John Steinbeck’s “The pearl” Essay

John Steinbeck’s The Pearl is a tale of a poor Indian family who stumbles upon the greatest pearl in the world. Headed by a man named Kino and his supporting wife Juana, they both are determined to live a wealthy life no matter what the cost. Although the story is fictional, it is based on the unpleasant truths of life as we know it. Steinbeck reveals an array of irony like no other: Starting with Kino finding the pearl of the world, the pearl buyers not to buy the magnificent pearl, and ending with the evil that the pearl brought upon the characters. Kino and Juana woke on a gloomy morning after a tragic accident where their baby, Coyotito, was slashed by a deadly scorpion and left to die. With hope of being able to pay for medication, Kino and Juana coasted out to sea to rummage around for their prize. Things were very uncertain on this dark and foggy day and their eyes were sure to be playing countless tricks on them. Even though Kino was an expert at his trade, pulling an ordinary clam into his canoe and prying it open to find the furthermost perfect pearl in the world was an incredibly ironic factor especially due to the misgivings of Mother Nature. â€Å"The great pearl, perfect as the moon† (19). Kino went on a brief voyage to sell the pearl to the local pearl buyers to achieve his dreams of a better life for him and his family. When he got to the main part of town and met up with each pearl buyer he was shocked to hear that the pearl buyers were not as greatly awed by the pearl the same way everyone else was. At first Kino and Juana accepted what the pearl buyers said and they sadly realized the flimsiness of their dreams. Kino wanted Juana and him to â€Å"be married – in a church† (24). Kino wanted a new harpoon and rifle. Kino imagined Coyotito going to school to â€Å"read and open the books† (26). The pearl was the path to his dreams. But instead of precious possessions and wonderful opportunity coming from it, it had pernicious reactions. The pearl brought evil over all the characters of the story. They were very wicked in the attempt to get what they wanted. The doctor is portrayed as unsympathetic and heartless. He does not care about the welfare of anyone but himself. He pretends to cure Coyotito’s scorpion bite and tries to  convince Kino that maybe he should give the pearl to him for safe keeping. The pearl also overcomes the priest of the church. The priest is not concerned with representing God. He was only lusting after â€Å"repairs necessary for the church† (21). He had the nerve to go to Kino and Juana in the village to remind them of the needs of the church and to convince them to have a wedding. Kino is not exactly a prime example of a good person himself. His greed for the pearl drove him to hit Juana and even kill a man. Kino did however learn his lesson at the end. It seems that the only person that remained pure throughout the whole novel was Juana. She never let the pearl take over her life like it did the other characters. She knew that the pearl was bringing evil to their family all along but couldn’t do anything about it. The pearl was perfect on the outside but the inside was manifested with great evil. Kino and Juana triumphed past the uncertainties of the dark and gloomy day to find the greatest pearl ever and their dreams were crushed when they discovered that the pearl buyers weren’t going to buy the pearl from them. The perfect pearl brought evil upon Kino and Juana. As you can see, Steinbeck shows us many ironic trials and hardship that are crucial for contouring Kino and Juana into wiser individuals.

A Samurai and a Ninja

The warriors of the pre-industrial Japanese era always aroused the interest of many people around the world. Of all the warrior classes on those feudal times, there are two types of warriors that are known all over the world: the honorable samurai and the stealthy ninja.Most of the people though, do not know the distinction between a samurai and a ninja. And before knowing the comparison and contrast between these two warrior classes, we need to know just how they live.Samurais or what the Japanese call a bushi is a warrior that follows a strict moral code called bushido. They are noble warriors that place honor above anything they have, including their lives.They are the rough equivalent of medieval England's knights. As stated, the samurai follow the bushido as their moral code. Bushido is a belief on the path of a warrior, or a path of the sword. This means that samurai warriors place honor above anything, and would be loyal to their lords at any time, as they would die in the lin e of duty rather than shame themselves.This warrior class also practices Harakiri or Seppuku, a type of suicide that a dishonorable samurai would take in order to regain their lost honor after death. Samurais wear armor, and are of noble class; although the early foundations of the samurai class were originally farming clans who just wanted to protect their family from invasions of bandits and corrupt officials. Samurai warriors prefer the use of the Japanese katana and a wakizashi as weapons.A katana is a curved sword while the wakizashi is a short sword used together with a katana. These two weapons represent a samurai's honor, as a samurai uses the wakizashi to end his life if ever he had done something dishonorable. Some samurai learned to use guns much later on.Samurai are mostly straight-laced warriors that would face danger head on, just to show honor in their work. This quite contradicts the way ninjas do their work.Ninjas are the masters of stealth in the pre-industrial per iods of Japan. They prefer stealth than actual confrontation with the enemies. Like the samurai, ninjas follow a certain lord, but unlike the former, ninjas are manipulated for different reasons. Ninjas are trained by their clan in â€Å"ways of the shadow†.This means that ninjas are perfect for espionage and assassinations. When it comes to fighting, ninjas rely on agile, quick strikes to immobilize or kill opponents. They also use shuriken as throwing agents, often covered in poison to maximize their effect.Ninjas have not been regarded as a warrior class in their early days, and ninjutsu (ninja techniques) were not always considered an art. The services of a ninja were also like that of a mercenary, rather than the honorable services offered by the loyal samurai.In the early foundations of the ninja class, they are farmers or specially trained individuals trained to counter the ruling samurai elites. They are their direct counterparts, since the samurai Bushido code do not permit the use of stealth and guerilla tactics that the ninja class most commonly use for assassinations.[1]To summarize everything, ninjas and samurai are the same in terms of the fact that they follow a feudal lord. They are also well-trained and follow their own ways of fighting.Their difference lies in how they execute the commands of their lord. Samurai place honor above their lives and will die fighting in a fair battle. Ninjas are hired warriors that do assassinations and dark operations for their feudal lord. Truly, they are marvelous warrior classes that will continue to fascinate people around the world.Works CitedHayes Stephen K. The Mystic Arts of the Ninja, 1985

Aerotoxic Syndrome

For the operation of any aircraft, there are a huge number of materials that are used and contain significant toxicities, with some hazardous ingredients. These materials need care, as some of the unwanted exposure either short term or long term may be induced some symptoms of toxicity’s toxicity indicates the possibility of the discrete occupational health condition due to the leakage of engine oil, jet fuel and seal failure etc. and additional the lower oxygen level in the cabin of planes flying at altitude, known as Aerotoxic syndrome (Michaelis, 2016). This report outlines the nature of Aerotoxic Syndrome that may affect the health of the crew member and passengers as well as affecting the stakeholders as a business point of view. The report also describes the controversies related to this syndrome and the potential solutions. It also identifies the appropriate measures to risk control regarding Aerotoxic Syndrome. The Aerotoxic Syndrome causing an effect like memory loss, blurred vision, nausea, as in flights the cabin crew and the passengers can be directly showing to touch chemicals on aircraft can produce symptoms of toxicity for a long term. The symptoms related to aerotoxic include neuropsychological effects and chemical intoxication (Hocking, 2005). Aerotoxic Syndromes presents noteworthy issues and can be directly or indirectly effects on the stakeholders of the airline industries, the following points describe the problematic effects on the stakeholders- The stakeholders want to achieve the desired goal of the business with the support of healthy staff. When the staff member is not healthy and effective, it’s not an easy for the stakeholders to run their business smoothly and profitably (Hocking, 2005). The airline stakeholders suffer from an Aerotoxic syndrome due to its ill effects that create an unhealthy environment for a business. The important effect on the stakeholders, due to the aerotoxic syndromes is that it affects the airline image in the market. When the pilots and cabin crew members are incapable of performing his duty during emergencies due to the Aerotoxic syndrome it may affect the image of the airline business and to the stakeholders (Ramsden, 2014). The staff members of the airlines are always worried regarding the job security, as at present Aerotoxic syndrome is a hidden problem and there are few cases that are going on in the court, little amount of compensation has been given to the airline workers affected by the syndromes (Parsons, 2011). The situation has become critical for the stakeholders regarding the job security of the workers. There is controversy over the existence of Aerotoxic Syndrome, this term and illness has been not recognized medically. The main controversy is related to the bleed-air, as all the commercial planes except Boeing uses the bleed- air system for the air breathed by the crew members and the passengers. During flight and the crew is polluted by the low-level concentration of poisonous chemicals that are coming from the engines, and this air have been blamed for causing Aerotoxic syndromes in number of pilots and the cabin crew members (Ramsden, 2014). However, the airline industry claims that there is no evidence of any connection The effective and potential solutions are needed for the controversies. Every airline company has to establish and understand a relation between exposure and chronic ill health. It is impossible in the absence of routine air quality monitoring on commercial planes and to determine about the chemicals enter the cabin and in what quantity. Hence, the better solution is to understand and have knowledge about the exposure occurrence and at which level of this exposure can be improved (Hocking, 2005). It is better to identify the hazards or the side effects of the Aerotoxic syndrome. After the identification of the hazards, it becomes easy to measure the risk control process. It is important to estimate the risk level of the syndrome and their acceptability due to containing air toxic chemicals, seal leakage problem and so on. Risk evaluation is used as a priority action by the airline industry to control the problem of the Aerotoxic syndrome and to minimize health risks (Ramsden, 2014). The airline should take proper actions when their staff members request and give indications of Aerotoxic syndrome and they may be not able to fly. The actions taken by the airlines will be beneficial for their business growth as well as it may increase the faith and loyalty of the staff over airline industry. Ensure the staff members that the management takes care and concern about their health issues. The company tries to improve the quality of engines with effective new technologies. A less toxic oil formulation would be applied for the improvement of air chemicals.   Hocking, M. (2005).  Air quality in airplane cabins and similar enclosed spaces. Berlin: Springer. Michaelis, S. (2016). O27-3à ¢Ã¢â€š ¬Ã¢â‚¬ ¦Aerotoxic syndrome – fact or fallacy?  Occupational And Environmental Medicine,  73( 1), 51.-53. Parsons, P. (2011). Economic consequences of ignorance about aerotoxic syndrome.  Journal Of Biological Physics And Chemistry,  11(4), 208 Ramsden, J. (2014). Is there such a thing as aerotoxic syndrome?.  JBPC,  14(4), 113-116.

500 Essay Example | Topics and Well Written Essays - 1000 words - 7

500 - Essay Example aid, by means of international donors, because this project requires lot of financial aid to deploy approximately 300 such units and each unit has a price of $ 5000. Next if we talk about the role of the project manager. Project manager has to pay his best effort to make this project successful, for this purpose he has to work closely with the governmental institutions, so that the project have a constant pace and turn out to be successful. I have analyzed the overall project and found that this project is going to establish a better life style for the people of Sub-Sahara Africa. Most of people are HIV infected so this project will be a very good effort for providing them relief. Next this project is also related to increase the awareness among the people for this disease. In this report I have discussed the South African roundabout HIV/AIDS initiative project. In this project report I have identified the main stakeholders of this project. The main purpose of this project is to facilitate the South African’s HIV infected people. This report will be helpful for the better project planning and

Review the impact of Belbin's team roles Essay Example | Topics and Well Written Essays - 3000 words

Review the impact of Belbin's team roles - Essay Example In the healthcare setup, teams have various functions and they play a pivotal role in the success of that given organisation. As such, this essay seeks to critically analyse the impact of Belbin’s team roles on the following areas: conflict management, leadership styles and decision making with reference to the attached case study. The essay will start by explaining the meaning of teamwork as well as outlining Belbin’s team roles and how they can be applied to the given case study in relation to different areas mentioned above. Different approaches to team roles Basically, a team is a group of people that has been formed to work together in common, cooperative action towards the achievement of an outcome and for the benefit of the group rather than for individual benefit (Schultz, 2005). The goal of teamwork is synergy whereby the sum of the individual efforts in the team is greater than the sum of the individual inputs. Thus, teams have different needs, and members sho uld be selected for a team on the basis of their personalities, skills and preferences (Robbins, 2003). Effective teams match people to various roles and these refer to patterns of behaviour attributed to a team member in a specific position in the team. Roles play a part in task building and relationship building towards the attainment of the set organisational goals. Dr R Meredith Belbin, a world renowned guru on team building identified eight distinct roles that people in teams play and it can be noted that people can and often do assume more than one of these roles (Henry & Stevens, 1990). Different roles that people play in teams include the following: chairman, plant, resource investigator, shaper, monitor/evaluator, company worker, team worker and completer/finisher. These different roles are going to be used in relation to the given case study in the discussion below. Situation analysis In the given case study, it can be noted that it involves inter professional working and focuses on the potential difficulties in achieving effective working relationships between practitioners from different professions with regards to a family that is negatively impacted by the abuse of drugs. Mary Brown has a habit of abusing drugs as well as alcohol and George Smith, the boyfriend is also a drug addict. The children, Joe, Lucy and Tom also have very bad behaviour as a result of their background as well as abuse of the drugs. In other words, this calls for concerted efforts by practitioners from different professions in order to meaningfully assist this family. The professionals involved in this case are Mark, the drug counselor, Ann, the social worker, Iva, the police, Iknowa the teacher and Imean the welfare officer. However, it appears that there is no mutual understanding among these professionals about the appropriate action that can be taken in order to effectively assist this family given that communication is not very effective. As such, this discussion is go ing to focus on the impact of Belbin’s team roles with regards to the case involving health and social care. Conflict management In any given organisation, it can be noted that conflict is regarded as a natural phenomenon, which is inevitable though it can be solved depending on the

Relationship between education and health status Research Paper

Relationship between education and health status - Research Paper Example The study, of the relationship between education and the health status, is crucial since lifestyle related diseases are becoming increasingly rampant and can only be controlled if people are well educated on the same. When people speak of health status and education, it may not be obvious as to which form of education they are referring. It could be that they mean the formal education offered in schools, or the informal education offered concerning health and general wellbeing. This paper seeks to explain the relationship between education and health status of individuals. Fayissa et al (2011) explain that the relationship between health status and education is a two-way process. This, they explain, means that changes in the education quality and level of an individual affects the health status the same way the health status affects the level and quality of education. According to Fayissa et al (2011), poor health status has serious negative effects on the education of an individual. An appropriate illustration, they say, is the fact that an individual infected with such serious diseases as HIV and AIDS do not have the motivation to acquire education. This was established by a study carried out by Cutler and Lleras-Muney (2007). The study, carried out among college-age students, indicated that those with little or no education are less concerned about their health status. It was, however, concluded that in considering the effect of education on health status and vice versa, other aspect had to be taken into serious consideration. For example, such fac tors as the economic status of the family from which the individuals came from mattered a lot. An individual could be uneducated, but since they were financially stable and could afford to pay for insurance covers, they took more precaution and were so much concerned about their health. According to Cutler and Lleras-Muney (2007), the relationship between education and health

Cultural Issues in Public Schools Essay Example | Topics and Well Written Essays - 500 words - 1

Cultural Issues in Public Schools - Essay Example It tries to define what human beings are, by either through historically, socially, and biologically. Culture has been defined with a wide range of behavior patterns and knowledge learned and acquired by a society of people. One of the institutions that promote culture is public schools, where cultural sensitivity in public schools is attributed by mainly race, age and color. Some of the cultural conflict experienced in public schools include-role of women in family decisions as well as practices and symbol systems among cultural groups. Cultural anthropology helps us gain more understanding cultures, especially the complex setups of cultures. The discipline also assists in learning how we can help every stakeholder in a given cultural setup appreciate cultural diversities and run with the right values only as he/she discards values which cannot build such a person. Public schools are institutions where core values of a culture are acquired. Such institutions can determine one’s culture through supervision of the teachers, where teachers have the responsibilities of making instructions that is cultural responsive to all students without favoring one group over the other. Mainly, people from minor culture suffers from enculturalization, where situations force him or her ascribe to the major culture (s). Such instances are evidenced as one learns another group’s tongue and can communicate in it as though his/her native language. Often than not, a culture with a strong and influential power always determines the latest life style within the public school, and thus, such a culture is esteemed the benchmark. Usually, valuable cultures of minor cultures are rarely appreciated since they are rarely exposed to a point of gaining popularity. On the other hand, major cultures may override other cultures’ values, thereafter introducing bad cultures into minor cultures. This is mainly evidenced in the way teachers wear; lower class teachers; on the basis of

Net-centric Computing and Information Systems Research Paper

Net-centric Computing and Information Systems - Research Paper Example Control is conceded from one layer to the next, starting at the application layer in one station, and proceeding to the foot layer, over the channel to the next station and back up the pecking order. This layer gives switching & routing technologies, generating logical paths, termed as virtual circuits, for sending data from node to node. Routing and forwarding are the functions, as well as internetworking, addressing, error handling, packet sequencing and congestion control. The tutorials showcase the opinions and perspectives of experts that would cater your in-depth understanding of the topics which you would find of absolute importance when you design or analyze a system or structure of your own. An outsized computer network may seem just hassles of hardware; but actually it is also a multifaceted structure of rules, technically called as protocols which are executed and imposed by network operating systems. Before beginning our talk on Network Layers, it is a prerequisite to bri ef on the- seven layers Open Systems Interconnection model (OSI model) of Computer Networking. At the International Organization for Standardization, the communication systems were subdivided into smaller sections called layers. A layer provides services to its upper layer while getting services from the layer below.

Meeting the Needs of Different Client Groups Assignment

Meeting the Needs of Different Client Groups - Assignment Example This paper looks into the provisions of private fostering, and in doing so, it outlines some of the rules and responsibilities that guide the client and the caregiver as well. Conversely, the paper provides an evaluation of two models of care, the Orem’s Self Care model and the Roper, Logan and Tierney’s activities of living, thereby revealing how they relate to the case in consideration. Majorities of friends or family carers act in an informal manner by agreeing with the people holding parental responsibility for a child, identified as the client in this case. For this reason, the initial arrangement between Rachel’s parents and Tracey’s parents to accommodate Rachel in their house was informal in nature. However, given that Tracey’s parents agreed to accommodate Rachel for a number of months, which is more than the informal care threshold set by the law, the parents have to visit the children’s service office to formalize the private fostering arrangement. As required by the law, the parents had to contact the children’s services office to determine that Tracey’s parents had the ability to look after Rachel in a proper manner, which includes ensuring that they do not expose her to any risk, given that she will be living away from her legal guardians. The main responsibility of the carers, in this case, is to safeguard and promote the welfare of the clients under their care. For this reason, the first consideration would be to inform the local council of such an arrangement, even though quite a number of the carers do not do it. The carer should meet this requirement to allow social services to check on whether the client is receiving proper care. It is vital for social services to be made aware of such an arrangement in order to preserve and uphold the welfare of a potentially vulnerable child.

Climate Change Assignment Example | Topics and Well Written Essays - 1500 words

Climate Change - Assignment Example This pertains to the case of United Arab Shipping Company. In attainment of comprehensive discussion, it is vital to consider several aspects of climate change. This pertains to how climate change would affect the United Arab Shipping Company. Additionally, the discussion would examine how the business contributes to the detriment of climate change. In close relation to the same, the paper will discuss possible solutions that the company can afford towards the climate change situation. In a light sense, the company choice, of fuels, for automotives affect climate change. This pertains to combustion that releases carbon to the atmosphere. Oil fuels contain substantial carbon that is released on combustion of the same. In this sense, the carbon achieves its way into the atmosphere (Williamson 2008, p. 162). Such carbon contributes to the menace of climate change in the sense of destroy the ozone layer. In this perspective, it causes global warming. It is vital to provide a brief backgr ound to the company. The company is a large entity that was formed in 1976. Six states, of the Persian Gulf, formed this entity in the view of linking the same to the rest of the world. This pertains to Kuwait, Iraq, Bahrain, Qatar, Saudi Arabia and the UAE (UASC 2012, p. 67). The company possesses a corporate office in Dubai. In addition, it operates from various continents such as North America. The company operates by shipping traditional and containerized cargo. UASC is a critical company, as regards climate change, because it is one of the largest shipping companies in the world. Shipping companies are responsible for climate change in notable ways. To begin with, it is vital to note that ships and heavy vehicles utilize high proportions of oil fuel. In case of heavy oil fuel’s combustion, a high proportion of carbon dioxide finds its way into the atmosphere. Carbon dioxide is an environmentally destructive gas because it interferes with the operations of the ozone layer . The ozone layer thus allows for destructive levels of radiation. It is vital to note that such intensity, of radiation, amounts to global warming. This causes concern because further emissions would contribute towards worsening the situation of climate change. There are notable ways in which the shipping company can contribute towards efforts against climate change. Efforts are divisible into those that are immediate to the company’s reach. Other efforts demand a different level of commitment and use of resources. It is vital to note that there are organizations, such as UAESA (the United Arab Emirates Shipping Association), that commits towards mitigating climate change. They utilize their own operations in conducting such solutions. This regards the idea that the shipping industry contributes towards emission of green house gases. The fundamental view of climate change, according to this organization, regards the view that shipping contributes to 90 percent of world trade . The danger of shipping, towards climate, pertains to the view that ships carry significant weight of cargo. One of the UAESA’s notable initiatives pertains to design of ships. The organization has proposed a design index that entails innovation for new ships. An appropriate example regards having slippery bottom coatings on ships. In addition, these innovations entail air cushion streaming (UNEP 2007, p. 12). This is coupled with voluntary utilization of atmosphere friendly fuels and oils such as the lube types. In close relation to

The Censorship of Huck Finn Essay Example for Free

The Censorship of Huck Finn Essay The Adventures of Huckelberry Finn has been called one of the greatest pieces of American literature, deemed a classic. The book has been used by teachers across the country for years. Now, Huck Finn, along with other remarkable novels such as Catcher in the Rye and To Kill a Mockingbird, are being pulled off the shelves of libraries and banned from classrooms. All the glory this majestic piece by Mark Twain has acquired is slowly being deteriorated. This is occurring because some say it does not meet â€Å"today’s† politically correct standards. This is an immense disturbance to all who have read and cherished Huckelberry Finn and know this work’s true meaning. Censorship, as defined in the dictionary, is, in the case of a book, to take out things thought to be objectionable. Censorship is far more than that. This mere word prohibits us from all things branded with its mark. In this instance of The Adventures of Huckelberry Finn, it takes away an American treasure, and more importantly, defies First Amendment rights. Those who find Huck Finn distasteful and unappropriate are trying to brand this work, by censorship, and make it unjust to read. This is similar to a farmer trying to brand his mark upon a bull, with those against Huck Finn as the farmers and Huckelberry Finn is the bull. As most know the bull never goes down without a fight and won’t allow thje farmer to branded, just as the supporters of Huckelberry Finn will not just be taken down passively. The main reason Huckelberry Finn is being subjected to such scrutiny is because of the way Twain portrayed â€Å"nigger† Jim, and his use of the racial slur. The Anti-Huckelberry Finn feel that it is to uncomfortable for African-Americans to read the book and think they are being stereotyped into Jim’s image. Though some find it wrong for this American treasure to remain available due to its racism, this is not the case. Even though the word â€Å"nigger† is used over 200 times in the book, it was common for African-Americans to be referred to as this during the period of the book and the time the book was published. Those trying to have Huckelberry Finn censored are also opposed to Jim being portrayed as â€Å"an uneducated man, very superstitious, infantile, passive, and generally uncultured,† as written by Frank Ritter. These ideas may at first seem like the basis for a good argument , but it is later apparent that these  discriptions coeinside with the feelings about African-American slaves at the time. For this reason there is no way that Huckelberry Finn can be charged with not living up to todays standards. The racist ideas put forth in Huckelberry Finn, horrid as they may be, are part of America’s past. Reguardless that it was in the past, it should not be lost, but utilized to see the wrong done to this group of people and to learn from it to better life today. In the four articles there were many contrasting ideas and different approaches to Huckelberry Finn and the case surrounding it. Though there were a few points made against Huckelberry Finn, the general feelings and logic of the articles was that the book should be left, â€Å"as is. † This was clearly stated by Frank Ritter in him saying, â€Å"the present-day objections to Huckelberry Finn are absurd. It is idiocy to go back and apply to novels written more than 100 years ago the standards that prevail today. † In that same article, John Wallace’s ideas on the teaching aspect of the book were more than irrational. He called the book, â€Å"the most grotesque example of racist trash ever given to our children to read,† and then continued on to verbally abuse teachers in the past and those who will use Huckelberry Finn in their classes. The four articles though offering some help to the offense, defend Huckelberry Finn in many more ways. This idea was best put forth in the Seattle Times article, in the part speaking of the english teacher who has assigned the bood for 28 years saying, â€Å"the book has a ‘raw edge’ and that some of the language is offensive, but the positive value far outweighs the negative. † The Adventures of Huckelberry Finn should not, in any way, shape, or form, be restricted from readers and students. This great American novel is part of our history, a part of history that has lasted and been passed on from generation to generation. The passing on not of racism, but of a way to learn about the past and to learn from it. English classes, as well as readers, have utilized this book to better understand the way of life on the Mississippi in the first half of the 1800s. Huckelberry Finn is not only a good way to teach literature, but also to help people open their eyes and see what life was really like. More importantly to learn from the mistakes made in the past. Those who haved picked up this book have used it to become not hating and racist, but further educated and more understanding people. In censoring this classic, the First Amendment rights which are so priceless to our country, would debase them and our entire American way of life. This incrdible masterpiece of 1800 America would be forgotten if censored. This would do away with all the morals our country stands for and obliverate the book’s incredible author. There are many ways around censoring this work and the bull will not go down without a fight. This awesome piece of art, known as The Adventures of Huckelberry Finn, won’t be vanquished.

Tetra Packs Essay Example for Free

Tetra Packs Essay Selling of milk,first in glass bottles,then in packets ,then tetra packs and vending machines indicates how over the years the means of packaging have changed. This is done so as to reduce costs or improve the goodwill by innovating the mode of packaging. For instance, tetra pack keeps the milk safe for months and is made of paper and can be recycled. Similarly, plastic packets involve lesser costs and vending machines in itself have no packaging cost Selling of milk,first in glass bottles,then in packets ,then tetra packs and vending machines indicates how over the years the means of packaging have changed. This is done so as to reduce costs or improve the goodwill by innovating the mode of packaging. For instance, tetra pack keeps the milk safe for months and is made of paper and can be recycled. Similarly, plastic packets involve lesser costs and vending machines in itself have no packaging cost Selling of milk,first in glass bottles,then in packets ,then tetra packs and vending machines indicates how over the years the means of packaging have changed. This is done so as to reduce costs or improve the goodwill by innovating the mode of packaging. For instance, tetra pack keeps the milk safe for months and is made of paper and can be recycled. Similarly, plastic packets involve lesser costs and vending machines in itself have no packaging costSelling of milk,first in glass bottles,then in packets ,then tetra packs and vending machines indicates how over the years the means of packaging have changed. This is done so as to reduce costs or improve the goodwill by innovating the mode of packaging. For instance, tetra pack keeps the milk safe for months and is made of paper and can be recycled. Similarly, plastic packets involve lesser costs and vending machines in itself have no packaging costSelling of milk,first in glass bottles,then in packets ,then tetra packs and vending machines indicates how over the years the means of packaging have changed. This is done so as to reduce costs or improve the goodwill by innovating the mode of pac kaging. For instance, tetra pack keeps the milk safe for months and is made of paper and can be recycled.

Significance of Capital Market for Economic Development

Significance of Capital Market for Economic Development An Explotary Study On The Significance of Capital Market for Economic Development and Its Further Growth Potential In Context of Bangladesh Abstract This research paper investigates whether the role of capital market is significant for the economic development of Bangladesh. Literature suggests that well developed stock market can provide an extra impetus to economic activity. Similar conclusions were also drawn from the in-depth interviews. This paper also reveals a well-scanned scenario of the capital market highlighting its setbacks, current weakness, recent improvements and its prospective signs of development through which we can foresee whether the capital market has further growth potential or not. Thus the present study can also contribute in providing essential information that can also be used for further research. Abbreviations ADB- Asian Development Bank CDBL- Central Depository of Bangladesh Limited CDS- Central Depository System CSE- Chittagong Stock Exchange DGEN- DSE general index DSE- Dhaka Stock Exchange GDP- gross domestic product IPO- initial public offering SEC- Security and Exchange Commission 1.0 Introduction The financial market contributes to the economic growth and development by providing the needed finance for provision of goods and services. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors’ fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006; DSE, 2006; Hubbard and Thornton, 2006; Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking sector which further resulted in lack of equity financing (Salahuddin Ahmed, 2007; Islam and Hassan 2002). Furthermore out of 5 million urban-based middle class people only four hundred thousand are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still ignorant of the nature and benefits of the capital market (Abu Ahmed, 2006; DSE Review, 2006; Islam and Hassan, 2002). Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that â€Å"Only a vibrant and well-regulated capital market can bring sustainable economic development in the country through making the real sector capable of meeting the challenges of the competitive global economic realities† ( DSE Monthly Review, June 2007). Regardless of recent improvements, Bangladesh’s capital market remains underdeveloped as its size is still very small in terms of market cap (ADB, 2006; Salahuddin Ahmed, 2007; Islam and Hassan 2002). The market cap represents just above 9% of the GDP (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Bangladesh capital market is still quite small compared to other regional market and to the size of its economy (CSE, 2006) despite its existence for a long time, this paper applies a framework for analyzing the significance of capital market for economic growth and development of Bangladesh, identifying its growth potentials through exploration. 2.0 Problem Statement Bangladesh’s capital market is still underdeveloped, in spite of recent improvements. The size of the country’s capital market is quite small mainly due to the excessive dependence of leading corporate entities on the banks for financing. Moreover the overall transparency of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure. The government is making effort to develop the reliability and efficiency of stock exchanges as investment market. Compared to the other neighboring countries the numbers of participants are much smaller in Bangladesh as investor lack confidence. There is a supply side constrains in the capital market as quality shares are lacking. For all this reason this research is done to explore the importance of capital market in the economy and what are the prospective sign of development of the stock market. 3.0 Purpose of the Study The purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although some research has been conducted relating to this topic but there is little empirical evidence about how essential stock market is to economic development of a country. A sound capital market prompts better economic base and influence its future growth and so it can help realize Bangladesh’s growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a notable contribution to economic growth, employment creation and poverty alleviation. The capital market plays an important role in quickening the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic progress of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of progress. 4.0 Research Timeline 2007 SeptemberWriting Research Proposal 2007 SeptemberDeveloping Literature Review 2007 OctoberCollecting Data 2007 October- NovemberData Analysis and Interpretation of the Findings 2007 NovemberPreparing Draft and Finalizing the Research Paper 2007 DecemberSubmission of Research Paper 5.0 Limitations of the study During conducting the research I came across certain limitations and among them the foremost one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to find spare time that could be used for the report. Moreover the interviewed person could not provide all necessary information due to lack of time. The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time, I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on secondary data collected through websites and so the depth of reliability varies as by the nature of website. 6.0 Review of the Literature 6.1 Financial Intermediation According to Joseph Yam (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels – (i) it can increase the marginal productivity of capital by collecting information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development. According to Conning and Kevane (2002) â€Å"intermediation implies an intermediary†. Gorton and Winton (2002) added that â€Å"it is the root institution in the saving investment process†. They referred that financial intermediaries are firms that borrow from those who have excess money, that is, the savers and lend the money to companies that need resources for investment. 6.2 Performance Indicators According to R. N. Agarwal (2000) the most commonly used standard to measure the size of a country’s stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (GDP). A small ratio of capitalization to GDP reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economy’s financial system is essential for economic development. Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the significance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006). It is seen that the ratio of market cap to GDP in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007; Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to significant dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007). Market capitalization as a share of GDP was around 2.5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the year 2004 market cap reached 6.8% reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as percentage of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in Table 1. Despite the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialization and economic development is made primarily through the regular banking system (Islam Hassan, 2002). Borrowing requires fixed payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) excessive reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a risky situation can further contribute to the economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector. 6.3 Regulatory Bodies 6.3.1. The Security and Exchange Commission (SEC) The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the sole Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, rigid monitoring and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04). The responsibility of SEC includes the following: Regulating the functions of Stock Exchanges Registering and regulating the business of stock brokers, sub broker, share transfer agents, underwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings. Registering, controlling, and monitoring of all types of mutual funds Controlling and monitoring of all authorized self regulatory organizations Prohibiting fraudulent and unfair practices related to securities Promoting investor’s education program and providing training of intermediaries Regulating substantial acquisition of shares and takeover of companies SEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system. Conducts research and publishes information for above purposes (Source: Security Exchange Commission Website: www.secbd.com) 6.3.2 Stock Exchanges 6.3.2.1 Dhaka Stock Exchange (DSE) On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange Association Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital of about Taka 4 billion. On June 23, 1962 it was renamed as Dhaka Stock Exchange (DSE) Limited. After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000; M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007). The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006). 6.3.2.2 The Chittagong Stock Exchange Limited (CSE) The CSE is the countries second bourse that started its operation from the year 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed securities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture. 6.4 Recent Capital Market Scenario of Bangladesh According to Dr Fakhruddin Ahmed (DSE, 2007) political uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh Governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port management, short comings in legal system and corruption (Financial Express Report). On the other hand DSE general share price index reached its pinnacle and crossed 3000 points (Newage: www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectively during the year (DSE, 2006; DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 billion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007). Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is significant for the development of our economy. Comparison of indices and market cap among different countries is shown in Table 2 and Figure 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap. Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006; SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007; ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors’ confidence (DSE, 2007). 7.0 Research Methodology 7.1 Research Design The present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of exploratory research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003). 7.2 Research Instrument The research was conducted using both primary and secondary data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, were taken. 7.3 Data Collection Secondary data used in the paper has been collected through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC library were visited to acquire secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field of capital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL); Anwarul Kabir Bhuiyan, SEC, Executive Director; Tania Sharmin, SEC, Assistance Director (Surveillance); Abul Ehsan, Senior Officer, IDLC Finance Limited; Moumita Manzoor, Research Associate, IDLCSL. Each of them was interviewed for 40 minutes approximately during the office hour while taking break from work. They were asked some essential questions associated to this research topic. Some of the questions that were asked are as follows- What is the role of capital market in the economy? What are the setbacks of the stock market in Bangladesh? Explain the current scenario of the capital market What are the prospective sign of the development of the capital market? How can we be sure of a sound growth of capital market in Bangladesh? Do you see a better or worse scenario ahead of us and why? 8.0 Discussion 8.1 Role of Capital Market in the Economy According to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a cost-effective manner. For instance, if an industrialist with a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and hence endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute copiously to economic growth. If a company, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. Therefore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity. The equity market offers opportunity for government to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of foreign capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities. So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optimal benefit to the economy. 8.2 Major Setbacks of the Capital Market Investment in capital market is limited to a small proportion of the population. Investors’ confidence in the capital market has not entirely recovered since the stock market crash in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997). Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, disclosure of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory body to name a few. The diagram below shows clearly the catastrophe that took place during 1996. Figure 1 DSE General Price Index (DGEN) 1993-2007 (Source: IDLCSL) On November, 2001 the DSE introduced the benchmark price barometer DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996. The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a drastic fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time after the 1996 collapse but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in the index from 1527.29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996. The devastating history of 96 crashes still persists in the mind of potential investors but without mass participation the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilize the economy. From the statistical data below in Table 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned. The following table contains the key capital market indicators reflecting that the pace of primary market development had been fluctuating and the market’s contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered. Table 1 Capital Market Indicators- Dhaka Stock Exchange Item 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 No of Listed Companies 143 157 183 186 202 208 213 223 231 242 248 337 Market Cap In taka (mn) 18099 41771 56518 168106 71302 50254 44789 62932 63777 71269 97587 224923 In $ (mn) 455 1038 1409 3960 1569 1036 881 1169 1119 1229 1685 3709 Market Cap as % of GDP 1.44 3.08 3.71 10.11 3.95 2.51 2.04 2.65 2.52 2.61 3.25 6.76 Significance of Capital Market for Economic Development Significance of Capital Market for Economic Development An Explotary Study On The Significance of Capital Market for Economic Development and Its Further Growth Potential In Context of Bangladesh Abstract This research paper investigates whether the role of capital market is significant for the economic development of Bangladesh. Literature suggests that well developed stock market can provide an extra impetus to economic activity. Similar conclusions were also drawn from the in-depth interviews. This paper also reveals a well-scanned scenario of the capital market highlighting its setbacks, current weakness, recent improvements and its prospective signs of development through which we can foresee whether the capital market has further growth potential or not. Thus the present study can also contribute in providing essential information that can also be used for further research. Abbreviations ADB- Asian Development Bank CDBL- Central Depository of Bangladesh Limited CDS- Central Depository System CSE- Chittagong Stock Exchange DGEN- DSE general index DSE- Dhaka Stock Exchange GDP- gross domestic product IPO- initial public offering SEC- Security and Exchange Commission 1.0 Introduction The financial market contributes to the economic growth and development by providing the needed finance for provision of goods and services. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors’ fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006; DSE, 2006; Hubbard and Thornton, 2006; Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking sector which further resulted in lack of equity financing (Salahuddin Ahmed, 2007; Islam and Hassan 2002). Furthermore out of 5 million urban-based middle class people only four hundred thousand are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still ignorant of the nature and benefits of the capital market (Abu Ahmed, 2006; DSE Review, 2006; Islam and Hassan, 2002). Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that â€Å"Only a vibrant and well-regulated capital market can bring sustainable economic development in the country through making the real sector capable of meeting the challenges of the competitive global economic realities† ( DSE Monthly Review, June 2007). Regardless of recent improvements, Bangladesh’s capital market remains underdeveloped as its size is still very small in terms of market cap (ADB, 2006; Salahuddin Ahmed, 2007; Islam and Hassan 2002). The market cap represents just above 9% of the GDP (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Bangladesh capital market is still quite small compared to other regional market and to the size of its economy (CSE, 2006) despite its existence for a long time, this paper applies a framework for analyzing the significance of capital market for economic growth and development of Bangladesh, identifying its growth potentials through exploration. 2.0 Problem Statement Bangladesh’s capital market is still underdeveloped, in spite of recent improvements. The size of the country’s capital market is quite small mainly due to the excessive dependence of leading corporate entities on the banks for financing. Moreover the overall transparency of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure. The government is making effort to develop the reliability and efficiency of stock exchanges as investment market. Compared to the other neighboring countries the numbers of participants are much smaller in Bangladesh as investor lack confidence. There is a supply side constrains in the capital market as quality shares are lacking. For all this reason this research is done to explore the importance of capital market in the economy and what are the prospective sign of development of the stock market. 3.0 Purpose of the Study The purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although some research has been conducted relating to this topic but there is little empirical evidence about how essential stock market is to economic development of a country. A sound capital market prompts better economic base and influence its future growth and so it can help realize Bangladesh’s growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a notable contribution to economic growth, employment creation and poverty alleviation. The capital market plays an important role in quickening the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic progress of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of progress. 4.0 Research Timeline 2007 SeptemberWriting Research Proposal 2007 SeptemberDeveloping Literature Review 2007 OctoberCollecting Data 2007 October- NovemberData Analysis and Interpretation of the Findings 2007 NovemberPreparing Draft and Finalizing the Research Paper 2007 DecemberSubmission of Research Paper 5.0 Limitations of the study During conducting the research I came across certain limitations and among them the foremost one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to find spare time that could be used for the report. Moreover the interviewed person could not provide all necessary information due to lack of time. The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time, I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on secondary data collected through websites and so the depth of reliability varies as by the nature of website. 6.0 Review of the Literature 6.1 Financial Intermediation According to Joseph Yam (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels – (i) it can increase the marginal productivity of capital by collecting information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development. According to Conning and Kevane (2002) â€Å"intermediation implies an intermediary†. Gorton and Winton (2002) added that â€Å"it is the root institution in the saving investment process†. They referred that financial intermediaries are firms that borrow from those who have excess money, that is, the savers and lend the money to companies that need resources for investment. 6.2 Performance Indicators According to R. N. Agarwal (2000) the most commonly used standard to measure the size of a country’s stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (GDP). A small ratio of capitalization to GDP reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economy’s financial system is essential for economic development. Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the significance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006). It is seen that the ratio of market cap to GDP in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007; Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to significant dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007). Market capitalization as a share of GDP was around 2.5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the year 2004 market cap reached 6.8% reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as percentage of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in Table 1. Despite the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialization and economic development is made primarily through the regular banking system (Islam Hassan, 2002). Borrowing requires fixed payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) excessive reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a risky situation can further contribute to the economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector. 6.3 Regulatory Bodies 6.3.1. The Security and Exchange Commission (SEC) The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the sole Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, rigid monitoring and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04). The responsibility of SEC includes the following: Regulating the functions of Stock Exchanges Registering and regulating the business of stock brokers, sub broker, share transfer agents, underwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings. Registering, controlling, and monitoring of all types of mutual funds Controlling and monitoring of all authorized self regulatory organizations Prohibiting fraudulent and unfair practices related to securities Promoting investor’s education program and providing training of intermediaries Regulating substantial acquisition of shares and takeover of companies SEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system. Conducts research and publishes information for above purposes (Source: Security Exchange Commission Website: www.secbd.com) 6.3.2 Stock Exchanges 6.3.2.1 Dhaka Stock Exchange (DSE) On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange Association Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital of about Taka 4 billion. On June 23, 1962 it was renamed as Dhaka Stock Exchange (DSE) Limited. After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000; M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007). The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006). 6.3.2.2 The Chittagong Stock Exchange Limited (CSE) The CSE is the countries second bourse that started its operation from the year 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed securities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture. 6.4 Recent Capital Market Scenario of Bangladesh According to Dr Fakhruddin Ahmed (DSE, 2007) political uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh Governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port management, short comings in legal system and corruption (Financial Express Report). On the other hand DSE general share price index reached its pinnacle and crossed 3000 points (Newage: www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectively during the year (DSE, 2006; DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 billion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007). Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is significant for the development of our economy. Comparison of indices and market cap among different countries is shown in Table 2 and Figure 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap. Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006; SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007; ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors’ confidence (DSE, 2007). 7.0 Research Methodology 7.1 Research Design The present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of exploratory research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003). 7.2 Research Instrument The research was conducted using both primary and secondary data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, were taken. 7.3 Data Collection Secondary data used in the paper has been collected through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC library were visited to acquire secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field of capital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL); Anwarul Kabir Bhuiyan, SEC, Executive Director; Tania Sharmin, SEC, Assistance Director (Surveillance); Abul Ehsan, Senior Officer, IDLC Finance Limited; Moumita Manzoor, Research Associate, IDLCSL. Each of them was interviewed for 40 minutes approximately during the office hour while taking break from work. They were asked some essential questions associated to this research topic. Some of the questions that were asked are as follows- What is the role of capital market in the economy? What are the setbacks of the stock market in Bangladesh? Explain the current scenario of the capital market What are the prospective sign of the development of the capital market? How can we be sure of a sound growth of capital market in Bangladesh? Do you see a better or worse scenario ahead of us and why? 8.0 Discussion 8.1 Role of Capital Market in the Economy According to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a cost-effective manner. For instance, if an industrialist with a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and hence endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute copiously to economic growth. If a company, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. Therefore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity. The equity market offers opportunity for government to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of foreign capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities. So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optimal benefit to the economy. 8.2 Major Setbacks of the Capital Market Investment in capital market is limited to a small proportion of the population. Investors’ confidence in the capital market has not entirely recovered since the stock market crash in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997). Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, disclosure of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory body to name a few. The diagram below shows clearly the catastrophe that took place during 1996. Figure 1 DSE General Price Index (DGEN) 1993-2007 (Source: IDLCSL) On November, 2001 the DSE introduced the benchmark price barometer DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996. The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a drastic fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time after the 1996 collapse but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in the index from 1527.29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996. The devastating history of 96 crashes still persists in the mind of potential investors but without mass participation the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilize the economy. From the statistical data below in Table 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned. The following table contains the key capital market indicators reflecting that the pace of primary market development had been fluctuating and the market’s contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered. Table 1 Capital Market Indicators- Dhaka Stock Exchange Item 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 No of Listed Companies 143 157 183 186 202 208 213 223 231 242 248 337 Market Cap In taka (mn) 18099 41771 56518 168106 71302 50254 44789 62932 63777 71269 97587 224923 In $ (mn) 455 1038 1409 3960 1569 1036 881 1169 1119 1229 1685 3709 Market Cap as % of GDP 1.44 3.08 3.71 10.11 3.95 2.51 2.04 2.65 2.52 2.61 3.25 6.76

An Investigation of Wachovia :: essays research papers fc

An Investigation of Wachovia Table of Contents 1.  Ã‚  Ã‚  Ã‚  Ã‚  Background 1.1  Ã‚  Ã‚  Ã‚  Ã‚  Company History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1 1.2  Ã‚  Ã‚  Ã‚  Ã‚  Driving Force†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..........  Ã‚  Ã‚  Ã‚  Ã‚  1 1.3  Ã‚  Ã‚  Ã‚  Ã‚  Location†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..........  Ã‚  Ã‚  Ã‚  Ã‚  1 1.4  Ã‚  Ã‚  Ã‚  Ã‚  Quick Summary of: 1.4.1  Ã‚  Ã‚  Ã‚  Ã‚  Employees†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  1 1.4.2  Ã‚  Ã‚  Ã‚  Ã‚  Revenues Growth†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2 1.4.3  Ã‚  Ã‚  Ã‚  Ã‚  Income Growth†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2 1.5  Ã‚  Ã‚  Ã‚  Ã‚  Website†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 2.  Ã‚  Ã‚  Ã‚  Ã‚  Products/Services 2.1  Ã‚  Ã‚  Ã‚  Ã‚   Major Categories of Products/Services†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  2 2.2  Ã‚  Ã‚  Ã‚  Ã‚   Target Marker†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  3 2.3  Ã‚  Ã‚  Ã‚  Ã‚   Important Characteristics of Wachovia†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  4 2.4 Differentiation from Competitors†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  4 2.5 Market Share†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  5 2.6 New & Upcoming Features†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  5 3.  Ã‚  Ã‚  Ã‚  Ã‚  Market Analysis 3.1  Ã‚  Ã‚  Ã‚  Ã‚   Industry Characteristics†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 3.2 Current State of Technology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  6 3.3 Competitive Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...  Ã‚  Ã‚  Ã‚  Ã‚  7  Ã‚  Ã‚  Ã‚  Ã‚   3.4 Social/Legal/Ethical Issues†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  9 4.  Ã‚  Ã‚  Ã‚  Ã‚  Financial Information 4.1  Ã‚  Ã‚  Ã‚  Ã‚  Ownership Structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  12 4.2  Ã‚  Ã‚  Ã‚  Ã‚  Income Statement & Balance Sheet Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  12 4.3  Ã‚  Ã‚  Ã‚  Ã‚  Trend for: 4.3.1  Ã‚  Ã‚  Ã‚  Ã‚  Share Price†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 4.3.2  Ã‚  Ã‚  Ã‚  Ã‚  Investment Performance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  14 5.  Ã‚  Ã‚  Ã‚  Ã‚  Recommendations 5.1  Ã‚  Ã‚  Ã‚  Ã‚  Current Technology & Improvements 5.1.1  Ã‚  Ã‚  Ã‚  Ã‚  Strategic Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  14 5.1.2  Ã‚  Ã‚  Ã‚  Ã‚  Products & Service Offerings†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  15 5.1.3  Ã‚  Ã‚  Ã‚  Ã‚  Customer Relations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  16 5.1.4  Ã‚  Ã‚  Ã‚  Ã‚  Human Resources†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  17 5.1.5  Ã‚  Ã‚  Ã‚  Ã‚  Marketing & Sales†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..  Ã‚  Ã‚  Ã‚  Ã‚  18 5.1.6  Ã‚  Ã‚  Ã‚  Ã‚  Accounting and Finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.  Ã‚  Ã‚  Ã‚  Ã‚  19 5.1.7  Ã‚  Ã‚  Ã‚  Ã‚  Distribution of Money†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  19 5.1.8  Ã‚  Ã‚  Ã‚  Ã‚  Alliances & Partnerships†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  20 1.1  Ã‚  Ã‚  Ã‚  Ã‚  Company History Wachovia was formed in 2001 by the merger of Wachovia Corporation and First Union Corporation. Wachovia National Bank was formed in Winston, North Carolina in 1879. The name Wachovia came from the Latin name for the German word Wachau. In the mid eighteenth century Moravian settlers gave the name Wachau to a tract of land in North Carolina because it resembled a piece of land along the Danube River called Der Wachau. First Union Corporation was formed in the early Twentieth century funded by a $100,000 stock issue. The company’s first headquarters were in a hotel in Charlotte, North Carolina. The company later merged with First National Bank of Ashville to form First Union National Bank of North Carolina. 1.2  Ã‚  Ã‚  Ã‚  Ã‚  Driving Force The current Chief Executive Officer of Wachovia is Ken Thompson. Thompson has been with the company since 1976 and previously held the CEO position at First Union Corporation. Wachovia is the fourth largest holding company in the U.S. and is the third largest full-service brokerage based on assets. 1.3  Ã‚  Ã‚  Ã‚  Ã‚  Location Wachovia headquarters is located in Charlotte, North Carolina, but the company has operations internationally. The company operates 3,900 financial centers and retail brokerage offices in forty-nine states and around the globe. 1.4.1 Employees Wachovia has 95,000 employees world wide. Of those ninety-five thousand, there are ten thousand-five hundred registered financial service representatives. 1.4.2 Revenues Growth In 2003 Wachovia had revenues of 24.4 billion dollars compare to 23.51 billion dollars in 2002. The increase in 2003 was the third consecutive year that Wachovia has seen year-end revenue growth. Currently, Wachovia has experienced fifteen percent revenue growth in the first two quarters of 2004 and an eleven percent decrease in revenues in the third quarter.  Ã‚  Ã‚  Ã‚  Ã‚   1.4.3 Income Growth Wachovia has seen income growth for nine consecutive quarters dating back to the second quarter of 2002 when compared to prior year income. Net Income in 2003 was 4.2 billion dollars compared with 3.6 and 1.6 billion dollars in 2002 and 2001. 1.5 Website The Wachovia corporate website is www.wachovia.com 2.1 Major Categories of Products/Services Wachovia Corporation is one of the nation’s largest providers of financial services to retail, brokerage, and corporate customers.

Violence and Rock & Roll: Hand in Hand? :: essays research papers fc

Violence and Rock & Roll: Hand in Hand? People that have been to concerts know what kind of damage goes on, and how many innocent people are hurt by the violence that goes on at these shows. This is something that needs to end. Many people have been punched, kicked, shoved, thrown, hit by flying objects, fallen, trampled, crushed and, sadly in many cases, sexually assaulted. Concert-goers have suffered from concussions, wounds, rape, and death. All this violence can be ended, but it’s getting worse and worse by the day. The more the fans get out of hand, the more injuries people will undergo. Many people don’t want to go to concerts any more, because of the fact that there is too much hostility.   Ã‚  Ã‚  Ã‚  Ã‚  Concerts nowadays are too brutal. This violence needs to end. Even the artists that play at these shows are outraged by this aggression. Even they want to make this end. â€Å"Concerts get such a band name, because of all the [violence] and everything like that,† said Limp Bizkit (a ‘flavor-of-the-month’ band) guitarist Wes Borland. Sprains and broken bones resulting from moshing (a violent form of â€Å"dance† in which fans careen off one another) and crowd surfing (a practice in which fans are passed over head by the members of the crowd) have been common at concerts for many years. As many people remember at Woodstock ’99 the destruction at the festival was at its peak. This shows how degraded popular culture has become. â€Å"The thing that I felt was unfair, in the follow-up in the press, was the demonization of a generation,† said guitarist Tom Morello of, a popular band, Rage Against the Machine, â€Å"There was jus t this vilification of a whole generation and the bands that they like, based on this concert. I think it’s ridiculous.† (Arizona Republic, 10-3-99) But who’s to say that this violent behavior doesn’t go on at other concerts? Well, in fact it does.   Ã‚  Ã‚  Ã‚  Ã‚   One trend that has occurred at concerts, are the numbers of sexual assaults. Many girls have been groped, sexually harassed, beat, and even in many cases raped. Just at Woodstock ’99 alone there were 8 sex offences, which included an alleged mosh pit rape, which police were aware of. Tom Morello also added that, â€Å"The one thing that is absolutely unforgivable or unpardonable are the reported sexual assaults.†(Arizona Republic; Phoenix; Oct. 3, 1999) The mosh pit scene at a recent Vans Warped Tour show in Asbury Park, N.

Japan - Breif History from WWII :: Japanese Japan History

Japan - Breif History from WWII INTRODUTION: Without a good history, no nation can ever be considered developed. It is the history that makes or breaks a country. Japans history is very unique. During and after WWII their country was in ruins - literally. All their previous allies had deserted them, they were alone and destroyed by the Americans, an unlikely ally. I will focus on the impacts that America had on Japan, and then how Japan got themselves to the title of "The Second Most Developed Country". WWII: In 1941 Japan station troops in Indo-China (Vietnam) after forming an alliance with Germany and Italy. The Americans did not approve of this, and cut off exports to Japan. Japan was not happy about this and attacked Pearl Harbor. Meanwhile Japan were also attacking Southern Asia, and expanded their land to the Great East Asia Co-Prosperity Sphere. The US declared war on Japan and were burning for revenge. In the coming years Japan was bombed heavily and were pushed back into their origonal land. Japans cities were being torn down. Then came the final blow, two atomic bombs were dropped on Japan, one in Hiroshima, the other in Nagasaki. Both of them combined killed an estimated 105,000 people. Japan finally surrendered. AFTERMATH: The Americans called "The Occupation" invaded Japan and made them give back all the land not owned by them before the war. Then, led by General Douglas MacArthur, they helped Japan do many things; write a new constitution that was fairer to everyone, Create a better trade union. Reform the educational system so it was no longer bias to nationalism. Finally they helped to rebuild industry and commerce. This was the most helpful to Japan because the US government gave the Japanese government thousands of millions of dollars. America rebuilt factories and industries with the latest levels of technology, better than their own pre-war factories. They gave them advice and encouragement. Between 1945 and 1950 MacArthur and the Occupation did what they could to rebuild the Japanese economy. It was as if the Americans felt sorry for the Japanese. Then in June 1950, as if on cue, the Korean war broke out and the UN needed goods and services from Japan.

Organisational Behaviour Essay

Accoring to Agarwal, (2007) organisation and management have been analysed and theorised since man first collaboratively worked together to achieve common goals. Motivational theory explores â€Å" forces acting on or within a person that cause the arousal, direction, and persistence of goal-directed, voluntary effect† and is a frequently investigated area of organisational behaviour (Barnet & Simmering, 2006. P. 563). With no one unanimously supported theory, it is not surprising that each theory’s development attracts a flock of critics, each dedicating time and resources to questioning validity. Miner, (2007) gives a comprehensive account of theory, describing a good theory as one that presents unique insights, is interesting, purposeful, testable and well written, adding depth to the literature it is grounded in. It is from this yard stick that this essay aims to evaluate the two content theories developed by Frederick Hertzberg and David McClelland. Initially, each theory will be overviewed, to develop a general understanding of the conclusions made regarding motivational strategy. An evaluation of the strengths and limitations each theory presents will follow, identifying how these assessments can be applied to contemporary organisations. Through this it will be shown that regardless of the limitations theories experience, their development and subsequent scrutiny, continues to uncover the enormous potential associated with understanding and respecting the internal motivational make up of individuals. Hertzberg’s Two-Factor Theory Fredrick Hertzberg developed the Two-Factor Theory after conducting a study in the 1950s, which approached 200 engineers and accountants from different companies. Using the critical incidence technique, Hertzberg asked open questions, encouraging interviewees to identify and prioritise factors effecting their job fulfilment (Kondalkar, 2007). From this research Hertzberg suggested job satisfaction be approached by identifying ‘motivational factors’ with the potential to lead to satisfaction and ‘hygiene factors’ that risk dissatisfaction if not maintained to an appropriate standard (Kondalkar). Motivating factors were found to be associated with job content whilst hygiene factors stemmed from the context in which the job was performed (Wood et al, 2010). Diagram one, lists these factors and illustrates the limitations Hertzberg discovered in linking high-level motivation with hygiene factors. That is, â€Å"any improvement in hygiene factors do not motivate workers but their reduction below a certain level will dissatisfy them† (Kondalkar, p. 106). Also, it can be seen that no overlapping factors relating to both satisfaction and dissatisfaction exist, as the conclusion was made that they were independent â€Å"rather than opposite extremes on a single continuum as traditional views had held† (Wagner & Hollenbeck, 2010, p. 130). Diagram one: (Content taken from Kondalhar, 2007, pp. 105-106) Upon evaluation, a number of criticisms have come forward, many relating to the breadth of Hertzberg’s study. The research involved limited respondents; all male white-collar workers in accounting and engineering firms; therefore the needs of many occupational groups were not reflected (Wagner & Hollenbeck, 2010). Also the study failed to recognize individual diversity and the varying prioritisation of needs relating to ones age, gender and culture (Wood et al, 2010). Wagner and Hollenbeck (2010), question Hertzberg’s â€Å"critical-incident technique† claiming that it â€Å"is a questionable research method, subject to errors in perception†¦memory and†¦subconscious biases† (p. 31). This view is echoed by Wood et al (2010), who are concerned that Hertzberg’s method may have encouraged respondents to attribute positive experiences at work to their own management of situations, and negative experiences to environmental conditions beyond their control. For this reason the theory has been labelled ‘method bound’ indicating that similar resul ts could not be achieved through any other approach, thus limiting its credibility and successful application in other work settings (Kondalkar, 2007). Finally, there is ambiguity surrounding the labelling of motivational versus hygiene factors. Many factors showed up as both satisfiers and dissatisfiers, especially those related to salary, relationship and status (Miner 2007). So, managers wishing to apply the theory must be aware of these limitations, rather than assuming Hertzberg’s motivational and hygiene factors will be relevant to all organisations. Despite it’s imperfections, Hertzberg’s theory has been successful in developing a framework through which organisations can approach job design and enrichment. It may provide managers with a starting point for understanding and explaining individual performance, and offer suggestions for improving employee output (Wood et al 2010). Broadly categorising motivational factors as being internal, and factors leading to dissatisfaction as external, has highlighted that natural human motivation comes from ones desire to improve themselves, be engaged in meaningful activities, and be recognized for their efforts, rather than purely for monetary gain. Furthermore, Miner (2007) considers employees who focus solely on hygiene factors, as an employment risk, being less driven, and more dependent on frequent external incentives to stay motivated. This information may be useful if these factors can be assessed within the recruitment process. In practical terms this theory encourages organisations to take a more personal approach to their staff. To assess the presence or absence of these contributing factors, organisations could work closely with their workers, developing their own unique set of hygiene and motivational factors specific to their people in their industry. With open communication channels and improved workplace relationships, organisations have the potential to increase transparency into individual motivational needs of employees. This would put them in a better position to ensure their workforce remains motivated, whilst environmental conditions are appropriately maintained to facilitate optimal performance. Motivational factors could be addressed through addressing performance feedback, development of internal or external client relationships, knowledge acquisition and individual influence over ones time and schedule (Herzberg 1976 as cited in Miner 2007). For hotel employees, an intranet website could be utilised for charting individual performance results, customer/interdepartmental feedback, posting educational programs on offer and a feedback forum to make suggestions sent direct to management. Giving employees transparency into departmental running costs, the responsibility to manage their own costs, and allowing employees to direct justifiable funds into areas they feel could improve unit output, could also empower and motivate individuals (Miner). McClelland’s Achievement Motivation Theory McClelland used an â€Å"arousal based approach to studying motives† which began by linking hunger and the influence of food images on thought processes (Miner J. , 2005 pp. 47-48). This was later applied to such areas as achievement (nAch), affiliation (nAff), and power (nPow). The Thematic Apperception Test measured needs by evaluating stories written by people after viewing particular images, which were categorised, according to which need they appealed to (Wood et al, 2010). Through this study McClelland found that although most people presented a combination of nAch, nAff, nPow characteristics, one usually dominated, and the identification of the predominant need could help provide insight into an individual’s behaviour, management style and therefore, job suitability (Miner, 2007). He also explains how all three groups learn through experience, which circumstances evoke the strongest sense of personal satisfaction, and are gravitated to activities that regularly provide that experience (Miner, 2007). McClelland’s theory in some way helps to provide an explanation for those people who may not fit into the motivational model proposed by Hertzberg. McClelland was interested in the influence of unconscious motives on human behaviour (McClelland, 1987 ) and his acquired needs theory would categorise the 200 accountants and engineers interviewed by Hertzberg, as being nAch. That is, all their motives relate to the intrinsic desire to improve ones abilities and reach ones goals in order to obtain the feedback that they are ‘achieving’ something (Wood, et al 2010). Diagram two outlines the conditions required to engage nAch individuals, many of which could be applied to someone with entrepreneurial ambition (Miner, 2005). Although those seeking such conditions could be perceived as valuable employees, their shortcomings may surface when required to manage others if they do not possess the emotional intelligence required to understand those whose need for achievement is not as strong (Miner). Diagram Two: (Content taken from Miner, 2007, pp. 36-44) McClelland’s theory goes on to identify two other categories of people. Those with nAff bias have a desire to be liked by everyone, enjoy human interaction and working towards team goals. For this reason nAff individuals may find management challenging when they are required to make tough decisions that are not supported by subordinates, however may still perform well in project management roles (McClelland, 1987). NPow people may be better suited to upper management as they are less likely to put the maintenance of amicable relationships before the needs of the organisation (Miner, 2005). As with all three categories, the nPow group also has its negative tendencies. As outlined in diagram two, according to McClelland (1987), there are four sequential stages of power, and those that reach the final stage, have the highest prediction for managerial success. Others who may become entrenched in personal power motives may manage people poorly due to their preoccupation with their own needs, and fail to develop respect due to high inhibition and low affiliation behaviours (McClelland). According to Wood et al (2010) the main significance of McClelland’s research was that it proved nAch behaviour could be successfully learnt throughout life, and did not have to be acquired in early childhood as originally thought. Also McClelland clearly established a link between nAch motives and entrepreneurial activity and performance (Miner, 2007). This has important practical implications for organisations as it indicates that appropriate training of employees could increase the presence of nAch and nPow motives, which have been supported indicators of high-level performance (Miner). McClelland has successfully developed and implemented such programs around the world (Miner, 2007) and believes this finding could be applied to developing nations and create considerable improvements in the performance and output of entire countries (McClelland, 1961). Alhtough McClelland’s theory recieves more support than many other early theories, its key limitation lies in the convenience of practical implementation (Robbins, 2009). Whilst managers may benefit greatly from knowing and understanding the implications of needs biases of employees, such subconscious patterns re difficult to assess (Robbins), and the methods used to do so, such as psychometric/motivational testing or motivational interviews/surveys can prove time-consuming and costly. Therefore the time and financial commitments required to assess subconscioius needs of employees is a barrier for many organisations (Robbins). Another drawback of the theory relates to the lack of relevance for female employees. The theory was formulated after analysis of male subjects alone, and when women were later studied the results were inconsistent, despite achievement motivation being significant with women entrepreneurs (Miner 2007). Such concepts as fear of success reduced achievement motivation scores, with high inhibition and power motivated behvaiours operating in completely different ways (Miner). Organisations should therefore be mindful that McClellands methods may only be relevant to the male contigent of their workforce when considering practical implementation. Managers may overcome these limitiations if equipped with the knowledge of the three core needs and practice recognition of the behaviours which represent them (both within themselves and others). Once educated individuals may, with experience, become skilled needs assessors. Until individuals have had an opprotunity to experience a range of nAch, nPow and nAff related situations, they themselves may not have a clear understanding of their own needs bias. They may feel dissatsified or unmotivated or both, without really understanding why. For this reason it may be useful to give employees a chance to experience the various factors, then assess their responses, in order to help them identify with their own subconsicous motives. Also educating employees about the various tendencies, may in itself help employees to recognize where they fit within the needs theory model. During a workshop, the various needs concepts could be explained, then each individual could map their needs on a scale such as shown in diagram two, in order to see where their tendecies lie. A questionaire could be developed with each answer having a particular rating within each of the categories to assist employees with identifying with their needs. You are working on a team project with three others, and they are disinterested and not pulling their weight. Would you: a) Be happy that you could run the project in your own way and be motivated by the challenge? b) Organise a social function and try and get everyone engaged through developing positive relationships?