African Americans Status in 1890 Essay

There were many problems that African Americans faced in the 1890’s some of which still exist in today’s society. African Americans have come a long way and earned many rights but still live with the hardships that they had in the 1890’s. The status of African Americans at this time in United States history was not good. Blacks had a very hard time living especially in the south. The problems that blacks dealt with were primarily found in the south where they were not accepted. Segregation became huge across the entire south after the Supreme Court ruled that â€Å"Separate but equal† was legal in the Plessy v. Ferguson case. Everything was separate but it was almost never equal. Whites always had things better than African Americans did. Blacks could not ride in the same train cars as whites. The national government gave blacks the right to vote but southern state governments took away that right through the use of poll taxes and literacy tests. A big problem that blacks faced was trying to stay alive. Many blacks were killed for no reason during this period of time. Jim Crow laws were set up to keep blacks from enjoying the same rights and privileges that whites enjoyed everyday. The Ku Klux Klan was set up by whites who had hatred for blacks. Blacks in the south feared for their lives and their families’ lives everyday. It was certain that African Americans would be confronted by racism each and everyday in the south. Relationships between blacks and whites have greatly improved in the last century but things still are not perfect and it is unlikely that they ever will be. The greatest changes were made during the civil rights movement in the 1950’s and 1960’s when blacks stood up for themselves and gained their rights as American citizens. Laws were finally passed that made literacy tests and poll taxes illegal. Segregation came to an end after Brown v. Board of Education turned over the ruling made in Plessy v. Ferguson. There was no longer â€Å"Separate but equal†, it was now just equal. Although many big steps have been taken to stopping racism and segregation it still exists in our lives today. African Americans still see racism everyday even though they are now doing many things with whites. Blacks and whites have been able to peacefully interact with each other for decades but you still see newspapers talking about segregation and racism. The overall improvement has been very significant. Comparing today’s society to the 1890’s show a lot of good change yet there are still problems in our society with race relations.

Informative Speech About Football

Informative Speeches Informative. jpg An informative speech provides interesting and useful information to the audience. The information is unique and usually not something that the audience would be acquainted with. Objects, processes, events or concepts: Informative speeches can be about objects, processes, events or concepts. This is not a limited list, but a general topic format that most informative speeches tend towards.The important thing to realize is that no matter which topic format the speech takes on, it can only be an informative speech if it conveys information that is factual, useful, instructive and/or enlightening to the audience. Introduction, body and conclusion: Most informative speeches are formatted with a defined introduction, a body of information and a conclusive ending. Clear, attention grabbing intro: The introduction to informative speeches should always be clear and catch the attention of the listeners.The introduction should lead up to the body of the sp eech in such a way that it is immediately grabs the interest of the audience. It should create a clear relation between the speaker and the topic as well as relating the topic or subject to the audience to pull them in and get them excited or interested in what is to come. It should create a clear outline of what is to be covered in the body of the speech and should do so in a clear and concise way to be effective and ensure that the audience is not bored from the start.Seamless transitions: When delivering informative speeches, the body should provide a smooth transition between the main points, ideas or concepts to convey all of the information effectively. This means that the speaker should, firstly, adhere strictly to the time limits imposed by planning ahead to present all of the information in a coherent manner and in a way that is easy for the audience to absorb and comprehend. The delivery should be natural and conversational; if it isn’t it will allow the audience to lose interest quickly and easily become distracted by the slightest diversion.The speaker should at all times demonstrate a vibrant enthusiasm or passion for the topic – if he is not enthused by it then there is no way he can expect his audience to be. The speaker should maintain eye contact stringently and progress from one point to another in a way that does not seem forced in any way, but seems to progress naturally without any breaks in momentum. Summarize at the end: When concluding an informative speech, the aim is to try and summarize the key points of the speech to reinforce the information in the minds of the audience.The conclusion of informative speeches should always be the means by which the speaker informs the audience that the speech is coming to an end, without actually saying so. It should review and repeat the most prominent concepts, ideas or aspects of the speech and should end the speech in the same seamless and natural way that is used throughout the sp eech. The important thing to note is that the conclusion is a vital part of the speech, and as such it should maintain the attention and interest of the audience until the very end.

International trade and transportation law Essay

International trade and transportation law - Essay Example   Generally, the bills of lading used on international shipments include ocean bills of lading for cargo transported by ocean and air waybills for cargo transported by air. Some bills of lading are negotiable where as some are not. The difficulties of non negotiable bill of lading was explained by Chana (1999). He also discussed about the comparison of bills of lading in China, Hongkong and United States of America (Chanb, 1998). The status of bills of lading in China was also explained by Chen (1999). The letter of guarantee provided by the bank or any financial institution will be vital in some cases of bills of lading. For example in case of an Australian context i.e. Pacific Carriers Ltd. v. Banque Nationale de Paris, the bank who had given the letter of guarantee was held responsible for loss of goods (Derrington and White, 2002). Even though letters of indemnity are a common practice, in some of the ceses, they were criticized by the courts for violation of the facts (United Baltic Corp. v. Dundee Perth & London Shipping Co., 1928). By performing all the above mentioned functions, bill of lading contributes significantly to International trade of goods. With the bill of lading showing that a contract of carriage exists and that the goods have been received by the carrier, a buyer and his bank are assured that the delivery of goods according to the contract of sale is under progress. Similarly an exporter, holding a bill of lading as title to the goods, may, by choosing when to pass the bill to the buyer, decides when the latter takes delivery of the goods. Thus the bill of lading becomes an essential element in controlling payment procedures in international trade. Most important thing is that the extent of protection provided by bill of lading is quite enormous (Jan Ramberg, 1979). The standard format for documentary credit transactions in international trade is ‘The Uniform Customs and Practice for Documentary Credits’, or UCP 500 which will ensure

Play Activity Observation With Critical Evaluation Essay

Play Activity Observation With Critical Evaluation - Essay Example 6) denotes that Early Years Foundation Stage has principles that can be put into practice that can help in learning and development of the child. We should consider the fact children develop in different ways and rates therefore, all areas of learning and development are interconnected and equally important. This paper intends to determine with the section of EYFS that will relate to the play activity and provide critical evaluation for the child’s (Tina) activity. It will also determine relevant theories that can be applied with this case study with relation to EYFS. Criteria Early Years Foundation Stage is made up of six areas that are essential in learning and development. Each of these areas helps the child in personal, social and emotional development. It entails dispositions and attitudes that are essential in building self confidence and self esteem. Play activities help in making relationships with other children. The aspects of learning and development help the child in communication and language literacy (Moss and Pence, 1994, p. 40). The child will have knowledge and understanding of the environment around him. This will aid in physical development as the child will be able to move while attaining body awareness. Ultimately, it will assist the child in creative development as they will be creative through responding to experiences through communication of ideas to his peers. Critically evaluating Tina’s activity, we realize that this play activity that was arranged by the class teachers. Under learning and development, play and exploration is a technique that the teachers used to help Tina receive a quality experience that will assist her in development and learning. They organized a play activity that mainly entailed foot painting. Tina had put on her tights and did not want to join her fellow classmates in the exercise. However, the teacher went and reassured her that it was alright and gave her the confidence to play. When she was to ld by her the teacher that her mother said it was ok. She later agreed to take part in the exercise and it is from this exercise that, the teachers were able to monitor how Tina was able to learn through play. Play and exploration help the children reflect on wide ranging activities, preoccupations and varied interests. During this play activity, it is evident that Tina learns at her highest level as this provides her with a variety of ideas that she can engage in. Tina plays with her peers with is important in her development as she will discover different ways of doing things (Whitebread, 1996, p. 211). This is evident as she dances where there a lot of paint has been poured. As the children start to play, they tend to express fears through reliving anxious experiences. This is evident when Tina is asked to remove her tights so that she can participate in foot painting. She refuses to do so but the teacher reassures her that her mother told them it was ok. Children learn through e xperience, Tina had to experience this play both physically and emotionally. She took off her tights and stepped on the red paint depicting physical activity. After stepping on the paint she started laughing, jumping and screaming with joy. She illustrated emotions as she was enjoying the play. Children may play by themselves or with others. Tina started by playing by herself when she

Health care finance Essay Example | Topics and Well Written Essays - 500 words - 1

Health care finance - Essay Example sults are preferable than the expected results, the variable is favorable (F).on the other hand, if the actual results are not as good as the expected results, the variance is an adverse (A) (Murphy and Wood 275). There are two kinds of budgets from the accounting point of view: capital budgets and operating budgets. Budgets are characterized by such programs as operations, maintenance, security, and environmental among others. Operating budget is a term used to refer instances when informal conversations within an organization turn to the budget. Facility managers usually have more control over operating budgets as compared to the capital budget. They symbolize out-of-pocket costs that organizations try to avoid (Murphy and Wood 277). They can be either short-term or mid-term. Capital budgets, on the other hand, are comparatively static. They involve less scrutiny, longer terms, and fewer cost types. They are sensitive to the management of operating budgets. Cost measurement has been found very effective in the maintenance of operating and capital budgets through the variance analysis. Effective and efficient budgeting in the control of operating costs is an essential part in the attempt to increase the value of a business over time. Operating budgeting should, therefore, analyze strategies for capital budgeting and strive to increase efficiency (Warren, et.al 31). For this to be accomplished there is a need for integrated budget planning. The budgeting process and business planning should offer this opportunity. Cost measurement has, however, been the most effective manner through which this efficiency is achieved. There are two major methods of measuring costs in the attempt to maintain operating and capital budgets effectively. One of these methods is the total absorption costing method (Warren, et.al 31). This involves making an attempt to achieve the full cost in the production of a single unit of an item by making an account of all production costs both

Paradigm of black politics Essay Example | Topics and Well Written Essays - 500 words

Paradigm of black politics - Essay Example Thus, instead of identifying the simple reasons why Blacks are unable to achieve political goals through legitimate means, the Black feminists introduced a new way of thinking not only in terms of race but also in terms of class and gender, which, according to these authors, are inseparable. As a result, it seems that the best paradigm for understanding Black culture within the United States also applies quite well to the study of Black political advancement since the struggles of the 1960s, and reflects the struggle African-American people now face. The black feminist perspective is an integrated approach that focuses not specifically on gender, or on race, or on class, but on these factors as mutually reinforcing aspects of one problem. This problem is the lack of progress in having Black representatives in government. One key aspect, or insight, from the Black feminist movement coming out the 1970s was that Black Nationalism and institutional racism (from whites) were part of the same gendered problem, both with misogynistic and masculine characteristics (Burns). Taking efforts to expose and correct this problem, the Black feminists offered a paradigm and a perspective for understanding Black politics at the time and throughout the transitory period. This perspective, which moves beyond the monolithic â€Å"Black† used in the rhetoric of Dr. Martin Luther King, Jr. and Malcolm X, allowed students of politics to mark gender distinctions when it comes to significant issues, like the specific social welfare policies for A frican-American women and the drug laws that disproportionately target African-American men (Collins). Patricia Hill Collins, a Black feminist, is famous for using this perspective to analyze new ideas for black liberation. However, since the influential mainstream feminist movement of the 1970s and 1980s, the Black feminist paradigm might not be so useful for looking at the political situation. Changes in

Portfolio Management Essay Example | Topics and Well Written Essays - 750 words

Portfolio Management - Essay Example This obviously shows that this theory is not entirely correct. The theory further interpreted shows that investors who thoroughly analyse the market are wasting their time. This theory was coined from the belief that, since the market was often efficient, then it was always efficient. This is however, not always true (Hagstrom, R. 2001, 158). The efficient market theory by Eugene Fama bases its argument on a number of assumptions. First is that all investors rationally seek to maximize the value of their investments. This means that the information that investors receive on their stock investments can make them react randomly either by overreacting or vice versa. This goes to say that they cannot be predicted or exploited thereof for the purpose of making a profit. Secondly, investors have easy and free access to information and can easily buy or sell stocks without breaking sweat. Third  is that, all investors in the stock market are in it to make money. This is true to some exten t. Based on these assumptions, one can conclude that all the information that people have that can affect stock prices is irrelevant since it has already affected the price (Hough, J. 2008, 26 -27). Similarly, if the stock price at any one time accurately reflects the value of the company then, stock traders cannot time their trades in a way to take advantage of inside information. Efficient market theory also shows that companies cannot manipulate their accounts to take advantage of investors by manipulating their stock prices. However, market dynamics and IT employ ordinary people who work in various companies neither of whom are consistent or efficient. Nevertheless, cases of companies manipulating their books and insider trading are evident in stock markets around the world (Studymode. 1999, 1). An academic spends time testing viable approaches to the market and comes up with conclusions that a practical player in the stock market will most likely differ with. This is because an individual practicing in the market will find completely different ways of benefitting from the market. A successful practicing trader in the market is characterized as practical, rational, able to keep their emotions in check and profit oriented (Schwager, J. 2008, 42). There a number of ways that one can benefit from an inefficient market. One is as simple as buying the under-priced stocks and short the overpriced ones. It is obviously a much more complex undertaking than it seems. Timing and information is any investor’s best asset when it comes to this. As everyone is scrambling to buy stocks and bonds from large companies, one can take this opportunity to target the smaller upgraded companies that others seem to overlook. The stock and bond prices for these companies are sure to be at a bargain since there are fewer players in this pool. One of the most overstated but true investment rules that few seem to follow is to diversify. Diversifying one’s investment por tfolio is a sure way to reduce the risk of losses all the while increasing the chances of good returns on investment. Diversifying however does not just mean investing randomly in different companies. Real application of diversification in investments refers to owning stocks or bonds spread amongst an array of sectors in the market. Diversification does not cost the investor anything and is referred to as free insurance in the

The Importance of Ensuring that Every American Has Access to Health Ca Essay

The Importance of Ensuring that Every American Has Access to Health Care They Can Afford - Essay Example The issue of health coverage for Americans has been around for many years. Attempts to enact a health system that would provide universal health for all have been made throughout the 20th century but without success (Quadagno p.g 201). For many years, economic factors have precluded the poor’s access to quality health insurance, and even either classes have been struggling with the costs. One of the significant steps forward in the health issue was made recently when the government passed the health mandate that intended to cover majority Americans. With this even, America edges close to the ultimate goal of universal health insurance. The effects of poor insurance systems transcend health issues and spill over to social and economic effects. This paper aims at highlighting the importance of ensuring that every American has access to health care they can afford. In the declaration of independence, it is stated categorically that all Americans have the right to survive. Without access to medical care they can afford, this right is turned in to privilege with only the wealthy getting the best while the other classes have to do with little or nothing in the way of health care. The high cost of insurance by many people epitomizes the lurid inequality and abuse of this right. Still, on legal matters, the general constitution’s preamble dictates that its purpose is to protect the welfare of the American people and their health is an integral part of their welfare. As such every America does not only need but deserves affordable and quality health care ergo insurance by mere virtue of being an American citizen. Furthermore, as a citizen in a country that is a signatory to the UN, health care is a human right, and as such, no factors financial or otherwise should come between them and quality health care. Considering that most Americans depend on insurance. However, for those who do not have access to insurance include those who simply cannot afford it an d those whose companies cannot cover them due to their inability to pay their premiums.

Ping Sweeps and Port Scans Assignment Example | Topics and Well Written Essays - 500 words

Ping Sweeps and Port Scans - Assignment Example Computer activities fall into broad categories of the ones which enhance proper functioning of other programs running on a computer whereas others which render expected functioning difficult. We must safeguard our computers against the malicious activities. Information about a computer such as the details about its operating system, details about programs running on it, information about various protocols, details about usage of ports and responses to different functions are amongst those targeted by hackers and jammers in a network. Ping sweep is a very fundamental scanning activity used to primarily determine the range of IP addresses which map to live hosts (TechTarget, 2002). Usually we ping a computer to know the active presence of the desired host. However, ping sweeps do it for a multitude of computers. Ping sweep is also known as ICMP (Internet Control Message Protocol) sweep (TechTarget, 2002). Ping sweeps can be performed voluntarily by an organization to determine active hosts. Upon determination we use this data to perform data transactions/sharing between desired active hosts. It can also be performed by an outsider with an intention to drag information out of a computer database for wrong purposes. The process of knowing active hosts in ping sweep is similar to an act where a pickpocket identifies his prey in a crowded bus (Murali, 2004). Every sweep is an attempt with hope. We can take stringent security measures to avoid responding to external pings. Once the computer responds to ping sweep, there begins the next process of port scanning. Port scan is the process of sending messages to a port for determining the type of network services offered by the host (Ireland, S, 2009). Upon receiving messages the ports respond with their status of being in use or being dormant. Depending upon this status information, the tuned port can now be used for hacking useful and often confidential information. The ports represent potential communication

Summarize and Critics on Torah (Pentateuch) Essay - 1

Summarize and Critics on Torah (Pentateuch) - Essay Example of the Torah, along with some other perspectives, and allows us to take a step back from blind faith in order to better understand how, most likely, the Torah came to be. Source criticism assumes human, rather than divine, authorship of the text, and further uses modern kinds of literary research to establish that the Five Books of Moses were cobbled together from four major bodies of knowledge or traditions. Friedman does not spend much time dealing with the obviously oral origins of the words, but instead bases his reading on textual elements, from which scholars are able to tease apart the contributions of four separate writers and to hypothesize the literary steps taken by the editor who combined all four into a single, coherent, and cohesive document. Friedman reports on ten disparate categories through which we can discern the four authors: doublets, terminology, contradictions, consistent characteristics, narrative flow, historical referents, linguistic classifications, relationships among sources, references in other parts of the bible, and editorial marks. Doublets refer to â€Å"cases of two variations of the same story in the Pentateuch† (Friedman, 1992, p. 609). This essay refers to twenty-seven different places in the Torah where the same story has been told in slightly different ways, for instance, the order of creation in Genesis, which is presented differently in 1:1-2:3 than in 2:4-25. There are even examples of triplets, three versions of the same story. The second category, terminology, refers to different names being used, especially for God. This is most important because, â€Å"these differences of terminology fall consistently into one or another group of doublets† (Friedman, 1992, p. 610). One set will always use the term â€Å"God† while the other will always use â€Å"Yahweh,† suggesting two different authors with two different ways of talking about the deity. For scholars, this is the key to determining the number of different authors,

A Walk to Remember Essay Example for Free

A Walk to Remember Essay When I was 17, my life changed forever. I’m 57 years old, but even now I can remember everything from that year, down to the smallest details. I relieve that year often in my mind, bringing it back to life, and I realize that when I do, I feel a strange combination of joy and sadness†¦. this is my story; I promise to leave nothing out. First you will smile, then you will cry—don’t say you haven’t been warned. ’’ Written by an international bestselling author and my personal favorite Nicholas sparks, comes a tale of true love, first love and everlasting love that you will never forget! A walk to remember’ is most definitely my favorite book of all time. The tale begins with a 57 year old Landon Carter, looking back at the year of 1958 set in, North Carolina. He remembers every single thing in that year. From the smell of both the sea and lilacs to the girl that changed everything in his life forever. Landon had already dated a girl or two. He even swore that he had once been in love. Certainly the last person in town he thought he’d fall for was Jamie Sullivan, the daughter of the town’s Baptist minister. A quiet girl who always carried a Bible with her schoolbooks, Jamie seemed content living in a world apart from the other teens. She took care of her widowed father, rescued hurt animals, and helped out at the local orphanage. Out of guilt and a bizarre twist of fate, Landon asks Jamie to the school dance and ends up volunteering to help her in the town churchs Christmas play. Over time, they become close friends, they share their dreams and aspirations with each other and strangely enough Jamie nurtured a very simple dream to get married in a church full of people where she could walk the aisle. As time passes, Jamie shows Landon how deep the human soul can be, opening his eyes to the power of undying faith and the strength of compassion and love. As their kinship grows, Jamie reveals that she has leukemia, a type of cancer, and her health begins to deteriorate. This totally breaks Landon and he goes frantic not knowing what to do. He finally turns to the bible that Jamie had given him. He looks for answers and finally realizes that his loves Jamie too much to let her dreams slip away. He knows what to do when he reads the following passage in the bible. â€Å"I am not commanding you, but I want to test the sincerity of you love by comparing it to the earnestness of others. † He asks Jamie to marry him. The most memorable part of the book is the wedding ceremony when Jamie gets up from her wheelchair and calls upon all of her remaining strength to walk down the aisle to stand beside Landon. It was as Landon recalls the most difficult walk anyone ever had to make. It was in every way a walk to remember. Soon enough Jamie passes away. But she doesn’t leave before teaching Landon the depths of the human heart; she teaches him the power of forgiveness. She was an angel in Landon’s eyes, who brought him and his father together and she taught him to believe in miracles. A walk to remember was published by grand central publishing in October 1999. It is a hardcover paperback consisting of 250 pages. A walk to remember is an entirely a work of fiction. Romantic drama is the genre of the book. This book is listed as no 12 on the list of 1999 best seller. A walk to remember, received mixed reviews from all over the world. 9% of the reviews being positive, there were some who didn’t share the same opinion as the rest of those who consider the book as unforgettable. while ‘ African sun times’ rates the movies as ‘ a remarkable love story that, like its predecessors will touch the hearts of readers everywhere’, Clarissa Cruz of ‘entertainment weekly’ pans the novel saying that its cliche riddled pros and twists can be predicted after skimming the prologue. A walk to remember is my favorite book because of the fact that it touched me so deeply. It was the first and only book that ever made me cry. It is a sweet, simple, and beautiful story of how love can lead to miracles. Some may consider it sappy, but that’s just how Mr. Sparks wanted it to be. It wasn’t a cheesy ending where Jamie miraculously recovers from cancer. Jamie teaches Landon forgiveness, she teaches him to pray, she teaches him love. There is a part in the book where Landon asks Jamie whether, she’s lost her faith. When she replies no, he asks her, whether it is because she thinks she will get better. And Jamie replies ‘no, it’s because it’s the only thing I have left’. And that’s what I learn from the book. Faith! Faith in god, faith in the fact that things will get better someday, faith that I will be a better person than I am today, faith that I’ll see my dreams come true. And finally I would like to conclude with a passage from the bible that Landon considered Jamie to be as the truest essence of its description. ‘Love is always patient and kind It is never boastful or conceited. Love takes no pleasure in other peoples pain. But delight in truth. It is always ready to trust, to hope and to endure whatever comes†

Investment of Mutual Funds in Pakistan

Investment of Mutual Funds in Pakistan Chapter 1 Introduction 1.1 Introduction 1.2 Purpose of the Study 1.3 Research Objective 1.4 Research Methodology 1.5 Data Sources 1.INTRODUCTION 1.1 Introduction Mutual funds can play a significant role in the growth of an economy of any country. Mutual funds are a preferred investment destination for any individual/ organization as the fund houses offer not only the expertise in managing funds but also a host of other services. Not too many years ago, mutual funds were simply broad-based investment instruments created to simplify the details involved in investing in separate securities. Mutual funds also provided a greater measure of safety through broad diversification and the kind of top notch professional management that is generally out of reach for the small shareholder. Today, however, mutual funds are well specialized and present almost limitless diversity. The types of mutual fund portfolios available run the range from conservative to aggressive, from stocks to bonds, from domestic to international portfolios, from taxable to tax-free, and from virtually no-risk money market funds to high-risk options funds (Jacobs, 2001). If we come across at mutual fund market of a developed country, we can see that their investment in the mutual fund industry is higher as compared to their bank deposit base, which shows the potential of growth of mutual funds industry in Pakistan. This comparison with other countrys Asset Management Companies (mutual funds) indicates that Pakistans Asset Management companies are not playing the role that it should play. This gives rise to many questions in ones mind. For instance Why are the Pakistans Asset Management Companies not doing well and Why Pakistans Asset Management Companies are not that much competent? The reason is that mutual funds industry in Pakistan is still in its immature stage and investment options are limited to only equity, government security funds, fixed income and money market Funds. With the maturity in the industry and by the passage of time, the investors may have the options to diversify investments into commodities, real estate and other avenues. Today, the greatest challenge faced by the Asset Management Companies is the lack of awareness about the Mutual Fund products by general public. Lack of awareness by the individuals for mutual funds is a dilemma. The reason is that people dont think out of the box. They dont go for any other avenue to keep or save money except banks and on the other hand banks invest in different avenues such as mutual funds, TFCs, stocks, Government bonds, treasury bills etc. So the question arise that why do the individuals always invest their money in banks; why do they dont want to invest other than a bank like in mutual funds. Investing in mutual funds can give them better returns as compared to the banks. The reason is that the individuals are unaware of the better returns, benefits and security they can get by investing in mutual funds. So far, mutual funds have failed in bringing awareness to the individuals. Due to unawareness individuals hesitate in investing in mutual funds. Individuals should be given awareness about the functions that mutual funds perform. Mutual funds process can be better understood in a form of a cycle which i s presented below: In 2008 before recession the Asset Management Companies were doing well, they were building individuals confidence for investing in mutual funds by making individuals aware of Mutual Funds and its benefits along with the higher profitability margins it offers. But recession and the regulators for Asset Management Companies took them to the initial stage again where people were not much confident about investing in mutual funds because giving ones hard earned money into someone elses hands requires utmost faith and a sense of trust. 1.2 Purpose of the Study To highlight those points which are creating negative impact on investor this creates ambiguity when the investor wants to invest in mutual funds. To identify the causes due to which the current market of mutual funds is not growing. To illustrate the basic distinctiveness in operating styles, management and research resources between ASSET MANAGEMENT COMPANIES other Investment Companies. To highlight peoples preference of the Asset Management Company while investing in mutual funds. 1.3 Research Objectives The paper in detail contains the theoretical framework supporting the research objectives. The secondary data is useful in explaining the research objectives and the primary data is also importance as it gives the picture to explain the dilemma in the mutual funds industry. 1.4 Research Methodology The secondary and primary source of data was used in this research, visits of different websites specially the website of MUFAP helped in a great manner to streamline of research work, however few individuals whom we met and ask difference sort of questions for the research gave us valuable information about the past and present situation. The different sources of by which we gathered the data are listed below, 1.5 Data Sources The desired data is collected from the following sources: Karachi Stock Exchange Asset management companies Annual Reports Asset Management Banks Security Exchange Commission of Pakistan State Bank of Pakistan Chapter 2 LITERATURE REVIEW 2.1 Introduction 2.2 Mutual Funds Industry 2.3 Why mutual Funds? 2.LITERATURE REVIEW 2.1 Introduction Chapter 2 focuses on the theoretical approach of mutual funds industries. In the literature review a comprehensive discussion will be performed on the working of mutual fund industries, the types and categories of mutual fund industries and the dilemma that mutual fund industries are facing. The chapter also studies that how investing in mutual funds is better or more beneficial than investing in any other avenue, the factors that differentiate mutual fund industries with other financial Intermediaries and the mutual funds cycle. 2.2 Mutual Funds Industry The mutual funds industry is a secure and better way of investing money. The conventional style of saving money is by keeping them in banks. However, the diminishing bank rates are even lower than that of the rate of inflation and so it may not be a very good choice. The next option could be putting the money in the market but this requires a great deal of knowledge. Investing money through mutual funds is trouble-free and good for small ventures. A mutual fund is a financial institution that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have specialized fund managers who are responsible for investing the pooled money into specific kind of securities (usually equity or fixed income securities). The manager uses the money to buy bonds, stocks or other securities according to specific investment objectives that have been established for the fund. In return for putting money into the fund, one can receive either units or shares that represents proportionate share of the pool of fund assets. In return for administering the fund and managing its investment portfolio, the fund manager charges fees based on the value of the funds assets. In simple words, a mutual fund is a pool of money that is managed on behalf of investors by a professional money manager. It includes a group of well qualified people who can guide and invest the money of the unit holders appropriately. When one invests in a mutual fund, he / she is buying shares (or portions) of the mutual fund and becomes a shareholder of the fund. Since mutual fund is a pool of money, different investors invest in it at a time and the total amount collected by all the investors by the mutual fund manager is then invested in different avenues. Be it a money market, stock market, financial institutions, government securities, banks or / and other avenues. The fund manager may invest in more one than avenue at a time which depends on the category defined. Before investing the gathered amount by the investors, the mutual fund manager has to consider and calculate all the important facts and figures that could create more and more profit for the investors who have invested in the mutual fund. After the fund manager has invested, he/ she gets returns which are then distributed to the investors according to their shares in the mutual fund. It is therefore essential to look out for the best mutual fund to obtain maximum returns. The flow chart below describes broadly the working of a mutual fund: Mutual fund provides numerous advantages to its users. One of a great benefit of mutual funds compared to stocks is their major characteristic of diversification. This means that mutual funds invest in many different stocks and in this way balance the risk you may encounter. Additionally, the fund managers may decide to invest in companies from different sizes and industries. This is done in order to balance the downturns in a particular investment with the upturn in another. The basic duty of the management of any firm and the company is to maximize the business and the wealth of the shareholders as well as the sustainability of the owners of the company. The management of the mutual funds is charging the management fee for this purpose. The growth of the mutual funds which we have examined here is based on the determinants which are affecting the growth of the mutual funds and is dependent on the negative and the positive impacts of these determinants. We worked through two models for investigation of this relationship of growth. The two models are comprised of fixed effect model and the cross section model. Most of the results are drawn by these models provided same results except for some factors. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in (one doesnt have to figure out which stocks or bonds to buy). 2.3 Why mutual Funds? Mutual funds are used as a gauge to operate economy effectively and efficiently, they help central banks in implementing their monetary policies, organizations to go through financing attained through mutual funds and banks to mobilize the investment or the cash. Mutual funds have become essential for the growth of an economy as it is a source of money mobilization in the country. Mutual funds mobilizes money in a country in such a manner that it deals with almost every available investment options. Mutual funds help in regulating money through investments in stock market i-e via purchasing shares they are rolling the money to the companies. By investing in debts (long term financing), Term Finance Certificates / Sukuk they are mobilizing cash and enhancing the company. Moreover a growing company can raise its countrys economy with the help of mutual funds. Along with the investments in money markets, mutual funds invest in banks and government bonds also. Another rationale to invest in mutual funds is that its conservative nature offers a hedge against loss and allows the investor to climb into other vehicles that may be more risky. That way a retired investor can try to make some money in mutual funds without putting at risk their future. Also by being part of a mutual fund portfolio, the senior citizens have a chance to view how the various stocks that make up the mutual funds are performing and can select to invest in mutual funds that starts out performing the others to produce profits. For the senior citizens and retired investors, mutual funds can offer a hedge against inflation and it can direct the retired investors to the best stock picks and most importantly, it can protect the retired investors from losing their savings. Chapter 3 mutual funds 3.1 What is Mutual Funds? 3.2 Types of Mutual Funds 3.3 Categories of Mutual Funds 3.4 How Mutual Fund Works 3.5 Partners in a Mutual Fund 3. MUTUAL FUNDS 3.1 What is Mutual Fund? A mutual fund is basically a collective investment that pools money from many investors to buy bonds, stocks, short-term money market instruments or other securities and is managed professionally. Mutual funds serve as a connecting bridge of a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have a fund manager who is responsible for investing the gathered money into specific securities (stocks or bonds). When an individual invests in a mutual fund, he or she is likely to buying units or portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the fund. Mutual funds are considered as one of the best available investments as compared to other investments. They are very cost efficient and convenient; individuals can easily invest in. Thus by pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification, by minimizing risk maximizing returns. A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification. Mutual funds have a large amount of funds so it is easy for the investors to invest in different stocks or bonds. 3.2 Types of Mutual Funds Open Ended Closed Ended Open-end Mutual Fund Open ended mutual funds possess following characteristics: Open ended fund is a fund which issues or redeems its shares at net asset value (NAV). It does not have a fixed fund size. Investors can get back their investment at any time by selling the units back to the fund. These are no fixed number of units. Open end funds are type of mutual fund that does not have restrictions on the amount of shares the fund will issue. If demand is high enough, the fund will continue to issue shares no matter how many investors there are. Open-end funds also buy back shares when investors wish to sell. It should be noted that when a funds manager(s) determine that a funds total assets have become too large to effectively execute its stated objective, the fund will be closed to new investors and in extreme cases, be closed to new investment by existing fund investors. In simple terms, open end funds mean that the fund does not have a set number of shares. Instead, the fund will issue new shares to an investor based upon the current net asset value and redeem the shares when the investor decides to sell. Open-end funds always reflect the net asset value of the funds underlying investments because shares are created and destroyed as necessary. Close-end Mutual Fund Following are the characteristics of close ended mutual funds: Close end fund is a fund whose shares are traded at prices other than the NAV It has a fixed fund size. Investors can sell their shares to any buyer through an exchange where the share is listed other then the issuing company. These are fixed number of units / shares. A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the funds holdings. 3.3 Categories of Mutual Funds Following are the broad categories of funds that are further sub categorized and tailored according to the requirements of the investors Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund A. Stock Funds Investment Objective The primary objective of this fund is to invest in stocks through different stock exchanges while controlling risk. The aim of the fund is to provide individuals and institutional investors with a well diversified portfolio of equity stocks covering all major sectors. The objective is to maximize income and capital gains by prudently employing its investment management expertise. Investment Policy The fund follows a growth strategy by investing in ‘large cap companies. This entails looking for companies with a track record of growing sales and earnings and the potential for more of the same. In drawing the investment plan Research plays a vital role, as it identifies the stocks which have potential for capital gains, development of particular industry and its impact on the particular stock, timings of investments and divestments depending upon industry trend and expected results. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. B. Hybrid Fund Investment Objective The main objective of this fund is to participate in a diversified portfolio of securities representing investments in capital and money markets. The main investment objective is to maximize capital appreciation and income. Investment Policy Consistent with the investment objective the fund primarily invests in large capital equity securities, along with debt securities and other money market instruments such as Government Bonds, TFCs, Islamic Bonds, Reverse-Repo etc. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. C. Fixed Income Funds Investment Objective These funds seek to provide its unit holders with attractive income from a well diversified portfolio of low risk assets while maintaining liquidity. Investment Policy In line with the investment objective the fund invests in a diversified portfolio of Government Securities, Investment Grade Term Finance Certificates, Rated Corporate Debt, Certificates of Investment and other long and short term money market instruments. Asset Allocation The weightages of the investment mix of the portfolio are managed in a manner that reduces the risk of loss in market value of the investments as the result of any major upward movement in lending rates. During periods where the Management Company is of the view that there is economic uncertainty, the weightages of the portfolio are increased in the short-term debt securities, debt securities with short remaining life, money market instruments and short maturity repurchase arrangements including spread transactions. The funds typically comprise of 60 % fixed income instruments. D. Islamic Fund Investment Objective These fund aims at achieving high level rate of capital gains and current income in line with Shariah principals along with providing liquidity to the investors. Investment Policy These funds primarily invest in Shariah compliant investment instruments whereby 60% investments are made in listed securities. Specifically; Shares, TFCs, Participation term certificates, Musharika, Murabaha, and other asset backed securities. The funds also keep cash in riba free deposit schemes with Islamic banks and other financial institution with the objective to maintain sufficient liquidity. Equity investment broadly meets the following criteria and any additional requirements as advised by the Shariah advisors: (These criteria change subject to change in investment policies and shariah advisors) The basic business of the investee company should be halal. The total debt of the investee company should not exceed 45% of its total assets. Long term assets of the investee company as a percentage of current assets may not exceed 10% Mutual funds with different investment objectives provide a variety of investment risk and return opportunities to the investors. Therefore, it is important for fund investors to thoroughly understand and identify the investing style employed by the funds that they choose to use to build their portfolios. Mutual funds can also be categorized as the following: The three included categories in the mutual funds are lower risk and return, moderate risk and return and high risk and return. Further sub categories include money market funds, income funds, balanced funds,equity funds and aggressive allocation stock funds. 3.4 How Mutual Fund Works The below mentioned diagram is clearly shown the process that how a mutual fund works. A. Net Asset Value The Net Asset Value is a term used to describe the value of an entitys assets less the value of its liabilities. The term is commonly used in relation to collective investment schemes. It may also be used as a synonym for the book value of a firm. For mutual funds, net asset value is the total value of the funds portfolio less liabilities. The NAV is usually calculated on a daily basis. B. Sale Redemption Sale With reference to mutual fund industry sale is said to be executed when a unit or number of units are sold to an investor by a mutual fund on a specific price. Sale Price It is the price at which an open-end mutual fund sells its shares or units to the investor. In most cases, the sale price is the net asset value per share but they might have a sales load incorporated which is explained in the next two paragraphs. Redemption With reference to mutual fund industry redemption is said to be executed when a unit or number of units bought back from an investor on their instructions and the investor is paid back his money at the rates of the prevailing unit price by a mutual fund. Redemption Price It is the price at which an open-end mutual fund buys backs its shares or units from the owners. In most cases, the redemption price is the net asset value per share but they might have a back end load incorporated which is explained in the next two paragraphs. Management Fees The management fee for the fund is usually the advisory fee charged for the management of a funds investments. However, as many fund companies include administrative fees in the advisory fee component, when attempting to compare the total management expenses of different funds, it is helpful to define management fee as equal to the contractual advisory fee + the contractual administrator fee. This helps when comparing management fee components across multiple funds. Contractual advisory fees may be structured as flat-rate fees, i.e., a single fee charged to the fund, regardless of the asset size of the fund. However, many funds have contractual fees which include breakpoints, so that as the value of a funds assets increases, the advisory fee paid decreases. 3.5 Partners in a Mutual Fund Investment Management / Asset Management Investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds). The term asset management is often used to refer to the investment management of collective investments. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as wealth management or portfolio management. Investment management services include financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments. Coming under the remit of financial services many of the worlds largest companies are at least in part investment managers and employ millions of staff and create billions in revenue. Investors An investor is any party that makes an investment. The term has taken on a specific meaning in finance to describe the particular types of people and companies that regularly purchase equity or debt securities for financial gain in exchange for funding an expanding company. The term is also applied to parties who purchase real estate, currency, commodity derivatives, personal property, or other assets. The term implies that a party purchases and holds assets in hope of achieving capital gain, not as a profession or for short-term income. Trustee Trustee is a legal firm or group of people who hold the property or investments on behalf of the mutual fund. A trust can be set up either to benefit particular persons, or for any charitable purposes. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary Registrar A registrar is an official keeper of records. In case of a mutual fund they are the ones who keep the record of the â€Å"Sale† and â€Å"Redemption† of units, total units issued or outstanding with the information regarding the Unit Holder, dividend distribution etc. Distributor It is a firm or an individual who is licensed by the Asset Management Company to sell units on behalf of the fund. Custodian / Depository It refers to an institution which safeguards and manages flow of the financial assets of a Mutual Fund. In finance, a custodian bank, or simply custodian, refers to a financial institution responsible for safeguarding a firms or individuals financial assets. The role of a custodian is as follows: to hold in safekeeping assets such as equities and bonds, arrange settlement of any purchases and sales of such securities, collect information on and income from such assets (dividends in the case of equities and interest in the case of bonds), provide information on the underlying companies and their annual general meetings, manage cash transactions, perform foreign exchange transactions where required and provide regular reporting on all their activities to their clients. Custodian banks are often referred to as global custodians if they hold assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks in each market to hold accounts for their underlying clients. Assets held in such a manner are typically owned by pension funds. Chapter 4 Research Findings 4.1 Choice of Investment in Mutual Fund 4.2 Comparison of Pakistan with Asia. 4.3 Delimma of Investing in Mutual Funds 4.1 Choices for Investing in Mutual Funds For the following four categories; Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund Listed are the available choices for Investing in Mutual Funds as of March 31st 2011. AKD Investment Management Ltd AKD Income Fund AKD Index Tracker Fund AKD Opportunity Fund AKD Alfalah GHP Inv. Management. Ltd. Alfalah GHP Income Multiplier Fund Alfalah GHP Value Fund Alfalah GHP Islamic Fund Alfalah GHP Stock Fund Alfalah GHP Capital Protected Fund Alfalah GHP Cash Fund Alfalah GHP Capital Protected Fund II Al Falah GHP AMZ Asset Management AMZ Plus Income Fund AMZ Plus Stock Fund AMZ Askari Investment Management Ltd. Askari Income Fund Askari Asset Allocation Fund Askari Islamic Income Fund Askari Islamic Asset Allocation Fund Askari Soverign Cash Fund Askari Atlas Asset Management Ltd. Atlas Income Fund Atlas Islamic Income Fund Atlas Islamic Fund Atlas Stock Market Fund Atlas Money Market Fund Atlas Crosby Asset Management Crosby Dragon Fund Crosby Pheonix Fund Crosby Dawood Capital Management Dawood Money Market Fund Dawood Islamic Fund Dawood Faysal Asset Management Faysal Balanced Growth Fund Faysal Income Growth Fund Faysal Asset Allocation Fund Faysal Savings Growth Fund Faysal Money Market Fund Faysal Islamic Savings Growth Fund Faysal Habib Asset Management First Habib Income Fund First Habib Cash Fund First Habib Stock Fund Habib HBL Asset Management HBL Income Fund HBL Multi Asset Fund

Effects of Globalisation: Case Study of Tesco

Effects of Globalisation: Case Study of Tesco INTRODUCTION Globalisation is a progression by which local markets, humanities, and beliefs have become united through a globe-spanning network of communication and trade (Gary, 2001). The term globalisation is occasionally used to refer explicitly to economic globalisation. It is the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of skill and technology. Globalisation of markets refers to the process of incorporating and unification of the individual world markets into a sole market. Jurgen argues in his publication in 2005 that the process engages integration of some common standard, worth, perception, taste and accessibility around the world and slowly enables the cultures to shift towards the use of common merchandise or service. It has been greatly argued that globalisation is not a fresh phenomenon, but rather it has been there since colonial age. However, its recent and tactful use can be d ated to 1983, when Levitt published his article â€Å"The Globalisation of Markets†. (Kapferer, 2008). One of the features of globalisation of markets is that the size of the company needs not to be large to create a global market. Even small companies can create a worldwide market. Factors influencing the locality of manufacturing facilities vary from country to country. They may be more favourable in foreign countries rather than in home country because of cheap labour or low taxes in foreign countries, which forces the corporations to establish manufacturing facilities in other countries. It is renovating the ways in which countries interact. State economies become incorporated as the flow of merchandise and goods expands outside the borders. In theoretical simulations, less trade barriers or decrease in transport costs generates increase in trade between consumers in another country and producers in the other. In the current atmosphere, businesses are more able to section their operations internationally, outlining each stage of manufacture in the country where it can be completed at the least cost, and communicating ideas for new merchandises and new ways of manufacturing products around the world. The digital revolution that has charged up globalisation is alteringhow customersandcorporationsbehave. This revolution is cumulatingcompetition, decreasing prices, creating new simulated companies, allowing individuals to sell goods to each other deprived of a middle man. In the era of new vending, it’s more important than ever that the company shows that they are on the customer’s side and they arehere to make their lives a bit easier, a bit better. That’s the base of the faith companies want to build as they become the model for new business. In addition, when outsourcing happens between neighbouring nations, such as the Pakistan and China or Mexico and USA, the exchange of production raises the intentions for businesses to produce in areas with comparatively low-cost access to far-off markets. Thus, the location of economic activity inside countries may alter (Hanson, 2001). The diversity of global market is still dominant even after the globalisation of markets and production. These discrepancies require the businesses to formulate diverse policies for each market. The global business firms compete with each other frequently in different national markets including their home markets. This essay will further explain the effect globalisation of markets and production has on an organisation by illustrating it with a case study on TESCO. CASE STUDY TESCO is one of the world’s largest merchant after Wal-Mart. It has followed an aggressive foreign expansion strategy into US, South Korea, Eastern Europe and China. It sources its goods globally and always purchases in great volumes, which helps it to keep costs down of its products. Substantial cost-cuttings are made through handling the supply chain efficiently and effectively. The corporation has introduced a points card which collects data from customers when they use it to buy items. The data is then used to provide discounts and offer savings with the range of products on deals. This builds loyalty and develop promotions that aim for specific customers. Through the use of this technology, TESCO has been successful to create a fair amount of customers for themselves and remains a leader within the UK market. (HSC Online, 2014). The size of the business can be estimated by the figures provided by (Tesco, 2014) that it’s operating about 6,784 stores worldwide, engaging over 500,000 employees. That makes it the largest food supplier in the world. It also offers online services over its subsidiary, www.tesco.com. The largest company in UK’s market operates below four banners of Metro, Express, Superstore and Extra. The company vends about 40,000 food products, clothing and non-food lines. The company also produces own-label merchandises which are categorised in three levels, normal, value and finest. Apart from these, Tesco also provides several petrol stations, becoming one of Britains major independent gasoline retailers. One of the major retailers in the world, Tescos early experiences with globalization was not fruitful. However, later Tesco started restricting its stores and merchandises according to the worldwide markets. It entered South Korea in the year 1999 by starting a combined venture with a deep-rooted native retailer Samsung. The joint venture assisted Tesco attain in-depth understanding of the marketplace and also helped it get the finest store locations (Tesco plc. 2014). Tesco began working in the country under the well-established Home Plus banner. Tesco confined its stores according to the likings of the Korean customers and brought in several of its international best practices into the country. Globalisation of markets and production has a great role in making Tesco plc. Britain’s largest retailer, as a major multinational corporation. 65 % of its operating lie outside the UK with 12 international subsidiaries (ibid). During the progression of expansion Tesco has been able to capture and benefit from the innovation which emerged from international subsidiaries. Due to the interconnection of the markets, Tesco’s organizational structures and operating skills have been continuously transformed as it has learned to operate in and adapt to host economies. The firm has transferred knowledge from the UK around its international operations using intra firm networks of telecommunications and face-to-face best practice transmissions. Innovatory practices emerging within the international subsidiaries have also been captured via bottom up processes of organizational learning. Only thanks to internet, Today, Tesco have been able to include 13 countries in its business empire which give it access to over 3 billion people, which is about 54% of the total world’s population. Because of the advent of technology, the process is so progressive that (Tesco Plc., 2011) claims it would have been the world’s biggest online grocer if they knew it back in the early 1980. That means 13% of all card transactions in the Britain would be on a Tesco credit cards, or there would be more than six millionclub card holders just in South Korea (ibid) Tesco has been successful in using the concept of outsourcing and cashing the productivity out of it throughout the past years. The Multi-floor store design and operational services were developed in Tesco’s East Asian subsidiaries. Afterwards, being transferred into Britain in the form of â€Å"stores on Stilts† designs which first appeared in Altrincham in 2002 (Aim research, 2014). The Low-build-cost stores technique was first developed in Thailand and then was transferred to Europe and used as a benchmark to assess its Central European developments. Food hall merchandising techniques (emulating East Asian â€Å"wet markets†) being transferred to and used to enhance â€Å"retail theatre† within its Central European hypermarkets (ibid). International production has been so successful that Tesco has extended its applications management outsourcing contract, in a deal worth of  £18 million (CIO, 2007). Philip Clarke in his first speech as the CEO of Tesco Group said â€Å"We are in a new era of retailing, creating great opportunities and challenges for every retailer, and putting even more focus on consumer trust† (Tesco plc., 2011). Thus, Tesco have embraced thetechnology,built the team, and fostered talent. And In return the globalised market gave them one of the most successful businesses of our times. Clark proclaimed that by the completion of the year Tesco will double the amount of stores with non-food Click and Gather to 600 (ibid). CONCLUSION Globalisation affects all three levels of manufacture, but in diverse behaviours. Globalisation make available a market for main industries, but demand can occasionally take importance over sustainability, to the disadvantage of long-standing reasonableness. Minor businesses benefit from globalisation because businesses select zones where the market suits them, but this may lead to redundancy for trained employees who reside in countries with a greater standard of living. Globalisation, joined with technology, is a benefit for tertiary trades when corporations can sell services on the international marketplace without repositioning. They are, however, vulnerable to market variations. Anyhow, Because of the interconnected global market, companies can achieve increased revenue opportunity through global sales. They are able to reach a bigger customer base with better success chances. Through globalisation of production, they can also enjoy reduced production costs by producing in low cost countries such as Apple Inc. is producing most of its products in China. With these businesses investing in developing companies, it also increases income for these countries which creates an overall good environment for economic activities. Fascinating as it seems, the changed atmosphere causes the traditional norm of running a local businesses to become null and void. Businesses nowadays need to be on a bigger market to gain the competitive advantage above its rival businesses. Global planning might seem fancy and fruitful, but global execution is definitely not an easy task. Extremely talented team is required to sustain a business in such competitive environment. Furthermore, some countries might take global production as exploitation of their workers which can damage a company’s image. Thus, with careful planning and innovation, companies today can be much more successful than they ever was. REFERENCES HSC Online. (2014). Business studies operations: influences. Charles Sturt University. Site accessed by the URL: http://www.hsc.csu.edu.au/business_studies/operations/4408/Part%202%20Influences.htm Rugman, A. M. Hodgetts, R. M. (2000). International business : A strategic management approach. Pearson education Limited: London, UK Jurgen, O. (2005). Globalization: A Short History. Princeton University Press Gary, J. Wells, Robert, S., Ray K. (2001). Globalization. New York: Novinka Books Kapferer, J. N. (2008). The new strategic brand management: Creating and sustaining brand equity long term (Fourth Ed). Kogan Page Limited: United Kingdom Hanson, G. H. (2001). The globalization of production. Article retrieved from http://www.nber.org/reporter/spring01/hanson.html Tesco Plc. (2011). Philip Clarkes keynote address to the British Retail Consortium Symposium. Retrieved from http://www.tescoplc.com/index.asp?pageid=17newsid=541 Aim research. (2014). Globalisation of innovation. Advance institute of management research: Accessed by the URL http://www.aimresearch.org/uploads/file/Presentations/Globalisation_of_Innovation.pdf CIO (May, 2007). Tesco extends outsourcing. Accessed by the URL http://www.cio.co.uk/news/networks/tesco-extends-outsourcing/?otc=103

Essay --

†¢ Kite Runner, published by Riverhead Books, and that first appearance became an international bestseller and dearly loved classic, sold in at least 70 countries and staying more than a 100 weeks on the New York Times bestseller list. In May 2007, Hoesseini’s second novel, A Thousand Splendid Suns, was at #1 on the New York Times bestseller list. Collectively, the 2 books have sold more than ten million copies in the US and more than thirty eight million copies globally. The Kite Runner was modified into a detailed novel of the similar name in 2011. †¢ Overall it is a good book: well written and well expressed, persuasive, attention-grabbing concept, convincing characters, an open plot but a little too dragged theme. The story is very alluring but I didn't really take (or rather found) pleasure in reading it. It wasn’t a struggle flipping through the pages, and some parts definitely held me back from reading the book, especially when Hassan dies. I could not register the fact that Hassan, the heart of the tale, has been removed from the plot line midway through the book. It left me ...

Poker Competition Essay -- Gambling Card Games Essays

Poker Competition If the appeal in competition is not just profit, but knowing that the profit came from another’s loss, then it is no surprise that certain â€Å"zero-sum games† dominate our world and culture. Poker is a perfect example of this American fascination with capitalism and despotic schadenfreude. This is because poker, just like any other zero-sum game, requires success and failure to be mutually inclusive. While poker is not quite in the realm of pure gambling and is not quite in the realm of pure skill, it successfully stands irresolute in the middle of it all with its ambiguous classification appealing to nearly every subset of our society. The diversity in its players is reflected in the innumerable Internet resources on the subject: sites that appeal to the gambler—downloadable interfaces to transform card room leisure into a domestic dalliance; sites that cater to mathematicians, economists and computer scientists in pursuit of new insights into AI programmi ng and game theory; as well as sites for the serious card player (whom should never be referred to as a gambler as this connotes a certain unacceptable level of skill!) covering the gambit of topics from poker psychology to personalized poker chips. Each poker-related website reflects this diversity of audience with respective varieties in style and information, but three specific sites aptly and obviously categorize players into the academic, the leisurely, and the professional. Respectively, they are: University of Alberta’s Poker Research Group, Yahoo! Games – Poker, and Two Plus Two Publishing. The University of Alberta has set out on the moderately ambitious task of designing a poker-playing computer that can beat the world’s best human player. T... ... card player and it is perfectly designed for that aim. It is not surprising that poker appeals to such a wide range of individuals or that poker sites have been created around their differences. This can be seen in all modes of competitive sport and poker is no exception. There is a contextual similarity in these sites that reflects a commonality in all poker players: win at all costs. The AI website clearly states that it exists with the intent of beating the world’s best player, visitors to Two Plus Two perpetually debate why his or her particular strategy is the most valuable, and even the novice player, when learning the rules of the game, is taught foremost to be a good bluffer (liar). These websites each uniquely capture the modus operandi of the poker player, the Machiavellian spirit of Vidal’s introductory quote, that simply winning is never enough.

Invent a Writing Technology :: Writing Technology Technological Papres

Invent a Writing Technology â€Å"And-O Tempora! O Mores!-to lose the soft warm touch of sheepskin, the knowledge that some lamb chop had died to create this beloved writing surface! Let us weep.† (Tribble& Trubek, pg. 9) Some of us may have wept over this project, weeping over how might to do this writing project. Many of us succeeded in coming up with a unique way to write with natural materials, a few of us cheated to by using limited technology and some of us failed to do the project. All of benefited because we were exposed or unexposed to our element, the writing technologies we as writers use everyday. I cheated since there cannot be found in nature a magnifying glass, which I used. My ultimate method was to burn the letters, words and sentences into leaves from a tree. Though I did not weep, I did think twice about plucking the greenery from the tree. (Hey, those environmentalists have been hitting us hard since birth with idealistic guilt trips.) There can be a quite powerful little beam of light produced by the focusing of sunlight through glass, but since the magnifying glass cannot be found in nature it was considered cheating even if it is very simple and primitive. I could argue that it could have been an innovation of writing. I really entered my imagination for this project; pretending that this was a desire or goal of mine, to invent this technology or advancement as if it had never been invented before and was necessary. Since the first words were created, the technology has been advancing. Since I was a young boy, I have been using that technology and this project helps me to realize what struggles and what successes I have encountered. We do not even need pen and paper. I learned to write with paper and pencil. Now, we use computers and voice-mail. These are technologies we did not have a few years ago. I have become so accustomed in such a short time with these brand new technologies. I struggled to find what would be acceptable for the assignment and while I was contemplating, the conclusions teetered between the real significance of the project and the silliness I felt because of not using the conventional, more superior, available technology.

Asia & Australia in World Affairs Essay

In as much as the unsuccessful Taiping Rebellion of 1850 played a significant role in ending China’s isolationist outlook, it also paralleled the socialist ideals put forth by Marx and Engels in the Communist Manifesto of 1848 to manifest itself in the communist seizure of power in China in the 20th century Student: Ben McCosker Teacher: Mr Hart Due Date: Thursday 24 March 2005 Against the backdrop of a passive and inflexible Chinese state devastated by the foreign incursions of the 1840 Opium War, the Taiping emerged to overthrow the Confucian Qing Dynasty and establish an egalitarian community based on the quasi-Christian beliefs of its leader, Hong Xiuquan. In their struggle to â€Å"adopt institutions of equality and communism† (Newsinger, J, 2000), Hong and his followers paved the way for the formation of the People’s Republic of China in October 1949 by tapping into the passionate anti-Manchu nationalism among the peasantry. In as much as the unsuccessful Taiping rebellion of 1850 played a significant role in ending China’s isolationist outlook, it also paralleled the socialist ideals put forth by Marx and Engels in the Communist Manifesto of 1848 to manifest itself in the communist seizure of power in China in the 20th century. While Hong’s dream for a ‘Kingdom of Heavenly Peace’ was not brought to fruition in his lifetime, his recognition and attacks upon dynastical weakness awakened an oppressed nation to rebellion and served as the catalyst for social and political reform in the 20th century. On the eve of the communist seizure of power in China, Mao Zedong spoke of the tireless efforts of Chinese reformists, including the Taiping, when he said that â€Å"I have witnessed the tremendous energy of the masses. On this foundation it is possible to accomplish any task whatsoever†. This essay will investigate the interconnection between the Taiping Rebellion of 1850 and the communist seizure of power in the 20th century against the backdrop of their shared socialist underpinnings. The exploitation of the peasant class and unerring belief in China as ‘Zhongguo’, or the centre of existence, were the main criticisms that Hong held of the feudalist Qing dynasty, led by Dao Guan. Hong disapproved of the Chinese system of reform, which historically had encompassed a series of deteriorations and restorations of dynastic houses with the aim of perfecting systems of the past rather than instituting true change. As an unsuccessful scholar of the civil service, Hong came under the influence of Christian missionaries and after suffering from an intense fever in which he claimed to have been visited by God, he proclaimed himself as â€Å"God’s Chinese Son† and declared a mission against the Confucian ideals and incompetent rule of the Qing Dynasty. In the context of 19th century China, where revolt was endemic and hatred for the gentry class was widespread among the peasant population, Hong’s call for revolution quickly gathered support. When rallying for the defeat of the Manchus, Hong would preach his distorted version of Christianity; â€Å"I have received the immediate command from God in his presence; the will of Heaven rests with me† (Xiuquan, H, 1850, quoted in Spence, 1996, p.67). Discontent with the unequal treaties and proliferation of Western activities among some sections of Chinese society, Hong and his Taiping rebels questioned not only traditional Confucian principles, but also the right of foreigners to rule, highlighting the powerful anti-Manchu theocracy that underpinned the revolution and encouraging the recognition of Chinese superiority. Spreading through the eastern valley of the Chang River, the Taiping movement captured Nanjing in 1853, before undergoing reform at the hands of Hong Rengan in 1859. Rengan understood the problems of Chinese society far more profoundly than his contemporaries and played a vital role in bringing Hong Xiuquan’s original ideas to maturity. Under Rengan, the Taiping continued to dominate the Qing resistance, capturing the port of Ningpo in 1862, until the death of Hong in 1864 and the resulting fragmentation of Taiping units. Although a technical failure, the Taiping rebellion played an integral role in changing the way Chinese government functioned. Under the Manchu government, as one poor peasant woman argues, â€Å"we were vulnerable and exploited†¦our anger was a cause of our government’s lack of power and increase in corruption† (Kong, H, 1870). With the rise and fall of the Taiping Rebellion, China was forced to adopt a broader and less centralised world view and relax its foreign policy, thereby ending the reign of the indolent and corrupt nobility of the Qing Dynasty. The egalitarian aspirations of the Taiping closely mirrored the ideals expressed by Karl Marx and Fredrick Engels in their publication â€Å"The Communist Manifesto†. Marx and Engel’s seminal work also formed the ideological foundation for the communist seizure of power in 1949, clearly identifying the Taiping rebellion as the antecedent to the Chinese communist state. Marx began the Communist Manifesto with the words â€Å"A spectre is haunting Europe–the spectre of Communism†; little did he know that less than two years after writing these words, this ‘spectre of Communism’ would be spreading ferociously across the Chinese mainland. With the capture of Nanjing in 1853, Hong and his followers built an autonomous state based on the principles of laissez faire, supported by the twin pillars of communalism (essentially a debased form of communism) and equality. This doctrine of ‘communalism’ involved the appropriation of all private property by the Taipings and its redistribution among the Chinese based on their needs, a concept that emerged in both the Communist Manifesto and the communist seizure of power almost a century later. Although it is almost certain that the Taiping rebels were oblivious to the socialist movement in the Western world, the similarities between the rebellion and the struggles of the proletariat in Europe are unmistakeable and are representative of the self-development of the Chinese people, culminating in the Communist seizure of power in 1949. The communist seizure of power in 1949 was not in itself the embryonic Chinese interpretation of European socialism it was perceived to be, but rather a fulfilment of the ideals espoused by the proto-communist Taiping rebels almost a century earlier. When viewed objectively, the Heavenly Kingdom of the Taipings is not so distant from the classless egalitarianism that Mao Zedong instituted on 1 October 1949 with the seizure of power by the Chinese Communist Party. Indeed, the doctrinal pillars upon which Hong built his Heavenly Kingdom have been described as â€Å"a primitive form of communism† (Hooker, R, 1986) and some have gone as far as to say that â€Å"the communist revolution may have been but a realisation of an underground movement in China [The Taiping Rebellion] which began in the mid eighteen-hundreds† (Ny, G, 1991). Like the Taiping Rebellion, the communist seizure of power was an example of western ideals being adapted to the Chinese condition and similarly , both revolutions started in the agrarian centres of the South before moving north towards the political epicentre of the Chinese state, Beijing (Peking). Both revolutions shared common egalitarian elements, the most notable of which was the immersion of women into society as the social and economic equals of men. Under Hong’s leadership, all members of Taiping society were seen as â€Å"brothers† and â€Å"sisters†, which both established equality among the sexes and discouraged the formation of relationships among those with administrative positions. This was a radical departure from the traditional Confucian philosophy promoted by the Qing Dynasty, which preached women’s inferiority and subservient role to men. Indeed, under the Manchu government, the practice of foot binding was still widespread, as women had to bind their feet to be eligible for marriage in the eyes of the law. Like the Taiping rebels, the Chinese Communist Party realised that the liberation of women was integral to the true emancipation of the country as an egalitarian nation; so in a parallel for the Fun Yu-Lan, or ‘rules of the Heavenly Kingdom’ laid down by Hong Rengan, the communist government enacted legislation that revolved around the protection of women including the Chinese Marriage Law of 1950 and the Labour Insurance Regulations Law of 1951. In their contextualisation of Western theologies, both the Taiping Rebellion and the communist seizure of power banished the traditional androcentric beliefs of their preceding governments, instituting systems of equality in their place. Sun Yat-Sen’s ‘Three People’s Principles’, as published in the Guomindang Manifesto of 1924, itself a forerunner to the ideals of the CCP, reflect the original motives of the Taiping rebels; increased power for the people (democracy), equality among the citizenry (people’s livelihood) and the development of a national identity for China (nationalism). The shared social institutions and egalitarian precepts of both uprisings serve only to illustrate the fact that the Taiping Rebellion of 1850 was the philosophical forerunner to the Communist seizure of power in the 20th century. While the Taiping philosophy was sound in itself, a combination of inadequate military strategy, diplomatic incompetence, ideological inconsistencies and insufficient resources condemned the rebellion to failure while its latter-day counterpart, the Chinese Communist Party, thrived due to more consistent and efficient management. The very basis of the Taiping movement, Hong’s distorted version of Christianity, detracted from the authenticity of the rebellion in the eyes of foreign onlookers, which meant that the Taiping were unable to forge valuable alliances with more conventional Christian powers in the west. This oversight had fatal implications in the summer of 1864, when the Taiping looked to foreigners for support, but encountered the opposition of Westerners opposed to Hong’s bastardised version of Christianity. Mao Zedong, Li Dazhao and the other leaders of the CCP had the benefit of viewing revolutionary precedent through the failure of the Taiping Rebellion, t hus it can be seen that the ‘lessons’ of the Taiping were able to be applied to CCP strategy, lessons which resulted in Mao’s inclusion of peasants against the Marxist model and drive for agrarian revolution over urban uprising. Both conflicts arose from a strong desire from the proletariat for social and political reform, but it was the Chinese Communist Party that most effectively gathered the people’s support, while largely avoiding the corruption and poor foreign policy that plagued the Taipings. While the Chinese Communist Party remained a tightly-networked organisation in its struggle for power, the Taiping force was split into various factions before capturing Nanjing in 1852, which had the two-fold consequence of denying the rebels the opportunity to conquer Shanghai and also foregoing the continued pursuit of the Manchus after capturing Nanjing, which, as Larlee argues, â€Å"proved to be a fatal flaw in the rebellion† (Larlee, D, 2000). The failure to adequately support the Northern Expedition of 1852 resulted in Western Powers, already antagonised by the suppression of opium from Taiping-controlled China, to forge allegiances with the Qing Dynasty, a movement which ultimately ended t he Taiping rebellion. Like its communist progeny in the 20th century, concubinage amongst leaders was prevalent in the upper echelons of the Taiping leadership, which invoked doubt in the peoples’ minds over the capacity of the rebels to institute true change. Finally, in 1860, intervention by foreign powers came in the form of a British Envoy led by Frederick Bruce, who supported Prince Gong (the leader of the opposing Manchu government) in his quest to â€Å"purge the country of the sinful rebels† (Poon, 2000). After the death of over 25 million Chinese citizens (McEvedy, 1978) and the devastation of 16 provinces, The Taiping Rebellion was finally suppressed in 1864, ending 16 years of reform but paving the way for the Communist Seizure of Power in the 20th century. Philosophically, the Taiping Rebellion of 1850 and the Communist Seizure of Power in the 20th century shared remarkable similarity in their egalitarian goals and quest to overthrow oppressive rule. Both were born out of a socioeconomic situation of deprivation and shame, with drought, famine, and overt foreign influence common to both uprisings. The Rebellion cannot be judged objectively on its failure as a revolution alone, as its primitive implementation of socialist ideals and reformation of China’s isolationist outlook manifested itself in the communist seizure of power 100 years later. Its failure to institute permanent reform reflected not only the ideological flaws of Hong and his followers, but also the society’s resistance to change, a result of hundreds of years of dynastical rule. As â€Å"one of the early tremors of a communist earthquake† (Franz, M, 1999), the Taiping rebellion played an integral role in the Communist seizure of power in the 20th century. Bibliography Charles, G, 2001, Taiping Rebellion[ONLINE], Available from: URL: http://www.lcsc.edu/modernchina/u3s1p3.htm (accessed 4/3/05) Childs, R, 1987, Leading the Chinese Revolution, The MacMillan Company Ltd, Wellington China, Microsoft Encarta Online Encyclopaedia, 2005, http://encarta.msn.com Cohen, J, 2004, Reader’s Companion to Military History – Taiping Rebellion[ONLINE], Available from: URL: http://college.hmco.com/history/readerscomp/mil/html/mh_051600_taipingrebellion.htm (accessed 22/2/05) Diagonal Media Group, 2003, Hong Xiuquan – Wikipedia, the Free Encyclopaedia[ONLINE], Available from: URL: http://www.phatnav.com/wiki/index.php?title:Hong_Xiuquan (accessed 16/2/05) Dowling, M, 2002, The Electronic Passport to the Taiping Rebellion[ONLINE], Available from: URL: http://www.mrdowling.com/613taiping.html (accessed 4/3/05) Garcia, S, Bart, C & Hart, S, 2005, History[ONLINE], Available from: URL: http://samaratx.tripod.com/id6.htm (accessed 5/3/05) Heng, X, 1997, The Changing Role and Status of Women in China[ONLINE], Available from: URL: http://www.1990institute.org/publications/pubs/ISUPAP8.html (accessed 4/3/05) Hooker, R, 1996, Ch’ing China : The Taiping Rebellion[ONLINE], Available from: URL: www.esu.edu:8080/~dee/CHING/TAIPING.htm (accessed 3/3/05) Larlee, D, 2000, The Taiping Rebellion[ONLINE], Available from: URL: http://mutton.editthispage.com/stories/storyreader$18 accessed 22/2/05) Maher, J, 2001, China’s Confession[ONLINE], Available from: URL: www.chinasoul.com/e/e-wk/episode4.htm (accessed 4/3/05) Meisher, M, 1999, Mao’s China and After – A History of the People’s Republic. The Free Press, New York Ny, G, 1991, The Indian Mutiny and the Taiping Rebellion : Armed Conflicts Against Change, Washington University Press, St. Louis Poon, L, 2000, East and South East Asia on the Eve of European Expansion from the late 18th Century to 1860 : An Introductory Survey[ONLINE], Available from: URL: http://homepage.mac.com/stray/ib/history/historyHLregional/option.pdf (accessed 4/3/05) Reilly, J, 1997, God’s Chinese Son[ONLINE], Available from: URL: http://pages.prodigy.net/aesir/gcs.htm (accessed 5/3/05) Revision Notes UK, 2005, Effects of the Taiping Rebellion[ONLINE], Available from: URL: http://www.revision-notes.co.uk/revision/815.html (accessed 4/3/05) Rius et. al. 1980, Mao for Beginners, Writery and Readery, London Seiler, M, 1997, The Taiping Rebellion – The Destruction of the Chinese Culture[ONLINE], Available from: URL: http://sun.menloschool.org/~sportman/westernstudies/second/24/gblock/matts (accessed 3/3/05) Spence, J, God’s Chinese Son, Norton, New York

Adolescence & the human individual Essay

During childhood, children basically accept parental authority (Smentana, 1989) and an equilibrium is established in which parents largely determine and control relationships with their children within a context of acceptance and availability (Steinberg and Silverberg, 1986). However, in the state of approaching adolescence and especially during puberty, parent-child relationships are transformed in a number of ways (Collins, 1990). These changes entail increased assertiveness by both parents and children, decreased perceptions of acceptance, inhibited communication, increased incidence of conflictive exchanges, decreased expressions of physical affection and positive feelings among family members, and adjustments in the amount and kind of influence that children exert in family decision making. Difficulties with communication derive in part from sensitivities and embarrassment associated with pubertal changes and this, combined with the adolescent’s socio-cognitive development and querying of the inequalities in the parent child relationship, often result in tensions and heated exchange (Hill, 1988). Most families, while they sustain close bonds during children’s teenage years, experience such an escalation of conflict, particularly during the early stages of adolescence. Although much of the conflict has been described as â€Å"mild bickering, disagreements and conflicts over everyday issues and emotional stress during early adolescence† (Smetana, 1988), its effects can be debilitating. The role of parents is made more difficult by the legal and status ambiguity of the adolescent period. In today’s society, adolescence is an indeterminate period of transition with no rite of passage to mark the distinction between childhood and adulthood. It has been suggested that this has detracted from the capacity of some young people to function as successful adults (Campbell and Moyers, 1988). There is a lack of clarity in the status and legal rights of adolescents which sends confusing messages to parents and teenagers in their relationships with each other. However, several writers have suggested that these apparent perturbations in relationships may serve the positive function of facilitating adolescents’ independence and diminishing dependence on parents. Via conflicts, family members allow themselves to express distinctive and separate views (Grotevant and Cooper, 1986). It is true that during adolescence, a boy or girl must break, or at least loosen, the ties that bind him or her to home and parents. However, one should not assume that the complete break with, or indifference towards parents or open conflicts with them are a sign of maturity. Quite the contrary is true. Release from home authority is necessary, but revolt is probably not, although a proportion of each adolescent generation leaves home completely as a result of familial conflicts (Henricson and Roker, 2000). For the majority of youth, while once dependent upon their parents, adolescents begin to substitute their friends as the centre of their lives. The centrality of friends and friendship in the life of adolescents has been frequently stressed. It has been claimed that friendships are the most prominent features of the social landscape during adolescence and acceptance by peers generally, and especially having one or more close friends, may be of crucial importance in a young person’s life (Coleman and Hardy, 1990). Friendship among adolescents fulfils important tasks, such as providing much of the social context that allows proper performance of actions which will be accepted and rewarded by the peer group, strengthening the self and reaffirming its worth and value. Adolescents use the peer group to express their divided feelings and incoherent images in accordance with their emotional needs and to reinforce their behaviour as they conform to peer norms and behaviour styles (Tatar, 1995). Adolescents perceive popularity and attainment of social status among peers as beneficial and positive, reflecting their desirability as a friend. Adolescents also form larger, more loosely organised groups called crowds. Unlike the more intimate clique, membership into the crowd is based on reputation and stereotype. Whereas the clique serves as the main context for direct interaction, the crowd grants the adolescent an identity within the larger social structure. Adolescents are very aware of the differential social status conferred upon different groups, and this knowledge can affect self-evaluation: categorisation of the self as a member of an unpopular or lower status group can be detrimental to feelings of self-worth and self-esteem (Denholm, Horniblow, and Smalley, 1992). Susceptibility to peer pressure is reported to peak between the ages of twelve to sixteen years (Tarrant, North, Edridge, Kirk, Smith, and Turner, 2001). Peer conformity is a complex process that varies with the adolescent’s age and need for social approval and with the situation. Adolescents reported that they felt greatest pressure to conform to the most obvious aspects of peer culture, such as, dressing and grooming like everyone else and participating in social activities. Although peer pressure toward misconduct peaked in early adolescence, it was relatively low compared with other areas (Brown, Lohr, & McClenahan, 1986). Due to their greater concern with what their peers think of them, early adolescents are more likely than younger or older individuals to give in to peer pressure. Although, when parents and peers disagree, even young adolescents will not consistently rebel against their families. Instead, parents and peers differ in their spheres of greatest influence. Parents have more impact on adolescents’ basic life values and educational plans, while peers are more influential in short-term, day-today matters, such as type of dress, taste in music, and choice of friends (Berk, 2000).