Religion As A Means For Political And Economic Gains Essay

Religion As A Means For Political And Economic Gains - Essay Example This announcement will be tried through subjective examination of the current writing on religion and a contextual investigation of Taliban. By investigating the topic of whether Pakistan utilized Islam through Talibanization of Afghanistan basically to stem the developing Pashtun patriot development, I will endeavor to show that religion was utilized for political increases and for all intents and purposes monetary gains by a nation which broke separated because of a comparative patriot development three decades prior. The result of this exploration can assist with carrying us closer to getting religion and include to a continuous discussion religion and its connection with legislative issues and economy. Watchwords: religion, strict abuse, strict qualities, fundamentalism, Taliban, Afghanistan, Pakistan, Pashtunistan Exploration Design in Anthropology (Final Project) 1. Item The primary capacity of religion is keeping up an attractive social request which shields the people and the general public from physical and enthusiastic damage brought about by individual individuals and guarantees redemption from hardship (Columbia Encyclopedia), yet since it can increase an elevated level of worthiness among its adherents, now and again to the degree of respect, it requests a visually impaired confidence from who follow the customs without thinking. In first experience with the principal volume of the celebrated Fundamentalism Project, Fundamentalisms Observed, editors Martin Marty and R. Scott Appleby (1991) guarantee that the strict part of fundamentalism will in general communicate in the accompanying four different ways: as a battling for the perspective related with the religion; a battling with the legends, conventions and tenets made by the religion; a battling against the individuals who don't buy in to the religion; lastly, a battling under the god or o ther extraordinary reference thought to be the religion's definitive source. In immature social orders religion has a more grounded hold over poor people and the feeble who look for security in its name and comfort when they when they neglect to accomplish the ideal objectives throughout everyday life. Since the pastorate guarantee responsibility for their job turns into the most significant for the general public just as for the individual, now and again considerably more significant than God himself. Some esteemed ministers become so ground-breaking that their authority matches the forces of the rulers and other weight gatherings. Subsequently religion orders supreme compliance from poor people and the weak which subjugates them to the overseers of religion specifically the ministry which thus enables them to change social conduct. All the more as of late, such a wonder has come to be recognized as fundamentalism whereby the pastorate and partners have looked for or accomplished d ifference in social, political and monetary nature. Any socio-political development that expects of its individuals a severe adherence to determined essentials or teachings; that looks to force those basics, by influence or power, on any who are outside the development; and that claims for its inspiration in doing so a heavenly, or in any case supernaturally grounded, order. (Carr and Saha, 2001) This has occurred in certain social orders while somewhere else other social elements rose to pacify or drop the enchantment of the religion and its overseers, for example, interfaith or partisan contention, ascent of dynamic powers which further the intensity of thinking and science, etc. History is loaded with occurrences where ministry utilizing strict declarations and confidence have attempted to adjust social

The War on Drugs A Global Loss Essays - Law, Foreign Relations

The War on Drugs: A Global Loss The worldwide war on drugs has fizzled, having no achievement in achieving its objectives and encroaching on human rights. It has fashioned vast harm among outside countries and even in territories inside our own with effectively precarious framework. The main rate corresponding to sedate utilize that the arrangement had prevailing with regards to bringing down were that of endurance. None of these realities are planned to allow free access to opiates with no consideration, yet rather they serve to uncover the basic imperfections with our present arrangement of countermeasures. Laws on opiates have been being set up since the late nineteenth century, however the main government activity in the United States was in 1920 with Amendment XVIII to the Constitution, prohibiting the ownership and conveyance of liquor. Just thirteen years after the fact it was canceled, after the liquor exchange blasted operating at a profit market and liquor abuse intensified. This was not the finish of the bans, be that as it may, as in 1971, President Richard Nixon sent a message to congress declaring that medications were US open foe number one. This was the start of the multimillion you ought to likely say dollar, to inevitable multibillion costing venture to contain and forestall tranquilize use. After more than forty years there has been next to zero advancement appeared and the costs have just scaled up. The worldwide war on drugs should be improved, there is nothing but bad in keeping the strategies as they seem to be, as there are no indications of achievement, it overrules the privileges of individuals in the victory of one day getting rid of medication use and leaves cultural impressions that still can't seem to determine after decades to recoup. There is no uncertainty this is an important change the United States needs to make for the fate of both itself and numerous countries presently associated with the medication exchange. Broad utilization of medications while under the brutal policing of laws forced to stop such utilize has not gone down. The exchange and deals of unlawful substances have been recorded in taking part nations of the United Nations, and in simply the multi year range somewhere in the range of 1998 and 2008, exceptionally illicit substances, for example, sedatives and cocaine have expanded in exchange by 34.5% and 27% individually as indicated by the investigations of the UN (War On Drugs: Report of the Global Commission on Drug Policy, 2011, p. 6). Such a lofty increment infers, that notwithstanding every activity taken to confine exchange and ownership, utilization of illicit substances has likely expanded around the world. In the United States, through the span of longer than 10 years from 2002 to 2013, utilization of illegal medications has climbed (NIDA, 2015), and keeping in mind that not fundamentally, however it shows that the numbers are not going down. Without an adjustment in our course, there will be no limit to the silly war and inordinate spending going into an undertaking with not a single accomplishment to be found. There have been and still are cases of countries utilizing elective techniques to control sedate maltreatment, Portugal for instance has made prominent steps against its significant pervasiveness of medication misuse and mortality by overdose by embraced a definitely unexpected methodology in comparison to countries, for example, the United States had. Portugal's nation review from the EMCDDA in 2013 shows that in 2007, six years after their medication arrangement change, the grown-up pervasiveness of lifetime utilization of any illegal substance was 12% and with youthful grown-ups, 17.4%, in any case, in 2012, the numbers had dropped down to 9.5% and 14.5% separately (Portugal nation outline, 2016). The quickly bringing numbers are expected down to their approaches concentrated on treatment and controlling medication exchange to be she ltered and constrained, as opposed to get rid of it totally, which takes into account progressively extraordinary conditions to shape, for example, tranquilize cartels and underground market substances fundamentally more perilous than the simple access, more affordable safe stock that will be joined by treatment to conquer compulsion. Without the utilization of strategies that advance recuperation as opposed to rebuffing ownership, there will and have been grave outcomes among the private existences of survivors of medication misuse. The War on Drugs isn't only a consuming disappointment of approaches, it goes well beyond absence of progress, and

Blog Archive Friday Factoid Entertainment and Media at NYU Stern

Blog Archive Friday Factoid Entertainment and Media at NYU Stern The annual ProMotion Pictures Film Competition at New York University’s (NYU’s) Stern School of Business is a joint effort by Stern and NYU’s Maurice Kanbar Institute of Film and Television and sponsored by a different corporation each year. In this competition, Stern and Kanbar students develop short films based on the sponsor’s specifications regarding content, length, and brand message. The films are judged by a panel of advertising and marketing executives, and the winning teams are given access to the resources of partnering media, entertainment, and communications companies to assist in screenplay production. The finished filmsâ€"which are debuted at New York’s Tribeca Film Centerâ€"may be used by the sponsoring brand as part of the parent company’s advertising campaign. The 2013â€"2014 competition sponsors were The Innocence Project and Subway Fresh Artists, and past sponsors have included Axe, Heineken, Johnnie Walker, Subway, Verizon, and Volvo. Winners can recei ve cash payouts, including $5,000 for “The Brand Prize” and $10,000 for “The People’s Choice Prize.” In 2014, two winning teams created apps for Spotify, and the winning filmmaker created a five-minute short piece for Armani Eyewear. This competition is just one part of Stern’s Entertainment, Media, and Technology (EMT) specialization. The school also supports students interested in Entertainment and Media careers with the Media, Entertainment, and Sports Association (which sponsors a three-day career trek to Los Angeles) and an annual trip to the Cannes Film Festival. Those interested in EMT will find much that caters to their needs. For more information on NYU Stern or 15 other leading MBA programs, check out the mbaMission Insiders Guides. Share ThisTweet Friday Factoids New York University (Stern)

An Understanding Of Morality By Using A Social Contract Essay

Introduction: An understanding of morality, the reasons to be moral, and the reasons certain actions are considered morally right or wrong is essential to the task of determining the way society functions and the way individuals ought to act. This task has been at the forefront of ethics in philosophy for centuries. Contractualist ethical theories have proposed answers to these questions. Contractualist ethical theories are essentially theories that explain morality by using a social contract, or agreement. In order to determine whether contractualism has been successful at answering questions of morality a comparison of the two main contractualist theories is necessary. Mutual-advantage contractualism is the first of these theories and argues that morality should be understood as a contract between self motivated parties. However, the disadvantages and objections to the theory have caused some philosophers to favour the second version, reasonable-agreement contractualism. Reasonable-agreement con tractualism argues that a contract has developed between members of society from actions that are considered morally reasonable. However, like mutual-advantage contractualism, the theory has disadvantages and objections. Therefore, an understanding of the ways both version of contemporary contractualism attempt to solve the problems raised in the objections will then be of use when determining which version of contractualism is best, and whether contractualism as a whole isShow MoreRelatedHobbes And The Natural State Of Man1617 Words   |  7 Pagesnature and his theology. From this pessimistic view of the natural state of man, Hobbes derives a social contract in order to avoid civil war and violence among men. Hobbes views his work as laying out the moral framework for a stable state. In reality, Hobbes was misconstruing a social contract that greatly benefited the state based on a misunderstanding of civil society and the nature and morality of man. In order to analyze Hobbes’s work of moral and political philosophy, one must first understandRead MoreThomas Hobbes And John Locke s Theory Of Social Contract Theory1449 Words   |  6 Pagesthis essay, I argue contemporary social contract theory extends itself beyond politics and into philosophy, religion, and literature. I begin by defining social contract theory and explaining the different perspectives of English philosophers, Thomas Hobbes and John Locke. From there, I will introduce Dostoyevsky’s work, Grand Inquisitor, and conduct an analysis of the relationships between the Grand Inquisitor and his subjects as well as Jesus and his followers. Using textual evidence and uncontroversialRead MoreCognitive And Moral Developmental Stages1115 Words   |  5 Pagesfrom being dependent on Actions and perceptions in infancy to an understanding of the more abstract aspects of reality in childhood to the underlying abstract rules and principals in adolescence. Jean Piaget’s theory of cognitive development is one the most widely accepted, his four stages of development are age based. Stage 1 Sensorimotor, infancy to 2 years A child in this stage is basically trying to understand the world using their senses and motor skills. Stage 2 Pre-operational, starts ageRead MoreLawrence Kohlberg s Levels Of Morality1422 Words   |  6 PagesRunning head: LAWRENCE KHOLBERG’S LEVELS OF MORALITY Lawrence Kohlberg’s Levels of Morality And How We Can Relate Ourselves to his Theory Sarah Blasco Tri-County Technical College LAWRENCE KOHLBERG’S LEVELS OF MORALITY Abstract This purpose of this is to describe Kohlberg’s theory of morality in detail; I will describe each level that pertains to this theory and how they have affected me personally. Lawrence Kohlberg theory of moral development isRead MoreAn Evaluation Of The Homeless Call Center874 Words   |  4 Pagesthe ability to think abstractly using hypothetical reasoning, analogies, and metaphors. This kind of logical problem solving is referred to as â€Å"hypothetical-deductive reasoning.† This problem solving process uses â€Å"hunches, or hypotheses, to solve a problem and follows a planned manner to test and evaluate the hypotheses until the best solution is discovered† (Ashford, 2013, p. 429). From approximately ages 12 to 15, operational skills and the capabilities of using principles of logic unfold graduallyRead MoreImportance Of Jury Nullification1605 Words   |  7 Pagesof morality. Jury nullification can however raise multiple moral dilemmas and has throughout ti me. Jury nullification was controversial when it originated, thru American history, and even in modern society. Jury nullification predates the signing of the Magna Carta in the year 1215. While the exact origins of jury nullification are unknown, it has been around a lot longer than most would expect. Back then illiteracy was very common so people would have to rely on their own sense of morality andRead MoreDiscussion and Notes DVM Essay785 Words   |  4 Pagesbeen able to develop ourselves, whether the others can do as well. Rostow says yes if you follow his ideas of the traditional society, the preconditions for take-off, the take-off, the drive to maturity and the age of mass-consumption - Political, social and economic development all play a role Neo-liberals say yes, if you let the market work 2) Modernizationists say yes if you have the right value system 3) Structuralist economists say yes but we can do even better 4) Institutionalists say itRead MoreOrigins of Morality Essay1411 Words   |  6 PagesWestern world is slave morality, a morality which puts forward ideals of fairness, equality, and democracy. However, many centuries ago during the medieval times, master morality was the norm; a morality that favors those superior in strength, beauty, intelligence, and status. Master morality preceded slave morality. Friedrich Nietzsche was a philologist, who used his knowledge of words to trace the origins of morality from their ancient definitions. He said that morality was something that manRead MoreFreud s Theory Of Sexual Development1652 Words   |  7 PagesSigmund Freud Interview Questions Anthony: How is morality developed in children? Freud: There is a three part process to the psyche structure that comprises of unique features that interact to form a whole. These parts consist of the id, the ego, and the superego. Each part of this structure makes a relative contribution to the child’s behavior. The id is the unconscious part of the structure which responds immediately to instincts. The ego mediates between the unrealistic id and the real worldRead MoreThe Theories Of Adolescent Development Essay819 Words   |  4 Pagesthink using hypothesis. Children construct an understanding of the world, then experience variations between what they already know and what the discover in their environment. The Cognitive Development theory is made primarily of schemas, adaption process that enable the transition from one stage to another, and stages of development. The Moral Development theory is not about what children do but what they think. It is separated into three levels. The first level is pre-conventional morality. At this

Legalizing Drug Use - 2273 Words

The arguments that I have just laid out are not perfect and they have some apparent flaws that some philosophers would strongly disagree with, while there are other arguments that some of the great philosophers would agree with. I will critique the arguments that I have just laid out using the perspective of three different philosophers who all have their own ideas of how the state should function and the role of the citizen. The three philosophers that I will use in this critique will be Karl Marx, John Stewart Mill, and John Locke. The reason why I picked these three philosophers is because they all agree with some aspects of my writing, while disagreeing with others. One will disagree with the role of the state and the citizens, but†¦show more content†¦Other citizens will not be born into a wealthy family, be well educated, and others will have bad luck and end up in the lower class. There is also a middle class for hard working individuals who are neither weathly n or poor, but have a steady job and can support their family. This will be the largest class in the state. Marx would disagree with this because multiple classes will eventually lead to the wealthy exploiting the lower classes. Marx would disagree with the middle class being the staple to my society. In his opinion the middle class is nonexistent because one either makes a fortune or hardly anything at all. Marx believes that there are only two classes in society, the property owners and the property less workers (Marx [1884] 2011, 570). Capitalism fails to unite the classes and have them working for a common good, instead it is based on greed and competition which causes the estrangement out of the worker. The estrangement causes the worker to become alienated during work. There are three reasons why the worker becomes alienated and they are: labor is external to the worker, the worker alienates himself through labor, and finally man is a species being and they lose relations hip to the other actors. All of the reasons of estrangement make the worker work a job where he does repetitive skills, feels unhappy, ruins his mind, and works for another worker so that person can become wealthy off of theirShow MoreRelatedShould Marijuana Be Legalized?1314 Words   |  6 PagesMarijuana, also known as cannabis, has been deemed an unacceptable and illegal substance in Canada, as well as in many other nations. It is a drug which can alter an individual’s sense of perception and distort one’s senses, and may become addictive if used repeatedly. Although marijuana is looked down upon in society when used for recreational purposes, it serves several beneficial purposes in the medical field. The legalization of marijuana is a prominent growing issue in several Canadian provincesRead MoreMarijuana Dispensaries are a Quick Fix to an Economic Crisis688 Words   |  3 Pagesrejuvenating the weary, and bringing ease to our stressful lives. The war on drugs has been a failure and it affects us all! The current cost of the war on drugs is 51 billion dollars annually and not only has marijuana use risen but it has become cheaper and easier to get. A recent survey conducted by the Pew Research Center stated that 48% of adults in America have tried marijuana and 40% had done so in the past three years. Legalizing marijuana would benefit the country in many ways. Opening dispensariesRead MoreLegalization of Marijuana: Just Say No Essay671 Words   |  3 PagesJane: all names for the illegal drug marijuana. This drug can be used for either medical or recreational purposes. In the past election, many states voted for the legalization of this drug. Legalizing marijuana, in my opinion, would not be beneficial. Releasing this drug to a greater population would increase the chances of it falling into the hands of children and causing harm to those around the abuser. Also, marijuana is considered a â€Å"gate-way† drug, or a drug leading to the usage of methamphetamineRead MoreShould Marijuana Be Legalized?966 Words   |  4 Pagespossession. Medical marijuana is on the table for seventeen other states also (Ross, J. K. 2014, 05). This drug can be used in many helpful, medical purposes. Cannabis oil can be used to treat certain seizure disorders in both children and adults. These are afflictions that can cause hundreds of seizures a day, and can even lead to death. However, it does not create the high that recreational use of marijuana produces (Aaron, Torres, 2015). Marijuana cigarettes are effective at controlling nauseaRead MoreMarijuana Should Be Legal For Recreational Use873 Words   |  4 PagesThere will be medical benefits if marijuana was legal for recreational use. Premise: Street justice related to drug disputes would be reduced resulting in less crowding in prisons. Revised: Legalizing marijuana will result in less crowding in prisons. Premise: States gain profit from taxing marijuana Revised: States benefit financially from the legalization of marijuana. Conclusion: Marijuana should be legal for recreational use. Marijuana has been used in herbal remedies for centuries. It hasRead MoreShould Marijuana Be Legalized?972 Words   |  4 Pagespurposes ranging from medical use to recreational use. Although small steps are being for marijuana legalization across the country, there is still a long way to go. Some folks argue that marijuana is a gateway drug and impairs judgement, causing people to act recklessly. However, extensive studies have been conducted on the effects, risks, and benefits of marijuana, and have proven marijuana to be safer than alcohol and most prescription, over-the-counter, and illicit drugs. Despite the extensiveRead MoreLegalizing Recreational Pot1507 Words   |  7 PagesFebruary 2016 Legalizing Recreational Pot Heavy marijuana smokers are at risk for some of the same health effects as cigarette smokers, like bronchitis and other respiratory illnesses. Marijuana is the most commonly abused illegal drug in the United States and around the world. Those who support its legalization, for medical or for recreational use, fail to recognize that the greatest costs of marijuana are not related to its prohibition; they are the costs resulting from marijuana use itself. IfRead MoreAdvocation for Legalizing Recreational Marijuana1332 Words   |  5 PagesPro Legalizing Recreational Marijuana A controversial topic often being advocated for by sitting governors is whether the legalization of marijuana is more beneficial or harmful to the economy. Marijuana, also known as weed, is a mixture of the dried and shredded leaves, stems, seeds, and flowers of the cannabis sativa plant. It’s the most widely used illegal drug in the United States, even though studies have shown results that the benefits of using marijuana for medicinal or recreational reasonsRead More Marijuana Use Should be Legal Essay932 Words   |  4 Pages Marijuana Use Should be Legal The issue of the legalization of Marijuana is a never-ending battle that the country will never fully win. Marijuana should be legalized because it is a large part of the drug war, which will never come to an end. Society is in the midst of a time of anguish and skepticism of what will become of the nation. With all of the problems happening around us, the government and officials should begin to realize that the time and effort spent on battlingRead MoreShould Marijuana Be Legalized? Essay1587 Words   |  7 Pagesa complex drug and its contradictory claims of medical purposes, and harmful destruction, fuel the debate on whether or not the legal constraints of consuming marijuana should be reconsidered. In consideration of academic journals and news article, citizen welfare, economy benefit, social progression and legal system implications, will be focused on. Despite opposing beliefs, prohibiting the recreational usage of marijuana does not counteract the dangers of the practise thus legalizing marijuana

The Marrow of Tradition Essay - 1475 Words

As the United States developed and grew, upward mobility was central to the American dream. It was the unstated promise that no matter where you started, you had the chance to grow and proceed beyond your initial starting point. In the years following the Civil War, the promise began to fade. People of all races strived to gain the representation, acknowledgement and place in this society. To their great devastation, this hope quickly dwindled. Social rules were set out by the white folk, and nobody could rise above their social standing unless they were seen fit to be part of the white race. The social group to be impacted the most by this â€Å"social rule† was the African Americans. Black folk and those who were sympathetic to the idea of†¦show more content†¦This is supported by the idea that race was determined by one’s environment, that was in turn determined by the color of one’s mother. (Williams, 2006) Olivia is of a white race, with both father and mother being white. She is happy and content with a privileged white life. Janet, on the other hand, is the daughter of a black maid and a white man. When Janet’s father died, his will was taken and hidden secretly by Polly Ochiltree, Olivia’s aunt. This meant that Mrs. Polly kicked the maid Julia and her daughter Janet out of the house. As a result, Janet is pronounced black and left nameless, with no money or hope looking towards the future. Despite Olivia’s opportunity to have whatever she desires, she is still jealous of Janet in some ways. For example, seeing Janet with her son, made Olivia fall into a fit of hysterics. As Miss Jane put it, â€Å"So ter-day,w’en Mis’ Livy wuz out ridin’ an’ met dis yer Janet wid her boy, an’ w’en Mis’ Livy got ter studyin’ bout her own chances, an’ how she mought not come thoo safe, she jes’ had a fit er hysterics right dere in de buggy.† (Che snutt pg. 7). Throughout the entire novel, Olivia and Janet play this game of who is worth more on a personal level. Pre-Civil War, there were many free black men and women. Most of these women became mistresses to the white Creole men of New Orleans in a system called plaà §age. The men would choose their mistresses at the Quadroon Balls. The QuadroonShow MoreRelatedThe Marrow Of Tradition And House Of Mirth2043 Words   |  9 PagesKrista Young 05/11/2015 Thought and Society Chestnutt/Wharton Essay Assignment The Marrow of Tradition and House of Mirth Class, gender, and race are just a few of the classifications that have directly impacted one’s financial, legal, and personal freedoms throughout history. There are several examples in Charles Waddell Chesnutt’s The Marrow of Tradition and Edith Wharton’s House of Mirth that will shed light to the many situations in which the characters find themselves that display the sortRead More Charles Chestnutt’s The Marrow of Tradition Essay1173 Words   |  5 PagesCharles Chestnutt’s The Marrow of Tradition Based on historical events, Charles Chestnutt’s The Marrow of Tradition, gives human details to produce a vivid picture of life in the south after the failure of reconstruction. His work has many underlying themes among which are the use of the press to stir already volatile emotions through propaganda, class structure not only along color lines but within races, and the effects of the white supremacists’ agenda on the integrity of those who claimedRead MoreThe Marrow Tradition By Charles Waddell Chestnut1172 Words   |  5 PagesLovena Frazil African American Literature Professor Anderson October 7th , 2014 The Marrow Tradition The Marrow Tradition written by Charles Waddell Chestnut is novel that portrays the struggles that African- Americans face against white supremacist in the south. It introduces many different characters and how each deals with these issues. It also exposes the different ideas white people has against freed African Americans. There are several different instances they show their unchanging ideasRead More Charles W. Chestnutts The Marrow of Tradition Essay823 Words   |  4 PagesCharles W. Chestnutts The Marrow of Tradition      Ã‚  Ã‚  Ã‚  Ã‚   Clearly, one can expect differing critical views of a novel; from the   Ã‚  Ã‚  Ã‚  Ã‚   authors perspective we see one view, from a publishers another, and from   Ã‚  Ã‚  Ã‚  Ã‚   the reviewers yet another. This is especially true of Charles W.   Ã‚  Ã‚  Ã‚  Ã‚   Chesnutts   The Marrow of Tradition. If one observes both the contemporary   Ã‚  Ã‚  Ã‚  Ã‚   reviews of the novel and letters exchanged between Chesnutt and his   Ã‚  Ã‚  Ã‚  Ã‚   friends and publisher, HoughtonRead MoreSlavery Victims Pain in Uncle Toms Cabin and The Marrow of Tradition2488 Words   |  10 Pagessoul in trauma paints a poignant picture of the problems and social changes America faced both during slavery as well as after its abolition. This is evident in Harriet Beecher Stowes Uncle Toms Cabin and Charles Chesnutts The Marrow of Tradition where the wounding of both the physical body and emotional soul features strongly throughout both texts. Published in 1853 after the passing of the Fugitive Slave Law, Uncle Toms Cabin tells of the circumstances of various slaves as they encounterRead MoreChestnutt Genuinely Embraces The Challenges Of Tradition1271 Words   |  6 Pagesembraces the challenges of tradition and presents them in a unique way as well. The Marrow of Tradition provides a sociological outlook about race relations post slavery and pre-civil rights movement. Chestnutt focuses on the disenfranchisement of the black man as well as the advocacy of staunch white supremacy. Chestnutt conveys deeply rooted ancestral traditions widely held by white supremacists and challenges those traditions throughout the novel. Chestnutt abides by the tradition that is being presentedRead More Blacks and the Media Essay example1264 Words   |  6 Pagesracism of the media continues to not only be detrimental to the white consumers, who base what they know about blacks by what is represented in television, but also the black consumers, who grow up with a false sense of identity. In The Marrow of Tradition, author Charles W. Chesnutt illustrates examples that signify the thoughts that whites had of and used against blacks, which are still very much prevalent in public opinion and contemporary media. Chesnutt writes, â€Å"Confine the negro to thatRead MoreHow Does Globalization Affect Cultural Traditions in the Arabic Communities?923 Words   |  4 PagesThe modern phenomena of globalization is having effects on Arab cultural traditions in Arab communities in many ways, like in language, education, media and customs. Globalization is making the world becoming a global village and the result is Arab communities cultural traditions are changing and are threaten to be lost . Globalization is not easy to define, but we can say it is process of integrating the worlds economies, trade, business and communications together. The problem is the cultureRead MoreBenefits Of A Bone Marrow Transplant1338 Words   |  6 PagesWhen I think of birth, I have realized that my thoughts have been shaped around personal experiences. To me, birth comes in many forms, more than just the traditional child birthing. When you have a bone marrow transplant, you are â€Å"rebirthed†. I have my normal birthday, and my new birthday. My new birthday gave me a second chance at life and to me that is exactly what birth is -a chance at life. I can relate this to Portier’s view, although he uses it in the sense of a newborn. He says, â€Å"Babies representRead MoreThe Wilmington Riots Of 1898845 Words   |  4 PagesInspired by the Wilmington Riots of 1898, Charles Chesnutt delves deep into the racial tensions of the South in his novel On the Marrow of Tradition. Desp ite being set well after the end of the Civil War, the struggle between the black and white races is far from over. The white race insists on maintaining complete control in every aspect of society, including personal matters. They are constantly demanding that the black community serve them. On the other end, the black race is struggling to survive

Mumia Abu Jamal Essay Example For Students

Mumia Abu Jamal Essay Wesley Cook was born in 1954. While he was protesting at a George Wallace forpresident rally in 1968, several white men attacked him. He claims that two mengrabbed him. One kicked his face and skull, while the other kicked him in thegroin. As the beating progressed, he looked up and saw the two-tonedgold-trimmed pant leg of a Philadelphia police officer. He yelled for thepolice, who saw him on the ground being beaten to a pulp. A police officermarched over briskly, and kicked him in the face.1 I have been thankful tothat faceless cop ever since, for he kicked me straight into the Black PantherParty.2 Wesley Cook became a founding member of the Black Panther PartysPhiladelphia chapter in 1969 at the age of 15. After joining mainstream newsorganizations in the 1970s, Wesley Cook changed his name to Mumia Abu-Jamal. As a teenage journalist, Jamal took an interest in stories about policebrutality. Jamal was known to be a rare talent of radio journalism. He had apowerful intellect and a burning empathy for poor people. He was known as askillful interviewer and became a well-known figure in local broadcastingjournalism. Jamal appeared on National Public Radio, the National Black Network,and local Philadelphia stations including WUHY-FM (now WHYY). He had a lot ofadmiring friends in journalism and politics, and had no prior record of crime orviolence. Despite his personal experience of police brutality and years as ateenage Black Panther, he kept his noise clean even under the microscope of theFBI and Philadelphia police surveillance. By the late 1970s, Jamal was alsoan ardent sympathizer and supporter of MOVE a black militantantiestablishment, antipolice group. He started wearing his hair in longdreadlocks like a MOVE member. By mid 1981, Jamals growing obsession withMOVE had compromised his standi ng as a journalist and cost him his job at WUHY. He started freelancing his writing skills, while moonlighting as a cabdriver. Hewas robbed while on duty with his cab, so he started to carry a gun. 3 Duringthis time, the Philadelphia Police Department was so notorious for violence andpolice brutality, that the United States Justice Department, in an unprecedented1979 civil suit, charged then mayor (and former police commissioner) Frank Rizzoand the top police brass with encouraging rampant police brutality, racism,and lying. This suit was later dismissed on jurisdictional grounds.4 OnDecember 9, 1981, Philadelphia police officer Daniel Faulkner was shot to death. On July 3, 1982 Mumia Abu-Jamal was convicted of Officer Faulkners murder andsentenced to death. Beyond these two facts, there are a number of versions ofthe incidents that lead to Mumia Abu-Jamals conviction. This paper willreview the incidents of December 9, 1981 and show that Mumia Abu-Jamal was notprovided a fair and impartial trial by his peers, and was wrongly convicted andsentenced for the death of Officer Faulkner. What the Jury Heard: On December 9,1981, at 3:51 a.m. Officer Faulkner stopped Mr. William Cook (Jamalsbrother), who was driving a Volkswagen Beetle for a traffic violation, on thesouth side of Locust Street about 80 feet east of 13th Street. The area at thetime was known for its seediness. The area had many late-night bars, nightclubs,cafes, and streetwalkers. Officer Faulkner radioed his location and then added:On second thought, send me a wagon.5 He was apparently planning to arrestMr. Cook or someone in Mr. Cooks car for an unknown reason. According to twoprose cution witnesses, both Faulkner and Cook got out of their cars. Faulknerspread-eagled Mr. Cook across one of the cars and then suddenly turned andslugged Officer Faulkner. Faulkner responded by clubbing Cook several times withhis 17-inch flashlight. Mr. Cooks face and neck were bloody when policearrived. By coincidence, Mumia Abu-Jamal was parked in his cab and came out of aparking lot on the northeast corner of Locust and 13th. He accelerated from awalk to a run as he charged toward Officer Faulkner across Locust Street. It wasnever fully disclosed at the trial, why Jamals cab was parked nearby. He justhappened to be around. In any event, this is when the point blank shootingstarted to occur. According to the prosecutions theory, Jamal ran up behindOfficer Faulkner to within one foot, and shot him in the back. The woundedFaulkner turned around and returned fire, hitting Jamal in the chest, andfalling onto his back. Jamal then emptied his gun into Officer Faulkner at closerange, fin ishing him off with a shot between his eyes.6 Less than one-minutelater, police arrived at the scene. The wounded Jamal was sitting on a curb fourfeet from Faulkner, with his empty shoulder holster on and his empty gun nearby. Cook was standing a few feet away against a wall, with what two witnessescalled, a look of shock on his face.7 He allegedly told police that he hadnothing to do with the shooting and was only prosecuted for hitting OfficeFaulkner. On the surface, the prosecution presented a clean theory. Theprosecutions case pointed to a clear legal conclusion that Jamal had committedfirst-degree murder of a police officer with a maximum sentence of death. However, as one examines Mumia Abu-Jamal supposed confession, the publicdefenders lack of experience in capital murder cases, the changing testimony ofthe three eye witnesses, the physical evidence procured at the scene, anddiscrepancies between the officers at the scene, the clean prosecution theorystarts to unravel. The Philadelphia police department themselves could of gone along way to proving Jamals guilt. For example, there was no definitive matchbetween Jamals gun and the bullet that killed Officer Faulkner. The policecould have tested Jamals hands to determine if he had recently fired a gun. The officers on the scene, could of smelled the gun barrel to determine if ithad been recently fired.8 The Philadelphia police failed to go the extra mile inexamining the evidence and in doing so failed to prove beyond a reasonable doubtthat Jamal was guilty and deserved to be sentenced to death. The Confession:Priscilla Durham, a hospital security guard and Officer Gary Bell (Faulknersformer partner and best friend) both swore that they heard Jamal, as he waslying on the floor of the hospital emergency room defiantly shout: I shot themother*censored*er, and I hope the mother*censored*er dies.9 Jamal contendsthis confession was fabricated. The confession was allegedly shouted inthe emergency room while he was being detained by fifteen or so Philadelphiapolice officers. In fact, none of the officers present mentioned Jamalsconfession in their police reports or interviews over the next few months. Not a word of the confession found its way into any police report formore than two months.10 Furthermore, it is very peculiar that an intelligent manwhose livelihood depended on articulate communication would spontaneously andflamboyantly incriminates himself. Priscilla Durham first mentioned Jamalsconfession to police investigators in a February 9, 1982 interview, 62days after the shooting. She claimed that she mentioned the confession tohospital investigators the day after the murder, which was, written down byhand. Prosecutor McGill seemingly surprised, claimed to have never seen thereport. While Ms. Durham was on the witness stand during the trial, an unsigned,unauthenticated, typewritten piece of paper dated December 10, 1981 was read tothe jury and admitted as evidence against Jamal. 11 Officer Gary Bell made nomention of Jamals confession in his reports after the shooting. It wasnot until 78 days later that Officer Bell remembered the confession. OfficerBell explained that he was so devastated by seeing Officer Faulkner with hisface almost blown off that he did not remember the confession. 12 Due to theineffectiveness of Jamals defense lawyer and the bias of Judge Sabo (thepresiding judge) the jury never heard any exculpatory evidence. Officer GaryWakshul, who was in the paddy wagon that took Jamal from the scene to JeffersonHospital, reported later that morning that we stayed with the male atJefferson until we were relieved. During this time, the Negro male made nocomments.13 Did Officer Wakshul not hear the confession, or did he step awayfor a minute and miss it? While interviewing Officer Wakshul on charges ofpolice brutality by Jamal, Officer Wakshul issued a new statement, 64 days afterthe murder (February 11, 1982). Officer Wakshul now claimed to hear the entireconfession loud and clear. When asked by the interviewer to explain his initialreport, Officer Wakshul said that the statement disgusted me, and I did notrealize it had any importance until today.14 Judge Albert Sabo Jamalsdefense team and supporters claim that Judge Sabo has sentenced more people todeath than any other judge in the United States. Therefore, the judge was biasedagainst Jamal from the start, due to the nature of the alledged crime. However,the defense team seeking a re trail, fail to mention the frequent disruptivenature of Mr. Jamal during his trial. The truth is that Judge Sabo has been asitting judge since 1974. During his tenure, he has almost exclusively presidedover capital murder cases. Therefore, if Judge Sabo has presided over morecapital punishment trials than any other sitting judge in the United States, itwould be due to his tenure as a judge not his bias. The fact that more deathpenalties have been issued from Judge Sabos court is not a function of JudgeSabo but of the individual juries in the case. 15 Under the system of justiceused in Pennsylvania, the judge does not sentence the defendant to death. A juryof 12 citizens hear the evidence against the accused and then must decideunanimously to impose the death sentence. In this case, Judge Sabo did notsentence Jamal to death, the racially mixed group of 12 jurors, which Jamalassisted in selecting did. This decision was later upheald by the PennsylvaniaSupreme Court on direct appeal.16 The court transcripts and appeal courtdecisions uphold the fact that Judge Sabo was eminently fair and patient withJamal during his trial. He frequently was disruptive during the trial whichresulted in many delays. One can only imagine how the actions of Jamal duringhis trial adversly influenced the jury as they sat sequestered in a hotel forsix weeks. Judge Sabo defends himself by stating, In the old days we lawyershad a saying: If you have the evidence on your side, argue the evidence. If youhave the law on your side, argue the law. And if you have neither the evidenceor the law on your side, scream like hell. Now the news media has changed thatto read: If you dont have the evidence o r the law on your side: blame thejudge. Who else are you going to blame it on? 17 The Jury: Jamalssupporters and defense team have claimed during the appeal process that the jurywas racially stacked against the defendant, violating his civil rights. Duringthe 1982 trail, Judge Sabo encouraged the defense to note the race of eachprospective juror so it could become part of the public record. Unfortunatly,the defense failed to do so. Therefore there is no record to confirm or supporthow many prospective jurors for the 1982 trail were black and of that number,how many of the prosecutions fifteen preemptory challenges to excuse jurors wereused against eligible black jurors. This is unfortunate since during this partof the trial, Mr. Jamal was acting as his own attorney during the selectionprocess. Having demanded to represent himself, Jamal assumed the responsibilityof asking prospective juror what their race was and noting it in the writing ofthe record. The Pennsylvania Supreme Court has reviewed the evidence and ruledthat Jamals civil rights were upheld. The facts clearly show that at thebeginning of the trial, 3 or the 12 jurors seated were black. When one of theblack jurors, Ms. Jenny Dawley, violated sequestration to attend to a sick cat,the defense as well as the prosecution agreed to her removal. The defense claimsthat the judge provided a white juror special arrangements who needed to take acivil service exam, and was not as flexible for the Ms. Dawley. The factsclearly indicate that the white juror had asked the judges permission prior totaking the test. Ms. Dawley did not communicate with the judge or any courtofficers regarding her cat. Ms. Dawley while under sequesture at the hotel ,simply chose to go and take care of her cat. She was told by the court that shecould not just leave, and responded per the public record, I dont carewhat Judge Sabo or anybody says, I do what I have to do, nobody is going to stopme. Ms Dawley chose to violate her sequestra tion without asking the judge toaccommodate her personal needs. The record also shows that both the defense andprosecution agreed to her dismissal. In short, the 1982 jury that Mr. Jamalhelped select was properly selected and seated. The racial mix of the jury wasalmost identical to that of Philadelphia at the time. The prosecution had four(4) preemptory challenges left when the jury was finally seated. If theprosecution had desired, they could of used these remaining challenges toexclude the three black jurors that were seated. The court transcripts verifythat each of the jurors dismissed by the prosecution were dismissed for validnon-racial reasons. 18 The Witnesses Both the defense and prosecution have alitany of witnesses. Over the years, many of these witnesses have changed theirstories. A few of the witnesses have filed sworn affidavits that the policecoerced them into making false statements to support the prosecutions claims. The Loss Of A Concussion Recovery Time EssayThe defense claims that Mr. Chobert was driving his taxi without a valid driverslicense and that the Assistant DA Mr. McGill had an agreement with Mr. Chobertthat he would arrange to get his license back in return for favorable testimony. Mr. Chobert confirmed during his 1996 testimony that back in 1982, he did askthe DA on how he could get his license back. Thirteen years after the shootingand testimony of Mr. Chobert, he still does not have his drivers license backdue to his limited source of funds, but has been allowed to continue driving ataxi cab. Four individuals, Michael Scanlon, Cynthia White, Robert Harkins, andAlbert Magelton all provided testimony for the prosecution. All four witnesseswere unquestionably present during the shooting, eyewitnesses to the murder, andhave been deemed credible by the court. Michael Scanlon was visitingPhiladelphia from out of state and was sitting in his car at the intersection of13th and Locust and witnessed the entire murder, beginning to end. Mr. Scanlon testified extensively at the 1982 trail and confirmed that William Cookattacked Officer Faulkner. He went on to testify that the officer reacted to Mr. Cooks attack trying to subdue Mr. Cook. As this was going on, another mancame running out from the parking lot across the street towards the officer andMr. Cook in front of the police car. Mr. Scanlon saw Jamals hand raise andheard a gunshot. Then the officer fell down on the sidewalk and Mr. Jamal walkedover and shot the officer two additional times at point blank range. Anotherprostitute working Locust street that night was Cynthia White. Ms. Whitetestified that she was across the street in the parking lot when I noticedMr. Jamal running out of the lot and practically on the curb when he shot twotimes at Officer Faulkner in the back. The officer turned around and staggeredand seened like he was grabbing for something but fell. Then Jamal came on topof the officer and shot him some more. After it was all over, Jamal sloucheddown and sat on the curb. Credible Eyewitness Albert Magelton was a pedestrianwalking across the intersection of 13th and Locust approximatley twenty yardsfrom t he shooting. While testifying in 1982 to what he had witnessed Mr. Magelton stated, I noticed the gentleman (Jamal) coming from the parking lot. He was moving across the street towards where the officer had stopped theVolkswagen. I heard shots and I did not see the Officer any more. I proceededback across the street to see what happened to the Officer. And then, as I wasmoving across the street, I looked to where I heard the shots. When I got to thepavement, I looked down and saw the Officer lying there. I did not see the othergentleman (Jamal) until I moved up closer and saw him sitting on the curb.Under oath in 1982, when asked by Assistant D.A. Joe McGil what the police didwith the man who was sitting on the curb next to the dead Officer. Mr. Mageltonresponded that they handcuffed Jamal and put him in the wagon. One of theofficers on the scene then took Mr. Magelton over to the wagon and asked him ifthis was the gentleman that he had seen coming across the street. Mr. Mageltonconfirmed his story under oath and there is no evidense that the defense of Mr. Jamal has ever challenged his testimony. Mr Robert Harkins was another cabdriver placed immediately across the street from the crime scene. Like Mr. Chobert, Mr. Harkins was very close to the actual shooting and witnessed theentire crime. Mr. Harkins gave a statement to the officers on the sceneconfirming the prosecutions theory. In his statement from 1981, Mr Harkins saidthat, I looked over and observed a police officer grab a guy, the guy spunaround and the officer went to the ground. He had his hands on the ground andthen rolled over at this point and the male who was standing over the officerpointed a gun at the officer and fired one shot and then he fired a second shot. At this time the officer moved a little and then went flat to the ground. Iheard a total of three shots and saw what appeared to be three flashes from thegun of the man standing over the officer. Despite this fact, Mr. Harkins isin the unique position of having neither the defense nor prosecution call him totestify at the 1982 trial. However, Mr. Harkins was asked by the defense totestify at the 1995 appeal trial. Mr. Harkins stated under oath during the 1995trial that he had been repeatedly harassed by Mr. Jamals investigatorsbetween 1990 and July of 1995. He went on to say, that there were many peoplethat came around, many different people that would go to my place of work, andthen call me at my home. Each time Mr. Harkins refused to talk to the defenseteam. Finally after thirteen years of keeping his silence, Mr. Harkinsfinally sucummed to the defenses pressure and agreed to give a statement toone of Mr. Jamals investigators. After he gave his statement the defense teamcontinued t o contact him. Under oath in the 1995 trial, Mr. Harkins explainedthat each time I would say something to the defense, they would come backwith something different than what I said. I dont like that. Regarding thewitnesses of this trial, it is clear that four prosecution witnesses: Scanlon,White, Chobert, and Magelton, all gave virtually the exact same testimony. Furthermore, the man that defense witness Harkins describes as having shotOfficer Faulkner and then sat down on the curb, who was later apprehended bypolice was Munia Abu-Jamal. Witness credability is a major factor in this case. There are four eyewitnesses for the defense that claim there was a third personat the scene of the crime or a passenger in the Volkswagen? Pamela JenkinsCynthia White was a key witness for the prosecution, due to the fact that shewas the only witness who testified to seeing Jamal with a gun in his hands. Noother witness claims to have seen Jamal with a gun. It should also be notedCynthia White has disappeared and can not be found by the defense. No otherwitness the morning of the shooting can recall seeing her that morning. It seemsthat only the prosecution and the Philadelphia police now of Cynthia Whitesexact whereabouts. Following Jamals conviction, Ms. White continued to workthe streets under police protection. She was arrested many times after the trialand all charges were dismissed, or a plea bargain was worked out. Pamela Jenkinsrecently came forward for the defense. Apparently, Ms. Jenkins was working as aprostitute that night and knew Cynthia White very well. Ms. Jenkins als o knew anumber of Philadelphia police officrs at the time and was dating Officer ThomasRyan. Ms. Jenkins has provided a sworn statement that Officer Ryan asked her totestify against Jamal and to falsely identify Mumia as the shooter, in spite ofthe fact she wasnt even present during the shooting. Her statement went on tosay that Officer Ryan paid her $150 to help Ms. White and that the police putpressure on Ms. White to lie at the Mumia trial. Is Ms. Jenkins testimony andstatement credible after all these years? It appears the government has used Ms. Jenkins as a star witness in a police corruption case in Philadelphia. At thattrial, Ms. Jenkins revealed how the Philadelphia police used her to providefraudulent evidence to obtain a murder conviction against Raymond Carter. Ms. Jenkins testified that Officer Thomas Ryan paid her $500 to testify againstCarter.

Abstract Expressionism Realism Modes of Fine Art free essay sample

In studying, comparing, and contrasting the modes of creative expression termed Abstract Expressionism and Realism, it is important to have a good overview of the artistic movements within the realm of evolving human culture and what it meant for people to begin expressing themselves pictorially in new ways.   Whenever there is important social change, shift, upheaval, revolution, or evolution, there comes with or even precedes it, a marked alteration in human expression, discourse, literature, art, and learning. Abstract Expressionism originated in the United States around the end of World War II in the 1940s as the first style of painting to spring up in New York rather than in Europe and was a movement in free, experimental painting, embracing the concept of liberty in emotion. Open to a variety of differing personal styles as noted in the famous works of Willem de Kooning, Jackson Pollock, and Mark Rothko, Abstract Expressionist works were marked in common by the liberated technique, large canvases, and the wish to grant spontaneous or impulsive expression to the raw depths of human emotion through free abstractions in what could be termed as a nonrepresentational and improvisational mode (Doss). We will write a custom essay sample on Abstract Expressionism Realism: Modes of Fine Art or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On the other hand and perhaps toward the opposite extreme, Realism originated a bit earlier in Europe during the mid 1800s after the French Revolution and before World War I as a style of painting and sculpture in which the treatment of forms, colors, space, etc., was handled in such a manner as to place emphasis on the correspondence to natural actuality or to ordinary visual experience of nature, where figures and scenes were depicted as they are experienced or might be experienced in everyday life, even in the lives of the underclass and perhaps a reaction against elitism, illustrated in the well known works of artists such as Gustave Corbert, Marie Rosalie Bonheur, and Wilhelm Leibl (Batchelor, Fer, Wood). In observing two paintings of women by Abstract Expressionist Willem de Kooning and Realist Wilhelm Leibl, one can sense the emotional, free flowing lines and vibrant colors which only barely create the visual form of a woman in Kooning’s Woman V in contrast to the precise, intentional lines and colors which carve a natural, ordinary, and realistic image of three German peasant women praying in a Bavarian countryside church in Leibl’s Three Women in Church (Leja). Although both paintings offer beautiful conceptions of the female form, the differing efforts, perspectives, and modes of creation are certainly distinguished in the final results of the two works. References Batchelor, D., Fer, B., Wood, P.   (1993).   Realism, rationalism, surrealism: art between the wars.   Yale University Press. Doss, E.   (1991).   Benton, Pollock, and the politics of modernism: from regionalism to abstract expressionism.   University of Chicago Press. Michael Leja, M.   (1997).   Reframing Abstract Expressionism: Subjectivity and Painting in the 1940s.   Yale University Press.

Elimination of the Gas Chamber in Animal Shelters Essay Example

Elimination of the Gas Chamber in Animal Shelters Essay Example Elimination of the Gas Chamber in Animal Shelters Essay Elimination of the Gas Chamber in Animal Shelters Essay Elimination of the Gas Chamber in Animal Shelters The push for the elimination of the Gas Chamber to euthanasia animals in the Licking County Animal Control Shelter has been recently fueled by protestors that want the gas chamber shut down. The animal rights group together with the members of the Licking County Political Action committee gathered with the purpose of abolishing the use of the gas chamber and reforming the county animal shelter. Although the Euthanasia by Injection is the shelters primary method of putting an animal to death, they are still using the gas chamber, in certain cases, to euthanasia animals. Euthanasia by the gas chamber is a cruel, dated and should not be tolerated. A lethal injection is a faster more humane way to put an animal to death. There are several methods to put an animal to death and all are based on various social, psychological and physical circumstances. The American Veterinary Medical Association (AVMA) considers sodium pentobarbital and CO acceptable methods of euthanasia for dogs and cats in animals in shelters. However, although the AVMA considers CO as an acceptable method of euthanasia, they strongly support EBI as the preferred method of euthanasia. EBI is also supported by the National Animal Control Association (NACA), the Association of Shelter Veterinarians (AOSV), and The America Humane Association (AHA) of the United States. According to Doug Fakkemas article in the Euthanasia by Injection (EBI) Myth vs. Fact Sheet, he states that, the gas chamber can take up to 25 to 30 minutes to end an animals life; whereas EBI causes loss of consciousness within 3 to 5 seconds and clinical death within 2 to 5 minutes (Fakkema, n.d.). Euthanasia by these archaic gas chambers should not be allowed. Alth ough animal euthanasia is an act of painlessly putting an animal to death, the Licking County Animal Shelters gas chamber does not apply to this rule. The animals are subjected to a painful death thus disobeying the rule of euthanasia. This has led to numerous complaints by the residents and the county political action committee. On April 24, 2010, an article in the Newark Advocate reported that about 100 protestors gathered to protest the use of the gas chamber outside the Licking County Animal Shelter. According to the article, they have been protesting the gas chamber for about twelve years (Sudar, 2010). The animal rights group together with the members of the Licking County Political Action committee wants the gas chamber abolished. On April 28, 2010, another article appeared in the Newark Advocate in which the protestors lobbied the Licking County Commissioners to remove and disassemble the gas chamber. According to Ronnie Kidd, one of the local organizers said, Weve heard a lot of promises, but the actions are not meeting the words. We will go on until the change happens. We are not going away until the problem goes away (Hollon, 2010). The Licking county citizens want all shelter animals euthanized by EBI. Jon Luzio, Director of the Licking County Animal Control Shelter said that, despite some reports, he wanted to ensure the residents of Licking County that the pets that were euthanasia via the gas chamber they passed quickly and humanly. He also noted that the animal shelter requires more reforms and a plan for the creation of an advisory council are being considered. The council will consist of local professionals who will make recommendations about the shelter. Mr.Luzio went on to say that the euthanasia rates are the lowest in the state of Ohio and that the adoptable dogs are kept for up to 30 days longer than required by law. He stated that Even though our shelter is transitioning to euthanasia by injection, we are still using carbon monoxide for aggressive animals (personal communication, 17 Mar 2010). Mr. Luzio also provided statistics that show the euthanasia rates are on the decline. For example, below is a chart provided and compiled by the Licking County Animal Control Shel ter that confirms the decrease in the euthanasia rates, in Licking County. As one can see, the euthanasia rate has declined, but the fact still remains that the shelter is still using the gas chamber to euthanasia animals. Although the county commissioner and the director of the Licking County Animal Control Shelter told the advocate that the gas chambers are not in use, unless an animal is aggressive, the groups through its commissioners are pushing towards the elimination of the gas chambers altogether. There is no reason to continue using the gas chamber for aggressive animals. According to an article in Animal News by Doug Fakkema, a trainer and consultant for the AHA stated, I can euthanize a dangerous dog in his or her kennel by feeding sodium pentobarbital, no handling necessary (Clifton, 2006). These animals can be sedated and then injected instead of dragging them chaotically into a gas chamber. The article goes on to explain that there are several control methods available, so the shelter workers do not have to handle the aggressive animals. Thes e restraints include restraint poles, squeeze gates, and syringe poles. Shelter workers can then sedate the animal with a dose of pre-euthanasia drugs. If for some reason shelters do not have restraints, the shelter workers can mix the powder form of sodium pentobarbital in a can of dog food; this will make the animal unconscious. Once the dog is unconscious, a lethal dose of the drug can be administered. This is the most humane method of euthanasia of animals. In addition to the pain and suffering that the animals experience in the gas chamber, carbon monoxide can also cause health risks for the shelter workers. According to an article from the Journal of the American Medical Association in 2006, Researchers discovered a link between severe carbon monoxide poisoning and death years later from heart disease (Henry, 2006). Carbon monoxide is extremely hard to detect because it is colorless, tasteless, and odorless. Carbon dioxide can cause asphyxiation, kidney damage, or induced coma and heart disease if released in confined areas. For example, in 2009, a gas build-up in a North Carolina shelter caused the door to explode, and an animal control officer was taken to the emergency room. Even, though there are no reported incidents like this in the Licking County Animal Shelter, there is still the possibility of exposure and injury based on the documented reports Furthermore, EBI also provides shelter workers the dignity they deserve when face d with the difficult job of euthanizing pets. Most shelter workers have an incredible stressful and emotional job. They have to do what they do because of societys lack of responsibility for their pets. Many workers get into the line of work because they truly care about animals and only want to provide comfort for the animals in their final moments of life. EBI offers this comfort. In contrast, the gas chamber is both cruel and upsetting to the physical and emotional well being of humans and animals. Many supporters argued that the gas chamber is more cost effective than lethal injection. However, a 2009 study by the AHA shows EBI is less costly than gas to communities. The AHA recently commissioned Doug Fakkema, to perform a study on the costs associated between EBI and gas. Fakkema stated that , he used data from an animal shelter organization in North Carolina, and it was based on the number of dogs and cats euthanized in 2007 which was 5,427. The study shows that the cost to use carbon monoxide gas is $4.98 per animal. The cost to use carbon monoxide poisoning without a tranquilizer is $4.66 per animal. The cost to use EBI, however, was only $2.29 per animal (Fakkema, 2009.). These cost figures from North Carolina are comparable to other states and show that euthanasia by EBI is more cost effective than gas. Another issue with the gas chamber is that the animals do not always die, as documented by Stray Rescue founder Randy Grim. He tells of the story about a dog, which he na med Quentin, who survived a gas chamber at the animal shelter in the city of St. Louis, Missouri. The animal control officer opened the door to the gas chamber and saw the dog standing on the other dogs, and she immediately called Randy Grim, who rescues dogs and tries to place them in new homes. She stated, I did not have the heart to gas him again (Grim, 2005). Therefore, Randy Grimâ„ ¢s lobbying efforts and his ability to raise money convinced the St. Louis Shelter to shut down the gas chamber for good. In another article, an incident happened in North Carolina at the Davies County Animal Shelter in April 2005 in which another puppy survived the gas chamber and was later found at the dump (Gunning, 2005). These incidents helped persuade many states to pass laws to prevent carbon dioxide and monoxide euthanasia of shelter animals. For example, nine states including Oregon, Wyoming, Delaware, Virginia, Tennessee, Rhode Island, New York, New Mexico and Illinois have banned the us e of the gas chamber. The use of the gas chamber needs to be abolished; this is a cruel and inhumane way to put an animal to death. A lethal injection is more humane, less expensive, and less time consuming than the use of the gas chamber. The continued use of the gas chamber has led to numerous complaints by the residents and the county political action committee. However, strict follow up of the issue needs to continue through the local government until all shelter animals are euthanized by lethal injection. References Clifton, M. (2006, October). Could carbon monoxide gas chambers make a comeback Retrieved May 18, 2010, from Amimal People: animalpeoplenews.org./ 06/10/carbongaschamber106.html Fakkema, D (n.d.) Euthanasia by Injection (EBI) Myth vs. Fact Sheet. (n.d.). Retrieved from http://michiganpetfund.org/userfiles/file/american%20Humane%20M1%20EBI%20myth -fact%20sheet.pdf Fakkema, D. (2009, January). EBI cost analysis matrix 2009. Retrieved May 17, 2010, from from American Humane Association: americanhumane. .org/assets/docs/advocy/ADV-co-ebi-cost-analsis09.pdf. Grim, R. (2005). Miracle dog: how quentin survived the gas chamber to speak for animals on dealth row. St. Louis, Missouri, United States: Alpine. Gunning, M. (2005). Puppy survives euthansia attempt, trip to the dump. Retrieved May 19, 2010, from freewebs.com/animalshelternews/index.htm. Henry, T. D. (2006). Heart injury due to carbon monoxide poisoning increases long term risk of death. Journal of the American Medical Association , 295, 398-402. Hollon, A. (2010, April 28). Protesters step up fight against gas chamber at animal shelter. Retrieved May 18, 2010, from Newark Advocate: animalconcerns.org/ external.htmlwww=http%3A//www.newarkadvocate.com/article/20100414/updates01/1 00414026/1002NEWS01itemid=201004150650480.543111 Sudar, A. (2010, April 18). Animal shelter protest draws about 100. Retrieved May 18, 2010, from Newark Advocate: newarkadvocate.com/fdcp/1272147611100

Other Assignment Example | Topics and Well Written Essays - 1250 words

Other - Assignment Example This implies the university wants to obtain as much finances as it can (total revenue) from the fewer students who are expected to enroll for the services. By doing so, the university would have settled all the expenses it incurred to provide the services in the first place. As Beattie and LaFrance (2006) suggested, by choosing to increase the tuition fees, the university is likely to be engaging in price skimming in order to obtain maximum revenue. This is a pricing policy in which an organization sets a fairly high price for a good or service at its inception then reduces it over time (Bailey, Olson, & Wonnacott, 1980). It is a transient strategy of price discrimination quicker offsetting of potential losses. The strategy would allow Nobody University to reclaim its lost expenditure faster before competition from other similar institutions sets in and forces the market price downward for tuition services. Feess and Schumacher (2013) noted that price skimming may be used interchangeably with scaling down the demand curve. The institution’s main objective of implementing the strategy is to capitalize on the consumer surplus ahead of time so as to reap major benefits of the monopoly or the innovators’ poor price sensitivity. As such, Nobody University is likely to be a new institution that seeks to obtain the highest return on investment through its higher price strategy at its inception before normalizing the fee for a higher demand for learning. As Bailey, Olson and Wonnacott (1980) argued, meeting the demand of the first group of students will likely trigger the university to reduce the fee to entice another segment that is more concerned about fairer pricing. As Feess and Schumacher (2013) suggested, the university pricing strategy is theoretical in the sense that it is almost unlikely for the approach to turn the entire surplus of students into clients, despite its major potential impact on market

White Collar Crime and Whistle Blowing in the USA Essay

White Collar Crime and Whistle Blowing in the USA - Essay Example Criminal behavior has been treated as both an individual or organizational propensity and as an event. Among the elements named to describe criminal behavior are inspiration as this is the will of one to stray, liberty from social restraints impunity connecting to losses, skill, and occasion (Ostrow, 2006). The factors may interrelate in several ways, but the part of occasion is central too much White Collar Crimes Chances have both personal and objective scopes. The last issue that must be clarified is that corruption, the procedure whereby specific activities, objects, and individuals come to be definite as criminal (Ostrow, 2006). This approach of the study focuses on the roots of White Collar Crimes laws in given examples, their identifications, and guidelines and on the examination, prosecution, and judgment of white-collar crimes. In a recent white-collar crime, two lawyers were charged together with a spouse of one of them as they acted as business partners. In the crime, they acted as business partners as they exploited every person that they could to defraud a program in Louisianan tax system where they intended to encourage expansion of the film industry. A federal prosecutor a New Orleans jury reported this. Michael Arata who is a defendant and a businessperson and a New Orleans lawyer reported a huge cost which were not honest to the state for rehabilitating a broken-down city house into a post-production facility so that they could obtain one million in tax credit. Through a mail, he joked to one of his friends on how he was charging bogus legal fee for fraudulent tax credits. Chendra Menon, the assistant United States Attorney, reported this to the jury. In the case, both Arata and those who produced the movie, Peter and Susan Hoffman were charged with conspiracy. In the case, the evidences, which wer e submitted, were those of mail

Strategic Management Accounting Essay Example for Free

Strategic Management Accounting Essay This is an individual assignment of 3,000 words (+/-10%), excluding appendices and bibliography. The word count MUST be shown on the front of the assignment. There are TWO questions to be answered in this assignment. Each question carries a maximum mark of 50%. All of the learning outcomes for the module are being assessed in this assignment. The learning outcomes are shown in the section entitled â€Å"Marking Guide†, which is further on in this document. The University’s policy on cheating collusion and plagiarism will be applied to this piece of work. You are required to produce a report which answers the following TWO questions: Question 1 XYZ Limited is a medium sized manufacturing business which makes and sells products to a range of industrial customers who use XYZ’s products in their own products. The working capital of XYZ is typical of a manufacturing organisation in that at any point in time they have cash, trade receivables, inventories of raw materials, work in progress and finished goods and trade payables. The Managing Director of XYZ Limited believes that all parts of the working capital cycle could be improved and has asked you to produce a report which discusses how each part of the working capital cycle could be improved and which critically evaluates the implications of the improvements on XYZ and other connected parties (for example trade receivables and trade payables). Question 2 Many organisations use transfer pricing when transferring products between different divisions of the same organisation. You are required to discuss in detail the advantages and disadvantages of each of the following four methods: 1) Market based transfer prices; 2) Full cost transfer prices; 3) Cost-plus a mark-up transfer prices; and 4) Negotiated transfer prices. Guidance: Students are encouraged to be inquisitive and innovative in their approach as to what should be included in this report. The following may be of some use in providing guidance as to what could possibly be included, although this is in no way meant to be prescriptive. The aim of the assignment is to help you understand how key areas of strategic management accounting are applied in practice. This will include investigating topics from throughout the course linked to the above issues. Some of the principles, concepts and models will be more relevant to your chosen approach than others and so it is likely that different students will formulate different approaches to the problems. This is normal it is not expected that all of the course content will be used in the analysis concentrate on that which you feel is most important. As part of your work you might find it helpful to briefly explore the underlying theory behind the key areas of investigation that you identify before applying them to report. With a total of 3,000 words you do not have a lot of room for long introductions so assume you are writing to a sophisticated audience who has a working knowledge of strategic management accounting and is well versed in business theory. Numerical example for illustrative purposes may be of use  but should not be the main thrust of the work. If used they should be to provide evidence to support your findings from your other analysis of position and policies. If other sources are used remember to reference everything! Please avoid relying too heavily on descriptive sections reproducing information available from course material or the set text. It is your own logical, evaluation of the situation, the interpretation of course material and presentation, with critical analysis, of a coherent strategic plan that will attract high marks. Marking Guide The learning outcomes for this module assessed by this piece of work are Knowledge 1. Critically evaluate a range of key strategic management accounting models and concepts. 2. Critically understand of specific analytical skills in key areas within management accounting at local and international level 3. Critically understand of the role and limitations of management accounting theory. Skills 4. Applied the key management accounting concepts and methodologies in order to contribute to successful decision making in an organisation. In light of this the assessment criteria in the grid below will be used when assessing your work.

The Adverse Effects of Advertising on Women Essay -- Cause Effect Imag

The Adverse Effects of Advertising on Women Stacey was tall, blonde, tan, and slender. However beauty was not her only attribute. In addition to being voted Homecoming queen our senior year of high school, she was both a straight-A student and the President of our class. She was a strong leader who enjoyed having fun like any other girl her age. Yet in between the jokes and fun that most friends have, she was always talking about going to the gym or counting calories. Despite my constant reassurances that she was beautiful the way she was, she never felt adequate. In Stacey’s eyes nothing less than perfect would do. She believed that there was an ideal image that she had to obtain in order to be considered attractive. After trying diet after diet and joining several health programs, Stacey’s waistline finally began to get smaller; the compliments only made her want to lose more. As time went on, it was clear that her health was beginning to suffer. Her eyes had a more sunken appearance, and her once toned body looked unnaturally bony. Gradually, Stacey was starving herself. An average American will see hundreds, perhaps even thousands, of advertisements on a day-to-day basis, which attempt to manipulate impressionable minds into a new way of living. Advertisements may be good sources of information about new or revised products, but at what cost? The barrage of slender woman with perfect skin and hair emits the idea that there is such a thing as a perfect woman. The actresses, musicians, and models in these ads create a warped sense of beauty, which in turn affects women’s self-perception. Yet this goddess-like image is exactly what advertisers rely upon in order to continue their revenue. D... ...sion ads may not be real, but the affects that they have on women are. From discouragement and sadness to depression and diseases, forms of false advertising oftentimes have a negative impact on the morale of the American people, including Stacey, whose battle with anorexia continues. The saddest part of the whole scenario is that things could be different if advertisers were to put a little of their greed aside in lieu of the unique charisma of people by putting models of all shapes, sizes, and varieties in their ads. After all, who defines the normal woman anyway? Works Cited Greg Apodaca â€Å"Greg’s Digital Archive† Greg Apodaca’s Website. September 22, 2003. National Institute of Mental Health â€Å"Depression† Publication No. 02-3561 (2000).

Corporate Financial Management Lecturer’s Guide

CFML_A01v3. QXD 8/6/08 3:51 PM Page 1 Lecturer’s Guide Corporate Financial Management Fourth edition Glen Arnold For further lecturer material please visit: www. pearsoned. co. uk/arnold ISBN 978-0-273-71064-6  © Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and copy this guide as required. CFML_A01v3. QXD 8/6/08 3:51 PM Page 2 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at: www. pearsoned. co. uk ––––––––––––––––––––––––––––––––––– First published under the Financial TimesPitman Publishing imprint in 1998 Second edition published 2002 Third edition published 2005 Fourth edition published 2008  © Financial Times Professional Limited 1998  © Pearson Education Limited 2002, 2005, 2008 The right of Glen Arnold to be identified as author of this Work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. ISBN-978-0-273-71064-6 All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only.In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd. , Saffron House, 6-10 Kirby Street, London EC1N 8TS. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior consent of the Publishers.CFML_A01v3. QXD 8/5/08 4:16 PM Page 3 CONTENTS Preface Location of answers to questions and problems SUPPLEMENTARY MATERIAL FOR CHAPTERS Chapter 1 The financial world Chapter 2 Project appraisal: Net present value and internal rate of return Chapter 3 Project appraisal: Cash flow and applications Chapter 4 The decision-making process for investment appraisal Chapter 5 Project appraisal: Capital rationing, taxation and inflation Chapter 6 Risk and project appraisal Chapter 7 Portfolio theory Chapter 8 The capital asset pricing model and multi-factor models Chapter 9 Stock markets Chapter 10 Raising equity capitalChapter 11 Long-term debt finance Chapter 12 Short-term and medium-term finance Chapter 13 Treasury and working capital management Chapter 14 Stock market efficiency Chapter 15 Value management Chapter 16 Strategy and value Chapter 17 Value-creat ion metrics Chapter 18 Entire firm value measurement Chapter 19 The cost of capital Chapter 20 Valuing shares Chapter 21 Capital structure Chapter 22 Dividend policy Chapter 23 Mergers Chapter 24 Derivatives Chapter 25 Managing exchange-rate risk  © Pearson Education Limited 2008 5 6 7 10 14 20 24 29 33 38 40 43 47 51 54 58 59 64 66 72 74 77 81 84 86 91 96 3 CFML_A01v3.QXD 8/5/08 4:16 PM Page 4 Supporting resources Visit www. pearsoned. co. uk/arnold to find valuable online resources Companion Website for students ? Learning objectives for each chapter ? Multiple-choice questions with instant feedback to help test your learning ? Weblinks to relevant, specific Internet resources to facilitate in-depth independent research ? A wide selection of FT articles, additional to those found in the book, to provide real-world examples of financial decision making in practice ? Interactive online flashcards that allow the reader to check definitions against the key terms during revision Sear chable online glossary For instructors ? Complete, downloadable Instructor’s Manual including answers for all question material in the book ? A brand new set of over 800 PowerPoint slides that can be downloaded and used as OHTs Also: The regularly maintained Companion Website provides the following features: ? Search tool to help locate specific items of content ? E-mail results and profile tools to send results of quizzes to instructors ? Online help and support to assist with website usage and troubleshooting For more information please contact your local Pearson Education sales representative or visit www. earsoned. co. uk/arnold CFML_A01v3. QXD 8/5/08 4:16 PM Page 5 PREFACE This Guide is designed to assist lecturers and tutors using Corporate Financial Management fourth edition. Supplementary material for chapters For each chapter: †¢ The learning outcomes are outlined. †¢ Key points and concepts are listed. †¢ Solutions to selected numerical problems (thos e marked with an asterisk in the main book) are provided. Note that there is often more than one possible correct solution to a problem. Different answers, which nevertheless follow the logic of the argument presented in the text, may be acceptable.Overhead projector transparency masters Also available on the website in PowerPoint ® for downloading are over 800 selected figures, tables and key points reproduced in a form suitable for creating overhead projector transparency masters. These are arranged in the order in which they appear in Corporate Financial Management. The learning objectives and summary points from the chapters are also included. Glen Arnold  © Pearson Education Limited 2008 5 CFML_A01v3. QXD 8/5/08 4:16 PM Page 6 LOCATION OF ANSWERS TO QUESTIONS AND PROBLEMS (No answers given to those in final column)Chapter No Answered in Appendix VII Answered in Lecturer’s Guide 1 Essay answer required (see text) All (see note in Appendix VII) 2 1, 2, 4, 5, 6 3, 7 3 1 , 2, 3, 6, 9, 11, 13, 15 4, 5, 7, 8, 10, 12, 14 4 1, 2, 4, 5 3 5 1, 2, 3, 5, 6, 9, 10 4, 7, 8 6 1, 4, 5, 6, 7, 8, 9, 10, 11 2, 3, 12 7 1, 2, 3, 7, 8, 9, 10, 11, 12, 13, 15 4, 5, 6, 14a, b, c 8 1, 3, 4, 5, 7, 8, 9, 10 6, 7, 8, 9 14d 2, 6, 11 9 1–11 10 12 8 1–7, 9–11, 13–19 11 1, 2, 3, 4, 5, 6, 10, 11, 13, 16 7 8, 9, 12, 14, 15, 17–20 12 1, 2, 4, 9, 10, 11 5, 12 3, 6, 7, 8, 13, 14, 15 13 1, 4, 5, 7, 9, 10 3a, 6, 8, 23, 25a , 3b, 11, 12, 13–22, 24, 25b, 25c 14 2 15 8, 9 1, 3–17 7, 10 16 1–6 1–4 17 1, 5, 6, 7 18 1, 2 19 2, 3 1 20 3, 4, 5, 6, 7, 9 8, 10 1, 2 21 2, 3, 6a, 9 1 4, 5, 6b, 7, 8 22 4, 5, 8 23 6 1, 3, 4, 5 2, 7, 8, 9 24 1, 2, 3, 4, 5, 7, 10 6, 8, 9 11, 12, 13 25 1, 2, 7, 8a, 10, 11 4, 9 3, 4b, 5, 6, 8b 6 2, 3, 4, 4a 8 1, 2, 3, 4, 7  © Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 17:25 Page 7 SUPPLEMENTARY MATERIAL FOR CHAPTERS Chapter 1 THE FINANCIAL WORLD L EARNING OUTCOMES It is no good learning mathe matical techniques and theory if you lack an overview of what finance is about.At the end of this chapter the reader will have a balanced perspective on the purpose and value of the finance function, at both the corporate and national level. More specifically, the reader should be able to:  ¦ describe alternative views on the purpose of the business and show the importance to any organisation of clarity on this point;  ¦ describe the impact of the divorce of corporate ownership from day-to-day managerial control;  ¦ explain the role of the financial manager;  ¦ detail the value of financial intermediaries;  ¦ show an appreciation of the function of the major financial institutions and markets. K EY POINTS AND CONCEPTS Firms should clearly define the objective of the enterprise to provide a focus for decision making.  ¦ Sound financial management is necessary for the achievement of all stakeholder goals.  ¦ Some stakeholders will have their returns satisfied – gi ven just enough to make their contribution. One (or more) group(s) will have their returns maximised – given any surplus after all others have been satisfied.  ¦ The assumed objective of the firm for finance is to maximise shareholder wealth. Reasons: – practical, a single objective leads to clearer decisions; – the contractual theory; – survival in a competitive world; it is better for society; – counters the tendency of managers to pursue goals for their own benefit; – they own the firm.  ¦ Maximising shareholder wealth is maximising purchasing power or maximising the flow of discounted cash flow to shareholders over a long time horizon.  ¦ Profit maximisation is not the same as shareholder wealth maximisation. Some factors a profit comparison does not allow for are: – future prospects; – risk; – accounting problems;  © Pearson Education Limited 2008 7 CFML_CH01v3. QXD 29/7/08 17:25 Page 8 Glen Arnold, Corporat e Financial Management Lecturer’s Guide, 4th edition – communication; – additional capital. Corporate governance. Large corporations usually have a separation of ownership and control. This may lead to managerialism where the agent (the managers) take decisions primarily with their interests in mind rather than those of the principals (the shareholders). This is a principal-agent problem. Some solutions: – link managerial rewards to shareholder wealth improvement; – sackings; – selling shares and the takeover threat; – corporate governance regulation; – improve information flow.  ¦ The efficiency of production and the well-being of consumers can be improved with the introduction of money to a barter economy. Financial institutions and markets encourage growth and progress by mobilising savings and encouraging investment.  ¦ Financial managers contribute to firms’ success primarily through investment and finance decis ions. Their knowledge of financial markets, investment appraisal methods, treasury and risk management techniques are vital for company growth and stability.  ¦ Financial institutions encourage the flow of saving into investment by acting as brokers and asset transformers, thus alleviating the conflict of preferences between the primary investors (households) and the ultimate borrowers (firms). Asset transformation is the creation of an intermediate security with characteristics appealing to the primary investor to attract funds, which are then made available to the ultimate borrower in a form appropriate to them. Types of asset transformation: – risk transformation; – maturity transformation; – volume transformation.  ¦ Intermediaries are able to transform assets and encourage the flow of funds because of their economies of scale vis-a-vis the individual investor: – efficiencies in gathering information; – risk spreading; – transaction costs.  ¦The secondary markets in financial securities encourage investment by enabling investor liquidity (being able to sell quickly and cheaply to another investor) while providing the firm with long-term funds.  ¦ The financial services sector has grown to be of great economic significance in the UK. Reasons: – high income elasticity; – international comparative advantage.  ¦ The financial sector has shown remarkable dynamism, innovation and adaptability over the last three decades. Deregulation, new technology, globalisation and the rapid development of new financial products have characterised this sector. Banking sector: – Retail banks – high-volume and low-value business. – Wholesale banks – low-volume and high-value business. Mostly fee based. – International banks – mostly Eurocurrency transactions. – Building societies – still primarily small deposits aggregated for mortgage lending. – Fina nce houses – hire purchase, leasing, factoring. 8  © Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 17:25 Page 9 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ Long-term savings institutions: – Pension funds – major investors in financial assets. Insurance funds – life assurance and endowment policies provide large investment funds.  ¦ The risk spreaders: – Unit trusts – genuine trusts which are open-ended investment vehicles. – Investment trusts – companies which invest in other companies’ financial securities, particularly shares. – Open-ended investment companies (OEICs) – a hybrid between unit and investment trusts.  ¦ The risk takers: – Private equity funds – invest in companies not quoted on a stock exchange. – Hedge funds – wide variety of investment or speculative strategies outside regulators’ control.  ¦ The markets: The money markets are short-term wholesale lending and/or borrowing markets. – The bond markets deal in long-term bond debt issued by corporations, governments, local authorities and so on, and usually have a secondary market. – The foreign exchange market – one currency is exchanged for another. – The share market – primary and secondary trading in companies’ shares takes place on the Official List of the London Stock Exchange, techMARK and the Alternative Investment Market. – The derivatives market – LIFFE (Euronext. liffe) dominates the ‘exchange-traded’ derivatives market in options and futures.However there is a flourishing over-the-counter market. There are no numerical questions in this chapter; answers may be found from reading the text.  © Pearson Education Limited 2008 9 CFML_CH02v3. QXD 29/7/08 17:26 Page 10 Chapter 2 PROJECT APPRAISAL: NET PRESENT VALUE AND INTERNAL RATE OF RETURN L EARNING OUTCOMES By the end of the chapter the student should be able to demonstrate an understanding of the fundamental theoretical justifications for using discounted cash flow techniques in analysing major investment decisions, based on the concepts of the time value of money and the opportunity cost of capital.More specifically the student should be able to:  ¦ calculate net present value and internal rate of return;  ¦ show an appreciation of the relationship between net present value and internal rate of return;  ¦ describe and explain at least two potential problems that can arise with internal rate of return in specific circumstances;  ¦ demonstrate awareness of the propensity for management to favour a percentage measure of investment performance and be able to use the modified internal rate of return. KEY POINTS AND CONCEPTS  ¦ Time value of money has three component parts each requiring compensation for a delay in the receipt of cash: the pure time value, or impatience to consume, – inflation, – risk.  ¦ Opportunity cost of capital is the yield forgone on the best available investment alternative – the risk level of the alternative being the same as for the project under consideration.  ¦ Taking account of the time value of money and opportunity cost of capital in project appraisal leads to discounted cash flow analysis (DCF).  ¦ Net present value (NPV) is the present value of the future cash flows after netting out the initial cash flow. Present values are achieved by discounting at the opportunity cost of capital.NPV = CF0 +  ¦ (1 + k)2 + †¦ CFn (1 + k)n 0 accept 0 reject CF1 1+r + CF2 (1 + r)2 + †¦ CFn (1 + r)n =0 The internal rate of return decision rule is: IRR IRR 10 CF2 Internal rate of return (IRR) is the discount rate which, when applied to the cash flows of a project, results in a zero net present value. It is an ‘r’ which results in the following formula being true: CF0 +  ¦ 1+k + Th e net present value decision rules are: NPV NPV  ¦ CF1 opportunity cost of capital – accept opportunity cost of capital – reject  © Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 17:26 Page 11Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ IRR is poor at handling situations of unconventional cash flows. Multiple solutions can be the result.  ¦ There are circumstances when IRR ranks one project higher than another, whereas NPV ranks the projects in the opposite order. This ranking problem becomes an important issue in situations of mutual exclusivity.  ¦ The IRR decision rule is reversed for financing-type decisions.  ¦ NPV measures in absolute amounts of money. IRR is a percentage measure.  ¦ IRR assumes that intra-project cash flows can be invested at a rate of return equal to the IRR.This biases the IRR calculation.  ¦ If a percentage measure is required, perhaps for communication within an organisation, th en the modified internal rate of return (MIRR) is to be preferred to the IRR. ANSWERS TO SELECTED QUESTIONS 3 Confused plc a Project C IRRs at 12. 1% and 286%. See Fig. 2. 1. NPV + 12. 1 – 286 Discount rate Fig. 2. 1 Project D No solution using IRR. See Fig. 2. 2. + NPV Discount rate – Fig. 2. 2 b This problem illustrates two disadvantages of the IRR method. In the case of project C multiple solutions are possible, given the non-conventional cash flow.In the case of project D there is no solution, no IRR where NPV = 0. c NPV Project C: +? 646 Project D: –? 200 Using NPV the accept/reject decision is straightforward. Project C is accepted and Project D is rejected.  © Pearson Education Limited 2008 11 CFML_CH02v3. QXD 29/7/08 17:26 Page 12 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 7 Seddet International a Project A At 20%: –5,266 + 2,500 ? 2. 1065 = 0, ? IRR = 20% Project B At 7%: –8,000 + 10,000 ? 0. 8163 = +163 At 8%: –8,000 + 10,000 ? 0. 7938 = –62 IRR = 7 + 163 163 + 62 (8 – 7) = 7. 7% Project CAt 22%: –2,100 + 200 ? 0. 8197 + 2,900 ? 0. 6719 = +12. 45 At 23%: –2,100 + 200 ? 0. 8130 + 2,900 ? 0. 6610 = –20. 5 IRR = 22 + 12. 45 12. 45 + 20. 5 (23 – 22) = 22. 4% Project D At 16%: –1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = –1 ? IRR is slightly under 16%. The IRR exceeds the hurdle rate of 16% in the case of A and C. Therefore if all projects can be accepted these two should be undertaken. b Ranking under IRR: Project Project Project Project C A D B IRR 22. 4% 20% 16% 7. 7% best project c Project A –5,266 + 2,500 ? 2. 2459 = 349 Project B –8,000 + 10,000 ? 0. 6407 = –1,593 Project C 2,100 + 200 + 0. 8621 + 2,900 ? 0. 7432 = 228 Project D –1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = –1 12  © Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 17:26 Page 13 Glen Arnold, Corporate Financia l Management Lecturer’s Guide, 4th edition Ranking Project A Project C Project D Project B NPV 349 best project 228 –1 –1,593 Project A ranks higher than project C using NPV because it generates a larger surplus (value) over the required rate of return. NPV measures in absolute amounts of money and because project A is twice the size of project C it creates a greater NPV despite a lower IRR. This report should comment on the meaning of a positive or negative NPV expressed in everyday language. It should mention the time value of money and opportunity cost of capital and explain their meanings. Also the drawbacks of IRR should be discussed:  ¦ multiple solutions;  ¦ ranking problem – link with the contrast of a percentage-based measure and an absolute moneybased measure;  ¦ additivity not possible;  ¦ the reinvestment assumption is flawed.  © Pearson Education Limited 2008 13 CFML_CH03v3. QXD 29/7/08 17:26 Page 14 Chapter 3 PROJECT APPRAISAL: CAS H FLOW AND APPLICATIONS LEARNING OUTCOMESBy the end of this chapter the reader will be able to identify and apply relevant and incremental cash flows in net present value calculations. The reader will also be able to recognise and deal with sunk costs, incidental costs and allocated overheads and be able to employ this knowledge to the following:  ¦ the replacement decision/the replacement cycle;  ¦ the calculation of annual equivalent annuities;  ¦ the make or buy decision;  ¦ optimal timing of investment;  ¦ fluctuating output situations. KEY POINTS AND CONCEPTS  ¦ Raw data have to be checked for accuracy, reliability, timeliness, expense of collection, etc.  ¦Depreciation is not a cash flow and should be excluded.  ¦ Profit is a poor substitute for cash flow. For example, working capital adjustments may be needed to modify the profit figures for NPV analysis.  ¦ Analyse on the basis of incremental cash flows. That is, the difference between the cash flows arisin g if the project is implemented and the cash flows if the project is not implemented: – opportunity costs associated with, say, using an asset which has an alternative employment are relevant; – incidental effects, that is, cash flow effects throughout the organisation, should be considered along with the obvious direct effects; sunk costs – costs which will not change regardless of the decision to proceed are clearly irrelevant; – allocated overhead is a non-incremental cost and is irrelevant; – interest should not be double counted by both including interest as a cash flow and including it as an element in the discount rate.  ¦ The replacement decision is an example of the application of incremental cash flow analysis.  ¦ Annual equivalent annuities (AEA) can be employed to estimate the optimal replacement cycle for an asset under certain restrictive assumptions. The lowest common multiple (LCM) method is sometimes employed for short-lived as sets. Whether to repair the old machine or sell it and buy a new machine is a very common business dilemma. Incremental cash flow analysis helps us to solve these types of problems. Other applications include the timing of projects, the issue of fluctuating output and the make or buy decision. 14  © Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 17:26 Page 15 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition A NSWERS TO SELECTED QUESTIONS 4 Mercia plc a Proposal 1 Consultant’s fee – sunk cost Central overhead – irrelevant Depreciation – irrelevant Time (years) ?000s 0Earthmoving Construction Ticket sales Operational costs Council Senior management Opportunity cost Cash flows –1,650 3>? 2 –100 –1,650 Discounted Cash flows 1 –150 –1,400 –200 +600 –100 –100 –50 +600 –100 –50 +150 0 +450 150 (1. 1)2 450/0. 1 (1. 1)2 + NPV = + ? 2. 193m Propos al 2 Central overhead (? 70,000) – irrelevant Consultants fees (? 50,000) – sunk cost Time (years) ?000s 0 1 2 3 –100 5,000 –4,000 –400 –100 5,000 –4,000 –400 –100 Design & build Revenue Operating costs Equipment Executive Opportunity cost Sale of club –9,000 Cash flow –9,100 –100 Discounted cash flow –9,100 –100 1. 1 –100 +11,000 500 + 500 (1. 1)2 +11,500 + 11,500 (1. 1)3 NPV = –? 137,566 Recommendation: accept proposal 1 IRR Proposal 1: 20. 2% Proposal 2: 9. 4%  © Pearson Education Limited 2008 15 CFML_CH03v3. QXD 29/7/08 17:26 Page 16 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 5 Mines International plc a Survey – sunk cost Time (years) ?m Profit (loss) Add depreciation Capital equipment Survey 0 1 2 3 4 5 0 0 –4. 75 –2. 1 0 –4. 75 0. 30 3. 9 2. 0 4. 7 2. 0 4. 7 2. 0 2. 9 2. 0 1. 5 0 0 0 2. 0 –2. 0 2. 0 2. 25 –0. 25 2. 25 2. 25 0 2. 25 1. 75 +0. 50 1. 75 0 +1. 75 0. 125 0. 125 0. 125 0. 10 0 –0. 25 0. 10 0 –0. 10 Debtor adjustment: Opening debtors Closing debtors Creditor adjustment Opening creditors Closing creditors 0 0. 15 +0. 15 Overheads Hire cost Cash reserves Government refund Cash flow Discounted cash flow 0. 2 0. 15 0. 10 0. 10 0. 125 –0. 05 +0. 025 0. 2 0. 2 –0. 1 0. 2 –1. 0 5. 125 0. 2 +1. 0 +0. 2 –5. 75 –5. 75 –6. 20 4. 05 6. 575 6. 9 8. 075 1. 85 –6. 20 + 4. 05 + 6. 575 + 6. 9 + 8. 075 + 1. 85 1. 12 (1. 12)2 (1. 12)3 (1. 12)4 (1. 12)5 (1. 12)5. 125 = –5. 75 – 5. 536 + 3. 229 + 4. 680 + 4. 385 + 4. 582 + 1. 035 = ? 6. 625m The maximum which MI should bid in the auction is ? . 625m. This additional cash outflow at time zero would result in a return of 12% being obtained. (Some students may time the final debtor and creditor payments at time 5. 25 as time 6. ) b IRR = 29. 4%. c Poin ts to be covered:  ¦ Time value of money.  ¦ Opportunity cost of money for a given risk class.  ¦ Sunk cost.  ¦ Treatment of depreciation.  ¦ Allocated overhead treatment.  ¦ Cash injections.  ¦ Hire cost – opportunity cost. Comparison of NPV with other project appraisal methods: Advantages over IRR: – measures in absolute amounts of money; – ranking problem; – multiple solution problem. 16 Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 17:26 Page 17 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition  ¦ Advantages over payback: – time value of money allowed for; – all cash flows considered; – cash flows within pay back period considered properly.  ¦ Advantages over ARR: – firm theoretical base, time value of money; – defined decision criteria. 7 Reds plc One-year cycle: Time (years) 0 1 –10,000 –12,000 8,000 – 4,000 NPV = –10,000  œ 4,000 ? 0. 9009 = –13,604 AEA = –13,604 0. 9009 = –? 15,100 Two-year cycle: Time (years) 0 1 2 –10,000 –12,000 –13,000 ,500 –6,500 NPV = –10,000 – 12,000 ? 0. 9009 – 6,500 ? 0. 8116 = –26,086 AEA = –26,086 1. 7125 = –? 15,233 Three-year cycle: Time (years) 0 1 2 3 –10,000 –12,000 –13,000 –14,000 3,500 –10,500 NPV = –10,000 – 12,000 ? 0. 9009 – 13,000 ? 0. 8116 – 10,500 ? 0. 7312 = –39,039 AEA = –39,039 2. 4437 = –? 15,975 Reds should replace the machinery on a one-year cycle.  © Pearson Education Limited 2008 17 CFML_CH03v3. QXD 29/7/08 17:26 Page 18 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition 8 Immediate replacement: Time (years) 0 1>? +4,000 –15,100 +4,000 –15,100 0. 11 = –? 133,273Replacement after one year: Time 0 + 2>? –2,000 –2,00 0 1 3,000 –15,100 0. 9009 – 15,100/0. 11 1. 11 3,000 ? = –? 122,966 Replacement after two years: Time 0 1 2 3>? –2,000 –1,000 +1,500 –15,100 –2,000 –1,000 ? 0. 9009 + 1,500 ? 0. 8116 –15,100/0. 11 (1. 11)2 = –? 113,097 Recommendation: Commence replacement cycle after two years. 10 Curt plc Incremental cash flows Time (years) 0 –70,000 –28,000 28,000 37,000 47,100 68,410 ? ? ? ? ? 0. 8621 0. 7432 0. 6407 0. 5523 0. 4761 2 3 4 5 0 –70,000 100,000 –80,000 –48,000 110,000 –82,000 121,000 –84,000 133,100 –86,000 146,410 –88,000 10,000 –70,000 Current cash flowsNew plan 1 –28,000 28,000 37,000 47,100 68,410 = = = = = = –70,000 –24,139 20,810 23,706 26,013 32,570 8,960 The positive incremental NPV indicates that acceptance of the proposal to manufacture in-house would add to shareholder wealth. 18  © Pearson Education Limited 200 8 CFML_CH03v3. QXD 29/7/08 17:26 Page 19 Glen Arnold, Corporate Financial Management Lecturer’s Guide, 4th edition Other factors: some possibilities The relative bargaining strength of Curt and its supplier. Perhaps a search for another supplier would be wise. Perhaps it would be possible to negotiate a multi-year price agreement.Are there some other incidental effects Curt has not considered, e. g. factory space usage? 12 Netq plc Output per year: 1,000 ? 0. 3333 ? 2 1,000 ? 0. 3333 ? 0. 75 ? 2 1,000 ? 0. 3333 ? 0. 5 ? 2 = 667 500 333 1,500 Cost of annual output 1,500 ? ?4 = ? 6,000 PV = 6,000/0. 13 = ? 46,154 Both machines replaced: Annual costs 1,500 ? ?1. 80 = ? 2,700 PV = 14,000 + 2,700 0. 13 = ? 34,769 One machine is replaced: Old Output: first third of year second third of year last third of year New 333. 3 166. 7 0 500 333. 3 333. 3 333. 3 1,000 Annual costs 500 ? 4 + 1,000 ? 1. 8 = ? 3,800 PV = 7,000 + 3,800 = ? 6,231 0. 13 The lowest cost option is to replace both m achines. 14 Opti plc Costs One-year replacement: PV = 20,000 – 6,000/1. 1 = 14,545 AEA = 14,545/0. 9091 = 16,000 Two-year replacement: PV = 20,000 + 6,000/1. 1 – 1,000/(1. 1)2 = 24,629 AEA = 24,629/1. 7355 = 14,191 Three-year replacement: PV = 20,000 + 6,000/1. 1 + 8,000/(1. 1)2 + 4,000/(1. 1)3 = 35,072 AEA = 35,072/2. 4869 = 14,103 Four-year replacement: PV = 20,000 + 6,000/1. 1 + 8,000/(1. 1)2 + 10,000/(1. 1)3 + 10,000/(1. 1)4 = 46,410 AEA = 46,410/3. 1699 = 14,641 The optimal replacement cycle is 3 years.  © Pearson Education Limited 2008 9 CFML_CH04v3. QXD 29/7/08 17:27 Page 20 Chapter 4 THE DECISION-MAKING PROCESS FOR INVESTMENT APPRAISAL LEARNING OUTCOMES The main outcome expected from this chapter is that the reader is aware of both traditional and discounted cash flow investment appraisal techniques and the extent of their use. The reader should also be aware that these techniques are a small part of the overall capital-allocation planning process. The studen t is expected to gain knowledge of:  ¦ the empirical evidence on techniques used;  ¦ the calculation of payback, discounted payback and accounting rate of return (ARR);