2.Neorealism and Complexity theory and their different notions of the Essay

2.Neorealism and Complexity theory and their different notions of the term system - Essay Example According to the complexity theory, studies (Waldrop 1992) indicate that the way systems are organized is not a coincidence. It is a result of laws of nature that are not fully understood but allow systems to organize themselves and freely bring about order (Waldrop 1992). It perceives a system as being able to demonstrate properties and patterned behaviors that are not found in any of the individual elements that make it up (Battram 2002). According to neorealism, anarchy and distribution of capabilities are the ordering principles that define the international structure (Mearsheimer 2001). They are quantified by the number of great powers in the international system. In the international system, the anarchic ordering principle is decentralized and composed of sovereign states which will not subordinate their interests for the sake of others (Waltz 1979). With regards to changes in distribution of capabilities, neorealism provides three systems. There is a unipolar system which only has one great power, then the bipolar system with two great powers and thirdly, the multipolar system that has more than two great powers (Waltz 1979). This theory contends that the bipolar system is less vulnerable to systemic changes and great power war than the multipolar system. This is because in the bipolar system, balancing only takes place internally without great powers to form alliances with, limiting the chances for errors and g reat power war (Mearsheimer 2001). In conclusion, the complexity theory views a system as one that numerous independent agents interact with each other in multiple and infinite ways. Conversely, neorealism views a system from the angle of structural constraints rather than the motivations and strategies of its

Cultural Manifestation Via A Game Of Street Basketball Essay Example for Free

Cultural Manifestation Via A Game Of Street Basketball Essay Two hoops, ten players, one basketball court and one leather ball to dribble, pass, shoot and score points with. The other aspects of basketball – the rules, the technicalities – are all fluid and bent by the whims and preferences of the existing culture, even the existing playing teams. Street basketball may not be the roots of the sport, but through the years, it has becoming both the foundation of professional basketball as well as the avenue for the exercise of the growing subculture in street basketball. Ballard (2004) elaborates: Within the caged confines amidst the bohemian community of Greenwich Village in Lower Manhattan can be found the essence of street basketball: all the grit, showmanship, competition, and spectacle that make the game great (pg 35). To those who are not indoctrinated in the culture of street basketball, it is easy to say that what they see being played on the street and what they see flashing on their television monitors are both the same game of basketball; that they share so many similar attributes and that the only thing different in street basketball compared to collegiate or professional basketball is the level of popularity. But that is far from the truth – because those who know and understand street basketball, those who lived and breathed street basketball, those who bled and literally died in the cement floors of the street basketball courts know that what they do where they do it is so much different from what high salaried pro basketball players do in the NBA. They have different stages where they play; they have different rules as well as different ways of enforcing it; they have different cultures and different reasons why they play basketball. The only thing they have in common is that they all want that leather and rubber spheroid up in the air and then inside the rim, swooshing the net that makes a catcall for such a sexy swing. Professional basketball is all about winning the coveted ‘ring’, about being able to parade around town like rockstars and hoist that championship trophy alongside guys who you might be elbowing the following season. In professional basketball, there is a certain convenience for players and team owners to just move from one team to another because it is just a job for them, but on the street, one’s alliance to a basketball team is a binding oath; jumping to another team is never about the job of getting the Ws and finishing the season with the ‘ring’, and most players who see a former teammate desert them always take it personal, because street basketball is never a job. It is a brotherhood where loyalty is the most expensive and most important aspect of a player, and those who sell it cheap will always have a ‘low market value’. Street basketball and professional basketball have different set of ethos – in street basketball, they play for their team’s pride and for the wager while in professional basketball, they play for their own personal pride and for their own personal salary, especially in today’s era when even the best of players are traded to other teams in exchange for the chance of the team’s long term vision to take shape. In street basketball, it is always here and now, every game feels like the last game, and it is hard to go home with a monkey on your back because when you lost, you did not just part with some of your money, you also parted with some ounces of self respect and the respect of the people in the neighborhood about you, your team and your game. Observing and analyzing human behavior – Like every cultural vestige and like every subculture type, included in the consideration for the analysis of certain cultural practices is the assessment of human behavior. In street basketball, there are also a set of prevailing human behavior and the dictating factors on why such patterns exist, appear and persist. The manifestation of these sets and patterns of human behavior inside street basketball is two-pronged; those which the average eyes can see and those which only the trained eyes can detect happen simultaneously. It is both reflected and hidden in the way they dress, in the way they talk and in the way they play the game. The human behavior patterns in street basketball depict that of the prehistoric tribes – it requires that only the fittest with the toughest set of behaviors survive. And what are these behaviors? The behavior in fighting, in negotiating, in people management and control of power all of these behaviors are essential for a person to survive the culture of street basketball. Without some of these behaviors, the individual is forced outside the circle of street basketball. Players fight for their place to be among those who are considered as respected basketball players in the street. Outside the five-on-five, there are those who wield similar power, clout and influence – those who fix wagers, those who tap, harness and control budding talents and those who are present in the circuit for their own socio-political reasons. One needs only to sit down by the bleachers and take a good look around to see the abundance of a diverse set of human behavior present inside one confined yet open spaced rectangular domain of street basketball. African American guys play with white guys and vice versa, and so does the relationship of those who have different ethnic descent, and this reflects the behavior of the individuals inside street basketball when it comes to ethnic sensitivity. Other easily discernable behaviors found in street basketball include the penchant of most basketball players for gambling, their obvious disregard for socially accepted behavior while in public like going topless for most of the time, spitting, cursing and the prevalence of foul and derogatory terms hurled at each other, the integration of gang related separatist attitude and the resorting to physical assault as a way to settle differences of avenge any feeling of indignation. Looking at street basketball players, the universal behavior noticeable is their take on street basketball as the end all and be all of their lives – they gamble every paper bill they have on the pockets of their pants, sometimes, even money that they don’t have, on a round of street basketball without serious regard for what will happen in the future in the event that they lose their bet; most of them would rather spend their days playing ball and cementing their hold among their peers and their social cliques, which sometimes result in the creation of strong bonds of brotherhood between two persons or among members of a group or the creation of intensive animosity as well; school is never an equally important priority, and the preference for the type of work they would engage on is similar on how they battle, win and lost in street basketball – exciting, thrilling and promises the yield of a quick buck.. Street basketball is a religion, while professional basketball is a mere day job for night shift dribblers, and the rituals that are involved in the daily exercise of their faith exists in different aspects – there are rituals of battle, rituals of praise, rituals done to ask for intercession and divine intercession as well as the rituals for both the victorious and the defeated. At some point, the ‘real’ and the ‘sports-based’ religion meets in the middle, when religion is infused in the practice of a competitive sport, because there is one ultimate human behavior that is manifested greatly in street basketball – and that is the desire to win, because winning is always more than the scorebook statistics; it is about winning wagers and bets, winning the respect of the crowd as well as the opponents and winning your own sense of self respect towards yourself. A sports activity is a particular cultural event, and like any other cultural event, st reet basketball is unique in different places. But despite these differences, this cultural event shares the same characteristic – and that is this: that it is the showcasing of the most primitive instinct that is present among humans inside the society; it is a display of skill, grace, strength and the set of values to which a person will be remembered for; it is a reminder of how fiercely competitive the world is, how one should earn everything with his bare hands standing on his own two feet alone. Street basketball speaks a lot about a place’s culture; pro basketball is plain entertainment. Works Cited: Ballard, Chris. â€Å"Hoops Nation: A Guide to Americas Best Pickup Basketball. † University of Nebraska Press, October 2004.

Bacteria :: essays research papers

Describe the structure and life processes of bacteria. Bacterial cells, like plant cells, are surrounded by a cell wall. However, bacterial cell walls are made up of polysaccharide chains linked to amino acids, while plant cell walls are made up of cellulose, which contains no amino acids. Many bacteria secrete a slimy capsule around the outside of the cell wall. The capsule provides additional protection for the cell. Many of the bacteria that cause diseases in animals are surrounded by a capsule. The capsule prevents the white blood cells and antibodies from destroying the invading bacterium. Inside the capsule and the cell wall is the cell membrane. In aerobic bacteria, the reactions of cellular respiration take place on fingerlike infoldings of the cell membrane. Ribosomes are scattered throughout the cytoplasm, and the DNA is generally found in the center of the cell. Many bacilli and spirilla have flagella, which are used for locomotion in water. A few types of bacteria that lack flagella move by gliding on a surface. However, the mechanism of this gliding motion is unknown. Most bacteria are aerobic, they require free oxygen to carry on cellular respiration. Some bacteria, called facultatibe anaerobes can live in either the presence or absence of free oxygen. They obtain energy either by aerobic respiration when oxygen is present or by fermentation when oxygen is absent. Still other bacteria cannot live in the presence of oxygen. These are called obligate anaerobes. Such bacteria obtain energy only fermentation. Through fermentation, different groups of bacteria produce a wide variety of organic compounds. Besides ethyl alcohol and lactic acid, bacterial fermentation can produce acetic acid, acetone, butyl alcohol, glycol, butyric acid, propionic acid, and methane, the main component of natural gas. Most bacteria are heterotrophic bacteria are either saprophytes or parasites. Saprophytes feed on the remains of dead plants and animals, and ordinarily do not cause disease. They release digestive enzymes onto t he organic matter. The enzymes breakdown the large food molecules into smaller molecules, which are absorbed by the bacterial cells. Parasites live on or in living organisms, and may cause disease. A few types of bacteria are Autotrophic, they can synthesize the organic nutrients they require from inorganic substances. Autotrophic bacteria are either photosynthetic or Chemosynthetic. The photosynthetic bacteria contain chlorophyll that are different from the plant chlorophyll. In bacterial photosynthesis, hydrogen is obtained by the splitting of compounds other than water.

A Flawed Society :: essays research papers

William Golding’s allegoric novel, Lord of the Flies illustrates many issues of human society through a group of young, stranded, British boys. The story takes place on an island during World War II. As a result of a plane crash, several young schoolboys are left to survive on their own in an entirely new environment. Left with no other choice but to wait to be rescued, they try to figure out what is necessary to sustain a civilized life similar to the one before. They start out fairly well, demonstrating a relatively democratic and cooperative society. However, as life in the crude territory continues, and the hope for rescue diminishes, the inevitable happens. Things begin to fall apart. The neglecting of rules and their desire for fun and violence overtake them, ultimately destroying any order or peace they had on the island. Although the novel was written several decades ago, current happenings such as the Columbine shooting show that Golding’s views on these issue s are valid even to this day. The first and most obvious aspect that Golding points out, are the consequences brought on by a weak government. He places his characters in a completely different environment where civilization is nonexistent, and the only form of authority is in the form of a 12-year-old boy named Ralph. In the beginning, the boys are somewhat pleased with their newfound freedom. However, this switch in government and society eventually leads to the development of an indifference to rules and civility. It starts out with the conflict between Jack and Ralph. Jack, whose main priority is to keep the group’s meat supply steady, and Ralph, whose main priority is to maintain control, argues numerous times in the book. As tension builds up between the two, the arguments grow more serious. At one point, Ralph tells Jack, â€Å" You’re breaking the rules!† and Jack replies, â€Å" Who cares?† (p. 91). This event foreshadows Jack’s rebellion against Ralph and the series of events following the rebellion that lead to the final collapse of their society. The collapse is indicated by the destruction of the conch. The conch, which had called the meetings into place and moreover gave the right to speak in one, clearly represented order and law on the island. â€Å" †¦ The conch exploded into a thousand white fragments and ceased to exist† (p. 181). At that moment, it was not only the conch that ceased to exist, but their society’s remaining stability as well.

Berawan death practices

Death is not only a physical process, but a social and spiritual paradigm infused by a culture's specific ‘beliefs, emotions and activities which give it its distinctive character' (Hertz 1907, p. 197). Facing another culture's beliefs around death can be confronting, often creating ethnocentric reactions and cultural misconceptions. Comparing American and Aberrant death practices highlights how these rites, and the spiritual beliefs underlying them, can appear horrifying when viewed only from the observer's own cultural paradigm.Anthropologist Peter A. Metcalf observed the practices of the Aberrant tribe, found along Borer's north-central waterways, including the tribe's four-stage funeral rites (Metcalf 1993, p. 325). The first stage lasts two to ten days and includes ‘rites performed immediately after death' (Metcalf 1993, p. 325). The second stage, eight months to several years In duration (Metcalf 1993, p. 325), sees the corpse stored on a platform or in the communal residence with the remains contained in a coffin, earthenware Jar or similar vessel (Metcalf 1993, p. 5). During this period the corpse decomposes, allowing the soul's transformation to ‘perfect spirit' (Metcalf 1993, p. 326). However during this period the soul lurks close by, restless and uneasy, spreading the risk of Illness to the living and the possibility of corpse reanimation by an evil spirit (Metcalf 1993, p. 326). During the third stage, which Hertz referred to as the great feast' (Metcalf 1993, p. 326), the remains are brought into the residence and guests celebrate the deceased for six to ten days (Metcalf 1993, p. 325).The bones ay be removed and cleaned in preparation for the fourth stage – the decease's final burial wherein the physical remains are housed in a receptacle of value, such as a glazed Jar or wooden coffin, with that receptacle accommodated in a large mausoleum; safe in the knowledge the soul had transcended (Metcalf 1993, p. 325). American f uneral practices, by contrast, alma to preserve the body appearance (Hertz 1907, p. 201); embalming fluids replace bodily fluids, Injections fatten gaunt corpses, cosmetics enhance skin color, padded coffins give Impressions of a peaceful, endless slumber (Metcalf 1 993, p. 27). The American death,'afterlife transition is perceived as immediate, with little time between death and spiritual judgment (Hertz 1907, p. 197). In contrast, the Brawn's soul must await the body decomposition – and transformation – before beginning its journey to the afterlife (Hertz 1907, p. 202). Only when dry bones remain, is the soul ready (Metcalf 1993, p. 326). American practices offer horrifying outcomes for the Aberrant exemplar.For a body not given appropriate time for full decomposition and a premature final burial, ‘death ill not be fully consummated, the soul will not leave the earth, the mourning of the living will not be ended' (Hertz 1907, p. 204). The American rites suspend the deceased In a limbo between life and death – the period the soul Is most discontent, still with great capacity to affect the living through illness. During this time potential America is a land carpeted with potential zombies', all awaiting reanimation via the evil spirits that exist in Aberrant culture (Metcalf 1993, p. 26). With such a spiritual intent it can be understood why Aberrant are horrified by their belief the American culture traps a soul at the point of greatest unhappiness, dooming them to restlessly wander eternally; the dead never finding peace and the living never progressing past grief and mourning. The Aberrant-American comparison demonstrates that to fully comprehend a culture's significant, spiritual customs one must first seek to understand the social, spiritual and cultural paradigms surrounding those customs.

Edible Oil Market in India Essays

Edible Oil Market in India Essays Edible Oil Market in India Essay Edible Oil Market in India Essay Edible Oil Market in India BACKGROUND Edible oils constitute an important component of food expenditure in Indian households. Historically, India has been a major importer of edible oils with almost 30-40% of its requirements being imported till 1980s. In 1986, the Government of India established the Technology Mission on Oilseeds and Pulses (TMOP) in order to enhance the production of oilseeds in the country. The TMOP launched special initiatives on several critical fronts such as improvement of oilseed production and processing technology; additional support to oilseed farmers and processors besides enhanced customs duty on the import of edible oils. Consequently, there was a significant increase in oilseeds area, production, and yields until the late-1990s. However, in order to fulfill its obligations towards various international trade agreements and also meet the increasing demand-supply deficits, India began to reduce import restrictions on edible oils in the late 1990s; and it was gradually brought under Open General License. This led to a significant slump in the domestic oil seeds market, as edible oil prices fell sharply in line with the low international prices prevailing at that time. Subsequently, the duty structure was modified so as to maintain a duty differential between crude and refined varieties in order to protect the domestic industry. Nevertheless, due to high import dependence, domestic edible oil prices remain highly correlated to international edible oil price movement, and this has resulted in volatility in the key credit metrics of rated edible oil companies. At the same time, edible oil companies with benefits of large-scale integrated operations, multi-product offerings and recognizable branded presence in retail markets have fared better as compared to small/medium-scale domestic oilseed crushers. The demand for edible oils in India has shown a steady growth at a CAGR of 4. 43% over the period from 2001 to 2011. The growth has been driven by improvement in per capita consumption, which in turn is attributable to rising income levels and living standards. However, the current per capita consumption levels of India (at 13. 3 Kg/year for 2009-10) are lower than global averages (24 kg/year). 1 The Indian edible oils market continues to be underpenetrated and given the positive macro and demographic fundamentals it has a favorable demand growth outlook over the medium-to-long term. In terms of volumes, palm oil, soyabean oil and mustard oil are the three largest consumed edible oils in India, with respective shares of 46%, 16% and 14% in total oil consumption in 2010. Given the high price consciousness and varied taste preferences of Indian consumers, ICRA expects these three oils to continue to account for the bulk of edible oil consumption in the country. There has been a significant gap between demand and supply of edible oil because of limited availability of oil seeds and shifting of acreage to other crops in the domestic market. This gap has been met through imports, which account for almost 45-50% of the total oil consumption. In H1OY2010-11,2 edible oil imports were observed to be the lowest in the last three years in view of improvement in domestic oilseed production. Notwithstanding that, ICRA expects the high dependence on imported oils to continue in the foreseeable future due to anticipated domestic supply constraints and the high cost competitiveness of imported oils. Refined and crude palm oil (CPO) have accounted for the major portion of edible oil imports in India (74% in OY2009-10) mainly due to their relatively low prices and ample availability. ICRA expects the dominance of palm oil in imports to continue in the near-to-medium term. The Indian edible oil industry is highly fragmented, with the presence of a large number of participants in the organized and unorganized sectors. This has resulted in severe competition and inherently thin profitability margins. Further, the profitability of market participants has also been vulnerable to risks emanating from weak harvests; commodity price volatility and forex movements. The Government of India has cut down import duties on edible oil since April 2008. The current duty differential between crude and refined oils stands at 7. 5%, which provides protection to domestic refiners against competition from imported refined oils. Going forward, the industry’s profitability is vulnerable to any reduction in this duty differential. In the recent past, the Indian edible oil industry has witnessed organic and inorganic expansion by some of its major participants. Favorable demand outlook for edible oils; underpenetrated market offers significant growth potential: The demand for edible oils in India has shown a compounded growth of 4. 5% over the last 10 years and is estimated at 16. 2 million tonnes for Oil Year (OY) 2010-11. India plays an important role in the global edible oil market, accounting for approx. 10. 2% share of consumption; 7% share of oilseed production; 5% share of edible oil production and 13. % share of world edible oil imports for OY 2009-10. As per USDA estimates, India is the third largest consumer of edible oils (after China and the EU-27 countries); and will account for 11% of global edible oil demand and 16% of global imports in OY 2010/11F. India’s annual per capita consumption has shown a steadily increasing trend from 4 kg in the 1970s to 10. 2 kg in the late 1990s to current le vels of ~13. 5 14 kg. However, it still ranks well below the world average of around 24 kg (per capita figures including consumption of bio-energy), thereby signifying the high growth potential of the industry. Domestic production lags demand growth, thereby leading to heavy reliance on imports As compared to demand growth for edible oils, the domestic oil and oilseed production has remained largely stagnant on account of low productivity in under-irrigated areas and shifting of acreage from oilseeds to other crops. This has resulted in a significant demand-supply gap, which has been met through imports which have been further incentivised by a sharp cut in import duties. In the period from 2001 to 2008, import duties on crude soyabean oil / palm oil were in a prohibitively high range of 40%-90%. In order to curtail inflation, GoI revised these protectionist tariffs downwards to 7. 5% for refined palm / soybean oil and 0% for crude palm / soyabean oil in April 2008, resulting in a surge in volumes of imported oils that currently meet almost 45-50% of domestic consumption requirements. Reduction in import volumes witnessed for the first time in the last three years during H1OY2010-11; nonetheless, high dependence on imported oils is expected to continue Edible oil imports witnessed a sizeable 21% y-o-y reduction in H1 OY2010-11 (November 2010- April 2011), as can be observed in Chart 4. This has largely been on account of relatively higher domestic oilseed availability (~29-30 MT expected for OY2011 as against 24. 9 MT for OY2010) and consequently higher domestic oil production. The high crude palm oil prices (trading almost at par with soya during December 2010- February 2011), following concerns over production estimates in Malaysia, also resulted in lower imports, as edible oil players resorted to running down of inventory levels. The subsequent improvement in estimates of palm oil roduction has led to some correction in prices, which coupled with forthcoming festive demand is likely to revive import volumes in H2OY2011. Considering the current year domestic edible oil supply of 8. 0-8. 5 million tonnes per annum and factoring a normal growth of 2%-3% (through moderate expansion in cultivated area and yield improvements) in supply, ICRA expects the significant gap between domestic demand and supply to persist; and result in continued import dependence for at leas t 45% of consumption requirements, notwithstanding the dip in imports seen in H1OY2011. Apart from price, consumption is also influenced by regional preferences; palm, soyabean and mustard oil are the three major edible oils An important characteristic of the Indian edible oil consumption pattern is the variation in preferences across regions, driven by taste and availability. For instance, soyabean oil is mainly used in northern and central regions of India due to the local availability of soyabeans. Mustard oil is largely consumed in north-eastern, northern and eastern regions of India, as its pungency is a desired and inherent part of the local cuisine. Palm oil has increasingly become the oil of choice in southern India due to the warmer climate (palm oil gets a cloudy appearance in colder climates) and easy availability from South-east Asia. The increased health awareness also determines the consumption pattern with mustard and soya considered healthier than palm oil, which has higher levels of saturated fats. Oils like rice bran and olive are also gaining popularity due to their superior health properties, although their consumption remains fairly low in absolute terms. Further, price economics also have an important role to play in determining consumer choice, given that expenditure on edible oil constitutes a significant portion of the household budget. In terms of volume, palm, soyabean and mustard/rapeseed oil are the three major edible oils consumed in India and together account for 75% of the total edible oil demand, as indicated in Chart 5. While mustard oil is almost entirely produced within the country, soyabean oil is imported in significant quantities (about 45%-50%). Palm oil is entirely imported in crude form for refining in port-based refineries while some quantities are also imported in the refined form. Given the cost economics and taste preferences of consumers, ICRA expects these three varieties of edible oil to dominate the consumption mix. Accordingly, companies with an exposure to these oil varieties stand to benefit. Given the inherent volatility in prices, ICRA believes that participants with a diversified presence across edible oil categories would be better placed than participants focused on a single variety of oil, due to the flexibility to modify product portfolio in line with market parity and maintain optimum capacity utilisation levels High fragmentation and competition put margins of domestic participants under pressure: The edible oil industry in India is characterised by intense competition and fragmentation, with the presence of a large number of units attributable to low entry barriers such as low capital and low technical requirements of the business and a liberal policy regime (SSI reservation for traditional oilseeds and sales tax incentives by various state governments). While a number of inefficient units closed down after reduction of high import tariffs on imported edible oils, the average capacity utilisation rates of Indian oilseed processors remain very low (at ~30%-40%), with many of them operating only for a part of the year, that is, during the local harvest season of raw materials. As a result of this high competition and fragmentation, margins in the edible oil business tend to be thin. Further, they are exposed to risks of commodity price volatility and forex movements. Notwithstanding the above, the market includes some large industry participants like Marico Limited, Cargill India Private Limited, Adani Wilmar Limited, Ruchi Soya Industries Limited and KS Oils Limited, which have a diversified product portfolio; multiple manufacturing units and operate on a pan India basis mainly in the branded segment. ICRA believes that the larger manufacturers by virtue of their scale enjoy certain advantages like access to cheaper working capital credit and savings in cost of production, which make them relatively better positioned to withstand margin pressures and difficult industry conditions. Strong linkage between domestic and international edible oil prices: The domestic edible prices are directly linked to the prices of imported palm and soyabean oil due to heavy reliance on imports and substitutability amongst oil varieties. Given the high volatility in international edible oil prices, domestic participants are exposed to the risk of unexpected squeeze on margins due to pricing mismatches between raw materials (which are linked to domestic factors) and final product prices (affected by global factors). The nternational prices of edible oils increased sharply and reached their peaks around June 2008, driven by high crude oil prices that led to the diversion of edible oilseeds to bio-fuel usages apart from other shortages in supply. In August 2008, edible oil prices in local and international markets fell by more than 50% (month-on-month) because of a drop in crude oil prices; falling demand on account of global recession and healthy production figures. The prices remai ned volatile during FY10 with only a marginal recovery but remained lower than the peak average of FY09 on an overall basis. In recent months, edible oil prices have shown significant recovery, following increasing crude oil prices; anticipated increase in bio-fuel demand; expected production shortages for CPO production in Malaysia/Indonesia and growing demand. There is also a noticeable trend of reduction in differential between palm oil and other edible oils, especially soyabean and rapeseed oils. Given the likelihood of sustained high crude oil prices in the near term, ICRA believes that edible oil prices would continue to remain firm. Industry remains vulnerable to the risk of narrowing import duty differential: Beginning 2007-08, there has been a progressive reduction in import duties on crude and refined edible oils. Most of these policy changes have been made in order to comply with foreign trade agreements entered by India with other countries and associations such as ASEAN apart from meeting shortfalls in domestic supplies and curtailing inflation. In the last round of changes in duty structure (April 2008), the duty on crude palm oil was made ‘nil’ while that on refined palm oil was made 7. % (7. 7% including education cess), with the net duty differential being maintained at 7. 5% to protect the domestic industry3. Going forward, the reduction of import duty differential remains a key regulatory risk for the industry. Branded oil sales, although currently low in India, are expected to grow due to renewed thrust by major players Given the presence of a large number of unorganised participants in the Indian edible oil market, the share of branded product sales has remained low with most low-income consumers opting for cheaper oils sold in loose form. As per industry data, only about 31% of urban households and about 9% of rural households consume branded edible oils, with the national average at 16%. Given the low penetration of branded oils; increasing affluence levels and quality consciousness of the Indian consumers, there is a significant growth potential in the branded segment. Amongst the major edible oils consumed, palm oil is still largely traded as a commodity and sold mostly in loose form, with packaged sales accounting only for 15%-20% of total sales. Sunflower and soya oil, on the other hand, have a high proportion of packaged sales estimated at around 70% and 55% of total sales. The major participants in the organised sector, namely, Ruchi Soya, Adani Wilmar Limited (AWL) Cargill India, have a strong presence in the branded segment, with branded sales accounting for 38%, 58% and 60% of total edible oil sales of these companies respectively. Moreover, a few mid-sized, regional edible oil companies such as Mantora Oil Products Ltd, Modi Naturals and Tara Health Foods Ltd have also been striving to establish their brands. From a credit perspective, ICRA considers high share of branded sales as a strength, given the favourable outlook for growth; relatively high margins; stability of offtake and better pricing power as compared to the bulk market. Nonetheless, since branding activities entail high upfront outlay while sales volumes may take time to scale up, profitability margins of companies undertaking large-scale branding efforts are likely to come under pressure during the interim gestation period. Some trends of consolidation visible in the industry; large-scale integrated players leading the capacity addition process through expansion as well as acquisition/consolidation The edible oil industry in India in the recent past has witnessed both organic as well as inorganic expansion by some of the major players. AWL has added 1090 TPD of installed capacity for refining and 5050 TPD of installed capacity for seed processing during CY 2010-11 by acquiring five operational plants and undertaking expansion at three out of its four existing plants. AWL has also additionally taken over the operations of other Wilmar associates in India (like Acalmar Oils Foods Limited) so as to consolidate its pan-India presence. Sanwaria Agro Oils Limited has added 1000 TPD crushing capacity in 2009 through acquisition of two plants. KS Oils has set up new facilities at Kota, Ratlam and Guna, totaling 3400-3600 tpd, and acquired a refining unit at Haldia. Further, some edible oil manufacturers have also undertaken backward integration to strengthen their overall business model. KS Oils has acquired 1,38,000 acres of palm plantations in Indonesia while Ruchi Soya has access to 1,75,000 hectares of agricultural land with palm plantations across different Indian states. While ICRA considers this consolidation and capacity expansion trend as a favourable development due to the benefits associated with large scale of operations, on the flip side, the adverse impact of such activities on the capital structure; profitability and return metrics of the concerned companies, particularly during the gestation period, presents a downside risk. Financial Profile of Key Edible Oil Companies Operating margins have been at moderate levels; some brand-focused players have managed slightly superior margins: Due to the low value addition in the business, operating margins (EBITDA level) for edible oil manufacturers have inherently been in a thin to moderate range. However, some brand-focused manufacturers such as Marico and KS Oils have achieved higher margins due to high brand penetration and pricing premium. Refer Chart 7 for EBITDA margin trend. High proportion of trading revenues enhances the business risk of participants: ICRA has observed that many domestic edible oil companies have a high exposure to trading activities (in some cases as high as 30-40% of total sales). Given the low value addition and margins in the processing/refining business, promoters of some companies resort to opportunistic price-based trading in crude edible oils/seeds and maintain high levels of inventory in anticipation of price increases. ICRA notes that this aggressive trait of certain companies exposes them to the risk of losses in the event of sharp price fluctuations such as those seen in 2008-09. RoCE of edible oil players witnessed a downward trend due to capacity additions and sub-optimal utilisation levels: Given the low capital intensity of the business, the return on capital employed for edible oil manufacturers has remained in an adequate range despite thin profitability. Over FY 09- FY 10 (Refer Chart 8), however, some pressure on RoCE was sighted due to a spate of capacity additions, wherein optimal capacity utilisation could not be achieved in the year of commissioning. Business continues to be characterised by high working capital intensity: Working capital intensity (as measured by Net Working Capital/Operating Income) in he edible oil industry tends to be high because of high inventory holdings, given the seasonality in raw materials (that is, availability of oil seeds). Higher prices and higher inventory holdings had an upward effect on the working capital intensity of most participants in 2009-10 (Refer Chart 9) and resulted in higher financial costs, thereby st raining their net margins. Moderately high gearing levels: The gearing levels of edible oil companies remain moderately aggressive due to high working capital intensity and debt-funded capex activities (Refer Chart 10).

Description of the American economy of the 1920s

Description of the American economy of the 1920s Darrell WhiteEnglish 101January 26, 2003What Goes Up must come DownWe've all heard the phrase "What goes up must come down". This phrase also described the United States economy of the 1920's. The first World War made the U.S. a world power. While other countries were rebuilding the U.S. has overseas territories, plentiful resources, and began to lend money overseas s the American economy expanded.After the war ended, the economy dipped briefly. This occurred due to high unemployment among soldiers returning home from war. The stagnation didn't last long though soon the economy revived and the roaring twenties were born.United StatesThe auto industry was the engine that ran the American economy. Auto sales tripled in the 1920's, and the moving assembly line made it cheaper than ever to buy a car. The car companies also started the installment plan in the 1920's that made cars affordable for all Americans. An American could buy a Model T in any color as long as it was black.Automobile Production's effect spread far beyond car factories. It spurred the steel, rubber, and petroleum industries. It also began the trend of moving away from the cities and to the suburbs. People could now live farther away from their place of employment and drive on new roads and highways to work. During this time of economic prosperity energy use tripled, home appliances were invented including: the first automatic washing machine, the electric iron, vacuum cleaner, telephone, and radio. The income of the average American worker rose to new heights. With more money to spend you even began to see the invention of the chain store.As I stated earlier What goes up must come down. This was true in the case of the economy in the 1920's. The stock market...

Christmas Tree Worm Facts

Christmas Tree Worm Facts The Christmas Tree Worm is a colorful marine worm with beautiful, spiraling plumes that resemble a fir tree. These animals can be a variety of colors, including  red, orange, yellow, blue and white. The Christmas tree shape shown in the image is the animals radioles, which can be up to about 1 1/2 inches in diameter. Each worm has two of these plumes, which are used for feeding and respiration. The rest of the worms body is in a tube in the coral, which is formed after the larval worm settles on the coral and then the coral grows around the worm.The worms  legs (parapodia) and bristles (chatae) protected within the tube are about twice as large as the portion of the worm visible above the coral.   If it worm feels threatened, it can withdraw into its tube to protect itself. Classification: Kingdom: AnimaliaPhylum: AnnelidaClass: PolychaetaSubclass: CanalipalpataOrder: SabellidaFamily: SerpulidaeGenus: Spirobranchus Habitat of the Christmas Tree Worm The Christmas tree worm lives on tropical coral reefs throughout the world, in relatively shallow waters less than 100 feet deep. They seem to prefer certain coral species.   The tubes that Christmas tree worms live in can be up to about 8 inches long and are constructed of calcium carbonate.The worm produces the tube by excreting calcium carbonate that it obtains from ingesting sand grains and other particles that contain calcium. The tube may be much longer than the  worm, which is thought to be an adaptation that allows the worm to withdraw fully into its tube when it needs protection. When the worm withdraws into the tube, it can seal it tight using a trapdoor-like structure called an operculum. This operculum is equipped with spines to fend off predators. Feeding The Christmas tree worm feeds by trapping plankton and other small particles on their plumes. Cilia then pass the food to the worms mouth. Reproduction There are male and female Christmas tree worms. They reproduce by sending eggs and sperm into the water. These gametes are created within the worms abdominal segments. Fertilized eggs develop into larvae that live as plankton for nine to 12 days and then settle on coral, where they produce a mucus tube that develops into a calcareous tube. These worms are thought to be capable of living over 40 years. Conservation Christmas tree worm populations are thought to be stable. While they arent harvested for food, they are popular with divers and underwater photographers and may be harvested for the aquarium trade. Potential threats to the worms include habitat loss, climate change and ocean acidification, which could affect their ability to build their calcareous tubes. The presence or absence of a healthy Christmas tree worm population can also indicate the health of the coral reef.   Sources De Martini, C. 2011. : Christmas Tree WormSpirobranchus sp.. Great Barrier Reef Invertebrates. University of Queensland. Accessed November 29, 2015Frazer, J. 2012. The Overlooked Joy of the Christmas Tree Worm. Scientific American. Accessed November 28, 2015.Hunte, W., Marsden, J.R. and B.E. Conlin. 1990. Habitat selection in the tropical polychaete Spirobranchus giganteus. Marine Biology 104:101-107.Kurpriyanova, E. 2015. Exploring the Diversity of Christmas Treet Worms in Indo-Pacific Coral Reefs. Australian Museum. Accessed November 28, 2015.Nishi, E. and M. Nishihira. 1996. Age-estimation of the Christmas tree worm Spirobranchus giganteus (Polychaeta, Serpulidae) living buried in the coral skeleton from the coral-growth band of the host coral. Fisheries Science 62(3):400-403.NOAA National Ocean Service. What Are Christmas Tree Worms?NOAA Encyclopedia of the Sanctuaries. Christmas Tree Worm.SeaLifeBase. (Pallas, 1766): Christmas Tree WormSpirobranchus giganteus. Accessed November 29, 2015. University of Queensland.  Great Barrier Reef Invertebrates: Spirobranchus giganteus.

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

Consumer behaviour - Essay Example These products have been grouped together depending on the type of decision rules that consumers would adopt while purchasing them Consumers will exhibit habitual/routine response behaviour while buying these products. In such cases, the consumer recognizes a problem and resorts primarily on internal search only, i.e. relies on his long-term memory. The internal search throws out a single solution, i.e. the most preferred brand which is purchased by the customer. There is thus low level of consumer involvement in such cases. Consumers typically demonstrate routine buying behaviour in case of low priced products that are frequently purchased. Consumers will resort to limited problem solving (LPS) decision rules while purchasing an aftershave lotion or taking carpeting decisions. Under LPS, consumers resort to some amount of external search in addition to internal search. They tend to consider a few alternatives before selecting a particular brand. Products involved in LPS arouse mild interest and curiosity. Consumers also resort to a little post purchase evaluation in such cases. Consumers will resort to extensive problem solving while purchasing luxury cars. They indulge in extensive information search which is followed by a complex evaluation of multiple alternatives. This process entails a thorough post purchase evaluation in such cases. Consumers use the extensive problem solving decision rules in case of infrequently purchased, very highly priced products. Typically such products carry a high symbolic meaning and have high social visibility. There are numerous features like focus, film format, lenses, timers, preview button, viewfinder, light meters, shutter controls etc. that can be considered while purchasing a 35mm camera. I find that the following attributes are relevant and must be kept in mind while making the purchase decision for a 35 mm camera; Shutter Speeds, Flash Sync, Autofocus,

Ethics and Governance Essay Example | Topics and Well Written Essays - 1500 words

Ethics and Governance - Essay Example Rather, the people who control nations today are the big businesses or organisations that have a say over vast economies or industries around the world. If these industries and economies over all the world do not have a single bit of concern for our environment, or that which we call corporate social responsibility, what will happen to our beloved earth which we live in There is already a threat of global warming. Massive hunger due to poverty is all over the third world and many areas of the developed countries. Then there are businesses which do not have concern for mother earth and leave behind CO2 emissions for the rest of the populations of the world to inhale. The workplace, the employees, even the managers and small entrepreneurs need to be looked at by these businesses. Corporate Social Responsibility goes beyond concerns for profit. CSR is looking after the welfare of people inside the business or organisation and all of its stakeholders. Corporate Social Responsibility is not charity. It is a responsibility of one that has taken advantage of nature and the natural resources around us. It is taking care of Mother Earth because she has given us enough - more than enough - for our business to prosper, for our lives to be lived to the fullest. The negative contentions of the presenters are selfish... It is taking care of Mother Earth because she has given us enough - more than enough - for our business to prosper, for our lives to be lived to the fullest. The negative contentions of the presenters are selfish and unfounded. They are allegations of people who are not well versed or experienced in business, because experienced and successful business people know that being too concerned with profits will never do any good to business. One of the most successful, if not the most successful, businessmen in the world is billionaire Bill Gates, the Chief Executive Officer and founder of Microsoft. This man spends millions of dollars for his company's corporate social responsibility. Why Simply because he knows he has to give back what he has taken. And he spends those millions of dollars not for profit but out of conscience. Bill Gates is not only one of those businessmen with conscience. Maybe we remember the Tylenol poisoning where some people in the suburbs of the USA died by taking Tylenol. The company J&J, out of corporate of social responsibility, took pains and spent millions of dollars by withdrawing Tylenol from pharmacies and stores and replacing them with new capsules of different packs or forms which were more secured and free of further imitations. J&J was commended and praised by the public for instituting such reforms. But the company did it out of their responsibility to the public. If they did not do it, or just cared for profits, more lives could have been lost. Is there theft in giving to charity That's a lot of baloney. There is no theft in having those businesses give to charity. First, many businesses evolved out of exploiting the resources of Mother Earth. The people who work for them should be given

Tourism Planning Essay Example | Topics and Well Written Essays - 1500 words

Tourism Planning - Essay Example The role of governments in the planning phase of tourism both regionally and nationally is significant since it fosters growth at all levels and increases the chances of economic prosperity and wellness for the related stakeholders. (Gunn, 2003) I disagree with the premise that tourism planning is just about what will be built and where – rather it is a complete mindset which needs to be understood within the thick of things. The tourism sector must make sure that the role of government is encouraging at consistent levels and there are no hiccups in the wake of the provision of funds for the growth regimes of the tourism industry. Tourism would be conducted best if it is left to the locals as it is a thriving industry. However, the role of government is of the essence as it works as a helping agent in the whole scheme of things. In its own right, tourism planning is an art. This is because it is difficult living up to the expectations of the varied tourists hailing from different regions of the world. The local tourism measures seem more pertinent for the region under consideration since this lays the foundation stone for the upheaval of the tourism industry in a localized zone. These measures boost the economic and societal aspects which are rampant within the region and thus facilitate the common man with the provision of job opportunities, skilled labor and so on and so forth. Nationally, the economy gets a facelift and there are changes in the lines of commerce and industry since the country realizes its true potential elsewhere. (Kirk, 1997) Consequently, people come to terms with the advancements and technological changes that start to happen within such lands and thus hail the efforts undertaken by the related ministries.  Ã‚  

Quantitative Risk Analysis in Investment Essay Example | Topics and Well Written Essays - 2000 words

Quantitative Risk Analysis in Investment - Essay Example Risk analysis is common now-a-days in all types of investment as the modern risk management literature has grown significantly. Many theories and models have been developed in the area of risk management by eminent thinkers. This paper takes a look at the classical risk analysis framework, namely mean-variance framework. The essay takes a descriptive approach wherein the mean variance model is discussed in the context of single as well as portfolio investment. An attempt is also made to incorporate the application of the model in pricing of insurance policies. Risk analysis in the context of investment is the process of quantifying the possibility of incurring loss to the return from the investment. The return from an investment is prone to risk when the actual return varies from expected return. Since risk measures the possibility of incurring an outcome, it can be measured with the help of probability and other statistical measures. As defined by T. V Bedford, risk analysis is the process of identification and quantification of scenarios, probabilities and consequences (Bedford 2001 p. 11). It is notable here that risk analysis cannot be possible without measuring return from the investment as risk and return are correlated and risk measures how actual return varies from expected return. ... Risk analysis of individual security investment is relatively easy as compared to that of portfolio. Risk Analysis in Portfolio Investment Portfolio is the collection of securities selected for investment. The logic behind investors' preference for portfolio rather than individual security is that the risks in portfolio can be reduced more easily than that of individual security. In other words, portfolio facilitates the risk diversification through spreading risks across all securities in the portfolio. The loss in one security can be nullified by the profit from another security/ securities in a portfolio. Calculation of Expected Return The analysis of risk in a portfolio is possible only after measuring return there from. The level of return expected from an investment is calculated by using the expected value of the distribution, and the probability distribution of expected returns for a portfolio. Then, risk is measured by the degree of variability around the expected value of the probability distribution of returns. The most accepted measures of this variability are the variance and standard deviation (Frank 2002 p. 21). The expected return from a portfolio can be estimated with the following model: (Source: Frank 2002 p. 21) Where, = 1.0; n = the number of securities; = the proportion of the funds invested in security i; = the return on i th security and portfolio p; and = The expectation of the variable in the parentheses (Source: Frank 2002 p. 21) Calculation of Portfolio Risk Risk is the chance that actual return will differ from their expected values. The expected value of return can be obtained from probability estimates for expected

Organization of the Future Essay Example | Topics and Well Written Essays - 750 words

Organization of the Future - Essay Example the liberty to do what they want with the business and this means whether the business will make profits or not the owner has full control over all the possible outcomes (Goldsmith, 2009). A sole proprietor cannot be fired by anybody because he owns the business thus he can do his job at his own speed. In this form of business, owner can decide to give any name that he or she wants to and this also means that the owner can call his business by his name or just come up with a fictitious name without being asked for any explanation. This is the most famous legal forms of commerce due to the fact that it has the ease of setup, nominal cost and its wide simplicity (Mole, 2003). When it comes to legalizing a sole proprietorship business, one only needs to register his or her name and get legal licenses of the business and there it is ready to start operating. One of the only disadvantages of the sole proprietorship is that the business owner remains responsible for any losses that the business undertakes and this means that if the business goes through a financial crisis then creditors are allowed to come and bring lawsuits against the business owner. When such suits take place successfully then a sole proprietor is forced to pay the debts with his or her own pocket money and this is where the pain of the money lost is greatly felt (Witte, 2000). Another benefit of a sole proprietorship business is that while business checks are written by creditors, they are printed with the name of the business owner or with the fictitious names that the business bares and this means that a sole owner can bring lawsuits against another company that bears its business name. Many businesses in the modern world begin as a sole proprietorship then along the way depending on its rate of growth it graduates to more complex forms and this also benefits the owner in a huge way (Ostroff, 1999). Competitors of Cosmos Cuisine are big restaurants and hotels in town such as Jazz restaurant

Quantitative Risk Analysis in Investment Essay Example | Topics and Well Written Essays - 2000 words

Quantitative Risk Analysis in Investment - Essay Example Risk analysis is common now-a-days in all types of investment as the modern risk management literature has grown significantly. Many theories and models have been developed in the area of risk management by eminent thinkers. This paper takes a look at the classical risk analysis framework, namely mean-variance framework. The essay takes a descriptive approach wherein the mean variance model is discussed in the context of single as well as portfolio investment. An attempt is also made to incorporate the application of the model in pricing of insurance policies. Risk analysis in the context of investment is the process of quantifying the possibility of incurring loss to the return from the investment. The return from an investment is prone to risk when the actual return varies from expected return. Since risk measures the possibility of incurring an outcome, it can be measured with the help of probability and other statistical measures. As defined by T. V Bedford, risk analysis is the process of identification and quantification of scenarios, probabilities and consequences (Bedford 2001 p. 11). It is notable here that risk analysis cannot be possible without measuring return from the investment as risk and return are correlated and risk measures how actual return varies from expected return. ... Risk analysis of individual security investment is relatively easy as compared to that of portfolio. Risk Analysis in Portfolio Investment Portfolio is the collection of securities selected for investment. The logic behind investors' preference for portfolio rather than individual security is that the risks in portfolio can be reduced more easily than that of individual security. In other words, portfolio facilitates the risk diversification through spreading risks across all securities in the portfolio. The loss in one security can be nullified by the profit from another security/ securities in a portfolio. Calculation of Expected Return The analysis of risk in a portfolio is possible only after measuring return there from. The level of return expected from an investment is calculated by using the expected value of the distribution, and the probability distribution of expected returns for a portfolio. Then, risk is measured by the degree of variability around the expected value of the probability distribution of returns. The most accepted measures of this variability are the variance and standard deviation (Frank 2002 p. 21). The expected return from a portfolio can be estimated with the following model: (Source: Frank 2002 p. 21) Where, = 1.0; n = the number of securities; = the proportion of the funds invested in security i; = the return on i th security and portfolio p; and = The expectation of the variable in the parentheses (Source: Frank 2002 p. 21) Calculation of Portfolio Risk Risk is the chance that actual return will differ from their expected values. The expected value of return can be obtained from probability estimates for expected

Finance Essay Example | Topics and Well Written Essays - 1250 words - 9

Finance - Essay Example Unlike security bonds that have fixed flow of cash, stock is an equity security that guarantees individual shareholders a proportionate ownership in a business. Some of the corporate values that shareholder gets including right to vote and periodic payments from the investment returns called dividends (Ferraro 2009, pg. 10). Like financial assets, the value of the invested stock will be the discounted value of prospective cash flow in the future. Stock fundamental value is reflective of any dividends and the sale price of the stock in the future (Arnold 2007 p.225). One of the cornerstone elements of stock valuation is the Price-to-Earn-Ratio (P/E) it links stock prices changes to the valuation of stock. In the financial market, P/E dictates the prices of stock and the subsequent effect on overall organization stock value. Besides, this ratio shows how long wills a particular stock take to pay back the investor capital if there is stagnation of the business. For instance, a stock trading at $20 with a return of $2 per individual share has a P/E of 10. Essentially, this means that an investor will get the capital invested back (Arnold 2007, p.225). Arnold (2007 p.225) notes that the stock pricing is a cornerstone in valuation of stock. Entrepreneurs values the stock in terms of their ability to return the money invested. Besides, an important financial ratio is Dividend Yield (DY), this identifies return from the investment. The higher the DY, the higher the value of the stock in the market. The critical determinants of DY are purchasing prices and selling prices of a particular stock. Inconsistent and lower dividends reflect low valued stock and thus, poor stock prices in the stock markets. Valuing a stock uses numerous market indexes such as Nasdaq and OTC methods. In each of them, the fundamental value of stock rests on the existing market prices and future prospects.

Stages In The Decision Process Buyer Essay Example for Free

Stages In The Decision Process Buyer Essay There are two stimuli that can trigger needs, namely: a. Internal stimuli, when one persons normal needs-hunger, thirst, sex-occur at high enough levels. b. External Rangasangan. For example, an advertisement or a discussion with a friend can make you think of buying a new car. At this stage, marketers should research consumers to find what kind of needs or problems that arise, what causes it, and how the problem could steer consumers in this particular product. Look more:  the consumer buying process begins when essay 2 Sources of information Where consumers want to find more information, consumers may simply enlarge or actively searching information. As more and more information is acquired, consumer awareness and knowledge of the brand and the features available to increase. A company must design its marketing mix to make consumers aware of and know the brand. Companies must identify the source of consumer information and importance of each source carefully. 3. Evaluation of alternatives How consumers process information to arrive at brand choices. How do consumers evaluate alternatives depend on the personal consumer and situation specific purchase. In some cases, consumers use careful kalkusai adn logical thinking. At other times, the same consumers do evalusai Ganya little or even not evacuate; instead they buy on impulse and rely on intuition. Kadan-sometimes komsumen make their own purchasing decisions; sometimes they ask for advice from friends purchase, consumers guides, or salespeople. Marketers should study buyers to menmukan in how they actually  evaluate brand choice. If they know what is going evaluasia process, marketers can take steps to influence the buyers decision. 4. purchase decision Consumer purchase decisions is to buy the most preferred brand, but two factors could be between the purchase intention and the purchase decision. The first factor is the attitudes of others. If someone has significance for you to think that you should buy the cheapest car, then the chances of you to buy the most expensive car is reduced. The second factor is unexpected situational factors. Consumers may form a purchase intention based on factors such as income, prices, and the expected benefits of the product. However, unexpected events can change the purchase intention. 5. post-purchase Behavior After purchasing the product, the consumer will be satisfied not satisfied and look in the post-purchase behavior that must be considered by marketers. Which determine the satisfaction or dissatisfaction of the buyer to a purchase lies in the relationship between consumer expectations and product performance assumptions. Why is customer satisfaction so important? customer satisfaction is the key to building a profitable relationship with the consumer-to maintain and grow the customer and collect customer lifetime value.

Are Wars Good for the Economy?

Are Wars Good for the Economy? Mr. PRAKHAR MAHESHWARI Are Wars Good For Economy? INTRODUCTION â€Å"War, n: A time-tested political tactic guaranteed to raise a president’s popularity rating by at least 30 points. It is especially useful during election years and economic downturns.† Chaz Bufe, American Anarchist Author Wars. Invasions. Fights. The reason for these and the final consequence of these is economy. Communities, kingdoms and countries have been fighting countless wars and invading other countries and kingdoms in search for wealth and money. The Mughals and the English came to India having knowledge that the country was full of gold and had massive wealth. Americans declared war on Iraq in search of the precious oil. Even particular individuals fight with their own kin and family for property, wealth and money. But is destruction of life and property the only thing which happens before, after even during a war? This project deals with precisely that. The project focuses on the economic development and/or economic destruction of USA during world wars. However, the project isn’t strictly focused on only US. Countries like Britain, France and Germany needed to be given a special mention in such kind of a topic. Wars make or break a country. And it is an integral question that we must ask ourselves: Are wars really good for economy? ECONOMY AND WORLD WARS There are several reasons to enter a war. Although economic reasons are the most important, patriotism, loyalty and friendship towards a nation and the belief of â€Å"helping the needy and the right out† not only decides if a nation should enter a war but also decides which side that country would join. World War 1 The United States entered the war very late. They were participants for approximately an year and a half – from April 1917 to November 1918.[1] This little participation in terms of days was very different from the point of view of contribution. The number of Americans serving the Army was more than a staggering four million. Not only did they provide men to the fighting nations, they also equipped them with great supply of raw materials and weapons and ammunition.[2] Before the war, the American economy was in a bad shape. However, the buying of U.S. weaponry and goods for war by the fighting Europeans and when the U.S. itself joined the conflict, the economy boomed.[3] Hugh Rockoff writes that if the United States had not converted the opportunity of making and delivering goods and weapons to the European Allies, it would have been next to impossible for the country to enter and win the war.[4] The massive production of such goods, which were added only after looking at the demands made by the European countries, ensured easy entrance of the United States.[5] Also, the goods were made in such a way that the country itself would need it if it enters the war.[6] The Americans had actually realized that the spoils of the war, if they won, would be huge and the profits were not ignorable. Hugh Rockoff also observes that â€Å"Entry into the war in 1917 unleashed massive U.S. federal spending which shifted national production from civilian to war goods. Between 1914 and 1918, some 3 million people were added to the military and half a million to the government.†[7] Infact, the impact of such employment was that the rate of unemployment came down from 7.9 percent to 1.4 percent.[8] This was not only due to the addition of men in the armies but also because labours and workers were required in large numbers to new manufacturing jobs like manufacturing guns, war infrastructure and developing technology.[9] U.S. exports to the European countries, due to this war in 1917, shot up to almost three times the year 1913’s exports. While U.S. exported goods worth $1.5 billion dollars in 1913, the sales were in excess of $4 billion dollars in 1917.[10] Now let us assume that the United States had got nothing to do with the war. It was a neutral country and was not supplying any goods to any European country. Also, let us assume that the raw material used to produce these exports for the European countries were only able to manufacture about half as much value when such goods were transported to other countries which were not at war.[11] Based on these assumptions, if we calculate the value in output in the year 1917, the loss would come out to be a bit more than $2 billion dollars per year.[12] In 1917, this was worth 3.7 percent the U.S GNP and about 6.3 percent of the total U.S. cost of war.[13] Rockoff estimates â€Å"the total cost of World War I to the United States at approximately $32 billion, or 52 percent of gross national product at the time. He breaks down the financing of the U.S. war effort as follows: 22 percent in taxes, 58 percent through borrowings from the public, and 20 percent in money creation. The War Revenue Act of 1917 taxed excess profits profits exceeding an amount determined by the rate of return on capital in a base period by some 20 to 60 percent, and the tax rate on income starting at $50,000 rose from 1.5 percent in 1913-15 to more than 18 percent in 1918. Meanwhile, Treasury Secretary William Gibbs McAdoo crisscrossed the country peddling war bonds, even enlisting the help of Hollywood stars and Boy Scouts. The prevalence of patriotic themes created social pressure to purchase the Liberty bonds (and, after the armistice, the Victory bonds), but in practice the new bondholders did not make a tangible personal sacrifice in buying war bonds, sin ce the yields on these debt instruments were comparable to those on standard municipal bonds at the time. As can be seen, patriotic motives were not sufficient to alter market prices of assets during the war.†[14] Due to this war, various infrastructural projects were taken up and developed like Railroad, fuel and granaries. Since men had to go to war, the women took up the initiative of working in companies, etc. This ensured the economic freedom of women and more and more women started working. It is often said that the one’s gain is another’s loss. Wars are no different. Where one country’s, the United States’, economy was going through a positive transformation, the economies of the European powers were humbled. Even though the Allies won the war, the major participants, the British and the French, suffered massive losses. Saints have said that â€Å"Everything that shines is not gold.† They may have â€Å"won† the war, but economically, they had been fooled by this shine. However, the losses were restricted mainly to the battle fields. Overall, even the British economy (in terms of GDP) grew by around 14-15% during the four to five years of the world war. However, the country lost its men fighting for the country.[15] As discussed earlier, war also involves patriotism and many civilians hence started saving and investing in wars rather than the normal consumption. These investments were used majorly for ammunitions. The Government’s share of Gross Domestic Product (GDP) rose from 8% to 38% in these five years.[16] The story of the Germans, the losers of the war, was however very different. Not only they had to give huge taxes and compensation, there economy was brought to the knees. Germany, just like any other country, had to borrow money from various banks, the axis powers and even its citizens. When the Germans lost, they had to pay back even these creditors. The Germans were left in huge debts and their economy was destroyed. And the main cause of their destruction was the Treaty of Versailles. Supposed to be a peace treaty, many people claim it to be an important reason of the Second World War. This treaty literally forced the Germans to pay huge compensations – a total sum of  £6.6 billion.[17] This amount was way beyond the financial capacities of the Germans. Economy doesn’t only mean the money or financial capacity. It also means the territorial extend of the country. After all, even territories are the properties of a country. After the First World War, Germany had to give up large chunks of its territories to the Allied Forces. â€Å"The Versailles treaty deprived Germany of around 13.5% of its 1914 territory (some seven million people) and all of its overseas possessions. Alsace-Lorraine was returned to France, and Belgium was enlarged in the east with the addition of the formerly German border areas of Eupen and Malmedy. Among other territorial re-arrangements, an area of East Prussia was handed over to Lithuania, and the Sudetenland to Czechoslovakia. The German army was limited to a maximum of 100,000 men, and a ban placed upon the use of heavy artillery, gas, tanks and aircraft. The German navy was similarly restricted to shipping under 10,000 tons, with a ban on submarines.†[18] The other financial and economical clauses of the treaty are dealt with in Article 248 to 312 with certain Annexes. Hence where some countries were enjoying the spoils of war, the other countries had to pay heavy compensations and reparations. World War 2 World War 2 was no different when the reasons for the war are given a thought. The world had seen one of the greatest economic tragedies ever in the form of the Great Depression of 1929, just 6 years before the start of the Second World War. There was chaos on the streets as people lost on jobs and the unemployment rate was on an all time high, crossing the 25% mark. The companies were going bankrupt, economy was in a disaster and depression, as the name phenomenon suggests, was spread across the world. It was evident that another war was on its way. With the rise of Adolf Hitler and economic woes of Germany after accepting the Treaty of Versailles, Germans had to wage wars, once again with the Allied Powers. The U.S., like the previous war, joined this one later, approximately by 2 years. The country, however, like before, started producing and manufacturing wartime goods for the â€Å"worst case scenario†. When the United States got involved in the Second World War, the demand for labor shot up. To fight a war, country needs weapons and for that the country needs manufacturing facilities and labor in huge numbers. The national employment suddenly fell to a minimal 10% in just a few months of the declaration of war by the country from its 1940 level.[19] The country was at war and weapons and infrastructure need to be built up with a rapid speed. Even fortification of borders and military bases abroad was equally important.[20] All these factors coupled with the fact that weapons and military equipments, vehicles and other wartime instruments needed to be transported and mobilized ensured vast labor requirement.[21] The Employers wanted to fill the vacancies as fast as possible so as to meet the production demand. This however, brought in vacancies in other non-war areas. These positions were then filled by women and non white people. They had been excluded from a long time from such industries which payed highly and involved high skills. Hence war meant employment for the whole country.[22] War doesn’t only bring profits. It brings massive destruction to life and property. Britain gave us the Industrial Revolution, and the very same industries, which were the pride of the Great Britain, were left nothing more to rumble. The damage that these facilities incurred, not only in Britain but also in other European countries, was much more than what they had incurred in the previous wars.[23] Where the damages incurred by France were approximately thrice of their total annual income, Britain suffered heavy losses in the form of damages to residential houses.[24] About 30% of the homes in Britain were destroyed by Germans in the Second World War, first by the aerial blitz and then by bombs and rockets.[25] The Germans, losing the war again, had their country divided into West and East Germany. While West was influenced by the capitalist USA, the East was the communist USSR. The economic woes for Britain and France were not limited to their own countries. They had to let go many important colonies as they had exhausted their money and resources and had none left for their militaries in these areas. India gained its independence as the growing revolts and violence in the country left Britain shocked. Britain had no more resources to deal with these violent outbursts and had to leave the country, just like they had to leave many other territories. USSR and US strengthened their economies during cold war, but USSR, after the recession of 1970, could not recover like the US and had to surrender in the cold war. It has been seen by historians that whenever countries have not gone to war or had no threat of being attacked, their economy have not grown or grown but with a very low percentage. But the wars, apart from developing or destroying economies, affect common man too. Inflation and rise in taxes are the two main effects. These are however short term. â€Å"Increasing taxes reduces consumer spending, which does not help the economy improve at all. Suppose we decrease government spending on social programs. Firstly weve lost the benefits those social programs provide. The recipients of those programs will now have less money to spend on other items, so the economy will decline as a whole. Increasing the debt means that well either have to decrease spending or increase taxes in the future; its a way to delay the inevitable. Plus theres all those interest payments in the meantime.†[26] Lack of wars The European countries in the western side of the continent have very little or no threat of being overtaken by another country in the present times. The politicians and ministers are therefore not criticized for not developing the economy faster. Infact, when these ministers lose their office, they are â€Å"garlanded† with income boosts from counseling and consultation as well as speaking fees. If not these, then they retire to an amazing and dreamy holiday spot.[27] This however is not true for the countries that face constant danger from their neighbors or other countries. An example would be that of China and Japan. The Japanese face great pressure, both territorial and geographical from the Chinese.[28] This is true for India and Pakistan. India today is the largest importer of ammunitions as she faces constant and grave danger from its parted neighbors, Pakistan. Hence where countries like India face constant danger from almost all its neighboring countries, they are the highest importers of ammunitions and weapons and countries like Switzerland, which are considered to be one of the most peaceful countries, hardly import any weapons.[29] US spend approximately $650 billion dollars in ammunitions.[30] This is what wars can do. They can make a country develop its resources and infrastructure. CONCLUSION As we can see, wars have the ability to develop an economy. In this project we dealt with three types of outcomes of a war. And each type had its representative. In the first type of outcome, the country wins. They win and enjoy a good deal of compensation. There economy grows by leaps and bounds, the rate of unemployment declines, infrastructure develops and the spoils of war compensate the losses they suffer. An example of this is the United States. While they joined late in the world wars, they had a great say and impact on the war. They had already developed their weapons and ammunitions and had gone to war with preparation. The second type of outcome is one in which although the country wins the war, they are badly hurt as far as economy is concerned. Their industries are destroyed, territories left damaged and even the spoils of war are not enough for their recovery. Britain and France are good examples of these. They â€Å"won† the Second World War but ended up losing m ore than what they won. They exhausted all their resources and their colonies gained independence. The third type of outcome is one in which the country loses; Germany being the example. Germany lost both its wars and had to pay damages which the obviously couldn’t. Infact, they had to ask for loans from the same countries they had to pay the damages. But leaving aside these so called boosters of economy, can any war, battle or fight justify the loss of human life? How can we as humans put a value to a person’s life? Economy may get boosted but for a short while. The damage to life, however, is a very very long one. In conclusion, I would like to say that war, like alcohol, is an addiction. Initially it tastes good, you think that all the worries are now away. But it’s not long before the person indulging himself in such addiction realizes that the pleasure was momentary, what he faces now is scars for life, which no money or economy can remove. [1] Price Fishback, U.S. Economy in World War I (eh.net 2010) http://eh.net/encyclopedia/u-s-economy-in-world-war-i/> accessed 28 June 2014. [2] Price Fishback, U.S. Economy in World War I (eh.net 2010) http://eh.net/encyclopedia/u-s-economy-in-world-war-i/> accessed 28 June 2014. [3] Carlos Lozada, The Economics of World War I (nber.org 2014) http://www.nber.org/digest/jan05/w10580.html> accessed 29 June 2014. [4] Ibid. [5] Ibid. [6] Ibid. [7] Ibid. [8] Ibid. [9] Carlos Lozada, The Economics of World War I (nber.org 2014) http://www.nber.org/digest/jan05/w10580.html> accessed 29 June 2014. [10] Price Fishback, U.S. Economy in World War I (eh.net 2010) http://eh.net/encyclopedia/u-s-economy-in-world-war-i/> accessed 28 June 2014. [11] Ibid. [12] Price Fishback, U.S. Economy in World War I (eh.net 2010) http://eh.net/encyclopedia/u-s-economy-in-world-war-i/> accessed 28 June 2014. [13] Ibid. [14] Carlos Lozada, The Economics of World War I (nber.org 2014) http://www.nber.org/digest/jan05/w10580.html> accessed 29 June 2014. [15] Niall Ferguson, The Pity of War: Explaining World War I (1st, Basic Books, 1988) 249. [16] Ibid. [17] London Jewish Cultural Centre, Economic effects of the Treaty of Versailles (theholocaustexplained.org 2009) http://www.theholocaustexplained.org/ks4/the-nazi-rise-to-power/the-german-economy-c-1919-29/economic-effects-of-the-treaty-of-versailles/> accessed 29 June 2014. [18] Michael Duffy, Treaty of Versailles, 28 June 1919 (firstworldwar.com 2009) http://www.firstworldwar.com/source/versailles.htm> accessed 29 June 2014. [19] David Siminoff and Deb Tennen, World War II: Home Front (shmoop.com 2009) http://www.shmoop.com/wwii-home-front/economy.html> accessed 29 June 2014 [20] Ibid. [21] Ibid. [22] Ibid. [23] Dr. Susmit Kumar, Consequences of World Wars I and II (susmitkumar.net 2010) http://www.susmitkumar.net/index.php?option=com_contentview=articleid=66:consequenses-of-world-wars-i-and-iiItemid=38> accessed 29 June 2014. [24] Ibid. [25] Dr. Susmit Kumar, Consequences of World Wars I and II (susmitkumar.net 2010) http://www.susmitkumar.net/index.php?option=com_contentview=articleid=66:consequenses-of-world-wars-i-and-iiItemid=38> accessed 29 June 2014. [26] Jodi Beggs, Are Wars Good for the Economy? (about.com 2014) http://economics.about.com/cs/issues/l/aa032003c.htm> accessed 29 June 2014. [27] Tyler Cowen, The Lack of Major Wars May Be Hurting Economic Growth (nytimes.com 2014) http://www.nytimes.com/2014/06/14/upshot/the-lack-of-major-wars-may-be-hurting-economic-growth.html?_r=0> accessed 29 June 2014. [28] Ibid. [29] The 15 countries with the highest military expenditure in 2013 (table). Stockholm International Peace Research Institute (2011). [30] Ibid. Georgia OKeeffe | Artist Biography Georgia OKeeffe | Artist Biography Georgia OKeeffe Georgia O’Keeffe is one of many famous American painters. Her paintings of flowers, skulls, horns, and pelvises against a colorful New Mexico background are what made her known to the art world (Zophy 448). There are so many interesting facts about Georgia O’Keeffe, which include her education and teaching, her major works and where they are, the honors she has received, and her charcoal drawings. Georgia and her siblings attended the Number Five District school house. This school was called the Town Hall School. Georgia once stated, â€Å"My memories of childhood are quite pleasant, although I hated school. I left the local school when I was twelve, and was sent to a convent school in Madison, Wisconsin. It was the one year I ever really learned anything,† (Robinson 24). While Georgia attended the Sacred Heart School, she was in the advanced section of her class. â€Å"At the convent in Madison, I don’t even remember wanting to do anything I shouldn’t,† she said (31). In 1902, she was sent to the big public high school in Milwaukee. She didn’t pay much attention to the academics and did not like the art teacher either. In the art room of the high school, she realized that the world through which she walked was a never ending source for her work. Since the age of ten, she knew that painting would be her life long profession (Zophy 448). Georgia first taught at the Chatham Episcopal Institute in Williamsburg, Virginia. The six weeks at Chatham showed Georgia how to continue her art, live in the country and be able to live off her artworks. It showed her a life she might make for herself after all (Robinson, 79). Georgia was offered a teaching position at the University of Virginia. When she wrote to a friend in Texas to get a reference, her friend told her about an opening in Amarillo. She immediately took the position in Amarillo. â€Å"I was very excited about going to Texas, where Billy the Kid had been,† (Robinson, 86). â€Å"Later she went to West Texas State Normal College in the Texas panhandle. Her teaching methods were unofficial. Georgia was head of her own department. She taught the students the methods of design, drawing, costume design, interior decoration, and the teaching of drawing† (Robinson, 159). â€Å"One of Georgia’s many famous paintings is the Jack-In-The-Pulpit series. This series is a powerful celebration of the strong thrust of spring and of the dark secret tower enfolded in green. Due to the natural design of the Jack, the paintings have been viewed as sexual. Georgia did not like her paintings to be put into that category† (Robinson, 354). Another series of Georgia’s paintings is the â€Å"Corn† series. â€Å"She got the inspiration to paint this series while living with Albert, her husband, in the country. She loved working in her garden which is where the vision came to her. The design of the young plants while she was looking down onto them made an exciting and stirring statement to her† (Robinson, 269). The Georgia O’Keeffe Museum opened on July 17, 1997 in Santa Fe, New Mexico and was built for the purpose of preserving and presenting the life work of one of America’s famous artists, this museum now houses a permanent collecton of O’Keeffe’s art (â€Å"Georgia†). O’Keeffe Museum’s Director, Peter H. Hassrick, added, â€Å"O’Keeffe’s life and work are central to the Santa Fe mix. When people visit Santa Fe, they think of Georgia O’Keeffe, and an institution devoted to her artistic accomplishments, located in the region that inspired much of her work, is long overdue.† (â€Å"Georgia†). â€Å"There are more than eighty paintings, watercolors, drawings, pastels, and sculptures in the collection. One of the centerpieces of the collection is â€Å"Jimson Weed†, a large-scale flower painting, one of her favorite flowers, created in 1982. She liked to make more than one version of her paintings† (â€Å"Georgia†). â€Å" The museum’s long-range plans include the building of a study center on the museum grounds providing scholars, students, and the general public with reference materials on the life and art of Georgia O’Keeffe and her fellow artists† (Robinson, 423) â€Å"Another place that Georgia’s paintings can be seen is at the National Gallery of Art. â€Å"Secretary of Treasury, Andrew W. Mellon, first wrote of his interest in creating a national art museum in Washington, D.C. in the year of 1928. Later in 1937, Congress passed legislation to build the National Gallery of Art as an independent agency within the Smithsonian Institution. Four years later, the National Gallery of Art was dedicated by President Roosevelt in the evening of the seventeenth of March which was attended by over 8,000 guests† (â€Å"National†). â€Å"The mission of the National Gallery of Art is to serve the United States of America in a national role by preserving, collecting, exhibiting, and fostering the understanding of works of art, at the highest possible museum and scholarly standard,† (â€Å"Mission†). â€Å"The 291st Gallery in New York was the first gallery to recognize her talent. There were few galleries in New York that showed American art because each artist had their own special style† (â€Å"Younger†). It soon closed shortly after its opening in 1917 (â€Å"Younger†). Georgia had received many great honors throughout her life. Here are some of them: in 1935 she was recognized for excellence in her field by the New York League of Business and Professional Women. â€Å"Later, in May of 1938, she received her first honorary degree, a doctorate of fine arts, from the college of William and Mary, in Williamsburg† (Robinson 423). In 1939, she was chosen as one of the twelve most outstanding women of the past fifty years. â€Å"Her painting, Sunset-Long Island, was picked to represent New York at the World’s Fair† (Ahsby, 432). â€Å"In 1942, she was given a second honorary degree, this one from the University of Wisconsin. In 1946, Georgia received an honor from the Women’s National Press Club, as one of ten women who had reached distinction in their fields† (Ashby, 451). Thirty-one years later, on January 10, 1977, Georgia was given the Medal of Freedom, which is America’s highest civilian award and was awarded to her by president Gerald Ford (â€Å"The Award†). Georgia recieved another award from a President in April of 1985. This one was the National Medal of Arts, given to her by President Ronald Reagan. This is the highest award given to artists and art supporters by the United States Government. â€Å"With this medal, the President recognizes the extent of creative expression of America’s artists. This is a lifetime achievement award.† (â€Å"The Award†) Georgia was given this medal one year before her death (â€Å"National†). â€Å"In 1962, the American Academy of Arts and Letters elected her into membership. That same year she was honored with the Bandeis University Creative Arts Award. In 1966, she became a member of the American Academy of Arts and Sciences† (Robinson 507). â€Å"Georgia O’Keeffe also did many charcoal drawings. Her very first charcoal drawing was titled the â€Å"Special No. 15,† a very early drawing of the Palo Duro Canyon in Texas. It sends a remarkable and significant sense of place. Then eighteen years later in 1934, she drew â€Å"Special No. 40.† She wrote, â€Å"This is from the sea – a shell – and paintings followed. Maybe not as good as this drawing.† Also in this group of Georgia’s drawings is a rare charcoal drawing of her friend, the African American painter Beauford Delaney from the 1940’s. In 1959, she made a charcoal drawing of a riverbed in a desert, which was inspired by sketches she made during one of her first airplane rides† (â€Å"Philidelphia†). â€Å"Another one, â€Å"Banana Flower No. 1,† was chosen by Albert to be shown in his gallery. Because of her high standards when drawing flowers, some people thought there was some hidden meaning in them† (â€Å"American†). â€Å"She also drew â€Å"Maybe a Kiss† in 1916, another of a series, because of a boyfriend who left â€Å"(Robinson 133). In 1934, she drew the â€Å"Eagle Claw and Bean Necklace (Robinson, 406). â€Å"All of Georgia O’Keeffe’s paintings and drawings had a reason to be drawn. The first reason is because she loved nature.† Many times, she said, â€Å"You know how you walk along a country road and notice a little tuft of grass, and the next time you pass that way you stop to see how it is getting along and how much it has grown?† (Robinson 233). Many of Georgia’s visions came from nature, she would tell people this by saying, â€Å"When you take a flower in your hand and really look at it, it’s your world for a moment,† (Robinson, 33). She would walk through the pines and hear â€Å"singing woods,† (Robinson, 118). â€Å"On the prairie she noticed how dried bones and skulls had a beauty of their own. She liked the color, strength, and shapes of these.† (Robinson, 119) â€Å"Another reason for her charcoal drawings is because of her emotions. In the nineteenth century, and in earlier decades of the twentieth century, art critics enjoyed the sentimental and long discussions of the emotional qualities in the paintings they saw: sadness, tenderness, passion, rage – all four were great feelings to be kept in print† (Robinson, 178). â€Å"It seemed she did most of her charcoal drawings when she was sad or lonely† (Ashby, 133). She once told a friend that art was a force that passed through the soul (Robinson, 28). Summing up her life, Georgia moved to Abiquiu, New Mexico permanently after her husband died in 1946. She had visited there many times before and fell in love with the place. She rented a ranch and stayed there six months out of the year (Ashby 204). â€Å"Her style was known as modernism. Some of her most innovative works were in watercolors, pastel, and charcoal† (â€Å"O’Keeffe†). By the year of 1984, she was blind (Robinson 249). â€Å"She spent the rest of her life with a nurse. She died on March 6, 1986 at a hospital in Santa Fe, New Mexico. She was ninety-nine years old. She was cremated and her ashes were scattered into the â€Å"windy landscape† near her house at Ghost Ranch† ( Robinson, 550). This paper has some of the many interesting facts about Georgia O’Keeffe, including: her education and teaching, her major works and where they are, all of the honors she has received, and her charcoal drawings. Georgia O’Keeffe had a ve ry interesting life, this term paper only touched on part of it. Works Cited â€Å"American.† Arkansas Art Center. 2000. 20 Feb 2008. . Ashby, Ruth, and Deborah Gore Ohrn. â€Å"Georgia O’Keeffe.† Herstory: Women Who Changed the World. New York: Penguin Books, 1995: 202-204. â€Å"The Award.† Presidential Medal of Freedom. 2007. 20 Feb 2008. . â€Å"Georgia O’Keeffe Museum.† Traditional Fine Arts Online, Inc. 1997. 22 Feb 2008. . â€Å"Mission Statement.† National Gallery of Art. 2008. 21 Feb 2008. . â€Å"National Gallery of Art.† National Gallery of Art. 2008. 19 Feb 2008. . â€Å"The National Medal of Arts.† National Endowment for the Arts. 22 Feb 2008. . â€Å"O’Keeffe on Paper.† Traditional Fine Arts Online, Inc. 1996-2001. 22 Feb 2008. . Robinson, Roxana. Georgia O’Keeffe: A Life. New York: Harper Row, 1989: 24-550. â€Å"Special.† Philadelphia Museum of Art. 1996-1999. 20 Feb 2008. . â€Å"Younger American Artists.† National Gallery of Art. 2008. 21 Feb 2008. . Zophy, Angela Howard, and Frances M. Kavenik. â€Å"Georgia O’Keeffe.† Handbook of American Women’s History. Library of Congress Cataloging-in-Publication Data, 1990: 448. Bradford Assay: Standard Quantitative Method Determination Bradford Assay: Standard Quantitative Method Determination The Bradford assay is a standard quantitative method for the determination of protein concentrations. Bradford reagent used in the assay contains Coomassie Blue which produces a characteristic blue colour upon binding to proteins in solution (Bradford, Anal. Biochem. 72: 248, 1976).. Using a spectrophotometer the absorbance of the coloured product can be determined. Analysis of multiple samples may involve the use of a microtitre plate so that samples can be replicated and more reliable results obtained. The use of microtitre plates also automates the process so results are produced very quickly. Samples are pipetted into multi-well plates and the absorbance values measured using a multi-well microtitre plate reader equipped with a 595 nm filter. Part 1 Calibration Data for the Bradford Assay A calibration curve for the Bradford assay in the range 0.2- 1.0 mg/ml was obtained using three replicates for each concentration, using a microtitre plate. These data are shown in Figure 1 below. Linear Regression Analysis was performed and the equation of the line of best fit, y=mx +c, was produced (where y represents absorbance, x is the concentration of protein, m is the slope of the line of best fit and c is the intercept of the line on the y-axis). Q1. Describe the relationship between protein concentration and absorbance for the Bradford assay calibration curve. Q2. What is meant by a line of best fit? Q3. Comment on the value of R2 Using the values of the equation of the line of best fit, the absorbance value for each standard was used to calculate the actual concentration of protein in each replicate. The mean, standard deviation and coefficient of variation ((mean/SD)x100%) were calculated and are presented in Table 1 below: Comment on the reproducibility of the assay in the range 0.2 to 1.0mg/ml of protein. Part 2 Investigation of the effects of detergents on the absorbance of a set concentration of protein, using the Bradford Assay. Background You are part of a research team that is looking at the different proteins involved in a cell signalling pathway which leads to the increased synthesis of a specific protein, P. One technique used in this work involves the use of cells kept under tissue culture conditions. These cells are treated with inhibitors, after which they are broken open by solubilisation of their membranes (cell lysis) and the soluble cell contents taken up into solution. Before analysis of the solution for levels of P, the total protein content of each lysate has to be determined. One of the reagents in the buffer solution that can be used to solubilise the cell membranes is a detergent. Detergents can cause interference in a protein assay. In an investigation using the Bradford assay, two detergents at different concentrations were exposed to a set concentration of protein (0.5mg/ml). These are sodium dodecyl sulphate (SDS) and Triton X. The absorbance values were converted into protein concentrations using the equation of the line of best fit from the calibration curve and the data subjected to statistical analysis (One Way ANOVA). Mean data are compared in Tables 2 and 3, and Figures 2 and 3.