the eatables which when digested by human beings makes them ill with diseases like cholera, typhoid, diarrhea, and

Encountering the Old Testament Assignment Example | Topics and Well Written Essays - 2750 words

Encountering the Old Testament - Assignment Example Nonetheless, as Cain called on God to provide some protection for him, as he feared being slain in his journeys, God yielded to Cain’s prayers and granted that â€Å"anyone who kills Cain will suffer vengeance seven times over† (Genesis 4:15 The New International Version). The Divine protection of Cain enabled him to reside safely in the eastern land of Nod, and to build the first city on the Earth, named after his first-born son, Enoch. The mercy of God thus proved instrumental in the development of human civilization (Arnold & Beyer, 2008). The case of Cain demonstrated that Lord God is simultaneously wrathful and merciful, ready both to punish and to forgive. The story of the Ark of Noah that may be found in the selfsame Book of Genesis is further testimony to this capacity of God, and, therefore, it is necessary to dwell on it in detail. According to Genesis, the Flood was caused by especial depravity of humans then living on Earth, who went as far as entering into sexual relations with â€Å"sons of the God† (i.e. the fallen angels; Genesis 6:2 The New International Version). ...The Covenant of God with Noah and his successors (Genesis 9:8-10 The New International Version) proved that Divine mercy is always quick to return to those who show their obedience to God’s will. The story of Jonah may likewise be invoked here. When Jonah declined God’s dictum to go to the city of Nineveh and preach against its residents’ wickedness, Lord God sent a great storm against the ship carrying him (Jonah 1:4 The New International Version). Eventually, Jonah was consumed by the belly of the â€Å"huge fish† sent by the Lord, and he was there for three days and three nights (Jonah 1:17 The New International Version). However, God’s mercy wathe s still shown to Jonah, as, when he gave prayer to the Lord in hope of salvation, God commanded the fish to release Jonah, and he was able to continue his way, going to Nineveh t o fulfill God’s will.  

Reasearch paper about accounting and why it interest me Essay

Reasearch paper about accounting and why it interest me - Essay Example The accountant should be perfectly skilled in the use of computer, MS Office and accounting softwares. Accountants should preferably get certified to become the certified public accountant (CPA). The individual needs to take accounting courses in the college. â€Å"As a general rule, a CPA must have a four year degree, while accountants without certification can get by with a two year degree† (Smith). An accountant should have very good interpersonal skills in order to gain success and satisfaction in the job. The accountant is supposed to frequently interact with the colleagues for necessary information. Therefore, he should have perfect mannerism, and should be extremely professional in his speech. It is very important for an accountant to be decently dressed because he has to visit the manager’s office several times a day. People like several things about the job of an accountant one of which happens to be the environment in which the work is conducted. Accounting is done inside the office. There is little to no field visit. The accountant is responsible to feed the data received from the site into the computer, update the data according to new purchases and sales on regular basis, prepare the balance sheet and forward it to the top management for information.

Environment issue Essay Example | Topics and Well Written Essays - 1000 words

Environment issue - Essay Example They have various remarkable properties due to which people prefer using them as compared to paper bags. Their production is cheaper. These are light weight, easy to carry around, cost-efficient and durable, and the consumer as such does not see any harm using them in packing their stuff. We use them during our shopping spree. We put eatables in them and put them in our refrigerators. We store things in them so that they remain safe for years. We line our bathroom bins with them. Plastic bags are all over our environment. We see plastic bags blowing around on streets and in the waters. We see them clustered together at a place blocking the sewage lines. And we see people collecting their litter in the plastic bags and throwing them in garbage cans. 3. Problems with the usage of Plastic Bags 3.1. Damage to the Environment Often, we see someone collecting plastic bags and burning them. But do they disappear? No, and this is what is the biggest problem with these plastic bags. They do n ot disappear and they cannot be recycled into something else. They are made up of polyethylene which is a non-degradable material and just changes its shape when burnt but does not change its form. It is believed that a plastic bag takes thousands of years to decay entirely. So, it continues to be present in our surroundings as a permanent problem. The hitch actually arises when people do not dispose of the plastic bags properly. This is this unethical disposal that becomes the real trouble for the environment. â€Å"6.9 billion bags† are used in the world every year, and almost â€Å"30 million† of them end up clustering at dumpsites per year (James & Grant 2005:1). The aesthetic view of the surroundings also gets spoiled. 3.2. Air Pollution Burning them at dumpsites eliminates hazardous chemicals such as dioxins and furans, which get inhaled by people thus damaging their health. Since these chemicals are toxic, they pose threats to the human body and give rise to dis eases resulting from air pollution. Dioxins and furans are chemicals which are believed to destroy the purity of air and this fact is internationally accepted. 3.3. Hazards for Sea Life With increase in the usage of plastic bags, the marine environment is being forced to accept increased quantities of plastic debris. When the used plastic bags get clustered over rivers and seas, they become a hazard for marine mammals, fish, seabirds, crustaceans and turtles that ingest them or get entangled, and then die because of suffocation. â€Å"Ingested plastics may block digestive tracts, damage stomach linings, or lessen feeding drives† (Laist 2006:319). 3.4. Suffocation Plastic bags have also been found of being responsible for taking lives of many infants who put them on their faces and inside their mouths or nostrils, and may die of suffocation because plastic bags are air-tight. 3.5. Blockage of Drainage System Plastic bags can also block the drainage system which damages sanitat ion. Dirty water starts oozing out of the drains on the streets and into the houses in cities where drainage system is already not properly implemented. Flies and mosquitoes breed in this water and then they bring dirt onto the eatables which when digested by human beings makes them ill with diseases like cholera, typhoid, diarrhea, and

Reasearch paper about accounting and why it interest me Essay

Reasearch paper about accounting and why it interest me - Essay Example The accountant should be perfectly skilled in the use of computer, MS Office and accounting softwares. Accountants should preferably get certified to become the certified public accountant (CPA). The individual needs to take accounting courses in the college. â€Å"As a general rule, a CPA must have a four year degree, while accountants without certification can get by with a two year degree† (Smith). An accountant should have very good interpersonal skills in order to gain success and satisfaction in the job. The accountant is supposed to frequently interact with the colleagues for necessary information. Therefore, he should have perfect mannerism, and should be extremely professional in his speech. It is very important for an accountant to be decently dressed because he has to visit the manager’s office several times a day. People like several things about the job of an accountant one of which happens to be the environment in which the work is conducted. Accounting is done inside the office. There is little to no field visit. The accountant is responsible to feed the data received from the site into the computer, update the data according to new purchases and sales on regular basis, prepare the balance sheet and forward it to the top management for information.

Determination of Ksp of Copper(II) Iodate by E.M.F. Measurement Essay Example for Free

Determination of Ksp of Copper(II) Iodate by E.M.F. Measurement Essay Introduction: Copper(II) iodate(V) ionizes weakly in water: Cu(IO3)2 + aq Cu2+(aq) + 2IO3-(aq) For a saturated solution of copper(II) iodate(V), concentration of IO3- ions doubles that of the Cu2+ (aq) ions, and Ksp of Cu(IO3)2(s) can be calculated by determining the concentration of Cu2+(aq) ion of a saturated Cu(IO3)2(aq). The e.m.f. of a galvanic cell consisting of a Zn(s)/Zn2+(aq) half-cell and another half-cell containing a copper strip in contact with a saturated solution of Cu(IO3)2(aq) is measured by a commercial DMM. Concentration of Cu2+(aq) is determined with reference to the EO values of the Zn(s)/Zn2+(aq) and the Cu(s)/Cu2+(aq) couples as well as the Nernst equation for a metal/metal ion half-cell: where n is the number of electrons transferred in the reduction process. ? Zn Zn2+ + 2e- Cu2+ + 2e- Cu ? n=2 For the Zn(s)/Zn2+(aq) half-cell, = -0.76V For the Cu(s)/Cu2+(aq) half-cell, Ecell = ER EL = {(+0.34) + 0.0295 log [Cu2+(aq)]} {(-0.76)} = (1.10) + 0.0295 log [Cu2+(aq)] When the voltage of the cell system is measured, the concentration of Cu2+ can be determined by the above equation. Therefore, the solubility product can be calculated by the above principle. Purposes: To determine the solubility product of copper(II) iodate(V) at room temperature and pressure by e.m.f. measurement. Apparatus and Reagents Used: Apparatus used: Well-plate; Plastic pipettes; Copper wire electrode; Zinc plate electrode; Digital multimeter (DMM); Connecting wires with crocodile clips; Filter paper strip, and Sand paper à ¯Ã‚ ¿Ã‚ ½1 à ¯Ã‚ ¿Ã‚ ½2 à ¯Ã‚ ¿Ã‚ ½1 à ¯Ã‚ ¿Ã‚ ½1 à ¯Ã‚ ¿Ã‚ ½1 à ¯Ã‚ ¿Ã‚ ½2 à ¯Ã‚ ¿Ã‚ ½1 Reagents used: 1M ZnSO4(aq); 0.3M KIO3(aq); 0.15M CuSO4(aq), and Saturated KNO3(aq) Chemical Reactions Involved: The equation of dissolution of copper(II) iodate(V): Cu(IO3)2(s) + aq Cu2+(aq) + 2IO3-(aq) The equation of redox reaction between Zn and Cu2+: Cu2+(aq) + Zn(s)Zn2+(aq) + Cu(s) Procedures: 1. 50 drops of 1M ZnSO4(aq) were placed into a well of the well-plate; 2. 25 drops of 0.3M KIO3(aq) were placed into an empty well next to the well containing the 1M ZnSO4(aq), by using a clean Jumbo pipette; 3. The plastic pipette used in step(2) was cleaned. By using the same plastic pipette, 25 drops of 0.15M CuSO4(aq) were added and stirred well with a micro-stirrer or toothpick. 5 minutes were waited to attain equilibrium; 4. The two wells were connected by a strip of filter paper moistened with saturated KNO3(aq); 5. A clean homemade copper wire electrode and a clean zinc plate electrode were placed into the well containing the pale blue suspension and the well containing the 1M ZnSO4(aq) respectively; 6. The prepared galvanic cell was connected to a DMM. The steady voltage developed was recorded. Observations: When the galvanic cell completed in step(5) was connected to the DMM, a steady voltage was developed. Data and results: Temperature of the aqueous solution = 26? E.m.f. of the cell formed by Zn(s)/Zn2+(aq, 1M) and Cu(s)/Cu(aq, saturated) = 0.997V Discussions: 1. The expression of the Ksp of copper(II) iodate(V) = [Cu2+(aq)]eqm [IO3-]2eqm 2. By the equation evaluated in the introduction, Ecell = (1.10) + 0.0295 log [Cu2+(aq)] = 0.997V 0.0295 log[Cu2+(aq)] = -0.103 log[Cu2+(aq)] = -3.492 ? [Cu2+(aq)]eqm = 3.225 à ¯Ã‚ ¿Ã‚ ½ 10-3 moldm-3 Concentration of Cu2+(aq) in the saturated pale blue suspension = 3.225 à ¯Ã‚ ¿Ã‚ ½ 10-3 moldm-3 3. By the equation of dissolution of copper(II) iodate(V), Cu(IO3)2(s) + aq Cu2+(aq) + 2IO3-(aq) [Cu2+(aq)] : [IO3-(aq)] = 1 : 2 ?[IO3-(aq)]eqm = 2 à ¯Ã‚ ¿Ã‚ ½ 3.225 à ¯Ã‚ ¿Ã‚ ½ 10-3 = 6.450 à ¯Ã‚ ¿Ã‚ ½ 10-3 moldm-3 Concentration of IO3-(aq) in the saturated pale blue suspension = 6.450 à ¯Ã‚ ¿Ã‚ ½ 10-3 moldm-3 4. The value for Ksp of Cu(IO3)2 = [Cu2+(aq)]eqm [IO3-]2eqm = (3.225 à ¯Ã‚ ¿Ã‚ ½ 10-3) à ¯Ã‚ ¿Ã‚ ½ (6.450 à ¯Ã‚ ¿Ã‚ ½ 10-3)2 = 1.34 à ¯Ã‚ ¿Ã‚ ½ 10-10 mol3dm-9 5. From the data of the Faculty of Chemistry and Technology, University of Split, the literature value of Ksp of Cu(IO3)2 is 6.94 à ¯Ã‚ ¿Ã‚ ½ 10-8 mol3dm-9 [1]. Obviously, the literature value was much larger than the experimental value. The discrepancy came from several reasons: 1 The experimental temperature was 26?, which was different from the expected room temperature 25?. As temperature is the main factor of Ksp, the discrepancy of Ksp was caused by the difference of temperature; 2 The low quality of copper and zinc electrode may affected the e.m.f. taken from the DMM, so the Ksp result was also affected; 3 The concentration of solutions prepared may be different with the expected value. The e.m.f. given out may not equal to the theoretical values, so the Ksp obtained may be different. Conclusion: By the e.m.f. method, the solubility product of copper(II) iodate(V) at room temperature and pressure was determined. Ksp for = 1.34 à ¯Ã‚ ¿Ã‚ ½ 10-10 mol3dm-9 Reference: [1] : Solubility Product Constants, Faculty of Chemistry and Technology, University of Split http://www.ktf-split.hr/periodni/en/abc/kpt.html

International capital budgeting

International capital budgeting Executive Summary In todays competitive environment, with companies are looking to expand their business not only nationally but also in foreign markets. For taking the decision on whether to invest in a foreign operation or not the company needs to assess various options it has. Capital Budgeting techniques are used in order to evaluate or compare different proposals. There is a difference in capital budgeting techniques for foreign operations as several factors such as exchange rates, inflation rates, blocked funds, government policies, etc. The returns arising out of foreign operations are different for the subsidiary company and parent company. Cash Flows should be computed for the investor i.e. the parent company and if the NPV of cash flows after subsequent adjustments comes out to be positive for parent company the investment decision might seem fruitful. Although a positive NPV for subsidiary would also add to the wealth of the corporation but generally parent companys in such instances are a little hesitant to invest. Favourable condition is the one in which both companies have a positive return. The cost of capital also needs to be estimated correctly by making suitable adjustments. Overall cost of capital should be lowered by having an optimal cost structure within several constraints. Several Decisions need to be made by the International Finance Manager on whether to expand, postpone or abandon the project in cases of sudden rise or fall in demand. Generally, companies do not wish to abandon the project as entering and leaving market is more costlier than bearing operational loss for sometime. Careful attention to the demand and other foreign and local government policies come into picture while taking this decision. Introduction Many firms around the world carry out business activities in more than one country such firms are known as Multinational Corporations (MNCs). With increase in globalization such activities have been on a rise. Many Indian firms also after the inception of Liberalization, Globalization and Privatization policy have started to raise finances in foreign markets, export goods and services, import goods and services and even invest abroad. However, the fundamentals of financial management do not differ whether the firm is domestic or an International firm i.e. a firm which has significant foreign operations. Although there are a few factors that need to be considered in International firms such as currency denominations, tax and other Government implications, varying accounting standards, barriers to trade and financial flows and political risk. One of the key factors for firms having their operations in foreign countries is the exchange rate. Exchange rate unlike few years back (1971) where devaluations and revaluations occurred only very rarely has given way to the system of floating exchange rates. In a system of completely floating exchange rates, the relative prices of the currencies are determined entirely by the demand-supply gap. Authorities in such a system do not attempt to influence the rate movements. But such an ideal system does not exist. Governments in all countries attempt to influence the movements of exchange prices either through direct intervention or through a mix of monetary and fiscal policies as they regard exchange rate as a very important macro-economic variable. Such a system is called dirty float. Exchange rate directly influences the estimation of budget of a foreign investment. So in order to accurately forecast the budget or profitability of a project it is essential to forecast the exchange rates for future. Exchange Rates An exchange represents the price of one currency expressed in terms of another. There are two ways of quoting an exchange rate. Direct Quote: A type of quote in which exchange rate for a foreign currency is quoted in terms of number of units of local currency that are equal to a single unit of foreign currency. For example when it is said that exchange rate for dollar is Rs 46, it illustrates a direct quote for Dollar. Indirect Quote: A type of quote in which exchange rate for a foreign currency is quoted in terms of number of units of foreign currency that are equal to a unit of local currency. For example when it is said that $0.0233 is equal to Re. 1, it illustrates an indirect quote for Dollar. Since 1993, the interbank foreign exchange market in India has been using system of direct quote, prior to that it used a system of indirect quote. International Standards Organization has developed three letter codes for all currencies that are used by the SWIFT network that affects the inter-bank fund transfers. Codes for a few currencies are: Spot Rate Quotations Spot Rate refers to the rate of a foreign exchange contract for immediate delivery. Although it is said to be immediate its settlement is done in two business days after the date of transaction. A quotation consists of two prices. The first price is the bid price i.e. the price at which the dealer is willing to buy. The second price is the ask price i.e. the price at which the dealer is willing to sell. The difference between the two prices is known as the bid ask spread. It reflects the breadth, depth and volatility of the currency market. The spread is generally expressed in percentage terms. For e.g. if USD/INR Spot :46.2500/46.2600, it means that the dealer would buy one US dollar for Rs 46.2500 and sell one US dollar for Rs 46.6000. In this the bid ask spread is: Cross Rate Quotations If the exchange rate between currencies A and B and currencies B and C is known then the exchange rate between currencies A and C can be determined by the following: S(A/C) = S(A/B) x S(B/C) Forward Rate Quotations A rate which is fixed today but the settlement for the transactions occurs at some specified date in the future. Banks normally quote forward rates for maturities in the whole calendar months. For commercial customers it is mentioned in the same way as quotation for spot rate. For e.g.: USD/INR 3 Month Forward : 46.4220/46.5210 The above statement signifies that after three months bank would buy one dollar for 46.4220 and sell one dollar for 46.5210. However, in the interbank market the forward quotes are given as a pair of swap points which are then added or subtracted from forward quotation. The swap quote only expresses the difference between the spot quote and forward quote. Decimals are not written in swap quotes and are represented as follows: Conversion of Swap Rate into Outright Rate Swap rate can be converted into outright rate by adding premium or subtracting the discount from spot rate. If the forward bid rate in points is more than offer rate then the forward rate is at a premium and hence the points are added to the spot rate in order to get outright rate. If the forward bid rate is more than the offer rate in points then the swap points are subtracted from the spot rate. The swap quotation is generally expressed such that the last digit coincides with the same place as the last digit of spot price. So, in USD/INR quote given above, the rate 20/10 would mean INR 0.0020/INR 0.0010. On application of the above rule to the example, the outright forward quotation would be: USD/INR 1 month forward: 46.5005/46.5020. Forward Premiums and Discounts If the US dollar is costlier in the forward market than in the current market then it is said that it is at a forward premium in relation to Rupee. Similarly if it is cheaper in the forward market it is said to be at a discount in relation to Rupee. With two way quotations there is no single unique way of quantifying the premium or discounts. One way commonly used is expressing premium or discount as an annualized percentage deviation from spot rate. Forward premium(discount) = (n-day forward rate spot rate)/spot rate x 360/n n length of forward contract in number of days Futures and Options in Foreign Currencies An alternative to the forward market is the futures market. The currency futures contracts are standardised currency forward contracts in terms of size of the contract and delivery dates. The difference between forward contracts and futures is that forwards are customized whereas futures are standardized contracts. International Parity Relationships In order to have consistent international financial policy a relationship between interest rates, inflation rates and exchange rates needs to be understood. Following theories suffice this purpose: Covered Interest Arbitrage and Interest Rate Parity It is an investment strategy whereby an investor buys a financial instrument denominated in a foreign currency and hedges his foreign exchange risk by selling a forward contract in the amount of the proceeds of the investment back into base currency. Combined effect of such transactions and market pressures result in an equilibrium relationship which is known as interest rate parity (IRP) which preludes covered interest arbitrage transactions. When IRP exists, the difference between forward rate and the spot rate is enough to offset the difference between interest rates in two currencies. IRP condition states that the home interest rate must be higher or lower than the foreign interest rate by an amount equal to forward discount or premium on home currency. IRP can be stated as follows: Purchasing Power Parity According to the concept of purchasing power parity barring the effects of barriers associated with the movement of goods or services across countries, price of each product shall be same in each country, after making the appropriate currency conversions. It is also known as law of one price in economics. For goods which cannot be easily stored or transported law of one price doesnt hold, but for goods like crude oil and gold which can be easily stored and transported there arent major deviations from law of one price. A less restrictive form of Purchasing Power Parity is called the relative purchasing power parity which states that the difference in inflation rate between two countries is offset by the change in exchange rate. Relative Purchasing Power Parity can be expressed as follows: International Capital Budgeting Once a company has reached a decision to invest abroad the next thing to do is to evaluate various projects/proposals. The evaluation of the long term investment project is known as capital budgeting. The method of capital budgeting is quite similar for both a domestic company and an international company. The difference is that in order to evaluate for an international company different aspects need to be taken into account such as computation of cash flow relating to project in viewpoint of both parent and subsidiary, cost of capital, etc. Evaluation Criteria An investment proposal can be evaluated using two types of method non-discounting and discounting methods. The non-discounting methods are simple to compute but are not as accurate as discounting methods as they do not take into consideration the time value of money. The focus would mainly be on the discounting methods. Non-Discounting Methods Average Accounting Rate of Return: It takes into account profit before interest and tax with respect to investment. The profit is then compared to the required rate of return. A project is acceptable if the mean profit is higher than the required rate of return. The negative aspects of this method are that it is based on accounting income and not on the cash flow; it considers profit before tax and it also ignores the time value of money. Pay Back Period: It is the number of years required in order to recover the initial investment. This method mainly focuses on early recovery of funds but does not consider the cash flow after the pay back period i.e. it does not take into account the life of the project. The advantage of such non-discounting methods are that they are easy to compute and can be used in the initial stages of project in order to compare which project would be able to recover the investment quicker. Discounting Methods Net Present Value: In this approach projects are accepted where the present value of net cash inflow during the life span of project is greater than initial investment. It is computed using. Choice between different methods During comparing two proposals sometimes the result of two methods may differ as they rest on different assumptions concerning the reinvestment of funds released from the project. The NPV rule implies reinvestment at a rate equivalent to the required rate of return which is used as the discount rate whereas IRR assumes the funds to be reinvested at IRR. However, in such a case NPV is given preference as there are a few limitations of IRR method. Firstly, where projects of different life span are considered IRR inflates desirability of a short-life project as IRR is a function of both the time involved and size of capital investment. Secondly, IRR remains to be lower on projects with a longer gestation period, even when NPV remains larger because IRR is high in those projects where several benefits accrue in early part of their economic life. Thirdly, there is a possibility of two IRR rates coming for a given NPV as they are computed using a polynomial equation. Between PI and NPV, NPV is given preference as it represents an absolute value. Computation of the Cash Flow The decision to start a new project involves outlay of cash flow in form of investment but in return brings in funds and adds to the firms stock of wealth in future. Cash Flow can be grouped under three heads: Initial Investment during the period, to Operating cash flow during the period, t1 to tn Terminal cash flow or salvage value emerging at the end og the period, tn. The following factors should be kept in mind: Cash Flow is considered on after tax basis Financing cost is not included despite the fact that capital has a cost because such costs are considered elsewhere while determining projects required rate of return Cash flow is computed on an incremental basis and represents the difference between cash flow after the investment and cash flow in absence of investment Certain costs do not involve cash flow but involve opportunity cost, such costs are included in the decision process Parent Units Perspective and the Cash Flow In multinational capital budgeting the question arises whether to compute the cash flow from viewpoint of the parent company or viewpoint of subsidiary company because cash outflow of one could be cash inflow for the other. For e.g. if the subsidiary company gives the parent company a royalty fees then it becomes an inflow for the parent company but it is an outflow for the subsidiary company. It is difficult to take a decision on whether to accept or reject a proposal in such instances. In fact there may be many situations when the disparity in the cash flow between the parent and its subsidiary occurs. For example if the tax rates in home country and foreign country are different disparity in cash flow would arise. It is possible that on account of lower tax rates in foreign country the after tax cash inflow is large enough to justify the investment proposal. On the other hand high tax rates in the home country might render the investment proposal infeasible from viewpoint of the p arent company. The parent company might reject the proposal due to low cash inflow due to exchange control applied by the foreign government, despite the cash flow being sufficient for implementation. In a situation where parent company charges the subsidiary exorbitantly for the use of technology and management, the cash inflow accruing to the parent company will be larger justifying the investment decision. Lastly, changes in exchange rate may change the cash flow of parent company. When the currency of the foreign country appreciates parent company gets a larger flow of cash in terms of its own currency. This might alter the accept-reject decision. In corporate financial management the value of the project is determined by net present value of the future cash flows available to the investor. Since, parent company is the one which invests in the project , it is the cash flow of the parent company that is taken into account in the context of international capital budgeting. Initial Investment If the entire project cost is met by the parent company the entire amount of initial investment is treated as the cash outflow. There are instances when the project is partly financed by the subsidiary itself through local borrowings but such borrowings do not form a part of the initial cash outflow. In some cases the subsidiary company makes additional investment for expansion out of the retained earnings, in such a case there is no cash outflow from the parent company but such costs should be treated as opportunity costs because in absence of retention of earnings, these funds could have been transferred to parent company rather than invested in the project in question. Thus, the investment out of retained earnings should be treated as cash outflow from parent companys perspective. Sometimes foreign government imposes exchange control and does not allow the cash to flow to the parent company. Such funds are called as blocked funds. For this reason the part of the cash that is blocked is not treated as cash inflow from the parents perspective. However, if the blocked funds are reinvested in some new project then that amount is considered as investment by the parent company. Operating cash flow Besides the initial investment, some adjustments need to be made to the operating cash flow as well. The revenue generated through the sale of a subsidiarys product in the local market as well as in other countries is shown as cash inflow to the parent company but it is subject to downward adjustment by the lost income on sales previously realized through parent companys export to these markets. On the other hand if operation in the subsidiary leads to import of components and raw material from parent company value of such import will be added to the revenue. The transfer pricing, when the parent company or any other unit of the firm charges price for intra-firm transfer of intermediate goods, also influences the operating cash flow. The transfer pricing is adopted either for better working capital management or wavering of taxes through shifting of before-tax profit to a country with lower tax rates. When transfer pricing lowers the overall tax burden on the parent company it is treated as cash inflow. However, such inflows are discounted at a higher rate because they involve great risk. If there are incentives from the foreign government, they are included in capital budgeting. For example, if foreign government offers loan at a subsidized rate then the gains from such an incentive is treated as operating cash inflow. When the subsidiary takes loans locally, the amount of interest payment is deducted from operating cash inflow. In case of domestic capital budgeting it is not the case as financing cost is included in the discount rate, but in case of international capital budgeting, the cash remitted to parent company would seem to be overstated if interest payments are not treated as cash outflow. Inflation influences both the cost and the revenue streams of the project and hence inflation rate differential also needs to be taken into account. If the inflation rate is higher in foreign country and if the import from the parent company constitutes a significant portion of the input of subsidiary, the cost will not move up very high but if the inputs are bought locally the cost increase may be substantial. Similarly, revenue would move up if there is no competition from foreign suppliers and the demand for the product is price inelastic. Although if inflation rates are very fluctuating it becomes very difficult to make an accurate forecast as the inflation differential would keep on changing. The exchange rate fluctuation influences the size of the cash flow. Changes in exchange rate are not only due to the changes in inflation rates but several other factors. It is difficult to predict the behaviour of those factors. Nevertheless, the cash flow computation process incorporates different scenarios of exchange rate movements. If there is an appreciation in the value of foreign currency, it is good for the parent company as it will increase the size of cash inflow in terms of home currency. This gain may be offset by the high inflation rate but if in the future the rate of inflation is expected to lower thus helping appreciate the value of foreign countrys currency, the subsidiary should invest locally the payments to the parent company till the strengthening of currency. Terminal Cash Flow When salvage value of a project is uncertain the parent company makes several estimates of salvage value or terminal cash flow and computes the NPV based on each possible outcome of terminal cash flow. Alternatively, it computes the break even salvage i.e. terminal cash flow necessary in order to achieve zero NPV for the project. Break even salvage value is then compared to estimated cash flow. If the estimated terminal cash flow is less than break even salvage value, the investment proposal would be rejected as the NPV would be negative. On the other hand if the subsidiary would sell for more than break-even salvage value then this would be incorporated into assessment of whether to accept the project or reject it. To further explain the terminal cash flow, we would break up the cash flow beginning from the first year to the nth year into operating cash flow (OCFt) and terminal cash flow (TCFn). So from the above equation we can conclude that in order to compute break even terminal cash flow we have to first estimate the present value of operating cash flows or the future cash flows without salvage value. When computed it is deducted from initial investment and difference is multiplied by (1+k)n. Parent-Subsidiary Perspective: An Alternative Approach In the earlier approach we analyzed that NPV of the investor is taken into account rather than project while deciding on whether to invest in a certain project or not. But if projects NPV is positive, it is bound to add to corporate wealth of firm as a whole. Under this approach two NPVs are computed, one from parent companys point of view and other is the NPV of the project. Finally the acceptance or rejection decision is based on NPV of both of them. In order to calculate the NPVP or Net Present Value from Parent companys perspective following steps are taken: Estimate the cash flow in foreign currency Estimate the future spot exchange rate on the basis of available forward rates Convert the foreign currency cash flow into home currency Find home currency using home currency discount rate Similarly to find out NPVS or Net present value from subsidiarys perspective following steps are taken: Estimate cash flow in foreign currency Identify the foreign currency discount rate Discount the foreign currency cash flow at foreign currency discount rate Convert the resultant NPV into the home country currency at spot exchange rate. In the above case the cash inflow represents the earnings of the project in foreign currency irrespective of the fact whether cash moves towards or away from the parent unit. The two methods above assume all-equity capital structure and so, if the parity conditions existed in the real world the two approaches would give the same value. But generally debt is normally included in capital structure in order to lower the cost of capital and furthermore parity conditions do not exist. The possible results could be: NPVP and NPVS: both negative and in such a case project is rejected NPVP and NPVS: both positive; in such a case project is accepted NPVP>0>NPVS: The project is attractive from parent companys point of view but not from subsidiary companys point of view. In such a case project could be accepted but there are chances of loss in value in terms of foreign currency. NPVP