The impact of the recession on the value of oil and gas companies in the UK The WritePass Journal

The impact of the recession on the value of oil and gas companies in the UK Introduction The impact of the recession on the value of oil and gas companies in the UK IntroductionStatement of ProblemResearch QuestionsResearch ObjectivesContribution – Significance of the Objectives and the Expected OutcomeBrief Literature ReviewThe Efficient Market HypothesisCapital Asset Pricing Model and share betas  The Dividend Valuation ModelRecession and its effect on the UK Oil and Gas IndustryResearch MethodologyResearch MethodMethod of Analysis and FindingsForm of presentationTimetable of Activities (Gantt chart).ReferencesBooksInternetRelated Introduction Recession has existed as long as man and in the past it could be consolidated to one region. Nowadays, recession has become a global concern because once a region is affected; it can easily spread across the global economy. The world has faced some serious economic break downs over the past centuries some of which include; the stock market bubble in 1850, the 1929 Wall Street crash, the 1974 crash, the 1987 crash; called black Monday, the dotcom bubble of March 2000, the 9/11 attack in America and the most recent financial crisis caused by the subprime mortgages in the US. Recession has a lot of effects on an economy as well as the industries engaged in trade in the economy. During a recession most companies lose value and this has a lot of effects on stakeholders; that is, employees and shareholders. The recent financial crisis caused firms to loss over 40% of their share value and had tremendous effects on major economies like Japan, China and the UK. The Oil and Gas Industry has also been affected by recession over the last decade. In August 2005, the price of oil was $60 per barrel and by July 2008 it had reached $147 per barrel as result of the recession brought about by the financial crisis. However, various theories have been developed to understand what determines the true value of a company. Some of these theories include the dividend valuation model, capital asset pricing model (CAPM) Statement of Problem Most studies have indicated a strong link between the share prices of a company, its earnings and its beta. This research is aimed at investigating whether recession has a positive or negative effect on the value of companies in the UK with the case being the oil and gas industry. While future earnings and share betas are increasingly becoming popular in determining share prices,   current earnings are   being used as a bench mark for share prices rise and fall or a better indicator for takeover. The relative importance of   each of these indicators in predicting share prices or company value is still unknown, because sometimes investors use different  methods  at  different  times in calculating or estimating company value. Research Questions As a perfect guide and means of getting a good direction throughout this research, I intend to answer the following questions in this research.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What determines the value of a company?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   How does recession affect oil and gas companies?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Do post recession values of the company’s share price depend on the recession?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What are the effects of recession on the global economy?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What will be the necessary steps taken to prevent such a huge impact on the oil and gas industry in the future? Research Objectives The main aim of this research is to investigate the impact of the recent recession trends on the value of oil and gas industry in theUK, its effects on the economy, as well as challenges faced by oil and gas companies to maintain their value. This research also seeks to identify if the prices quoted by oil and gas companies in the stock exchange market reflect their true value. Therefore, my objectives are to:-   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Investigate the major determinants of the value of a company.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Investigate the effects of recession on the price of a share.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To identify whether current earnings, future earnings, and share betas are of importance to a prospective investor.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Analyse the effects of recession on the global economy.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Analyse the effects of recession on oil and gas companies in theUK.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Recommend solutions based on this research and other findings to prevent such a huge impact in future. Contribution – Significance of the Objectives and the Expected Outcome From my previous experience in the financial sector and now undertaking a financial orientation course, this research is going to ease my understanding of the stock exchange market, how it functions and how public information affects the prices of shares in the stock exchange. This research will also help in exploring the various techniques used in company value evaluation which will aid top level management in identify the most powerful indicators and enable them shape their share prices with better accuracies. During recession the beta or risk of a share is higher hence this research will also explain how relevant the beta of a share affects its price. Brief Literature Review Up to this date no theory has been developed to explain the movement of share prices in the stock exchange market. This has made it very difficult for prospective shareholders not to easily predict prices for shares for buying and selling purposes. Bodie et al, (2002) argued that any information that could be used in predicting stock price must have been reflected in share price; hence only new information into the market can influence the upward and downward movement of prices of shares. Share prices are always characterised with their unpredictable nature, this is because the prices of shares usually move with respect to the information that enters the market. If the information is positive, there will be an upward movement in the prices of shares and if the information is negative, there will be a downward movement in the prices of shares. This negative information is common during recession which will be the primary focus of this study. The idea that share prices already reflect all relevant information leads us to the efficient market hypothesis. The Efficient Market Hypothesis Lumby and Jones (2003) stated that a stock market is said to be efficient if the market price of a company’s shares rapidly and correctly reflects all relevant information as it becomes available. In this regard, if all information turns out to be entirely reliable and complete, share prices could be relied upon to correctly reflect the true economic worth of the shares. In such a market overvalued or undervalued shares would not exist. To say share prices reflect the true economic worth of a company is an overstatement because share prices are a function of future expectations which   deals with uncertainty; hence share prices reflect all relevant available information. The efficiency of the stock market in pricing securities is one of the fundamental questions researchers often ask. The objective of an investor dealing with stock market is to identify mispriced shares. Purchase undervalued shares before the price rises and sell overvalued securities before the price falls. There are three basic analysis investors use to identify mispriced securities; Technical analysis, fundamental analysis and insider information. Technical analysis: Analyst study share price movements with the intention of discovering a pattern in movements. Once this pattern is identified for a particular company and if they see one of these patterns starting to develop, they believe they are then able to predict the shares future course of movements and so give either buy or sell investments advice. The fundamental analyst: A variety of information is a analysed with the use of share valuation models to determine the value of a share. Comparing between the actual worth of the share with the market price is the objective here. If the worth is more than the market price of the share, then the share is undervalued and hence a buy advice and conversely a sell advice if the share is overvalued. Insider information: All investors are looking for information insight and connections which they believe are not yet fully reflected in the market price. Although this theory recognizes the importance of information in shaping share prices, it fails to indicate which among these indicators have a powerful influence over share prices. Capital Asset Pricing Model and share betas According to CAPM, the price of a share is related to the risk of holding the asset. At a relatively high risk, investors will be expecting higher returns and as such will bid dawn the share price. This is based on the assumptions that the investor is holding a well diversified portfolio and as such the unsystematic risk have all been diversified .Therefore, the return expected is   compensation for the market risk, this means that, the expected return from an investment in share is equal to risk-free return plus risk premium ( Risk premium being the market price of systematic risk). Formulated by Sharp in 1964, he argued that creating portfolio reduces company’s risk. He divided the risk into two categories namely the systematic or market risk or the unsystematic or diversifiable risk Unsystematic risk: This risk is associated with specific factors affecting the company such as the quality of management, advertisement, research and development. According to Sharp, the systematic risk decrease as the number of investments in a portfolio increases. A rational investor should hold an efficient portfolio whereby all the unsystematic risk have been diversified away. The systematic risk: This is called the market risk. It can be defined as the extent to which a company’s   cash flow is affected by general economic factors such as inflation, interest rate, exchange rates. When there is a recession there is going to be a general fall in the share prices of all the companies. The rate at which company’s share price is affected depends on the risk associated with that particular company. This risk factor is called betas Share Betas   is the relationship between the systematic risk of company and the overall risk of stock market (market risk). It therefore   measures the degree of responsiveness of the expected return of the share relative to the expected return of the market. For example if expected return of the market falls and rises, that of the company will fall and rise in proportion of its beta. It therefore measures the degree of variability of company’s return in relation to the expected market return. Although this model has been criticized because of numerous unrealistic assumptions that question its predictive powers, the model can be credited for providing financial managers with a suitable project discount rate.   The model concludes by saying the greater the share beta the higher the risk associated with that asset and hence investors are expecting a higher return from the share. The result is the share price will fall or better still the higher the beta the higher the discount rate and hence share price falls. The weaknesses of CAPM let to the introduction of the Three Facto Model by Fama and French and in 1976 Stephen Ross developed the Arbitrage Pricing Theory which completely transformed the single Facto CAPM   to a multi Facto Beta Model.   The Dividend Valuation Model According to the model share prices are only determine by expected future level of dividends and the systematic risk of future dividend flows. It can be expressed as .   Where, PE is price of share, D is dividend payout, and   is cost of equity. The model assumes that future expected dividend flow will remain at a constant level for all future time period ( a level in perpetuity). Although some companies have been observed to have an approximated constant dividend per share over a longtime, in practice most company’s dividend per share are subject to changes over time. This has let to a more realistic version of the model which explains the growth of dividends at a constant rate. It can be expressed as   . Where, PE is share price, Ke is cost of equity and g is growth rate.this model   has been criticized for not providing information about share price when companies retain all or a greater proportion of earnings. Recession and its effect on the UK Oil and Gas Industry A recession is characterised with falling property prices, rising cost and personal debt and those mostly affected by it will those with low incomes. Standards of living will also fall as a result of recession and low income families will have no other option other than reducing the amount spent on basic goods and fundamentals. Estimates show that September’s 16 year high in the rate of inflation will add  £3 billion to the UK’s welfare bill. Those who will be greatly affected will include the elderly and the disabled who live on a poor diet and inadequately heated homes (Research Summary, 2008) At the level of the stock market, investments that demand on a buoyant stock market will become increasingly devalued, a trend that may be exuberated by rising inflation. Those at risk here will include those that rely on work place pensions to sustain them through retirement and endowment policy holders who may find themselves unable to cover the value of the loan at the end of the mortgage term. Recession also comes with a lot of social ills such as more crime, violence, and anti-social behavior. At the educational sector, recession has neither been friendly. It has affected the willingness and ability of some students to study, for instance, in order to bail the economy out of the recent recession, the government has decided to increase the school fees of students by almost triple the previous amount causing more difficulties for parents to send children to school. However, some people think that recession comes with a blessing as people drink less, smoke less, eat healthier food, and spend less on extravagant spending. Recession also speeds up the business evolution forcing companies to reduce costs and adapt new processes. At the level of mortgages, people tend to lose their homes and livelihoods, for instance, in 2008, mortgage repossessions rose by 50% giving an average 305 people declared bankrupt every day. Krogdahl (2010), states that the recession has called for a reduction in cost, and team size of the company while their property portfolio works harder, however they are faced with the dilemma of whether their portfolio will split when their organization begins to grow. CIPD (2009) stated that this has been the worst recession affected by UK since the Second World War. They say that the manufacturing sector has been the sector which has and is suffering most from the recession. With respect to full time and part time workers, full time workers have been more seriously affected and they experienced a downturn of -3% during the first year of recession. There has been a generally perception that as a result of the recession more women lost their jobs than men, but this ideology was dismissed by the office of national statistics which proved that lost more jobs. Between 2008 and March 2009, men unemployment rate rose from 2.4% to 8.1% while for women it rose from 1.4% to 6.4%. According to Phillips (2009), young people between the ages of 18 and 24 suffered most from the recession when it came to layoffs while old staffs above the age of 40 years were least affected. According to Daniel (2008), most firms experience decline in profitability during recession because of the tendency of price wars which will lead to low sales which consequently lead to low revenues. Firms producing luxurious goods with price elasticity of demand 1 will experience the biggest fall in demand while firms producing basic necessities will become insulated from the effects of recession. The IMF predicted Britain falling into the recession in 2009 as its growth rate forecast fell from 1.7% to  Ã‚   -0.1%. David Blanch flower, a monetary policy committee member in the Bank of England predicted that over 2 million people will likely be unemployed by the end of 2008. ITV announced 1000 job cuts, HSBC 1100, UBS 1000 and GSK 400. Mortgage lending fell by 95% as a result of lack of bank financing which made it difficult for first time buyers to step into the property ladder. Pension expert Hargreaves Lansdown estimated that the system has lost  £250 million and is presently worth  £1000 million (Hopkins, 2008). The present going green scheme has increased most energy companies expenditure cost as extra care has to be taken so as to protect the environment. In the recent recession in theUKoil demand briefly drooped by nearly 3mbpd (million barrels per day) about half of what occurred at the beginning of the financial crisis in 2008. Redundancy and forced salary cuts have also been common side effects of the current recession (Wireline News, 2011). According to Webb (2010), in order to effectively overcome the recession, the industry needs to work collaboratively both across the sector and with Government at national, regional and local level to develop new technologies, improve working practices and efficiencies and drive down costs. This will help to enhance the UK supply chain’s comparative advantage in the global market place and ensure that the industry’s critical suppliers retain a presence here. According to Roberts (2010), all sectors of the economy virtually depend on oil such as transport, retail, agriculture, power generation and heating. The present recession has depressed demand in a temporary or sustained way as was the case in 2008. It has rendered new oil field development more difficult especially when the main reason for development is to maintain low prices. The collapse of the oil prices and uncertainty of the depth and length of recession has forced analysts to look the cost of existing and incremental oil production and the impact of price and recession on future oil demand growth. Research Methodology The research method is very relevant because the results of a research matters on the methodology used. There are two major research methods which explain how research is carried out; these are the positivism and interpretive methods (Colley and Hussey, 2009).Quantitative methods of analysis will involve working with some available data and the end result will be some kind of conclusion derived from working with the data. The ground rule here is that the researcher is independent and does not affect the subject of research (Remeniyi et al, 1998). In the research, we are trying to establish a relationship between recession and the value of a company (share price). Therefore, accounting variables such as earnings per share (EPS), dividends per share (DPS), and current earnings will be used. This research shall use data from over 30 oil and gas companies listed in theLondonstock exchange market from 2000 to 2010. The main focus will be to see if there has been any change in the as a result of the recession in the prices of shares of these companies as well as their betas and if the prices reflect their true value. This time scale covers before and during the recession. Research Method This research shall be based on secondary data. This is data that has already been documented for another purpose (Saunders, et al 2007). There are three types of secondary data; these are survey, documentary and data from other sources which can not be categorized. The data that I intend to use in this research will include share prices of oil and gas companies in the UKand this data will be obtained from the published financial statements and statistical information of the London stock exchange and from the internet through reliable search engines. Academic publications and articles will be of extreme importance especially from high profile financial writers and consultants. A more extensive literature review will aid in acquiring secondary data from popular writers. I intend to use primary data such as interviews with managers, stock brokers and analysts of some of the oil and gas companies so as to answer the research questions and give the research more credibility and reliabili ty. Interviews shall be structured and shall be done verbally. Method of Analysis and Findings In this research both quantitative and qualitative methods of analysis will be used to analyze the collected data. Quantitative method will involve the use of statistical tools such as correlation analysis, statistical tables, charts and graphs established relationships. Meanwhile the qualitative method will be consent with comparing the strength of the relationship that exist between current earnings, future earnings, and share beta with actual share prices of oil and gas companies with respect to stable economic periods and periods witnessing recession. This research will also analyse the changes of the interest rates of some of the oil and gas companies in the UK over a ten year period.    Form of presentation The work will be presented in both hard and soft copies. The hard copy will be presented in A4 paper format style. Data collected will be presented with the use of tables and graphs. Timetable of Activities (Gantt chart).    Weeks from April to August Activity    1 2 3 4 5 6 7 8 9 10 11 12 13 Proposal                                           Literature Review                                        Data Collection                                        Data Analysis                                           Write   up draft                                        Edit final draft                                        Final Document                                        Complete final Report                                        References Articles and Journals   Barnes, Daniel (2008) Recession Fears Causing Debt Depression, myfinances.co.uk accessed on 12.04.2010 CIPD (2009), Jobs: The Impact of Recession and Prospects for Recovery, September.London: CharteredInstitute ofPersonnel and Development. Johnathan Krogdahl (2010), Corporate Real Estate: A study of the effects of recession for the UK’s CRE Professionals, The Curzon Partnership. Kathryn Hopkins (2008), Signs of Recession: The impact on Britain’s real economy. The Guardian. Malcolm Webb (2010), Oil and Gas UK: 2010 Oil and Gas UK Activity Survey Research Summary (2008), Effects of Recession and Those Most at Risk. Simon Roberts (2010), The Oil Crunch: A wake-up call for the UK Economy, Ove Arup Partners Ltd. Trevor Phillips (2009), Monitoring the Impact of the Recession on various Demographic Groups, Department of Work and Pensions    Books Arnold, G., (2008), Corporate Financial Management, (4th edition) Prentice Hall Bodie,Z., Kane, A. and Marcus, A.J., (2008), Investments, (7th edition) McGraw-Hill [ BKM] Remeniyi, D., Williams, B., Money, A. and Swartz, E. (1998), Doing Research in Business and management: An Introduction to Process and Methods,London, Sage. Internet http://en.wikipedia.org/wiki/2003_to_2008_world_oil_market_chronology, accessed on 11.04.2011 domainmonster.com/editorials/dot_com_bubble, accessed on 11.04.2011 dailyrecord.co.uk/news/business-news, accessed on 16.04.2011

Marketing Research Report Writing Tips

Marketing Research Report Writing Tips Marketing Research Report Writing Tips In every career, report writing tips are taught. These teachings or lectures are given in the colleges. The students are given time to learn about the reports, ask questions and after they have passed they now get employed. Here they learn more tips and they even learn how to apply those that they learnt in the colleges. Marketing research report writing tips are mainly important tips that all the students should learn. This is because they need to know how to help the people who have business and they have not learnt about writing the reports. They also need to show those people how to market their products. The students therefore while in school are taught a number of tips about the writing the marketing research reports. Some of them are as follows. The students should be able to capture the reader’s attention by writing a headline that is powerful in the report. A powerful headline will give many people interest to look at the report. Another thing the students should give a good introduction. This way he will be able to communicate whatever he wants to say. Another thing is that the research should be organized. The readers will be able to read the organized work and they will not be able to let their minds wander because the work is organized therefore they are able to follow up the research. The research also should not have mistakes. Therefore when one is writing the research before he presets it he should go through the work so as to remove the mistakes. This is because if the employer finds a mistake in the research he may not be interested in reading the research therefore if you had aimed to help the company then that will not happen. You should not make your report complex. Keep it simple so that you do not make the reader to start wondering what some of the things mean. Let them get the meaning straight forward. Avoid so much repetition of words. Repeating of words will bore the reader therefore the students as well as employees should avoid this. Ensure that the report you write is believable. Do not give the reader a benefit of doubt. When the reader is reading he wants to see how sure you are in the report that you wrote. Therefore ensure that it is believable. In order to keep the attention of the reader as he goes through the report, personalize the report and use the word â€Å"you.† This will keep the reader listening to you as well as keep the reader reading the report. This way especially the employee will have given at list the best report and if he has done a good job then there will likely be a promotion for him. If you need writing assistance you can get Marketing research report help from professional academic writers who are hired by .

Incarceration Type and Family Intervention as Determinants of Essay

Incarceration Type and Family Intervention as Determinants of Recidivism in Juvenile Delinquency - Essay Example The risk of facing harsher punishment through possible incarceration in adult prisons blossomed as a way to deter juveniles from engaging in violent crimes. Supporters of juvenile incarceration in adult prisons therefore rely on its supposed deterrent value. Despite the growing concern about juvenile violence, many opponents of the current system have continually pointed out that the risks involved in imposing adult penalties to juvenile offenders far outweigh the presumed benefits. Convicted juveniles are placed in adult correctional centers in the hope that the harsher environment would better rehabilitate them. The opposite seems to be the case. Many opponents of adult incarceration, for example, believe that it does not deter juvenile violence at all. This theory has is supported by several studies. Allard (2002), for example, found that adult correctional centers actually had a negative effect on juvenile delinquents. Compared to their counterparts who were retained in juvenile centers, transferred juvenile offenders released from adult correctional centers have been found to have a higher tendency for repeated criminal behavior. (Allard 2002) In the same study, recidivism was shown to be noticeably more significant among juvenile offenders who had been incarcerated in adult prisons. Such findings are diametrically opposed to the theory that adult punishment would lead to more effective rehabilitation for juvenile delinquents. This stand is further supported more recent work which revealed that the mental states of juveniles being sent to adult prisons did not significantly differ from those being sent to juvenile centers. This finding debunks the notion that juveniles sent to adult prisons are different from the regular juvenile delinquent, a wayward youth whose behavior already warrants harsher measures. Beyer's (2006) study of 50 juvenile delinquents that he had encountered in the course of several years as a psychologist rejected the notion of harsh punishment as the catch-all solution for juvenile crime. His study, instead, forwarded the conclusion that while juveniles sent to adult prisons have almost negligible differences from those retained in juvenile centers, the juveniles which are produced at such prisons come out harder and more prone to recidivism. We may thus logically entertain the existence of a relationship between incarceration type and recidivism or repeated criminal behavior. The truth of this statement would have weighty implications both on the juvenile criminal system as well as the legal policies that are currently being implemented in addressing juvenile violence and crime. Aside from asking ourselves whether harsher punishments are truly effective in curbing juvenile crime, we also encounter questions about alternative mechanisms. Grisso (1996), for one, points out the manifest challenges being faced today in the field of juvenile justice. New ways to discourage juvenile delinquency must be adequately examined. More importantly, Grisso (1996) offers the position that harsher prison conditions for juvenile offenders through incarceration in adult correctional facilities may actually be doing more harm than good. Social

Aircraft maintenance Essay Example | Topics and Well Written Essays - 1500 words

Aircraft maintenance - Essay Example Aircraft Maintenance Technicians (AMT's) perform or supervise maintenance, preventive maintenance, and alteration of aircraft and aircraft systems in accordance with the provisions of Federal Aviation Regulations. As the aviation technology made it progress, it was necessary to bring in the maintenance of all the aircraft for it's prolong and safety use. From the time it started, aircraft maintenance has gone through series of changes. From basic to improvised and now the high-tech maintenance. As gradually the aircraft problem raised, maintenance also matured. The following context will discuss very briefly the journey of maintenance to the latest maintenance technology. Further paragraph will discuss how it has cooped with the latest technology and then the future of the aircraft maintenance. How to effectively improve the quality of the aircraft outfield maintenance management is a problem any management personnel seeking high profits in both developed and developing countries must be faced with, no matter what aircraft they maintain, military aircraft or civilian aircraft. Some of the several technologies used for aircraft maintenance are: The use of neural networks (NNs) to enhance onboard diagnostics and provide real-time damage detection for aircraft reconfiguration has been investigated. This research focus was a result of investigating new technologies to improve mission success and reduce life cycle/support cost resulting from a high percentage of cannot duplicate' and retest O.K.' maintenance actions occurring on some aircraft systems. Laboratory testing results have shown that future onboard diagnostics systems can use NNs to detect intermittent failure and false failure indications. The test instance featured an Ada-based NN running in an advanced vehicle management system computer (VMSC). Built In Test Equipment: The BITE is characterized primarily as a passive fault management and diagnosis built into airborne systems to support the maintenance process. Another technology use for aircraft maintenance, it functionality are Analysis of failure monitoring results, Reporting & Memorisation of failures, Management of tests. Central Maintenance Computer: The Central Maintenance Computer (CMC) for the 747-400 cockpit serves as a central collection hub for inter-system fault data sharing among aircraft monitoring systems, collecting and storing information on failed components and initiating component and system tests. Reliability Centered Management: RCM process described in the DOD/UAL report recognized three principal risks from equipment failures: threats to safety, to operations, and to the maintenance budget. Modern RCM gives threats to the environment a separate classification, though most forms manage them in the same way as threats to safety. RCM offers four principal options among the risk management strategies: on-condition maintenance tasks, scheduled restoration or discard maintenance tasks, failure-finding maintenance tasks, and one-time changes to the "system" (changes to hardware design, to operations, or to other things). After being created by the commercial aviation industry, RCM was adopted by the U.S. military (beginning in

Government Economic Policies and Business Essay Example for Free

Government Economic Policies and Business Essay (a) The government used fiscal policy to increase public spending. This implies that a rise in taxation also took place. The rise in taxes meant that people had less money to spend, i.e. less disposable income. As a result, they were unable to buy as much. This caused the demand of certain products to decline. As a result, the respective companies made less profit. This meant that they were unable to produce as much (also to avoid excess supply). This led to companies cutting jobs. The cut in jobs increased unemployment, which meant people had no job, so they had no income, therefore they were unable to spend, which makes the demand fall further, and so on. (b) The government had used fiscal policy to boost the economy. In Japan, the fiscal policy was used to fund the games industry, to create more jobs, in order to increase the income and therefore, increase spending by the people in those jobs. However, we can see from the graphs that retail sales in Japan in 1997 were dramatically falling. A cause for this was the GDP which also hit an all time low in Japan. This meant that people did not have the money to spend, therefore, from the evidence available we can say that Japans fiscal policy was unsuccessful. (c) The countrys budget provides an opportunity not only to take an overview of the macro-economy, but also to make changes to the incentive structures created by different taxes. The chancellor has many objectives to consider at budget time. One of these objectives may be to increase taxes on polluting fuels (e.g. petrol) so as to discourage their use. This can be controlled by the fiscal policy, which, in this case would involve increasing taxes on such fuels. This may come as a direct tax on the petrol, or more indirectly by increasing the road tax on bigger vehicles. Provided that such polluting fuels are used to the same extent, this would generate higher tax revenue for the government which can then be used to increase public spending, such as building hospitals, which would not only result in better healthcare, but it would also create jobs, which would mean that people would be earning, allowing them more disposable income, and thus influencing spending power, which may in fact be another objective of the government.

Politics and Love in Shakespeares Antony and Cleopatra Essay -- Anton

Politics and Love in Shakespeare's Antony and Cleopatra Although the political struggles in Antony and Cleopatra are often treated as backdrops to the supposedly more engaging love affair between the two title characters, these struggles permeate the entire play, and give the love story its heightened sense of importance and tragedy. The relationship between Antony and Cleopatra would not have attained its renown and immortality had they not had been extremely powerful and public figures. The conflict between public duty and personal desire is the underlying theme of the play, and how the characters respond to this conflict is what imbues the play with suspense and interest. This conflict is most clearly seen in Antony who is caught between his role as a triumvir of Rome and his love for the Egyptian Queen. By allowing his all-consuming passion to overwhelm his sense of responsibility, he loses his half of the empire to Octavian. Octavian, on the other hand, consistently places the interests of the state before his own. Although he is cal culating, shrewd, and unscrupulous, all of his thoughts are devoted to the ruling of Rome; politics is his one interest, and power his only obsession. Cleopatra as ruler is often treated secondarily to Cleopatra as seductress and lover. While most of the obvious power struggle is between Antony and Octavian, one cannot ignore Cleopatra's involvement. Throughout the play, and particularly at the end, she demonstrates an acute political awareness as she does her utmost to secure what is best for Egypt. In a play with three powerful figures it is expected that political motivations be never far from the foreground or from the characters' minds. Antony's conflict is succinctly described at th... ...ads and embodies. Question of politics and duty are present throughout Antony and Cleopatra, and the love story cannot be considered independently of them. The private emotions of the characters are influenced by the public world that they inhabit, and their actions are not only the actions of individuals, but also of powerful leaders. WORKS CITED Bradley, A.C. "Shakespeare's Antony and Cleopatra". Shakespeare: Antony and Cleopatra. Ed. John Russell Brown. London: MacMillan Press Ltd., 1968. Greenblatt et al., ed. Antony and Cleopatra. The Norton Shakespeare: Tragedies. New York: W.W. Norton and Company Inc. 1997. Holloway, John. "The Action of Antony and Cleopatra. Shakespeare: Antony and Cleopatra. Ed. John Russell Brown. London: MacMillan Press Ltd. 1968. Lissner, Ivar. The Caesars: Might and Madness. New York: G.P. Putnam's Sons, 1958.

Health Disparities in New Zealand from a Marxist Perspective Essay

In New Zealand society there many are people who encounter with Health disabilities and issues that do not only impact their wellbeing but also their lives. However the majority of them cannot control their Health situation due to their lifestyle, in addition to this problem the distribution of Health services contribute to the creation of ‘Health Disparities’. In this essay I will classify Heath Disparities in New Zealand from a Marxist perspective, where it will become visible that Health inequality within our country lies in the structure of society. However our society is constructed through social stratification which is the process where people are classed in the hierarchical system; based on superiority and subordination (Llewellyn, A. , Agu, L. , & Mercer, D. 2008). This technique of classing society contributes to why inequalities exist today. I will focus on how Marxist’s perspective integrates the structure of capitalism and social class in society where it influences Health in New Zealand. Inequalities within health are distinguished between different population groups, where there is variance in a group’s health or health care (Reid & Robson, 2006). This is caused by gender, ethnicity, age, environment and economic status (Howden- Chowden, 2005). Health disparities in New Zealand conflict with the structure of society, however it is logical that in order to have an impact on society we must hold power (Dew & Kirkman, 2007). This brings us to the Marxist perspective where Karl Marx (1818-1883) focused his research on the development of capitalists (Cree, 2010). The rise of capitalism originated from the modes of production, which relates to the way society organises production of material and also enables surplus value to become generated (McLennan, McManus & Spoonly, 2010). Capitalism within New Zealand is based on the operation of production allowing the continuation of profit to increase for owners; however this means superiority constructs society in a manner where it will benefit them while alienating other classes (Dew & Kirkman, 2007). Marxist’s main focus of capitalism is class structure where the process of social stratification comes into place. An individual’s status in the class structure is measured through their socio-economic status, this can also be calculated by the amount of power they have in society (Llewellyn, Agu & Mercer, 2008). Through the Marxist theory we come to an understanding of the development of low income that workers earn through production. The functions of capitalism and class structure identifies that individuals whom receive low income, is impacted in every domain of their lives this includes health. Health inequalities are strongly influenced by socio-economic differences which expose’s factors such as income, housing, diet and occupational toxin as high impacts on a person’s health. Through the Marxist perspective we understand that capitalism’s main focus is based within the growth of profit, however the power that capitalist’s (known as owners of production) hold influences the health of their workers. Capitalists have control over wages; work hours and the environment of workers (Newman, 2008) they also go to the extent of exploitation and alienation in order for their profits to increase (McLennan, McManus & Spoonly, 2010). Workers face the effects of class consciousness (McLennan, McManus & Spoonly, 2010) they become competitive and are blinded from realizing that they are being over worked and at the same time under paid. Proletariats become vulnerable to ill health through poor working conditions and also lack of freedom (Howden- Chowden, 2005). For example lack of freedom in their work environment can lead proletariats to stress and fatigue illnesses. Health disabilities such as chronic illness, toxic appearance in an individual’s immune system and also serious accidents are caused from poor working conditions (Howden- Chowden, 2005). Capital is known to be a factor that contributes to human misery and alienation, which leads to health disabilities. Health Disparities within our society varies throughout the different levels of class. The class structure consists of two main levels which are Bourgeoisie; the highest class that contains capitalists and individuals who hold power. The Proletariat class is for workers in production, and who have no power (Joseph, 2006). Health services within New Zealand are distributed unevenly where it benefits the wealthy (Bourgeoisie) and excludes others such as the Proletariats (Dew & Kirkman, 2007). Although health services in our society are available for everyone’s use, it is imbalanced within the quality. For example individuals in the upper class have access to higher quality services, such as private insurance and specialists (Dew & Kirkman, 2007). However through research it has become more apparent that workers have the highest exposure to ill health (Howden- Chowden, 2005) this means they need this service more than others but it is not affordable. The gradients of avoidable and unavoidable death rates are very different; Proletariats have high rates within avoidable deaths, this means that the majority of deaths could have been avoided through medical consultation. As for the Bourgeoisie class it is at high rates of unavoidable deaths, although they’ve received quality treatment it cannot be cured (Dew & Kirkman, 2007). Inequalities within social class have different influences on an individual’s health, in particularly the quality of health provided for each class level. Through the development of capitalism and social class, it’s obvious that the creation of ‘low income’ becomes one of the main attribute to health disparities. Proletariats that encounter this issue have higher risks of low life expectancy and also a high mortality rate (Howden- Chowden, 2005) they are also forced to live in high levels of Deprivation (Dew & Kirkman, 2007). This situation does not only impact workers but also their families, where living in a damp cold home increases vulnerability of ill health such as cardiovascular diseases (Howden- Chowden, 2005). Low income also influences a family’s diet as they can only afford food that are high in calories and low in nutrition, this leads to morbid obesity and also Diabetes (Howden- Chowden, 2005). By understanding the impacts of low income in an individual’s life we also recognize that low income leads to poverty. Through the notion of Marxist’s perspective of health disparities within our country, it is understandable that in order to unravel this issue the system within society must change. This can transpire by establishing additional organisations that hold a responsibility to support population groups who encounter with health disabilities but cannot afford health services; this will support families in debt and also decrease health inequalities. Our system needs to improve their public services where it is affordable yet good quality, allowing workers to receive health support in order to maintain an occupation to provide for their families. Improvement of health services available for workers is extremely important not only for themselves but also for capitalist, as they will decrease in profit if workers become ill and lose jobs. If this process continues it will come to a point where capitalists increase their surplus value impacting other workers, where exploitation and alienation will intensify. By having the capability to unpack health disparities from a Marxist perspective, we are able to understand that inequalities in New Zealand health mainly impact the working class. Where the construction of society makes it visible that low income is the central foundation of health disparities, and also poverty. We need to understand that the only way out of inequality not only in health care, but in general is through improvement of the system. Kevin Dew and Allison Kirkman (2005, pp. 241) stated â€Å"People are not poor because they are sick, they are sick because they are poor. †

Birmingham Letter Illusions Essay

Letter from Birmingham Jail Allusions in Section 3 Martin Luther King’s Letter from Birmingham Jail is one of the most well known documents in American history. King’s profound ability to articulate important ideas, values, concepts and Biblical perspectives made for some of the most powerful and inspirational pieces of American literature ever produced. One technique that King used in his public speeches and letters was his allusions to historical figures, the Bible and opposing congressmen. During the 60’s when cultural prejudice still held strong roots in Congress, it was King’s talent to inspire the public that revolutionized America’s racial injustices. King’s frequent use of allusions in his famous Letter from Birmingham Jail proved his intelligence and greatly attributed to his success and popularity during the 1960’s. His allusions demonstrated his referential capabilities while also making his messages readily relatable to the public. It was often said that it was not King’s intelligence that made him seem so acumen, but that he was â€Å"well read†(knew much from reading). His frequent allusions to major documents and famous statements in contest to his adversaries ultimately lead to his dominance in public speech. In the paragraphs 12 through 14 when king references the election of mayor Albert Boutwell, he states, â€Å"We are sadly mistaken if we feel that the election of Albert Boutwell as mayor will bring the millennium to Birmingham† in paragraph twelve. The millennium is an allusion to a specific verse from the Bible’s book of Revelation interpreted as the 1,000 years in which Jesus comes back to earth to restore peace. He made many correlations to the Bible and major public documents, such as the Declaration of Independence and the Bill of Rights to make his arguments accurate and mainly understandable by restating vital rules and quotes that even the illiterate could comprehend. In these paragraphs he quoted the Bible by using phrases like â€Å"moral light, â€Å"abyss of despair† and â€Å" unjust posture. † King used the word â€Å"wait† in this section of the letter multiple times as a allusion to the current denial of rights to African Americans that had been going on for the last 340 years. He also stated that â€Å"justice too long delayed is justice denied† in correlation to the current racial dilemma in America at the time. All of these direct references made for some of the most significant and powerful American literature ever created and made Martin Luther King one of the most successful authors in this period of civil revolution. By reinforcing his argument with allusions that the public could relate to, King was able to greatly impact the civil rights movement of the 1960’s and ultimately bring around the social turning point of the century that provided racial equality to all and smother prejudice in America thereafter.

Free Essays on William Shakespeare

William Shakespeare William Shakespeare was a great English playwright, dramatist and poet who lived during the late sixteenth and early seventeenth centuries. Shakespeare is considered to be the greatest playwright of all time. No other writer's plays have been produced so many times or read so widely in so many countries as his. Shakespeare was born to middle class parents. His father, John, was a Stratford businessman. He was a glove maker who owned a leather shop. John Shakespeare was a well-known and respected man in the town. He held several important local governmental positions. William Shakespeare's mother was Mary Arden. Though she was the daughter of a local farmer, she was related to a family of considerable wealth and social standing. Mary Arden and John Shakespeare were married in 1557. William Shakespeare was born in Stratford in 1564. He was one of eight children. The Shakespeare's were well-respected prominent people. When William Shakespeare was about seven years old, he probably began attending the Stratford Grammar School with other boys of his social class. Students went to school year round attending school for nine hours a day. The teachers were strict disciplinarians. Though Shakespeare spent long hours at school, his boyhood was probably fascinating. Stratford was a lively town and during holidays, it was known to put on pageants and many popular shows. It also held several large fairs during the year. Stratford was an exciting place to live. Stratford also had fields and woods surrounding it giving William the opportunity to hunt and trap small game. The River Avon, which ran through the town, allowed him to fish also. Shakespeare's' poems and plays show his love of nature and rural life which reflects his childhood. On November 28, 1582, Shakespeare married Anne Hathaway of the neighboring village of Shottery. She was twenty-six, and he was only eighteen at the time. They had three children. Sus... Free Essays on William Shakespeare Free Essays on William Shakespeare The DL on William Shakespeare William Shakespeare was a great English playwright, dramatist and poet who lived during the late sixteenth and early seventeenth centuries. Shakespeare is considered to be the greatest playwright of all time. No other writer's plays have been produced so many times or read so widely in so many countries as his. Shakespeare was born to middle class parents. His father, John, was a Stratford businessman. He was a glove maker who owned a leather shop. John Shakespeare was a well known and respected man in the town. He held several important local governmental positions. William Shakespeare's mother was Mary Arden. Though she was the daughter of a local farmer, she was related to a family of considerable wealth and social standing. Mary Arden and John Shakespeare were married in 1557 (Encarta). William Shakespeare was born in Stratford in 1564. He was one of eight children (World Book). The Shakespeare's were well respected prominent people. When William Shakespeare was about seven years old, he probably began attending the Stratford Grammar School with other boys of his social class. Students went to school year round attending school for nine hours a day. The teachers were strict disciplinarians (www.shakepeare-oxford.com/whalbib.htm) Though Shakespeare spent long hours at school, his boyhood was probably fascinating. Stratford was a lively town and during holidays, it was known to put on pageants and many popular shows. It also held several large fairs during the year. (www.shakepeare-oxford.com). Stratford was a exciting place to live. Stratford also had fields and woods surrounding it giving William the opportunity to hunt and trap small game. The River Avon which ran through the town allowed him to fish also. Shakespeare's' poems and plays show his love of nature and rural life which reflects his childhood (www.shakepeare-oxford.com). On November 28, 1582, Shakespear... Free Essays on William Shakespeare William Shakespeare’s works being just that is a notion most accept; however, there has been a lot of evidence and arguments by historians, who opt to challenge this notion, arguing that Shakespeare was the pen name of Edward de Vere, the Earl of Oxford had to conceal his authorship for social and political reasons. After careful examination of historian’s evidence this theory doesn’t measure up and it was indeed Shakespeare, who was the genuine author. The world has come to accept that William Shakespeare was born in Stratford-upon-Avon, England, during the year of 1564. The register of Holy trinity, the parish church in Stratford, records his baptism on April 26. According to the custom at the time, infants were baptized about three days after their birth. William’s father was a glover, trader, and landowner who married Mary Arden, the daughter of an affluent landowner of Wilmcote. Therefore, the generally accepted date for Shakespeare’s birth is April 23 (World Book 344). John Shakespeare, William’s father rose [by election] to the position of Alderman in 1565; and in 1568 he was elected Bailiff, the equivalent to mayor (Reedy however there is no evidence that William ever attended a university. The reason being is when William Shakespeare was thirteen his father suffered business losses. William was pulled from school and apprenticed to a trade, not an uncommon occurrence during the Elizabethan Ag e. William Shakespeare married Ann Hathaway in November 1582 at the age of eighteen. Anne was twenty-six. It would only be six months later that their daughter, Susanna was born. William ... Free Essays on William Shakespeare William Shakespeare William Shakespeare was a great English playwright, dramatist and poet who lived during the late sixteenth and early seventeenth centuries. Shakespeare is considered to be the greatest playwright of all time. No other writer's plays have been produced so many times or read so widely in so many countries as his. Shakespeare was born to middle class parents. His father, John, was a Stratford businessman. He was a glove maker who owned a leather shop. John Shakespeare was a well-known and respected man in the town. He held several important local governmental positions. William Shakespeare's mother was Mary Arden. Though she was the daughter of a local farmer, she was related to a family of considerable wealth and social standing. Mary Arden and John Shakespeare were married in 1557. William Shakespeare was born in Stratford in 1564. He was one of eight children. The Shakespeare's were well-respected prominent people. When William Shakespeare was about seven years old, he probably began attending the Stratford Grammar School with other boys of his social class. Students went to school year round attending school for nine hours a day. The teachers were strict disciplinarians. Though Shakespeare spent long hours at school, his boyhood was probably fascinating. Stratford was a lively town and during holidays, it was known to put on pageants and many popular shows. It also held several large fairs during the year. Stratford was an exciting place to live. Stratford also had fields and woods surrounding it giving William the opportunity to hunt and trap small game. The River Avon, which ran through the town, allowed him to fish also. Shakespeare's' poems and plays show his love of nature and rural life which reflects his childhood. On November 28, 1582, Shakespeare married Anne Hathaway of the neighboring village of Shottery. She was twenty-six, and he was only eighteen at the time. They had three children. Sus... Free Essays on William Shakespeare William Shakespeare was born on April 23, 1564. He was baptized on April 24, 1564, in Stratford-upon-Avon, Warwickshire. He was the third of eight children born to John Shakespeare and Mary Arden. John was a well-known merchant and Mary was the daughter of a Roman Catholic member of the gentry. Shakespeare was educated at the local grammar school. According to history, Shakespeare was the eldest son, and he should have been the apprentice to his father's shop so that he could be taught everything his father knew and soon take over the business. But instead he was the apprentice to a butcher because of the trouble in his father's financial situation. Another story says that Shakespeare became a schoolmaster. Shakespeare was allowed a lot of free time when he was young. This was suggested by historians that his plays show more ideas of hunting and hawking than do those of other play writers. In 1582 he married Anne Hathaway, the daughter of a farmer. He was thought to have left ! Stratford after he was caught poaching in the deer park of Sir Thomas Lucy. he was a local justice of the peace. Shakespeare and Anne Hathaway had a daughter in 1583 and twins- a boy and a girl- in 1585. The boy however, eventually did not live. Shakespeare apparently arrived in London around 1588 and by 1592 had gained success as an actor and a playwright. Shortly after that, he secured the business of Henry Wriothesley, 3rd earl of Southampton. The publication of Shakespeare's two poems Venus and Adonis (1593) and The Rape of Lucrece (1594) and some of his Sonnets (published 1609), established a reputation for him as a talented and popular Renaissance poet. The Sonnets describe the devotion of a character to a young man whose beauty and charm he praises and to a mysterious and untrue woman with whom the poet is afraid. The following triangular situation, resulting from the attraction of the poet's friend to the woman, is treated with passionate intensity and p...

USS Boxer (Cv-21) During Korean War

USS Boxer (Cv-21) During Korean War Conceived in the 1920s and early 1930s, the US Navys  Lexington- and  Yorktown-class aircraft carriers were built to fit within the restrictions set forth by the  Washington Naval Treaty. This placed limitations on the tonnage of different types of warships as well as capped each signatory’s overall tonnage. These types of restrictions were continued through the 1930 London Naval Treaty. As global tensions rose, Japan and Italy left the agreement in 1936. With the end of the treaty system, the US Navy began developing a design for a new, larger class of aircraft carrier and one which utilized the lessons learned from the   Yorktown-class. The resulting type was wider and longer as well as incorporated a deck-edge elevator system. This had been employed earlier on  USS  Wasp   (CV-7). In addition to carrying a larger air group, the new class mounted a greatly enlarged anti-aircraft armament. The lead ship,  USS  Essex  (CV-9), was laid down on April 28, 1941 . With the US entry into  World War II  after the  attack on Pearl Harbor, the  Essex-class became the US Navys standard design for fleet carriers. The first four ships after  Essex  followed the types initial design. In early 1943, the US Navy made changes to enhance future vessels. The most noticeable of these was the lengthening the bow to a clipper design which allowed for the addition of two quadruple 40 mm mounts. Other changes included moving the combat information center below the armored deck, installation of improved aviation fuel and ventilation systems, a second catapult on the flight deck, and an additional fire control director. Though known as the long-hull  Essex-class or  Ticonderoga-class by some, the US Navy made no distinction between these and the earlier  Essex-class ships. USS Boxer (CV-21) Construction The first ship to move forward with the revised  Essex-class design was USS  Hancock  (CV-14) which was later renamed Ticonderoga.   It was followed by several others including USS Boxer  (CV-21).   Laid down on September 13, 1943,  construction of Boxer  began at Newport News Shipbuilding and rapidly moved forward.   Named for HMS Boxer  which had been captured by the US Navy during the War of 1812, the new carrier slid into the water on  December 14, 1944, with Ruth D. Overton, daughter of Senator John H. Overton, serving as sponsor.   Work continued and  Boxer  entered commission on April 16, 1945, with Captain D.F. Smith in command. Early Service Departing Norfolk,  Boxer  commenced shakedown and training operations in preparation for use in the Pacific Theater of World War II.   As these initiatives were concluding, the conflict ended with Japan asking for a cessation of hostilities.   Dispatched to the Pacific in August 1945, Boxer  arrived at San Diego before departing for Guam the following month.   Reaching that island, it became flagship of Task Force 77.   Supporting the occupation of Japan,  the carrier remained abroad until August 1946 and also made calls in Okinawa, China, and the Philippines.   Returning to San Francisco,  Boxer  embarked Carrier Air Group 19 which flew the new Grumman F8F Bearcat.   As one of the US Navys newest carriers, Boxer  remained in commission as the service downsized from its wartime levels. After conducting peacetime activities off California in 1947, the following year saw  Boxer  employed in jet aircraft testing.   In this role, it launched the first jet fighter, a North American FJ-1 Fury, to fly from an American carrier on March 10.   After spending two years employed in maneuvers and training jet pilots,  Boxer  departed for the Far East in January 1950.   Making goodwill visits around the region as part of the 7th Fleet, the carrier also entertained South Korean President Syngman Rhee.   Due for a maintenance overhaul,  Boxer  returned to San Diego on June 25 just as the Korean War was beginning. USS Boxer (CV-21) - Korean War:   Due to the urgency of the situation,  Boxers overhaul was postponed and the carrier was quickly employed to ferry aircraft to the war zone.   Embarking 145 North American P-51 Mustangs and other aircraft and supplies, the carrier departed Alameda, CA on July 14 and set a trans-Pacific speed record by reaching Japan in eight days, seven hours.   Another record was set in early August when  Boxer  made a second ferry trip.   Returning to California, the carrier received cursory maintenance before embarking the Chance-Vought F4U Corsairs of Carrier Air Group 2.   Sailing for Korea in a combat role,  Boxer  arrived and received orders to join the fleet gathering to support the landings at Inchon.   Operating off Inchon in September,  Boxers aircraft provided close support to the troops ashore as they drove inland and re-captured Seoul.   While performing this mission, the carrier was stricken when one of its reduction gears failed.   Caused due to postponed maintenance on the vessel, it limited the carriers speed to 26 knots.   On November 11,  Boxer  received orders to sail for the United States to make repairs.   These were conducted at San Diego and the carrier was able to resume combat operations after embarking Carrier Air Group 101.   Operating from Point Oboe, approximately 125 miles east of Wonsan,  Boxers aircraft struck targets along the 38th Parallel between March and October 1951.    Refitting in the fall of 1951, Boxer  again sailed for Korea the following February with the Grumman F9F Panthers of Carrier Air Group 2 aboard.   Serving in Task Force 77, the carriers planes conducted strategic strikes across North Korea.   During this deployment, tragedy struck the ship on August 5 when an aircrafts fuel tank caught fire.   Quickly spreading through the hanger deck, it took over four hours to contain and killed eight.   Repaired at Yokosuka,  Boxer  re-entered combat operations later that month.   Shortly after returning, the carrier tested a new weapons system which used radio-controlled Grumman F6F Hellcats as flying bombs.   Re-designated as an attack aircraft carrier (CVA-21) in October 1952,  Boxer  underwent an extensive overhaul that winter before making a final Korean deployment between March and November 1953. USS Boxer (CV-21) - A Transition: Following the end of the conflict,  Boxer  made a series of cruises in the Pacific between 1954 and 1956.   Re-designated an anti-submarine carrier (CVS-21) in early 1956, it made a final Pacific deployment late that year and into 1957.   Returning home,  Boxer  was selected to take part in a US Navy experiment which sought to have a carrier solely employ attack helicopters.   Moved to the Atlantic in 1958,  Boxer  operated with an experimental force intended to support the rapid deployment of US Marines.   This saw it again re-designated on January 30, 1959, this time as a landing platform helicopter (LPH-4).   Largely operating in the Caribbean, Boxer  supported American efforts during the Cuban Missile Crisis in 1962 as well as used its new capabilities to aid efforts in Haiti and the Dominican Republic later in the decade. With the US entry into the Vietnam War  in 1965, Boxer  reprised its ferry role by carrying 200 helicopters belonging the US Armys 1st Cavalry Division to South Vietnam.   A second trip was made the following year.   Returning to the Atlantic, Boxer assisted NASA in early 1966 when it recovered an unmanned Apollo test capsule (AS-201) in February and served as the primary recovery ship for Gemini 8 in March.   Over the next three years, Boxer  continued in its amphibious support role until being decommissioned on December 1, 1969.   Removed from the Naval Vessel Register, it was sold for scrap on March 13, 1971.  Ã‚  Ã‚  Ã‚   USS Boxer  (CV-21) At a Glance Nation:  United StatesType:  Aircraft CarrierShipyard:  Newport New ShipbuildingLaid Down:  September 13, 1943Launched:  December 4, 1944Commissioned:  April 16, 1945Fate:  Sold for scrap, February 1971 USS Boxer (CV-21) - Specifications Displacement:  27,100 tonsLength:  888 ft.Beam:  93 ft.Draft:  28 ft., 7 in.Propulsion:  8 Ãâ€" boilers, 4 Ãâ€" Westinghouse geared steam turbines, 4 Ãâ€" shaftsSpeed:  33 knotsComplement:  3,448 men USS Boxer (CV-21) - Armament 4 Ãâ€" twin 5 inch 38 caliber guns4 Ãâ€" single 5 inch 38 caliber guns8 Ãâ€" quadruple 40 mm 56 caliber guns46 Ãâ€" single 20 mm 78 caliber guns Aircraft 90-100 aircraft Selected Sources DANFS: USS  Boxer  (CV-21)NavSource: USS  Boxer  (CV-21)USS  Boxer  (CV-21) Veterans Association

Describing the importance of my film selection to the film genre Essay

Describing the importance of my film selection to the film genre - Essay Example It also delineated an invisible connection on the human condition in its terrestrial as well as extra terrestrial modes. It began in the Pleistocene era when man was nothing more than a primitive ape, at the dawn of civilization and continues thru the present day man and deep into the realms of the future. â€Å"It contained more spectacular imagery and special effects than dialogue,† according to the film critic Dirk Dirks. By being non-verbal and subjective, it enters straight into one’s subconscious and stays there for good. On another level it also shows how man is made inconsequential but not impotent by the space-time continuum. It also shows how restricted and cooped up we are by the limitations of the contemporary modes of space travel with its emphasis on space ships which are in a spatial way of speaking as slow as snails. To explore and reach the extremities of the universe we must search out new ways like levitation and arrive at the impossible areas of ‘instant departure-arrivals’, casting away the outdated space ships like so much waste matter on the barren tundra of intergalactic

Foreign Aid and Dictatorship Research Paper Example | Topics and Well Written Essays - 1500 words

Foreign Aid and Dictatorship - Research Paper Example Foreign aid also has a positive impact on the democracy of a country, which is one of the economic development pillars in developing countries. Countries experiencing high levels of injustices and poverty are often the recipients of aid, which is directed at saving the lives of those individuals, as well as improving the economy of that country. Public development projects like health centres, schools, and roads in some developing countries, depend entirely on foreign aid, whether in form of grants or loans. The grants and loans form a basic part of some country’s budget allocation, which signifies their economic importance. Accordingly, foreign aid helps recipient countries to improve their living of standards, but on a short-term basis. Besides directly benefiting the government of recipient countries, foreign aid also benefits the private sector and the families in those nations. Families and the private sector access aid through foreign direct investment and remittances (L ahiri 2007: 223). This kind of flow of aid resources may adversely affect the economy positively. Nonetheless, there is clear evidence of a cause-effect relationship between aid and development (economic and otherwise). There has been criticism revolving the issues of aid to developing countries, especially to African countries. Economists argue that inflow of aid affects a government’s consumption instead of investment (Sogge 2002:11). This is common in cases where a government has access to unconstrained aid funds, resulting to increase in government consumption that has a negative effect on the economy of that country. Considering the fact that foreign aid constitutes a major portion of developing countries’ revenues, there is a possibility of a â€Å"windfall† which may generate rent-seeking activities, corruption, and even civil wars. A prime example is World Bank’s Chad-Cameroon Oil Pipeline aid, estimated at 180 million USD. To avoid corruption, Wo rld Bank gave directives to Chad that the funds should be kept in offshore accounts, and that the purposes of the aid funds were strictly for infrastructure, health, and education (Lancaster 2007:27). Problems began after the government started receiving oil revenues in 2004, with the first bonus received from oil companies, 4.5 million USD, purchasing weapons for the Chad government. In total, close to 12 million USD was directed towards purchase of weapons, leading to suspension of the aid by the World Bank. Another case is Somalia. Experts state that the civil war in the country was a result of different factions’ desire to control the huge food aid to the country (Williamson, 2009). Recent studies highlight several mechanisms that explain why windfalls of resources in recipient countries lead to a decline in their economic growth. All the mechanisms indicate that individuals engage in rent-seeking activities in efforts to appropriate portions of the resources, which lead to a decline in the economic growth (Bealinger 2006: 63). The theories also incorporate the idea of commons, which describes the effects of the aggregate capital stock common access that foreign aid induces. In summary, foreign aid has a voracity effect: which states that if powerful groups exist in an inter-temporal