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John Donne :: essays research papers

Exposition on John Donne John Donne, an ace at his work, was brought into the world some time during the year 1572. The specific date of his introduction to the world date is obscure. Donne achieved numerous and experienced numerous things throughout his life. He got hitched subtly, went to jail, and composed numerous sonnets that are world known John Donne went to both Oxford and Cambridge colleges, and he additionally went to Lincoln's Inn. At Lincoln's Inn Donne considered law, however never rehearsed it there after. Donne didn't get degrees at any of the colleges that he joined in, yet he obtained a psyche brimming with information. As Donne grew up as a youngster, his folks brought him up in a Catholic family unit. During the 1590's, Donne relinquished Catholicism and looked toward to turn into an Anglican. In Donne's later years he composed two Anti-Catholic sonnets (Pseudo-Martyr and Ignatius his Conclave). Donne later turned into a minister. He had an allegorical style which made him an incredible minister. Donne got a level of godlikeness from the University of Cambridge and was made an illustrious clergyman. In 1601 John Donne subtly wedded a lady by the name of Ann More. This demonstration demolished his work around then. Donne was named private secretary to Sir Thomas Egerton in 1958. Ann More was, unexpectedly, the niece of Lady Egerton.The mystery marriage lessened Donne's promise for his progression with Sir Thomas Egerton. John Donne was even detained by Sir George More for wedding Ann More. One of the most horrendous encounters that Donne confronted was the passing of his better half. Ann kicked the bucket while bringing forth a despite everything conceived in August of 1617. John adored his better half without a doubt and grieved the demise of her misfortune. They were hitched to one another for fifteen and a half years. Donne pays tribute to her on her grave stone by writing words, for example, "a generally magnificent and darling lady, a generally adoring and virtuous spouse, a generally devoted and abstaining mother".

20 Signs and Symptoms of ADHD in Girls

20 Signs and Symptoms of ADHD in Girls January 18, 2020 ADHD Overview Symptoms Causes Diagnosis Treatment Living With In Children Verywell / Cindy Chung Attention deficit hyperactivity disorder (ADHD) has long been thought of as a condition affecting males (think an energetic boy who has trouble sitting still during class). However, more girls are being diagnosed as the understanding of how the condition can present differently depending on sex deepens. Girls are more likely to have inattentive ADHD, in which daydreaming and shyness are common, whereas it is more typical for boys to have hyperactive-impulsive ADHD or combined presentation.?? Living with undiagnosed ADHD can result in many disadvantages,  such as a lack of accommodations in the classroom, low self-esteem, and self-blame. Gone undiagnosed, ADHD can even affect mental health well into adolescence and adulthood. Being aware of the different ways ADHD can present in your daughter can help you know when it might be time to see a doctor for an evaluation. Common Characteristics It is much easier to identify a child who is physically active and defiant as someone that would benefit from an ADHD evaluation than someone who seems distant or distracted.  In girls, ADHD signs and symptoms tend to have these underlying commonalities:?? Compensates for Inattention For many girls with ADHD, paying attention to the task at hand is their biggest challenge.  They can get distracted by external events or drift off into a world of their own.  For example, a bird outside a classroom window may take attention away from something more important in their environment, like a teacher announcing the date of an upcoming exam. To compensate, a girl with ADHD may hyperfocus on something she likes or is good at. She will put forth so much effort and concentration that parents or teachers may dismiss the possibility of ADHD. Sometimes this hyperfocus is a coping strategy to keep herself entertained when something is boring.  Other times, she may not feel she has any control over it. Always in Motion If a girl is hyperactive, she might be described as a tomboy because she likes physical activity and doesn’t seem to enjoy the typical things a girl her age does. She might also be in motion in less obvious ways, perhaps doodling constantly or moving around in her chair. Overly Sensitive and Has Problems With Impulse Control A girl with impulsivity can  be hyper-talkative and verbally impulsive,  interrupting others, talking excessively, or changing topics again and again during conversations. She might blurt out words without thinking about their impact on others. Some girls are described as overemotional, “drama queens,” and easily excitable. Symptoms of ADHD ADHD symptoms can manifest very differently in each child. You may have a boy who has been diagnosed with ADHD, but never considered that your daughter who is having trouble in school might also have it too because her issues seem so different from his. ADHD symptoms in girls are often thought of as characters of a girl’s personality rather than ADHD, which is why they are often overlooked or explained away. Signs to Be Aware of Not all girls with ADHD will exhibit all of the following signs and symptoms.?? Conversely, having one or two of these does not equal an ADHD diagnosis in and of itself. However, if your daughter seems to exhibit a few of these symptoms on a continual basis, a discussion with an experienced professional may be beneficial. Difficulty maintaining focus; easily distracted  Shifting focus from one activity to anotherDisorganized and  messy (in her appearance and physical space)Forgetful  Problems completing tasks  Daydreaming and in a world of her own  Takes time to process information and directions; seems like she doesnt hear youLooks to be making careless mistakesOften late (poor time management)  Hyper-talkative (always has lots to say,  but is not good at listening)Hyperreactivity (exaggerated emotional responses)Verbally impulsive; blurts out and interrupts othersSeems to get easily upset  Highly  sensitive to noise, fabrics, and emotionsDoesn’t seem motivatedDoesn’t appear to be trying  Seems shyAppears withdrawnCries easily  Might often slam her doors shut   Seeking Help If ADHD is diagnosed, it can be treated and managed.  Interventions can be put in place, including behavior management techniques, organizational strategies, medication, counseling, and support. Simply knowing she has ADHD can relieve a girl of a huge burden of guilt and shame.  It can also free her from the damaging labels of being “spacey,” “unmotivated,” “stupid,” or “lazy.” She is none of those things; she simply has ADHD. Strategies can be put in place to make life a little easier and her future much brighter.

Symbolism In The Tyger By William Blake - 901 Words

The Greek philosopher Epicurus, once said â€Å"Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?† To fully understand what God is and what he can do, His power must be brought into question. William Blake’s poem â€Å"The Tyger† accurately portrays this reality and brings this thinking of God into the light with his poem. In â€Å"The Tyger†, William Blake uses rhyme scheme, figurative language, and symbolism to convey the question of why God would allow for there to be evil, and create evil Himself. Blake’s use of rhyme scheme throughout the poem adds a rhythm and set†¦show more content†¦For instance, through metaphors, Blake compares God to a blacksmith: What the hammer? what the chain, In what furnace was thy brain? What the anvil? what dread grasp, Dare its deadly terrors clasp! (13-16) This description describes a workshop where God is working and making the tiger. This brings up an image of God being surrounded by dangerous and conditions and in an unusual setting, that instead of being in a heavenly place to make his creation, the evilness of this creation is reflected through the dark conditions. Furthermore, apostrophe is prevalent throughout the poem, with it being directed to the tiger; â€Å"What immortal hand or eye, / Could frame thy fearful symmetry?† (3-4). The entire poem is addressed towards the Tyger, without ever losing pace, so that the poem continually stays on topic and on track. This makes the topic always have strong momentum and allows it to never lose power; it adds emotion by how the speaker is always asking and wondering how and why God would make such a beast, further strengthening the theme. As one can see, Blake’s use of figurative language with metaphors and apostrophe all work towards the theme of why God would allow evil in the world. The inclusion of symbolism in the poem further adds to the idea of the theme in Blake’s poem. As an example, the title of the poem itself, â€Å"The Tyger†, represents symbolism in the poem. The Tyger represents a dark side to all creations and to humans, showing thatShow MoreRelated, Allusion, And Symbolism In The Tyger By William Blake771 Words   |  4 PagesIn the poem â€Å"The Tyger† by William Blake, the use of rhyme, repetition, allusion, and symbolism all help the reader understand the theme and what was going through the authors thoughts while writing. William Blake was a mystic poet who channeled his thoughts and questions to write poems. He questioned the creator of both the Tyger and lamb, how could the same God create a destructive creature like the Tyger and on the other hand create a gentle animal, the lamb. This ties into the theme of theRead MoreThe Lamb And The Tyger By William Blake996 Words   |  4 Pagescreated, that are in heaven, and that are in earth, visible and invisible† (Colossians 1:16). William Blake wrote poems about this very subject. In his twin poems, â€Å"The Lamb† and â€Å"The Tyger†, Blake uses different literary techniques such as sound, imagery and symbolism to echo the common theme of creation along with how it is viewed differently. William Blake’s use of sound in his poems, â€Å"The Lamb† and â€Å"The Tyger†, enhance the central idea of creation and the question of how one God can create such differentRead MoreWilliam Blakes The Tyger1115 Words   |  5 PagesJacob Lopez Period: 2 English 4 The Tyger Analysis It was said once that â€Å"Who wants flowers when you’re dead? Nobody.† Many times our own misconception can lead us to different perspectives and different point of views that cause a disunity between our ways of thinking. However nothing can be further than the truth and staying true to yourself. As for William Blake this is the exact concept efforted in his poem â€Å"The Tyger† as he introduces the concept of life’s creation and questioning the creatorRead MoreThe Tyger By William Blake Essay969 Words   |  4 PagesThe Tyger is a six-stanza poem written by an American poet, William Blake. This poem has many interpretation, in a way you could say it is a biblical as well as a symbolic poem, as ‘The Tyger’ is actually the contrast to one of Blake s other poem, The Lamb, both poems are from the book of â€Å"Songs of Innocence and Experience†. If you are familiar with the Christian Bible, it states â€Å"Jesus is the Lamb of God.â €  The Tyger is comprised of unanswered questions as to who could have created a terrifyingRead MoreThe Lamb and the Tyger Essay1437 Words   |  6 PagesThe Tyger and The Lamb by William Blake, written in 1794 included both of these poems in his collection Songs of Innocence and Song of Experience, takes readers on a journey of faith. Through a cycle of unanswered questions, William Blake motivates the readers to question God. These two poems are meant to be interpreted in a comparison and contrast. They share two different perspectives, those being innocence and experience. To Blake, innocence is not better than experience. Both states haveRead MoreEssay on The Symmetry: A World with Both Lamb and Tiger1063 Words   |  5 Pages Why did God create both gentle and fearful creatures? Why did God create a world with bloodshed, pain and terror? The Tyger by William Blake, written in 1794 and included in his collection Songs of Innocence and Experience, takes readers on a journ ey of faith. Through a cycle of unanswered questions, William Blake motivates the readers to question God. Blake sees a necessity for balance in the world, and suggests to the readers that God created a world with a balance of good and evil soRead MoreThe Lamb and The Tyger by William Blake Essay863 Words   |  4 PagesThe Lamb and The Tyger by William Blake his idea that there are two different types of people in this world yet we need both for balance. His next poem The Chimney Sweeper has many hidden meaning within his poem about his views on society. Then he goes on in his poem titled Infant Sorrow to reveal his thoughts on non-conformists. William Blake makes a different criticism of society in his four poems The Lamb, The Tyger, The Chimney Sweeper and Infant Sorrow. To begin, William Blake uses his poemsRead MoreWilliam Blake s The Lamb And The Tyger873 Words   |  4 Pagesduring biblical times. William Blake describes the young sheep in similar characteristics in the poem â€Å"The Lamb† and â€Å"The Tyger†. A tiger as we know its characteristics to be is fierce and mysterious. Always lurking around, waiting for the perfect opportunity to strike. In William Blake’s two separate poems he ties each of the poems together with in-depth understanding and symbolism. Both animals play an important part in both of Blake’s poems. The use of the lamb in William Blake’s poem is significantRead MoreContemplating Gods Creation in William Blakes The Lamb and The Tyger1205 Words   |  5 PagesWilliam Blake was born and raised in London from 1757 to 1827. Throughout his early years, Blake experienced many strange and unusual visions, claiming to have seen â€Å"angels and ghostly monks† (Moore). For those reasons, William Blake decided to write about mystical beings and Gods. Two examples of the poet expressing his point of view are seen in â€Å"The Tyger† and â€Å"The Lamb.† Both poems demonstrate how the world is and to sharpen one’s perception. People perceive the world in their own outlook, oftenRead MoreThe Lamb and The Tyger Essay955 Words   |  4 PagesThe Lamb and The Tyger In the poems The Lamb and The Tyger, William Blake uses symbolism, tone, and rhyme to advance the theme that God can create good and bad creatures. The poem The Lamb was in Blakes Songs of Innocence, which was published in 1789. The Tyger, in his Songs of Experience, was published in 1794. In these contrasting poems he shows symbols of what he calls the two contrary states of the human soul (Shilstone 1). In The Lamb, Blake uses the symbol of the

Essay Prejudice, Racism and Power in Heart of Darkness

Race and Power in Heart of Darkness In Joseph Conrads novella, Heart of Darkness, the socially constructed differences of African and European cultures are effective in representing the power sites of the time. The alleged `superiority of the European culture can be recognized by comparing their ideologies to those of the primitive, `inferior `savages. Conrads personal experiences in the Belgian Congo, in the 1890s, influenced the compilation of Heart of Darkness, reflecting the waste and inefficiency of British Colonialism. Conrad referred to the colonization of Africa as, the vilest scramble for loot that ever disfigured the history of human conscience and geographical exploration.(Joffe, 78) The cultural†¦show more content†¦Among the confusion and, great demoralization of the land,(p36) he still has the time and influence to train a native woman to care for his wardrobe. The reader is positioned to view the Europeans as a sophisticated race with dominance over the primitive Africans. The attitudes and values of the European society during the late 1800s are represented through Conrads construction of Marlow, thereby imparting to the reader a deeper understanding of the power sites of the era. Marlow comes to scorn imperialism as he witnesses the cruelty, vindictiveness and debasement of western man. Marlow refers to the Eldorado Exploring Expedition as the less valuable animals.(p59). He has come to realize that due to their lack of moral values, they are of no more worth than the donkeys they led. Although Marlow condemns the operations of imperialism, and sympathizes with the natives, he still shares the prejudices of many of his fellow Europeans, viewing the natives as insignificant. To Marlow his helmsman is merely an instrument(p84) and the natives are of no more account than a grain of sand in a black Sahara.(p84). In the 1890s, the dominant European perspective was that Africans were inconsequential and worthless, whereas western society was `s uperior. As Marlow questions the actions of imperialists, the reader is encouraged to contest the values and attitudes of their ownShow MoreRelated Prejudice and Racism in The Jewel in the Crown and Heart of Darkness1361 Words   |  6 PagesRacism in The Jewel in the Crown and Heart of Darkness      Ã‚   The effects of British colonialism are reflected in literature from both early modernism and post colonialism. Racial discrimination tainted both eras portrayed in the British morale of white supremacy over non-European counties unfolded. Heart of Darkness exemplifies early modernism in the British explorers viewed African natives of the Congo as incapable of human equality due to perceived uncivilized savagery. Personal interactionRead MoreSonny s Blues By James Baldwin1028 Words   |  5 Pageslingering hate and prejudice. This is the social undercurrent within the story; though the hatred is rarely made explicit, its invisible presence resounds through the black person’s life. This hidden bias, the systemic racism, breeds the psychological pain of the black populace. Historical, systemic racism created the housing projects that the narrator recalls to be â€Å"vivid, killing streets† (8) in which young black children â€Å"found themselves encircled by dis aster† (8); systemic racism enabled crime toRead MoreRacism In Othello Essay941 Words   |  4 Pagesuntil tragedy strikes and darkness of jealousy consumes Othello. Shakespeare expresses the racial prejudice that is evident in his period through the characters of Iago, Roderigo and Brabantio. The play starts with Iago and Rodrigo both use racial slurs and stereotypes in their attempt diminish Othello’s reputation. They used racial epithets such as â€Å"Moor,† â€Å"thick lips† and later comparing him to an â€Å"old black ram† (I.i.40-89). Although they are being racially prejudice towards Othello, these feelingsRead MoreChanges to Create an Ideal Society679 Words   |  3 PagesWorld war and two, the cold war, and the war against terrorism in the Eastern Hemisphere. Also, conflicts like hater, racism, prejudice, violence, death, and destruction inside the border have created pages in history about U.S. suffering to have objective of an ideal society. Negative practices through citizens against each other like racism, stereotypes and prejudice was and still exist. All factors strength the creation of inequality and weaker the system of the economy. UnemploymentRead More The Theme of Darkness in Conrads Heart of Darkness Essay1340 Words   |  6 PagesThe Theme of Darkness in Conrads Heart of Darkness Works Cited Not Included It has been said that although Conrad may not have been the greatest novelist, he was certainly the greatest artist every to write a novel;. I feel that this is an apt description of Conrads writing style in Heart of Darkness (1902), as he paints many verbal pictures by using expressive words and many figurative descriptions of places and people. An extensive use of words relating to colour, is evident throughoutRead MoreFriday Night Lights : A Recurring Theme925 Words   |  4 PagesMarcos Vieira Filho Due: March 31, 2015 Friday Night Lights Book Essay Racism: A Recurring Theme in Friday Night Lights The surprisingly non-fiction novel, Friday Night Lights: A Town, a Team, and a Dream, was written by H. G. Bissinger in 1990. The story follows the Permian High School Panthers football team of 1998. The setting takes place in the town of Odessa, Texas. Bissinger describes this town as, â€Å"the setting for this book, but it could be anyplace in this vast land where, on a Friday nightRead More Heart of Darkness in Relation to its Title Essay1360 Words   |  6 Pagesmeaning of the novella with its title- Heart of Darkness The title, Heart of Darkness, aptly chosen, can be very strongly linked to the novel. IT can be used to describe Joseph Conrad’s views on civilization, the individual mind and the land into which he ventures. These sum up his opinions on the bourgeoise society, uncivilized society and the faults of human nature, linking them to the land under one common theme and thus establishing the title. ‘Heart of Darkness’ can most noticeably describe Marlow’sRead MoreGender Role In Joseph Conrad’s Heart of Darkness Essay1430 Words   |  6 PagesRole In Joseph Conrad’s Heart of Darkness For the most part people who read Heart of Darkness by Joseph Conrad may feel that the novella is strictly a story of exploration and racial discrimination. But to Johanna Smith who wrote â€Å"’Too Beautiful Altogether’: Ideologies of Gender and Empire in Heart of Darkness† it is much more than that. Johanna Smith along with Wallace Watson and Rita A. Bergenholtz agree that throughout Heart of Darkness there are tones of gender prejudice, but the way that theseRead MoreRacism, By Stephen B. Morton1531 Words   |  7 PagesRacism is a major evil in this world. The horrific acts that occurred on June 17, 2015 were a total and complete act of racism. Dylann Roof entered a historically black church, attended a bible study, and as the night ended he opened fire on everyone in attendance, the deaths totaling to nine. The image, taken by Stephen B. Morton signifies hope for humanity, no matter how hopeful it cannot cover up the morbidness of the acts that occurred jus t one day before. The image a representation of race issuesRead MoreHeart of Darkness by Joseph Conrad1329 Words   |  5 Pages Heart of Darkness is a novel written by Joseph Conrad. The setting of the book is in Belgian Congo, which was the most infamous European colony in Africa. This is a story about the protagonist Marlow’s journey to self discovery, and his experiences in Congo. Conrad’s story explores the colonialism period in Africa to demonstrate Marlow’s struggles. Along the way, he faces insanity, death, his fear of failure, and cultural contamination as he makes his was to the inner station. Conrad through the

A Synopsis of the Movie The Graduate Free Essays

A world without rebels would be a world with no change. If specific groups didn’t escape the status quo, life would essentially go on as if it were put on repeat. Nothing would ever change, and nothing new would ever be accomplished. We will write a custom essay sample on A Synopsis of the Movie The Graduate or any similar topic only for you Order Now And most importantly, there would be no distinguishing factors between any two generations. Generations are shaped by the exclusive social changes that transpire over a given time period. Each generation desperately wants to set themselves apart by challenging the values and morals of the ones who came before them. They rebel against everything they were once taught in order to be independent and live a appy life. These rebellions have shaped American society for decades. Mike Nichol’s film, The Graduate, tells the story of a young man’s rebellion against his family and against society. The story unfolds in the nineteen sixties during a time of a major cultural change. In The Graduate, Benjamin Braddock consistently rebels against everything he believes in, which doesn’t stray far from the typical behavior of most youth in the nineteen sixties. Rebellion is a recurring theme throughout Nichol’s film. The main character, Benjamin Braddock, had Just graduated college and had no definite plan for his uture endeavors. On the other hand, Benjamin’s overbearing parents practically had his life laid out for him. As soon as he returned home from graduating college they constantly pestered him about attending graduate school. At the time, the thought of attending graduate school or starting a career stressed Benjamin out, and he admitted that he was nervous about his future. At his graduation party he told his father that he wishes that his future could be â€Å"different†, but his father did not seem to care about Benjamin’s uncertainties. Therefore, he followed what most kids is age were doing in the sixties and rebelled against conformity. In the nineteen sixties the youth rebellion was in full swing. The youth wanted freedom from the previous ways of the generation before them, so they began to rebel. The rebellion was massive because the current youth was comprised of the baby-boomer generation (â€Å"Rebellion and Reaction†). In fact it was so big that it gave the nineteen sixties the common nicknames of â€Å"the rebellious decade† and â€Å"the period of turmoil† (Bodroghkozy). The nineteen sixtys counterculture rebelled in various ways, but defying parental authorities was among the most popular. They wanted to ensure that their values and behaviors deviated from those of their parents. It was important to them that they made a new life for themselves that was for their own happiness and not for their parent’s happiness (â€Å"Rebellion and Reaction†). They were striving to make their futures different Just like Benjamin Braddock wanted his future to be. Parents were always trying to map out their children’s futures, but the rebellious youth of the nineteen sixties were all but willing to allow that to happen. Benjamin Braddock did everything he could to escape from his parent’s high expectations. They were constantly telling him what to do and when to do it. However, Benjamin continued to ignore their constant demands and did the exact opposite of what he was told. He rebelled because he wanted to make himself happy betore pleasing his parents He was not ready to s tart a career or turtner his education; all he wanted to do was relax by his parent’s pool and not worry about his future Just yet. The scene at his 21st birthday party finally allowed him to tune out the sound of his parents. He was given a scuba suit and was forced to test it out in front of everyone who was at his party. After he was forced into the pool, he found himself standing still at the bottom. He was finally alone and was not able to hear any of the noise coming from above the water. The camera angle shifted and was now from the perspective of Benjamin. It showed him looking up out of the water at his parents shouting at him, but he was not able to comprehend any of the words being yelled at him. This was Just the start of his rebellion against his parents. The fact that he was underwater symbolized that Benjamin felt like his parents were drowning him in all of their expectations. He was suffocating and was finally able to be at peace at the bottom of the pool. The majority of the youth at this time was searching for peace, and the only way of obtaining it was to rebel against the conformity of their parents. They all felt like they were being drowned; therefore they continued to rebel in ways that disgusted their parents and even disgraced society. The nineteen sixties was a time to experiment. The youth was trying so hard to change society and find a new identity for themselves. They did everything they could to stray away from what was considered normal. Drugs and sex played a major role in the youth’s rebellion against society, and it was definitely a culture shock. During this time period, casual sex became more acceptable and a majority of the youth participated in it. It became so popular that it earned the name â€Å"free sex† and everyone was made aware of it (â€Å"Rebellion and Reaction†). It was mostly popular among the younger generation, but that didn’t stop Benjamin Braddock from pursuing an older woman. He engaged himself in a long-term affair with one of his parent’s friends. In the beginning he was very hesitant and nervous about the affair ut soon realized that it was the nineteen sixties and it was the start of the â€Å"free love† era. He became more comfortable with the affair as the movie went on. By committing adultery with Mrs. Robinson, Benjamin Braddock clearly destroyed all moral values of the generation that came before him. This kind of behavior was not acceptable for the previous generation but became a trend during his time. The counterculture strayed far away from the traditional values of their parents and â€Å"this marked the beginning of the sexual revolution† (â€Å"Primary Menu†). It was one of the iggest societal changes during the sixties. The affair between Mrs. Robinson and Benjamin Braddock was a little different from what was actually acceptable in the nineteen sixties. â€Å"Free sex† was acceptable; however, affairs were not. He soon realized that what he was doing was wrong and immediately put a stop to the affair. Even though he ended the affair, it was still understandable as to why he got himself into that position in the first place. Benjamin Braddock was Just trying to fit in with the rest of his generation in the sixties by rebelling against conformity. The sexual evolution was among the most rebellious acts of the nineteen sixties. The more Benjamin Braddock’s parents pushed him, the more he rebelled. Not only did he rebel against going to graduate school and starting a career but he also had a scandalous long-term affair with one of his parent’s close friends. Both acts were done to rebel against the contormity ot his parents and against society . Instead of conforming to the high expectations of his parents and society, Benjamin Braddock took a different path to ensure his own happiness. He follows his own heart and defies the path that was mapped out for him. How to cite A Synopsis of the Movie The Graduate, Papers

Prosses Report On Swimming The Essays - Aquatics,

Prosses Report On Swimming The In swimming there is no stroke harder to learn then the Butterfly stroke. This is the stroke where the swimmer swims kicking like a dolphin and pulling with his or her hands at the same time under the water and recovering for the next stroke above water with both arms at the same time in an almost circular motion. There are many steps in learning how to execute this stroke correctly. These steps are called drills, when you perform them in the pool. The first drill you should learn is the Kick drill. In this drill you learn to kick with your feet like a dolphin, making sure not to flutter kick with your feet, to move smoothly through the water with your head connected with your spine; this is the position your head is in when you stand with good posture, and make one smooth motion with your arms at your side thrusting only your hips, making a smooth relaxed shallow rolling motion through the water. Also, only one part of your body at a time should be slightly out of the water, starting from the back of your head, and continued down your back to your feet. The next drill to learn is the balance drill. This drill, to me, was extremely difficult to do. The balance drill is almost the same as the kick drill, only the swimmer puts his or her arms out in front of them with one hand on top of the other squeezing his or her head with their arms just behind the ears, remembering the kick drill to keep your head connected with your spine. Make the same smooth rolling motion only this time making sure your fingers are always pointing perpendicular to the wall of the pool, beginning with the back of your arms and head slightly out of the water. Continued down your back and to your feet. When trying this drill, I always moved my hands up and down as I did the rolling motion and it did nothing but make me dive deeper under the water then I wanted to, thus making me go slower. When you can do this drill without drowning yourself, your ready to start your pull drill. The pull drill you should do, is a one arm pull drill. This drill is supposed to help make your shoulders and pectoral muscles more flexible. While flutter kicking, keeping your head connected with your spine, with you arms out in front of you, with one arm, point your hand down perpendicular to the bottom of the pool. Pull back with your elbow bent at about 90?. With your tricep level with the surface of the water until your forearm is pointing straight towards the bottom of the pool, or when your hand is straight with your forearm, then you start to make a pushing motion like your trying to push something down into a hole with one hand at your side until your elbow is straight. Then you recover, with your arm straight. Bring your arm up and over the surface of the water back to the starting position. Repeat this motion, alternating arms until your ready to add the kick. Adding the kick to the stroke is hard to explain but I found that it came quit naturally. It seems that every time you kick, after your head has been briefly part way out of the water, you pull with one arm, and when you recover you should have completed one smooth kick and as you bring you arm over to their starting position, it should seem like the momentum of your arm recovery will give your next kick a jump start. Then, repeat this motion alternating each arm. After all these drills you should be ready to put together the whole stroke which presents new problems. I will start you at the starting block to bring you through step by step a 50 yard butterfly stroke. You're up behind the starting block the announcer says Swimmers step up. You step up on the block, bent over ready to grab the front of the starting block, with one foot in front of the other, the toes of your front foot gripping the front of the starting block or both feet together with toes griping the front of the block. Looking about 6 or 7 feet out into the water, or the place you're gonna dive into out in the water. The starter says, Take

A Short Essay For A Intro To Bussiness Class Essays - Stock Market

A Short Essay For A Intro To Bussiness Class Essays - Stock Market A Short Essay for a Intro to Bussiness Class In the October 14th issue of Businessweek there is an article entitled "Cavwat Entrepreneur" by Michelael Schroeder. This artical details how modern day stock fraud scams are committed and it details one such example. In brief, the conmen target a small, non-public company that has the prospects of growth. They promise its managers finanial assistance by merging it with a public company in financial trouble, getting the public listing with minimal disclosure. The conmen pump in money, aquiring ventures, while taking control by placing cohorts on the board of directors. They then do a reverse stock split to boast the stock price and reduce the number of shares (in the example the number of shares outstanding dropped from 10 million to about 500,000, which caused the stock's price to rise from 34 cents a share to nearly $7.00 a share). Then the board of directors quietly issued millions of additional shares, which they and the conmen snapped up, registering the shares through SEC loopholes. Next they get brokers to push customers to buy the stock, which increases the stock's price. When the stock price is high enough, the hustlers then unload their shares, employing off-shore accounts to hide the profits. What makes this type of stock fraud often go undetected is the fact that the conmen work through leditmate companies and not some sham organization. By the time anyone figures out that a crime has been committed, the conmen have their money in off-shore accounts. This is a good case of what happens when there are no checks on busunessmen. All the stake-holders in the company that was used by the conmen lose, because once it is made known what has happened, the stock becomes worthless, and a successful up and coming company is destroyed by such a stock scam. Personally, I believe that steps should be taken to tighten up the regulations in such mergers, so that these sorts of stock frauds can be stopped. Changing the minimal disclosure reguirements, and corking the SEC loopholes would be the best steps to take to correct this problem.

Free Online Public Schools for Florida Students K-12

Free Online Public Schools for Florida Students K-12 Florida offers resident students the opportunity to take online public school courses for free. Below is a list of no-cost online schools currently serving elementary and high school students in Florida. In order to qualify for the list, schools must meet the following qualifications: classes must be available completely online, they must offer services to state residents, and they must be funded by the government. Virtual schools listed may be charter schools, state-wide public programs, or private programs that receive government funding. List of Florida Online Charter Schools and Online Public Schools Florida Connections AcademyFlorida Virtual School Florida Cyber Charter Academy About Online Charter Schools and Online Public Schools Many states now offer tuition-free online schools for resident students under a certain age (often 21). Most virtual schools are charter schools; they receive government funding and are run by a private organization. Online charter schools are subject to fewer restrictions than traditional schools. However, they are reviewed regularly and must continue to meet state standards. Some states also offer their own online public schools. These virtual programs generally operate from a state office or a school district. State-wide public school programs vary. Some online public schools offer a limited number of remedial or advanced courses not available in brick-and-mortar public school campuses. Others offer full online diploma programs. A few states choose to fund â€Å"seats† for students in private online schools. The number of available seats may be limited and students are usually asked to apply through their public school guidance counselor. Choosing a Florida Online Public School When choosing an online public school, look for an established program that is regionally accredited and has a track record of success. Be wary of new schools that are disorganized, are unaccredited, or have been the subject of public scrutiny. For more suggestions on evaluating virtual schools see how to choose an online high school.

Nursing Home Care Research Paper Example | Topics and Well Written Essays - 750 words

Nursing Home Care - Research Paper Example Background of study: The residents of nursing homes would in several occasions be sent to hospitals to undergo diagnostic tests or for acute healthcare services. In the year 2000, Carusone, Loeb and Lohfeld (2006) observed that there were about 46% of Americans older than 65 who would be in these nursing homes before death. This is quite a considerable number of the total population. Most of these long term care facility, LCTF residents would be transferred to hospitals to receive acute medical services and undergo diagnostic tests. It should be noted that these people usually would be supported in their daily activities including bathing, eating and toileting among others. Improved technology, fiscal pressures and associated services make it complicated for nursing home residents in hospitals. Similarly, the cost of these transfers has proven to be too high. There has thus been an increase concern if hospitalization services could be provided at these nursing homes. Respiratory trac t infections have been pointed out by Boise and White (2004) as the leading killer among nursing homes as documented in a Canadian study, the reason why pneumonia has been sampled in this study. The findings of this research would therefore enable nurses to advise accordingly when families of nursing home residents seek advice on where to have these persons treated. It would also enable provision of services to the satisfaction of the residents of nursing homes and their families. The purpose of this study was to determine whether in situ care among LTCF residents would give the value much sought by the residents and their families. This was achieved by identifying the experience that participants had with pneumonia and what locus of care would be preferred. The research also sought to find the differences that these participants perceived between hospital-based care and LTCF care and what would be the criteria for good care. Methods of study: In this study, qualitative descriptive study was employed. The participants involved members of families of LTFC residents and the residents themselves who had previously been treated for pneumonia. Members of staff in these nursing homes were asked to follow a pathway of treatment that would help in deciding the locus of care. 20 nursing homes were matched according to their sizes and a member randomly selected from each pair chosen to use the clinical pathway while the counterpart continued with the normal pneumonia diagnosis and treatment procedure. The family members and residents who could not make informed decisions on the locus of treatment were involved in the study’s in-depth interviews. Nurses were charged with the task of inviting participants that remembered their experiences. Participants signed consent before participating in these interviews. The data collected from 14 interviews were then analyzed by use of editing style borrowed from Miller and Crabtree. Results of study: Residents and family memb ers alike preferred that pneumonia be treated in the nursing homes as much as possible. Though the reasons for this were varied, most of them argued that nursing homes provide the much needed attention and care than in hospitals. Both parties agreed that some situations would call for hospitalization such as in cases of broken bones, fainting and operations, but not for any reason whatsoever in cases of pneumonia. The residents preferred

Rewriting Essay Example | Topics and Well Written Essays - 500 words - 3

Rewriting - Essay Example Talbot gives an example of atashi and boku in the Japanese language. Women use the first one while men use the second one to mean the same thing â€Å"I.† Although the people who speak Japanese language can tell the difference, other people may claim that the two terms have different meanings. The same case applies to other societies such as the Carib Indians. According to Johnson and Tannen, behavioral differences across genders affect speech presentation. Men and women have different roles in the families and in the society too. Therefore, women have a tendency of talking about family and social issues as opposed to men, who tend to spend more time talking about politics and work related issues. These differences, according to Johnson and Tennen (p.53), come out as power differences. Men are considered superior to women since they are involved and often discuss more important issues concerning work and society. Women on the other hand, are considered less powerful since they discuss family and personal issues. Men take the center stage in the conversation. They seem to initiate and control the discourse of any conversation. Women will join in the conversation when they are allowed or when it is necessary to do so. These differences in conversations are seen as power differences. 2. Provide several examples of politically-correct (or bias-free) language as discussed by Kakutani and of doublespeak as discussed by Lutz. Discuss some of the motivations in each case for why such changes in language have been proposed/ used. What are some of the ways in which politically correct language and doublespeak are different and some of the ways in which they are similar? With the increasing need for observing gender and political sensitivity, choice of words becomes necessary. According to Kakutani, there exists politically correct language that is used to avoid political bias. Some of the most common bias words include master, fellow, king, lord among others (p. 517).

Tribal Living :: Government Lifestyle Social Essays

Tribal Living As post 9/11 Americans, we've spent a lot of time claiming unity and community while we waive our bloodstained flags with pride. Our sense of union is a warm fuzzy at most while we watch the evening news, but in reality is choked by the hate and fear that is instilled in us by the "Great State." It is comparable to the church, we go to be spiritual one day a week and live like hell the other six days, making the trip in vain. I want to attempt to unravel the bandages and let the scales fall from blinded eyes so we can see what true community is. The government in place can only lead to more disappointments and less comradery. I plan to expose big American bureaucracy that leaves many in a very closed off, narcissistic lifestyle, and find solutions in more concentrated forms of rule, so we can achieve unity through a more communal process. The first observation can be made from the comfort of our cars. Weà ­ve all seen the star-striped flags on the rear windows of other vehicles on the road, but try to pass and youà ­ll catch a great big finger from the front. Why is this? Why do we not sponsor the motto, "Live and let live?" Washington calls for one voice against terrorism and has used it as license to kill anyone who slightly threatens that voice. We are the biggest threat to the world, only it has become our manifest destiny to be its peace holder. We go and enforce our way of life, leaving other nations in ruins while our own homes lay in more destructive, less obvious ruin. We lack community and social obligation. Our era is often characterized by individualism (Firat and Venkatesh, 1993), which is the logical conclusion when government is impersonal, and the only way of being noticed is by taking personal action to show our own existence, our own difference (Elliot, 1997). The faà ade that is our American uni ty will not hold back the waters, and will only lead to a more detached, self-absorbed society. One of the most visible consequences of a nation turning to individualism is a lack of social interaction. With technology increasing, and products and services right behind, many are freed from tasks that would have previously required their confrontations with others. The internet has made it so that shopping, paying bills, and even conversing can be done by punching a few keys (all this weà ­ve known for years).

Methods of Research Essay

1. Define research in the light of the growing need for its conduct, exposition, and application. (5 points) Research is an process to collect and analyze information to increase our topic understanding for problem,it has three steps: pose a question,collect data and present an answer to the question. Research is an process to collect and analyze information to increase our topic understanding for problem,it has three steps: pose a question,collect data and present an answer to the question. 2. Explain the need for the discussion of the sampling technique. (5 points) Sampling technique is necessary in order to avoid bias in impact research assessment.many evluations and even research projects commonly suffer from a number of biases which reduce investigation to improve data. Sampling technique is necessary in order to avoid bias in impact research assessment.many evluations and even research projects commonly suffer from a number of biases which reduce investigation to improve data. 3. Differentiate the following with not more than 50 words per item (6 points each): a. Theoretical framework and conceptual framework; A conceptual framework occurs when a researcher links concepts from literature to establish evidence to support the need for the research question. If somebody else has already linked these concepts with valid research, they made a theoretical framework which can be used as a â€Å"ready made map† for other scientists to guide their own research questions. A conceptual framework occurs when a researcher links concepts from literature to establish evidence to support the need for the research question. If somebody else has already linked these concepts with valid research, they made a theoretical framework which can be used as a â€Å"ready made map† for other scientists to guide their own research questions. b. Primary and secondary sources; Primary source are very close to the origin of a particular topic,issue or situation being written about. Secondary sources are at least one step removed from the described topic,are reports that draw on research and other  references to make interpretive,analytical or synthesized claims.and they are best used for representing significant points of view. Primary source are very close to the origin of a particular topic,issue or situation being written about. Secondary sources are at least one step removed from the described topic,are reports that draw on research and other references to make interpretive,analytical or synthesized claims.and they are best used for representing significant points of view. c. Quantitative and qualitative research; In quantitative method,the researcher makes some type of comparison and attempts to discover relationships between or among variables. In qualitative method,the researcher is concerned in employing different approaches to discover non-quantitative relationships between or among existing variables. In quantitative method,the researcher makes some type of comparison and attempts to discover relationships between or among variables. In qualitative method,the researcher is concerned in employing different approaches to discover non-quantitative relationships between or among existing variables. d. Statistical treatment and statistical tools; and  Statistical treatment refers to some collection of methods which is used to process large amounts of data. Statistical tools have a multitude of different way that is available to comparison of data,or sets of data,quantify accuracy or precision,some of them simple,some complicated,and often very specific for certain purposes Statistical treatment refers to some collection of methods which is used to process large amounts of data. Statistical tools have a multitude of different way that is available to comparison of data,or sets of data,quantify accuracy or precision,some of them simple,some complicated,and often very specific for certain purposes e. Random and non-random sampling; A simple random sample uses randomization to pick your sample,that can be done in a number of ways. Non-random samples do not use randomization. In a word,Simple random samples are random samples,but random samples are not necessarity simple random samples. A simple random sample uses randomization to pick your sample,that can be done in a number of ways. Non-random samples do not use randomization. In a word,Simple random samples are random samples,but random samples are not necessarity simple random samples. 4. How the internal and external criticisms of literatures are done? Explain with clarity and conviction. (10 points) Internal criticism refers to the reliability or accuracy of the information contained in the source,so it’s process involves evaluating the accuracy and worth of state ments contained in a historical document.before start research,researchers must ask these questions in evaluating as follow:1.is it probable that people would act in the way described by the writer? 2.is it physically possible for the events described to have occurred this close together in time. 3.do the budget figures mentioned by the writer seem reasonable. External criticism refers to the validity,trustworthiness,or authenticity of the source, so it’s process is used to determine whether the apparent or claimed origin of a historical document corresponds with the actual origin, for example does the following items match:1.Author,2.Place,3.Date,4.Circumstances of publication Internal criticism refers to the reliability or accuracy of the information contained in the source,so it’s process involves evaluating the accuracy and worth of state ments contained in a historical document.before start research,researchers must ask these questions in evaluating as follow:1.is it probable that people would act in the way described by the writer? 2.is it physically possible for the events described to have occurred this close together in time. 3.do the budget figures mentioned by the writer seem reasonable. External criticism refers to the validity,trustworthiness,or authenticity of the source, so it’s process is used to determine whether the apparent or claimed origin of a historical document corresponds with the actual origin, for example does the following items match:1.Author,2.Place,3.Date,4.Circumstances of publication 5. Evaluate Wikipedia as a tertiary source of information. (5 points) The Wikipedia is not a primary source and a secondary source, is an encyclopedia,so it’s main namespace is an encyclopedia. Wikipedia as a tertiary source, because all the summarizes descriptions,interpretations and analyses are summaried on tertiary sources,which is as close as possible to the primary sources on the described topic. The Wikipedia is not a primary source and a secondary source, is an encyclopedia,so it’s main namespace is an encyclopedia. Wikipedia as a tertiary source, because all the summarizes descriptions,interpretations and analyses are summaried on tertiary sources,which is as close as possible to the primary sources on the described topic. 6. Enumerate (in proper sequence) the different parts or components of Chapter 3 (saved at least by JRU standards). – 5 points 1.Research method,descriptive,experimental. 2.Population,sample size and sampling technique,it explains the methods in selecting the sample. 3.Description of the respondents,it describes the respondents 4.The research instrument,for example,survey,questionnaire,test,interview. 5.Validation of the research instrument,the researcher explains how the research instrument used is validated. 6.Data-gathering procedure,for example,asking permission,writing a letter,distributing the questionnaire,and the like. 7.Statistical treatment of data,it makes clear how each datum gathered are explained and interpreted through statistics. 8.Statistical tools,it shows the formulas and sources of the statistics used in the research undertaking. 1.Research method,descriptive,experimental. 2.Population,sample size and sampling technique,it explains the methods in selecting the sample. 3.Description of the respondents,it describes the respondents 4.The research instrument,for example,survey,questionnaire,test,interview. 5.Validation of the research instrument,the researcher explains how the research instrument used is validated. 6.Data-gathering procedure,for example,asking permission,writing a letter,distributing the questionnaire,and the like. 7.Statistical treatment of data,it makes clear how each datum gathered are explained and  interpreted through statistics. 8.Statistical tools,it shows the formulas and sources of the statistics used in the research undertaking.

Differences Between Islamic Securitisation And Conventional Securitisation - Free Essay Example

Sample details Pages: 11 Words: 3208 Downloads: 8 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction: According to the topic of discussing the differences between Islamic securitisation and conventional securitisation, the discussion will lead to the satisfactory aspects of comprehensive analysis of the information gathered during the research. Moreover, it continues with the Islamic securitisation structure on the qualitative as well as quantitative basis according to the difference from the conventional securitisation structure. Securitisation which openly deals with the trade have more emphasis on the aspects to provide lucidity that it is riba-free (non-Islamic interest free) and its mechanism is based on shariah compliant system. Don’t waste time! Our writers will create an original "Differences Between Islamic Securitisation And Conventional Securitisation" essay for you Create order We will be discussing different aspects that provide a clearer picture to mechanism that how it works i.e. structure, elements of risk shifting (risk scattering) and risk sharing in the deemed process so far as the area requires a lot more research to acquire steadiness in financial world and to enrich more on the topic some distinctive facts and figure are discussed as well. Background information of the topic: From the beginning of the Islamic banking in early 1960s which reckons the acuity of Islamic Shariah according to Quran and Sunnah brought into account as legal maxims with many ideas to facilitates the use of finance in both debt based and equity based. Not only Muslims countries regarding Islamic securitisation is worried about many factors to find a way out to enrich financial systems many other countries however following the conventional financial and banking systems. In the start and yet it is quite infant situation of securitisation because of the collective concerns of lenders or financier and borrowers. Lately, it has to move on with incentive compatibility and attractiveness for investors. Financial intermediaries even nowadays face quite drastic situations despite their in-house financial management; debt handling being a global concern. There is a wider line drawn understanding the differences between Islamic ways and uses of securitisation and its conventional counterpar t though it seems quite trembling discussing about when it is debt based securitisation. Refer to the figures shown below which signifies the basic mechanism of securitisation; providing a clearer picture to its importance. Figure 1.1.a Basic Process of Securitisation [According to Dr. Masum Billah] According to Masum Billah M., in his article à ¢Ã¢â€š ¬Ã‹Å"Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah Frameworks of Securitisation in the Capital Marketà ¢Ã¢â€š ¬Ã¢â€ž ¢, he discusses about securitisation being a prevalent method of financing nowadays more precisely in corporate sector. Furthermore he illustrates securitisation that à ¢Ã¢â€š ¬Ã‹Å"where the company pooled its illiquid assets together and issued a claim to a pool of assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"when the assets are securitised, it made the assets tradable in the financial marketà ¢Ã¢â€š ¬Ã¢â€ž ¢. Furthermore, he presented the simplest definition that the à ¢Ã¢â€š ¬Ã‹Å"securitisation is a process where corporation converts its physical assets in to financial assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢. Masum aggregated in his words about à ¢Ã¢â€š ¬Ã‹Å"the assets that have to be securitised have to be illiquid à ¢Ã¢â€š ¬Ã¢â‚¬Å" cannot be traded in share market or secondary market- and should also have produce cash flows over its lifeti me. Besides that, the assets should have financial value so that they can be used as a claimed against the securitiesà ¢Ã¢â€š ¬Ã¢â€ž ¢. From the above depiction, a securitisation engages the sale of a large pool of assets by an entity or the originator that creates or purchases the assets in the course of its business to à ¢Ã¢â€š ¬Ã…“bankruptcy remoteà ¢Ã¢â€š ¬?, special purpose vehicle (SPV). The SPV acts as an issuer, issue and sale the securities through either in a private placement or public offering. When securitisation process is à ¢Ã¢â€š ¬Ã…“closedà ¢Ã¢â€š ¬? funds flow from the purchasers of the securities to the issuers and from the Issuers to the Originator. All these transaction occur virtually simultaneously. (Masum) Hence, the above description is the basic structure of securitisation. The actual structures are more complex because it involves more elements and participants. Refer to the rainbow-pie chart which presents a practical implication of securitisatio n according to Commerz bank. Figure 1.1.b Paradigm of Securitisation [defined by Commerz Bank (2007)] The above implementation can be an example of securitisation though many different approaches and products that provide seamless structure on Shariah compliant way which lie still under research yet required to be evolved. Scope of the research: The entire research is nourished on the basis of salient research techniques which consist of a vast study of reference books, written journals (inclusive of e-journals), research papers, seminar notes, open survey from public and some online resources. Furthermore, it helped a lot as a combination of theoretical and statistical comparison between conventional and Islamic securitisation in the literature review (which encompasses the knowledge as well as defined focus on the topic) with ground reality at an optimum level. Literature Review: Before moving on with detailed analysis there is a need to proclaim types (structures) of securitisation in general depiction. According to Masum, there are three main structures commonly used in securitisation. The originator chooses between three types of structures: pass-throughs, asset backed bond and pay-through. Masum further defined those structures coming forth; pass-through structures likely represent the direct ownership by the originator in a portfolio of assets. The originator services the portfolio, makes collections, and passes them to the investors. In pass through, the securities is not debt obligations of the originator thus, do not appear on the originatorà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statement. Since the ownership of the assets lies with the originator, pass-through is designed to represent an assignment of a portion of ownership, rights and obligation but not a conveyance of title. (Masum) Masum elaborates that à ¢Ã¢â€š ¬Ã‹Å"the Asset-Backed bond is collaterised by a portfolio of assets. The Asset-Backed Bond is a debt obligation of the issuers. In the issuerà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statement, the collateral remains as assets and the Asset-Backed Bond appears as a liability. The cash flows from the asset are not dedicated to the investors. The investors only receive a part of the cash flows and the residual remains with the issuersà ¢Ã¢â€š ¬Ã¢â€ž ¢. à ¢Ã¢â€š ¬Ã‹Å"One of the important aspect of the Asset-Backed Bond is that the securities is over-collateralized i.e. the value of the underlying assets is significantly in excess of the total obligation. For example, Company A issued RM1, 000,000.00 of bond using the Asset-Backed Bond structures. The value of the underlying assets that à ¢Ã¢â€š ¬Ã‹Å"backedà ¢Ã¢â€š ¬Ã¢â€ž ¢ the bond is RM2, 500,000.00. The issuer chooses to over-collateralised its bond in order to provide some level of comfort to the investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢. (Discussed by M.M. Billah in his paper) Lastly, he concluded with the final structure of securitisation is the pay-through structures. This structure has combination of pass-through and Asset-Backed Bond. The bond is collateralized by a pool of assets and appears on the issuerà ¢Ã¢â€š ¬Ã¢â€ž ¢s balance sheet as a debt. However, the cash flows arise from the assets is passed to the investors. The issuer only earns the service fees from the investors. From the above description of the mentioned, we can see that pass-through is the structure closest to satisfy the Islamic principle. Under pass-through, the cash flows collected are dedicated to the investors and the issuer only earns the service charge. Besides that, the security does not classify as a debt by the originator. Henceforth, conventional securitisation must be secluded according to research in different products and approaches and thus a large part of the conventional securitisation market à ¢Ã¢â€š ¬Ã¢â‚¬Å" for example, mortgage backed securities, would be prohi bited because the income (though not the principal) element of the cash flow would be characterised as riba. Similarly, CDOs and other such instruments could not be allowed as an asset class as these represent à ¢Ã¢â€š ¬Ã…“Debtà ¢Ã¢â€š ¬? rather than an allowable commodity or activity. However, these restrictions do not mean that an Islamic securitisation market cannot develop. There are many classes of assets with a long history of securitisation that are halal (allowable), in particular any physical asset such as plant and machinery, and many of the techniques used in a conventional securitisation transaction are equally valid in an Islamic transaction. The remainder of this article will try to show just how similar those requirements are, and point out some further underlying differences in structuring a Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢a compliant securitisation. Mervyn and Kabir (2007) conversed Islamic point of view of investments in different aspects according to ethics and moral besides regulatory framework and it is quite well defined perception that an investor needs a brighter depiction of profit generation to allow him to think about different financial intermediaries in this modern world though it is going through analysis time to time since many years following their psyche on the other hand banks being financial intermediary have to put through making most of it avoiding concept that money should not be loan according to legal maxims. According to Ayub M. (2007), Islamic principles can make the difference and that Islamic finance is passing significant milestones; which lead entrepreneurs not to stop putting their research on and on. Islamic researchers are more concerned meeting shariah compliant regulatory requirements. Sohail (2006) overstated that Islamic retail banking and finance is not only designated for Muslim community on ly; which means Islamic retail banking products are adopted to some extent because of their competency and efficiency, and are being used under the umbrella of conventional (non-Islamic) banks; they often call it as window for Islamic banking products. Detailed analysis of differences between Islamic securitisation and its conventional counterpart: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitisation seems straightforward. As mentioned in by Kabir and Mervyn (2007) according to Humayoun A. Dar; fixed-return modes deals with the control and management of funds as clients have the possession which was made available by the investors, financial frameworks are often used with different areas of Islamic banking products like investment accounts based on mudharabah and saving account based on wadià ¢Ã¢â€š ¬Ã¢â€ž ¢a, inclusive of Islamic retail banking products like Islamic mortgages, Islamic auto finance, sukuk (Islamic bonds) and many other products dealt with the concept of asset-backing and riba-free i.e. Islamised frameworks. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. Since most Islamic financial products are based on the concept of asset backing, the economic concept of asset securitisation is particularly amenable to the basic tenets of Islamic finance. Securiti sation under Islamic law bars interest income and must be structured in a way that rewards investors for their direct exposure to business risk, i.e., investors receive a share of profits commensurate to the risk they take on in lieu of pre-determined interest. All three asset types of Islamic finance are principally eligible for Islamic securitisation; however, unresolved issues, including restrictions on debt trading or the management of prepayment risk could limit their indiscriminate use as collateral. Characteristics of conventional securitisation only apply if they convey a sufficient element of ownership to investors as entrepreneurial investment in real economic activity within an interest-free structural arrangement. In addition, also administrative issues, such as underwriting standards, issue placement and the procurement of ratings, are subject to religious scrutiny. Any capital generated from securitised issuance under Islamic law is to be used exclusively used for the repayment of initial funding. Conventional securitisation, which originated in non-Islamic economies, invariably involves interest bearing debt. Although the religious prohibition of the exchange of debt and the required conferral of ownership interest to participate in business risk still poses challenges to further development of Islamic securitisation, the gradual acceptance of Islamic investment certificates, so-called sukuk bonds, represents a successful attempt to overcome these impediments based on the adequate interpretation and analogical reasoning of shariah principles applied in Islamic finance. Sukuks are shariah-compliant and tradable asset-backed, medium-term notes, which have been issued internationally by governments, quasi sovereign agencies, and corporations after their legitimization by the ruling of the Fiqh Academy of the Organization of the Islamic Conference in February of 1988. Sukuk notes convey equity interest to (capital market) investors in the form of a call option on partial or complete ownership of underlying reference assets, including the right to some calculable rate of return as a share of p rofit (secondary notes) and the repayment of the principal amount (primary notes). All three broad types of Islamic finance transactions (asset-, debt- and equity-based) can be reference assets of such Islamic securities. Following exhibits (3 and 4) provide the sukuk implementations. Detailed analysis of elements of risk shifting and risk sharing in securitisation process: Over the last five years, the sukuk has evolved as a viable form of capital-market-based Islamic structured finance, which reconciles the concept of securitisation and principles of the shariah law on the provision and use of financial products and services in a risk-mitigation structure subject to competitive pricing (El-Qorchi, 2005). Notwithstanding these religious constraints, Islamic finance can synthesize close equivalents to equity, mortgages, and derivatives known in conventional finance. To this end, it relies on structural arrangements of asset transfer between borrowers and lenders to emulate traditional interest-bearing financial contracts. Since lending transactions under Islamic law are based on the concept of asset backing and specific credit participation in identified business risk, it also appears relatively straightforward to structure a shariah-compliant asset-backed securitisation (ABS) that delivers a risk-return profile similar to a conventional structure. Howe ver, conventional securitisation was developed in non- Islamic economies and invariably involves interest-bearing debt. Essentially, asset securitisation represents a cost-efficient and flexible structured finance1 technique of liquidity transformation and risk transfer, which converts present or future asset claims of varying maturity and quality into tradable debt securities. The various methods of securitisation have much to offer, but so far they have found only limited acceptance in Islamic finance due to religious restrictions on the sale and purchase of interest-bearing debt and legal uncertainty surrounding the enforceability of investor interest under Islamic jurisprudence. Over the last five years, the nascent Islamic securitisation market has seen many positive developments owing to the adoption of enabling capital market regulations, a favorable macroeconomic environment, and financial innovation aimed at establishing shariah compliance. The most popular ABS structures w ithin Islamic finance are commonly referred to as sukuk bonds backed by either one of the three basic forms of Islamic finance (synthetic loans, sale- leasebacks, or profit-sharing arrangements). Asset securitisation describes the process and the result of issuing certificates of ownership as pledge against existing or future cash flows from a diversified pool of assets (à ¢Ã¢â€š ¬Ã…“reference portfolioà ¢Ã¢â€š ¬?) to investors. (Jobst, 2006b). Foreign Investment Insurance Policy-à ¢Ã¢â€š ¬?FIIPà ¢Ã¢â€š ¬? by The Islamic Corporation For The Insurance of Investment And   Export Credit à ¢Ã¢â€š ¬Ã…“ICIECà ¢Ã¢â€š ¬? Islamic securitisation transforms bilateral risk sharing between borrowers and lenders in Islamic finance into the market-based refinancing of one or more underlying Islamic finance transactions. Protection against basic risk; can be unless returns for investors are linked to the rate of interest on the underlying assets, there is a risk that the relationship between the rate paid on the underlying assets and that paid on the securities will differ over time. Normally a swap will be arranged to protect against this risk. In addition, conventional securitisation is virtually absent in Islamic countries, where Islamic home finance and sukuks provide a potentially untapped market for structured finance. Islamic securitisation complements the conventional ABS universe as an alternative and more diversified funding option that broadens the pricing spectrum and asset supply as high demand for alternative investment products causes greater lending width amid a low-yield market environment. In some circumstances, the shariah compliance also entails tax exemptions when investors hold direct ownership interest in the securitised assets. Conclusion: Islamic securitisation is a helpful and important tool, which must be carried out prior to the issuance of Islamic bonds or Islamic Debt Securities. By securitising assets, the Islamic way, Muslim investors can now participate in the bond market without worrying that the process of securitising the assets and issuing of the bonds are contradictory to the Islamic teachings. Islamic finance is being more attractive for not only the Muslim community but for non-muslim world. Its products are being progressive even though there been some hurdles and late development of Islamic banking and finance industry and moreover it is has been so securitised for customer satisfaction and avoided almost the pity of riba-based banking structure. In this regard, it has a more focus on the revision and research on the proposed and as well as on financial structures that are being practiced nowadays. It has been proven that many big names like HSBC, Lloyds and Standard Chartered are putting there focus on Islamic products and especially on retail banking products and securitisation products. Suggestions and Recommendations: Islamic Finance Expanding Rapidly (2007) by IMF(MCM Dept.) Many Islamic products have the thirst to be researched on and provided quite attractive picture for entrepreneur to spot focus on Islamic finance industry. Besides many Islamic retail banking products, Sukuk (i.e. Islamic Bonds à ¢Ã¢â€š ¬Ã¢â‚¬Å" despite of the type), Takaful (Insurance) and Tawarruq (AAOIFI standardised loan) are called out as the future for Islamic banking and might have a better attraction to conventional banking world as well. References(s): Aggarwal, R. K. Yousef, T. (2000) Islamic Banking and Investment Financing, Journal of Money, Credit and Banking, Blackwell Publishing Ahmad Ausaf (1993) Research Paper 20: Contemporary practices of Islamic financing techniques, Islamic Research and Training Institute, Islamic Development Bank, Jeddah Ahmad Ausaf (1987) Development and Problems of Islamic Banks, Islamic Development Bank, Jeddah Ayub M. (2007) Understanding Islamic Finance, John Wiley and Sons Ltd, Chichester Commerz Bank, Securitisation of Banks, https://cbcm.commerzbank.com/en/site/banks/securitisation_cf_banks/index.jsp [Access Date: 14th August 2010] Deringer (2006), à ¢Ã¢â€š ¬Ã…“Islamic finance: basic principles and structuresà ¢Ã¢â€š ¬? Freshfields Bruckhaus Consultants, pp 30. Dualeh, S. (1998). Islamic Securitisation: Practical Aspects. Paper presented at the World Conference on Banking, July 8-9, 1998, Geneva. El-Qorchi, Mohammed (2005), à ¢Ã¢â€š ¬Ã…“Islamic Finance Gears Up,à ¢Ã¢â€š ¬? Finance and Development (December), International Monetary Fund (IMF), 46-9. Fabozzi, F. J. (ed). (2001). Accessing Capital Markets through Securitisation. New York: Fran J Fabozzi Associates. Hassan Kabir M. Lewis Mervyn K. (2007) Handbook of Islamic Banking, Edward Elgar Publishing Ltd., Cheltenham IMF, Islamic Finance Expanding Rapidly, URL: [Accessed on: 18th August 2010] https://www.imf.org/external/pubs/ft/survey/so/2007/res0919b.htm Islamic Credit and Political Risk Insurance, à ¢Ã¢â€š ¬Ã…“A Useful Risk Management Tool For Banksà ¢Ã¢â€š ¬?URL:https://www.kantakji.com/fiqh/Files/Insurance/Islamic%20Credit%20and%20Political%20Risk%20Insurance.htm [Access Date: 17th August 2010] Jaffar S. (2006) Islamic Retail Banking and Finance: Global Challenges and Opportunities, Euromoney Books, London Jobst, Andreas A. (2006b), à ¢Ã¢â€š ¬Ã…“Asset Securitisation: A Refinancing Tool for Firms and Banks,à ¢Ã¢â€š ¬? Managerial Finance, Vol. 32, No. 9, 731-60. Kazarian G. E. (1993) Islamic versus traditional banking: Financial Innovation in Egypt, Boulder: Westview Press Kothari, Vinod (n.d.). Securitisation: a Primer. Available at: URL:https://www.vinodkhotari.com/securitisation.htm, Access Date: 17th August 2010. Manjoo F. A., (2005) à ¢Ã¢â€š ¬Ã‹Å"Securitisation: An Important Recipe for Islamic Banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ A Survey, Review of Islamic Economics, Vol. 9, No. 1, 2005, pp.53 Masum Billah, M. (unknown), à ¢Ã¢â€š ¬Ã‹Å"Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah Frameworks of Securitisation in the Capital Marketà ¢Ã¢â€š ¬Ã¢â€ž ¢ URL: https://www.applied-islamicfinance.com/sp_securitisation_1.htm [Access Date: 10th August 2010] Mullineux, A. W. Murinde, V. (2003) Handbook of International Banking, Edward Elgar Publishing Ltd., Cheltenham Usmani M. M. T. (1988), An Introduction to Islamic Finance, Islamic Publication, pp. 1-5, Karachi Zaher, Tarek S. Hassan, Kabir M. (2001) A comparative Literature Survey of Islamic Finance and Banking; Financial Markets, Institutions and Intruments, Blackwell, New York

Mother Child And Father Child Relationships Essay

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The Scarlet Letter By Nathaniel Hawthorne - 989 Words

In The Scarlet Letter Nathaniel Hawthrone looks at three people who all suffer in different ways. Hester Prynne because of her adultery, was driven away by the people of Boston. Roger Chillingworth fueled by his need for revenge rushes into madness. The Reverend Arthur Dimmesdale, who is loves by all, is almost pushed into insanity. While it is clear Hester and Chillingworth suffer, Dimmesdale is the one who goes through the worst trial. Hester Prynne, because of her adultery, was driven away by the people of Boston. When Hester commits this crime she thinks she has done the worst sin imaginable. So as the judges sentenced her to three hours standing on the scaffold in the blazing heat, she takes it. When they make her wear an â€Å"A† upon her bosom for the rest of her life, she does. The towns people hate her at first saying â€Å" this women has brought shame upon us all†(Hawthorne 49). They then exile her to the outskirts of town so they do not have to lay their eyes on her. 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Issues in Sme Development in Ghana and South Africa Free Essays

International Research Journal of Finance and Economics ISSN 1450-2887 Issue 39 (2010)  © EuroJournals Publishing, Inc. 2010 http://www. eurojournals. We will write a custom essay sample on Issues in Sme Development in Ghana and South Africa or any similar topic only for you Order Now com/finance. htm Issues in SME Development in Ghana and South Africa Joshua Abor Department of Finance University of Ghana Business School, Legon Peter Quartey Institute of Statistical, Social and Economic Research University of Ghana, Legon Abstract This paper discusses the characteristics, contributions of SMEs to economic development, and the constraints to SME development in developing countries with particular reference to Ghana and South Africa. SMEs in Ghana have been noted to provide about 85% of manufacturing employment of Ghana. They are also believed to contribute about 70% to Ghana’s GDP and account for about 92% of businesses in Ghana. In the Republic of South Africa, it is estimated that 91% of the formal business entities are SMEs. They also contribute between 52 to 57% to GDP and provide about 61% to employment. Notwithstanding the recognition of the important roles SMEs play in these countries, their development is largely constrained by a number of factors, such as lack of access to appropriate technology; limited access to international markets, the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity, lack of management skills and training, and most importantly finance. The paper provides some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME managers to ascertain the appropriate strategy to improve the SME sector in these countries. Keywords: SME Development, Ghana, South Africa 1. 0. Introduction There is growing recognition of the important role small and medium enterprises (SMEs) play in economic development. They are often described as efficient and prolific job creators, the seeds of big businesses and the fuel of national economic engines. Even in the developed industrial economies, it is the SME sector rather than the multinationals that is the largest employer of workers (Mullineux, 1997). Interest in the role of SMEs n the development process continues to be in the forefront of policy debates in most countries. Governments at all levels have undertaken initiatives to promote the growth of SMEs (Feeney and Riding, 1997). SME development can encourage the process of both inter and intra-regional decentralization; and, they may well become a countervailing force against the economic power of larger enterprises. More generally, the development of SMEs is seen as accelerating the achievement of wider economi c and socio-economic objectives, including poverty alleviation (Cook and Nixson, 2000). According to an OECD report, SMEs produce about 25% of OECD exports and 35% of Asia’s exports (OECD, 1997). International Research Journal of Finance and Economics – Issue 39 (2010) 219 SMEs represent over 90% of private business and contribute to more than 50% of employment and of GDP in most African countries (UNIDO, 1999). Small enterprises in Ghana are said to be a characteristic feature of the production landscape and have been noted to provide about 85% of manufacturing employment of Ghana (Steel and Webster, 1991; Aryeetey, 2001). SMEs are also believed to contribute about 70% to Ghana’s GDP and account for about 92% of businesses in Ghana. Similarly, in the Republic of South Africa, it is estimated that 91% of the formal business entities are Small, Medium and Micro Enterprises (SMMEs) (Hassbroeck, 1996; Berry et al. , 2002). They also contribute between 52 and 57% to GDP and provide about 61% of employment (CSS, 1998; Ntsika, 1999; Gumede, 2000; Berry et al. , 2002). SMEs therefore have a crucial role to play in stimulating growth, generating employment and contributing to poverty alleviation, given their economic weight in African countries. How do SMEs in Ghana compare with their counterparts in South Africa and what policy lessons can be drawn for both countries to enhance the contribution of the sector remains the focus of this paper. The rest of the paper is organized as follows: Section two reviews the various definitions of SMEs. Section three discusses the characteristics of SMEs in developing countries. Sections four and five examine the contributions of SMEs to economic development and the constraints to SME developments. The paper concludes in section six. 2. 0. What is an SME? The issue of what constitutes a small or medium enterprise is a major concern in the literature. Different authors have usually given different definitions to this category of business. SMEs have indeed not been spared with the definition problem that is usually associated with concepts which have many components. The definition of firms by size varies among researchers. Some attempt to use the capital assets while others use skill of labour and turnover level. Others define SMEs in terms of their legal status and method of production. Storey (1994) tries to sum up the danger of using size to define the status of a firm by stating that in some sectors all firms may be regarded as small, whilst in other sectors there are possibly no firms which are small. The Bolton Committee (1971) first formulated an â€Å"economic† and â€Å"statistical† definition of a small firm. Under the â€Å"economic† definition, a firm is said to be small if it meets the following three criteria: †¢ It has a relatively small share of their market place; †¢ It is managed by owners or part owners in a personalized way, and not through the medium of a formalized management structure; †¢ It is independent, in the sense of not forming part of a large enterprise. Under the â€Å"statistical† definition, the Committee proposed the following criteria:: †¢ The size of the small firm sector and its contribution to GDP, employment, exports, etc. †¢ The extent to which the small firm sector’s economic contribution has changed over time; †¢ Applying the statistical definition in a cross-country comparison of the small firms’ economic contribution. The Bolton Committee applied different definitions of the small firm to different sectors. Whereas firms in manufacturing, construction and mining were defined in terms of number of employees (in which case, 200 or less qualified the firm to be a small firm), those in the retail, services, wholesale, etc. were defined in terms of monetary turnover (in which case the range is 50,000-200,000 British Pounds to be classified as small firm). Firms in the road transport industry are classified as small if they have 5 or fewer vehicles. There have been criticisms of the Bolton definitions. These centre mainly on the apparent inconsistencies between defining characteristics based on number of employees and those based on managerial approach. The European Commission (EC) defined SMEs largely in term of the number of employees as follows: †¢ firms with 0 to 9 employees – micro enterprises; 220 International Research Journal of Finance and Economics – Issue 39 (2010) †¢ 10 to 99 employees – small enterprises; †¢ 100 to 499 employees – medium enterprises. Thus, the SME sector is comprised of enterprises (except agriculture, hunting, forestry and fishing) which employ less than 500 workers. In effect, the EC definitions are based solely on employment rather than a multiplicity of criteria. Secondly, the use of 100 employees as the small firm’s upper limit is more appropriate, given the increase in productivity over the last two decades (Storey, 1994). Finally, the EC definition did not assume the SME group is homogenous; that is, the definition makes a distinction between micro, small, and medium-sized enterprises. However, the EC definition is too all-embracing to be applied to a number of countries. Researchers would have to use definitions for small firms which are more appropriate to their particular â€Å"target† group (an operational definition). It must be emphasized that debates on definitions turn out to be sterile, unless size is a factor which influences performance. For instance, the relationship between size and performance matters when assessing the impact of a credit programme on a target group (Storey, 1994). Weston and Copeland (1998) hold that definitions of size of enterprises suffer from a lack of universal applicability. In their view, this is because enterprises may be conceived of in varying terms. Size has been defined in different contexts, in terms of the number of employees, annual turnover, industry of enterprise, ownership of enterprise, and value of fixed assets. Van der Wijst (1989) considers small and medium businesses as privately held firms with 1 – 9 and 10 – 99 people employed, respectively. Jordan et al (1998) define SMEs as firms with fewer than 100 employees and less than â‚ ¬15 million turnover. Michaelas et al (1999) consider small independent private limited companies with fewer than 200 employees and Lopez and Aybar (2000) considered companies with sales below â‚ ¬15 million as small. According to the British Department of Trade and Industry, the best description of a small firm remains that used by the Bolton Committee in its 1971 Report on Small Firms. This stated that a small firm is an independent business, managed by its owner or part-owners and having a small market share (Department of Trade and Industry, 2001). The UNIDO also defines SMEs in terms of number of employees by giving different classifications for industrialized and developing countries (see Elaian, 1996). The definition for industrialized countries is given as follows: †¢ Large – firms with 500 or more workers; †¢ Medium – firms with 100-499 workers; †¢ Small – firms with 99 or less workers. The classification given for developing countries is as follows: †¢ Large – firms with 100 or more workers; †¢ Medium – firms with 20-99 workers; †¢ Small – firms with 5-19 workers; †¢ Micro – firms with less than 5 workers. It is clear from the various definitions that there is not a general consensus over what constitutes an SME. Definitions vary across industries and also across countries. It is important now to examine definitions of SMEs given in the context of Ghana and South Africa. 2. 1. The Ghanaian Situation There have been various definitions given for small-scale enterprises in Ghana but the most commonly used criterion is the number of employees of the enterprise (Kayanula and Quartey, 2000). In applying this definition, confusion often arises in respect of the arbitrariness and cut off points used by the various official sources. In its Industrial Statistics, the Ghana Statistical Service (GSS) considers firms with fewer than 10 employees as small-scale enterprises and their counterparts with more than 10 employees as medium and large-sized enterprises. Ironically, the GSS in its national accounts considered companies with up to 9 employees as SMEs (Kayanula and Quartey, 2000). The value of fixed assets in the firm has also been used as an alternative criterion for defining SMEs. However, the National Board for Small Scale Industries (NBSSI) in Ghana applies both the International Research Journal of Finance and Economics – Issue 39 (2010) 221 â€Å"fixed asset and number of employees† criteria. It defines a small-scale enterprise as a firm with not more than 9 workers, and has plant and machinery (excluding land, buildings and vehicles) not exceeding 10 million Ghanaian cedis. The Ghana Enterprise Development Commission (GEDC), on the other hand, uses a 10 million Ghanaian cedis upper limit definition for plant and machinery. It is important to caution that the process of valuing fixed assets poses a problem. Secondly, the continuous depreciation of the local currency as against major trading currencies often makes such definitions outdated (Kayanula and Quartey, 2000). In defining small-scale enterprises in Ghana, Steel and Webster (1991), and Osei et al (1993) used an employment cut-off point of 30 employees. Osei et al (1993), however, classified small-scale enterprises into three categories. These are: (i) micro – employing less than 6 people; (ii) very small employing 6-9 people; (iii) small – between 10 and 29 employees. A more recent definition is the one given by the Regional Project on Enterprise Development Ghana manufacturing survey paper. The survey report classified firms into: (i) micro enterprise, less than 5 employees; (ii) small enterprise, 5 29 employees; (iii) medium enterprise, 30 – 99 employees; (iv) large enterprise, 100 and more employees (see Teal, 2002). 2. 2. The South African Situation The most widely used framework in South Africa is the definition of the National Small Business Act 102 of 1996, which defines five categories of businesses in South Africa. The definition uses the number of employees (the most common mode of definition) per enterprise size category combined with the annual turnover categories, the gross assets excluding fixed property. The definitions for the various enterprise categories are given as follows: †¢ Survivalist enterprise: The income generated is less than the minimum income standard or the poverty line. This category is considered pre-entrepreneurial, and includes hawkers, vendors and subsistence farmers. (In practice, survivalist enterprises are often categorised as part of the micro-enterprise sector). Micro enterprise: The turnover is less than the VAT registration limit (that is, R150 000 per year). These enterprises usually lack formality in terms of registration. They include, for example, spaza shops, minibus taxis and household industries. They employ no more than 5 people. †¢ Very small enterprise: These are enterprises employing fewer than 10 paid employees, except mining, electricity, manufacturing and construction sectors, in which the figure is 20 employees. These enterprises operate in the formal market and have access to technology. Small enterprise: The upper limit is 50 employees. Small enterprises are generally more established than very small enterprises and exhibit more complex business practices. †¢ Medium enterprise: The maximum number of employees is 100, or 200 for the mining, electricity, manufacturing and construction sectors. These enterprises are often characterised by the decentralisation of power to an additional management layer. The National Small Business Act’s definitions of the different categories of business may be summarised as set out in Table 1 below. 222 Table 1: International Research Journal of Finance and Economics – Issue 39 (2010) Definitions of SMMEs given in the National Small Business Act Number of Employees Fewer than 100 to 200, depending on industry Fewer than 50 Annual Turnover (in South African rand) Less than R4 million to R50 million, depending upon industry Less than R2 million to R25 million, depending on industry Less than R200 000 to R500 000, depending on industry Less than R150 000 Gross Assets, Excluding Fixed Property Less than R2 million to R18 million, depending on industry Less than R2 million to R4. million, depending on industry Less than R150 000 to R500 000, depending on Industry Less than R100 000 Enterprise Size Medium Small Fewer than 10 to 20, depending on industry Micro Fewer than 5 Source: Falkena et al. (2001) Very Small From the above, two key contrast can be drawn between the definitions of SMEs in Ghana and their counterparts in South Africa. First, Act 102 of 1996 defines SMEs in South Africa wh ereas there is no such legislation in Ghana. Secondly, the cut off points for the various SME size categories in South Africa are much higher than that of Ghana. This may be a result of the fact that South Africa has a much higher income levels than Ghana. 3. 0. Characteristics of SMEs in Developing Countries Fisher and Reuber (2000) enumerate a number of characteristics of SMEs in developing countries under the broad headings: labour characteristics, sectors of activity, gender of owner and efficiency. Given that most SMEs are one-person businesses, the largest employment category is working proprietors. This group makes up more than half the SME workforce in most developing countries; their families, who tend to be unpaid but active in the enterprise, make up roughly another quarter. The remaining portion of the workforce is split between hired workers and trainees or apprentices. SMEs are more labour intensive than larger firms and therefore have lower capital costs associated with job creation (Anheier and Seibel, 1987; Liedholm and Mead, 1987; Schmitz, 1995). In terms of activity, they are mostly engaged in retailing, trading, or manufacturing (Fisher and Reuber, 2000). While it is a common perception that the majority of SMEs will fall into the first category, the proportion of SME activity that takes place in the retail sector varies considerably between countries, and between rural and urban regions within countries. Retailing is mostly found in urban regions, while manufacturing can be found in either rural or urban centres. However, the extent of involvement of a country in manufacturing will depend on a number of factors, including, availability of raw materials, taste and consumption patterns of domestic consumers, and the level of development of the export markets. In Ghana, SMEs can be categorized into urban and rural enterprises. The former can be subdivided into â€Å"organized† and â€Å"unorganized† enterprises. The organized ones mostly have paid employees with a registered office, whereas the unorganized category is mainly made up of artisans who work in open spaces, temporary wooden structures, or at home, and employ few or in some cases no salaried workers (Kayanula and Quartey, 2000). They rely mostly on family members or apprentices. Rural enterprises are largely made up of family groups, individual artisans, women engaged in food production from local crops. The major activities within this sector include:- soap and detergents, fabrics, clothing and tailoring, textile and leather, village blacksmiths, tin-smithing, ceramics, timber and mining, bricks and cement, beverages, food processing, bakeries, wood furniture, electronic assembly, agro processing, chemical-based products and mechanics (Osei et al. , 1993; Kayanula and Quartey, 2000). Majority of SMEs are female-owned businesses, which more often than not are home-based compared to those owned by males; they are operated from home and are mostly not considered in official statistics. This clearly affects their chances of gaining access to financing schemes, since such International Research Journal of Finance and Economics – Issue 39 (2010) 223 programmes are designed without sufficient consideration of the needs of businesses owned by females. These female entrepreneurs often get the impression that they are not capable of taking advantage of these credit schemes, because the administrative costs associated with the schemes often outweigh the benefits. Prior empirical studies in Ghana have shown that female-owned SMEs often have difficulty accessing finance. Females are mostly involved in sole-proprietorship businesses which are mainly microenterprises and as such may lack the necessary collateral to qualify for loans (Aryeetey et al, 1994; Abor and Biekpe, 2006). Measures of enterprise efficiency (e. g. labour productivity or total factor productivity) vary greatly both within and across industries. Firm size may be associated with some other factors that are correlated with efficiency, such as managerial skill and technology, and the effects of the policy environment. Most studies in developing countries indicate that the smallest firms are the least efficient, and there is some evidence that both small and large firms are relatively inefficient compared to medium-scale enterprises (Little et al. , 1987). It is often argued that SMEs are more innovative than larger firms. Many small firms bring innovations to the market place, but the contribution of innovations to productivity often takes time, and larger firms may have more resources to adopt and implement them (Acs et al. , 1999). 4. 0. Contributions of SMEs to Economic Development There is a general consensus that the performance of SMEs is important for both economic and social development of developing countries. From the economic perspective, SMEs provide a number of benefits (Advani, 1997). SMEs have been noted to be one of the major areas of concern to many policy makers in an attempt to accelerate the rate of growth in low-income countries. These enterprises have been recognized as the engines through which the growth objectives of developing countries can be achieved. They are potential sources of employment and income in many developing countries. SMEs seem to have advantages over their large-scale competitors in that they are able to adapt more easily to market conditions, given their broadly skilled technologies. They are able to withstand adverse economic conditions because of their flexible nature (Kayanula and Quartey, 2000). SMEs are more labour intensive than larger firms and therefore have lower capital costs associated with job creation (Anheier and Seibel, 1987; Liedholm and Mead, 1987; Schmitz, 1995). They perform useful roles in ensuring income stability, growth and employment. Since SMEs are labour intensive, they are more likely to succeed in smaller urban centres and rural areas, where they can contribute to a more even distribution of economic activity in a region and can help to slow the flow of migration to large cities. Due to their regional dispersion and their labour intensity, it is argued, small-scale production units can promote a more equitable distribution of income than large firms. They also improve the efficiency of domestic markets and make productive use of scarce resources, thus facilitating long-term economic growth (Kayanula and Quartey, 2000). SMEs contribute to a country’s national product by either manufacturing goods of value, or through the provision of services to both consumers and/or other enterprises. This encompasses the provision of products and, to a lesser extent, services to foreign clients, thereby contributing to overall export performance. In Ghana and South Africa, SMEs represent a vast portion of businesses. They represent about 92% of Ghanaian businesses and contribute about 70% to Ghana’s GDP and over 80% to employment. SMEs also account for about 91% of the formal business entities in South Africa, contributing between 52% and 57% of GDP and providing about 61% of employment (CSS, 1998; Ntsika, 1999; Gumede, 2000; Berry et al. , 2002). From an economic perspective, however, enterprises are not just suppliers, but also consumers; this plays an important role if they are able to position themselves in a market with purchasing power: their demand for industrial or consumer goods will stimulate the activity of their suppliers, just as their own activity is stimulated by the demands of their clients. Demand in the form of investment plays a dual role, both from a demand-side (with regard to the suppliers of industrial goods) and on the supplyside (through the potential for new production arising from upgraded equipment). In addition, demand 224 International Research Journal of Finance and Economics – Issue 39 (2010) is important to the income-generation potential of SMEs and their ability to stimulate the demand for both consumer and capital goods (Berry et al. , 2002). 5. 0. General Constraints to SME Development Despite the potential role of SMEs to accelerated growth and job creation in developing countries, a number of bottlenecks affect their ability to realize their full potential. SME development is hampered by a number of factors, including finance, lack of managerial skills, equipment and technology, regulatory issues, and access to international markets (Anheier and Seibel, 1987; Steel and Webster, 1991; Aryeetey et al, 1994; Gockel and Akoena, 2002). The lack of managerial know-how places significant constraints on SME development. Even though SMEs tend to attract motivated managers, they can hardly compete with larger firms. The scarcity of management talent, prevalent in most countries in the region, has a magnified impact on SMEs. The lack of support services or their relatively higher unit cost can hamper SMEs’ efforts to improve their management, because consulting firms are often not equipped with appropriate cost-effective management solutions for SMEs. Besides, despite the numerous institutions providing training and advisory services, there is still a skills gap in the SME sector as a whole (Kayanula and Quartey, 2000). This is because entrepreneurs cannot afford the high cost of training and advisory services while others do not see the need to upgrade their skills due to complacency. In terms of technology, SMEs often have difficulties in gaining access to appropriate technologies and information on available techniques (Aryeetey et al. , 1994). In most cases, SMEs utilize foreign technology with a scarce percentage of shared ownership or leasing. They usually acquire foreign licenses, because local patents are difficult to obtain. Regulatory constraints also pose serious challenges to SME development and although wideranging structural reforms have led to some improvements, prospects for enterprise development remain to be addressed at the firm-level. The high start-up costs for firms, including licensing and registration requirements, can impose excessive and unnecessary burdens on SMEs. The high cost of settling legal claims, and excessive delays in court proceedings adversely affect SME operations. In the case of Ghana, the cumbersome procedure for registering and commencing business are key issues often cited. The World Bank Doing Business Report (2006) indicated that it takes 127 days to deal with licensing issues and there are 16 procedures involved in licensing a business in Ghana. It takes longer (176 days) in South Africa and there were 18 procedures involved in dealing with licensing issues. Meanwhile, the absence of antitrust legislation favours larger firms, while the lack of protection for property rights limits SMEs’ access to foreign technologies (Kayanula and Quartey, 2000). Previously insulated from international competition, many SMEs are now faced with greater external competition and the need to expand market share. However, their limited international marketing experience, poor quality control and product standardisation, and little access to international partners, continue to impede SMEs’ expansion into international markets (Aryeetey et al. , 1994). They also lack the necessary information about foreign markets. One important problem that SMEs often face is access to capital (Lader, 1996). Lack of adequate financial resources places significant constraints on SME development. Cook and Nixson (2000) observe that, notwithstanding the recognition of the role of SMEs in the development process in many developing countries, SMEs development is always constrained by the limited availability of financial resources to meet a variety of operational and investment needs. A World Bank study found that about 90% of small enterprises surveyed stated that credit was a major constraint to new investment (Parker et al. , 1995). Levy (1993) also found that there is limited access to financial resources available to smaller enterprises compared to larger organisations and the consequences for their growth and development. The role of finance has been viewed as a critical element for the development of SMEs (Cook and Nixson, 2000). A large portion of the SME sector does not have access to adequate and appropriate forms of credit and equity, or indeed to financial services more generally (Parker et al. , 1995). In competing for the corporate market, formal financial institutions have structured their products to serve the needs of large corporates. International Research Journal of Finance and Economics – Issue 39 (2010) 225 A cursory analysis of survey and research results of SMEs in South Africa, for instance, reveals common reactions from SME owners interviewed. When asked what they perceive as constraints in their businesses and especially in establishing or expanding their businesses, they answered that access to funds is a major constraint. This is reflected in perception questions answered by SME owners in many surveys (see BEES, 1995; Graham and Quattara, 1996; Rwingema and Karungu, 1999). This situation is not different in the case of Ghana (see Sowa et al. , 1992; Aryeetey, 1998; Bigsten et al. , 2000, Abor and Biekpe 2006, 2007; Quartey, 2002). A priori, it might seem surprising that finance should be so important. Requirements such as identifying a product and a market, acquiring any necessary property rights or licenses, and keeping proper records are all in some sense more fundamental to running a small enterprise than is finance (Green et al. , 2002). Some studies have consequently shown that a large number of small enterprises fail because of non-financial reasons. Other constraints SMEs face include: lack of access to appropriate technology; the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity and lack of management skills and training (see Sowa et al. , 1992; Aryeetey et al. , 1994; Parker et al. , 1995; Kayanula and Quartey, 2000). However, potential providers of finance, whether formal or informal, are unlikely to commit funds to a business which they view as not being on a sound footing, irrespective of the exact nature of the unsoundness. Lack of funds may be the immediate reason for a business failing to start or to progress, even when the more fundamental reason lies elsewhere. Finance is said to be the â€Å"glue† that holds together all the diverse aspects involved in small business start-up and development (Green et al. , 2002). 6. 0. Conclusion This paper has reviewed various definitions of SMEs and also discussed the characteristics, contributions of SMEs to economic development, and the constraints to SME development. In reviewing the definitions of SMEs, it was concluded that there is no single, universal, uniformly acceptable definition of SMEs. Several measures or indicators have been used to define the SME sector. The most commonly used is the number of employees of the enterprise. However, in applying this definition, confusion often arises in respect of the arbitrariness and cut-off points used by various official sources. The definitions of SMEs within the context of Ghana and South Africa were also examined, given that this paper focuses on these two countries. SMEs often fall into two categories, that is, urban and rural enterprises. The former can be sub-divided into â€Å"organized† and â€Å"unorganized† enterprises. The organized groups have registered offices and paid workers, whilst the unorganized ones are mainly made up of artisans. Rural enterprises are largely made up of family groups and individual artisans. The activities in the SME sector range from pottery and ceramics to manufacturing of spare parts and electronic assembly. SMEs in Ghana and South Africa have a lot of similarities in terms of their characteristics as well as the vital role they play in the two economies. However, they differ in terms of size and regulation. For instance, the cut off point for the various categories of SMEs in Ghana are much lower than they pertain in South Africa. Secondly, whereas a national legislation defines an SME in South Africa, no such Act exist in Ghana. The study also observed that SMEs constitute a vital element of the development process, and their contributions in terms of production, employment and income in developing countries is widely recognized. Hence, interest in the role of SMEs in the development process continues to be high on the agenda of policy makers in the two countries. Notwithstanding the recognition, the development of SMEs is always constrained by a number of factors such as, lack of access to appropriate technology, limited access to international markets, the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity and lack of management skills and training. However, access to finance remains the greatest concern for the majority of SMEs. This study suggests that, to improve access to credit to SMEs, entrepreneurs should be encouraged to form cooperatives since financial institutions believe peer pressure often reduces the risk 26 International Research Journal of Finance and Economics – Issue 39 (2010) of default, Secondly, the government through tax incentives can encourage certain training institutions and NGOs to provide training to entrepreneurs on simple record keeping and managerial know-how. Also, a national legislation in Ghana to define what constitutes an SME and their leg al as well as tax obligations will help to integrate a number of informal enterprises into the formal framework. This should be complemented with steps to minimize the legal procedures involved in doing business in both countries. It is also suggested that technology transfer through simple, inexpensive and adaptable technology should be promoted to enhance the productivity of SMEs. References [1] [2] Abor, J. and N. 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