Sunday, May 24, 2020

African-American Studies Has Been Set In Place To Broaden

African-American studies has been set in place to broaden an individual s knowledge based on the history, literature, politics, and the lifestyle of Black Americans. Course 271 has helped me realize what African-American Studies is as an interdisciplinary field. It is not just a discipline, it is so much more. African-American studies is a way to learn about individuals outside Black History Month. African-American studies provides a way to deepen an individual’s understanding from the diaspora. It also teaches the history of my people in a way that I never learned in secondary school. It reinforces the importance to immerse myself into my history and culture. In my opinion, African-American Studies leads to mental liberation and a†¦show more content†¦Within the case, a handful of Black women brought suit against General Motors, â€Å"alleging that the employer’s seniority system perpetuated the effects of past discrimination against Black women† (Crens haw 139). However, they could not sue on the basis of racism because Black men had been hired, and they could not sue on the basis of sexism because white women had been hired. As a result, the court dismissed both claims of sex and race discrimination. Such cases revealed the reality of Black women’s discrimination being combined factors (Christon 2). The Black Family My newfound knowledge has helped me connect with African-American studies. For instance, it has helped me develop a greater knowledge of others. Learning about the Black family has given me some historical context to why black families are commonly structured the way they are. The black female has become the head of household in many families. Fine et al (1987) states that black women control the family decision making. My family encompasses many matriarchal women. They have been a great influence in my life. Without my family, I would not know how to be independent. My mother has been a single parent for most of my life. She has conquered through her struggles of being a black woman. Course 271 changed my view on matriarchal women because I was not aware about the different stereotypes that black women possessed. The patriarchyShow MoreRelatedDiversity Management in South African Organizations700 Words   |  3 Pages2014). These various backgrounds include race, religion, ethnicity, gender and disabilities. Diversity helps an organisation because it broadens the skillset available to the organisation because of peoples varying backgrounds, and it also helps the organisation to form a good relationship with its customers who may also be very diverse, and diverse teams have been shown to outperform homogenous teams as they have more ideas on problem solving. A diverse work environment is very attractive for tourismRead MoreWhat Are The Affects Of Nursing Care On Cultural Patients?1123 Words   |  5 PagesCNE, ANEF April 10, 2017 Introduction Today, the migration to the United States, have increased greatly throughout the years. The US has opened their doors for multiple different, races, ethnicity, cultures etc. As of 2010, 72.4% of the United States was white, 14% African American, 17.3 Hispanic, 4.8 % Asian American, and 0.9% American Indian. It is projected that by 2020, 53% of the population will be white of European descent, with Asians and Hispanic American’s tripling. (GigerRead MoreSimilarities Between Frederick Douglas And Malcom X1321 Words   |  6 Pagesbe denied an education. This story tells about, Malcolm X and Fredrick Douglas, and how they found themselves trapped, uninformed, and rose above their demographics. Malcolm X was an African American convict who educated himself during his prison sentence. He focused on the study of the civil rights of African Americans. The illumination of Malcom X began when he went to Charlestown Prison. Behind a string of robberies targeting wealthy whites. Malcom is often quoted as saying, â€Å"It had really begunRead MoreThe Migration Of Diaspora And Diaspora Studies Essay1727 Words   |  7 Pages‘Diaspora’ has its roots in the Greek word Diaspeirein – â€Å"to scatter about, disperse†. Dia means â€Å"about, across† and Speirein means â€Å"to scatter. Earlier, Diaspora was used to refer to citizens of a dominant city who immigrated to a conquered land with the purpose of colonization, to absorb the territory into the empire. That is why there are a lot of arguments between scholars as to what ‘Diaspora’ and ‘Diaspora studies’ mean. Diaspora is located between cultures, between majority and minorityRead MoreCultural Exploration Of A Sightseeing Tour1707 Words   |  7 Pageswe are affected by expanding our knowledge of various cultures. By learning more about cultures, we learn new ways to see and interpret the world around us; even familiar situations can take on new meaning when our knowledge of different cultures has been expanded. The more we explore and seek to understand the perspectives of others, the more we can understand instances or scenarios that we could not understand initially. We can observe and interpret the w orld with fresh eyes, armed with new understandingsRead MoreEssay on Race and the Invisible Hand1773 Words   |  8 PagesRace and the Invisible Hand Racism is a social dilemma that has been dealt a frequent occurrence in the history of mankind. People have experienced different forms of racism and depending on what part of the world you lived in, many wars have been fought different ethnic and racial group. The term racism has been over used so much so that it does no longer have a significant definition. The meaning varies depending on who is being asked what racism is. According to the book, Institutional  Racism  inRead MoreThe Sociological Imagination, By C. Wright Mills1947 Words   |  8 Pagespresent day conditions and the historical ones to notice similarities and to see how the area and the people have changed and how the past could have and did have an effect on the present conditions. One very relevant point that has to do with seeing yourself in a bigger picture has to do with stepping away from the â€Å"banking education† that Feire talks about in his article. Higher education such as college or a univ ersity doesn’t follow this method of teaching quite as much as high school does, the studentsRead More The Victims of Elder Abuse Essay2516 Words   |  11 PagesElder abuse has been present in society from past times. Evidence of elder abuse can be found in Shakespeare writings and literature, and also in Greek mythology. Despite its’ constant presence throughout time, it is only recently that serious attention has been given to elderly violence. The main reason for the new recognition of this old problem is the increasing number of aging Americans. (National Center for Victims of Crime). Elderly abuse in modern times is more prevalent that in ancientRead MoreChimamanda Adichie : The Danger Of A Single Story1910 Words   |  8 Pages Chimamanda Adichie is an African writer who is from Nigeria, but studied in America. In this talk, there is a lot of information about, what she calls, the curse of a single story. This means that if you only have one story about a certain subject, then you have only a limited view of it. Adichie talks about how dangerous this can be, because you are perceiving something hat is most likely more complex and has more information to it, as something that is simple and has one view towards it. I usedRead More Affirmative Action Essay4934 Words   |  20 Pagesethnic background when accepting positions, especially if the candidate’s ethnic affiliation has had a history of racial discrimination. These minority groups are entitled to special considerations, typically viewed as payments made by the government to settle past discrimination. The effects of affirmative action have been well seen in economic and educational systems where educators and employers have long been pressured into giving preference to minorities even if they lesser qualifications, to help

Thursday, May 14, 2020

Should College Be Free Essay - 1520 Words

Should college be free? A current universal problem poses this question. In today’s world, full of public education standards that hold students maybe too high and in a generation bogged down by student debt, this issue qualifies as a problem more than many are maybe even willing to admit. While the prospect of free college proposes excellent ideals such as a stronger and smarter generation, no student loan problems, and a higher educated society, the truth may actually lie in the reality that making college free would do more hindrance than good and is not the answer to these problems. Free college would increase economic problems, according to Andrew P. Kelly, who says it would only shifts the cost to someone else. As well, it would also hinder our education system. Michael J. Petrilli writes that making college free would â€Å"probably shift billions of dollars a year from programs that help talented poor kids access higher education and improve our schools†. Alth ough the concept of free higher education is becoming appealing to the general population, it ultimately would create more problems than it solved and do virtually nothing of huge significance to increase the level of intelligence in modern society. In today’s world, whether or not higher education should be free to the public has definitely become something of a debate. Should every citizen have an equal opportunity to achieve high in college? Some believe college should be absolutely free to everyone and anyone,Show MoreRelatedShould College Be Free College?848 Words   |  4 Pages Free College Why are not more people going to college? One obvious answer would be cost, especially the cost of tuition. But the problem is not just that college is expensive. It is also that going to college is complicated. Free college is not just about cultural and social, neither economic. It means navigating advanced courses, standardized tests, and forms. It means figuring out implicit rules-rules that can change. College graduates have higher employment ratesRead MoreShould College Be Free College?1614 Words   |  7 Pagescandidates because of his belief that tuition and cost of living at public colleges and universities should be free. Free college has become one of the most talked about policy proposals on the campaign trail, but questions surround the policy, such as how it would work, how much it would cost and how it would affect students (Rhatican). Most colleges bundle their prices in terms of tuition and fees. In 1995, tuition for private colleges was around 14k, for Public out of state it was around 7k and for publicRead MoreShould College Be Free College?1688 Words   |  7 Pagesto cover the costs? Free college is now brought up as a debate whether or not students should receive free college tuition while attending college. Some individuals would like this idea, but I am definite the taxpayers would not like it or support it. If the government cannot afford what they are in debt with now, I am quiet uncertain how adding free college would help the debt go down. I am sure that the government would find some way to get their money back from allowing free tuition, or twice theRead MoreCollege Should Not Be Free876 Words   |  4 Pagesmake public college tuition free. A recent movement to federally mandate college funding has struck the interest of the lower, impoverished members of society. However, if college tuition were free it would be unfair, unregulated, and cost-ineffective in the long run. What does free really mean? Does it include just tuition, or room, board and books? Also, would it be completely free? Someone has to pay something somewhere down the line. There is no way to make college completely free. It would beRead MoreShould Colleges Be Free? Essay1186 Words   |  5 PagesShould colleges be free in America? It is a question that is more relevant today than ever before. As education is one key factor that determines the nation’s fate going forward, this question is worth debating. Making free college education may sound good theoretically but requires herculean efforts to make it practically possible. The main question is whether such program be effective in the long run or not? If, yes how long will the government able to support these costs and from where? Are tuitionRead MoreShould College Be Free?893 Words   |  4 Pagesor not college should be free. Images of students rallying and protesting can be often seen in the news. They are in favor of making college free. I disagree and feel that college should not be free. People would be more likely to fail because there would be no financial consequence, the financial burden would be passed on to taxpayers who wouldn’t even benefit from it, and it would not be fair to those who work hard through earning scholarships and serving in the military. College should not beRead MoreShould College Be Free844 Words   |  4 PagesShould college be free? Posted on  May 8, 2011  by  writefix Should college education be free, or should university students be required to pay tuition fees? Some countries have free education from kindergarten to university, while  students in other countries have to pay  at every step of the way.  This essay will look at some of the reasons for this difference  at university level. Free third level education has several advantages. First of all,  everyone can attend, so the gap between rich and poorRead MoreCollege Should Be Free759 Words   |  3 Pages Should the cost of earning a college degree be free? Some students,parents, and educators say that it is morally wrong for a child to spend their entire life going to public school for free and having them to just turn around and pay for college. The students, parents, and educators all would agree that the cost of obtaining a college degree should indeed be free. Those who are against this issue believe that the students themselves or their parents who are financially able should pay for someRead MoreShould College Be Free?1907 Words   |  8 PagesShould College Be â€Å"Free† in America? As many young millennials rally behind Bernie Sanders and his outlandish claims of free public college for all, others sigh and shake their heads in disapproval. Are these college students really entitled to free higher education? Is it every American’s unalienable right to have a college education? Despite the recent push for free college in the United States, the economic burden and drop in personal responsibility it would create proves that colleges shouldRead MoreShould College Be Free?1916 Words   |  8 Pagesthroats since elementary, I am planning to attend college. My sisters and I being the first generation in our family to attend college, everything is a little scarier. Nothing scared me more than seeing the cost of the tuition. My parents dropped out of college after one year because they didn’t put the work in to get scholarships, and tuition was too much. My oldest sister is in her third year of college and is already planning to come out of college w ith $70,000 debt, because she is in a private school

Wednesday, May 6, 2020

Gandhi s Journey Of Non Violence - 909 Words

Mohandas Karamchand Gandhi often referred to as â€Å"Bapu† was born on October 2, 1869. He was brought up in a middle-class family where his father, Karamchand was chief minister of Porbandar where Gandhi was born as well. Gandhi was highly influenced from his mother, Putlibai who would fast on daily basis, which explains why Gandhi believed in fasting as well. He grew up around having Muslim and Christian friends. At the age of 13, he had an arranged marriage with Kasturba and later had four sons with. Although Gandhi’s father wanted him to become a government minister, Gandhi was more interested in becoming a doctor. In fact, he went to study law abroad in London. Though all the struggles trying to adapt the western culture, he later became an attorney of law. The film Gandhi shows different religious beliefs of Hindus, Muslims, Sikhs, and Christians as well as Gandhi’s journey of non-violence. As it starts out Gandhi being thrown out of the train on the way to South Africa, which shows discrimination towards Hindus for the first time in the film. After the arrival in South Africa, he gets in touch with other Hindu workers where they decide to burn off the British government documents that each individual was given. Although, Gandhi was kept on being hit with such cruelty, he didn’t give up. The cruel behavior of British soldiers eventually opened his eyes and led him to make peace through ahimsa or non-violence. He believed that punishment for people is in God’s hands asShow MoreRelatedAlabama Bus Boycott : A Civil Association For The Advancement Of Colored People1479 Words   |  6 PagesFollowing the seemingly successful 1950’s Montgomery, Alabama bus boycott, a protest for segregation where African American s under the National Association for the Advancement of Colored People (NAACP) refused to ride Alabama buses, ending after 381 days when the Supreme Court ordered Alabama to integrate its bus systems, the state figuratively dragged its heels in changing its transit. In fact, ten years later when the Supreme Court ruled segregated buses unconstitutional nationwide, yet southernRead MoreGandhi s Early Self Identification1690 Words   |  7 Pagesdays Mahatma Gandhi was the primary leader of India’s independence movement and also the architect of a form of non-violent civil disobedience that would influence the world. Mohandas Karamchand Gandhi, popularly known as Gandhi, was born to Putlibai on October 2nd, 1869 in Porabandar,India. His father, Karamchand Uttamchand Gandhi served as the Diwan chief minister of Porbandar state. The Indian classics, especially the stories of and king Harishchandra, had a great impact on Gandhi in his childhoodRead MoreAlabama Bus Boycott : A Civil Association For The Advancement Of Colored People1528 Words   |  7 PagesFarmer Jr. , a Gandhi-influenced activist, saw the opportunity to hold these states accountable. To do so, Farmer, organizing what he came to call â€Å"Freedom Rides†, set out to train 12 volunteers along with himself in nonviolent protest to prepare the riders to ride through those stubborn states, in turn desegregating them . While acquiring his degree from Howard University, the college where he decided to co-found and Direct the Congress of Racial Equality (CORE) Farmer studied Gandhi, this stronglyRead MoreInformative Speech: The Congress of Racial Equality Essay1011 Words   |  5 Pagesthe teachings of Mahatma Gandhi  · tried to implement the nonviolent civil disobedience campaign that M. Gandi used successfully against British rule in India.  · The students became convinced that the same methods could be employed by blacks to obtain civil rights in America.  · The Congress of Racial Equality sought to apply the principles of nonviolence as a tactic against segregation The groups inspiration: Krishnalal Shridharanis book War without Violence (1939, Harcourt Brace) outlinedRead MoreQuetext. About Faq Contact. Early Days Mahatma Gandhi Was1353 Words   |  6 Pagesdays Mahatma Gandhi was the primary leader of India’s independence movement and also the architect of a form of non-violent civil disobedience that would influence the world. Mohandas Karamchand Gandhi, popularly known as Gandhi, was born to Putlibai on October 2nd, 1869 in Porabandar,India. His father, Karamchand Uttamchand Gandhi served as the Diwan chief minister of Porbandar state. The Indian classics, especially the stories of and king Harishchandra, had a great impact on Gandhi in his childhoodRead MoreMahatma Gandhi : An Important Contribution Of Society925 Words   |  4 Pagesequality in their nations. Mahatma Gandhi can be viewed as an important individual that has used nonviolent ways to promote change in his society. Religion played an important part in Mahatma Gandhi’s life. His father served as a chief minister in Porbandar. His mother was very religious and fasted regularly. Mahatma Gandhi was born into a Hindu family in 1869, and remained a faithful Hindu throughout life. Ideas from several other religions influenced Gandhi, and eventually developed his own ideasRead MoreIndia Challenges Of India s Indian Movement Of Independence1477 Words   |  6 Pages2015 Gandhi challenges British rule in India When one imagines of the early 1940s’ Indian movement of independence, one figure readily clicks into the mind; the popular Mahatma Gandhi, who was an immensely leader in India. He was nicknamed Mahatma by most of his countrymen, a name that meant â€Å"The Great Soul†. This leader led to a remarkable change of the world far much beyond his sacrificial and successful struggle that led to the end of the British imperial rule in his nation, India. Gandhi believedRead MoreThe Leader Of Modern Indian Nationalism2777 Words   |  12 Pagesnationalism, Mohandas Gandhi led the movement of India independence spirituality and brought India’s freedom. To Gandhi, moral values always succeeded material ones, and the improvement of human souls was a necessary precursor to the improvement of India. He was a believer of nonviolence and civil disobedience, proving that these ideals could unite diverse peoples and accomplish great progress. He used his philosophy of satyagraha means â€Å"truth force† and ahimsa or non-violence to bring independenceRead MoreA Brief Note On Oprah Winfrey s Speech1264 Words   |  6 Pagesinfinitely superior to violence; forgiveness is more courageous than punishment.† –Gandhi Do you agree? Why? In my opinion, nonviolence is most definitely superior to violence and forgiveness shows much more strength than punishment. I learned this virtue as a young child when I was sexually assaulted and not taken very good care of. There is going to be many times when you will need to think, should I use violence or should i use nonviolence? The answer to that is, non violence gets you much furtherRead MoreGandhi : The Situational Leader3106 Words   |  13 Pages Gandhi: The Situational Leader Akanksha Jolly ESLI â€Æ' Gandhi: The Situational Leader According to Burns(1978) â€Å"Leadership is the reciprocal process of mobilizing by persons with certain motives and values, various economic, political, and other resources, in a context of competition and conflict, in order to realize goals independently or mutually held by both leaders and followers† (p. 425). Leaders often find themselves in violent situations, and many of them are unsure of how to

Tuesday, May 5, 2020

Innovation and Entrepreneurship for Bakery Chain-myassignmenthelp

Question: Discuss about theInnovation and Entrepreneurship for Bakery Chain. Answer: This assignment highlights a bakery business and its business plan along with a SWOT analysis,pestle analysis and porters five force analysis. Vision The vision of the Bakery is to serve the people with the best quality of cake and biscuit and established the business as one of the most famous Bakery chain. Mission The Bakery is a Start up business. It has 10 employees to start with. The Bakery business started with the vision of establishing the business as a chain of bakeries across the country. The targeted customers are the people who have a sweet tooth and those who love baked products (Blank, 2013). The customers include the youth and the children as well as the people of Singapore celebrating their wedding or birthdays or any other occasions where the order cakes from this Bakery. The business is motivated to serve the best quality of cakes in Singapore and bring in innovation in order to achieve competitive advantage then the competitors. Goals The goals of the Bakery are to reach every citizen of Singapore with the cake and bake products. They have a target of reaching to 1 million people with their baked products and cake and reach a target of 1million dollar in the next 6 months. Strategies In order to reach the goal that is set by the Bakery, various innovation challenges needs to be taken up. Since a bakery is very common in Singapore, the business has to have a unique selling proposition in order to establish them as the leader in the market. The innovation includes use of best raw materials along with innovative baking materials (Kiel, 2014). The designs of the cake and the other baked products are proposed to be innovative and unconventional to attract more customers. Along with the use of chocolate unconventional themes and icing on the cakes, fresh fruits and dry fruits are to be used which is unconventional among the bakeries of Singapore. Action Plan Day 1- choose a theme of the king and the Bakery products that will be baked along in the week Day 2- ensure the procurement of the raw materials that are needed for the Bakery products Day 3- make the cakes and the products along with carrying out of Promotional activities Day 4- give out lucrative offers on the cake and the Bakery products to attract new customers Day 5- while the customer come for buying cake, offered them samples of the Other Bakery products such that they end up buying the new products as well PESTEL Analysis Political Political stability Economic Stable economy High affordability Social Increase in the demand of bakeries Technological Use of latest technology for innovation (Mullins, 2013) Environmental Use of organic raw materials will give competitive advantages Legal The legislation of the country has to be abided by the bakery Porters 5 force Analysis Buyers power- the buyers power is high since the Bakery is a Start up and it has to attract more customers Suppliers power- the suppliers power is high since the Bakery is a Start up and is dependent on few suppliers for the supply of raw materials. Threat of substitute- the threat of substitute is low, since innovation is the unique selling proposition of the Bakery. Threat of new entrants- the threat of new entrants is high since Bakery is common in any country (Brooks, Heffner Henderson, 2014). Competitive rivalry- the competitive rivalry is high competition for the start-up Bakery since they are leaders in the marketand they will offer high challenge. SWOT Analysis Strengths Innovation Fresh raw materials Use of organic materials Weakness High competition Low promotional activities High cost of the products Opportunity Increase in the demand of the bakery products Need for innovation in the bakery industry Threat High competition in the bakery industry Threat of new entrants This assignment highlights the mission vision of a Start up Bakery along with the strategies that the Bakery needs to take in order to fulfil the mission and the vision. The action plan is also included in this assignment. Innovation has been chosen as the unique selling proposition for the Bakery to establish itself as one of the largest Bakery chains in Singapore. The swot analysis highlights that the use of organic raw materials is strength, whereas the high cost of the products is a weakness. However, various opportunities have been identified for the bakery to grow and fulfil its mission and vision. References Blank, S. (2013). Why the lean start-up changes everything.Harvard business review,91(5), 63-72. Brooks, G., Heffner, A., Henderson, D. (2014). A SWOT analysis of competitive knowledge from social media for a small start-up business.The Review of Business Information Systems (Online),18(1), 23. Kiel, I. H. (2014). Entrepreneurial marketing. Mullins, J. (2013).The New Business Road Test: What entrepreneurs and executives should do before launching a lean start-up. Pearson UK.

Saturday, April 4, 2020

Introversion and Extroversion Essay Example

Introversion and Extroversion Essay It is quite difficult to be able to strictly define a type of personality. Because each and every one of us is distinct and unique, we all have different personalities—different interpretations. The best we can do then is to describe a characteristic with as many adjectives or what-not’s. Introversion is the same. One of the more prominent figures who studied introversion and extraversion is Dr. C. J. Jung, a Swiss psychiatrist who has been known for taking unique approaches to his studies. He says that introversion or extraversion is a product of the combination of the five factors namely: intellect; disposition; temper; temperament; and character. These factors are all independent of one another and the combination of each one constitute to a certain personality. He then identifies introverts with William James’ tender thinkers and extroverts as tough thinkers. He then paints a clearer picture: †¦introverts are rationalists and system-makers, who care little for facts and forcibly fit data into their ideal constructions in accordance with their a priori premises; [the] extravert, on the other hand, cannot construct a system, is interested not at all in the inner life of man but only in objective facts, is positivist, determinist, fatalist, irreligious and skeptic. † Jung’s description may be overbearing or presumptuous. But it gives us a more definite idea who introverts and extraverts are. From the citation above, we find that in terms of int ellect, introverts are more likely to think rationally and create systems. We will write a custom essay sample on Introversion and Extroversion specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Introversion and Extroversion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Introversion and Extroversion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In terms of disposition, they are accepting of what they had learned or had been taught in the past. In terms of the last three, they have difficulty exercising direct personal influence. They are absorbed in themselves and lack enthusiasm. The extrovert is said to be â€Å"interested only in the outer world, the introvert is said to shrink from it†. 1 In other words, extraverts are those who tend to live outside of themselves, whilst introverts find comfort living within themselves. There are many reasons why the personality trait of introversion and extroversion are theorized to develop. One theory is that this type of personality stems from the combination of the five factors, as stated above. Another places emphasis on the chemical make-up of a person’s body. It is said that extraversion and introversion may be caused by the rate of release of chemicals in the thyroid gland. Introversion is caused by the lack of or decreased rate of release. Extraversion is, therefore, the opposite—the increased rate of release. With the decreased chemicals, the brain resorts to mainly cerebral cortical activity on the lower nervous functions. This increase in cortical activity lessens spinal reflexes and affective or emotional functions of the thalamus region are heightened. This satisfies the commonly accepted notion of the introvert. These theories serve as basis also for other theories such as introversion and extraversion as a hereditary trait, and that environmental factors and external conditioning contribute to this personality trait. If in fact, introversion and extraversion were hereditary, the chemical theory would support this. By inheriting the thyroid glands and other genes that code for instructions in bodily operations, we would inherit the introversion or extraversion of our parents as well. If environmental factors and external conditioning were what defined introversion, Jung’s combination of personality factors would support this. The external environment influences personality and character, thus constituting to an effect of introversion or extraversion. Another factor that comes into play in the course of our research is the importance and process of developing interpersonal relationships. Interpersonal relations are no doubted essential for human existence. Philosophers will argue the importance of interpersonal relations. From the beginning of life, we already engage in interpersonal relations. It is in our culture, as in many cultures or ways of life of animals to be social in nature—to work and exist in groups. Our parents are our first contact with individuals other than ourselves. Even before we are born, we form a relation with our mothers. As we grow older, we seek an expansion of self. We do this through relations with other members of our family, our extended family and people outside of our family. Expanding oneself and building relations with others is done through communication, in which self-presentation or impressions are key. In order to be able to communicate properly, certain universals have to be present. Such universals manifest themselves in the language of emotions. The language or expression of emotions such as anger and happiness is said to be understood worldwide. Through the analysis and observation of such emotions, relations are formed. To facilitate conversation and communication, people try to control the impressions people have of them, also known as impression management. In order to do this, they alter their physical appearance, clothing, and make-up; alter the emotions and reactions they convey to suit the desires of the one whom they are communicating or trying to associate with. They also enact certain behavior and body language to form better impressions. People may even use props to be able to achieve the impression they want to convey. We may find that for the sake of self-expansion, people may go to such great extents to manage impressions. Today, we see such methods translated through technology—most evidently through the internet. Dr. C. J. Jung cited in â€Å"The Chemical Theory of Temperament Applied to Introversion and Extraversion† by William McDougall in Readings in Extraversion-Introversion: Theoretical Methodological Issues, H. J. Eysenck ed. p. 19; London: Wiley-Interscience 1970 â€Å"The Chemical Theory of Temperament Applied to Introversion and Extraversion† by William McDougall in Readings in Extraversion-Introversion: Theoretical Methodological Issues, H. J. Eysenck ed. p. 21-23 London: Wiley-Interscience 1970 â€Å"The Inheritance of Extraversion-Introversion† by H. J. Eysenck in â€Å"Readings in Extraversion-Introversion: Theoretical Methodological Issues†, H. J. Eysenck ed. , pp. 388-404; London: Wiley-Interscience 1970 Empirical Findings From Evolutionary Psychology in The Social Psychology of Personal Relationships, William Ickes and Steve Duch, ed. New York: John Wiley and Sons Ltd. 2000 p. 19 The Nature of Self Expansion in â€Å"The Social Psychology of Personal Relationships†, William Ickes and Steve Duch, ed. New York: John Wiley and Sons Ltd. 2000 pp. 130-137, 110-113

Sunday, March 8, 2020

The Rise and Fall of Salomon Brothers Essays

The Rise and Fall of Salomon Brothers Essays The Rise and Fall of Salomon Brothers Paper The Rise and Fall of Salomon Brothers Paper Essay Topic: O Brother Where The Rise and Fall of Salomon Brothers Treasury Bond Scandal- 1991 Executive Summary Salomon Brothers was at one time, the largest bulge bracket firm on Wall Street. Although it offered a number of financial services, it had established its name through the legacy of bond trading. Its bond trading department boasted of iconic traders of 1980’s era- John Meriwether and Myron Sholes. Salomon Brothers can be considered as the founder father of mortgaged back securities trading on the Wall Street, an area in which it was a near monopolist for a long time with not much competition from other firms. In 1981, Salomon Brothers which operated as partnership was taken over by Phibro Corporation and became known as Phibro-Salomon. With a lot of ups and downs in its fortune during the late 1980’s and early 1990’s, finally in 1997, it merged with Citigroup and became their Investment Banking arm called Salomon Smith Barney. Finally the existence of the name of â€Å"Salomon† ceased when Citigroup decided to drop the name in 2003 and branded its investment bank and underwriters as Citigroup Global Markets. We chose to work on the topic â€Å"The Rise and Fall of Salomon Brothers† as this topic offers an insight into the development of a particular securities market- the Mortgaged backed securities, the dominance of the market player, the culture of the firm and finally the scandal which served as the turning point of fortunes of ‘once the market leader’ or metaphorically- the final nail in the coffin. Background Salomon Brothers was founded in New York City in 1910 when three brothers-Arthur, Herbert, and Percy Salomon broke away from their father Ferdinands money-brokerage operation and went into business for themselves. The company was primarily a bond trading firm. The private company entered equities in the mid-1960s and between 1962 and 1964, Salomon more than tripled its underwriting business, from $276 million to $873 million. They entered investment banking in the early 1970s and established themselves with Pepsi-ICI merger among others. Since till 1981, the firm operated as a partnership, it had a close-knit culture and partners put the firm’s interest before their own. There were no issues over compensation or credit for work and slowly but surely Salomon was climbing the ladder of being a bulge bracket firm of Wall Street. As Salomon partner Abraham Eller once explained, â€Å". . . what helped make Salomon Brothers was not only the partners, but that the men they hired were hungry. †¦ We weren’t the sons of rich men. † However, in 1981, it was taken over by the Phibro Corporation and became a corporation with the name Phibro-Salomon Inc. until 1986, when Salomon gained control and changed the name of the parent company to Salomon Inc. In 1980’s under the leadership of John Gutfreund, Salomon participated in the leveraged-buyout boom of the 1980s and did deals like Xeroxs acquisition of Crum Foster and was also the adviser by ATT. In 1985, the firm’s peak year, Salomon brought in $760 million in pre-tax profits. In 1987, the company’s capital reached $3. 4 billion. Legislations which fuelled growth The following changes in legislation led to a conducive environment for bond trading and the development of the mortgage backed securities market which in turn impacted the fortunes of Salomon Brothers: * In 1979, the Federal Reserve announced that that the money supply would cease to fluctuate with the business cycle. Bond prices moved inversely with interest rates. Bonds became the means of â€Å"creating wealth rather than merely storing it. † The industry’s revenues rose from $16 billion in 1980 to $51. 8 billion in 1988. * In 1981, Congress passed a tax break which allowed thrifts to sell all their mortgage loans in order to put their money to work for higher returns. Subsequently, the volume of outstanding mortgage loans increased from $700 billion in 1976 to $1. 2 trillion in 1981, and the mortgage market surpassed the combined U. S. stock markets as the largest capital market in the world. The SEC’s Rule 415, enacted in 1982, where corporations were allowed to register in advance all the securities they intended to issue over the next two-year span (â€Å"shelf registrations†) and Salomon Brothers was the industry’s leader. * The protection of the Glass-Steagall Act, which stopped commercial banks to underwrite and distribute most securities ended and the competition intensified. Overall, the beginning o f the 1980’s decade led to an explosive growth in the bond markets and Salomon was ready to jump on the opportunity as it was one of the few Wall Street firms to have a proper mortgage trading department. Culture of the firm In order to understand the culture of the firm, we read the book Liar’s Poker written by Michael Lewis who was a bond salesman in Salomon Brothers and gives an inside account of the culture prevalent in the firm. Bond Traders and Salesmen: The two major classes of people at Salomon were the bond traders and salesmen. More than any other firm on the Wall Street, Salomon was run by bond traders who kept an eye on the market and made most of arbitrage opportunities while the salesmen gave information to the traders about the sentiments in market. The CEO of the company John Gutfreund also started off as a trader and spent his time at a large desk over seeing one end of Salomon’s bond trading room. The trading floor- the 41st floor, which was known as â€Å"Power Central†- was actually the power centre of the firm. He promoted an environment of risk-taking and agility and the Salomon Trading floor had minimal supervision, minimal controls and no position limits. That is, a trader could buy or sell as many bonds as he thought appropriate without asking. With an increase in business, the firm recruited widely. The firm, which had employed 2,000 people in 1982, tripled to 6,000 people by 1987. † Due to excessive focus on generating revenues, one insider put it as, â€Å"competing fiefdoms replaced interconnected businesses. † and â€Å"Making money was mostly what mattered. † Also, the mortgage department which made the maximum money had a culture of its own promoted by Ranieri (head of the department) which alienated it even more. According to Ranieri, â€Å"The reason everything was separate was because no one in the firm would help us. They wanted us to fail. † The Scandal This scandal was unique in itself as it shook the foundation of the sacrosanct $2. trillion government securities market which was considered too big to rig. The conventional wisdom was shaken to a great extent and regulations tightened for all the 40 primary designated dealers of T-bills and government bonds. Orchestration of the fraud: Paul Mozer, Managing Director of Salomon Inc. ’s government securities trading desk, submitted three separate bids for the U. S. Treasury’s $9 billion 5-year treasury note auction on Feb. 21,1991. Each of the bids was for $3. 15 billion, or 35% of the total bond offering, the maximum bid the Treasury would recognize from any individual buyer. Since two of the bids were submitted under the names of outside firms who were Salomon customers, Warburg and Quantum, the Treasury accepted all three bids. The Treasury was unaware that only Mozer’s bid in Salomon’s name was legal. The other two were unauthorized customer bids placed by Mozer trying to get Salomon a larger share of the auction. However, what Mozer did not know was that Warburg had taken part in the auction with a $100mn bid and with combined bid of more than 35% in name of Warburg; Treasury started an investigation which uncovered the plot of Mozer. This scandal led to the firing of Mozer, resignation of the top brass including Gutfreund and a loss of reputation of Salomon Brothers which they never recovered. Aftermath: This scandal shook the confidence of participants in the government securities market and led to investigations by Federal Reserve Bank, the Justice Department and the Securities and Exchange Commission. The Treasury Department re-examined the records of every auction since 1986, a total of more than 200, searching for evidence of collusion with customers to violate the 35% rule. Salomon was fined $290 million as damages but it escaped criminal charges. The Treasury however, banned Salomon from bidding in Government Securities market. After the resignation of John Gutfreund, majority stakeholder Warren Buffet was made the chairman to revamp the organisation. He also convinced the Treasury to lift the ban as it would lead to Salomon towards bankruptcy. The firm became a victim of its own culture and finally the name of Salomon ceased to exist on the Wall Street which it had once dominated. Joining the dots Having done a course on Ethics, analysed case studies of Enron, WorldCom etc, made us realise that the frauds/scandals do not germinate over night; rather they are fruits of greed which is perpetrated by the Top management either directly or indirectly. As mentioned earlier, the culture of Salomon Brothers was such that traders were given a free hand as long as they generated revenues and were never questioned. This led to the audacity of Mozer wherein he submitted false bids not just the time when he was caught but in other auctions as well and had landed in trouble with the Treasury before. Had a proper system of reporting and accountability existed, the previous instances would have been known to top management and the entire scandal could have been averted which tarnished the reputation of the firm. At the same time, we believe, Treasury department should have been more vigilant as market participants i. e the 40 primary dealers could always collude and try to take the maximum out of the pie of the auction. Having a system which was transparent such that the bids could have been monitored by all the participants would have lead to detection of anomaly of bids in much short period of time without any extensive examination. The main learning that we can derive out of this study is twofold- * Promotion of Ethics and fair dealing as a part of corporate culture of the organisation following a top-down approach such that lower level employees get motivated from the conduct of senior levels * No matter who the participant is and the financial market in question, the regulator has to be vigilant at all times and have a stringent set of rules and regulations as well as penalties in place which deters market participants from erring. References: fundinguniverse. com/company-histories/Salomon-Inc-Company-History. html http://en. wikipedia. org/wiki/Salomon_Brothers#Long_Term_Capital_Management time. com/time/magazine/article/0,9171,973726-2,00. html answers. com/topic/salomon-brothers Robert Sobel, Salomon Brothers 1910-85: Advancing to Leadership Michael Lewis, Liar’s Poker Salomon Brothers: â€Å"Apologies are Bullshit†- pdf

Friday, February 21, 2020

Manufacturing and Urbanization Essay Example | Topics and Well Written Essays - 1750 words

Manufacturing and Urbanization - Essay Example Because of the rise of industrialism in the nineteenth century, United States became an industrialized society. This change was sped up by transportation revolution as well as immigration. Urbanization, along with the need for a market economy, also contributed America’s industrialization. Industrialization changed the lives of everyone. The farmers had become workers in factories and mills. Agriculture became mechanized, and with technology, the food production increased. Coupled with fast production and mechanization, the farmers worked faster. Since the transportation network was also quite effective, goods were also transported throughout America, boosting commerce and industry throughout the regions. Urbanization also went hand in hand with industrialization as with the expansion of farming. The mechanization of the textile industry was not until mid-nineteenth century when the likes of Lowell Mills (in Massachusetts) sprouted. In fact, Lowell Mills was the most profitabl e mill in Massachusetts. In 1814, the Boston Manufacturing Company was established and it built a mill near the Charles River. It became the first integrated mill in the United States: it was the first mill to have had carding, spinning and weaving. For several years, the town of Lowell in Massachusetts became the default place for putting up mills in America as ten textile corporations opened more than thirty mills in Lowell. The city became world famous as the â€Å"center of efficient industry†. These mills had eight thousand workers, women between ages 16 to 35 as their workers and they were promised high wages by men who told them that these jobs were available to all social classes, since being a mill girl is considered being degrading. The Lowell Mills had a large-scale mechanization with the goal of improving the stature the women in the workforce. The mills usually hired employees for a year and they were renewed every year (the average employee lasts for four years) . The new ones had a fixed wage while the older employees were paid by the piece. The workers usually worked for fourteen hours each day and their work averages for seventy three hours each week. The workers were overseen by two male managers. The rooms are hot with eighty workers to a room, and the windows are closed to maintain thread count and thread work. The workers were also housed in boarding houses that were provided by the company, with six workers in a bedroom. Because of the economic depression of the 1830s, the board of directors of the mills proposed a reduction in the women’s wages and the employees had strikes. The women lost and the employees left town, and this was seen as a â€Å"betrayal of femininity†. In 1845, the Lowell women started the Lowell Female Labor Reform Association. It demanded a ten hour work for the women of Lowell Mills. The movement became unsuccessful then but in 1847, their work hours were reduced by 30 minutes. In New Hampshire, however, the State Board passed a law for a ten hour workday. This development in the industrialization of America brought forth inequality in the working class, particularly in the lives of female white workers as exemplified by the working women of Lowell Mills. The inequality was not only sexist as it only affected women. Then inequality stretched to the point where the capitalists have used the term â€Å"more wages† as they hired women, on the premise of them providing better lives, with these women not knowing that they will be in for more