Global Financial Crisis 2008 Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2032 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Financial Crisis is a situation in which the value of financial institutions or assets drops rapidly. A financial crisis is often associated with a panic or a run on the banks, in which investors sell off assets or withdraw money from savings accounts with the expectation that the value of those assets will drop if they remain at a financial institution (Bhatia2011, p.12). .1.2 Importance of the issue Global Financial Crisis of 2007-2008 has been the worst since the Great Depression in the 1930s.The financial crisis has had a profound effect, much more than that anticipated by many. The national borders have been breached and the ramifications are still being felt far from the epicenter. Although the global economy is recovering, the confidence in the markets is still weak as market participants are looking for a direction which is by no means straight forward. Don’t waste time! Our writers will create an original "Global Financial Crisis 2008 Finance Essay" essay for you Create order The aim of this essay is to understand the financial crisis, its causes, impacts and lesson that could be learnt from this crisis. Financial crisis history In order to understand the causes of the crisis we need to understand the past events that molded the current crisis. They include the financial landscape existing before the crisis, working of the global financial system and the shadow banking system. Reinhart and Rogoff (2011) and Schularick and Taylor (2012) provide a consistent picture of the runÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ up to a financial crisis: an acceleration of debt from both governments and financial intermediaries are the most important antecedents. According to Reinhart and Rogoff (2008). First, there was the Asian financial crisis of 199798, which saw Asian economies generate large current account surpluses that had to be invested offshore to keep their nominal exchange rates low. Capital flowed out of Asia into US dotcom stocks driving up equity prices. Next was the bursting of the dotcom bubble, which saw the booming NASDAQ over 1998-2000 burst in 2001. Fearing a downturn and possible deflation, the US Federal Reserve eased monetary policy in 2001 in a series of steps to 2004. Rising demands from China (and, to some extent, India), plus a booming world economy saw commodity prices rise across oil, minerals and food from late 2004 to late 2007(Warwick2009,p.4). Financial crisis 2008 3.1 Causes of financial crisis 3.1.1The bursting of the housing bubble Falling house prices has a major effect on household wealth, spending and defaults on loans held by financial institutions. Events in the United States typify a global phenomenon. From 2000 to 2006, house prices in some areas doubled to subsequently collapse. These changes in some areas have generated dramatic news headlines but, overall the United States index of house prices has fallen by 6.2 percent in real terms from the 1st quarter 2008 to the same quarter in 2009. While house prices were rising so strongly, credit was supplied liberally to meet the demand as perceptions of risk fell. The rising wealth boosted confidence and spending. The housing bubble was a global phenomenon centered mainly on the Anglo Saxon world (Warwick2009, p.6). 3.1.2 Rising equity risk premie The surprise upswing in commodity prices from 2003 but most noticeable during 2006 and 2007 led to concerns about inflation leading to the sharp reversal in monetary policy in the US. This tightening in US policy also implied a tightening of monetary policy in economies that pegged to the US dollar. It was the sharpness of this reversal as much as the fall in US house prices and the failures of financial regulation (for example, the mortgage underwriters Fannie Mae and Freddie Mac) that led to the financial problems for 2008/09. Lehman Brothers failure was primarily due to the large losses they sustained on the US subprime mortgage market. Lehmans held large positions in the subprime and other lower rated mortgage markets. But mortgage delinquencies rose after the US housing price bubble burst in 2006. In the second fiscal quarter 2008, Lehman reported losses of $2.8 billion. It was forced to sell off $6 billion in assets. 3.1.3A rise in household risk The reappraisal of risk by firms as a result of the crisis also applies to households. As households view the future as being more risky, so they discount their future earnings and that affects their savings and spending decisions. As with the previous shock, we model two scenarios: one permanent and the other temporary. The increase in household risk in the United States is assumed to be 3 percentage points in the permanent scenario and returning to zero by year three in the temporary scenario. 3.2 Effects 3.2.1 Stock market The financial shock has the largest negative impact on stock market values from baseline in 2009 and an equally large impact as the bursting of the housing bubble on investment. The equity risk shock causes a shift out of equities into other domestic assets, such as housing and government bonds as well as to asset purchases overseas. The shift into government bonds drives up their prices and pushes down real interest rates substantially. This surprisingly raises human wealth because expected future after tax income is discounted at a much lower real interest rate. Thus in the US, the equity shock alone is positive rather than negative for consumption in the short run. Investment on the other hand falls sharply. The equity shock reduces US investment by about 20 percent below baseline. The rise in equity risk implies a sharp selloff of shares due to a large rise in the required rate of return to capital. The higher equity risk premium implies that the existing capital stock is too high to generate the marginal product required from the financial arbitrage condition and investment falls and, over time, due to the existence of adjustment costs, the capital stock falls and potential output is permanently reduced. 3.2.2 Lowered real Gross Domestic Product of US Each of the shocks has a negative effect on the United States and, combined, has the effect of lowering real GDP by 7 percent below baseline in 2009 and real GDP does not return to baseline until 2017, nearly a decade later. That is sufficient to put the US into recession in 2009 (baseline growth is 3.4 percent) but will allow positive growth in 2010. 3.2.3 Fall in demand for manufactured goods A key compositional effect also occurs when household discount rates rise and risk premia generally rise. The effect is a much sharper fall in the demand for durable goods relative to other goods in the economy.. Imports and domestic production of durable goods falls by more than non durable goods. The high risk adjusted cost leads to a reduction in the flow of services from durables and therefore the demand for these goods drops sharply. This compositional effect is for the trade outcomes. Countries that export durable goods are particularly affected by a crisis. 3.2.4 Effects to other world economy. According to Harvey (2010), the recession in the United States has three main effects on the world economy. The negative knock on effect from the loss in activity with those economies most dependent on the United States market most affected. As prospects dim in the United States, so the returns on investment look better elsewhere. Money flows out of the United States (or strictly in the case of the US, less inflow than otherwise) and into other economies where it stimulates investment and economic activity. This is illustrated by the effect on China. The United States is a large importer from China. As US imports fall, Chinas exports fall with a combined effect from the three shocks of a drop in exports of 5 percent below baseline in 2009. The most affected sectors by the economic crisis are agriculture, mining, tourism, textiles and manufacturing in Africa. There have been many job loses which have direct negative effects on workers living standards for examples, South Africa: 36,500 jobs have been lost in the automobile industry. 3.2.5 Decrease of demand for consumer loan There was an overall decrease in demand for consumer loans, as measured by applications to both affected and unaffected savings banks. The effect is stronger for mortgages, as compared to consumer loans. If a borrower had a prior relationship with the savings bank, the effect is mitigated, that is, those customers are less likely to have their applications rejected compared to new customers. What Did We Learn from the Financial Crisis of 2008? According to Shibashish (2008), these are the lessons learnt from the 2008 financial crisis: (i) The importance of voluntary and involuntary disclosures on financial products, or the lack of both, (ii) the importance of regulators and how important it is for them to regulate and have an oversight of the macroeconomic indicators, (iii) existing risk management practices especially for the big banks and rating agencies, (iv) the most important of all, it is the exercise of rationality while making large investment decisions by the investors. From a policy-making perspective the crisis has been a wakeup call for the regulators who have until now ignored the Keynesian economic model that speaks about free market economy along with strong oversight. In fact the accounting regulation body such as the Financial Accounting Standards Board (FASB) have completely failed to keep up with the pace at which firms have evolved in the recent years. There are some legitimate concerns such as the fair value accounting of non-tradable assets, etc. However, the big picture is still that the market value of the banking firms far exceeds in their intangible assets value than their tangible assets and still the accounting regulations do not require these firms to disclose sufficiently on their intangible assets. This is the leading factor that creates a huge information asymmetry in the market where the investors have a limited knowledge about the instruments in which they are making large investments, and definitely before the crisis the scale was unprecedented. The scope information asymmetry is plenty in the banking sector that starts from processes, culture, human capital and the capacity for the bank to be innovative. These asymmetries are constructive asymmetry and can benefit the investors from the diversifica tion perspective. What is not recommended is that investors are deliberately kept in the dark because of lack of reporting standard about derivatives such as CDOs and CDSs, which can be lucrative investment vehicles and banks are able to sell these instruments in enormous quantities creating a shift in the systematic risk quotient of the market. Therefore, it is absolutely essential for the U.S. banks in order to remain globally competitive regulators have to fix the shortcomings of the financial reporting standards and market oversight policies. This should motivate banks to formulate their risk management and disclosure strategies rather carefully. With more information and understanding about seemingly complicated derivative products perhaps investors will also make better choices and informed decisions. Conclusion This paper has explored the impact of major shocks representing the global financial crisis on the global economy. For the crisis itself shocks are needed to capture the observed drop in asset prices and reduction in demand and trade. It is necessary to simulate the bursting of the housing bubble centered in the United States and Europe, but extending elsewhere, rising perceptions of risk by business as reflected in the equity risk premium over bonds and rising perceptions of risk by households. The regulatory bodies identified lack of transparency in the financial system as the basic problem that hindered effective oversight of the institutions (McKibbin and Stoeckel 2009b). The complex structure of the securitized products did not allow purchasers of MBS to correctly evaluate the quality of underlying assets and to understand the risks involved There is no doubt that more coordination in regulatory policies would be required at the global level. Special care would have to be given to the capital and liquidity requirements for financial institutions. The global nature of the financial system makes this coordination imperative. The enhanced capital and liquidity requirements will be phased in along the next 5 years. Simply put, this should make the banks safer by providing a greater cushion to survive the mistakes and accidents from which they suffer. Generally, the regulatory proposals have been aimed at reducing the impact of the current crisis and preventing recurrences. The proposals have targeted a host of issues, including executive pay, financial cushions, consumer protection, the regulation of derivatives and the soÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ called shadow banking system, and the power of the Federal Reserve to windÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ down systemically significant financial institutions

Fast Food Is Right Or Not - 1476 Words

Why is it that we do not feel guilty after we finish eating a large combo from our local fast-food restaurant? How can someone possibly feel guilty after enjoying a great meal? This is the country that America is shifting into, where we set aside homemade meals for fast-food due to its ease and convenience for the whole family. Rather than being renowned for their strong military forces, America has been continually portrayed as the most obese country in the world. It sounds simple for Americans to put aside fast food, but the problem in America is that anyone with a small radius can find an alluring fast-food restaurant to eat at. Author, Michael Pollan, points out that, â€Å"Three of every five Americans are overweight; one of every five†¦show more content†¦Showing the transition that America is going into. The problem has become so crucial that nearly 3 in 5 Americans are bound to obese. If people really knew what they were consuming and not just to eat because of hung er. But pay attention to the details it would make a bigger difference. Pollan introduces â€Å"Fast Food†, which is nearly connected to corn. Most people do not understand that most of their food consists of corn; even with its vegetable status, people do not know what it is concentrated to. The Corn industry is big and known for the concertation of high-fructose corn syrup. (HFCS) Most Americans do not have an idea of what that is. Pollan writes, â€Å"To wash down your chicken nuggets with virtually any soft drink in the supermarket is to have some corn with your corn† (Pollan 19), which relates to the fact that every soft drink has HFCS yet also the simultaneous fact that the people that consume it are not aware of it. This is what Pollan is trying to get across in what people are consuming, but are not educated about the nutritional deficiencies in what they are eating. There have been, and will be arguments, about how much education is necessary, if not more, abo ut teaching people what they should and shouldn’t eat. The United States Government believes they have done what is necessary to showcase the importance of healthy food choices. In my experience, I was introduced to the food pyramid at a very young age, but I was young and Unable toShow MoreRelatedFast Food Is Bad For You1377 Words   |  6 PagesIt is not a secret that fast food is bad for you, however people believe that there is nothing wrong with eating fast food in moderation. It really comes down to ignorance being blissful. Our bodies are like vehicles. You want the best fuel for the car, but does fast food provide the right fuel for your body? The fast food industry gives that option to people, giving regular gas when gas-guzzler’s require premium fuel. The main reason fast food should be foods to avoid is an obvious one: it can leadRead MoreFast Food Nation1271 Words   |  6 PagesIntro  to  Political  Science 5/12/2013 Fast  Food  Nation The  investigative  journalist,  Eric  Schlosser,  has  written  a  book  to  illuminate  an  epidemic  that started  in  America  and  is  now  becoming  one  of  the  world’s  largest  problems.  In  Fast  Food  Nation, Schlosser  frames  today’s  Fast  Food  giants  in  history,American  entrepreneurialism,  and  over consumption  in  respect  to  consumer  and  employee  wellbeing.  The  power  of  all  modern  Fast  Food giants  combined  have  eclipsed  the  power  of  any  one  government.  Marketing  has  become  a  keyRead MoreThe Effects Of Fast Food On Children991 Words   |  4 Pagesthat falls into the trap of fast food advertisement. Overall, the fast food industry should be more socially responsible and not direct their marketing strategy of unhealthy food choices to children; this will cut down the percentage of children suffering from childhood obesity that leads to various health issues. One might object here, that it is a free market and freedom of speech is part of the U.S. Constitution. However, everyone has a different opinion about fast food and boudaries must be respectedRead MoreFast Food : An Advocate Of That Slow Food Movement1338 Words   |  6 PagesPage 85: Domini starts off her article by recalling the ethos used through â€Å"an advocate of that Slow Food movement for many years.† Through describing some of the goals and tenets of that movement, she included the â€Å"positive effects† that it can have. Additionally she establishes the middle ground of the argument before she discusses her position. Her position is one that the Slow Food supporters are not likely to embrace. In fact, her position is presented in a weak and underwhelming sentence.Read MorePros And Cons Of Fast Food766 Words   |  4 Pagesand it is the tasty fast food. Due to growing health problems and hectic lifestyle, it is hard for people to manage their diet and work. The easiest solution which some people tend to find is to eat fast food, whereas some people also argue about the growing health problems. It is undeniable that the greasy, fatty, unhealthy, and sugary fast food have become part of one’s daily life. Is fast food beneficial for t he society or not? Pros: 1. Life is full of stress, and cooking food at home adds-on extraRead MoreEssay on The American Fast Food Industry1420 Words   |  6 Pages The fast food industry in America has many drawbacks at the cost of supplying food to the American population. Since many people are ignorant of the process their food goes through in order to become the edible meal they consume, American companies easily take advantage of them. In class, we discussed a â€Å"Food Bill of Rights†. I believe that this is necessary in order to keep the food industry safe for the American public and environment. The main focus of my â€Å"Food Bill of Rights† is to ensureRead MorePersuasive Essay On Healthy Food1036 Words   |  5 PagesHealthy food should be accessible to everyone. If healthy food isn’t available for everyone all it’s going to do is cause more and more health problems. If we made healthy organic food the same price as cheap unhealthy food there would be a big difference in the health of our country. It’s completely unfair to make healthy food too expensive for other people to buy, which causes them to buy cheap unhealthy food, like off a dollar menu at a fast food restaurant. This issue needs to be put to an endRead MoreFast Food Is Bad For Our Health Essay928 Words   |  4 PagesFast food, we all eat it sometimes, but do we honestly know what we are consuming. Did you know that fast food can lead to various types of illness? For example, a heart attack or a lack of energy can be a result of eating fast food. Fast food has become a very important meal to America. Almost a quarter of Americans suffer from fast foods dangerous effects (Health line). Did you know that some people even die as a result of eating fast food. Fast food is a part of our today. Many of you know thatRead MoreModern Generation and Fast Food971 Words   |  4 PagesGeneration and Fast Food? Fast food  is the term given to food that can be prepared and served very quickly, first popularized in the 1950s in the United States. While any meal with low preparation time can be considered to be fast food, typically the term refers to food sold in arestaurant  or store with preheated or precooked ingredients, and served to the customer in a packaged form for  take-out/take-away. Fast food restaurants are traditionally separated by their ability to serve food via a drive-throughRead MoreDont Blame the Eater Essay623 Words   |  3 PagesEater† by David Zinczeko. In his article â€Å"Don’t Blame the Eater,† David Zinczenko argues that today’s fast food chains fill the nutritional void in children’s lives left by their overtaxed working parents. With many parents working long hours and unable to supervise what their children eat, Zinczenko claims, children today regularly turn to low-cost, calorie-laden foods that the fast food chains are too eager to supply. When Zinczenko himself was a young boy, for example, and his single mother

The Elizabethan Era - 1663 Words

William Shakespeare’s character Hamlet once said, â€Å"To be or not to be: that is the question whether tis nobler in mind to suffer†¦Ã¢â‚¬ . Music, poetry, and plays were important parts of entertainment during the Elizabethan era. Musicians composed new types of music, poets expressed their feeling through poetry, and playwrights wrote plays of different types of genres. Social classes and gender roles also contributed to the entertainment culture. During the Elizabethan era, people were entertained by sources of entertainment, such as plays, music, and poetry. Music was one of the many sources of entertainment during the Elizabethan Era. Elizabethan music was more refined and sophisticated than previous types of music. Queen Elizabeth encouraged people to appreciate music. She even hired about seventy musicians and singers during her reign; these musicians during the time were creative. Elizabethan musicians experimented by combining different types of instruments and playing them together. Elizabethan music was classified into different types, depending on where it was performed, the status and skills of the musicians, and the audience. The different types included: theater, court, church, town, and street. Before the Elizabethan era, music was rarely heard in theaters. It was not made common until William Shakespeare began to incorporate music into his plays before â€Å"Theater music was used to heighten the mood and plot, emphasize the drama, and sometimes provide specialShow MoreRelatedThe Elizabethan Era1461 Words   |  6 PagesWay way back long ago there was a time period called â€Å"The Elizabethan era†. It was full of many wonderful things, such as fashion. They had a very particular fashion. The Elizabethan era was the Queen Elizabeth Is reign which was from 1558–1603. It took place in England. It is also known as the golden age. This also happened to be when Elizabethan Theatre began to grow and playwrights like Shakespeare composed many plays that changed the way of the old style theatre ways. Towards the end of QueenRead MoreThe During The Elizabethan Era Essay1080 Words   |  5 PagesThe Elizabethan theater became a central part of social life in Shakespeare’s time and was a form of entertainment that took people’s minds off the daily hardships during the Elizabethan era. The Elizabethan era is known for its English nationalism and advancements of arts during the English Renaissance. Because of this, the Elizabethan era is considered to be the height of the English Renaissance. England’s working class had a difficult life. Powerful lords owned and governed local districts thatRead MoreThe Elizabethan Era Of Europe1531 Words   |  7 PagesThe Elizabethan era also known as the Tudor period of Europe was an amazing time to be an artist in Europe There were so much culture and life that was created during that time. According to many historians, this time period was the Golden Age of Europe. The Elizabethan era took place between the years 1558-1608. As alluded to be the name of the period this was during the reign of Queen Elizabeth I. This Period also was full of Europe colonizing the world. One of Queen Elizabeth’s most famous ChartersRead MoreMedicine in The Elizabethan Era Essay928 Words   |  4 Pages Did you know there was a time where infectious diseases like the common cold could kill you and your family? This was the elizabethan era probably the last time where sickness became the â€Å"grimm reaper† before modern medical advancements. With infectious diseases spreading and killing so many people doctors became desperate. Because these doctors knew very little about medicine, they were completely willing to try experimental treatments on their patients (Alchin). Sadly just about anybody withRead MoreElizabethan Era Crime and Punishment728 Words   |  3 PagesIn the Elizabethan era, doing a crime was the worst mistake of all, depending on how big your crime was, people had to know that their lives were at risk. Every crime was big before, even â€Å"crimes of treason and offenses against the state were treated with that murder and rape today.†(Elizabethan Crime and Punishment) â€Å"Offenses such as manslaughter, robbery, rape, piracy and capital crimes enti tled one to hanging, usually in the town square.† (Elizabethan crime and Punishment) During Queen Elizabeth’sRead MoreThe Elizabethan Era in England Essay1588 Words   |  7 PagesThe Elizabethan Era is often referred to as the Golden Age of England (A Changing View...). The Elizabethan Era, named after Queen Elizabeth I, was a time of change and discovery (Elizabethan Superstitions). Elizabeth ruled in a time of religious turmoil; both the Catholics and Protestants fought to be the official religion of England. (Elizabethan World View). Many people throughout England struggled to find the â€Å"correct† religion (Elizabethan World View). Religion was changing and so did scienceRead MoreFashion During the Elizabethan Era Essay1243 Words   |  5 Pages Have you ever wondered what people in the Elizabethan Era wore? Fashion was just as important in those days as it is to some people today. What people were wearing mattered to others, and even the government. Du ring the Elizabethan Era clothing, accessories, and cosmetics were all a part of daily life. During the Elizabethan Era, there were a set of rules controlling which classes could wear which clothing called the Sumptuary Laws. The Sumptuary Laws controlled the colors and types of clothingRead MoreEssay on Clothes and Fashion of the Elizabethan Era1050 Words   |  5 PagesOf all aspects of Elizabethan culture, the most distinctive is probably the clothing and fashion. A lot of the clothing varied to whether they were a member of the nobility, upper class or the poor. But even if a women or man was wealthy or poor, they were not allowed to wear whatever they wanted. It was a highly fashioned age that prized a look that was artificial, elaborate, and striking. The style of clothing of the Elizabethan Era are easily recognizable today and popular with designers of historicRead MoreEssay on Elizabethan Era Music and Musician535 Words   |  3 PagesHow is Elizabethan Era music different from the music that we listen to during this period of time? The music during the Elizabeth an era is different from today’s music; For example the music during the Elizabethan era is very significant to them due to the fact that it was history being made. This paper will provide you with more information about the music during the Elizabethan era. In fact, Elizabethan tried to please people in the entertainment industry with different musicRead MorePerspectives Of Hamlet During The Elizabethan Era1604 Words   |  7 PagesPerspectives of Hamlet during the Elizabethan Era By: Aanshi Gandhi One of the many beautiful aspects of art is that it gets perceived in many unique ways depending on the viewer’s cultural, political and social views and standpoints. Literature experiences different interpretations all the time and authors use this to their advantage to create a piece of work which remains evergreen. Shakespeare evidently utilises this technique in his most intriguing, and fascinating literary piece, Hamlet. Stuck

Democratic Theory and Practice free essay sample

Democratic Theory and Practice First Semester 2013 Potential Class Test Questions You are encouraged to prepare for this examination collectively, using whatever information you find relevant (e. g. class notes, readings, the library, throw the dice, etc†¦). At the same time, we will attach a great deal of weight to the originality of your answers (e. g. making insights, or using examples different to those we used in class). On Wednesday 20 March, you will have forty-five (45) minutes to answer some of the questions listed below. Your answers will be evaluated on completeness, conciseness, organization and originality. Good luck! Part I. Identification (50%) In at most one paragraph, define and discuss the significance or relevance of the following (using examples to illustrate your points). Answer six of the following items. (You will be given 10 choices, of which you will have to answer 5) 1. Procedural Vs. Substantive Definitions of Democracy 2. Minimalist Vs Maximalist Definitions of Democracy 3. We will write a custom essay sample on Democratic Theory and Practice or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Procedural Prerequisite Vs. Behavioural Outcome Definitions of Democracy 4. Validity and Reliability 5. Transparency 6. Type of Data and Levels of Precision 7. Freedom House Index of Political Freedom 8. Przeworski / Cheibub Index of Autocracy/Democracy 9. Transition to Democracy 10. Legitimation Crisis 11. Hurting Stalemate 12. Liberalizing Vs. Democratizing Reforms 13. The Third Wave of Democratization 14. Positive Conjunctures of Democratization 15. The 1974 Portuguese Coup 16. The Unsolved Dilemmas of the Demos Kratia Part II. Essay (50%) Answer one of the following questions. Be as complete as possible, and give examples to illustrate your arguments. (You will be given four and must answer one). 1. What do we know about the way in which countries transitioned to democracy in the latter 20th century? What are the key variables to consider in comparing transitions, especially in terms of whether or not the transition is successfully completed, and how the nature of the transition shapes subsequent prospects for the consolidation and quality of democracy? 2. Critically compare and contrast South Africa’s transition to democracy with earlier Third Wave transitions in Southern Europe and Latin America, and also with contemporary Fourth Wave transitions in the rest of Sub-Saharan Africa. Is there any evidence that the path South Africa took to democracy has affected its current quality of democracy? / 3. How has the practice of democracy grown across the world, and over time? 4. Discuss the historical development of the idea of democracy, paying particular attention to its meaning, and its perceived importance. Political scientist David Beetham has argued that while democracy is a contested concept, it is not a contestable concept. Is there only one valid way to define this term in the modern world, or are multiple definitions justifiable? 6. Is it possible to measure democracy scientifically? Or are existing measures of democracy simply reflections of the imposition of culturally specific understandings? Discuss in terms of the strengths and weakness of alternative data sets on democracy.

Institutional Racism free essay sample

Having explored my target and agent identities has helped me identify certain types of institutional racism that my family and I go through. In this paper I will go into depth on one specific institutional form that I feel has impacted my family and me in the long run. I will also link that form to two other forms of institutional racism and explain how each one of them potentiate one another increasing their ability to exclude or deny. Last but not least I will reflect my thoughts and emotions towards these issues for both my family and I. Incorporating the collage sharing that I had with two of my classmates and their feelings and emotions as well. In the book, â€Å"Racism in the United States, Implications for the Helping Profession† written by; Joshua Miller and Ann Marie Garran. The authors talk about this web of institutional racism in chapter 04 (pg. We will write a custom essay sample on Institutional Racism or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 61), they focus on nine types of institutional racism Residential, Educational, Employment, Accumulation of wealth and upward mobility , Environmental and Health, Criminal Justice, Political ,and Media. The author’s purpose is to emphasis how racism remains institutionally embedded in the U. S society and focus on what remains as oppose to what has been accomplished. When I put thought into which forms of institutional racism affects my family and I the first three forms that catch my attention right away are, Residential, Educational and Employment. Having being born and raised in the city of Watts . CA and living in public housing were to me the best years of my life as a child. Yes there were several shootings and drug abuse and many other crimes being presented but as a child you learn how to appreciate the roof over your head. Now as an adult I question this residential racism that my family and I had to go through and are still going through. As a child I never really paid attention to the type of people that were living in my community until now I have realized that blacks and Latinos have been segregated into these communities for a reason. I remember growing up and my father always complaining how it was too expensive to own a home outside the community we lived in. He would go out looking for different homes and would come back saying† the real estate showed me a couple houses but they are still in bad communities and we cannot afford something different according to him†. Now I understand what was the real estate doing he was practically redlining my family and I because of our low income. Education was also a form of institutional racism in my family. In my family out of eight children only one has been able to pull through k-12 and now University level. Education in my community is not enforced as it should be there’s no sense of motivation from teachers or mentors. Parents are forced to work two jobs at times to meet their needs as well as their children’s needs. So reading writing or help with homework is the last thing that is consider around my community. The lack of involvement in schools also plays in. As for employment low paid jobs are available to people who tend to drop out of school. Not having the proper education forces them to work hard labor jobs for the minimum wage and stressing some people out leading them to the use of drugs. My family has faced these three types of racism in many different viewpoints. Being raised in the ghetto put some of my family members at a disadvantage from actually getting a good education and employment. My three older brothers all dropped out of school due to lack of motivation in the school environment, leading them to low paid jobs in which they had to work in horrible conditions. They soon became frustrated with their economic status and began to get involved with gangs which lead them to prison. As for my parents they had little to no education and were forced to work low paid jobs but always did their best to encourage all of us to seek higher than what’s expected. All four of my sister have been able to survive these forms of institutional racism and are now seeking higher education little by little. Educational racism has played a huge role in my own personal life both good and bad. Speaking from experience I can honestly say that throughout my K-8Th years of school never was I once introduce to the idea of attending junior college let alone a four year University. The lack of motivation in my school communities deterred my knowledge of higher education. I don’t remember ever getting homework as a child or having to write a paper. The teachers at the time were never really concern about whether the students were learning or not. It wasn’t until my high school years that I begun to get the proper education. I knew that I wanted to pursue higher education so I decided to enroll into a charter school outside my local neighborhood. Once I was enrolled never did I figure it would be so difficult to learn the material I felt lost in all my classes. I felt like if I were dumb because I didn’t understand the lectures and I kept failing my entire test. Luckily the teachers were very helpful the school was very resourceful and my grades went up after tutoring and practice test provided by my high school. I can honestly say that if I wouldn’t have made that choice I wouldn’t be where I am now. I thank all my teachers and mentors that taught me all the skills of becoming a well-educated person. Educational racism broke me and builds me in a sense which made me knowledgeable enough to never give up seeking for the appropriate assistance in other to succeed. Now that I have been able to overcome and continue overcoming Educational Racism I will be able to overcome Residential and Employment Racism. My urge to a higher education will lead the way to a successful career and possibly a beautiful home in a good community. I will also be able to set a good example for my little sister and my nephews and nieces. Having them realize that although our family has struggle for many years due to these intuitions that oppress us there’s always a way around it. I feel privilege in a sense because the struggles that my older family members went through were lived experiences that made me stronger and strive for a better outcome. The endless nights that my parents worked to provide me with food and shelter has kept me alive long enough to change history. I have also come to realize that these forms of Institutional Racism exist on many levels. The fact that we were redlined and segregated from good neighborhoods with lack of proper resources leads my brothers to dropping out of school. Forcing them to work at fast food places living check by check causing stress upon which lead them to gangs. Which eventually had them in jail facing time due to these forms of racism? Having explored these forms of institutional racism brings about mixed emotions. It makes me realize that Racism still exists and it remains strong. It bothers me to know that my family members and I have been victims of these forms. Yet it makes me stronger as a person and builds the passion to seek higher education. I can honestly say that knowing that these forms of racism exist challenges me to become bigger and better. To overthrow those expectations those societies has for minorities and pull through. Being able to hear my two partners experience confirms my experiences and made me feel as if Am not alone in this battle. It also opened up my eyes to realize that we all have experience racism in both good and bad aspects. The outbreak of these forms is to use them towards your advantage and seek education to its higher degree.

maryland Essays (896 words) - Regions Of The United States

Rusy Riggs 4/13/19 Jour 101 Maryland The United States of America is a wonderful place to live. We live in a country where every state is unique in its own little ways. California is known for Hollywood and c elebrities. New York is known for Manhattan being the greatest city in the world. Every state has something that no other state does. I am from the great state of Maryland and am proud to be a Marylander. Maryland wa s the 7 th state admitted to the Union in 1788. Many people believe that Maryland is considered a Southern state. Yes, Maryland is south of the M ason Dix on line and was a slave state before the Civil War but when it came time to secede or stand with the Union Maryland aligned with the North . Maryland , in contrast with Mississippi, Alabama and Georgia , does not offer the same kind of southern atmosphere . I view Maryland as n either a northern or southern state but rather a state wh ich is its own . People do not view each other as southerne rs like those in Mississippi. No Marylander views themselves as a northerner like those in New York . I love the great state of Maryland becaus e, although it is such a small state according to the City-Data.com , with just 10,460 sq. miles , there is so much to offer and so much to enjoy every day . Maryland is known for its three major cities : Annapolis, Baltimore and Washington DC . All three cities were founded in the early years of our country . Having large cities near by can be a bonus if you are looking for job opportunity. Those who want to find a good start in a career would most likely look in the Washington DC area. A downside to living in Maryland is cost. According to the Financial Investigator, i n 2019, the median household income in Maryland is estimated to be around $ 78 , 945 . With plenty of jobs in DC and access to the northeast corrido r the wage is higher in salary but cost is far greater. If you were to pick any state to travel to it would have to be Maryland. This fine state offers so much history that not even Philadelphia can match it. The best place to start your adventure is no ne other than the capital of Maryland, Annapolis. Annapolis was founded in 1649 and is home to the oldest running capital building still in use today. Old Town Annapolis is home to the United States Naval Academy where you can find midshipmen wear ing their white suits and hats. According to the Historic Inns of Annapolis, t he oldest hotel in Annapolis that's still in use today is t he Governor Calvert House which dates back to the 17 th and 18 th century . Annapolis , being a huge tourist attraction , has many hotels to stay at . One of the biggest things Annapolis is known for is boating. Being the sailing capital of the world, the Chesapeake Bay is a sight to see. The main boating attraction is the so-called Ego Alley , where m any show off their boats and , every once in a while, you may catch Johnny Depp's yacht. Being right on the Chesapeake Bay, Maryland is best known for its amazing crabs. You'll never find better crabs than those in Maryland. Annapolis isn't the only great thing in Maryland , though . The largest city in Maryland, Baltimore is well worth the trip. Baltimore is absolutely a beautiful spot and also has much history. Here is Eger Allen Poe's resting spot , located at the back of Westminster Hall and Burying Ground in the heart of Baltimore. Like so many large cities, Baltimore is known for its high crimes but, having visited the area, I f ind it quite pleasant. If you stay near the Patapsco R iver , which connects to the Chesapeake Bay, you'll fin d a view that is beautiful and an ambiance that is serene . For sports lovers, Maryland 's baseball team, the Baltimore

American Films and Life Essays

American Films and Life Essays American Films and Life Essay American Films and Life Essay One quote that I found only recently, yet is now of my favorite quotes to live by is, The best years of your life are the ones in which you decide your problems are your own. You do not blame them on your mother, the ecology, or the president. You realize that you control your own destiny. Albert Ellis. To me this quote means that you are happiest once you realize that you are in control of your own future. If you have a problem, you have to deal with it yourself; you cant blame it on anyone else but yourself. If you keep putting other people at fault for your own issues, youll never find a true resolution to the problem. I support this quote because many experiences Vive gone through in my own life can relate to it. My first experience that I chose to support the quote deals with my favorite sport, Irish dance. After dancing for close to 10 years, I have experienced this situation many times. Irish dancing is a very competitive sport, that really takes a toll on you both physically and emotionally. I know myself and many other dancers have gotten to points where we question why we still even do the sport. We get frustrated and cant even remember why we love dancing so much. I remember towards the end of last year I had one of these attitudes. Regional was in November and I hadnt done as well as I had wanted to. I really hadnt put in enough effort and practice leading up to regional. Even though I knew deep down it was really my own fault, I made excuses for myself and blamed my failure on everything but myself. I blamed my teacher for not preparing me enough. I blamed the Judges for not Judging correctly and I blamed about everything else I could except for me. Eventually, I had come to terms that it was my own fault, nobody elses. Once I recognized this, I lost my bad attitude and started fresh. I now was going to put in the necessary effort to rank where I wanted to be. I realized that I was the only one who was able to make a difference in my life. If I wanted change I had to work for it, and I did. I placed higher in competitions because I was now determined to do better and I was much happier with where I was ending up. My second life experience goes a lot deeper than Just a sport. This experience had taken up my entire life. When my parents were getting divorced, everything to me seemed like the end of the world. I was unhappy for a long time and I really felt as if I was stuck in a rut that I Just couldnt get out of. I felt helpless to what was happening and I became really angry towards life. I felt as if I was being shorted the life that everyone else had. Nobody understood what I was going through and I wondered why it had to happen to me and not somebody else. I honestly began to not care about things I should have. My grades slipped and I was in a bad mood most of the time. If people tried to talk to me it would Just make me angrier so I alienated myself from everyone. I had so much anger that I Just blamed on other people. I blamed my parents, my family, God, I blamed my friends for not understanding me. Yet I thought if I had all these people to blame for my unhappiness Id feel better, but the problem was still there. One day my grandma told me, Nobody can fix you but yourself. No one else is responsible for whats inside of you, only you can make a difference in your life. You control your own happiness rolled my eyes and told her she was wrong, but then I really thought about it and realized she was right. If I stayed in the same attitude Just moping around then nothing would change for me. I had to realize that I really did control my own destiny and it took me awhile to really understand that. I was the only one standing in the way of what I wanted. I had to face my own issues and not put anyone else at fault. To be happier I had to change my attitude and outlook on life and understand that Im in control of my my own destiny. No one else can control it for me. Still to this day If I ever get stuck in a situation that makes me feel down I remember this quote. I have to face my problems as they are, and not put anyone else at fault for them. I control my future and it all starts with my attitude. Once I realized that my future and my happiness was in my unhands I was happier with myself, and hopefully according to Albert Ellis, if I keep this outlook these will be the best years of my life.