The Great Depression - 1133 Words

â€Å"The only thing we have to fear is fear itself,† is a famous quote once said during the Great Depression by Franklin D. Roosevelt. After one world war, great financial fallout, and another world war to follow, the twentieth century was already shaping out to be a handful. When the Great Depression was coming to an end and the economy was trying to turn around, jobs started opening up and a new wave of immigrants came into New York, the Puerto Ricans. For some the American dream was to come to America and start a new life, but for others already here, it was about making it big in show business. â€Å"West Side Story†, a twentieth century musical, was greatly influenced by the immigration during that time. Before West Side Story was written, there were some major events that occurred. For instance, in 1914 America entered WWI. Then in 1920, women were given the right to vote and women’s suffrage was a big focus of the twenties (Unstend 6). Soon after in October of 1929, the Great Depression followed, causing massive economic downfall to the United States. Families during that time were very poor, but millions still went to watch films at local theaters (Unstend 12). One technological advance was the first television which began in 1936 (Unstend 30). After the Great Depression hit, WWII came shortly after and America entered the war on December 7, 1941 after Japan attacked Pearl Harbor (Unstend 18). In 1945, the U.S. possessed the atomic bomb helping to protect the U.SShow MoreRelatedThe Depression Of The Great Depression1223 Words   |  5 Pagesfar-reaching consequences as the Great Depression. This experience was the most extended and severe depression of the Western w orld. It was an economic downturn that began in 1929 and lasted until 1939. A large amount of America’s labor force lost their jobs and suffered during this crisis. During the nation’s financial disaster, Franklin Delano Roosevelt became president and made extensive changes to America’s political structure. The effects of the Great Depression had lasting consequences that areRead MoreThe Depression Of The Great Depression1232 Words   |  5 Pagespeople think that the stock crash was to blame for the Great Depression but that is not correct. Both the crash and depression were the result of problems with the economy that were still underneath society s minds. The depression affected people in a series of ways: poverty is spreading causing farm distress, unemployment, health, family stresses and unfortunately, discrimination increases. America tended to blame Hoover for the depression and all the problems. When the 1932 election came peopleRead MoreThe Great Depr ession Essay1390 Words   |  6 PagesIntroduction: The world had faced two main economic problems. The first one was the Great Depression in the early of 20th Century. The second was the recent international financial crisis in 2008. The United States and Europe suffered severely for a long time from the great depression. The great depression was a great step and changed completely the economic policy making and the economic thoughts. It was not only an economic situation bit it was also miserable making, made people more attentionRead MoreThe Great Depression1292 Words   |  6 PagesBefore the crash Before the start of the great depression the United States was a country of great economic wealth, with new technology being invented and a boom in industry. Due to a boom in America’s Industry because of World War One the economy was at an all-time high with a tremendous amount of prosperity. Following the end of world war one the industrial might that America had was being used for peaceful, domestic purposes instead of being used for violence and war. New technologies like carsRead MoreThe Depression Of The Great Depression2071 Words   |  9 PagesPaul Von Hindenburg appointed Adolf Hitler Chancellor on the 30th January 1933. The Depression did play a vital role in this, however other factors such as the Nazis propaganda, the resentment of the Weimar republic and the political situation of 1932-1933 also contributed to his success. Before the Great Depression, the Nazis gained 12 seats and 2.6% of the vote in the May election of 1928. Despite this, by July 1932, Hitler gained 230 seats and 37.3% of the vote in the Reichstag. This is a dramaticRead MoreThe Great Depression1731 Words   |  7 PagesThe 1920’s was a decade of discovery for America. As mentioned in â€Å"who was roaring in the twenties? —Origins of the great depression,† by Robert S. McElvaine America suffered with the great depression due to several factors but it managed to stay prosperous at the end. In â€Å"America society and culture in the 1920’s,† by David A. Shannon there was much more to the great depression. It was a time of prosperity an economic change. Women and men were discovering who they were and their value to societyRead MoreThe Great Depression1551 Words   |  6 PagesThe Great Depression was one of the most devastating events recorded in history. The nation as a whole plummeted in one econ omic downfall. Few individuals escaped the effects of the depression. The hardship of unemployment and the loss of homes and farms were a large portion of the pain caused by the economic crisis. Through all of these sufferings, women had a large impact on society. Women faced heavy discrimination and social criticism during the Depression Even though through research it is provenRead MoreThe Great Depression1186 Words   |  5 Pagesfriends is the true definition of of what the Great Depression really was. It was a time that most people want to never remember or ever happen again. You would think the United States would have learned from their mistakes but it seems we are going down the same road once again without even taking a step back and realizing it. When people talk about the Great Depression not a single person will have anything good to say about it. It caused families a great deal of pain that they will never forget. WithRead MoreThe Great Depression1368 Words   |  6 PagesAfter WW1 the Great Depression had a very late impact on the major film companies in France, when it did, it unfortunately caused several film studios to go bankrupt, then in the late 1920’s to 1930’s many small film companies and groups emerged giving birth to the tendency called poetic realism. Because the large companies who made films with a focus on making money were gone the filmmakers and artists were able to concern themselves with the art of film, they often took poetic innovations thatRead MoreThe Great Depression1698 Words   |  7 Pages The 1930s was one of the most challenging times in US history, where the Great Depression caused millions of Americans to suffer through hardships because of the economy. Many people were out of work and unemployed, and the government at the time, believed that the best option was to stay out of its affairs, leaving the struggling people hung out to dry. It was not until Franklin Roosevelt was elected president, that the state of the country began to change. And that was due to the creation of the

Should Schools Get Rid Of Sols - 857 Words

Should Schools Get Rid OF SOLs In 2002 a new bill called the No Child Left Behind (NCLB) Act introduce a new norm in schools: the SOLs. Within the NCLB Act the SOLs are made to showcase how schools should be performing and if the students are grasping the material being taught. Now, fast forward to 2016 schools still have SOLs but there has been some problems along these years. There are discussions on if SOLs are too much for children, are the schools too pressed to keep their accreditation they will do anything to keep the schools running, but the most daring question is should schools get rid of SOLs altogether. Due to some of these issues SOLs should not be in schools anymore and something else has to takes its place. One of the issues is SOLs putting too much stress on children? The answer is yes. SOLs have increasingly gotten harder every year, and children have the pressure of just passing it or failing it and risk not progressing to the next grade. For example in Florida, the re were some parents discussing issues with the board about their children used to like school, but due to the testing they don’t want to go to school. One parent broke down in tears about the stress and is thinking about taking their child out of public school to homeschool her/him because of SOLs. Consequently, there have been countless stories of children taking Xanax to cope or even having to go to the emergency room due to stress related incidents. Let’s examine the list of students whoShow MoreRelatedShould Schools Get Rid Of Sols?884 Words   |  4 PagesShould Schools Get Rid of SOLs In 2002 a new bill called the No Child Left Behind (NCLB) Act introduce a new norm in schools: the SOLs. Within the NCLB Act the SOLs are made to showcase how schools should be performing and if the students are grasping the material being taught. Now, fast forward to 2016 schools still have SOLs, but there have been some problems along these years. There are discussions on if SOLs are too much for children, are the schools too pressed to keep their accreditation theyRead MoreThe Controversy Of Testing Our Schools874 Words   |  4 PagesTesting Our Schools was discussing the controversial topic of the newly introduced state testing that President Bush was trying to pass. President Bush was calling for higher standards in the academic world and wanted to hold schools and teachers accountable for the materials they are teaching students. This act would be known as â€Å"No Child Left Behind.† These standards where called â€Å"standards of learning† or SOLs. The docume ntary went to schools in Virginia to ask teacher how they felt about theRead MoreHow Athletic And Club Funding Detract From Education Essay2388 Words   |  10 Pagesthings and focus more on education. In the 2010-2011 school year, the U.S payed 632 billion dollars on â€Å"education†, with almost a third of said funding going towards athletic and club funding. Finlands government spends the equivalent of 10 billion dollors on actual education funding, and no money on extracurriculars, so if students wish to participate, they must pay for these extra morning or afternoon events, not interfering with school at all. South Korea’s educational funding, but still spendsRead MoreStarbucks Internationalisation2565 Words   |  11 Pagesadvices regarding the future of Starbucks internationalization. The following analysis will be divided in two main parts. First part will focus on a qualitative approach based mostly on â€Å"Resuming internationalization at Starbucks† from Richard Ivey School of Business, annual reports, several articles found mainly on Starbucks news internet site, and a few other readings found on the Internet. Second part will focus on a qu antitative approach, based on pure data analysis, to try to provide some hintsRead MoreEffects Of Caffeine On A Drug2393 Words   |  10 Pagesdays. When I wrote down the drugs that I had taken over the last 30 days I never once considered caffeine a drug. I never saw caffeine as a drug until this class.The purpose of this project is to get a better understanding of someone who is attempting the abstinence process. For this project we had to get rid of one substance we consume daily or at least frequently. When providing a list of three substances I consume daily or frequently I had not known what it was for. To my surprise the substance IRead MoreBrill Torts Outline12018 Words   |  49 Pagesand their invitees, etc. b. defendant’s instrumentality is causing the confinement, even though not through any fault of defendant. (1) Ex. If P was locked in D’s store, D probably should try to help P get out if he can do so without harm to himself. (3)(a) by Acts/physical means: can occur directly or indirectly as above. Taking possession of a significant piece of plaintiff’s property such as a purse, not required to give itRead MoreSda Manual Essay101191 Words   |  405 Pages......... A Sacred Work ......................................................................... Church Treasurer the Custodian of All Church Funds ............ Conference/Mission/Field Funds ............................................. Sabbath School Funds .............................................................. Adventist Youth Society Funds ................................................. Local Church Funds ................................................................ Funds of AuxiliaryRead MoreVarian Solution153645 Words   |  615 Pagesreservation price the consumer will demand one apartment, at any price above the reservation price the consumer will demand zero apartments, and exactly at the reservation price the co nsumer will be indiï ¬â‚¬erent between having zero or one apartment. You should also observe that when demand curves have the â€Å"staircase† shape used here, there will typically be a range of prices where supply equals demand. Thus we will ask for the the highest and lowest price in the range. 1.1 (3) Suppose that we have 8

In Nathaniel Hawthorne’s Free Essays

The Scarlet Letter, various characters demonstrate sacrifice for what they value. The act of sacrifice is seen commonly in the book, especially with Hester, Dimmesdale, and Chillingworth, along with their interactions with each other. The story begins with Hester Prynne with her daughter Pearl and a scarlet letter â€Å"A† on her breast. We will write a custom essay sample on In Nathaniel Hawthorne’s or any similar topic only for you Order Now Roger Chillingworth, a doctor and Hester’s husband, comes to town and learns of Hester having an affair while he was away in England. As she is publicly shamed for not revealing the identity of her lover, Chillingworth is now intent on revenge against that man. Years later, Hester is still shunned as she finds a job in needle-working and Pearl grows to be a mischievous child. After finding out that city officials plan to take Pearl away, Hester calls upon Arthur Dimmesdale, a frail, young minister to convince them otherwise. Chillingworth takes interest, and moves in with him as Dimmesdale’s personal physician, and begins to pry open his character. As the minister’s condition becomes increasingly worse, Hester meets with him and decides to run away to Europe where they can start over and live as a family with Pearl. On the day of the departure, Dimmesdale delivers a final speech and confesses to his affair with Hester, then dies. Chillingworth dies a year later, Hester returns years later, and Pearl is married to an aristocrat with a family. The act of sacrifice is evident in Hester Prynne with her endurance of public shamings and being a societal outcast to defend the integrity of Arthur Dimmesdale. Prynne felt that â€Å"the sacrifice of the clergyman’s good name, and death itself† (Hawthorne 174) would have been better than lying about the identity of Chillingworth and Dimmesdale. Regardless, Hester chose to save the minister’s reputation and in turn, was humiliated and isolated from society. However, this choice would eventually cause anguish and suffering for Dimmesdale and later, his death. The narrator also states everyone â€Å"had frowned on her,—for seven long years had it frowned upon this lonely woman,—and still she bore it all† (175-176). Hester’s sacrifice is made clear as she bears the scarlet letter and becomes an outcast for seven long years. She is constantly shamed as seen by her public humiliation, and neither her or Pearl can live a normal life as a result. After years of living like this, Hester realizes what she perceives as her mistake, and goes to meet with Chillingworth and Dimmesdale to settle their complex situation. Throughout the text, Roger Chillingworth has also sacrificed much, namely his old life as a scholar in order to enact revenge. Hester notices that Chillingworth’s â€Å"aspect of an intellectual and studious man† had disappeared and was replaced with a â€Å"blackness†¦ a glare of red light out of his eyes, as if the old man’s soul were on fire† (153). The doctor’s old, scholarly personality has vanished as a result of his intent of revenge shortly after arriving in town. Thirsty for revenge, he preyed on Dimmesdale and torment him by exploring his secrets, and investigating his character. Chillingworth’s hatred would turn him to be a cold and cruel man, being seen as â€Å"transforming himself into a Devil, if he will only, for a reasonable space of time, undertake a Devil’s office† (153). Chillingworth stuck to the minister almost to the point of addiction, unraveling and torturing him to such an extent, his work is compared to that of the Devil. Roger had sacrificed his old personality and life, to the point of taking on a new identity, that the only value he saw in life was taking revenge on Dimmesdale. By pursuing his dream of vengeance , Chillingworth drives both himself and Dimmesdale to the edge of madness, eventually distorting his own soul and leading to the minister’s act of flagellation before causing both their deaths. Arthur Dimmesdale also displays sacrifice, most notably near the end of the text, by confessing and relinquishing his priestly position to stand with his family for the first and last time. As the minister stands on the scaffold, he calls out to Hester and Pearl, stating that he will do what he â€Å"withheld [himself] from doing seven years ago† (226) and for Hester to â€Å"support [him] up yonder scaffold† (226). In his final hour, Arthur decides to sacrifice his saintly appearance to the town in order to repent to everyone of his sin. The minister realizes his position with his family after his encounter with Hester in the forest, and gives up his life as a preacher. Chillingworth tries to plead with his victim and begs â€Å"Do not blacken your fame, and perish in dishonor!† (225) and desperately asks â€Å"Would you bring infamy on your sacred profession?† (225). Chillingworth attempts to stop the minister from confessing are futile as Dimmesdale knows exactly what he’s giving up to be with his family. The townspeople cannot agree of what they saw that day, but Dimmesdale and his sacrifice allows the townspeople to realize that anyone can be sinful, later sharing a grave with Hester with a scarlet letter on the headstone. How to cite In Nathaniel Hawthorne’s, Papers

A Markov Chain Study on Mortgage Loan Default Stages free essay sample

Shifting probability of credit status of past due or non-performing loans across stage has always been the center of attention not only for banking institutions but also for academicians. Mortgage loans’ changing credit status has a major influence on bank’s required reserve for capital adequacy against possible default loss. If the probability of shifting credit for default loans can be understood, calculated, controlled, or even predicted, reserve cost for the banking institutions can be alleviated to achieve higher economic efficiency. Due to the practical need to study and forecast bad credit, this research tries to explore probability distribution of past-due loans and to estimate average survival time before transferring into next non-performing loan stages. This information may be useful for bank managers to understand how to deal with the problems of classification and average delinquency related with mortgage loans for the purpose of better managing and granting loans. Bank asset may be better protected by restricting the period of years in mortgage financing especially when loans become dangerously delinquent and collaterals fail to offer adequate rotection. Banking institutions may even use life insurance to match the period of mortgage loans against potential default in the case of borrower accidents. Prediction of mortgage probability among credit stages may facilitate loan granting decision because of better quality in credit evaluation, which may, in turn, reduce a significant portion of mortgage risk. Mortgage Loan Default Stages may be commonly classified into 5 stages: normal, special mention, substandard, doubtful, and actual loss, with each stage having different probability of change either from good to bad or vice versa. This study use the Markov Chain to study the probability of shifting credit status and to estimate average survival delinquency of non-performing loans across stages, using the mortgage data collected from one of Taiwanese major banking institutions over a period of ten years (2001-2010). The study result shows that the probability distribution of mortgage loans can be classified in to the following five stages: 86. 89% belong to normal, 2. 12% need special mention, 0. 56% turn out to be doubtful, 0. 63% classify as substandard, and, finally, 9. 8% become actual loss. The probabilities for past-due loans to return back to its previous stage are 5. 64%, 3. 86%, 2. 3% and 0. 05% respectively, showing that mortgage loans once become past-due out of its regular repayment will not be easy for them to return to its previous credit status. This study also estimates average delinquent period for credit stages to be 23. 61, 7. 38, 4. 24, and 2. 40 years respectively, showing that the downward spiraling nature of non-performing loans with an ever shorter of life-cycle for worse credit. keywords:Mortgage loan, default risk, absorbing Markov chain I. Introduction Credit and loan and are the main business and a major source of earnings for banking institutions. The quality of credit and loan operations has a tremendous impact on the soundness of banking operations. One of the causes of the 2007 U. S. subprime mortgage crisis is the excessive credit expansion for financial institutions to ignore risk related to real estate loans, particularly when such loans are from high-risk populations suffering from unemployment or falling real estate prices. Bad loans did not occur instantly when credit is first given. Overdue credit happens gradually during the process when economy deteriorates causing households without the ability to repay and home prices to fall largely below the actual loan amount. A significant portion of those overdue bad loans will cause the rapid rise in the Non-Performing Loans (NPL) ratio for financial institutions, resulting in a serious erosion of profit, and causing a chain reaction of bankruptcy and escalated financial crisis. The century-old Lehman Brothers declared bankruptcy in 2008 which caused a domino effect, not only hitting the U. S. economy, but also triggering a global financial tsunami. Such disaster may be explained by the fact that banks recently owns excessive amount of poor credits which may be the result of highly competitive banking environment and reckless credit imprudence, even reaching an alarming level in banks NPL ratios. In order to correct this problem, the banking industry must make prudent and cautious decisions in the beginning of loan auditing process and also recognize the dynamic fact that credit status is not static. It shifts greatly throughout the life span of the loan credit. The change is more dramatic especially in the case of past due or non-performing loans. Only when banking institutions are fully aware of the dynamic nature of credit status can the banking institutions avoid making the same mistake again. This paper focuses on the study of the shifting probability of credit status of past due or non-performing loans. In this study, the samples are selected based on the number of different credit stages and the size of different scale from the cases of residential mortgage loans from a branch in southern Taiwan of a large scale national bank specialized real estate mortgage loans, so that the samples are representative and non-bias. During the 10-year period of study from 2001 to 2010, a total sample of 3470 cases are selected with 3455 cases of normal payments and 305 overdue repayments in order to understand the distribution of housing loans and their NPL status. According to Taiwanese banking regulations, 5 categories (or stages) of overdue loans and bad credit assets are defined as: Category I (stage 0):Normal Credit assetsnormal payment (on interests and principals); Category II (stage 1): Special Mentionoverdue 1 to 3 month stage; Category III (stage 2): Substandard overdue for 4 to 6 months; Category IV (stage 3):Doubtful/pre-write-off stage overdue for more than six months; Category V (stage 4):Losses—actual write-offs. This study uses the Markov Chain method to study the continuous process, transferal evolution, and shifting probability of loans across stages. The purpose is to investigate the distribution status and transferal probability of NPL loans in different stage to understand and forecast the probability of classification and its survival time in each of the stage for reference of the bank in auditing credit, extending credit, securing loan, and the need to attach mortgage life insurance to reduce bank’s risk. 2. 1 Definition of housing loans According to Taiwanese Bank Credit Practice, (Bank Credit of Practice Summary compiled Committee, 2008), housing loans are defined as when customers, with good credit history, may provide his or other’s real estate to banks or other financial institutions to apply for short-term or long-term loans to meet clients need of home purchase, repair or other specific purposes. According to the borrowers credit situation, solvency, and market value of collaterals, banks may provide financing to pursue maximum profit under a certain degree of risk, in order to meet customer needs and arrange loan portfolio management. . 2 Definition of bad credit assets Taiwanese NPL regulations classify credit assets (both on and off balance sheet) into normal credit assets (Category I) and other bad credit assets (Category II-V). A sound credit asset shall be evaluated based on the market status of collaterals and overdue length of time. Bad credit assets cover the stages that have overdue 1 to 6 mo nths, more than 6 months, doubtful of any payments, and real asset losses which are actually written off from banks balance sheet. Bad credit assets also have the following situations: 1. Those requiring â€Å"Special Mention† refer to the category of credit assets still having sufficient collateral but principal or interest payments in arrears for 1 to 12 months; or those unsecured credit assets having overdue for 1 to 3 months; or those credit assets that have not yet reached their maturity date, but the borrowers, nonetheless, show other instances of poor credit worthiness. 2. Those that are â€Å"Substandard refer to the category of credit assets evaluated as having sufficient collateral but the borrowers principal or interest payments have been in arrears for 12 months or more; or those credit assets evaluated as unsecured on which the borrowers principal or interest payments have been in arrears for 3 to 6 months. 3. Those that are â€Å"Doubtful† refer to the category of credit assets evaluated as unsecured and on which the borrowers principal or interest payments have been in arrears for 6 to 12 months. 4. Those that are classified as â€Å"Losses† refer to the category of credit assets evaluated as unsecured on which the borrowers principal or interest payments have been in arrears for 12 months or more; or those credit assets evaluated as impossible to obtain repayment. With regard to those credit assets to be repaid in installments by agreement, the bank may evaluate the assets in accordance with the borrowers solvency and the status of the collateral within 6 months after the establishment of a separate contract and may not be classified as bad credit asset. 1. Definitions of Non-Performing Loans Non-Performing Loans (NPLs) refer to those loans of which the principal or interest has been in arrears for 3 months or more, and those loans of which the principal or interest has not yet been in arrears for more than 3 months, but the bank has sought payment from primary/subordinate debtors or has disposed of collateral are all classified as NPLs. During the liquidation period, ei ther banks or borrower may request early repayment to amortize loans and other credit payments by notifying each other in accordance with the contract. Furthermore, Taiwanese financial authority regulates that the overdue loans more than 3 months can be handled by the following ways: (A) To dispose of collaterals, to negotiate for installment repayment of interests and principals, to restructure loan payment of interest and principals; (B) To obtain public or private credit guaranty or other government funding sources. In both cases, the credit status of loans changes dramatically from bad to ordinary performing loans. 1. 4Definitions of Non-Accrual Loans In additions, all NPLs shall be transferred to the â€Å"Non-Accrual Loans (NALs)†account within 6 months after the end of the payment period, excluding restructured loans. The NALs refer to loans and other extensions of credit transferred to the non-accrual loan accounts which are to be notified of payment by law. 1. 5Bad Loans Write-Off and Recovery Any NPLs or NALs, after subtracting the estimated recoverable portion, having any of the following characteristics, can be written off according to Taiwanese banking practices: 1. The loan cannot be recovered in full or part because the debtors have dissolved, gone into hiding, reached settlement, or declared bankruptcy. 2. The collateral and property of the primary/subordinate debtors have been appraised at a very low value or become insufficient to repay the loan after the subtraction of senior mortgages, or the execution cost approaches or possibly exceeds the amount that the bank might collect from the debtors where there is no financial benefit in execution. 3. The primary/subordinate debtors collaterals have failed to sell at successive auctions where the price of such collaterals has been successively lowered, and there is no financial benefit to be derived from the bank’s stake to continue possessing such collaterals. 4. More than 2 years have elapsed since the maturity date of the non-performing loans or non-accrual loans, and the efforts of collection have failed. II. Literature Review Previous literature tried to explore the default factors of individual mortgage loans and the reason why loans deteriorate from poor credit into overdue or even NPLs. Due to the difference in sample data and methodology, these literatures have shown very diverse conclusions. The early works of Jung (1962), Page (1964) indicates that mortgage interest rate is the main factor for causing real estate loan overdue. Von Furstenberg (1969) showed that loan-value ratio, mortgage term, borrower age and income are important default factors. Many researches have tried to applied different methodologies and variables in empirical model test to come up with distinctive but sometimes confusing results. Very little attention is paid to investigate the embedded probability iteration by stage for worse credit. In this study, we apply Markov chain to estimate shifting probability and average survival rate among different stages of home loan. Based on the probability information, the credit assessors may accurately predict default rate of home loans according to debtors’ age and loan period, and then coordinate home and life insurance to reduce credit and risk exposure to enhance the quality of home loan. Due to the fact that default rate is ignificantly affected by borrowers’ unique characteristics, i. e. age (von Furstenberg and Green 1974; Canner et al. , 1991), marital situation (Canner et al. , 1991), credit situation in the past (Grander and Mills,1989), education and so on, earlier studies of delinquency attempt to identify the relationship among these important factors. Consistent with findings of previous default studies, three loan factors have consistent and pos itive effect on delinquency: loan-to-value ratio, presence of junior financing (Herzog and Earley, 1970) and age of mortgage (von Furstenberg and Green, 1974). Claurite (1990) finds that foreclosures rise over time if interest rates rise, thus creating an incentive to skip out of high interest loans and to opt for lower ones. In addition, he finds that in markets with rising real estate values, the foreclosure rates are smaller, but the percentage of foreclosures increases with the unemployment rate. Because of its importance, mortgage credit risk evaluation has received a great deal of attention in economic and finance literature. Vandell (1978) and Ingram and Frazier (1982) mention a number of certain loan, borrower, and property characteristics which appear to correlate with loan delinquency and foreclosuresuch factors as the initial loan-to-value ratio, the contract interest rate, the housing expense-to-income ratio, term to maturity, age of loan, type of loan (conventional vs. government insured), borrowers equity, purchase price of the property, age of home (new vs. xisting), neighborhood unemployment rate, age of the borrower, borrowers income and occupational skill level and tenure on job, and the existence of refinancing or junior financing. Furthermore, Vandell and Thibodeau (1985) addressed theoretically and empirically, the structure of influences affecting the default option in mortgage contracts. A formal theoretical model recognizes that a number of loan and non-loan related effects beyond the housing unit can influence the default decision. These include 1) payment levels relative to income, which can displace other investment opportunities or cause a need for borrowing or sale to meet mortgage obligations; 2) current and expected neighborhood and housing market conditions, in particular the expected relative rate of appreciation of the unit and the relative cost of homeownership; 3) economic conditions; 4) wealth; 5) borrower characteristics such as the variability in income or the capability to survive crisis events; as well as 6) transactions costs incurred pon default. Some other macroeconomic factors and specific conditions of loan agreement which may cause later delinquency include the following: interest rate of the loan (Jung, 1962; Page, 1964), value ratio of the loan (Jung, 1962; Page, 1964; von Furstenberg, 1969; Zorn and Lea, 1989; Lawrence et al. ,1992; Kau and Keenan, 1999; Deng et al. , 1996, 2000), period of the loan (Page, 1964; von Furstenberg, 1969; Lawrence et al. , 1992), the ratio of mortgage payme nts to family income (Lawrence et al. 1992), and owner-occupation rates (Zorn and Lea, 1989). The borrower-related personal effects are often used to predict the level of borrower conscientiousness toward repayment or the likelihood of recovery from a seriously destabilizing incident, such as unemployment (Vandell, 1978; Deng et al. , 1996, 2000), death (Vandell, 1978), divorce (Vandell, 1978; Deng et al. , 1996, 2000) or housing price collapse (Kau and Keenan, 1999; Deng et al. , 1996, 2000), which will render default more likely. Their results show that unemployment and repayment have positive relation whereas economy growth rate and repayment negative relation. 2. 2Methodology Review Many literature applied the following methodologies to the study the issue of credit ratings such as multiple regression analysis (Jung, 1962; Page, 1964; von Furstenberg, 1969; von Furstenberg and Green, 1974; Vandell, 1978), discriminant analysis (Ingram and Frazier, 1982), probit model (Morton, 1975), logistic regression analysis (Vandell and Thibodeau, 1985; Grander and Mills, 1989; Canner et al. 1991; Lawrence et al. , 1992). Ingram and Frazier (1982) and Epley et al. (1996) apply the same analysis to test the significance of factors and classification and finds that classification only has small difference in validity, but significant factors varies from one research to another. On the other hand, Epley et al. (1996) show that, when same methodology are applied, there are significant difference in validity to classificatio n and positive or negative coefficients in the factors which influence on breaching the mortgage loan agreement. Since most of researchers use multi-variate methodologies, this study tries to use a different approach of markov chain methodology to analyze the situation of loan default and the nature of changing probability among different stage of loan deteriorations. This study focuses on the deterioration and change of bad loans from overdue to foreclosure with the purpose to find out shifting probability of mortgage financing and average survival rate in stages before final write-offs as bad loans. An estimate of the degree of risk associated with an home loan account is represented by the design of 5 mortgage stages: Stage 1: normal monthly payment; Stage 2: monthly overdue payment under 3 months; Stage 3 past due payments more than 3 month but under 6 months; Stage 4: delinquent period more than 6 months thus exceeding the time limit of loans; and finally Stage 5: bad loans are written off as real loss. Stages 1-5 represent the continually worsening situation of mortgage loans. This study tries to probe into the whole life range of home loan accounts in different stages, exploring their shifting probability in transit, account survival time in stages and finally predicting the chance of foreclosure for bank management concern. However, past research on mortgage households credit default model are established mainly for the purpose to achieve better prediction and warning capacity using different sample data and research methodology. Furthermore, the construction and research on credit default warning model, in most cases, seek first through calculating the probability distribution for household mortgage default to control Type I and Type II errors, and set up critical values to judge the possibility of mortgage delinquencies and, in the end, test the validity of the model using the remaining portion of sample data. Since absorption Markov chain can be used for analyzing problems related to stage change, Kijima (1998), from a technical perspective, explains how a Markov chain model can lead to the known empirical regularities such as memory in rating changes, long term reversion of ratings in bond credit assessment from class A down to E, and the probability of rating failure. Corcoran and Leininger (1973) use absorption Markov chain analysis to establish a human resources evaluation model differentiate ranks and positions into different status, use both supreme and lowest order status as the state for absorption, and calculate the time required to reach absorption. Chen, Jing-Wen (1996) uses absorption Markov chain to analyze the changing situation of account receivables (A/R) to establish the best A/R collection policy, and calculate the time and fluctuation of cash flow under conversion and balance state. Zheng, Wen-Ying (1999) use absorption Markov chain on cost benefits analysis to evaluate transfer probability on all stages of unauthorized, illegal constructions and their survival existence years within the city of Taipei. Zhou, Bai-Long (2001), through absorbing Markov chain analysis, infer the average stop over time before a bank crisis occurs for the Farmer Credit Department in Taiwan To further understand overall household mortgage overdue distribution and transfer situation under different stage, this article first arrange household mortgage loans from 2001 to 2010 according to FSB (2010) specifications, define 5 mortgage overdue lending stages for classification, then use absorption Markov chain analysis to discuss the distribution of overdue loans across stages, and finally calculate the mortgage loan transfer probability before entering final absorption state. III. Research Design This section first discusses research samples and sources, explain how NPL stage is divided, and finally introduce the research methodology. 4. 1 Research Sample Since the restoration of Taiwan in 1946, rapid economic growth and house prices rising caused a surge in mortgage business. Due to the influence of internal and external factors, real estate cycles of booming and recession affected many household incomes and thus resulted in the generation of a large amount of overdue loans since 1995. Once mortgage credit default occurred, not only were households unable to repay their debts and thus suffered from foreclosure, but also the banking experienced great damage sometimes as serious as bank-runs. This article selected mortgage household samples from a branch of a large national bank in southern Taiwans southern during the period of 2001-2010. According to the Financial Supervisory Commission (2010) specifications, as defined in the mortgage NPL stage, sample data are sorted and calculated through Markov chain analysis method to explore transfer probability of mortgage holders during stages and to estimate the average survival time of the various NPL statuses. 4. 2 Mortgage Overdue Stages As mortgage interest and principal repayment are influenced by the factors of real estate cycles and external economy, mortgage holders face a great deal of uncertainty and risk. There is a gradual process of stage occurrence from mortgage default to the end auction for doubtful accounts, rather than overnight problems occurring. Mortgage overdues are part of a continuous NPL history of credit default and should be classified by the seriousness of NPL status and divided into 5 stages, with stage 0 to stage 4 representing credit default situation getting worse. In practice, mortgage classifications make default problems easier to distinguish and to deal with. Mortgage households NPL stage definitions are summarized as following (see Table 1): Table 1 Mortgage households NPL stage definitions Mortgage households NPL stage| Definitions| 0| Category I. Normal Credit Assets| 1| Category II: Special Mention| 2| Category III: Substandard)| 3| Category IV: Doubtful| 4| Category V:Losses| Source:FSC2001 4. 3 Markov Chain Analysis Since extending loans, the NPL migration process approximates random process. In research of credit default warning model, households’ mortgage write-off stage can be regarded as the absorbing state. Based on this assumption, the study uses Markov chain’s absorbent nature to explore the distribution and migration pattern of overall mortgage NPL status. Markov chain analysis is a kind of probability process. Markov (1907) proposed the concept of Markov nature for the description and prediction of physical changes under different circumstances and the final end of a stable absorption state. Wisner (1923) develops the Markov nature into a series of useful mathematical formula. Cyert (1962) apply the concept on the research of management accounting. In addition, the Markov chain analysis is capable of dividing into stage when physical changes happen from a known state to another. Two classification criteria according to their transient† and absorbing† nature are proposed. In the former case, change always happens with distinctive characteristics and can be separated into stages; while, in the latter case, once the physical change enters the final stage, it becomes inseparable as if it was absorbed and become static during the final stage. Such a chain with stages auto-correlated to each other and with changes leading from one stage to another is called the absorbent Markov chain. † This article uses absorbent Markov chain to estimate the phase of transition probability and average survival time of the overdue loans. The Markov chain and the concept of absorbent Markov chain analytical methods, formulas are summarized below. IV. Research Results The overdue loans to total loans ratio of domestic banking sector showed a clear downward trend since the fourth quarter of 2001 until June 2011. The trend diagram in Figure 1 showed that overdue to total loans ratio gradually decreased from the ratio of 11. 27% in the fourth quarter of 2001, to 11. 74% in the first quarter of 2002, and further declining down to 0. 61% in the fourth quarter of 2010, displaying considerable credit quality improvement as well as recovery in overall economic climate and real estate business. This article use household mortgage sample from 2001 to 2010 for research object. During this period, the overdue lending rate of Taiwanese banking sector is declining every year. Thus, except individual personal factors, macroeconomic environment had little effect on the overdue lending rates during this period. Unlike other research where there is always a significant influence from the external environment. Which is always the cause of a large portion of overdue NPLs. Economic recession cause irresistible conditions and generate past-due NPLs. To avoid such influence, mortgage households sample data from 2001 to 2010 are ideally chosen for study. First, annual mortgage households growth are summarized to understand its number, size and growth ratio, then each of the data are categorized into tables according to FSC (2010) specifications of bad credit asset (mortgage overdue lending stage 0-4), and lastly calculate the relative number of distribution and arranged the statistics into the form of transfer Matrix. Through absorption Markov chain analysis method, this study estimates probability under five stages of overdue loan conditions, transfer rate at different stages, and the average survival for each of the overdue loan conditions at different stages. 5. 4 Annual Household Statistics From 2001 to the end of 2010, the mortgage sample had a total of 3819 Mortgage households to apply for loans. There were 1616 Mortgage households from 2001 and 3819 mortgage households at the end of 2010, a total growth of about 1. 36 times. During this period, the average annual growth rate increased up to 9. 80%. On the other hand, the NPL accounts grew from the number of 179 by 2001 to 305 mortgage households by the end of the 2010 (see Figure 2). 5. 5 Distribution of Household Overdue Loans Mortgage families from 2001 to 2010 are classified according to the FSC (2010) proposed NPL phases (Table 2). In Table 2, annual distribution of mortgage households of each stage is clearly shown. From year 2001 to 2010, mortgage households are normal to pay interest and principal; however, beginning from 2001, there was a downward trend that many mortgage households became overdue. In addition, Table 2 showed that, from 2005, although overdue mortgages significantly climbed, they still remain in the stage 1 condition. Since 2006, its mortgage households overdue situation is getting worse (i. e. more late payment in stage 2, 3 and 4), considerably higher than previous years. It is worthy of the attention of bankers and financial authority in charge. The NPL percentage to the total is clearly shown in Table 2. From table 2, the mortgage houses at different stages are divided against the annual total, and expressed as percentage, making clear the percentage every stage has to the total number of mortgages. As mortgages credit status may fluctuate over time, make changes in their stages of overdue loans, this article taken into account for the time (t) factors through regression analysis to forecast trend and verify whether changes are the same for each stage. If verification result is solid, the data analysis does not take into account the factor of time; If, on the contrary, the time factor will be taken into account. From Figure 3, Verification results and linear regression analysis (see table 3) show that, at different times, (t) changes for each stage and render a horizontal status, that is, the data will not change over time, mortgage loan overdue status distribution is stable.

Alexandria Hall Essays (1739 words) - Literature, Bloomsbury Group

Alexandria Hall Maryann Hofmann ENGL 2070 16 November 2016 Rhetorical Contributions of Virginia Woolf "Every secret of a writer's soul, every experience of his life, every quality of his min d is written large in his works " ( Virginia Woolf, 1928 ). When Virginia Woolf made this powerful claim, she allowed an insightful glance into the many ways in which her works were inter weaved with secrets of her own . Many of her essays and short stories depict Woolf's childhood traumas, reveal her psychological instability, and expose her feminist ideologie s . Fu rthermore, Woolf's writings displayed her daringness to diverge from classic literature and establish a style of her own, one with melancholy undertones and a postmodernist flair. Postmodernism is a style of writing that emerged after World War II, when much of the world was changing and literature followed suit ( Holmesland 67) . Postmodern literature is known for its incorporation of a variety of stylistic devices that include fragmentation , m aximal ism , and magical realism ( Holmesland 18) . Woolf incorporates her most personal memories and experiences with these different devices throughout nearly all of her works. Perhaps this skillful integration is what makes reading her literatur e such an impactful experience. Altogether, Woolf's readings have had a profound impact on the way that these postmodern devices are used in rhetorical theory and have given her audience a glimpse into the darkness of her past. On January 2 5, 1882, in Kensington, London , Virginia Woolf (then Virginia Stephen ) was born into a n upper-class , well-educated family . Her father, Leslie Stephen , and her mother, Julia Pr insep Duckworth Steph en, raised Woolf and her seven other siblings in a narrow t ownhome on 22 Hyde Parke Gate. Both t he addres s and the home itself are well distinguished because Woolf often used the m as an authentic setting to her stories ; in one of her most renowned short stories A S ketch of the Past , Woolf explicit recounts the tragedies she was forced to endure during her time in the home. Painfully, Woolf invites her readers into the murkiest, most vulnerable depths of her heartache by sharing the details of the heartbreaking molestation that her brothers inflicted upon her as a child. Though she was far too young to grasp the concept of what had been happening to her, Woolf held onto the memo ries and, as she emerged into adulthood, stood by as these grudges overtook her and spiraled into severe depression and life-threatening psychological illnesses that haunted her for her entire life. Woolf was institutionalized on more than one occasion because of the severity of her illness. Despite these insufferable burdens , Woolf did her best to maintain her academic regimen. She continued on to study German, Greek, and Latin at the Ladies' Department of King's College. She even began working for a well-known newspaper The Times Literary Supplement . She built upon this success but struggled to maintain a firm grasp on her sanity. As she worked to restore her mental health, she met a man named Leonard Woolf through mutual friends of theirs . The two quickly sparked an interest in one another and, before long, Leonard decided to propose to her. They were officially m arried in 1910 and Virginia picked up her iconic new last name . Despite all of these positive, life-changing advancements in Woolf's career and in her life overall , she continued to spiral into her illness and depression. The pessimism eventually consumed her; she felt so desperately entangled within her memories of the past and her anxieties of the future that she was entirely incapable of having any bl iss. After fifty-nine years of hardship , Woolf could no longer bear the immense weight of all the sorrow, heartbreak, uncertainty , and betrayal. Instead of facing another day, she slipped on her wool coat and took a walk around a lake near her home. Her face somber, she trudged around the lake, collecting large stones and adding each one to her pockets. Her pockets now heavily weighed down, Woolf walked into the lake without looking back at the grueling

Free Essays on Television Violence

â€Å"Monkey see, monkey do† has become a well-known saying in today’s modern, media-warped society, but is it correct? What has the world come to these days? It often seems like that everywhere one looks, violence rears its ugly head. We see it in the streets, back alleys, school, and even at home. The last of these, our homes, is a major source of violence. In many living rooms, there sits an outlet for violence that often goes unnoticed. It is the television. The people who view it are often pulled into its realistic world of violent scenes with sometimes devastating results. Much research has gone into showing why our society is so mesmerized by this glowing box and the action that takes place within it. Only a mere sixty years ago the invention of the television was viewed as a technological breakthrough with black and white ghost-like figures on the screen so small, hardly anyone could see them. Today that curiosity has become a constant companion to 90% of the American population (Sherrow 26), mainly, children and teenagers. Unfortunately, it is these violent programs that are endangering our present-day society. Violent images on television, as well as in the movies, have inspired people to set spouses on fire in their beds, lie down in the middle of highways, extort money by placing bombs in airplanes, rape, steal, murder, and commit numerous other shootings and assaults. (Brown 78) Most of what is broadcast or transmitted, even in the news, today is with reference to the chaotic condition of our planet. The more atrocious the event, the more publicity it receives. â€Å"The average American child will witness†¦200,000 acts of media violence by the time that child graduates from high school.† (Sherrow 6) â€Å"Children have never been very good at listening to their elders,† James Baldwin wrote in Nobody Knows my Name. â€Å"But they have never failed to imitate them.† (Sherrow 56) This basic truth has all bu... Free Essays on Television Violence Free Essays on Television Violence â€Å"Monkey see, monkey do† has become a well-known saying in today’s modern, media-warped society, but is it correct? What has the world come to these days? It often seems like that everywhere one looks, violence rears its ugly head. We see it in the streets, back alleys, school, and even at home. The last of these, our homes, is a major source of violence. In many living rooms, there sits an outlet for violence that often goes unnoticed. It is the television. The people who view it are often pulled into its realistic world of violent scenes with sometimes devastating results. Much research has gone into showing why our society is so mesmerized by this glowing box and the action that takes place within it. Only a mere sixty years ago the invention of the television was viewed as a technological breakthrough with black and white ghost-like figures on the screen so small, hardly anyone could see them. Today that curiosity has become a constant companion to 90% of the American population (Sherrow 26), mainly, children and teenagers. Unfortunately, it is these violent programs that are endangering our present-day society. Violent images on television, as well as in the movies, have inspired people to set spouses on fire in their beds, lie down in the middle of highways, extort money by placing bombs in airplanes, rape, steal, murder, and commit numerous other shootings and assaults. (Brown 78) Most of what is broadcast or transmitted, even in the news, today is with reference to the chaotic condition of our planet. The more atrocious the event, the more publicity it receives. â€Å"The average American child will witness†¦200,000 acts of media violence by the time that child graduates from high school.† (Sherrow 6) â€Å"Children have never been very good at listening to their elders,† James Baldwin wrote in Nobody Knows my Name. â€Å"But they have never failed to imitate them.† (Sherrow 56) This basic truth has all bu...

Marketing str for import American Hot dog into UK Essay

Marketing str for import American Hot dog into UK - Essay Example The business has been recommended to follow cost leadership strategy in order to implement the growth strategy of market extension. Finally a proper marketing mix has been suggested to the company in order to achieve competitive advantage in UK fast food industry. Introduction The project deals with the introduction of the American Hot Dog Cart in the United Kingdom. It will also reflect the plans for implementing the strategies, promoting the products in the new market and driving the sales. The American hot dog carts provide quality hot dogs in the most reasonable prices. The carts are good quality gastronomic equipments designed in the best way to attract and serve the customers with best hot dogs. These light weight carts are easy to be moved from one place to another and facilitate serving multiple locations in a short period of time. These carts supply food to a large number of people every day. The high demand of hot dog in America drives this business due to the attractive pr ice offerings. Porter’s Five Forces Analysis United Kingdom is the country having the highest consumption of fast food in the world. The country possesses different cultures which has a huge impact on the success of the fast food industry there. Porter’s five forces analysis will help to analyse the structure of this industry. (Source: Larsen, 2009) Bargaining power of buyers There is a popularity of hot dog among maximum consumers in the country. There are many companies offering hot dog in the fast food industry. These companies make huge investments for the promotion of their brands. The availability of this product by a large number of companies has strengthened the bargaining power of the buyers. The buying power is also strengthened because of the insignificant switching costs. Thus the bargaining power of the buyers is high. Bargaining power of suppliers The supplier of a business is an important element of its ability (Ahlstorm and Bruton, 2009). An important i nput required in the fast food industry is the supply of food. The food supply market in UK is concentrated. The suppliers of raw meat, farmers etc. are the main suppliers in this industry. These suppliers have reduced their dependency on the fast food companies because of the availability of other kinds of profit seeking food service customers. It is very significant for the fast food companies offering hot dogs to maintain their existing suppliers as they offer good quality marketable food at low cost. This increases the supplier power in UK market. Thus the bargaining power of suppliers is very high. Threat of new entrants The legal framework in the UK provides barrier to the new entry to some extent. However, this kind of barrier to the new entrants is limited to a particular extent. It becomes very difficult for a new entrant to make profit in the fast food industry and perform well initially because of low consumer loyalty and the barriers to the entry in the industry. The cos t related to the setting up of a new chain the market is low and in the recent years there have been many new entrants. This is a serious threat to the existing players in the industry. Thus the threat of new entrant is high. Threat of substitutes The substitutes of fast food products like hot

Peachtree summize Essay Example | Topics and Well Written Essays - 1250 words

Peachtree summize - Essay Example The current pressure stems from standardization in other sectors such as banking that cannot be fully afforded to more critical areas like healthcare without great thought. Moreover, recent failures at new Peachtree Healthcare acquisitions are pressuring management to go for an overhaul of the current IT infrastructure. Change of Opinion Before looking into the commentaries, I was more focused on the technical aspect of the problem with regards to implementing either SOA or a monolithic system. The human aspect of the problem as advocated by Kastor was not under consideration while framing recommendations. Moreover, my approach to problem solving for Peachtree Healthcare was more dependent on deriving a fitting monolithic, SOA or hybrid monolithic SOA framework for Peachtree Healthcare but as advocated by Halvorson, such a resolution would not be possible without considering the objectives that require achievement. Creating and maintaining an effective corporate strategy requires tha t objectives are taken into primary focus before any other implementations are considered (Johnson, Scholes, & Whittington, 2008). Ranking Commentator Opinions George C. Halvorson Paul Lefler’s standardization approach will not be able to deliver results for all parts of the healthcare sector in the case of Peachtree Healthcare. ... Another notable aspect of Halvorson’s approach is his critique on trying to use tools without realizing what objectives require achievement. In this respect, Halvorson is totally justified in commenting that Peachtree Healthcare should tabulate its needs and requirements and should then proceed to procure fitting tools. Monte Ford Ford essentially raises an important point and then fails to see through it – risk management. Ford suggests that Peachtree Healthcare should tabulate the available risk but this is not really possible given the eclectic nature of operations at any healthcare institution. He further suggests that Peachtree Healthcare should follow Candace’s opinion of implementing a â€Å"modular SOA† structure (Glaser, 2007) while keeping in mind areas where such a solution would work and where it would not. Again, the recommendation provided by Ford is largely vague and unrealizable since risk tabulation for what would work and what would not w ork requires taking risks that might entail patient’s lives. Providing analogies for an airline reservation system and a clinic’s basic systems is also illogical since clinical operations are too varied to be standardized this simply. For example, a patient requiring treatment for a common cold would differ significantly from a patient requiring treatment for tuberculosis. Randy Heffner Randy Heffner’s ideas are best summarized by his last line in the commentary when he states that Candace should â€Å"redo her decision analysis and strategy planning, looking at SOA through a business lens† (Glaser, 2007). Heffner is right at declaring the rising popularity and efficacy of SOA but

Core Values in International Relations and Their Application in the Essay

Core Values in International Relations and Their Application in the Kigndom of Saudi Arabia - Essay Example The researcher states that international relations can be referred to the field of public policy and academy, which in this case, can be normative or positive. This field makes an analysis and formulation of different foreign policies for various countries. Being a political activity, the practice traces its origin back to the times of Thucydides, a Greek historian (460-395 BC). At the beginning go of the 20th century, international relations became an important and discrete academic sector in political science. In general, it is important to realize that international relations have become an important interdisciplinary field that people go to study in colleges, universities and other institutions of higher learning. Apart from the field of political science, international relations derive its intellectual materials from various other fields like history, technology, philosophy, geography and international law among many others. The particular scope of the field of international rel ations understands such issues as ecological sustainability, nuclear proliferation, nationalism, international security, human rights among other important fields. International relations traces its history from many centuries ago; for instance, Buzan and Little Richard are believed to have considered the interactions in many of the ancient city-states of Sumeria as a form of fully-fledged and operational international relations. These interactions are believed to have started taking place around 3500 BC. When based on sovereign states, the history regarding international relations can be followed back to the time of Westphalia in 1648. During this time, it is believed that the development of international relations was a major stepping-stone towards the development of the current state systems. Before this particular development, organizations in political authorities in the European medieval period were depended on some kind of vaguely developed hierarchical religious orders.

Catholic Views on Social Issues

Catholic Views on Social Issues â€Å"Religion is the set beliefs, feelings, dogmas and practices that define the relations between human being and sacred or divinity† (Green, 1962, pg. 1). Religion is a way for people to have a strong confidence in something greater than themselves. Religion also brings unity to communities by creating stability and order. On the other hand, some critics may argue that religion creates more conflict than resolution, due to corruption and contradiction. Religion can be defined in three characteristics: Believes and religious practices, the religious feeling (such as faith), and unity in a community of those who share the same faith (such as the Church)† (Green, 1962, pg. 1). Thus, this essay will discuss the changing nature and views of Catholicism on social justice issues such as reproduction, crime and punishment, and same-sex marriage. This essay will argue that Catholicism has now taken a more flexible approach to social justice issues in comparison to how Catholic ism was practiced earlier. Many social theorists of the past have seen the diminishment of religion as imminent and desirable (Mainwaring, 1986). For instance, in 1830, Ludwig Feuerbach dismissed religion as a projection, and deemed that it would not last long. At the same time, Marx agreed with this assessment and believed that religion was an ideological mystification that created a divide between the bourgeoisie and the rest of the classes (Mainwaring, 1986). In a study conducted by Cook (1993) and associates, a state exit poll was conducted in 1990 to determine whether Roman Catholicism affects abortion attitudes. The individual-level effects in which the Church socializes individual members was compared alongside contextual effects, in which the Church affects abortion attitudes by altering the terms of the debate outside the Church’s membership (Cook et al., 1993, p. 223). Both effects were found to be statistically significant (the effects were reliable), although the contextual effects of Catholicism were negative (Cook et al., 1993, p. 223). This part of the study suggested that the Catholic Church is affective in teaching anti-abortion attitudes to its members, but that a strong Catholic presence in a state influences citizens in a counter mobilization way, on the part of non-Catholics (Cook et al., 1993, p. 223). Oliver (2008) makes an excellent point in understanding the relationship between the Catholic Church and social justice. For instance, Oliver (2008) states that in order to have a deeper understanding of the Catholic perspective of crime and criminal justice, one must have an understanding of the central concept that lies at the heart of the criminal justice system (p. 3). For instance, there is a human desire for justice. In Catholicism, there are those who are religious that seek justice in the world so that God’s will is done on earth. There are also a set group of people who profess no religion that seek justice through the court system based on the rule of law.[1] Oliver (2008, p. 223) also points out that in the mid-1800’s, the Catholic Church had prodded the medical community to prevent midwives and rogue doctors from performing abortions. Further, the Catholic Church drew upon the fact that abortion was immoral, and thus both the Catholic Church and many physicians argued that the health of the woman was put at risk (Oliver, 2008, p. 223). However, as awareness regarding abortions grew and as time went on, there were changing attitudes towards abortion. For instance, doctors claimed that they should be the only ones to carry out abortions (although they were the same doctors that felt it was morally wrong), and the American Medical Association began to hold the reigns of the issues of abortion more so than the Catholic Church. Thus, since the topic of abortion is a social justice issue in which Catholic views on the issues have been changing as opposed to stagnant, this supports the thesis that Catholic standpoints are becoming less stringent than they were previously. The other issue related to the social justice topic of abortion is the topic of justice in and of itself. Justice in the Catholic faith brings in another perspective. From the Catholic standpoint, justice is based on the word of God, the teaching of Jesus Christ, and the Traditions of the Roman Catholic Church (Oliver, 2008, p. 4). Moreover, in American penal organizations, Post-revolutionary Catholicism favoured a democratic model of authority, local autonomy, and the separation of the Church and the state (Stotnicki, 2013, p. 83). In other words, a congregational pattern of church polity was regarded as the most acceptable model of the prison system (Stotnick, 2013, p. 83). Thus, this points to a symbiotic relationship between Catholicism and the criminal justice system in which Catholicism worked hand-in-hand with social justice, and in some cases, removing signs of religion from within the system to maintain the justice system’s autonomy. However, in 1973 an event in New Y ork changed the landscape in which Catholic teachings would be allowed in the penal system. For instance, in 1973, the United States Catholic Conference (USCC) published a Reform paper on Correctional Institutions in the 70s and claimed that certain practices they were proponents of, decreased recidivism rates, while results showed the opposite-that recidivism rates increased with such practices (Stotnicki, 2013, p. 84). The other issues with the paper were that the paper called for rehabilitation without defining what it meant by the term and what goals would be accomplished (Ibid., p. 84). Lastly, the paper called for alternatives to prison, without giving examples of such alternatives (Ibid., p. 84). Furthermore, Stotnicki (2013) argues that the concept of deterrence does not fit in with the Catholic religion. Thus, this could point to delineation where the Catholic tradition had less of an impact on the penal system than it did in previous decades. A principle component of Catholicism and the criminal justice system is that incapacitation should be used to reshape the beneficent values of a market economy on a case-by-case basis (Stotnicki, 2013). What is interesting about trends in social justice and Catholicism is that in a Gallup poll conducted in 2004, 71% of Protestants and 66% of Catholics support the use of capital punishment (Stotnicki, 2012). Although this poll was taken over 10 years ago, what is interesting is that capital punishment is not in line with the New Testament although arguably, it is an Old Testament principle; this is fodder against the argument that Catholicism has not taken a flexible approach in comparison to earlier years if the Gallup poll is anything to go by. On the other hand, opinions (particularly with people that identify as Catholic) might be changing in as fast as 10 years. The last issue that warrants mention on the topic of Catholicism and social justice is the topic of same-sex marriages. The topic of same-sex marriage is a social justice issue because it is an issue which affects a large segment of the population and it is a contentious issue which has sparked debate over the last few decades in Western society. For instance, Dempsey (2008) demonstrates that the Catholic Church holds the view that circumstances may increase the culpability of a person to engage in homosexual acts (p. 77). Furthermore, Dempsey (2008) points out that Catholics believe that respect for the basic human dignity of the homosexual entails respect for his ability to cooperate freely with God’s grace in turning from evil ways and embracing a chaste life in Christian love (Ibid., p. 77). The Catholic Church affirms the natural law and Christian vision of marriage as the loving and life-giving union of a man and a woman (Dempsey, 2008, p.77). Furthermore, the Catholic C ongregation beliefs that â€Å"a person engaging in homosexual behaviour therefore acts immorally.† (Ibid., p. 77). The Catholic teaching then tries to take a scientific spin on the union of marriage by arguing that homosexual activity is not a complimentary union, able to transmit life, and so it halts the call to life and thus of self-giving, in which the Gospel claims is the essence of Christian living. Thus, the Catholic Church tries to use morality and science to argue against the notion of same-sex marriages. On one hand, the Catholic Church respects homosexuals as people, yet on the other hand, part of the statement calls such acts â€Å"evil† and invites the â€Å"evil-doer† to embrace a chaste life in Christian love. Thus, in this regard, the Catholic Church still has a long ways to go before it deals wholly with the issues of same-sex marriage and homosexuality. Having said that, in an interview with Pope Francis in the summer of 2013, the Pope stated that while homosexual acts were sinful, homosexual orientation was not.[2] This shift in attitude although still stringent but making some leeway towards homosexuality, demonstrates that there has been a change to views on homosexuality as the world becomes more global and accepting of same-sex marriages. The other reason why the topic of same-sex marriage is a social justice issue is because it has been an issue that has seen the inside of courtrooms throughout historical debate. For instance, Olson and associates (2006) argue that public opinion has had a major impact on same-sex marriage discourse. Furthermore, Canadian cases like M. v. H. [1999] has provided awareness to the cause of same sex-marriages. In the case of M.v.H, the Supreme Court of Canada ordered Ontario to amend its definition of family to include cohabitation of partners (whether male or female). Thus, in this case, lesbian and gay couples were given the same rights and responsibilities that married, opposite-sex couples traditionally have. Further to Olson and associates’ (2006, p. 342) study, while Americans have become less willing to restrict the civil rights of gays and lesbians, religion has been seen as a sometimes ambiguous influence on the opinions on homosexuality. Once again, these findings indicate that there have been small steps in Catholic opinions on homosexuality and same sex marriage. Conclusion Skotnicki (2013) argues that the Catholic Church plays a limited role in determining American correctional policy due to a failure at variance with significant developments in its own history (p.1). Skotnicki’s (2013) statement points to either a reform in Catholic policies in order to co-exist in the changing times, or more flexibility in its outlook on criminal justice practices. In critiquing the effect that Catholicism has had in the criminal justice system, Stotnicki (2013) further argues that while the prison system needs a clear system of why it has the right to punish- not in terms of vengeance of self-interest, but in terms of human life and human community, the Catholic Church has failed to provide significant help in addressing the crisis of punishment and reoffending. What is clear is that the Catholic Church’s landscape is changing. For instance, Curran (2010) states that the understanding of the Church (ecclesiology) is changing, the sociological relations hip of the Catholic Church to U.S. Society is changing, and the circumstances affecting social justice, along with Catholicism, are changing in the United States. With these changes, the social mission of the Church is also changing, thus allowing for more flexible practices in social justice and social tolerance. References Cook, A.E., Jelen, G.T., Wilcox, C. (1993). Catholicism and Abortion: Attitudes in the American  States: A Contextual Analysis. Journal for the Scientific Study of Religion 32(3), 223-230. Curran, E. C. (2010). The Social Mission of the U.S. Catholic Church: A Theological  Perspective. (Washington: Georgetown University Press). Dempsey, J, R. (2008). The Catholic Church’s teaching about Same-Sex Marriage. The Linacre  Quarterly, Volume 75. Graham, G. (1962). The Power and the Glory. (UK: Penguin Books).   M.v.H. [1999] 2. S.C.R. 3. Mainwaring, S. (1986). The Catholic Church and Politics in Brazil, 1910-1985. (CA: Stanford  University Press). Oliver, M. W. (2008 ). Catholic Perspectives on Crime and Criminal Justice. (MD: Lexington  Books). Olson, L, R., Cadge, W., Harrison, T. J. (2006). Religion and Public Opinion about same-sex  Marriage. Social Science Quarterly 87(2). Pope Francis: Who am I to judge gay people? BBC News. 29 July 2013. Retrieved 26 March  2015 from http://www.bbc.com/news/world-europe-23489702 Skotnicki, A. (2012). The Last Judgment: Christian Ethics in a Legal Culture. (Vermont:  Ashgate Publishing Company). Skotnicki, A. (2013). The U.S. Catholic Church and Criminal Justice. New Theology Review. [1] It is arguable that the doctrine of the Rule of Law has religious underpinnings. [2] Statement taken from an interview conducted with Pope Francis. Interview Retrieved from BBC News on March 26th 2015 from http://www.bbc.com/news/world-europe-23489702

The Use of Satire in Gullivers Travels Essay -- Literary Analysis

Satire is a literary work that uses humor, hyperbole, and derision to ridicule the human behaviors and customs. Rather than being judgmental, many writers utilize satire to convey their innovative ideas to change certain aspects of society. From the many writers that used satire to condemn the actions of society, Jonathan Swift's, Gulliver's travels, stands as one of the best satirical work in human history. Published in 1726, Gulliver's travels is an adventure of Lemuel Gulliver whose voyage turns into a series of disasters to various strange islands where he lives with humans and animals of various sizes, behaviors, and philosophies. Through the usage of extended metaphor and symbolism, Swift brings to light numerous religious and political follies of 18th century English society through the characterizations of the Lilliputians. Lemuel Gulliver is the third son of his father. He was born in the peaceful county of Nottinghamshire, where he attended post-secondary school at Emanuel College. He became an English surgeon after attending medical school at the prestigious University of Leiden. Even though, Gulliver is a smart man, he is without a doubt gullible. He has a simplistic unbiased view of the world. He believes everyone is just as honest and modest as he is while in reality the world is full of corrupted individuals. After University, Gulliver sets out to be a voyager. In his most significant voyage, he travels as a surgeon on the merchant ship, Antelope. While in sea, a catastrophic storm devastates the ship causing the crewmembers to die. Subsequently, Gulliver washes up on the shores of Lilliput as the only survivor from the Antelope. After waking up from his tribulation, he finds that he is captured and tied down... ...he egg breaking ceremony to emphasize the absurdity of any religious war."(Downie) Throughout the book, Swift's usage of satire brings to light how in the 18th and 19th century the English society was morally, socially, and politically corrupted. Swift makes it clear that every normal person wants to be concerned with honor, gratitude, common sense, and kindness, but on the contrary human intentions are always strayed into a wrong path. Works Cited Swift, Jonathan, and Alfred Bradly Gough. Gulliver's Travels;. Oxford [Eng.: Clarendon, 1915. Print. Soens, Lewis A. Gulliver's Satire. Google Books. Web. 02 Apr. 2012. . Ewald, Wiliam Bragg. The masks of Jonathan Swift. Oxford, Great Britain: Basil Blackwell, 1954. Downie, J.A Jonathan Swift: Political writer. London Routledge and kegan Paul, 1984

Franklin D. Roosevelt and John F. Kennedy’s Inaugural Speeches Essay

Thesis: Though they might be similar, the differences are of the utmost importance, the circumstances of each of their times, the changes in audience, and the purpose of their speeches. Needs Inprovement on: Machanics- grammer,punctuation, spelling Style – word choice, formality, sentence structure â€Å"The only thing we have to fear†¦ is fear it self†¦Ã¢â‚¬ and â€Å"Ask not what your country can do for you†¦ ask what you can do for your country.† Two of the most influential quotes of the twentieth century taken from their inaugural speeches, as they were about to embark on the Presidency of the United States of America. Former President Franklin D. Roosevelt voiced the first passage on March 4th, 1933 and late President John F. Kennedy voiced the second passage on January 20th, 1961. Both inaugural speeches came at important times during American History and both share similarities and differences. Though they might be similar, the differences are of the utmost importance, the circumstances of each of their times, the changes in audience, and the purpose of their speeches. Each can be interpreted it’s own manner in which they are. To start off, each speech is presented under different circumstances during American history. Franklin D. Roosevelt is dealing with the depression of the United States. His speech comes at a time when taxes have risen, the ability to pay has fallen, and not only is the American government faced with restriction of income, but governments around the world as well. He speaks of how many farmers can’t seem to find a market for their produce and how the savings of thousands of families have vanished. Most important of all he mentions a host of unemployed citizens faced with a life and death state of affairs due to the present economical situation. His presidency therefore faces very depressing circumstances throughout this time. John F. Kennedy, at his preset time is dealing with the Cold War and other war like adversaries. He aims at letting the entire planet know that the United States has the power to abolish all forms of human poverty and all forms of human life. Either they can friend or foe; the choice is up to them. He talks about how it doesn’t matter whether nations are with us or against us the goal is still the same, liberty. He pledges loyalty to faithful allies and requests a quest for peace from the opposition before another war begins. The circumstances at this time are crucial and his position is that mankind should face them together. The audience has a decisive part during these significant times. Roosevelt’s audience is hunger, tiered, and begging for change. Roosevelt recognizes these things and he thanks God that it is only material thing such as money, and residences that are effecting the nation instead of plagues and famine that could destroy our way of life. He speaks to the people with sympathy yet with the confidence that everything will be all right. That the dark days will be worth all they cost and that it will teach us that we will change the situation for the better and not for the worst. The citizens then have something to look forward to and that there will be work again in the near future. In the case of Kennedy his audience is the whole world. He lets them know that America means business. He speaks with enthusiasm that we are not afraid of defending our country and by no means are we going to back down. He feels that we should be fighting with our real foes; tyranny, poverty, disease and war itself. There should be no fighting for ideas such as communism. The world should take the same high standards of strength and sacrifice that Americans so proudly fight for and fight themselves. Kennedy’s audience is more focused on the resolution of peace than fighting another war. Purpose, together these speeches have a common purpose, to motivate. However there is a distinction in Roosevelt’s speech, his main purpose is to motivate the country into employment, there by creating job opportunities.  He affirms that it is not an impossible problem and the government can deal with it with by accomplishing greatly needed projects to stimulate and reorganize the use of national resources. He expresses this through out most of his speech. Giving motivation to keep on living, for there will be a beautiful future to look forward to. Thus the purpose of his speech is in his quote â€Å"The only thing we have to fear†¦ is fear it’s self. Kennedy on the other hand is not only trying to motivate the American people, but the world as well. The purpose of his speech is do declare a new beginning to point out his friends and foes. He offers a chance to all enemies to start anew in search of peace. The chances for nations to join together and explore the stars, conquer the deserts, eradicate disease, tap the ocean depths, and encourage the arts and commerce. He lets the public understand that what he is asking for will not be accomplished during present time but it will and that it is time to begin the chain of events that will prosper in the future. Not only for the people but also for their children. Though all this he lets the nation comprehend that we must be united in this pursuit and fight for what the country believes, â€Å"Ask not what your country can do for you†¦ ask what you can do for your country.† To finish up, both presidential inaugural speeches have their differences but they both get the similar message across: inspiration. Without speeches such as these the American people would just give up and die or our democratic government might have crumbled to the ground. Lucky for us both inaugural speeches couldn’t have come at better times in history. Each one in their times, with the changes in audience and there incredible purpose to change hopelessness into hope. Thus the contrast of Franklin D. Roosevelt and John F. Kennedy’s inaugural speeches, is of great importance and will be for generations to come.

Chapter 4 Study Terms Essays

Chapter 4 Study Terms Essays Chapter 4 Study Terms Essays Chapter 4 Study Terms George Washington’s presidency: Development of political parties Federalists: Hamilton Favored strong nat’l gov’t Democracy dangerous b/c ppl’s judgement constantly changing Manufacture/trade :) Supported by artisans, merchants, manufacturers, bankers, urban workers, E. farmers NE support federalists Democratic-Republicans: TJ Agrarianism: strength of US was independent farmers Owning land allowed ppl to be independent, as long as had land, would fight to preserve Republic Feared emphasis on commerce would divided society between rich&poor Feared wealthy corrupt gov’t, threat right of ordinary ppl S&W support republicans Bill of Rights Hamilton’s Economic Plan â€Å"Necessary and proper† clause: elastic clause, make laws if needed to make gov’t stronger/efficient Judiciary Act of 1789: established 13 district courts, 3 courts of appeal, and the Supreme Court Washington’s Neutrality Proclamation: Neutrality of US during war of Br./Fr. Tariff of 1789: required importers to pay a percentage of the value of their cargo when landed in US, shippers also paid tonnage (tax based on how much ships carried) Bank of the United States Hamilton asks Congress to create national bank Argued gov’t need bank to manage debts/interest payments, would also issue paper money/bank notes to provide national currency to help economy S ppl opposed b/c N ppl own most of bank’s stock, Madison, TJ, Randolph opp. b/c creating bank not in enumerated powers Ham. Disagreed, using elastic clause (ability to make laws which r necessary/proper) Congress passed bill,Wash. Signed, Bank created 1791 Whiskey Rebellion: 1791 Congress imposed tax on whiskeyïÆ'   enraged farmers who distilled grains in whiskey before shippingïÆ'   Whiskey rebellion in W. Penn. 1794, farmers terrorized tax collectors, robbed mail, stopped court proceedingsïÆ'   Wash. Sent troops to stop, rebels disperse, ppl worried willingness to use troops against civilians Jay’s Treaty: Br. need US trade, vice versa, signed treaty, but Br. had right to seize cargo bound for Fr ports, didn’t get compensation for goods seized Br. agreed to internat’l arbitration (hearing by neut. 3rd countries), give up forts on amer terr., granted US most-favored nation status (amer no longer discriminated when trade w/ br., allowed limited trade w/ Br. colonies in Caribbean) When treaty sent to senate, terms shock senate, tried to keep secret, ratified, terms leaked to public, repub attack treaty, accuse fed of pro-br., GW approved treaty Pinckney’s Treaty: Jay treaty help concessions from Sp., 1795 sp. Join fr. Against br., sp. Fear treaty would make amer & br. join to seize Sp. N amer holdings, sp offered to negotiate issues w/ US GW sends Thomas Pinckney 1795: Sp. Sign Pinckney’s treaty (Treaty of San Lorenzo) Grant us right to navigate Miss., deposit goods at new orl. Port, accepted broadly, esp. W. farmers, wanted Miss. to get crops to market Treaty of Greenville: Ppl go to NW territoryïÆ'  Miami chief Little Turtle unites other Indians to defend against whitesïÆ'  defeated Josiah Harmar & Arthur St. ClairïÆ'  GW sends Anthony Wayne to stopïÆ'   1794 wayne against Blue Jacket at Battle of Fallen Timbers, wayne winsïÆ'   natives sign treaty of Greenville (1795):give up part of S. Ohio & Indiana for yearly payment of $10 th. From gov’t, also gave up other landïÆ'   settlers increase John Adams’s presidency Impressment Br. take US sailors to sail on Br. ships Quasi-War: After XYZ affair, US :(, call for war w/ Fr.ïÆ'   June 1798, Congress suspend trade w/ Fr., direct navy to capture Fr. shipsïÆ'   undeclared sea war/Quasi-WarïÆ'   Fr. propose new negotiationsïÆ'   both signed Convention of 1800ïÆ'  US gave up claims against Fr. for US ship damage, Fr. release US from Treaty of 1778 Alien and Sedition Acts: Feds pushed for 4 lawsïÆ'   1st 3 aimed at aliens, recent immigrants often anti-Br., tended to vote for republicans 1st law: changed yrs to wait to become citizen 5ïÆ'  14 2nd

Poseidon Essays - Mythology, Greek Mythology, Fiction, Poseidon

Poseidon Essays - Mythology, Greek Mythology, Fiction, Poseidon Poseidon Poseidon, according to Greek mythology was the god of the sea, earthquakes, and horses. He also held his own appointed position among the great gods on Olympus. Although he was officially one of the supreme gods of Mount Olympus, he spent most of his time in his watery domain. He was master not only of the sea but also of the lakes and rivers. In a sense the earth belonged to him, since his waters sustained it and he could shake it at will. He was the son of the Titans Cronus and Rhea, and the brother of Zeus and Hades. Poseidon was the husband of Amphitrite, who was one of the Nereids. They had son who they named Triton. Poseidon also had numerous other lo ve affairs especially with nyps of spring and fountains. He was the father of several children famed for their cruelty and wildness, among them the giant Orion and the Cyclops Polyphumy Poseidon and the Gorgon Medusa were the parents of the famous winged horse, Pegasus. Poseidon was a national god of the Ionians of the Peloponnese, who brought him with them when they immigrated from Asia, and was particularly worshipped in this part of Greece. In Spart a he was even called Genethlios meaning the creator. His worship was spread throughout Greece, especially in maritime towns. The horse, the symbol of gushing springs, and the bull were sacred animals to Poseidon. In classical artwork, Poseidon very much resembles Zeus. He has a similar majesty with his bare chest, grasping his trident. He also has a long beard and is usually pictured with a dolphin at his side. Poseidon had a prominent part in numerous ancient myths and legend s. When Zeus fought the Titans a nd the Giants, Poseidon fought at his side and the giant Polybutes by hurling at him a fragment of cliff torn from the island of Cos, which became the islet of Nisyros. After the victory the heritage was divided into three parts, Zeus took the vast heavens, Hades took the murky u nderworld. Also , A famous story of Poseidon involves the competition between him and the goddess of war, Athena, for the city of Athens. To win the people of the city over, Poseidon threw a spear at the ground and produced the Spring at the Acropolis. However, Athena won as the result of giving the people of Athens the olive tree. In his anger over the decision, Poseidon flooded the Attic Plain. Eventually, Athena and Poseidon worked together by combining their powers.

Leonardo da Vinci Research Paper Example | Topics and Well Written Essays - 1000 words - 2

Leonardo da Vinci - Research Paper Example This research paper examines Leonardo da Vinci's life. He was born on April 15th, 1452 to Piero da Vinci, a notary, and Caterina, a peasant woman, at the hill town of Vinci, Italy. Even though not much is known about his early life, this has been the topic of historical conjecture In his numerous notebooks, Leonardo struggled with differentiating between the perception and painting of a scene which he summarized as the difference between monocular and binocular vision. Leonardo da Vinci could not create on canvas, in Ames’ terminology, an equivalent of configuration. He may have had little knowledge of ocular anatomy but his use of optics to the eye is spectacular. In addition, Leonardo possessed observational skills that had no match and his ability to generate virtual reality on canvas was without equal. Leonardo da Vinci (1721) noted that even though a painting may be carried out with the best art and finished perfectly, with consideration of its lights, contours, colors, s hadows, it can never show the relief possessed by a natural object unless these qualities are looked at from a distance with a single eye. In other words, the perception of deepness in a painting is not as complete as that of a natural scene seen with both eyes. He struggled for long with the contrast between binocular and monocular vision. In one of his notebooks, Leonardo wrote down how he had to repeat his experiments several times before coming to a conclusion. The reason he gave for this was that the subjects of study were numerous.

Future Prospects for the Use of Monoclonal Antibodies Research Paper

Future Prospects for the Use of Monoclonal Antibodies - Research Paper Example Later, Behring suggested that active immunity could be produced in humans by a combination of diphtheria toxin and antitoxin serum (Llewelyn, Hawkins, Russell, 1992). However, it was Paul Ehrlich whose work made it possible to produce antiserum to diphtheria toxin on a mass scale. The side chain theory of toxicity was proposed by Ehrlich, according to which, â€Å"toxins mediated their effects on cells through preformed protein side chains and immunity arose because of overproduction of these side chains† (Llewelyn, Hawkins, Russell, 1992.) Cà ©sar Milstein and Georges Kà ¶hler, in 1975, managed to produce in vitro "custom-built" antibodies. They produced a hybridoma by fusing rodent antibody-producing cells with tumor cells from mice bone marrow. A hybridoma, provided with the correct nutrients, can grow indefinitely and divide to produce monoclonal antibodies (antibodies of a single type), on a large scale (Saldanha, 2000.) Five classes of immunoglobulin (Ig) are found in mammals: IgA, IgD, IgE, IgG, and IgM. In some select mammals, IgG and IgA are further subdivided into subclasses (isotypes) due to polymorphisms in the heavy chain (Lipman et al, 2005). The prototype antibody is IgG, which is a glycoprotein having a molecular weight of 150000 Dalton. The molecule has a Y shaped structure, consisting of two identical heavy chain-light chain heterodimers, that is linked together by a disulfide bridge. While the heavy chain comprises three constant immunoglobulins (Ig) domains and one variable (V) domain, the light chains consist of a single constant Ig domain and a single variable domain. The host defense mechanism is initiated by the antigen binding site (Fab) and the Fc region (fragment crystallizable) site (Llewelyn, Hawkins, Russell, 1992.) In order to effectively bind a wide range of antigens, there are numerous mechanisms which come into play.

How Does Learning Occur Rewards, Incidental Learning, Meaningful Term Paper

How Does Learning Occur Rewards, Incidental Learning, Meaningful Learning, and the Role of Emotions - Term Paper Example The conclusion from this review states that students and scholars in the field of education have numerous questions concerning the essence of learning, its process, effects and implications for children and adult learners. Much has been written and said about the ways in which learning occurs; yet, learning still lacks a single, uniform definition and conceptualization in science. Consequentially, the multitude of instructional and learning strategies continuously increases. On the one hand, â€Å"learning is a conceptual and linguistic construction that is widely used in many societies and cultures, but with very different meanings, which are fiercely contested and partly contradictory†. On the other hand, learning encompasses a multitude of concepts, contexts, aspects, factors, and events that are heavily influenced by learners’ personality, cultural and ethnic backgrounds and require that education professionals adjust their strategies to meet the unique needs of inf ant and adult learners. More often than not, future educators ask questions concerning the process of learning, the role and place of rewards, the nature and criteria of meaningful learning, as well as the role of emotions in successful learning. All these questions are answered in this paper. One of the foundational questions of learning is how to reward students and whether at all it is worth praising and rewarding students for their achievements. Another question is how learning occurs and how rewards relate to the process of learning. Here, the words of Paul Chance, a famous writer and professional psychologist, reflect the true essence of rewards in the context of learning: according to Chance (1992), teaching without extrinsic rewards is the same as asking students to write having their eyes closed. Extrinsic rewards can be extremely motivating, although their use in education is not without controversy. It would be fair to say that rewards should be balanced against the goal of learning and expected outcomes. In other words, rewards benefit learning only when they are used reasonably and economically. Hundreds of studies have demonstrated that the use of rewards has the potential to enhance the quality of all learning processes in the classroom (Chance, 1992). This is particularly the case of extrinsic rewards that come from an external source, for example, grades assigned by the teacher (Chance, 1992). In this sense, learning is a simple sequence of reinforcement and action: the teacher reinforces and redirects learning by telling the student whether or not he (she) has been correct, good, excellent or right (Chance, 1992). At times, even a smile is enough to show that the student is moving in the desired direction and has all chances to meet the predetermined learning outcomes. Yet, the debate over the usefulness and validity of extrinsic rewards continues to persist. Alfred Kohn is, probably, the most famous promoter of no-rewards education among chi ldren and adults. Kohn (1992) relies on the premise that rewards cannot reinforce lasting changes in human behaviors and cannot