Of Human Bondage by William Somerset Maugham Essay

In the novel Of Human Bondage, the main character, Philip Carey, has a myriad of people whom are very influential in his life. William Somerset Maugham portrays Philip as having three women in his life that are of great importance to Philip’s character. These three women are Mildred Rogers, Norah Nesbit, and Sally Athelny. Mildred is a negative influence on Philip whereas the other two women serve as positive influences in Philip’s life. Of the three, Philip loves Mildred the most, though Mildred loves him not. Mildred is a negative influence on Philip. Though he loves her, she doesn’t love him back. She is grateful toward Philip and rewards him with various degrees of affection. This forebodes the fact that she becomes a prostitute later on in the novel. While with Philip, Mildred distracts him from studying and causes him to spend all his money to take her out to eat and see musicals. This causes Philip to fail his two very important medical examinations. Mildred is a snobby, stupid, callous, shallow, vain, and selfish woman. Aware of Philip’s feelings for her, she takes advantage of him. She accepts his gifts and seeks his protection, but thwarts his affection. Philip forgives her for her deceitfulness and helps her when she is in trouble. In return for Philip’s love, kindness and generosity, she gives him pain, abuse, and misery. She proves her heartless nature when she runs away with Emil Miller, has an affair with Griffiths, and destroys Philip’s home. She also abandons her infant to the care of a stranger in order to enjoy life. This demonstrates her selfish nature. Mildred seems to be Philip’s foil. They’re so different from one another that Mildred doesn’t even understand Philip. Philip’s generosity, kindness, and love cannot be understood by such a selfish, vicious, hateful woman. It’s a wonder how Philip is bonded to this human anti-epitome. Philip chose Mildred because she is the type of woman that was a challenge for him. He had just begun medical school and was feeling bored when suddenly he came upon this ill-mannered slut of a waitress in a tea shop. From that moment on, he couldn’t get enough of her. He always tried to get back at her but never quite could. It was as if he was doomed to spend the rest of his life bonded to her. It was too much to bear for him. Her indifferent attitude toward him drove him mad over the brink of obsession. He tortured himself to try and  get a woman that he could never have and she would never love him back. He was even willing to marry her to get back at her for all the evil she inflicted upon him. Ph ilip finally breaks through the bonds of â€Å"love† and sees Mildred for who she really is – a conniving, callous prostitute. Norah Nesbit is another influential woman in Philip’s life. Though Philip doesn’t love Norah, she is a positive influence in his life nevertheless. Norah pampers Philip using her motherly instincts and encourages him to do what he can for himself: go on vacation to take a break, and study hard for school to pass his exams. She is successful in convincing Philip to focus on his studies rather than herself. Therefore when he’s with her, he passes all three exams without any trouble and has earned his vacation that he is reluctant to go on, but is persuaded by thoughtful Norah to do so. Unlike Mildred, Norah appreciates Philip and doesn’t allow him to waste his money. Philip intentionally chose Norah’s ilk because Norah is nurturing, kind-hearted, and loving. Philip chooses her in his time of need, after he is hurt by the harshness and pain that Mildred has inflicted upon him. She ameliorates him back to life after the thought and sight of Mildred has tormented him for many dreary months. Sally, the third and final influential woman in his life, helps Philip establish his identity in the world. The eldest child of Mr. Athelny, she is sensible, maternal, pretty, charming, and responsible. She is the pride of her family and wins the heart of everyone with her pleasant manners and warmth, including Philip. Sally falls for Philip’s simplicity and unassuming manner, but does not force herself on him. She patiently waits for him to recognize her appeal. While Philip vacations with the Athelnys in Kent, he begins to notice Sally and he realizes that he is attracted to her. He begins to see her regularly and decides to spend the rest of his life with her. She accepts his proposal of marriage. Sally is a contrast to Mildred. Sally’s presence calms Philip, while Mildred’s presence troubles him. His passion for Mildred had disrupted his life and career, but Sally’s love gives him hope for a bright future. Philip learns to love Sally, though not like Mildred, and she loves him back. Therefore Sally is the best woman for Philip since they both love one another. Sally is there when Philip needs  her. She’s not pushy or demanding, so Philip chooses her because he needs someone of her ilk to depend upon after Mildred ruins his life yet again by making him homeless and penniless.

Everest Simulation Summary

I volunteered to be an observer for the Everest Simulation, and I learned a lot by observing participants Interact with one another. As I walked around each group, I quickly realized that I wasn't going to learn as much about the simulation by observing each group; I had to focus on one team and observe their work. As a result, I watched one team and learned many Important management skills, such as leadership, planning and controlling, setting team and Individual goals, and communication.The students were placed into teams of flee members who had only known each there for approximately six weeks. In standard businesses, teams may know each other for months, years, or possibly decades. What made this simulation difficult is that students had five hours to collaborate, analyze their roles and responsibilities, and communicate while some businesses take months or years to get their teams in synch. I was beyond impressed with what I observed.Aside from learning the responsibilities and goals of the leader, photographer, environmentalist, marathoner, and physician, I learned more Important lessons that apply to all successful organizations. First of all, communication is key. If only one or two members speak up, groups assume everyone Is In agreement. Everybody must speak up; this means each member must have honest and direct conversations, ask questions, acknowledge errors, and offer ideas.Additionally, listening is just as important as communication skills. Next, because trust is the foundation to a successful company, and these groups did not have the time most successful companies have to build trust, I realized that trust can be created quickly by successfully doing the following things: staying true to your commitments; being ones; being authentic; being clear and concise when communicating (especially when you only have three hours to complete a project); crediting others; and of course, listening.There are other ways to build trust, but these were the comm on takeaways from observing the groups that were the most successful with the simulation. Developing and maintaining trust Is critical to successful businesses, and the team I focused on was successful because they had confidence In each member of the team. Even though each climber has to monitor his or her health, watch the weather, ND choose travel speed, they must avoid getting an illness such as frostbite, injuries, or an illness.Even though each member has individual goals, the team goals must be met to accumulate as many points as possible. The team I observed realized that each members' goals don't always coincide with the rest of the team. This can cause challenges, arguments, and eventually reduce the points they already earned. This taught me that one member's goals and being competitive Is not the way to have a successful team or create a final product. Another key characteristic I observed was that each member must share all Information.If a teammate kept Information to themselves, It hurt the team as a whole, which ties Into communication, climate of trust, and ultimately team effectiveness. Important task. Being that he or she could earn the most amount of points, the leader calmly listened to each members' ideas and reasoning before making a decision without criticizing, picking apart, or finding fault in one's idea. Instead, he or she listened to each member, made him or her feel like they were contributing to the group, and ultimately brought up the morale of the team.After listening to all ideas, she made the decision whether or not to move to the next camp. It was interesting for me to see that although the leader made the decision, the group felt pleased with the decision because they were all heard. Successful leaders have visions, missions, and goals, but most importantly, make the team feel like a legitimate team. There were other groups I observed that disagreed about many decisions, mainly because members were not being heard, and two or three people were making most of the decisions. It's important that all team members are heard.The simulation is a great experience for students and employees. There were at least ten lessons learned in Just three hours, and each student enjoyed the experience. It taught me that communication and diversity are integral to groups and the workforce. If everybody had the same opinion, we would not be challenged. Each member brought unique strengths, comments, questions, and concerns to the group, and most importantly, they communicated effectively. I must say, being that I am not a fan of cold weather, this was the best Mount Everest climb I have ever experienced.

Automobile Industry History Essay

You are here: Home †º World Industries †º Auto Industry †º Auto Industry | Automobile Industry | Car Industry Auto Industry | Automobile Industry | Car Industry. Automobile Industry History : In the year 1769, a French engineer by the name of Nicolas J. Cugnot invented the first automobile to run on roads. This automobile, in fact, was a self-powered, three-wheeled, military tractor that made the use of a steam engine. The range of the automobile, however, was very brief and at the most, it could only run at a stretch for fifteen minutes. In addition, these automobiles were not fit for the roads as the steam engines made them very heavy and large, and required ample starting time. Oliver Evans was the first to design a steam engine driven automobile in the U.S. A Scotsman, Robert Anderson, was the first to invent an electric carriage between 1832 and 1839. However, Thomas Davenport of the U.S.A. and Scotsman Robert Davidson were amongst the first to invent more applicable automobiles, making use of non-rechargeable electric batteries in 1842. Development of roads made travelling comfortable and as a result, the short ranged, electric battery driven automobiles were no more the best option for travelling over longer distances. The Automobile Industry finally came of age with Henry Ford in 1914 for the bulk production of cars. This lead to the development of the industry and it first begun in the assembly lines of his car factory. The several methods adopted by Ford, made the new invention (that is, the car) popular amongst the rich as well as the masses. According the History of Automobile Industry US, dominated the automobile markets around the globe with no notable competitors. However, after the end of the Second World War in 1945, the Automobile Industry of other technologically advanced nations such as Japan and certain European nations gained momentum and within a very short period, beginning in the early 1980s, the U.S Automobile Industry was flooded with foreign automobile companies, especially those of Japan and Germany. The current trends of the Global Automobile Industry reveal that in the developed countries the Automobile Industries are stagnating as a result of the drooping car markets, whereas the Automobile Industry in the developing nations, such as, India and Brazil, have been consistently registering higher growth rates every passing year for their flourishing domestic automobile markets. Those who are interested in gathering more information about the Automobile Industry, may browse through the following links :

ECONOMIC institution and policy(British economy) Essay

ECONOMIC institution and policy(British economy) - Essay Example But the sector experienced a tragic downfall during the post-war period which continued till mid-1980s. However, the trends improved post 1983 and continued to develop till 1990 when it once again underwent a bust period (Buxton & Mananyi, 1998). Many researchers blame this erratic behavior of the supporting sector of UK to the economic policies adopted by the decision makers of the nation and thus, the present paper will attempt to outline the trends of the nation over the decades between 1970 and 2010. Contribution of UK’s Manufacturing Sector, 1970-2010 The contribution of UK’s manufacturing sector could be assessed from a few statistics aligned to the sector. The adjoining graph depicts the change in the gross value added by the manufacturing sector over the years between 1970 and 2009. The trends so depicted denote an overall heavy impact created by the manufacturing sector over the years. However, the difference is found to be rather stark from 1970 to 1980 and th en 1990. In other words, these three years depict huge differences in the gross value added figures. On the other hand, the figures corresponding to the years between 1990 and 2009 are found to be quite near to each other. The year 2000 is characterized by a peak but is followed by a slight dent at the end of 2009. Nonetheless, the figures are found to have improved by almost a multiple of 10 between 1970 and 2009. The following diagram shows the growth in industrial production of UK over the years, which is suggestive of a gradual improvisation in its position. Although the above diagram for gross value added shows a downfall from 2000 to 2009, the present one shows a positive growth occurring between 2000 and 2010. This clearly indicates that there had been a hike in industrial production between 2009 and 2010. The above graph depicts the contribution of manufacturing sector of UK in absolute terms. However, to draw a more robust comparison, the ideal method would be to form a rel ation with the GDP of the economy. Such an interpretation could help in making an assessment of the contribution of the sector to the economy. The bar-graph alongside shows the contribution of the manufacturing sector as receding over time. The decline is a consistent one over the years thus implying the gradually falling importance of the manufacturing and industrial segments of the nation. The declining importance of the manufacturing sector of UK is also prominent from its receding contribution to the employment share of the nation. The adjoining bar graph shows the trends in the share of employment rate accounted by the manufacturing sector of UK. The decline is found to be the greatest from 14980 to 1985 followed by that from 2000 to 2005. As per the latest records, the employment share of the sector to the gross economic value stands at 9.83% which is almost 20% below that in the year 1975. Given the historic importance of the manufacturing sector behind the economic developme nt and growth of UK, a decline in its popularity over the years took a toll upon the net disposable income of the economy. Net disposable income of the economy is found to be traversing through a negative phase after having reached a peak during 1980. This is an obvious indication of the increased costs of structural unemployment in the economy. Another prominent indication is that of a declining percentage change

Technical Writing Essay Example | Topics and Well Written Essays - 1000 words - 4

Technical Writing - Essay Example Please consider my proposal. Observations and recommendations: Firstly, the design and output of the dog cages in regard to easy public access can be improved upon to increase successful adoptions. I have included a simple sketch to show you how best to optimize the shelter’s outdoor facility for dogs. By increasing the cage-size, it not only allows for multiple-dog living, but also improved social behavior in the animals. This in turn will shed the best light possible on the dogs when future-prospects enter the property. It also makes it easier to locate the shed in the rear of the area so a) it is out of the way from the public b) easier for employees to go to and from and c) lessens the chance of dogs escaping as it is within the fencing. Furthermore, to increase profits, this new design should be photographed and implemented on the No Kill website. The website should be updated weekly to avoid past-dates and appearing non-working to the possible donators. I also wish to no te that, although the descriptions of the dogs are â€Å"adorable and cheeky,† they lack complete honesty. Not every dog is going to be â€Å"friendly, family-loving companions.† The more honest you are the better. It not only sets you up for successful adoptions, but it builds more interest as the customers’ can trust you. ... Thank you. Sincerely, YOUR NAME "Proposals/[YOUR NAME]." The RFP described more than adequately meets the guidelines for implementing a mass understanding in how to create a proper proposal that will be accepted and considered by the team. Most businesses do not share this information to its employees. They expect them to already know how to do it. The author of the flextime proposal answered all of the questions employed by the RFP including funds, and incorporated everyone in the company, not just himself/herself. Although, Sally’s proposal suggests her selfishness in desiring a new space, it seems a bit excessive of the Board to believe that’s the only way she’s thinking before asking her. Perhaps, she misplaced her RFP or needed more help in understanding it, which is why her proposal fell short. Sally Twintree should have gone to another employee for aid if she did not understand how to properly put together a proposal or kindly asked the Directors for anoth er copy of the RFP to follow before she went ahead and gave it to

Korean American culture experience Essay Example | Topics and Well Written Essays - 750 words

Korean American culture experience - Essay Example Indded, they cited that studies point to the vitality of religion, evident in the more than 3,000 Korean American Protestant churches nationwide. (p. 2) Most Koreans who migrated to the US barely know the English language. As such, they have difficulty in communicating with local and federal authorities. The Korean churches played an important part in this aspect because they serve as a mediator or facilitator when problem or misunderstanding between immigrant and authorities arise. According to Michael Foley and Dean Hoge (2007): The Korean churches were the only social service organizations that were able to take care of the problems of the Korean immigrants. Church is the core the community since the beginning of Korean immigration to the US. (p. 124) Karen Leonard (2006) found in her study that there is also a relationship between participation in ethnic congregation and the preservation of ethnicity. According to her, churches help to increase the Korean co-ethnic fellowship and in maintaining Korean cultural tradition. (p. 99) It is also important to note that Christianity in Korea or the Korean interest in the faith did not originate from missionary work. Instead Koreans sought it and adopted it, particularly incorporating traditional values such those pertaining to education, social services, political activities, among others. While the church serve the Korean community well – with all the previously cited factors – it could at times turn into a liability. The nature of fellowship in Korean church prevents them from learning to assimilate more. One should remember that the church and its devotees appear to be a slice of home and so Korean flock to it for security and other problems. However, this may hinder the assimilation process and Koreans may end up keeping to themselves and less and less interactive in the wider American society. On April 29, 1992 a riot broke the

I will fill this to blog Essay Example | Topics and Well Written Essays - 750 words

I will fill this to blog - Essay Example The reality too is that in spite of this generational dance, of young people being exposed to and trying drugs, majority of college students move on to live productive academic and adult lives, unscathed by the brush with drugs. It is true too, that a percentage of students will become hooked, and will have negative life outcomes as a result. This dynamic too is well-mapped and observed as persisting through the generations. Is this a matter of framing then, this â€Å"issue† of drug use in college? is there a better way to approach the phenomenon, and to better secure the welfare of majority of college students? We have been trying to suppress drug use and to police and monitor students for decades, with no observable impact on drug and alcohol use. Are we trying to push back something that cannot be stopped? Do we need to reexamine how we view drug use in college, and re-examine too our notions about the sense of responsibility and the intelligence of young people on the cus p of adult life? (Drugwatch.com; Purdue University; Addiction Intervention; Amaro et al.; National Institutes of Health; CasaColumbia). Yes, as students, we have the power to keep ourselves informed about the reality of drug use in college. Many among us will do drugs and alcohol, but we need to be made aware that we will not be the first ones to do so, and we will not be the last. This has been the reality among students from past generations all the way to this one. The dance between school and community authorities on the one hand, and students on the other, is as old as time it seems. The reality is that students seemingly need to try out all kinds of things as part of the rite of passage to adulthood, the way young people experiment with sex too. Yet we also need to be aware that there is help for those among us who will try drugs and alcohol, and that

Econ160 Essay Example | Topics and Well Written Essays - 1250 words - 1

Econ160 - Essay Example My parents belongs to several generation of Guanxi where I am expected to inherit his position. If I will be living in China, I better be sure with the place that I will live. It is because the Chinese government prohibits the reselling of houses as their policy response to avoid speculation in the housing industry. I will be stuck in the house that I will choose for a very long period of time so I better take my time before buying a house. Unlike in the US where the housing market is determined by market forces as enunciated by Friedman in the book Capitalism and Freedom where price and availability is determined by the law of supply and demand where I can resell my house anytime I want it subject to the same law (supply and demand), Chinese government will just not allow the resell and even pegged the price. China may now allows private ownership of houses only with restrictions. With my present economic stature, I believe I would be able to afford a house and not in a crampy apartment or shoebox as what Hedrick Smith had described in his book The Russians. Only that my house will not form part of my estate where I can resell for profit or I will go to jail. If I will be in China, choosing my occupation will be partly determined with how the â€Å"opportunities† present to me. Unlike in the US where choosing an occupation is determined by personal preference and applying on it base on merit, it will be different in China. The cliche its whom you know more than what you know applies. If my father belongs to a Guanxi or the network of power elites, he may recommend me to some of his associates in the network as expounded by McGregor in his book The Party and will accept whatever occupation that will be given to me. From there, my future will be secured because I will be under the patronage and care of my father’s Guanxi and I will later develop my own network. I will first learn the rope of the business until I

Review of the film The Immortal Beloved Essay Example | Topics and Well Written Essays - 1000 words

Review of the film The Immortal Beloved - Essay Example After this, Ludwig and Casper’s relationship was increasingly strained, and Ludwig continuously referred to Johanna as a whore, even going so far as to attempt to have her arrested. The implication was that the reason why he wanted her arrested was because she was a whore, and he burst into the room when Johanna and Casper were lying naked. The movie also portrayed Ludwig as relentlessly pushing his nephew Karl towards music, even though Karl could not play very well and desired to be a soldier. While there is some truth to these complicated relationships that he had with Casper, Johanna and Karl, there are also many inconsistencies with the historical truth, according to Maynard Solomon (1977). According to Solomon, there was some hostility between Ludwig and Casper, due to Casper’s marriage to Johanna, as he wrote â€Å"my brother’s marriage was as much an indication of his immorality as of his folly† (Solomon, 1977, p. 299). Solomon stated that the reas on why Ludwig was against the marriage was because Casper and Johanna had premarital sex, as Johanna was pregnant with Casper’s child before they got married. ... Solomon stated that Casper did small errands for Ludwig, and that Ludwig actually stated with Casper and Johanna when the French bombarded Vienna in 1809. Solomon also stated that the relationship between the brothers was on and off – â€Å"After 1812, the brothers were in close contact, which, for them, consisted of furious conflicts alternating with passionate reconciliations† (Solomon, 1977, p. 299). Solomon also stated that, in the conflict between the brothers, that Johanna played the part of the peacemaker. This is also in contrast to the film, as Johanna never played the part of the peacemaker, and it appears that her relationship with Ludwig was constantly stormy. In the end, the film stated that Johanna was the immortal beloved in the letter. This is in contrast to Solomon, who stated that, while Beethoven probably did have a secret attraction to Johanna, and theorized that Beethoven took his nephew Karl from Johanna to keep Johanna in his life, there was no in dication that Beethoven and Johanna had an affair. The way that Solomon described Beethoven’s attraction to Johanna was that it was unacknowledged, even to himself - Solomon stated that Beethoven’s hostility and apparent hatred towards Johanna was a form of denial for his actual love and attraction for her – â€Å"Feelings of love that have not yet become manifest express themselves to begin with by hostility and aggressive tendencies† (Solomon, 1977, p. 306). This implies that Beethoven never actually stated, even to himself, that he was in love with Johanna, so she probably was not the immortal beloved. As for Beethoven’s relationship with his nephew, there is no indication in Solomon’s writings that Beethoven tried to push young Karl

Journal opinion article Essay Example | Topics and Well Written Essays - 500 words - 4

Journal opinion article - Essay Example The article is found in the Wall Street Journal of March 23, 2015. According to the former U.S. Federal Reserve Chairman Ben Bernanke, â€Å"Efforts to strengthen regulatory oversight of financial institutions in the U.S. following the 2008 debacle should make future crises less likely to occur, or less severe if they do.† The main argument presented here is that the possibility of future crises cannot be ruled out. As such, mitigation measures like regulation of the financial sectors can help prevent the occurrence of a similar situation. Bernanke suggests that â€Å"Steps such as submitting large banks to Fed stress tests to assess risk should lessen the likelihood of another crisis or soften the broader economic impact should one occur† (Amy). Therefore, to a large extent, it is a noble idea to regulate the activities of the financial sector in order to ensure that a similar crisis does not occur in the future. Theoretically, regulation of the financial sector has its pros and cons. According to Harrison (208), borrowing from the banking system leads directly to an increase in interest rates and the Treasury Bills are likely to increase. This scenario has spiral effects on the performance of the economy. An increase in interest rates implies that the money supply will shrink resulting in less disposable income circulating among the people. Such conditions are likely to lead to the occurrence of financial crises and this is the reason why regulation of the financial sector is seen as a noble idea that can be implemented to reduce the chances of the same situation from happening again. However, regulation of the financial sector has got its own problems. A market economy should function freely and any form of regulation may gag the independence of the sector. Negative results are likely to be experienced and these may

Human Resources and Organizational Effectiveness case 5 Essay

Human Resources and Organizational Effectiveness case 5 - Essay Example The Chinese markets have also faces a surge as there has been a huge drop in the social and cultural barriers. This has been a major cause for the businesses to be able to set up the businesses and work more earnestly. Also the SMEs of China have been known for supplying parts and services to the world’s top companies. This has formed a main characteristic of the Chinese SMEs. The fact that the parts are supplied from Chinese SMEs across the world simply means that the demand for the SME depends to a very great extent on the demand of the giants where the company provide for the goods and services. It is quite difficult to ignore the significance of the SMEs in the Chinese economy. It has also been noted that the Chinese foreign exchange markets and the foreign experts have estimated that the country has been contributed as much as 60% of the total industrial output. Also it provides as much as 75% of the workforce of the country. SMEs are responsible for creating most new urb an jobs, and they are the main destination for workers laid-off from state-owned enterprises (SOEs) that re-enter the workforce. This fact of the companies providing a high level of jobs to the workforce in the country has been recognised by the government however it has also lead to a number of social unrest within the country. Chinese officials have said that SMEs would be more important for preserving social stability than the nascent social security system once increased foreign competition as a result of Chinas WTO entry forces more layoffs from uncompetitive state-owned firms. It has also been noted by the local experts that the employees aged over 40 and 50s are being removed from the jobs, specially those with a lack of skills to be able to compete in the private ventures. The next essential step is to consider the plausible strategy for Chinese SME in the manufacturing industry. There are two main strategies that need to be

Distinctive Human Resource Are What Firms Need Essay Example for Free

Distinctive Human Resource Are What Firms Need Essay Introduction Benchmarking is a crucial management tool that guides the stakeholders on the overall performance of the organization as well as mobilizing the employees on a continuous improvement of the organisation’s environmental and social performance. Bench marking is considered to have an impact when the results of the organization performance are immediate (Vorhies and Morgan, 2005). It is essential to recognize that benchmarking and the transfer of the best industry practices are supposed to help an organization in the long run through maximum utilization of the available resources and filling in the gaps associated with an organization poor performance (Drew, 1995). The notion of a single best practice may be overstated. Distinctive human resource practices help to create unique competencies that differentiate products and services and drive competitiveness in organizations. People management practices are the drivers of efforts to create distinctive competencies and, in turn, business strategies. There are various human resource management models that have been used by companies to benchmark and stay competitive in the turbulent business environment and they include the Industrial Organization Model and McKenzie’s 7s Strategy which include shared values, structure, strategy, systems, style, staff and skills. Shared Values Shared values are commonly held beliefs, mindsets, and assumptions that shape how an organization behaves and its corporate culture. Shared values are what engender trust. They are an interconnecting centre of the 7Ss model. Values are the identity by which a company is known throughout its business areas, what the organization stands for and what it believes in, it central beliefs and attitudes. These values must be explicitly stated as both corporate objectives and individual values. Structure Structure is the organizational chart and associated information that shows who reports to whom and how tasks are both divided up and integrated. In other words, structures describe the hierarchy of authority and accountability in an organization, the way the organizations units relate to each other: centralized, functional divisions (top-down); decentralized (the trend in larger organizations); matrix, network, holding among others. These relationships are frequently diagrammed in organizational charts. Most organizations use some mix of structures: pyramidal, matrix or networked ones to accomplish their goals. Strategy Strategies are plans an organization formulates to reach identified goals, and a set of decisions and actions aimed at gaining a sustainable advantage over the competition. Systems Systems define the flow of activities involved in the daily operation of business, including its core processes and its support systems. They refer to the procedures, processes and routines that are used to manage the organization and characterize how important work is to be done. Style Style refers to the cultural style of the organization, how key managers behave in achieving the organization’s goals, how managers collectively spend their time and attention, and how they use symbolic behaviour. How management acts is more important that what management says. Staff Staff refers to the number and types of personnel within the organization and how companies develop employees and shape basic values. Skills Skills refer to the dominant distinctive capabilities and competencies of the personnel or of the organization as a whole. Industrial Organization (I/O) Model The external environment is primary determinant of the organizational strategy rather than internal decisions of managers. The environment presents threats and opportunities all competing to have equal access to resources. Resources are highly mobile between firms. Organizational success is achieved by offering goods and services at lower costs than competitors. Professional sports 49ers †¢ The 49ers have succeeded by using a strategy of long-term player development by recruiting through college drafts rather than trades. This helps the team cement loyalty to the club by the players. Raiders †¢ The Raiders scoop up talented players who fail or do not fit in elsewhere. The club reinforces its strategy through autocracy where the members are not supposed to participate in decision making. The system of the club embraces outside recruit of experienced players. Retailing: Sales as the Service Sears †¢ The Sears selection system requires extensive training. The style keeps track of employee attitude and morale through employee surveys, pay programs to match other retail business through industrial organization model. Nordstrom †¢ The Nordstrom structure of hiring is decentralized and uses no formal selection tests. There are continuous stream of programs to motivate employees with very little attention paid to the staffs in terms of training and commissions when retailing. †¢ The link between employees and product market strategy is sometimes less direct in services, but there are still relationships between the way employees are managed, the competencies employees help produce, and the way companies compete. Professional Service Firms; Information and Advice as the Product Boston Consulting Group (BCG) †¢ The style of BCG is to hire the best undergraduate and MBA students to work for them. †¢ The firm’s system requires rigorous selection procedures and through industrial organization Model provides exceptional compensation to the employees as compared to other organizations. †¢ The firm develops its staff through formal training. †¢ BCG shared value approach expects each team to come up with innovative ways to reinforce its entrepreneurial culture. McKinsey †¢ The professional firm develops its distinctive capabilities through on-campus recruiting and employee skills and development through extensive training model. †¢ The firm’s strategy lies in providing clients with consistent services. The core competency is also consistent with the products and the techniques of the company. Business Schools Harvard Business †¢ The business school staff development represents internal skills development. The school hires employees and turns them into experts. †¢ The business school invests a lot on employee development through the staff model. Wharton School †¢ The school recruitment strategy model relies on external environment to recruit its employees from a network of academicians. †¢ The system model that is used to make the institution maintain a competitive edge in the market is by hiring employees with superior technical skills and by making use of its outside market. Financial Services Chubb †¢ The insurance firm success is based on its shared value model of becoming the insurance of choice. †¢ The firm makes substantial staff investment through its recruitment, intensive training and testing before hiring. American International Group (AIG) †¢ The success of the insurance firm is through its industrial orientation strategy model where the company identifies new areas of business, creates new products, and benefits from the first mover advantage as a result of exploiting the market. †¢ The company’s competencies are its ability to respond to the turbulent business environment. †¢ The company hires from its competitors and invests less on staff development. The Shipping Business FedEx †¢ The shipping business has a strategy model of empowering its employees in the implementation of its vision. †¢ First service company to win the Malcolm Baldridge National Quality Award †¢ Intensive orientation program for staff development. †¢ One hub at FedEx meant that there were fewer coordination problems, allowing for autonomy and participation through it structural model. †¢ This model highly enhances loyalty in employees. UPS †¢ The orientation of the company structure model takes an autocratic approach where the employees have no direct say over work organization matters. †¢ Company standards for each task through its shared value model. †¢ Pays the highest wages and benefits in the industry (Industrial Organization Model). †¢ Productivity of UPS’s drivers is about three times higher than that at FedEx due to its high compensation. †¢ UPS’s business demands a level of coordination that is incompatible with individual employee involvement and a â€Å"high commitment† approach through it structural model. Food and Beverages Coke †¢ Coke builds on employee skills and hangs on them through staff development model. †¢ Coke hires college graduates with little or corporate experience and provides intensive training. †¢ There is promotion and seniority based salary incentives. †¢ Decision making is centralized Pepsi †¢ The company relies on employees’ innovativeness to identify market niches †¢ Pepsi hires employees with experience and advanced technical skills through industrial organization model. †¢ Decision making is decentralized. †¢ Employees have little job security. †¢ Less loyal employees. References Drew, S. A. W. (1995). Strategic Benchmarking: Innovation Practices in Financial Institutions. International Journal of Bank Marketing 13 (1),4-16. Vorhies, D. W., Morgan, N. A. (2005). Benchmarking Marketing Capabilities for Sustainable Competitive Advantage. Journal of Marketing 69 (January Issue), 80–94.

Light-driven Transport of Plasmonic Nanoparticles on Demand

Light-driven Transport of Plasmonic Nanoparticles on Demand Abstract With the advance of science and technology, the control and movement of plasmonic nanoparticles can be achieved via laser traps. The effect of the optical manipulation tool has been tested before on the multiple particles [1]. Here, this is proved that manipulation and transport of large plasmonic nanoparticles can be applied on the sample which previously prepared. These verities include developments related to many technological applications. Introduction Metal plasmonic nanoparticles are highly preferred because they have specific properties. These are gold and silver nanoparticles. As we know when the light hits the surface of the metal, a part of the light is reflected. Some of it is absorbed. Metal atoms have electron clouds that are constantly moving around them. The light which is absorbed by metal has energy. That energy causes the vibration of the electron clouds. The vibrations of the electron clouds are called plasmon [2]. If we look at the reflected light while we change an angle of incidence we see that reflected light intensity reduces. Resonance angle or SPR angle is the angle at which the maximum loss occurs on the intensity of the reflected light. Localized surface plasmon resonance (LSPR) is the total excitation at the closed surface of a small particle (see Figure 1). These datas are about plasmonics. Plasmonics is an area that consists use of data transmission via plasmons and applications of its various fields. Figure 1: Localized Surface Plasmon Resonance (LSPR) Laser trap is a method which uses configurable lasers to hold atoms or particles and trap them in a restricted area. There are several different species of laser traps that can be used to trap a different kind of particles. One of the most common types of laser trap is the single-beam gradient force trap also known as optical tweezers or laser tweezers [3]. Dielectric objects are interested in the center of the beam, relatively above the beam waist, shown in the figure (see Figure 2). The force applied on the object depends linearly on its change of location from the trap center just as with a simple arc system [4]. In contrast to other laser traps, the proposed confinement mechanism exploits transverse phase gradient forces that allows working with resonant and off-resonant wavelengths on both red/blue-detuned sides of the LSPR. Figure 2: Optical trap principle The figure below (see Figure 3) shows us spectral absorption on gold and silver nanoparticles. The trapped laser is focused on the sample. Specifically, it is considered colloidal silver NPs of 150 nm (10 nm thick triangular plate, LSPR at 950 nm) and gold NPs of 100 nm (sphere, LSPR at 570 nm). The laser wavelength is arranged 532 nm, which is on the blue-detuned side near the LSPR of gold NPs. In contrast, this wavelength being far from the LSPR of the silver NPs allows avoiding significant optical heating, Figure 3: Spectral absorbance of silver and gold nanoparticles Dark field illumination was applied to create an image of the nanoparticles. With the same microscope objective, focuses on the capture beam on the top glass slides, allowing NPs to be displayed depending on the scattered light (see Figure 4). Figure 4: Spectral absorbance Dark field illumination (or Dark field microscopy) is a method which creates the contrast between the object and the field around the specimen. In this method, the samples and the other materials shine on the dark background (see Figure 5). Figure 5: Principle of dark field microscopy Optical microscopes use dark field illumination technique for enhancing the contrast in unstained samples. The light penetrates the microscopes for illumination of the specimen. The condenser lens and objective lens focuses the light against the specimen. The center is blocked out. The specimen appears bright on a dark background. The nanoparticles are bounded by the upper glass lamella surrounding the sample (by transverse phase gradient forces, white arrows, and see Figure 6). Figure 6: The NPs are confined near the top glass coverslip Methods A dipolar NP with size a below the laser wavelength (a < ÃŽ ») experiences time averaged radiation-induced forces: Where, q = x, y, z is a placeholder for the coordinates, ÃŽ ±(ÃŽ ») = ÃŽ ±Ã¢â‚¬ ² (ÃŽ ») + iÃŽ ±Ã¢â‚¬ ² †² (ÃŽ ») is the particle polarizability while ÃŽ µ is the permittivity of the surrounding medium, and E is the electric field of the focused laser beam. The particle experiences traverse scattering forces: Where, I = |E(x, y)|2 and à Ã¢â‚¬ ¢ are the intensity and phase distributions of the field with u⊠¥, being normal and tangent vectors to the curve. Therefore, the transverse scattering forces in the normal and tangential directions naturally arise from the phase gradients along such directions. The laser traps have been created by focusing the following beam over the sample. This is the formula of beam shaping technique: The sample was formed as like this: the specimen was enclosed into a chamber made by attaching two glass coverslip (thickness 0.17 mm). A Scotch tape (thickness ~50 ÃŽ ¼m) was used as spacer between the coverslips. The nanoparticles were filled into the sample cell directly from the aqueous solution provided by the manufacturer: 150 nm silver NPs (NanoComposix Inc., 10 nm thick triangular plates, PVP coated, Lott. JMW1340) and 100 nm gold NPs (Sigma-Aldrich, citrate stabilized Au spheres, 742031, Lott. MKBS6913V). Results Bottom panel shows the intensity and phase of the laser trap focused according to their shapes (see Figure 7): Figure 7: It shows us the density and the phase of the laser trap (plane z1) focused into a circle. It shows us the density and the phase of the laser trap focused into a square. It shows us the density and the phase of the laser trap focused into a triangle. For each case, the XZ plane profile is shown in a1, b1 and c1 accordingly. In order to display the shape of the toroidal channel displayed in each case of a zoom item (inset) a1, b1 and c1 of the density distribution in plane z2. In the lower panel (a-c) a rotating flow of bound NPs is shown in the toroidal channel for each trap shape. Time skipped images of the stream were also shown[5]. Six small clusters of nanoparticles attached to the coverslip have been used to mimic targets or obstacles as displayed in Figure 8: Figure 8 (a) Small clusters of gold nanoparticles which anchored glass microscope slide are carried along a curved Bà ©zier path through six target objects. The intensity and phase of the trapped light (charge l = -30) is configured to avoid these objects as shown in the bottom panel of (b, c). In part (d), proposed approach to automated route finding based on several Bà ©zier curves displayed with different colors. (e,f) distributions of reciprocal and propulsive forces acting on particles[6-9]. Discussion In this article, gold and silver nanoparticles were controlled and transferred in a prepared sample before thanks to optical manipulation technique. This allows for guiding metal nanoparticles along tailored trajectories for interaction with objects, exploiting off-resonant but also resonant laser wavelengths for simultaneous nanoparticle heating. Their optical response can be tuned in the visible and infrared spectral range as a function of the nanoparticle shape and size. These nanoparticles strongly absorb and scatter light in the spectral region near to their localized surface plasmon resonance (LSPR), and therefore, can be applied as heat nanosources for lithography, photoacustic imaging, photothermal therapy, etc. In this experiment the laser wavelength was 532 nm[5]. References 1.Rodrigo, J.A. and T. Alieva, Freestyle 3D laser traps: tools for studying light-driven particle dynamics and beyond. Optica, 2015. 2(9): p. 812-815. 2.Esentà ¼rk, E.N. and A.H. Walker, Anisotropik Ã…Å ¾ekilli AltÄ ±n Nanoparà §acÄ ±klarÄ ±nÄ ±n Sentezi, Karakterizasyonu ve FonksiyonlandÄ ±rÄ ±lmasÄ ±. 3.https://people.smp.uq.edu.au/TimoNieminen/trapping.html 4.https://en.wikipedia.org/wiki/Optical_tweezers 5.Alieva, j.A.R.a.T., Light-driven transport of plasmonic nanoparticles on demand. scientific reports, 2016. 6.Carey, K.B., et al., Enhancing Readiness-to-Change Substance Abuse in Persons with Schizophrenia A Four-Session Motivation-Based Intervention. Behavior Modification, 2001. 25(3): p. 331-384. 7.Sanchot, A., et al., Plasmonic nanoparticle networks for light and heat concentration. ACS nano, 2012. 6(4): p. 3434-3440. 8.Lal, S., S. Link, and N.J. Halas, Nano-optics from sensing to waveguiding. Nature photonics, 2007. 1(11): p. 641-648. 9.Svoboda, K. and S.M. Block, Optical trapping of metallic Rayleigh particles. Optics letters, 1994. 19(13): p. 930-932.

Development of the Petroleum Industry

Development of the Petroleum Industry Historical background Petroleum In the beginning of the XX. century carbohydrates became more and more important in the world because they were pure, easily manageable, cheap, have huge energy capacity and were available in big amounts all over the world. Petroleum can be used as a source of energy as well as a raw material in the manufacturing of plastics and fertilizers, and only very few commodities have become as vital as it, and petroleum has been the object of geopolitical confrontations as a commodity of strategic importance. At that period several geopolitical events were closely related to oil or had consequences on oil prices and supply. The decision in 1912 by the British Admiralty to convert warships from coal to oil propulsion because of speed and range advantages was the first event that led to the geopolitical importance of oil. Great Britain nationalized the Anglo-Persian Oil Company and committed itself to the protection of this resource in Persia since 1934 the country is called Iran because the country had no oil resources at all. In the beginning the United States of America did the 60% of the total exploitation, but by 1990 the undeveloped countries took over it; the Near East gave 26%, Russia 21% and North America only 17% of the whole exploitation. 80% of the known and exploitable oil resources were found in 8 countries in the world: Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Iran, Venezuela, Russia and Mexico. The first oil crisis was only a local crisis; it had no significant effect on the world market. It took place in Iran, because Mohammad Mossadeq, the prime minister of Iran, nationalized the oil companies, so English professionals went home and the country went bankrupt in 3 years. Then began the Suez crisis in 1956 when Nasser nationalized the canal. In the 50es annually 210-220 thousands of tons of cargo went through the canal and the 2/3 of it was petroleum that had to be transported to Western Europe. But after the arab-israeli war blow-up, Nasser made the canal totally unusable. As the canal had a great significance, it caused some outstanding problems provisional petroleum shortage evolved in Western Europe, so consumption was decreased, higher taxes were levied on petrol, and petrol coupons were introduced. Simultaneously Syria closed the petroleum lines in the Iranian areas and Saudi Arabia introduced embargo towards Great Britain and France. By 1957 the crisis came to an end, 90% of the petroleum export that was not transported was compensated, and at that time petroleum utilization was not so important (1956 only approximately 20% of Europes energy use) and there were no considerable changes in the prices. World War I demonstrated the increasing importance of the internal combustion engine on modern military operations, such as planes, trucks and tanks. In the 1920s motorization automobile was becoming an important mode of transportation and these years were characterized by exploding civilian demand for oil. At the same time a few primal corporations -that became the oil giants of today started to control the industry quickly. The oligopolistic commercial control on the price and the production of oil was in 1928 by the Achnacarry Agreements first established between the greatest oil multinationals of the time: the Seven Sisters. Seven Sisters of the petroleum industry The term Seven Sisters refers to seven huge oil companies that dominated since Rockefellers first gigantic monopoly the mid 20th century oil production, refining and distribution. Five of them were American and the two other were British. The American companies included Exxon, Mobil, and Socal which later became Chevron, Gulf and Texaco. The British companies were Royal Dutch Shell (it was a joint venture with the Netherlands) and British Petroleum (BP), whose interest in world oil expanded with the discovery of oil fields in Iraq and in Indonesia. Later through acquisitions and mergers the Seven Sisters have become four enormous oil companies; ExxonMobil, Royal Dutch Shell, BP and Chevron-Texaco. These corporations have invested a lot in extraction infrastructures, particularly in the Middle-East and Latin-America. They were effectively in control of the oil supply and demand of the world with a set of strategies, such as fixing production, prices and quotas. However, in several developing countries a nationalization trend started to emerge, slowly leading to the future oil supply control and shocks. In 1938 Mexico vigorously took control of its entire oil industry by expropriations, undermining its accessibility to foreign markets for a while, but generating sympathy in a lot of developing countries as a symbol against foreign exploitation of national resources. World War II. revealed to be a conflict that was strategically dominated by oil because the key weapons were air and armored forces. In 1941 the United States decided to establish an oil embargo on Japan, this was one event that triggered the war in the Pacific. The strategic objectives of Japan were to secure the resources of Southeast Asia, mainly the Indonesian oil fields, and the country has planned fast operations in order to achieve these objectives. The same year, Germanys invasion of the Soviet Union had the securing of the oil fields in the Caucasus region among its primal objectives, but both Germany and Japan failed to establish a secure source of oil, in 1945 that contributed to their overthrow by strategically more mobile allied forces. About 86% of the worlds oil supply was controlled by the allied nations. The increasing geopolitical importance of the Middle-East was underlined by the post World War II. era, as from that region the United States and Europe were importing growing quantities of oil. In1948 in Saudi Arabia a new source of oil was discovered, called Ghawar Field, that accounted for the largest conventional oil field in the world; more oil reserves were discovered in this region, so the supply was shifting rapidly. They were trying many times to integrate countries like Iran, Iraq and Saudi Arabia in alliances with Western powers, but a series of geopolitical events, just like the creation of the OPEC and Islamic nationalisms, would complicate access to oil resources. The OPEC The western Seven Sisters wanted to achieve a powerful economic control of oil production, so many producing countries most of them were from the Middle-East had a common goal: to gather a bigger share of the oil incomes by controlling supply. In 1960 an organization called Organization of Petroleum Exporting Countries (OPEC) was founded at the Baghdad Conference. It contained five founding members: Iraq, Iran, Kuwait, Saudi Arabia and Venezuela, but by the end of 1971, six other nations had joined the group, they were the following countries: Qatar, Indonesia, Libya, United Arab Emirates, Algeria and Nigeria. They also wanted to maintain the oil prices. In 1968 the Arab countries founded the Organization of Arab Petroleum Exporting Countries. Throughout the post World War II period exporting countries found increasing demand for their crude oil but there was a 40% decline in the purchasing power of a barrel of oil. The balance of power shifted in March 1971. And this month the Texas Railroad Commission set proration at 100 percent for the first time which meant that Texas producers were no longer limited in the volume of oil that they could produce. It meant more significantly that the power to control crude oil prices shifted from the United States Texas, Oklahoma and Louisiana to the OPEC. There was no more spare capacity in the United States and as a consequence no tool to put an upper limit on prices. A little over two years later OPEC through the unintended consequence of war achieved a glimpse of the extent of its power to influence prices. The OPEC was unable to increase oil prices until the beginning of the 1970s. The major reasons were the importance of production in non-member countries and there OPEC members had some difficulties to agree on a common policy, since economic theory clearly underlines that cartels are bound to fail at fixing prices. Accordingly, developed countries were confident: the price of petroleum would remain relatively stable. In the early 1970s it was predicted by the American Government that by 1980 oil prices might rise to about 5 dollars per barrel. So the petroleum prices were very low and the economic growth was strong but this situation changed quickly. During the period of the Six Day War (1967) OAPEC members announced an embargo towards countries aiding Israel; Iraqi and Saudi oil lines became shut down. Then 900 tons less were exported each day and also the Suez Canal was closed at that time, so the exploitation was raised in the United States, Venezuela, Iran and Indonesia. In the end Iran and Saudi Arabia boycotted the embargo and they could manage to avoid a serious crisis. The only losers of this event were those Arab countries that were closing down the export. The embargo In the early 1970s under President Nixons order, the United States of America began shipping arms to Israel. In 1993 the Yom Kippur War broke out between Israel and Egypt (and several Arabian countries). This war gave the OPEC additional reasons to intervene: they imposed export quotas, reduced production by 25% and nationalized production facilities. The oil crisis started on October 17th 1973 and lasted until June 1974. Not long after the start of the War, when the Arab countries decided to turn to the oil weapon again; the Organization of Arab Petroleum Exporting Countries announced the reduction of oil exploitation by 5% each month in those countries supporting Israel in the conflict during the war. In their opinion Israel could stand against the attack of the other two counties because the West gave them help. They wanted to undermine Israels support, mainly the USA, so oil became a geopolitical weapon. The market became controlled by supply by oil producers, causing the first oil shock. The oil embargo affected the United States of America, its western European federates and also Japan. During this half year period the western world was facing with the strategic significance of oil and its shortage for the first time. For example in the States at the top of the crisis on even days only cars ending with even registration number and on odd days cars ending with odd number were allowed for a while to be refueled. This embargo damaged the U.S. economy so greatly that many were unsure if the country would escape such devastation. Among the few countries that were affected, the United States suffered greatly, because after they gave aid to Israel the whole oil export ended toward them. The ability to control crude oil prices was passed from the United States to OPEC, and it was removed during the Arab Oil Embargo. Prices increased 400% in 6 months, and the extreme sensitivity of prices to supply shortages became all too apparent at that time. The world crude oil price was relatively flat from 1974 to 1978, ranging from 12.21 dollars per barrel to 13.55 per barrel, but when adjusted for inflation world oil prices were in a period of moderate decline. The crisis in 1973 had a huge effect on the world market, because this year the oil export from the Near East amounted 1 billion tons, and 40% of the petroleum of the bourgeois world originates from this region England 73%, France 83%, Italy 85% As a result of the shortage of oil petrol and gas oil prices increased, so the forestalling of fuel started. This resulted in bigger shortage and prices became higher and higher. In America the rise of prices almost caused a shock just like the world war. Prices started to fall at the New York Stock Exchange, restrictions were introduced for car usage, and people were encouraged to use less energy. With the start of the embargo, U.S. imports of oil from the Arab countries decreased from 1.2 million barrels a day to a mere 19,000 barrels. Daily consumption dropped by 6.1% from September to February, and by the summer of 1974, by 7 percent as the United States of America suffered its first fuel shortage since World War II. The impact of the embargo was drastic and it had an immediate effect on the whole economy. In the United States of America the retail price of a gallon of gasoline rose from a national average of 38.5 cents in May of 1973 to 55.1 cents in June of 1974. Meanwhile, The New York Stock Exchange shares lost $ 97 billion dollars in value in 6 weeks. Prices were rising since 1971 and by 1973 the price of petroleum reached the 11,68 USD/ton, this means that the prices became 10 times higher than they were originally. It could occur because of the disharmony of the consumer countries and so they could not make movements together against the embargo (for example anti-Americanism in France). Conclusion In times of shortage or oversupply crude oil prices behave much as any other commodity with wide price deflections. The crude oil price cycle may circulate over many years responding to changes in demand as well as OPEC and non-OPEC supply. From 1974 to 1978 under the control of the OPEC, the price of oil still remained high but stable: around $12 per barrel. Many developed countries started to worry about the unreliable supply sources and the exhaustion of oil reserves, but they did not do much one on this regard. The Iranian revolution in 1979 and the ensuing Iran-Iraq War lasting from 1980 to 1988 caused the second oil shock where the price of oil surged over $35 per barrel, this imposed several drastic but somewhat temporary measures to lower oil consumption. This resulted in a relocation of energy-consuming industries, in strategies for consuming less energy, such as energy efficient cars and appliances, in relying more on national energy sources like petroleum, coal, natural gas, hydroelectricity, nuclear energy, in building strategic reserves, and in substituting petroleum for other energy sources when it is possible. About 2 billion barrels are estimated to be held in strategic reserves all around the world, t he bulk of it in the United States, Germany and Japan. In 1980 the Carter Doctrine, which states that the United States would intervene militarily if its oil supply was compromised, is also the outcome of the uncertainties derived from the first and second oil shocks. The military presence of the United States in the Middle-East was extended, as the oil of the Persian Gulf was clearly perceived as of foremost significance to the national security. References http://www.people.hofstra.edu/geotrans/eng/ch5en/appl5en/ch5a1en.html http://www.wtrg.com/prices.htm Anthony Sampson. The Seven Sisters: The Great Oil Companies and the World They Shaped. New York: Viking Press, 1975

Essay --

Plato: Republic: By Allan Bloom In the Plato’s Republic mainly discuses the idea of what justice is. The answer to this question has a variety of answers according to the Republic, which makes it very interesting. Throughout this book, you will be driven in many directions of what justice is. Some may the answer is to primarily is doing the right thing. The main issue comes from about is whether to try and be just at the expense of staying poor, or lie, or even use the very unjust means to get what one wants in life. The main point of the book is a man who tries to be very just, may spend life wandering in the streets in search for money, while the man who lies to get their way, will be rich. This essay looks at the Thrasymachus’s concept of and the Socrates’s concept of justice. The essay also looks at the author thinks that the unjust man will be happier that the just man. It explores the reasons why the concepts are right or wrong. In book one, Thrasymachus definition of justice is, â€Å"the advantage of the stronger† (341d). His view on justice that justice always gives more authority and rule to people who are already in power. The argument that Thrasymachus makes is difficult to understand. His statement may make one believe that the people who are being ruled are considered to act right when their actions are going towards benefiting the rulers. You can also make an interpretation that the ruling class acts fairly by doing things that will benefit them. The confusion comes because Thrasymachus expresses his belief that, when the ruling classes do things that is geared towards benefiting them, they are acting unfairly. In his quote he says â€Å"advantage to the stronger†, which means Thrasymachus is arguing the concerns of justice... ...ons of the people. Socrates brings out the argument that the leaders do whatever they do for the interests of the people. The leaders are stronger than the citizens, the leaders should consider the people as their bosses and work for them. This explains why Socrates accepts that everything the leaders say or do. They do things with the interests of the others. As Socrates argues, leaders are not in power to benefit them. They are in power to serve the interests of the people who put them to those positions. In conclusion, the concept of justice defined by Thrasymachus and Socrates has opposing views. Thrasymachus views justice as making one unhappy. He says that lying and stealing is a way out. On the contrary, Socrates brings out justice as a pure of the soul. Socrates reflects the wishes of the society while Thrasymachus reflects a society that has rotten values.

Should You Buy a Harley Davidson? :: Harley Davidson

I have conversed with many other motorcycle riders about what motorcycle is the best. Many riders had wanted, ordered or already purchased a Harley. Reasons I hear from other riders and potentially interested persons as to why they have to have a Harley: It is the only real American made motorcycle. A Harley is the best motorcycle on the road. Harley Davidson is the oldest motorcycle company. A Harley Davidson is a good investment. American riders do not want to ride "Jap Junk." Riders do not want to start on something small and have to trade up. Fact: Harley Davidson is not the only American made motorcycle. There is a myth that Harley is the only American made motorcycle. To believe that, you would need to overlook the Honda of America plant in Marysville, Ohio and the Kawasaki Plant in Nebraska. Both are manufacturing plants, not assembly plants. That means that Honda does not ship in boxes of parts and put them together here as part of some evil conspiracy. Simple fact, it makes good business sense to manufacture their motorcycles in the USA. Manufacturers will be the first to tell you that the work force here is skilled, the U.S. suppliers and vendors produce excellent pieces. Take a good look at the contemporary Harley Davidson; it has quite a collection of foreign made parts. I do not have a problem with this; lets just keep it in perspective. Finally, manufacturers cannot just claim something is "Made in the USA." The Federal Trade Commission has specific criteria for what percentage of the parts must be ma de and sourced in the USA. There have been years where a larger percentage of a Honda Goldwing was USA made and sourced than a Harley Davidson. Everyone wants to think their motorcycle is "the best." I have owned several different brands of motorcycles. I would not call any of my former motorcycles "the best." Yes, maybe they were the best sport bikes in a given year, or touring model, or trail bike at the moment. Each and every motorcycle I have owned had room for improvement. What would make a Harley Davidson the best? Best should be defined as a motorcycle that suits you and your primary use for it. Should You Buy a Harley Davidson? :: Harley Davidson I have conversed with many other motorcycle riders about what motorcycle is the best. Many riders had wanted, ordered or already purchased a Harley. Reasons I hear from other riders and potentially interested persons as to why they have to have a Harley: It is the only real American made motorcycle. A Harley is the best motorcycle on the road. Harley Davidson is the oldest motorcycle company. A Harley Davidson is a good investment. American riders do not want to ride "Jap Junk." Riders do not want to start on something small and have to trade up. Fact: Harley Davidson is not the only American made motorcycle. There is a myth that Harley is the only American made motorcycle. To believe that, you would need to overlook the Honda of America plant in Marysville, Ohio and the Kawasaki Plant in Nebraska. Both are manufacturing plants, not assembly plants. That means that Honda does not ship in boxes of parts and put them together here as part of some evil conspiracy. Simple fact, it makes good business sense to manufacture their motorcycles in the USA. Manufacturers will be the first to tell you that the work force here is skilled, the U.S. suppliers and vendors produce excellent pieces. Take a good look at the contemporary Harley Davidson; it has quite a collection of foreign made parts. I do not have a problem with this; lets just keep it in perspective. Finally, manufacturers cannot just claim something is "Made in the USA." The Federal Trade Commission has specific criteria for what percentage of the parts must be ma de and sourced in the USA. There have been years where a larger percentage of a Honda Goldwing was USA made and sourced than a Harley Davidson. Everyone wants to think their motorcycle is "the best." I have owned several different brands of motorcycles. I would not call any of my former motorcycles "the best." Yes, maybe they were the best sport bikes in a given year, or touring model, or trail bike at the moment. Each and every motorcycle I have owned had room for improvement. What would make a Harley Davidson the best? Best should be defined as a motorcycle that suits you and your primary use for it.

Essay --

As I began my research for this essay, it became clearly obvious that there is no consensus on the roots of nations. From Gellner to Smith, a million little points in time and space can be credited for the creation of a nation, which in itself carries various meanings and connotations. Believing that both modernists, who interpret nationalism as being associated with industrial economy and centralized authority, and primordialists, who argue nations are ancient and natural phenomena, make valid points, I have opted to adhere to Michael Mann’s explanation that the structure of nations ‘had multiple causes and stages cascading on top of each other in unexpected and unfortunate ways. They were contingent because different causal chains, each of which we can trace and explain quite well, came together in a way that we cannot explain in terms of either of them, yet which proved timely for the outcome’ (Mann 2012: 3). Nevertheless, despite the range of explanations for nationalism, one concept is reoccurring. Humans, either in their local, state or international societies, are driven by power, and those who have the ability to force their decisions upon others yield power. Regardless of the fact that colonialism and imperialism are no longer recognized as current practices, international society still exists under the umbrella of neo-colonial influences, of which globalization is a product of. In this essay, I will explore the status of the nation and nationalism as it currently exists under neo-colonial influences. For long-term survival, human cultures, and therefore nations, have had to adapt to different environments and shifting conditions. Today’s technological growth has challenged nations to adjust at an ever-faster pace, unse... ...each into the international community. This is evident in the types of nationalism I’ve explored, both new nationalism and cosmopolitanism. They are opposing views of what nationalism is or can become in the future, but both have qualities that allow smaller nations to continue their existence in the international society. I have inadvertently expressed my opinion that nations are structurally political and that it is in the interest of their leaders to appeal to their unique traditions in order to maintain their power. Either way, the choice between these two approaches rests on the hands of the nation and its relationship with the international society. Globalization does not hinder the existence of the nation but rather helps it establish a place in the structure of power in a world which is still dominated by politically and economically dominant super powers.

Gender in ‘The Importance of Being Earnest’ Essay

Dramatic comedy originated in Ancient Greece in 5th century BC, centred around loose plot lines and exploiting certain situations through parody, farce and mockery. Comedy started developing in 4th Century BC where intricate plot lines were introduced, commonly based around love and romance and usually culminating in a satisfactory and happy resolution. This is much like the structure of ‘The Importance of Being Earnest’ as the play revolves around the growing relationships of both Jack and Gwendolen and Algernon and Cecily. Oscar Wilde has reversed the roles of gender in this play, the females are those who take the lead and are seen as the most dominant characters throughout – a very bizarre layout in a time period where men were seen as the head of the family and the most assertive figure. Lady Bracknell is the most domineering character throughout the play, and this a result of the eloquent and rather unnatural language she uses. She takes on the role of her h usband in Act 1 when Jack asks for Gwendolen’s hand in marriage- â€Å"I feel obliged to tell you that you are not down on my list of eligible young men† this was often the father’s role. Throughout the conversation it is quite apparent that Lady Bracknell holds all the power, and Wilde does this through all the questions she asks. Additionally, her questioning seems rather irrelevant and ridiculous at times, she asks â€Å"Do you smoke?† to which Jack admits he does and Lady Bracknell replies â€Å"I am glad to hear it. A man should always have an occupation of some kind†. Here the addictive habit that Jack has taken up is being compared to a profession and is creating humour due to the nature of the question and how much apparent importance it holds. It seems as though Wilde is using Lady Bracknell to â€Å"mock those in authority† [1] by presenting her as a character with no real agenda to her long and painful questioning – other than to talk. In Act 3, Lady Bracknell makes another appearance, which only highlights her towering force in the play. She has come to Jack’s house in the country to retrieve Gwendolen and take her home and makes it quite clear that her husband does not know where Gwendolen really is â€Å"Her unhappy father is, I am glad to say, under the impression that she is attending a more than lengthy lecture by the University Extension Scheme on the influence of a  permanent income on Thought. I do not propose to undeceive him.† This would have been seen as quite unusual at a time where wives wouldn’t have gone behind their husband’s backs, thus reinforcing Lady Bracknell’s authoritative demeanour and leaving the audience amused. Furthermore, Wilde’s portrayals of both Gwendolen and Cecily run parallel to one another. They mirror each other and are the assertive half of their relationships with Jack and Algernon. This is first shown between Jack and Gwendolen when Jack proposes. Jack announces his love for Gwendolen and she in turn, offers it back. Jack then says â€Å"..I mean we must get married at once. There is no time to be lost.† To which Gwendolen replies â€Å"†¦But you haven’t proposed to me yet. Nothing has been said at all about marriage.† Gwendolen is taking control of the situation and is expressing what she desires – for Jack to then grant her, her wishes. This is the same scene where Jack lies about his name once again to Gwendolen. â€Å"Selfishness and servility are the moral alternatives presented† – Katherine Worth. Gwendolen admits she could never love anyone with the name ‘Jack’ for â€Å"there is very little music in the name Jack†. This, to the audience seems rather pompous and shallow and is why it is humorous. And after all that Gwendolen has said, Jack does indeed go along with this though, and continues to call himself Ernest. In the scene where Cecily and Algernon first meet, Algernon also lies about his true identity – he introduces himself as Jack’s brother, Ernest. Whilst Cecily and Algernon are talking in the garden, Jack arrives home. He confides in Miss Prism and Chasuble that his younger brother ‘Ernest’ died in Paris of a severe chill. At this moment in time, the audience are taking great pleasure at the fact that they know something the characters do not – that Jack’s so called brother is in the garden. Afterwards, Cecily confesses to Algernon that they have been engaged for the past three months, and Algernon submissively accepts this to be both true and normal. This is the first indication of who the most assertive figure is in their relationship. The fact that Cecily writes to herself, on the behalf of ‘Ernest’ is rather ridiculous, and once again Algernon goes through with this. She continues on to tell him when their engagement was broken off, she  says â€Å"It would hardly have been a really serious engagement if it hadn’t have been broken off at least once. But I forgave you before the week was out† she talks about how their engagement wouldn’t have been ‘serious’, although it had never even happened and this displays marriage to be not all that serious in itself. In reply to this, Algernon thanks her for forgiving him – for something he did not do, â€Å"What a perfect angel you are Cecily.† This only highlights that he is inferior to her. When Cecily and Gwendolen meet each other at Jacks house in the country, a lot of confusion is caused for they both think they are engaged to the same man. But before they stumble across this realisation, they become ‘friends’ instantly Gwendolen says â€Å"..Something tells me that we are going to be great friends† to which Cecily replies â€Å"How nice have you to like me so much after we have known each other such a comparatively short amount of time.† The girls then find out they are ‘in competition’ with one another and their ‘friendship’ turns sour. This is comical due to the fact that just a few seconds ago they were very friendly and lovely to one another. When both Jack and Algernon approach and the matter is cleared up that neither one of them is ‘Ernest’ and that they have been lying to the women, Cecily and Gwendolen’s relationship takes a u-turn, not back to friendship, but to sisterhood. This was foreshadowed in Act 1 where Algernon says â€Å"Women only call themselves sister when they have called each other a lot of other things first†. Cecily and Gwendolen storm off into the house and Algernon and Jack cowardly hold back, where Algy begins to scoff the muffins and they start to blame one another for what just happened and it takes them a while before they approach the women in the house. However when they do it also doesn’t take long for both women to forgive them, they contradict themselves frequently in the process: Gwendolen – â€Å" But we will not speak first† Cecily – â€Å"Certainly not† Gwendolen – â€Å"Mr Worthing, I have something very particular to ask you. Much depends on your reply.† The irony of the situation is what is so amusing, the women cannot stay silent and wait for the men to speak, once again they have to be in control of the situation. However, the play began in â€Å"turmoil but (ended) in harmony† [2] as both couples were happily reunited. All throughout the play, women like to think they are the leaders and the superior, and on the surface they do appear to be, with their high demands being answered and always leading the conversations in which ever way they wish but at the end of the day, they always forgive or accept only what a man can offer, even if they demanded more. Bibliography: [1] Barbara Bleiman, Anna Sarchet and Lucy Webster: â€Å"Studying comedy† (2012) [2] Susan Snyder: â€Å"The Cambridge companion to Shakespeare† (2001)

Investment Banking Essay

A character referenceicula trampd ingredient of riming related to the creation of nifty for separate companies. enthr superstarment situates enshroud sore debt and impartiality securities for alone types of corporations. enthronement relys withal provide guidance to issuers regarding the issue and system of inventorypile. Investment banking removes raising gold ( roof) for companies and g all all overnments, usually by emergence securities. Securities or fiscal instruments include sessdour or k instantlylight-emitting diodegeership instruments much(prenominal) as stocks where investors own a sh be of the issuing charge and therefore ar entitlight-emitting diode to attains. They likewise include debt instruments such(prenominal)(prenominal)(prenominal) as bonds, where the issuing c erstrn borrows currency from investors and promises to repay it at a certain date with pursuance. Companies typically issue stock when they first go existence with initial popular tossings (IPOs), and they whitethorn issue stock and bonds periodically to fund such enterprises as search, freshly produce devisement, and expansion.Companies seeking to go usual must register with the Securities and Ex diversity fit and pay registration fees, which cover restrainer and lawyer expenses for the preparation of registration statements. A registration statement describes a caller- bys business and its plans for using the nones dress down, and it includes a play alongs fiscal statements. Before stocks and bonds ar issued, investing bankers coif repayable diligence trial runs, which entail cargon plenteousy evaluating a political partys price in terminations of gravid and equipment (as batchs) and debt (liabilities). This exami community requires the all-encom casting disclosure of a play alongs strengths and weaknesses. The company pays the coro domain banker afterward the securities jazz is completed and these fees a lot mountai n chain from 3 to 7 shargon of what a company raises, depending on the type of transaction. Investment banks aid companies and politicss in careing securities as well as investors in procure securities, managing enthronizations, and traffic securities.Investment banks put forward the reverberate of brokers or agents who barter for and bewray securities for their clients dealers or principals who misdirect and parcel out securities for their personal beguile in turning a arrive at and broker-dealers who do both. The primordial service provided by enthronization banks is underwriting, which refers to guaranteeing a company a entrap price for the securities it plans to issue. If the securities fail to lot for the square off price, the enthronement bills bank pays the company the difference. in that locationfore, coronation banks must carefully view the set price by con slopering the expectations of the company and the state of the grocery rear for the secur ities. In humanitarian, enthronization banks provide a plethora of opposite services including monetary advising, acqui impersonateion advising, divestiture advising, buying and change securities, engross-rate swapping, and debt-for-stock swapping. Nevertheless, close to of the r pull downues of investing funds banks fuck off from underwriting, cover securities, and setting up mergers and acquisitions.When companies destiny to raise turgid measuring sticks of bully, a root of investiture banks often participate, which are referred to as syndicates. Syndicates are hierarchically body structured and the members of syndicates are assemblageed according to three rifles managing, underwriting, and conducting. Managing banks sit at the go along of the hierarchy, conduct due diligence examinations, and perk up tell apartment fees from the companies. Underwriting banks receive fees for sharing the risk of securities offerings. Finally, selling banks function as broke rs within the syndicate and sell the securities, receiving a fee for each luck they sell. Nevertheless, managing and underwriting banks usually as well as sell securities. exclusively major enthronization banks retain a syndicate department, which concentrates on recruiting members for syndicates managed by their incorruptibles and responding to recruitments from separate firms. A variety of decree, closely from the 1930s, governs enthronement banking. These laws require open companies to fully develop development on their operations and monetary position, and they mandate the separation of mer dismisstile and investiture banking.The latter mandate, however, has been relaxed over the intervening old age as technical banks entertain entered the investiture banking tradeplace. An enthronement bank is a monetary origination that take cares individuals, corporations and brasss in raising jacket by underwriting and/or acting as the clients agent in the issua nce of securities. An investiture bank may likewise assist companies involved in mergers and acquisitions, and provide ancillary services such as merchandise making, craft of derivatives, pertinacious in bugger off instruments, outside(prenominal) exchange, commodities, and equity securities. Unlike commercialized banks and retail banks, investing banks do non set out deposits. From 1933 (GlassSteagall figure) until 1999 (GrammLeachBliley Act), the join States maintain a separation betwixt enthronization banking and commercial banks. Other industrialized countries, including G8 countries, ache historically not maintained such a separation. There are ii main lines of business in coronation banking. traffic securities for cash or for familyer(a) securities (i.e., facilitating transactions, commercialise-making), or the promotion of securities (i.e., underwriting, research, etc.) is the sell array, trance dealing with pension funds, vulgar funds, deflect funds, and the investing everyday (who engage the products and services of the sell-side in erect to maximise their return on enthronization) constitutes the buy side. some firms have buy and sell side components. An enthronement bank female genitalia too be bump into offstage and popular functions with a Chinese border which separates the two to hold on information from crossing. The confidential areas of the bank deal with underground insider information that may not be domainally disclosed, patch the public areas such as stock analysis deal with public information. An advisor who provides investiture funds banking services in the unify States must be a licensed broker-dealer and subject to Securities & Exchange steering ( reciprocal ohm) and Financial Industry Regulatory trust (FINRA) regulation. Investment banking is a field of banking that assist companies in acquiring funds.In addition to the of raw-made funds, coronation banking excessively offers advice for a wide range of transactions a company might engage in. In commercial banking, the institution collects deposits from clients and interprets direct loans to businesses and individuals. In the united States, it was illegal for a bank to have both commercial and investment banking until 1999, when the Gramm-Leach-Bliley Act legalized it. Through investment banking, an institution generates funds in two diametric ways. They may attractive force on public funds through with(predicate) the great(p) market by selling stock in their company, and they may too seek out venture big(p) or cloak-and-dagger equity in exchange for a stake in their company. Investment bankers give companies advice on mergers and acquisitions, for example.They also track the market in order to give advice on when to make public offerings and how best to manage the business public assets. roughly of the informatory activities investment banking firms engage in crossway with those of a private bro kerage, as they allow often give buy-and-sell advice to the companies they represent. The line amid investment banking and some other forms of banking has blurred in parvenue eld, as deregulation allows banking institutions to take on to a greater extent and to a greater extent sectors.With the advent of mega-banks which shut away at a tot up of aims, umpteen of the services often associated with investment banking are being made obtainable to clients who would otherwise be too diminished to make their business profitable. Careers in investment banking are mercenary and one of the most sought after positions in the silver markets. A career in investment banking involves extensive travelling, gruelling hours and an often cut-throat lifestyle. epoch super competitive and time intensive, investment banking also offers an exciting lifestyle with coarse financial incentives that are a draw to many multitude.HISTORY & DEVELOPMENT OF investing BANKINGInvestment banking began in the join States somewhat the middle of the 19th century. Prior to this period, auctioneers and merchants oddly those of Europeprovided the majority of the financial services. The mid-1800s were tag by the countrys superlative sparing growth. To fund this growth, U.S. companies looked to Europe and U.S. banks became the intermediaries that secured capital from European investors for U.S. companies. Up until population struggle I, the United States was a debtor nation and U.S. investment bankers had to rely on European investment bankers and investors to share risk and underwrite U.S. securities. For example, investment bankers such as keister Pierpont (J. P.) Morgan (1837-1913) of the United States would buy U.S. securities and resell them in London for a melloweder price. During this period, U.S. investment banks were linked to European banks. These connections include J.P. Morgan & Co. and George Peabody & Co. ( found in London) Kidder, Peabody & Co. and Barling B rothers (based in London) and Kuhn, Loeb, & Co. and the Warburgs (based in Germany).Since European banks and investors could not assess businesses in the United States easily, they hold uped with their U.S. counterparts to monitor the success of their investments. U.S. investment bankers often would mince seats on the boards of the companies issuing the securities to deal operations and make sure dividends were paid. Companies formal long-term relationships with particular investment banks as a consequence. In addition, this period byword the development of two basic components of investment banking underwriting and syndication. Be take some of the companies seeking to sell securities during this period, such as railroad and utility companies, inevitable substantial measurements of capital, investment bankers began under-writing the securities, thereby guaranteeing a specific price for them. If the shares failed to fetch the set price, the investments banks covered the diffe rence. Underwriting allowed companies to raise the funds they postulate by issuing a suitable add up of shares without inundating the market so that the regard as of the shares dropped.Because the value of the securities they underwrote frequently surpassed their financial limits, investment banks introduced syndication, which involved sharing risk with other investment banks. Further, syndication enabled investment banks to establish too larger networks to distri plainlye their shares and hence investment banks began to develop relationships with each other in the form of syndicates. The syndicate structure typically include three to five tiers, which handled varying degrees of shares and responsibilities. The structure is often thought of as a pyramid with a few large, indispensable investment banks at the apex and little banks below. In the first tier, the originating broker or house of issue (now referred to as the manager) investigated companies, resolute how much ca pital would be embossed, set the price and second of shares to be issued, and dogged when the shares would be issued.The originating broker often handled the largest pile of shares and eventually began charging fees for its services. In the second tier, the purchase syndicate took a smaller number of shares, often at a intimately higher(prenominal) price such as I percent or 0.5 percent higher. In the third tier, the banking syndicate took an even smaller amount of shares at a price higher than that paid by the purchase syndicate. Depending on the size of the issue, other tiers could be added such as the selling syndicate and selling group. Investment banks in these tiers of the syndicate would just sell shares, but would not agree to sell a specific amount. Hence, they functioned as brokers who bought and sold shares on commission from their customers. From the mid-i800s to the early 1900s, J. P. Morgan was the most consequential investment banker. Morgan could sell U.S. bo nds overseas that the U.S. segment of the Treasury failed to sell and he led the financing of the railroad. He also raised funds for General Electric and United States Steel. Nevertheless, Morgans control and influence helped cause a number of stock apprehensions, including the panic of 1901.Morgan and other powerful investment bankers became the sucker of the muckrakers as well as of inquiries into stock speculations. These investigations included the Armstrong insurance investigation of 1905, the Hughes investigation of 1909, and the silver Trust investigation of 1912. The Money Trust investigation led to most states adopting the so-called blue-sky laws, which were designed to deter investment scams by start-up companies. The banks responded to these investigations and laws by establishing the Investment Bankers crosstie to ensure the prudent practices among investment banks. These investigations also led to the creation of the federal official allow System in 1913. Beginnin g nearly the time World War I broke out, the United States became a citationor nation and the roles of Europe and the United States switched to some extent. Companies in other countries now turned to the United States for investment banking.During the 1920s, the number and value of securities offerings increase when investment banks began raising funds for a variety of rising industries automotive, aviation, and radio. Prior to World War 1, securities issues peaked at about $ 1 million, but afterwards issues of more than than $20 million were frequent. The banks, however, became mired in speculation during this period as over 1 million investors bought stocks on margin, that is, with money borrowed from the banks. In addition, the large banks began speculating with the money of their depositors and commercial banks made forays into underwriting. The stock market prostrationed on October 29, 1929, and commercial and investment banks lost $30 meg by mid-November. While the das h only postulateed bankers, brokers, and some investors and while most people still had their jobs, the crash brought about a credit moil. credit became so scarce that by 1931 more than 500 U.S. banks folded, as the Great low gear go on.As a run, investment banking all but frittered away. Securities issues no longer took place for the most part and few people could afford to invest or would be willing to invest in the stock market, which kept sinking. Because of crash, the government launched an investigation led by Ferdinand Pecora, which became cognise as the Pecora Investigation. by and by exposing the corrupt practices of commercial and investment banks, the investigation led to the establishment of the Securities and Exchange foreign mission (SEC) as well as to the sign of the Banking Act of 1933, also known as the Glass-Steagall Act. The SEC became responsible for regulating and overseeing in-vesting in public companies. The Glass-Steagall Act mandated the separation of commercial and investment banking and from thenuntil the late 1980banks had to exact among the two enterprises. Further legislation grew out of this period, too.The Revenue Act of 1932 raised the tax on stocks and required taxes on bonds, which made the practice of raising prices in the different tiers of the syndicate system no longer feasible. The Securities Act of 1933 and the Securities Exchange Act of 1934 required investment banks to make full disclosures of securities offerings in investment prospectuses and charged the SEC with revie pull ing them. This legislation also required companies to on a regular basis file financial statements in order to make known changes in their financial position. As a result of these acts, play for investment banking projects became competitive as companies began to consider the lowest bidders and not rely on major traditional companies such as Morgan Stanley and Kuhn, Loeb. The closing curtain major effort to ransack up the investment banking manufacturing came with the U.S. v. Morgan solecism in 1953. This case was a government antitrust investigation into the practices of 17 of the top investment banks.The court, however, sided with the defendant investment banks, terminal that they had not conspired to monopolize the U.S. securities patience and to prevent sassy entrants beginning virtually 1915, as the government prosecutors argued. By the 1950s, investment banking began to clump up as the economy continued to prosper. This growth surpassed that of the 1920s. Consequently, major corporations sought new financing during this period. General Motors, for example, made a stock offering of $325 million in 1955, which was the largest stock offering to that time. In addition, airlines, obtain malls, and governments began raising money by selling securities around this time. During the 1960s, high-tech electronics companies spurred on investment banking. Companies such as Texas Instruments and Electronic da ta Systems led the way in securities offerings. accomplished investment houses such as Morgan Stanley did not handle these issues rather, jetty Street new sufferrs such as Charles Plohn & Co. did. The established houses, however, participated in the conglomeration trend of the 1950s and 1960s by helping consolidating companies negotiate deals. The stock market collapse of 1969 ushered in a new era of economic problems which continued through the seventies, stifling banks and investment houses. The recession of the 1970s brought about a wave of mergers among investment brokers.Investment banks began to expand their services during this period, by setting up retail operations, expanding into transnational markets, investing in venture capital, and functional with insurance companies. While investment bankers once worked for fixed commissions, they have been negotiating fees with investors since 1975, when the SEC opted to exempt investment banker fees. This deregulation also gave rise to discount brokers, who undercut the prices of established firms. In addition, investment banks started to implement computer engineering science in the 1970s and 1980s in order to automate and expedite operations. Furthermore, investment banking became much more competitive as investment bankers could no longer clutches for clients to come to them, but had to endeavour to win new clients and retain old ones. organizational STRUCTURE & CORE BANKING ACTIVITIESInvestment banking is split into front piazza, middle office, and back office activities. While large service investment banks offer all lines of business, both sell side and buy side, smaller sell side investment firms such as boutique investment banks and small broker-dealers strain on investment banking and gross sales/ job/research, respectively. Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity very important to an investment banks reputation. Therefore, investment bankers play a very important role in issuing new security offerings.Front postal serviceInvestment BankingCorporate pay is the traditional medical prognosis of investment banks which also involves helping customers raise funds in capital markets and big(p) advice on mergers and acquisitions (M&A). This may involve subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. Another term for the investment banking atom is bodied finance, and its advisory group is often termed mergers and acquisitions. A pitch defy of financial information is generated to market the bank to a potential M&A client if the pitch is victorious, the bank arranges the deal for the client.The investment banking course of instruction (IBD) is generally shared into intentness coverage and product coverage groups. Industry coverage groups focus on a specific industry, such as healthcare, industrials, or technology, and maintain relationships with corporations within the industry to bring in business for a bank. Product coverage groups focus on financial products, such as mergers and acquisitions, leveraged finance, public finance, asset finance and leasing, structured finance, restructuring, equity, and top-grade debt and generally work and collaborate with industry groups on the more intricate and specialise needs of a client.gross tax revenue and employmentOn behalf of the bank and its clients, a large investment banks primary function is buying and selling products. In market making, raftrs will buy and sell financial products with the goal of making money on each trade in. Sales is the term for the investment banks sales force, whose primary job is to call on institutional and high-net- worth investors to suggest duty ideas (on a caveat emptor basis) and take orders. Sales desks th en communicate their clients orders to the appropriate concern desks, which can price and execute trades, or structure new products that fit a specific need. Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and numerate employees operative on creating complex structured products which typically offer much greater margins and returns than inherent cash securities.In 2010, investment banks came under pressure as a result of selling complex derivatives pressures to local municipalities in Europe and the US. Strategists advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene.This strategy often affects the way the firm will operate in the market, the direction it would like to take in terms of its patented and electric current positions, the suggestions salespersons give to clients, as well as the way structures create new products. Banks also undertake risk through proprietary trading, performed by a special set of traders who do not interface with clients and through principal riskrisk undertaken by a trader after he buys or sells a product to a client and does not hedge his replete(p) word-painting. Banks seek to maximize profit office for a given amount of risk on their balance sheet. The necessity for numerical ability in sales and trading has created jobs for physics, math and engineering Ph.D.s who act as quantitative analysts.Equity researchThe research social class reviews companies and writes reports about their prospects, often with buy or sell ratings. While the research ingredient may or may not generate revenue (based on policies at different banks), its re addresss are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside clients with investment advice (such as institutional investors and high net worth individuals) in the hopes that these clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate revenue for the firm. There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can affect the banks profits. Hence in recent age the relationship between investment banking and research has become highly regulated, requiring a Chinese wall between public and private functions.addition counsellingpicThe asset watchfulness division manages money for institutions, such as mutual funds, and plastered individuals. The business is divided into three sub-divisions. asset forethought Division has the responsibility to unionise and facilitate in term of strategical and Development Programme in Asset Management. Data Management, Perf ormance Managing and Information in Asset Management. Fund ManagementThis division manages a number of funds, each with a different focus and strategy. For example the asset concern division may have three funds, one focused on private equity investments in emerging markets, another dealing with arbitrage trades, and withal another that buys and holds corporate debt. Clients can subscribe to to place their money with either of these funds. both(prenominal) banks, such as Bank of sassy York Mellon, manage exchange-traded funds that are amicable to retail investors. The bank earns revenue by charging a fee for assets under counsel, and sometimes by charging a commission based on returns. Private Banking and Wealth ManagementThe division manages banking activities of extremely wealthy individuals. apart(predicate) from providing regular banking services, such as learn clearing, the division also advise such individuals on tax strategy and investments. They work closely with oth er parts of the asset management division to provide a comprehensive service, e.g. work with fund management to invest in different strategies. prepare BrokerageThe division deals with professional asset managers, such as mutual funds and hedge funds. Their services include capital punishment trades on behalf of these clients, place custody of their assets, and advising them on potential opportunities. For example When Berkshire Hathaway (BRK) needs to buy a certain security from public markets, it uses a prime broker to buy and hold the security on its behalf. The division works closely with the Sales and Trading division. Additionally, the prime brokerage can also help its clients (hedge funds) to find investors. snapper OfficeThis area of the bank includes risk management, exchequer management, internal controls, and corporate strategy. Risk management involves analyzing the market and credit risk that traders are taking onto the balance sheet in conducting their daily trades, and setting limits on the amount of capital that they are able to trade in order to prevent evil trades having a detrimental effect on a desk overall. Another key sum Office role is to ensure that the economic risks are captured accurately (as per agreement of commercial terms with the counterparty), correctly (as per standardized date models in the most appropriate systems) and on time (typically within 30 transactions of trade execution). In recent years the risk of errors has become known as operational risk and the presumption Middle Offices provide now includes measures to address this risk.When this assurance is not in place, market and credit risk analysis can be unreliable and open to deliberate manipulation. Additionally, corporate treasury is responsible for an investment banks funding, capital structure management, and liquidness risk monitoring. Financial control tracks and analyzes the capital flows of the firm, the Finance division is the principal advisor to se nior management on essential areas such as controlling the firms global risk exposure and the profitability and structure of the firms various businesses via dedicated trading desk product control teams. In the United States and United Kingdom, a Financial Controller is a senior position, often reporting to the pass Financial Officer. Corporate strategy, along with risk, treasury, and controllers, also often falls under the finance division.Back OfficeOperationsThis involves data- violateing trades that have been conducted, ensuring that they are not erroneous, and transacting the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank. Due to increased competition in finance related careers, college degrees are now mandatory at most story 1 investment banks. A finance degree has proved significant in understanding the depth of the deals and transactions that turn over across all the divisions of the bank.Technology every(prenominal) major investment bank has hefty amounts of in-house bundle, created by the technology team, who are also responsible for technical support. Technology has changed easily in the last few years as more sales and trading desks are using electronic trading. Some trades are initiated by complex algorithms for hedgerow trains. Firms are responsible for compliance with government regulations and internal regulations. Principal Investing and proprietorship TradingpicInvestment banks have assay to increase their return on equity by investing their own capital into certain ventures. The bank invests its own capital by taking a equity or debt stake in corporations with the take on of influencing the management. The motive is very similar to that private equity investors the bank tries to profit by turning around companies. The bank can also take short-term positions in the market with its own capital. This is known as proprietary trading, and the bank attempts to earn a profit by co rrectly predicting market movements.Proprietary trading is very different from normal sales and trading operations where the banks revenue is primarily dependent on the volume of trade it executes on behalf of its client. The feeling of the bank risking its own capital can be traced back ever since banking was invented. J.P. Morgan, separate of J P Morgan Chase, was an extremely successful investor. However, in recent years, Goldman Sachs has been the leader in this field in 2007, the bank profited greatly from the proprietary trades that it made against the sub-prime market. In many cases, the banks allow other investors to invest in such ventures (and charge a management fee). This puts them in direct competitor with hedge funds and private equity firms for both investors and investing opportunities.INVESTMENT BANKING IN THE twentieth CENTURYIn the mid-20th century, large investment banks were dominated by the dealmakers. Advising clients on mergers and acquisitions and public offerings was the main focus of major Wall Street partnerships. These step to the fore bracket firms included Goldman Sachs, Morgan Stanley, Lehman Brothers, First Boston and others. That trend began to change in the 1980s as a new focus on trading propelled firms such as Salomon Brothers, Merrill Lynch and Drexel Burnham liter into the limelight. Investment banks earned an increasing amount of their profits from proprietary trading. Advances in computer science technology also enabled banks to use more sophisticated model driven software to execute trades and generate a profit on small changes in market conditions. In the 1980s, financier Michael Milken popularized the use of high yield debt (also known as discard bonds) in corporate finance and mergers and acquisitions.This fuelled a arrest in leverage buyouts and antipathetical takeovers (see History of Private Equity). Filmmaker Oliver pit immortalized the spirit of the times with his movie, Wall Street, in which Michael Douglas played the role of corporate mollycoddler Gordon Gekko and epitomized corporate greed. Investment banks profited handsomely during the nail down years of the 1990s and into the tech boom and ruffle. When the tech bubble burst, it precipitated a eviscerate of new legislation to prevent conflicts of interest within investment banks. Investment banking research analysts had been actively promoting stocks to investors while privately acknowledging they were not attractive investments. In other instances, analysts gave fortunate stock ratings to corporate clients in the hopes of attracting them as investment banking clients and handling potentially lucrative initial public offerings. These scandals paled by similitude to the financial crisis that has enveloped the banking industry since 2007.The speculative bubble in housing prices along with an overreliance on sub-prime mortgage lending trigged a shower of crises. Two major investment banks, yield Stearns and Lehman Brot hers, collapsed under the weight of failed mortgage-backed securities. In March, 2008, the federal government began using a variety of taxpayer-funded bailout measures to prop up other firms. The Federal Reserve offered a $30 billion line of credit to J.P. Morgan Chase to that it could bring home the bacon Bear Sterns. Bank of America acquired Merrill Lynch.The last two bulge bracket investment banks, Goldman Sachs and Morgan Stanley, elected to convert to bank holding companies and be fully regulated by the Federal Reserve. Moving forward, the recent financial crisis has weakened both the reputation and the potency of U.S. investment banking organizations throughout the world. The growth of foreign capital markets along with an increase in pools of sovereign capital is changing the decorate of the industry. The growing international flow of capital has also opened up opportunities for investment banking in new financial centers around the world, including those in developing cou ntries such as India, China and the Middle East size OF THE INDUSTRYGlobal investment banking revenue increased for the fifth year runway in 2007, to a record US$84.3 billion, which was up 22% on the old year and more than double the level in 2003. Subsequent to their exposure to United States sub-prime securities investments, many investment banks have undergo losses since this time. The United States was the primary source of investment banking income in 2007, with 53% of the total, a proportion which has fallen somewhat during the preceding(a) decade. Europe (with Middle East and Africa) generated 32% of the total, slightly up on its 30% share a decade ago. Asian countries generated the remaining 15%. Over the ultimo decade, fee income from the US increased by 80%.This compares with a 217% increase in Europe and 250% increase in Asia during this period. The industry is heavily concentrated in a small number of major financial centres, including City of London, New York City, Hong Kong and Tokyo. Investment banking is one of the most global industries and is hence always challenged to respond to new developments and innovation in the global financial markets. New products with higher margins are constantly invented and manufactured by bankers in the hope of winning over clients and developing trading know-how in new markets. However, since these can usually not bepatented or copyrighted, they are very often copied promptly by competing banks, pushing down trading margins. For example, trading bonds and equities for customers is now a goodness business, but structuring and trading derivatives retains higher margins in good timesand the risk of large losses in difficult market conditions, such as the credit crunch that began in 2007.Each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk profiles. Listed option contracts are traded through major exchanges, such as the CBOE, and are almost as commoditized as general equity securities. In addition, while many products have been commoditized, an increasing amount of profit within investment banks has come from proprietary trading, where size creates a compulsive network benefit (since the more trades an investment bank does, the more it knows about the market flow, allowing it to theoretically make better trades and pass on better guidance to clients).The fastest growing segments of the investment banking industry are private investments into public companies ( tubes, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors. These PIPE transactions are non-rule 144A transactions. Large bulge bracket brokerage firms and smaller boutique firms compete in this sector. Special purpose acquisition companies (SPACs) or blank check corporations have been created from this industry.