Hitch Movie Review Example | Topics and Well Written Essays - 500 words

Hitch - Movie Review Example This discussion stresses that Smith emphases the use of non-verbal cues such as how to make one’s eye look heroic, what to tell women at the first ate and what one should not say to such women. The date doctor’s advice involves many strategies, both long and short term that acts through different ways to achieve the same objective. Other strategies are much subtle and require patience. Will Smith gives an array of recommendation that eventually assist his friends in their romantic life. Such non-verbal cues remains foremost in establishing comic effects and romance within the movie.From this paper it is clear that  Hitch receives his first client, Albert (Kevin James) who has been having many troubles in initiating romantic relationships. Kevin is in love with a very affluent and powerful cute lady, Allegra, whom he is not able to get. Allegra is hesitant in dating a young, boring and shy accountant because it will be demeaning her ego. Kevin consults Hitch on the way to go about the problem.   Kevin uses non-verbal cues by resigning when Allegra gets angry in a board meeting. He is trying to win Allegra by implying that he cares about her emotional turmoil due to wrong advice that she has just received from the investors. Allegra notices how caring Kevin is and gets attracted to him.  Kevin’s non-verbal trick seems to have worked perfectly for him in winning the beautiful lady.

Tata Motors - Innovation Strategy Essay Example for Free

Tata Motors Innovation Strategy Essay For decades, the automotive industry in India lagged behind those of the United States and Japan. However, after the nineties, things changed dramatically, fostered by different means including Indian trends, credit access to customers, highly trained professionals and comparably low labour cost. Improvements were especially due to the Indian Government’s enabling policies that eased regulations on foreign trade and restrictions on private companies, thereby attracting investment and growth in a country whose population is around 1 billion. India – nowadays home to more than 40 million vehicles has one of the lowest ratios of cars-to-people according UN Statistics (see table 1). In conjunction with this statistic, the twin factors of low car penetration and rising incomes are likely to trigger increased demand for automobiles in coming years in India (Indian Business News). Table 1. Number of motor vehicles per 1,000 people, by country Country | Motor vehicles per 1,000| United States| 765| Australia| 619| Canada| 563| Germany| 546| Japan| 543| United Kingdom| 426| India| 12| China| 10| Source: UN World Statistics Pocketbook and Statistical Yearbook, 2007 (cited in Farres et al. 2009) The low car penetration and high demand of the Indian new middle class is the focus of different global companies like General Motors, Honda Motor, Mitsubishi Motors, Fiat, Ford and Maruti Udyog (See table 2). Competition is expected to intensify further as Indian automotive manufacturers obtain greater access to debt and equity financing in the international capital markets or gain access to more advanced technology through alliances. Table 2.

Capital Punishment Essay: Its Fair and Effective -- Argumentative Pe

Capital Punishment - It's Fair and Effective   Ã‚  Ã‚   Confronting head-on two of the most prominent objections to the death penalty is the object of this paper: Is the death penalty a miscarriage of justice? And Does it Deter Crime?    It's a miscarraige of justice. In a survey Professors Hugo Adam Bedau and Michael Radelet found that 7000 persons were executed in the United States between 1900 and 1985 and that 35 were innocent of capital crimes (1). Among the innocents they list Sacco and Vanzetti as well as Ethel and Julius Rosenberg. Although their data may be questionable, I do not doubt that, over a long enough period, miscarriages of justice will occur even in capital cases. Despite precautions, nearly all human activities, such as trucking, lighting, or construction, cost the lives of some innocent bystanders. We do not give up these activities, because the advantages, moral or material, outweigh the unintended losses (2). Analogously, for those who think the death penalty just, miscarriages of justice are offset by the moral benefits and the usefulness of doing justice. For those who think death penalty unjust even when it does not miscarry, miscarriages can hardly be decisive.    Is it a deterrent? Despite much recent work, there has been no conclusive statistical demonstration that the death penalty is a better deterrent than are alternative punishments (3). However, deterrence is less than decisive for either side. Most abolitionists acknowledge that they would continue to favor abolition even if the death penalty were shown to deter more murders than alternatives could deter (4). Abolitionists appear to value the life of a convicted murderer or, at least, his non-execution, more highly than they v... ...n, however just, of murderers. But although there is a lively discussion of the subject, not serious evidence exists to support the hypothesis that executions produce a higher murder rate. Cf. Phllips, the deterrent Effect of Capital Punishment: New Evidence on an Old Controversy, 86 Am. J. Soc. 139 (1980) (arguing that murder rates drop immediately after executions of criminals). 6 H. Gross, A Theory of Criminal Justice 489 (1979) (attributing this passage to Sir James Fitzjames Stephen). 7 Weems v. United States, 217 U.S. 349 (1910) suggest that penalties be proportionate to the seriousness of the crime - a common theme in criminal law. Murder, therefore, demands more that life imprisonment. In modern times, our sensibility requires that the range of punishments be narrower than the range of crime - but not so narrow as to exclude the death penalty.   

Basic Principles of Democracy Essay

Democracy comes from the Greek word, â€Å"demos,† meaning people. In democracies, it is the people who hold sovereign power over legislator and government. Democracy is a form of government in which power is held by people under a free electoral system. It is derived from the Greek ÃŽ ´ÃŽ ·ÃŽ ¼ÃŽ ¿ÃŽ ºÃ ÃŽ ±Ãâ€žÃŽ ¯ÃŽ ±, â€Å"popular government†] which was coined from ÃŽ ´ÃŽ ®ÃŽ ¼ÃŽ ¿Ãâ€š (dÄ“mos), â€Å"people† and ÃŽ ºÃ ÃŽ ¬Ãâ€žÃŽ ¿Ãâ€š (kratos), â€Å"rule, strength† in the middle of the 5th-4th century BC to denote the political systems then existing in some Greek city-states, notably Athens following a popular uprising in 508 BC. In political theory, democracy describes a small number of related forms of government and also a political philosophy. Even though there is no universally accepted definition of ‘democracy’, there are two principles that any definition of democracy includes. The first principle is that all members o f the society have equal access to power and the second one that all the members enjoy universally recognized freedoms and liberties. There are several varieties of democracy some of which provide better representation and more freedoms for their citizens than others. However, if any democracy is not carefully legislated to avoid an uneven distribution of political power with balances such as the separation of powers, then a branch of the system of rule is able to accumulate power in a way that is harmful to democracy itself. The â€Å"majority rule† is often described as a characteristic feature of democracy, but without responsible government it is possible for the rights of a minority to be abused by the â€Å"tyranny of the majority†. An essential process  in representative democracies are competitive elections, that are fair both substantively and procedurally. Furthermore, freedom of political expression, freedom of speech and freedom of the press are essential so that citizens are informed and able to vote in their personal interests. Popular sovereignty is common but not a universal motivating philosophy for establishing a democracy. In some countries, democracy is based on the philosophical principle of equal rights. Many people use the term â€Å"democracy† as shorthand for liberal democracy, which may include additional elements such as political pluralism, equality before the law, the right to petition elected officials for redress of grievances, due process, civil liberties, human rights, and elements of civil society outside the government. In the United States, separation of powers is often cited as a supporting attribute, but in other countries, such as the United Kingdom, the dominant philosophy is parliamentary sovereignty (though in practice judicial independence is generally maintained). In other cases, â€Å"democracy† is used to mean direct democracy. Though the term â€Å"democracy† is typically used in the context of a political state, the principles are also applicable to private organizations and other groups. Though democracy has its origins in Ancient Greece other cultures have significantly contributed to the evolution of democracy such as Ancient India, Ancient Rome, Europe, and North and South America. Democracy has been called the â€Å"last form of government† and has spread considerably across the globe. Suffrage has been expanded in many jurisdictions over time from relatively narrow groups (such as wealthy men of a particular ethnic group), but still remains a controversial issue with regard to disputed territories, areas with significant immigration, and countries that exclude certain demographic groups. The contemporary interpretation of democracy from the political point of view is that it is a system of government in which a country’s political leaders are chosen by the people in regular, free and fair elections. In a democracy, people have a choice between different candidates and parties who want the power to govern. The people can criticize and replace their elected leaders and representatives if they do not perform well. The people are sovereign — they are the highest authority  Ã¢â‚¬â€ and government is based on the will of the people. Elected representatives at the national and local levels must listen to the people and be responsive to their needs. That is why democracy depends upon a literate, knowledgeable citizenry whose access to information enables it to participate as fully as possible in the public life of their society and to criticize unwise or tyrannical government officials or policies. Citizens and their elected representatives recognize that democracy depends upon the widest possible access to uncensored ideas, data, and opinions. All people should have the right to form their own opinions and express them individually or in peaceful assemblies. Free societies cr eate a â€Å"marketplace of ideas† where people exchange their views on any number of issues. Although nuances apply to the world’s various democracies, certain principles and practices distinguish democratic government from other forms of government. †¢ Democracy is government in which power and civic responsibility are exercised by all citizens, directly or through their freely elected representatives. †¢ Democracy is a set of principles and practices that protect human freedom; it is the institutionalization of freedom. †¢ Democracy rests upon the principles of majority rule, coupled with individual and minority rights. All democracies, while respecting the will of the majority, zealously protect the fundamental rights of individuals and minority groups. †¢ Democracies guard against all-powerful central governments and decentralize government to regional and local levels, understanding that local government must be as accessible and responsive to the people as possible. †¢ Democracies understand that one of their prime functions is to protect such basic human rights as freedom of speech and religion; the right to equal protection under law; and the opportunity to organize and participate fully in the political, economic, and cultural life of society. †¢ Democracies conduct regular free and fair elections open to all citizens. Elections in a democracy cannot be facades that dictators or a single party hide behind, but authentic competitions for the support of the people. †¢ Democracy subjects governments to the rule of law and ensures that all citizens receive equal protection under the law and that their rights are protected by the legal system. †¢ Democracies are diverse, reflecting each nation’s unique political, social, and cultural life. †¢ Democracies rest upon fundamental principles, not uniform practices. †¢ Citizens in a democracy not only have rights, they have the responsibility to participate in the political system that, in turn, protects their rights and freedoms. †¢ Democratic societies are committed to the values of tolerance, cooperation, and compromise. †¢ Democracies recognize that reaching consensus requires compromise and that it may not always be attainable. In the words of Mahatma Gandhi, â€Å"intolerance is itself a form of violence and an obstacle to the growth of a true democratic spirit.† Principles of Democracy People from around the world have identified the basic principles, which must exist in order to have a democratic government. These principles often  become a part of the constitution or bill of rights in a democratic society. Though no two democratic countries are exactly alike, people in democracies support many of the same basic principles and desire the same benefits from their government. The following are examples of the principles referred to as signposts of democracy, which will be used throughout this lesson: 1. Citizen Participation One of the most basic signposts of a democracy is citizen participation in government. Participation is the key role of citizens in democracy. It is not only their right, but it is their duty. Citizen participation may take many forms including standing for election, voting in elections, becoming informed, debating issues, attending community or civic meetings, being members of private voluntary organizations, paying taxes, and even protesting. Participation builds a better democracy. 2. Equality Democratic societies emphasize the principle that all people are equal. Equality means that all individuals are valued equally, have equal opportunities, and may not be discriminated against because of their race, religion, ethnic group, gender or sexual orientation. In a democracy, individuals and groups still maintain their right to have different cultures, personalities, languages and beliefs. 3. Political Tolerance Democratic societies are politically tolerant. This means that while the majority of the people rule in a democracy, the rights of the minority must be protected. People who are not in power must be allowed to organize and speak out. Minorities are sometimes referred to as the opposition because they may have ideas which are different from the majority. Individual citizens must also learn to be tolerant of each other. A democratic society  is often composed of people from different cultures, racial, religious and ethnic groups who have viewpoints different from the majority of the population. A democratic society is enriched by diversity. If the majority deny rights to and destroy their opposition, then they also destroy democracy. One goal of democracy is to make the best possible decision for the society. To achieve this, respect for all people and their points of view is needed. Decisions are more likely to be accepted, even by those who oppose them, if all citizens have been allowed to discuss, debate and question them. 4. Accountability As George Washington said â€Å"Government is not reason, it is not eloquence,it is a force! Like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action.† In a democracy, elected and appointed officials have to be accountable to the people. They are responsible for their actions. Officials must make decisions and perform their duties according to the will and wishes of the people, not for themselves. Government accountability means that public officials – elected and un-elected – have an obligation to explain their decisions and actions to the citizens. Government accountability is achieved through the use of a variety of mechanisms – political, legal, and administrative – designed to prevent corruption and ensure that public officials remain answerable and accessible to the people they serve. In the absence of such mechanisms, corruption may thrive. The primary political accountability mechanism is free and fair elections. Fixed-terms of office and elections force elected officials to account for their performance and provide opportunities for challengers to offer citizens alternative policy choices. If voters are not satisfied with the performance of an official, they may vote them out of office when their terms expire. The degree to which public officials are politically accountable is a function of whether they occupy an elected versus appointed position, how often they are up for reelection, and how many terms they can serve. Legal accountability mechanisms include the whole legal framework – constitutions, legislative acts, decrees, rules, codes, and other legal instruments that proscribe actions that public officials can  and cannot take and how citizens may take action against those officials whose conduct is considered unsatisfactory. An independent judiciary is an essential requirement for the success of legal accountability, serving as a venue where citizens bring claims against the government. Legal accountability mechanisms include: †¢ Ethics statutes and codes of conduct for public officials, outlining unacceptable practices †¢ Conflict of interest and financial disclosure laws, requiring public officials to divulge the source of their income and assets so that citizens may judge whether the actions of those officials are likely to be influenced improperly by financial interests †¢ â€Å"Sunshine† laws, providing the press and the public access to government records and meetings †¢ Citizen participation requirements, dictating that certain government Judicial review, providing courts the power to review the decisions and actions of public officials and agencies. Administrative accountability mechanisms include offices within agencies or ministries and practices within administrative processes designed to ensure that the decisions and actions of public officials account for the interest of the citizens. Administrative accountability mechanisms include: †¢ Ombudsmen, responsible for hearing and addressing citizen complaints; †¢ Independent auditors who scrutinize the use of public funds for signs of misuse; †¢ Administrative courts, that hear citizens’ complaints about agency decisions; †¢ Ethics rules protecting so-called whistleblowers – those within government who speak out about corruption or abuse of official authority – from reprisals. 5. Transparency For government to be accountable the people must be aware of what is happening in the country. This is referred to as transparency in government. A transparent government holds public meetings and allows citizens to attend. In a democracy, the press and the people are able to get information about what decisions are being made, by whom and why. 6. Regular, Free and Fair Elections One way citizens of the country express their will is by electing officials to represent them in government. Democracy insists that these elected officials are chosen and peacefully removed from office in a free and fair manner. Intimidation, corruption and threats to citizens during or before an election are against the principles of democracy. In a democracy, elections are held regularly every so many years. Participation in elections should not be based on a citizen’s wealth. For free and fair elections to occur, most adult citizens should have the right to stand for government office. Additionally, obstacles should not exist which make it difficult for people to vote. Free and fair elections allow people living in a representative democracy to determine the political makeup and future policy direction of their nation’s government. Free and fair elections increase the likelihood of a peaceful transfer of power. They help to ensure that losing candidates will accept the validity of the election’s results and cede power to the new government. Elections alone do not assure democracy since dictators can use the resources of the state to tamper with the election process. Free and fair elections require: †¢ Universal suffrage for all eligible men and women to vote – democracies do not restrict this right from minorities, the disabled, or give it only to those who are literate or who own property. †¢ Freedom to register as a voter or run for public office. †¢ Freedom of speech for candidates and political parties – democracies do not restrict candidates or political parties from criticizing the performance of the incumbent. †¢ Numerous opportunities for the electorate to receive objective information from a free press. †¢ Freedom to assemble for political rallies and campaigns. †¢ Rules that require party representatives to maintain a distance from polling places on election day – election officials, volunteer poll workers, and international monitors may assist voters with the voting  process but not the voting choice. †¢ An impartial or balanced system of conducting elections and verifying election results – trained election officials must either be politically independent or those overseeing elections should be representative of the parties in the election. †¢ Accessible polling places, private voting space, secure ballot boxes, and transparent ballot counting. †¢ Secret ballots – voting by secret ballot ensures that an individual’s choice of party or candidate cannot be used against him or her. †¢ Legal prohibitions against election fraud – enforceable laws must exist to prevent vote tampering (e.g. double counting, ghost voting). †¢ Recount and contestation procedures – legal mechanisms and processes to review election processes must be established to ensure that elections were conducted properly. 7. Economic Freedom People in a democracy must have some form of economic freedom. This means that the government allows some private ownership of property and businesses, and that the people are allowed to choose their own work and labor unions. The role the government should play in the economy is open to debate, but it is generally accepted that free markets should exist in a democracy and the state should not totally control the economy. Some argue that the state should play a stronger role in countries where great inequality of wealth exists due to past discrimination or other unfair practices. 8. Control of the Abuse of Power Democratic societies try to prevent any elected official or group of people from misusing or abusing their power. One of the most common abuses of power is corruption. Corruption occurs when government officials use public funds for their own benefit or exercise power in an illegal manner. Various methods have been used in different countries to protect against these abuses. Frequently the government is structured to limit the powers of the branches of government: to have independent courts and agencies with power to act against any illegal action by an elected official or branch of  government; to allow for citizen participation and elections; and to check for police abuse of power. 9. Accepting the Results of Elections In democratic elections, there are winners and losers. Often the losers in an election believe so strongly that their party or candidate is the best one, that they refuse to accept the results of the election. This is against democratic principles. The consequences of not accepting the result of an election may be a government that is ineffective and cannot make decisions. It may even result in violence which is also against democracy. 10. Human Rights All democracies strive to respect and protect the human rights of citizens. Human rights mean those values that reflect respect for human life and human dignity. Democracy emphasizes the value of every human being. Examples of human rights include freedom of expression, freedom of association, freedom of assembly, the right to equality and the right to education. All human beings are born with inalienable rights. These human rights empower people to pursue lives of dignity – thus, no government can bestow them but all governments should protect them. Freedom, built on a foundation of justice, tolerance, dignity, and respect – regardless of ethnicity, religion, political association, or social standing – allows people to pursue these fundamental rights. Whereas dictatorships deny human rights, free societies continually strive to attain them. Human rights are interdependent and indivisible; they encompass myriad facets of human existence including social, political, and economic issues. Among the most commonly accepted are: †¢ All people should have the right to express their ideas and opinions. †¢ All people should have the right to participate in government. Governments should create laws that protect human rights while justice systems enforce those laws equally among the population. †¢ Freedom from arbitrary arrest, detention, and torture – whether one is an opponent of the  ruling political party, an ethnic minority, or even a common criminal – is a basic human right. A professional police force respects all citizens as it enforces the laws of the nation. †¢ In ethnically diverse nations, religious and ethnic minorities should be free to use their language and maintain their traditions without fear of recrimination from the majority population. Governments should recognize the rights of minorities while respecting the will of the majority. †¢ All people should have the opportunity to work, earn a living, and support their families. †¢ Children deserve special protection. They should receive at least an elementary education, proper nutrition, and healthcare. To maintain human rights, citizens in any free society need to be vigilant. Citizen responsibility – through a variety of participatory activities – ensures that government remains accountable to the people. The family of free nations is committed to work toward protection of human rights. They formalize their commitment through a number of international treaties and covenants on human rights. 11. Multi-Party Systems In order to have a multi-party system, more than one political party must participate in elections and play a role in government. A multi-party system allows for opposition to the party, which wins the election. This helps provide the government with different viewpoints on issues. Additionally, a multi-party system provides voters with a choice of candidates, parties and policies to vote for. Historically, when a country only has one party, the result has been a dictatorship. To preserve and protect individual rights and freedoms, a democratic people must work together to shape the government of their choosing. And the principal way of doing that is through political parties. Political parties are voluntary organizations that link the people and their government. Parties recruit candidates and campaign to elect them to public office, and they mobilize people to participate in selecting government leaders. The majority party (or the party elected to control the offices of government) seeks to enact into law a number of different policies and programs. Parties of the opposition are free to criticize the majority party’s policy ideas and offer their own proposals. Political  parties provide a way for citizens to hold elected party officials accountable for their actions in government. Democratic political parties have faith in the principles of democracy so that they recognize and respect the authority of the elected government even when their party leaders are not in power. Like any democracy, members of various political parties reflect the diversity of the cultures in which they arise. Some are small and built around a set of political beliefs. Others are organized around economic interests, or shared history. Still others are loose alliances of different citizens who may only come together at election time. All democratic political parties, whether they are small movements or large national coalitions, share the values of compromise and tolerance. They know that only through broad alliances and cooperation with other political parties and organizations can they provide the leadership and common vision that will win the support of the people of the nation. Democratic parties recognize that political views are fluid and changeable, and that consensus can often arise out of the clash of ideas and values in peaceful, free, and public debate. The concept of the loyal opposition is central to any democracy. It means that all sides in political debate – however deep their differences – share the fundamental democratic values of freedom of speech and faith, and equal protection under law. Parties that lose elections step into the role of opposition – confident that the political system will continue to protect their right to organize and speak out. In time, their party will have a chance to campaign again for its ideas, and the votes of the people. In a democracy, the struggle between political parties is not a fight for survival, but a competition to serve the people. 12. The Rule of Law In a democracy no one is above the law, not even a king or an elected President. This is called the rule of law. It means that everyone must obey the law and be held accountable if they violate it. Democracy also insists that the law be equally, fairly and consistently enforced. This is sometimes referred to as â€Å"due process of law.† For much of human history, rulers and law were synonymous – law was simply the will of the ruler. A first step away from such tyranny was the notion of rule by law, including the notion  that even a ruler is under the law and should rule by virtue of legal means. Democracies went further by establishing the rule of law. Although no society or government system is problem-free, rule of law protects fundamental political, social, and economic rights and reminds us that tyranny and lawlessness are not the only alternatives. Rule of law means that no individual, president or private citizen, stands above law. Democratic governments exercise authority by way of law and are themselves subject to law’s constraints. Laws should express the will of the people, not the whims of kings, dictators, military officials, religious leaders, or self-appointed political parties. Citizens in democracies are willing to obey the laws of their society, then, because they are submitting to their own rules and regulations. Justice is best achieved when the laws are established by the very people who must obey them. Under the rule of law, a system of strong, independent courts should have the power and authority, resources, and the prestige to hold government officials, even top leaders, accountable to the nation’s laws and regulations. For this reason, judges should be well trained, professional, independent, and impartial. To serve their necessary role in the legal and political system, judges must be committed to the principles of democracy. The laws of a democracy may have many sources: written constitutions; statutes and regulations; religious and ethical teachings; and cultural traditions and practices. Regardless of origin the law should enshrine certain provisions to protect the rights and freedoms of citizens: Under the requirement of equal protection under the law, the law may not be uniquely applicable to any single individual or group. Citizens must be secure from arbitrary arrest and unreasonable search of their homes or the seizure of their personal property. Citizens charged with crimes are entitled to a speedy and public trial, along with the opportunity to confront and question their accusers. If convicted, they may not be subjected to cruel or unusual punishment. Citizens cannot be forced to testify against themselves. This principle protects citizens from coercion, abuse, or torture and greatly reduces the temptation of police to employ such measures. 13. Bill of Rights Many democratic countries also choose to have a bill of rights to protect people against abuse of power. A bill of rights is a list of rights and freedoms guaranteed to all people in the country. When a bill of rights becomes part of a country’s constitution, the courts have the power to enforce these rights. A bill of rights limits the power of government and may also impose duties on individuals and organizations. The role of the Non-governmental Organizations In democracies, ordinary citizens may organize independent groups that serve the needs of the community or nation they live in and complement, supplement, or even challenge the work of the government. Such organizations are often called nongovernmental organizations, or NGOs, because they are not an extension of the government’s offices. NGOs allow citizens to improve their society by advocating, educating, and mobilizing attention around major public issues and monitoring the conduct of government and private enterprise. NGOs enable citizens from different backgrounds to learn to work together and build the skills, relationships, and trust necessary for good government. NGOs serve a great variety of citizen interests. They may act as social service providers, advocates for the environment or for living standards, work standards, or as the catalysts for democratic change. NGOs often represent the interests of those citizens who might otherwise be left out of national policy de bates. They open the public discourse to people of all economic and social classes and to women and minorities. Funding for NGOs may come from individual private donations, private trusts and philanthropies, corporations, religious institutions, international institutions, other NGOs, sales of goods and services, and even governments. Governments and NGOs frequently work as partners. NGOs may provide local and regional expertise and personnel on the ground for implementation of government-funded projects. NGOs may be politically unaffiliated, or they may be based on partisan ideals and seek to advance a particular cause or set of causes in the public interest. In either model the key point is that NGOs should operate under minimal political control of states. NGOs develop local and international programs in virtually all areas that contribute to the promotion of the principles of democracy, including: †¢ Human rights  Ã¢â‚¬â€œ by promoting international standards and monitoring for violations and abuses. †¢ Rule of law – through low-cost or free legal aid, educating all citizens regarding their rights, and advocating for legal reforms. †¢ Women’s participation – by preparing them for political participation and protecting them from socioeconomic discrimination. †¢ Civic education – through education programs focusing on the role of the citizen in a democratic and diverse society. †¢ A free press – by promoting independent media, training journalists, and setting standards for ethical journalism. †¢ Political party development – through election monitoring by trained domestic observers and nonpartisan voter registration drives. †¢ Government accountability †“ by conducting policy analysis and serving as watchdogs over governmental actions. Democracy in the EU â€Å"The Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities. These values are common to the Member States in a society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail. â€Å" These are universal values and not the values of the Europeans alone. Many countries in the world are recognising and implementing these values or at least have written them down in one or the other form. In order to obtain the objectives of the Union based on the afore-mentioned values, the European Union needs certain powers conferred in a legal framework. It is foreseen that these powers must be exercised using the Community method and specific instruments within a single institutional framework. But through the implementation of these universal values, the European Union has become already a success story that is making membership to the Union so very attractive to its neighbours and an example for other regions in the world= More citizens in Europe live in countries with competitive elections, political freedoms and respect for human rights than ever before. Part of this success story can be attributed – undeniably – to the process of European integration. Paradoxically, however, the European Union also finds itself increasingly the subject of general cynicism and dissatisfaction among its citizenry. Therefore, a better understanding of democracy has become vital at all levels of government, and in particular regarding the future of the EU itself. Proposals for the further democratisation of EU decision-making can be pieced together from at least the following four different dimensions of choice: Intergovernmental vs Supranational Under intergovernmental approaches, the EU is democratised through the elected institutions of its member states. In the contemporary EU, for example, each member country has to ratify any change to EU Treaties according to the democratic mechanism of its choice, with referendums being used in some cases and national parliamentary votes in others. In addition, most important decisions have to be taken by the Council of Ministers on which all national governments are represented. Even with majority voting, this allows national parliaments scope to influence the development of EU policy and hold their governments responsible for their behaviour at Union level . They can review the negotiating positions of their governments before meetings of the Council of Ministers. They can scrutinise draft legislation, which has to be circulated to each national parliament in its own language at least six weeks before it is voted in the Council. They also have important discretion in deciding how EU acquis is to be transposed into national law, since directives only require member states to achieve certain results, without specifying the methods to be employed. Under supranational approaches, entirely new democratic institutions are established at the European level. They are purpose-made for the EU’s political system, and they operate with at least some consistency across the Union as whole. So, for example, the European Parliament is directly elected by all adult citizens of the EU. Its powers, are directed to making law for the Union as a whole, and at scrutinising, criticising and controlling the overall performance of Commission and Council in their role as the EU’s double-headed executive. In brief, it has the power to: †¢ Approve or reject the member states’ choice of Commission and Commission President †¢ Dismiss the Commission on a double majority (two-thirds of votes cast, provided that those voting for a censure comprise more than half of the Parliament’s membership). The resignation of the Santer Commision in March 1999 undermined the argument that this was unlikely ever to happen. †¢ Reject legislation in some areas (Co-decision) and amend it in others (Cooperation). The increasing use of the former means that the EP approaches bicameral status with the Council in a political system where rule-making is, arguably, the main activity. Even the latter allows the EP to structure the choices that are subsequently available to the Council. As the previous examples imply, the EU currently mixes and matches intergovernmental and supranational approaches to democratic politics. Consensus vs Majoritarian Democracy Majoritarian democracy is where decisions can be taken by a bare majority of the public or its representatives. Its proponents argue that any alternative amounts to minority rule. Consensus democracy is where the aim is to align policies with the preferences of the greatest number of citizens or their representatives, rather than with those of a simple majority. Its defenders argue that any alternative allows minorities to be excluded and is not, therefore, rule by the people as a whole. Amongst examples of consensus democracy are the following: †¢ Supermajoritarian decision-rules: these require decisions to be approved by more than 50 per cent of representatives. At present the EU employs supermajorities twice over, in both the Council and the EP. Majority voting in the Council requires 71 per cent of the weighted votes of member states. Most powers of the EP can only be exercised on an absolute majority of its membership. Given normal rates of absenteeism this effectively means that a majority of around two-thirds is usually needed in the EP, as well as the Council of Ministers. †¢ Federal systems: these parcel decision-making out between layers of government. It is rare for the EU to be the only body with powers in an issue area. It normally shares jurisdiction with national and sub-national authorities with which it has to co-ordinate its activities. †¢ Consociational systems: these guarantee the participation of all main cultural units in the most important decisions of a political system. In the EU, for example, all governments nominate at least one Commissioner; all member states have a seat on the Council and the opportunity to hold its rotating Presidency for a period of six months; both Council and Parliament over-represent smaller member states in a manner that underlines the principle that it is national communities — and not just citizens — that are units of value in the EU’s political system; and even the Governing Council of the European Central Bank works on the principle ‘one national central bank, one vote’. Direct vs Indirect Democracy Direct democracy is where the people itself takes major decisions of government. The alternative is that they only exercise public control indirectly through appointed representatives. As will be seen below, this distinction is mainly relevant to prescriptions for the democratisation of the EU, rather than to its current practice. Strategic vs Communicative Democracy Strategic models of democracy presuppose that actors have clear and fixed views of their interests. The main goal of democratic institutions is then to find the most efficient means of aggregating the preferences of individuals into collective actions, albeit subject to various standards of fairness. Communicative models of democracy hold that preferences also need to be debated within the political system, either because they are not fully formed prior to a process of discussion, or because group action is so very different from individual action, both actually and morally. A big question for the EU is whether it can develop a public sphere that all citizens can access as equals, and through the medium of which all points of view can be debated and compared. Connecting European citizens to one another — and to EU institutions — raises problems of language, media, party systems and the associational structure of society, almost all of which are presently organised to support national forms of democracy, rather than a European equivalent. The future of a strong European Union with 27 member states and more will only be possible if rules are implemented which make decisions more democratic, more transparent and thus more efficient. A good and democratic society in the European context is a society which is open to reforms or is able to become a better society – I.e. an active civil society. The European Civil Society can give a new direction to politics. Politicians will then follow. Only a European Civil Society which is better informed about European values, objectives and challenges will give Europe a new impetus to the further democratic development of Europe.

Reflection of Five Minds for the Future

Reflection of Five Minds for the Future The concepts and arguments about Gardner’s five minds enriched me a lot, and made me think further about the capabilities and skills people should equipped with to handle the new world in the future individually and cooperatively. As a master student, I feel that subjects in commerce will cultivate my cognition and interpersonal skills by developing disciplined, synthesizing, creating, respectful, and ethical minds.In a few years time, when I become a business professional, I think those minds are still important to me in order to make bigger achievements. Disciplined mind Disciplined mind means a continuous process of improving one’s skills. No matter what knowledge I have captured now, there are still many unknown areas for me to explore. However, in retrospect, I always thought what I have been told was exactly what I need to learn. And now I figure out that learning is not merely receiving, but is the continuous process of sel f-education, self-discovery and self-reflection.The subjects in commerce provide opportunities for me to do further research, to find out the solutions to the issues and get feedback from myself and others, which cultivates my habit of investigating the ideas in the long run. Synthesizing mind Gardner (2008, p3) defined that synthesizing mind is a process of collecting, evaluating and combining distinguished information. As a student, during in-class discussions and exams, I have been given many chances to perfect my synthesizing mind.When preparing exams, I will synthesize all the information, ideas, and feelings from separate lectures and combine them to one mind map, demonstrating their inter-relationships. After doing like that, I will have further understandings of the subjects and could put those abstract theories into practice. The group project also encourages me to absorb different views when looking at one problem, and then integrate all together into one idea, which becom e the main research direction. For an informed business professional, a synthesizing mind is necessary for them to make the most appropriate decision.Arming with synthesizing mind, they attempt to consider all the horizontal and vertical information before making final decision. Horizontal information means new ideas from other colleagues and knowledge gain from other domains, and vertical information includes the lessons learnt from their past experiences, knowledge about their current circumstances and also new dilemmas they may meet in the coming situations. Moreover, the capability of generating well-informed strategies will lead business professional to higher level in their career, such as manager or leader level.Creating mind As argued by Gardner (2008, p3), individuals need to think creatively to break new world, or we will be left behind by the overwhelming development of technology. I cannot agree more to his argument because the situations where some people have been â₠¬Å"controlled† by computers and internets have arisen. For example, individuals nowadays become more dependent on the ideas and information provided on the internet, which lead them to think superficially and conservatively.The education method of MCom overcomes the drawbacks of traditional teaching process in terms of encouraging students to think out of the box and to look at one problem from different viewpoints. Creativity is not always welcomed, especially in the domains stated by Gardner (2008, p7), such as accounting, law and engineering. Taking accounting as an example, lots of accounting policies have been used for years and have been a stereotype to all the firms. Major innovation of the accounting policy will rarely happen; however, minor changes will easily occur.It is necessary for them to adapt to the small changes and make suitable decision based on the updated policy rather than follow the old ways blindly. Respectful and ethical mind Living under the multicult ural environment, individuals are supposed to appreciate others’ culture, understand and pardon others’ behavior and build common trust. And we citizens shall do whatever a responsible person will do in our role, standing in our view. As a master student here, I may have some pportunities to work with people from different nations. If I want to be respected by others, I need to welcome and understand them and show my respect sincerely. A respectful mind is vital for a business professional in dealing with relationships between colleagues, customers and friends. When facing a problem, the person who refuses to listen to others’ opinions but insist on his or her own thought will make the problem more complex and finally poison the workplace, and no one are likely to work with this kind of person any more.As the world becoming globalized, people who can appreciate different arguments, cultures and behaviors will adjust themselves well to the new world. In order to enjoy decent life in the new world, businessmen should not act selfishly, rather, they are supposed to have ethical mind, thinking in a way of making win-win decisions to benefit our society as well as their business. Bibliography Gardner, H. 2008, Five Minds for the Future, Harvard Business Press, Boston, Massachusetts

Washington essays

Washington essays George Washington is best known as the first president of the United States, and a man of moral fortitude with his famous cherry tree legend. However, there is much more to Washingtons extensive character and contribution that give him the legacy of being, perhaps the most influential leader in the creation of the American nation. Through his achievements as commander-in-chief during the Revolution, in support of the drafting and ratification of the Constitution, and as first president, Washington was instrumental in transforming the ideals of the Revolution into reality. His career as soldier, revolutionary, constitution-maker, and chief executive of a new nation demanded a range of skills and talents with few precedents in history. Washington proved himself to be a firm, dignified, conscientious, yet cautious president. He did not want the central government to become too strong and meticulously avoided getting too involved with Congress, since he was a firm believer of separation of powers. In addition he was not biased or prejudice against any faction of the parties. He also always tried to commit every action with proper reason, and to set a precedent with each action for the presidents that would hold office after him. He did not believe in pushing or proposing any legislation or anything that undemocratic, or unconstitutional. Washington, along with others help then was able to stabilize the government after the adoption of the Constitution. One of the precedents that Washington established was The Presidential Cabinet, which was later used by future presidents as well. Whenever, he had any doubts about a decision he would consult his cabinet, an assembly that he himself chose. While appointing the members of the Cabinet, Washington did not favor any faction of a party, and assigned several positions to different political people. He gave Alexander Hamilton the position of Secretary of Treasury, who was confer...

7 Redundant Adjectives

7 Redundant Adjectives 7 Redundant Adjectives 7 Redundant Adjectives By Maeve Maddox Redundancies abound in everyday speech: phrases that say the same thing twice. For example, two of the most common expressions that include a redundant adjective are â€Å"free gift† and â€Å"closed fist†: Credit cards  offer free gifts  to new cardholders.   Still she came at me, so this time I  hit her with a closed fist. 1. free gift A gift is a thing given willingly to someone without payment. The adjective free is redundant. 2. closed fist A fist is by definition a hand with the fingers folded inward toward the palm and held there tightly, typically in order to strike a blow or grasp something. The adjective closed is redundant. 3. verdant green The adjective verdant derives from a Latin word meaning â€Å"green.† Verdant came into English from a French word meaning â€Å"becoming green.† The English meaning of verdant is â€Å"green† or â€Å"green with vegetation.† An enthusiastic fertilizer manufacturer advertises a product that will provide the consumer with â€Å"a verdant green lawn.† Either verdant or green will do. 4. rubicund red The adjective rubicund derives from a Latin verb meaning, â€Å"to be red.† Something that is rubicund is red or reddish. This description from fan fiction can do without one of the adjectives: â€Å"Drawing rivulets of blood, his fingertips glowed a rubicund red.† 5. overused clichà © The blogger who wrote this sentence could have saved an adjective: â€Å"The overused clichà © I hate the most is ‘off the beaten path.’† In reference to language, a clichà © is an overused expression. 6. unexpected surprise A surprise is an unexpected occurrence. The phrase is not uncommon on the Ngram Viewer, and is frequent online: An  unexpected surprise  greeted us upon our  arrival  home. Life is full of unexpected surprises. A foreigner in the dining hall was an  unexpected surprise. As â€Å"unexpectedness† is part of the definition, it’s enough to say that something is a surprise. 7. universal panacea Panacea derives from a Greek word meaning, â€Å"cure-all† and is defined in English as â€Å"a universal remedy.† Because panacea contains the meaning universal, it’s not necessary to tack universal onto it, as in this sentence written by a journalist: â€Å"When Henry Grady was inviting Northern capital South, we were much more certain that industrialization was the universal panacea for all economic and social ills.† Panacea is sufficient. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:35 Synonyms for â€Å"Look†Email EtiquetteTypes of Plots

David Koresh, Leader of Deadly Branch Davidians Cult

David Koresh, Leader of Deadly Branch Davidians Cult David Koresh (August 17, 1959–April 19, 1993) was the charismatic leader of a religious sect known as the Branch Davidians. During a deadly standoff in Waco, Texas with the Bureau of Alcohol, Tobacco, and Firearms (ATF), Koresh and more than 80 of his followers were killed. Early Years David Koresh (born Vernon Wayne Howell) was born in Texas to a fourteen-year-old mother. He never knew his father, who broke up with his mother before she gave birth. The young Koresh Howells mother later moved in with a violent and abusive man. When Koresh was four years old, he was sent to be raised by his maternal grandmother, but when he was seven, his mother got married and he went back to live with her and her new husband. However, he still attended religious services regularly with his grandmother, who took him to her Seventh Day Adventist church. As a teenager, Koresh struggled with dyslexia and was placed in special education classes. He was considered awkward and unpopular. He dropped out of school before his senior year of high school, and in his early twenties, he committed statutory rape, resulting in a 15-year-old girls pregnancy. He was later thrown out of his mother’s evangelical church after pursuing the pastor’s teenage daughter and saying that God had ordered him to marry her. By the early eighties, he moved to Waco, where he joined the Branch Davidians at their Mount Carmel Center. Within a year or so, Koresh was claiming to have the gift of prophecy. Sygma via Getty Images / Getty Images The Branch Davidians When Koresh joined the Branch Davidians, it is believed he was involved in a sexual relationship Lois Roden, the wife of Branch Davidian founder Benjamin Roden. Koresh said that God wanted him to father a child with Lois, who was 65 years old at the time, and that this child would be the â€Å"chosen one.† His interest in Lois soon waned, however, and in 1984 he claimed that God wanted him to marry a 14 year old named Rachel Jones. In 1984, Jones parents gave her permission to marry Koresh, who had at this point adopted the Koresh name (though he would not change it legally until 1990). After escalated infighting between Koresh and the Roden family, particularly Lois’ son George, Koresh and Jones left in 1995, along with 25 other members of the group. They moved to Palestine, Texas, 90 miles away from Waco, and lived in buses and tents for several years. Koresh used this period to recruit new members, not only from Texas but from California, Israel, and the United Kingdom. Following Lois Roden’s death., Koresh and George Roden found themselves battling for control of the Waco compound. George challenged Koresh to a spiritual duel of sorts, involving the resurrection of a corpse. Koresh took advantage of the opportunity to go to law enforcement and get George out of the way once and for all. He was told he’d need to provide evidence that George had illegally exhumed a dead body, and when he and seven supporters arrived at the compound, a gunfight erupted. George Roden was injured, and Koresh and his men were arrested. When they explained that they were on the property to gather evidence of abuse of a corpse, they were acquitted of the charges of attempted murder.   In 1989, George Roden was himself charged with murder after killing one of his own supporters with an axe (the man had claimed to be the true Messiah). Once Roden was sent to a psychiatric prison, Koresh and his followers were able to raise the money to purchase the Waco property themselves. Accusations of Abuse There were repeated accusations against Koresh of statutory rape and â€Å"spiritual marriages with underage women. Koresh claimed to have fathered children with several women and girls in the group; he said he had received a revelation from God, telling him to father two dozen children to serve as leaders once the Rapture came. There were also claims that Koresh and other members of the group were physically abusing children. One incident involved the beating of Koresh’s three-year-old son Cyrus. A lengthy investigation by Child Protective Services was launched. Michelle Jones, one of the alleged victims, was assigned a surrogate husband to throw investigators off the trail. The investigators ultimately failed to turn up any concrete evidence. Meanwhile, Koresh and his followers had begun stockpiling weapons, forming an â€Å"Army of God,† to prepare for the apocalypse. Koresh claimed to have cracked the code of the Book of Revelations and warned that the End Times were near. Shelly Katz / Getty Images The Waco Standoff In February 1993, federal agents from the Bureau of Alcohol, Tobacco, and Firearms (ATF) went to the Waco compound to serve a warrant for illegal firearms and take Koresh into custody. The raid turned into a four-hour gunfight. At its conclusion, four ATF agents and six of Koresh’s followers were dead. This led to a standoff, which lasted 51 days.   Did You Know? In the years since Waco, law enforcement officials have spent time studying the failed raid and the standoff itself in an effort to determine what went wrong. As a result, several changes have been made to federal law enforcement protocols in cases of hostage situations.   Negotiators from the ATF and the FBI worked endlessly to end the standoff, and a few of the Branch Davidian members were able to exit the compound safely. However, more than 80 men, women, and children, remained inside.  The ATF and the FBI used tear gas in an effort to end the siege. In response, the Branch Davidians continued the gunfire. As a result, the compound caught on fire. A few people managed to escape the fire, but 76 were killed. Most died when the compound collapsed during the blaze, while others were killed by gunshot wounds, including Koresh, who was found shot in the head. It has never been determined whether Koresh killed himself, or whether he was shot by another member of the group. Nearly two dozen of the dead were under the age of 17.

Whites of West Virginia term paper Example | Topics and Well Written Essays - 2000 words

Whites of West Virginia - Term Paper Example This crime can be explained through various criminology theories; strain theory and genetics theory are two which will be discussed in this paper. Drug possession, trafficking, and distribution are crimes which include the possession, selling, importing, or transportation of any illegal control substance. For drug possession, the offender must have physical control of the drugs. Drug trafficking can be done by an individual or a group of people but the punishment depends on various factors such as the location, type of drugs, people involved, and amount of drugs trafficked. These offenses come under criminal charges and can result in heavy levels of punishment. It is difficult to ever know clearly what the reason behind a crime being committed was. Criminology gives several theories which help in determining the reasoning of crimes. Two of those theories will be covered which the strain theory by Robert K Merton and the genetic theory which focuses on ‘nature vs. nurture’. The strain theory suggests that ‘no legitimate means, substitute illegitimate means’. The genetic theory suggests that acting criminally is in a person’s DNA, maybe because they are born in a life of crime. The reasons why individuals commit crimes in Merton’s strain theory are because they have a lack of opportunity, deviance, and a need to accomplish the ‘American Dream’ (Samaha, 2005). The causes of crime according to the biological theory of genetics are faulty genes, lack of moral development, and a limited rationality. In Merton’s strain theory, the lack of equal opportunity and no legitimate means are the major reasons for crime. Merton believed that the reason why a person is forced to commit a crime is that they don’t get equal opportunities. In order to eliminate crime, Merton believed that more equal opportunities must be provided. Practically it may be impossible to give an equal salary cap to everyone but the society must ensure

War between Palestine and Israel (In favor of Palestine INFORMATIVE Essay

War between Palestine and Israel (In favor of Palestine INFORMATIVE - Essay Example The countries comprising Lebanon, Egypt, Jordon, Turkey, Palestine and Tunisia, which mainly constitute of Palestinian populaces, allegedly termed as refugees, decipher negative views about Israel. On the other hand, France, China, Germany and the USA, who are often observed as lacking adequate knowledge and understanding of the situation from a dual and unbiased perspective, are identified to have favorable views about the peaceful resolutions considered by Israelis. Even in the preceding years of the 20th century, conflict settlement processes had been initiated with the aim of settling the disputes between these two groups; for example, Oslo Accords in the year 1993 (Zanotti 2), Camp David Summit in 2000 and Taba Summit in 2001have been few of the failed peace treaties in this context (Emerson and Tocci 13). Recently, a two-state solution has been initiated with the objective of developing an independent state for Palestine and Israel. This settlement policy is expected to be effe ctive in resolving the dispute amid these countries as they will be facilitated with the opportunity of performing their operations independently without interventions from each other (Pew Research Center, â€Å"Despite Their Wide Differences, Many Israelis and Palestinians Want Bigger Role for Obama in Resolving Conflict† n.p.). It is worth mentioning in this regard that in most of the instances, the interests of Israelis of the Arab population have been considered with greater attention as compared to the Palestinians which can again be affirmed as a stimulator to Palestinians’ war strategies preferring terrorism. ARGUMENTS AGAINST To be mentioned specifically, Palestinians’ involvement in terrorist attacks in... The paper outlines all pros and cons of the war between Palestine and Israel. Apparently, history reveals that Palestinians have been the ancient citizens of the land but are now living in poverty as refugees in many regions of the state. From a generalized perspective, where Arab’s or Israelis’ quest to re-conquer Palestine can be justified on the grounds of religious beliefs, it can also be strongly contradicted on the basis of political interests and profits. Palestinians have often sought mutual alliance with the Israelis and gain the reputation of being the citizen of Palestine which is their native land. To be mentioned specifically, Palestinians’ involvement in terrorist attacks in Israel, affecting the life of many innocent civilians, has been raised major counter arguments to the role of the group in the sectarian war with Arabs. Whatever the reasons behind executing terrorist attacks, such as action however, cannot be justified on moral grounds, but can be addressed as a response on the economic and emotional grounds from the Palestinians. The conflict amid Israel and Palestine is continuing since the mid 20th century fundamentally centralizes on the right of the either group to reside as native in the land. Conclusively, based on the above discussion, it can be affirmed that in order to mitigate these issues and conflicts, transparent understanding of the main causes and the current beliefs as well as needs of the two groups must be considered in an unbiased manner; rather than disregarding Palestinians’ views owing to their involvement in terrorist attacks to gain their needs.

ART AND EXPERIENCE Essay Example | Topics and Well Written Essays - 2500 words

ART AND EXPERIENCE - Essay Example Each of these produced a different approach to the expression used and allowed the cartoons to remain at the forefront of expressing and questioning the movements which were occurring during this time frame. Background of Caricatures and Cartoons The 18th and 19th centuries differed with caricatures and cartoons because of their main purpose. In contemporary drawings, there is a focus on the publisher, with the cartoons published in magazines and newspapers. The expression was then based on short term ideologies and statements about a given issue. However, the cartoons which were provided before the 20th century were based on long term applications and were typically used with as a form of artistic expression to be shown in galleries, cafes and other areas. The concept of not dividing the cartoons and caricatures from the everyday artistic expressions created a valuable aspect to the cartoon and what is represented. More important, the subject matters and statements were created to r emain relevant throughout time and to have thematic material which was applicable to culture, history and the way in which current events related to this1. The concept of the cartoon as one which was relevant to the time frame and which was also depicted as art then led to a distinction between the genre of art which it represented. Instead of creating the ideology that the artistic work was a cartoon or caricature, many considered the technique as one which expressed a form of satire. The satire was based on the current system while creating an expression which was both realistic and which couldn’t hold the belief of remaining real. The image and brand which was used with the technique was able to create this dichotomy specifically by showing that there was an unrealistic aspect to the political, social and cultural ideologies which many had, even though it was an event which had occurred. The dichotomy which was created and which presented the aspect of a satirical piece of work then led to specific expressions and definitions within the art presented2. Political Revolution and Cartoons The first component which was seen with the cartoons and satires which were presented were based on the French and British revolutions which occurred during the time. These particular components of history were based on the rebellion of the peasants and commoners to gain rights within the lands and to have more abilities with the nobles that were in the region. When this occurred, there were several uprisings and political powers which resisted the change. The result was sets of battles and warfare as well as arrests which occurred with the revolutions to try to maintain and change what had occurred with those who had gone through the desire to change. At the same time, there was a sense of trying to keep the lower classes oppressed while allowing the nobility and those with a higher economic and social status to remain ahead of those in society. The rebellion which oc curred was based specifically on these divisions and the way in which they built into the several revolutions of the time.3 There are several examples of the uprising as well as the rebellion which took place and the satirical events which were associated with this. Figure 1 is a representative of the cartoons and satires which were based on the revolution. Figure 1: Reveil de Tiers Etat When looking at this specific piece, it can be

Mechanical testing of cancellous bone (Bio-mechanics) Essay

Mechanical testing of cancellous bone (Bio-mechanics) - Essay Example Therefore, the plotting of stress curves was done. Basing on the intercept and the slope of the graph obtained in this experiment, compressive strength, the stiffness, the zero strain point, as well as the failure strain were then calculated. It was found that density was in directly proportion with the three mechanical properties (stiffness, strength, and failure strain) for samples from porcine, as well as bovine bone. Following these results, it was concluded therefore, that the mechanical behaviour of cancerous bone in both pig and the cow is almost similar although it was somewhat lower in the cow samples relative to that from porcine. Trabecular bone or the cancerous bone is the porous material that often represent a type of osseous tissue forming bones (Jee, 1996). Research indicates that trabecular bone has a higher surface area relative to other types of osseous tissues (Foss, 1992). Contrary, it has been found to have less density and stiffness (Currey, 1987). Arguably, the cancerous bone mechanical behaviour is somewhat similar to the other related cellular materials including the polymeric. This is because of its possessing a cellular structure consisting of the connected network of plates and rods (Bursten, & Frankel, 1999). There are contributing factors to the cancerous bone strength with bone density identified as one such factor. According to WHO (1994) there is need to determine the fracture risks using bone mineral density. It is also worth noting that other than the density of the bone, testing conditions, as well as the species of the animal are essential factors affecting the stiffness and strengt h of cancerous bones (Bell, Olive & Grabb, 1988). From the explored body of literature, it is evident that there are numerous experiments that have been conducted with a view of evaluating the density, and strength of a bone. However, there are limited research conducted on dependent of the strength of the cancerous bone on either

Write an essay of approximately 750 words (approximately 3 pages) in - 1

Write an of approximately 750 words (approximately 3 pages) in length to answer the following prompt - Essay Example Some of these restrictions include speech related to slander, libel, hate speech, incitement against the government, classified word, and obscenity, intruding another individual privacy among others. In the United States, freedom of speech also known as freedom of expression is protected by the first Amendment of the American Constitution. This paper aims at evaluating whether virtual protest tactics such as the Direct Denial of Services Attack should be protected by the First Amendment of the U.S Constitution. In my opinion, the virtual protest tactics ought to be protected by the First Amendment of the American Constitution. The reason is that various individuals use these tactics to seek, impart and receive information about various issues thus utilizing their freedom of speech or expression. Further, people also use the virtual protest tactics to express their opinions and ideas regarding different issues in the society and also agree and disagree on some of the issues they find oppressing in the society. According to the constitution of the United States, every individual has the right to express their views on particular matters such as government issues through the use of any medium or channel (First Amendment, 2014). Therefore, the virtual protests are ideas and opinions of people that are communicated through the use of the internet as well as other social media platforms thus should be protected by the First Amendment of the Constitution. In addition, virtual protest tactics ought to be protected by the First Amendment of the American Constitution. It is because its primary aim is to inspire and motivate individuals to push for their rights and also air their grievances to the government. That, therefore, shows that these tactics are used to improve the methods used by people to express themselves as indicated in the freedom of speech. For

Mechanical testing of cancellous bone (Bio-mechanics) Essay

Mechanical testing of cancellous bone (Bio-mechanics) - Essay Example Therefore, the plotting of stress curves was done. Basing on the intercept and the slope of the graph obtained in this experiment, compressive strength, the stiffness, the zero strain point, as well as the failure strain were then calculated. It was found that density was in directly proportion with the three mechanical properties (stiffness, strength, and failure strain) for samples from porcine, as well as bovine bone. Following these results, it was concluded therefore, that the mechanical behaviour of cancerous bone in both pig and the cow is almost similar although it was somewhat lower in the cow samples relative to that from porcine. Trabecular bone or the cancerous bone is the porous material that often represent a type of osseous tissue forming bones (Jee, 1996). Research indicates that trabecular bone has a higher surface area relative to other types of osseous tissues (Foss, 1992). Contrary, it has been found to have less density and stiffness (Currey, 1987). Arguably, the cancerous bone mechanical behaviour is somewhat similar to the other related cellular materials including the polymeric. This is because of its possessing a cellular structure consisting of the connected network of plates and rods (Bursten, & Frankel, 1999). There are contributing factors to the cancerous bone strength with bone density identified as one such factor. According to WHO (1994) there is need to determine the fracture risks using bone mineral density. It is also worth noting that other than the density of the bone, testing conditions, as well as the species of the animal are essential factors affecting the stiffness and strengt h of cancerous bones (Bell, Olive & Grabb, 1988). From the explored body of literature, it is evident that there are numerous experiments that have been conducted with a view of evaluating the density, and strength of a bone. However, there are limited research conducted on dependent of the strength of the cancerous bone on either

Can environmental factors acting on organisms lead to inherited Essay

Can environmental factors acting on organisms lead to inherited changes in phenotype in descendant - Essay Example Any ecosystem is composed of Abiotic and Biotic components. The Abiotic components include the atmosphere, where air acts as a medium, lithosphere and hydrosphere. The nature of the response of the organisms to these Abiotic factors depends on the essential factors and limiting factors. The response is best explained rather by ecological theories like Liebig-Blackman Law of Limiting factors and Shelford's Law of Tolerance. The Biotic components are composed of the biotic community each with an ecological niche influenced by community evolution, succession, growth, regulation and interactions. The ecological genetics is thus, a product of interactions of organisms with these Abiotic and biotic factors with the elements of adaptation, natural selection and speciation largely influenced by the ecological dynamics of energy flow and biogeochemical cycles. Thus, inherited changes in a phenotype depends on gravity of these interactions and the potential of these factors to cause a genomic change or a mutation. It is worthy to mention the role of Ecological pollution as a potential and vital factor in this process of genomic change today. Ecological pollution is one of the vital factors causing genomic changes or mutation, which is being carried through the generations. Thus, these pollutants act as potential mutagens. ... More than 65,000 chemicals are currently in use in U.K with which human beings come into constant contact. Many of these chemicals are harmful and pose a serious health hazard. Numerous chemicals have been designated as hazardous to biological system and these chemicals pose an occupational health hazard to workers who are constantly in contact with them. These chemicals are often toxic, mutagenic/carcinogenic, causing serious diseases like Cancer and disabilities of various kinds. Even children born to women working in nickel refinery have been found to have Genital malformations. Industrial units that release toxic gases like Sulphur di oxide, Nitrogenous compounds and Mercurial derivatives contribute to air pollution to a great extent. The automobile exhaust fumes rich in carbon monoxide harms the oxygen binding mechanism in human blood. Welding is another industrial important contributor in which metal or other thermoplastic materials are joined together by the application of heat or pressure. This process produces gases like acetylene, carbon monoxide, oxides of nitrogen, ozone, phosgene and tungsten. (Palmer .T, 2006) The gas and chemical pollutants primarily enter the human system by inhalation route namely Respiration. The deposition of these inhaled particles in the lungs is influenced by its physical and chemical properties and a variety of host factors. In the lungs, these particles produce a variety of reactions including Asthma and Cancer depending on the concentration, duration of the exposure of the particles, and degree of exposure. Even babies in the womb have been found to be susceptible than their mothers to DNA damage from air pollution, despite the added protection of the

Long-Term & Short-Term Budgetting Essay Example for Free

Long-Term Short-Term Budgetting Essay Introduction Budgeting is indeed a key component in managing short and long term planning. To define a broad objective such as wealth maximization is clearly not sufficient to achieve the goal. It is very important for an entity to get into more details over how to work towards the objective. Businesses typically do this by crafting a long-term plan and short-term plan which I will be explaining in details. Budgeting Before I proceed, it is very important for us to understand what is budget and how it works. A budget is a formal written summary (or statement of management’s plan for a specified future time period, expressed in financial terms. A budget becomes an important basis for controlling operations and evaluating performance. Thus, it promotes efficiency and serves as a deterrent to waste and inefficiency (Carlon, et al., 2009, p. 882) Types of budget There are several types of budget namely trade receivables budget, sales budget, finished inventories budget, trade payables budget, production budget, direct labour budget and many more. The list continues and varies from industry to industry. Budget usefulness Budgets are generally regarded as having four area of usefulness. * Budgeting promotes forward thinking and the possible identification of short-term problem. * They can also be used to help co-ordinate various sections of the business. * They play an integral role into motivating managers to perform better. * Providing basis for a system control, and lastly * Budgets can provide a system of authorization for managers to spend within the limit. (Merchant, Hawkins, Anthony, 2006, p. 560) The Planning process Figure 1 the planning process Source: (Banham, 2000, p. N.A) The above shows the relationship between budgets, long-term planning and short-term planning. The budgeting process The development of the budget for the coming year generally starts several months before the end of the current year. The budgeting process usually begins with the collection of data from each of the subunits of the entity. Past performance is often the starting point in budgeting, from which future budget goals are formulated. The budget is developed within a framework of a sales forecast that shows potential sales for the industry and the entities expected share of such sales. Sales forecasting involves a consideration of such factors as: I. General economic conditions. II. Industry trends III. Market research studies development IV. Anticipated advertising and promotion V. Previous market share VI. Changes in prices VII. New products VIII. Technology Short-term planning Short-term planning or budgeting is a process that focuses on short term, commonly one year, and results in the production of budgets that set the financial framework for that period. It is likely to be expressed mainly in financial terms and is designed to convert the long-term plan into an actionable blueprint for the future. The short-term planning is mainly carried out by Tactical managers and Operational managers. The budget will define precise targets for sales revenues and expenses, cash flows, short-term credit to be given or taken, inventory requirements, personnel requirements, increase profits, control costs, and invest for the future. Long-term Planning â€Å"Exercise aimed at formulating a long-term plan, to meet future needs estimated usually by extrapolation of present or known needs. It begins with the current status and charts out a path to the projected status, and generally includes short-term (operational or tactical plans) for achieving interim goals.† (Business Dictionary, n.d.) The above is a definition of Long-term planning or Strategic planning is usually carried out by senior management. The long-term plan covers a period of at least three years (some go up to five years) on a quarterly basis, forcing the organization into that discipline of thinking further out than one year. These plans should be updated when the short-range plan is prepared. Long-term strategies defines its overall effort in building market share, increasing revenues, decreasing costs, issues such as business take overs, expansion plans, deletion of business segments and radical product/service segment. (Budgeting, 2010) The way in which planning process is conducted depends on the industry and culture of the entity. Nevertheless, the entity outlines its long-term goals and specifies its short-range plans in quantifiable terms which detail how it expects to accomplish its goals (Hillstrom, 2013, p. 4) Long term planning Vs. Short-term planning Now that I put the definition and the functions of long term and short term planning before you. We will now see the advantages of long term and short term planning. * The main difference is the time period involved. The maximum length of a budget (or short term) is usually one year, and these budgets are prepared often for shorter period of time. In contrast, long-range planning usually encompasses a period of 3-5 years. * A second significant difference is the emphasis. Budgeting is concerned with the achievement of specific short-term goals. Long-range planning, on the other hand, is a formalized process of selecting strategies to achieve long-term goals and developing policies and plan to implement the strategies. Management is also responsible to respond to opportunities and challenges with strategic response that arise from anticipated trends in the economic and political environment. * Thirdly, there is difference between the details in the planning. Short term planning can be very detailed, this is to provide a basis for control. While long-rang plans contain considerably less details, because the data are intended for a review of progress towards long-term goals rather than for an evaluation of specific results to be achieved. The main objective of long-range planning is to develop the best strategy to maximize the entity’s performance over an extended future period. * Lastly, many entities today use a continuous 12-month budget by dropping the month just ended and adding a future month. One advantage of continuous short-term budgeting is that it keeps management planning a full year ahead, compared to just one-time planning for long term. Conclusion The preparation of budget is a valuable exercise as it forces management to look ahead and plan long term goal rather than to look back at the past. Once the long term goal has been set, a detailed short term planning can then be created. It is hence vital that budgeting is created as accurately as possible, as an error in data collection could affect the whole of the company’s operational and financial activities. The full benefits of budgeting can only be gained when the actual results are compared with the budgeted results then corrective actions are in place. Thus budgeting is a key component in managing short and long term planning. References Banham, R. (2000). Better Budgets. Journal of Accountancy, N.A. Budgeting. (2010). Retrieved from Entrepreneur: http://www.entrepreneur.com/encyclopedia/term/82266.html Business Dictionary. (n.d.). Retrieved from Defination of Long-term Planning: http://www.businessdictionary.com/definition/long-term-planning.html Carlon, S., Mladenovic-Mcalpine, R., Loftus, J., Palm, C., Kimmel, P. D., Kieso, D. E., Weygandt, J. J. (2009). Accounting building business skills. New York: John Wiley Sons. Hillstrom, E. K. (2013, Jan 27). Budgets and Budgeting.. Retrieved from Encyclopedia of Small Business.Vol. 1. Gale Cengage: http://www.enotes.com/budgeting-reference/ Merchant, K. A., Hawkins, D., Anthony, R. (2006). Accounting Text Cases. Australia: McGraw-Hill Education.

Acceptance of MNC Mutual Fund by IFAS

Acceptance of MNC Mutual Fund by IFAS Introduction Mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. This pool of money is invested in accordance with a stated objective. The joint ownership of the fund is thus â€Å"Mutual†, i.e. the fund belongs to all investors. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. A Mutual Fund is an investment tool that allows small investors access to a well-diversified portfolio of equities, bonds and other securities. Each shareholder participates in the gain or loss of the fund. Units are issued and can be redee med as needed. The funds Net Asset value (NAV) is determined each day. Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit- holders. ORGANISATION OF MUTUAL FUND Mutual funds have a unique structure not shared with other entities such as companies of firms. It is important for employees agents to be aware of the special nature of this structure, because it determines the rights responsibilities of the funds constituents viz., sponsors, trustees, custodians, transfer agents of course, the fund the Asset Management Company(AMC) the legal structure also drives the inter-relationships between these constituents. The structure of the mutual fund India is governed by the SEBI (Mutual Funds) regulations, 1996. These regulations make it mandatory for mutual funds to have a structure of sponsor, trustee, AMC, custodian. The sponsor is the promoter of the mutual fund, appoints the trustees. The trustees are responsible to the investors in the mutual fund, appoint the AMC for managing the investment portfolio. The AMC is the business face of the mutual fund, as it manages all affairs of the mutual fund. The mutual fund the AMC have to be register ed with SEBI. Custodian, who is also registered with SEBI, holds the securities of various schemes of the fund in its custody. SEBI SEBI regulates mutual funds, depositories, custodians and registrars transfer agents in the country. The applicable guidelines for mutual funds are set out in SEBI (Mutual Funds) Regulations, 1996, as amended till date. An updated and comprehensive list of circulars issued by SEBI can be found in the Mutual Funds section of SEBIs website. Some segments of the financial markets have their own independent regulatory bodies. Wherever applicable, mutual funds need to comply with these other regulators also. For instance, RBI regulates the money market and foreign exchange market in the country. Therefore, mutual funds need to comply with RBIs regulations regarding investment in the money market, investments outside the country, investments from people other than Indians resident in India, remittances (inward and outward) of foreign currency etc. Stock Exchanges are regulated by SEBI. Every stock exchange has its own listing, trading and margining rules. Mutual Funds need to comply with the rules of the exchanges with which they choose to have a business relationship. Anyone who is aggrieved by a ruling of SEBI, can file an appeal with the Securities Appellate Tribunal. Sponsor: The sponsor is the promoter of the mutual fund. The sponsor establishes the Mutual fund registers the same with SEBI. He appoints the trustees, Custodians the AMC with prior approval of SEBI, in accordance with SEBI regulations. He must have at least five year track record of business interest in the financial markets. Sponsor must have been profit making in at least three of the above five years. He must contribute at least 40% of the capital of the AMC. Trustees: The Mutual Fund may be managed by a Board of trustees of individuals, or a trust company a corporate body. Most of the funds in India are managed by board of trustees. While the board of trustees is governed by the provisions of the Indian trust act, where the trustee is the corporate body, it would also be required to comply with the provisions of the companies act, 1956. The board of trustee company, as an independent body, act as protector of the unit holders interest. The trustees dont directly manage the portfolio of securities. For this specialist function, they appoint an AMC. They ensure that the fund is managed by AMC as per the defined objectives in accordance with the trust deed SEBI regulations. The trust is created through a document called the trust deed i.e., executed by the fund sponsor in favor of the trustees. The trust deed is required to be stamped as registered under the provision of the Indian registration act registered with SEBI. The trustees begin the pri mary guardians of the unit holders funds assets; a trustee has to be a person of high repute integrity. Custodian: Often an independent organization, it takes custody all securities other assets of mutual fund. Its responsibilities include receipt delivery of securities collecting income-distributing dividends, safekeeping of the unit segregating assets settlements between schemes. Mutual fund is managed either trust company board of trustees. Board of trustees trust are governed by provisions of Indian trust act. If trustee is a company, it is also subject Indian Company Act. Trustees appoint AMC in consultation with the sponsors according to SEBI regulation. All mutual fund schemes floated by AMC have to be approved by trustees. Trustees review ensure that net worth of the company is according to stipulated norms, every quarter. Though the trust is the mutual fund, the AMC is its operational face. The AMC is the first functionary to be appointed, is involved in appointment of all other functionaries. The AMC structures the mutual fund products, markets them mobilizes fund, manages the funds services to the investors. Other Service Providers RTA The RTA maintains investor records. Their offices in various centres serve as Investor Service Centres (ISCs), which perform a useful role in handling the documentation of investors. The appointment of RTA is done by the AMC. It is not compulsory to appoint a RTA. The AMC can choose to handle this activity in house. All RTAs need to register with SEBI. Auditors Auditors are responsible for the audit of accounts. Accounts of the schemes need to be maintained independent of the accounts of the AMC. The auditor appointed to audit the scheme accounts needs to be different from the auditor of the AMC. While the scheme auditor is appointed by the Trustees, the AMC auditor is appointed by the AMC. Fund Accountants The fund accountant performs the role of calculating the NAV, by collecting information about the assets and liabilities of each scheme. The AMC can either handle this activity in-house, or engage a service provider. Collecting Bankers The investors moneys go into the bank account of the scheme they have invested in. These bank accounts are maintained with collection bankers who are appointed by the AMC. Leading collection bankers make it convenient to invest in the schemes by accepting applications of investors in most of their branches. Payment instruments against applications handed over to branches of the AMC or the RTA need to be banked with the collecting bankers, so that the moneys are available for investment by the scheme. Through this kind of a mix of constituents and specialized service providers, most mutual funds maintain high standards of service and safety for investors. Distributors Distributors have a key role in selling suitable types of units to their clients i.e. the investors in the schemes. Distributors need to pass the prescribed certification test, and register with AMFI. Asset Management Company (AMC) Day to day operations of asset management are handled by the AMC. It therefore arranges for the requisite offices and infrastructure, engages employees, provides for the requisite software, handles advertising and sales promotion, and interacts with regulators and various service providers. The AMC has to take all reasonable steps and exercise due diligence to ensure that the investment of funds pertaining to any scheme is not contrary to the provisions of the SEBI regulations and the trust deed. Further, it has to exercise due diligence and care in all its investment decisions. As per SEBI regulations: The directors of the asset management company need to be persons having adequate professional experience in finance and financial services related field. The directors as well as key personnel of the AMC should not have been found guilty of moral turpitude or convicted of any economic offence or violation of any securities laws. Key personnel of the AMC should not have worked for any asset management company or mutual fund or any intermediary during the period when its registration was suspended or cancelled at any time by SEBI. Prior approval of the trustees is required, before a person is appointed as director on the board of the AMC. Further, at least 50% of the directors should be independentdirectors i.e. not associate of or associated with the sponsor or anyof its subsidiaries or the trustees. The AMC needs to have a minimum net worth of Rs10 crores. An AMC cannot invest in its own schemes, unless the intention to invest is disclosed in the Offer Document. Further, the AMC cannot charge any fees for the investment. The appointment of an AMC can be terminated by a majority of the trustees, or by 75% of the Unit-holders. However, any change in the AMC is subject to prior approval of SEBI and the Unit-holders. Asset Management Companies In India INDIAN AMCs Axis Asset Management Company Ltd. Baroda Pioneer Asset Management Company Limited Birla Sun Life Asset Management Co. Ltd. Canara Robeco Asset Management Co. Ltd. DSP BlackRock Investment Managers Ltd. Edelweiss Asset Management Limited Escorts Asset Management Ltd. HDFC Asset Management Co. Ltd. ICICI Prudential Asset Management Co. Ltd. IDBI Asset Management Ltd. IDFC Asset Management Company Private Limited J.M. Financial Asset Management Private Ltd. LIC Nomura Asset Management Co. Ltd. LT Investment Management Limited Kotak Mahindra Asset Management Co. Ltd. Motilal Oswal Asset Management Co. Ltd. Peerless Funds Management Co. Ltd. Quantum Asset Management Co. Private Ltd. Reliance Capital Asset Management Ltd. Religare Asset Management Company Private Limited Sahara Asset Management Co. Private Ltd. SBI Funds Management Private Ltd. Sundaram Asset Management Company Limited Tata Asset Management Ltd. Taurus Asset Management Co. Ltd. UTI Asset Management Company Ltd. MNC AMCs AIG Global Asset Management Company (India) Private Ltd. Bharti AXA Investment Managers Private Limited BNP Paribas Asset Management India Private Limited Daiwa Asset Management (India) Private Limited Deutsche Asset Management (India) Private Ltd. FIL Fund Management Private Ltd. Fortis Investment Management (India) Pvt. Ltd. Franklin Templeton Asset Management (India) Private Ltd. Goldman Sachs Asset Management (India) Private Limited HSBC Asset Management (India) Private Ltd. ING Investment Management (India) Private Ltd. JP Morgan Asset Management (India) Private Ltd. Mirae Asset Global Investments (India) Private Ltd. Morgan Stanley Investment Management Private Ltd. Principal PNB Asset Management Co. Private Ltd. Pramerica Asset Managers Private Limited Mutual Fund Industry in India The Evolution The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases: Phase 1. Establishment and Growth of Unit Trust of India 1964-87 Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to operate under the regulatory control of the RBI until the two were de-linked in 1978 and the entire control was transferred in the hands of Industrial Development Bank of India (IDBI). UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted the largest number of investors in any single investment scheme over the years. UTI launched more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971 and six more schemes during 1981-84, Childrens Gift Growth Fund and India Fund (Indias first offshore fund) in 1986, Mastershare (Indias first equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns) during 1990s. By the end of 1987, UTIs assets under management grew ten times to Rs 6700 crores. Phase II. Entry of Public Sector Funds 1987-1993 The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share. Phase III. Emergence of Private Sector Funds 1993-96 The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutual fund industry in 1993, provided a wide range of choice to investors and more competition in the industry. Private funds introduced innovative products, investment techniques and investor-servicing technology. By 1994-95, about 11 private sector funds had launched their schemes. Phase IV. Growth and SEBI Regulation 1996-2004 The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilisation of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. Investors interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry. In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status as a trust formed by an Act of Parliament. The primary objective behind this was to bring all mutual fund players on the same level. UTI was re-organised into two parts: The Specified Undertaking, The UTI Mutual Fund Presently Unit Trust of India operates under the name of UTI Mutual Fund and its past schemes (like US-64, Assured Return Schemes) are being gradually wound up. However, UTI Mutual Fund is still the largest player in the industry. Phase V. Growth and Consolidation 2004 Onwards The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun FC Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players. Key Developments over the Years The mutual fund industry in India has come a long way. Significant spurts in size were noticed in the late 80s, when public sector mutual funds were first permitted, and then in the mid-90s, when private sector mutual funds commenced operations. In the last few years, institutional distributors increased their focus on mutual funds. The emergence of stock exchange brokers as an additional channel of distribution, the continuing growth in convenience arising out of technological developments and higher financial literacy in the market should drive the growth of mutual funds in future.AUM of the industry, as of February 2010 has touched Rs 766,869 crores from 832 schemes offered by 38 mutual funds. In some advanced countries, mutual fund AUM is a multiple of bank deposits. In India, mutual fund AUM is hardly 10% of bank deposits. This is indicative of the immense potential for growth of the industry. The high proportion of AUM in debt, largely from institutional investors is not in line with the role of mutual funds, which is to channelize retail money into transforming mutual funds into a truly retail vehicle of capital mobilization for the larger benefit of the economy the capital market. Various regulatory measures to reduce the costs and increase the conveniences for investors are aimed at. ADVANTAGES OF MUTUAL FUND Professional Management Mutual funds offer investors the opportunity to earn an income or build their wealth through professional management of their investible funds. There are several aspects to such professional management viz. investing in line with the investment objective, investing based on adequate research, and ensuring that prudent investment processes are followed.   Affordable Portfolio Diversification Units of a scheme give investors exposure to a range of securities held in the investment portfolio of the scheme. Thus, even a small investment of Rs 5,000 in a mutual fund scheme can give investors a diversified investment portfolio. With diversification, an investor ensures that all the eggs are not in the same basket. Consequently, the investor is less likely to lose money on all the investments at the same time. Thus, diversification helps reduce the risk in investment. In order to achieve the same diversification as a mutual fund scheme, investors will need to set apart several lakhs of rupees. Instead, they can achieve the diversification through an investment of a few thousand rupees in a mutual fund scheme.   Economies of Scale The pooling of large sums of money from so many investors makes it possible for the mutual fund to engage professional managers to manage the investment. Individual investors with small amounts to invest cannot, by themselves, afford to engage such professional management. Large investment corpus leads to various other economies of scale. For instance, costs related to investment research and office space get spread across investors. Further, the higher transaction volume makes it possible to negotiate better terms with brokers, bankers and other service providers.   Liquidity At times, investors in financial markets are stuck with a security for which they cant find a buyer worse; at times they cant find the company they invested in! Such investments, whose value the investor cannot easily realise in the market, are technically called illiquid investments and may result in losses for the investor. Investors in a mutual fund scheme can recover the value of the moneys invested, from the mutual fund itself. Depending on the structure of the mutual fund scheme, this would be possible, either at any time, or during specific intervals, or only on closure of the scheme. Schemes where the money can be recovered from the mutual fund only on closure of the scheme, are listed in a stock exchange. In such schemes, the investor can sell the units in the stock exchange to recover the prevailing value of the investment.   Tax benefits Specific schemes of mutual funds (Equity Linked Savings Schemes) give investors the benefit of deduction of the amountinvested, from their income that is liable to tax. This reduces theirtaxable income, and therefore the tax liability. Further, the dividend that the investor receives from the scheme is tax-free in his hands.   Investment Comfort Once an investment is made with a mutual fund, they make it convenient for the investor to make further purchases with very little documentation. This simplifies subsequent investment activity.   Convenient Options The options offered under a scheme allow investors to structure their investments in line with their liquidity preference and tax position.   Regulatory Comfort The regulator, Securities Exchange Board of India (SEBI) has mandated strict checks and balances in the structure of mutual funds and their activities. These are detailed in the subsequent units. Mutual fund investors benefit from such protection. LIMITATIONS OF MUTUAL FUND   Lack of portfolio customization Some securities houses offer Portfolio Management Schemes to large investors. In a PMS, the investor has better control over what securities are bought and sold on his behalf. On the other hand, a unit-holder is just one of several thousand investors in a scheme. Once a unit-holder has bought into the scheme, investment management is left to the fund manager (within the broad parameters of the investment objective). Thus, the unit-holder cannot influence what securities or investments the scheme would buy. Large sections of investors lack the time or the knowledge to be able to make portfolio choices. Therefore, lack of portfolio customization is not a serious limitation in most cases.   Choice overload Over 800 mutual fund schemes offered by 38 mutual funds and multiple options within those schemes make it difficult for investors to choose between them. Greater dissemination of industry information through various media and availability of professional advisors in the market should help investors handle this overload.   No control over costs All the investors moneys are pooled together in a scheme. Costs incurred for managing the scheme are shared by all the Unit holders in proportion to their holding of Units in the scheme. Therefore, an individual investor has no control over the costs in a scheme. SEBI has however imposed certain limits on the expenses that can be charged to any scheme. These limits vary with the size of assets and the nature of the scheme.   No guarantees No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.   Management risk When you invest in a mutual fund, you depend on the funds manager to make the right decisions regarding the funds portfolio. If the manager does not perform as well as we had hoped, we might not make as much money on our investment as we expected. However, if we invest in Index Funds, we forego management risk, because these funds do not employ fund managers. TYPES OF MUTUAL FUND Equity Funds are considered to be the more risky funds as compared to other fund types, but they also provide higher returns than other funds. It is advisable that an investor looking to invest in an equity fund should invest for long term i.e. for 3 years or more. There are different types of equity funds each falling into different risk bracket. In the order of decreasing risk level, there are following types of equity funds: Aggressive Growth Funds In Aggressive Growth Funds, fund managers aspire for maximum capital appreciation and invest in less researched shares of speculative nature. Because of these speculative investments Aggressive Growth Funds become more volatile and thus, are prone to higher risk than other equity funds. Growth Funds Growth Funds also invest for capital appreciation (with time horizon of 3 to 5 years) but they are different from Aggressive Growth Funds in the sense that they invest in companies that are expected to outperform the market in the future. Without entirely adopting speculative strategies, Growth Funds invest in those companies that are expected to post above average earnings in the future. Speciality Funds Speciality Funds have stated criteria for investments and their portfolio comprises of only those companies that meet their criteria. Criteria for some speciality funds could be to invest/not to invest in particular regions/companies. Speciality funds are concentrated and thus, are comparatively riskier than diversified funds. There are following types of speciality funds: i. Sector Funds: Speciality Funds have stated criteria for investments and their portfolio comprises of only those companies that meet their criteria. Criteria for some speciality funds could be to invest/not to invest in particular regions/companies. Speciality funds are concentrated and thus, are comparatively riskier than diversified funds.. There are following types of speciality funds: ii. Foreign Securities Funds: Foreign Securities Equity Funds have the option to invest in one or more foreign companies. Foreign securities funds achieve international diversification and hence they are less risky than sector funds. However, foreign securities funds are exposed to foreign exchange rate risk and country risk. iii. Mid-Cap or Small-Cap Funds: Funds that invest in companies having lower market capitalization than large capitalization companies are called Mid-Cap or Small-Cap Funds. Market capitalization of Mid-Cap companies is less than that of big, blue chip companies (less than Rs. 2500 crores but more than Rs. 500 crores) and Small-Cap companies have market capitalization of less than Rs. 500 crores. Market Capitalization of a company can be calculated by multiplying the market price of the companys share by the total number of its outstanding shares in the market. The shares of Mid-Cap or Small-Cap Companies are not as liquid as of Large-Cap Companies which gives rise to volatility in share prices of these companies and consequently, investment gets risky. iv. Option Income Funds: While not yet available in India, Option Income Funds write options on a large fraction of their portfolio. Proper use of options can help to reduce volatility, which is otherwise considered as a risky instrument. These funds invest in big, high dividend yielding companies, and then sell options against their stock positions, which generate stable income for investors. Diversified Equity Funds Except for a small portion of investment in liquid money market, diversified equity funds invest mainly in equities without any concentration on a particular sector(s). These funds are well diversified and reduce sector-specific or company-specific risk. However, like all other funds diversified equity funds too are exposed to equity market risk. One prominent type of diversified equity fund in India is Equity Linked Savings Schemes (ELSS). As per the mandate, a minimum of 90% of investments by ELSS should be in equities at all times. ELSS investors are eligible to claim deduction from taxable income (up to Rs 1 lakh) at the time of filing the income tax return. ELSS usually has a lock-in period and in case of any redemption by the investor before the expiry of the lock-in period makes him liable to pay income tax on such income(s) for which he may have received any tax exemption(s) in the past. Equity Index Funds Equity Index Funds have the objective to match the performance of a specific stock market index. The portfolio of these funds comprises of the same companies that form the index and is constituted in the same proportion as the index. Equity index funds that follow broad indices (like SP CNX Nifty, Sensex) are less risky than equity index funds that follow narrow sectoral indices (like BSEBANKEX or CNX Bank Index etc). Narrow indices are less diversified and therefore, are more risky. Value Funds Value Funds invest in those companies that have sound fundamentals and whose share prices are currently under-valued. The portfolio of these funds comprises of shares that are trading at a low Price to Earning Ratio (Market Price per Share / Earning per Share) and a low Market to Book Value (Fundamental Value) Ratio. Value Funds may select companies from diversified sectors and are exposed to lower risk level as compared to growth funds or speciality funds. Value stocks are generally from cyclical industries (such as cement, steel, sugar etc.) which make them volatile in the short-term. Therefore, it is advisable to invest in Value funds with a long-term time horizon as risk in the long term, to a large extent, is reduced. Equity Income or Dividend Yield Funds The objective of Equity Income or Dividend Yield Equity Funds is to generate high recurring income and steady capital appreciation for investors by investing in those companies which issue high dividends (such as Power or Utility companies whose share prices fluctuate comparatively lesser than other companies share prices). Equity Income or Dividend Yield Equity Funds are generally exposed to the lowest risk level as compared to other equity funds. Money Market / Liquid Funds invest in short-term (maturing within one year) interest bearing debt instruments. These securities are highly liquid and provide safety of investment, thus making money market / liquid funds the safest investment option when compared with other mutual fund types. However, even money market