The Effects Of Asset Price Bubble Bursts Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3073 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? The outbreak of financial crises is now more than 2 years ago. Out of many factors responsible for the occurrence of the current financial crisis one important factor is the rise in the asset prices which is followed by a collapse and the widespread default. Bursting of the asset price bubble often leads to financial crisis. Don’t waste time! Our writers will create an original "The Effects Of Asset Price Bubble Bursts Finance Essay" essay for you Create order Some historic examples of crisis due to bubbles in asset price are the Dutch Tulipmania, the South Sea bubble in England, the Mississippi bubble in France and the Great Crash of 1929 in the United States. Examples of the crisis due to bubbles in real estate and stock prices can be seen in Japan in the late 1980s. Norway, Finland and Sweden had similar experiences in the 1980s and 1990s. In emerging economies financial crisis have occurred in countries like Argentina, Chile, Indonesia, Mexico, Malaysia, Thailand and South Korea. The focus and motivation behind this paper is to look at the bubbles in the asset prices and what leads to the creation of bubbles and further recession in the economy. Chapter 1 gives an introduction about the bubbles, stages and phenomenon involved in the asset price bubble. In Chapter 2 we discuss about how bubbles are created in asset prices due to uncertainty about the asset payoffs i.e. uncertainty in the real sector and anticipation of the credit expansion which is the uncertainty in the financial sector through a formal model. In chapter 3 we focus on the methodology of detecting a bubble and the effects of the bubble burst in the economic and financial sector. In chapter 4, the possible actions that are required to be taken by the policy makers and how crisis could be prevented is discussed and thereafter the paper is concluded with some remarks and discussion. STAGES AND PHENOMENON An economic bubble is referred to as a situation where assets or products are traded at a value which is higher than their fundamental value. There are many kinds of bubbles that have been observed in the past like stock market bubble, real estate bubble and dotcom bubble and there have been many explanations suggesting uncertainty, speculation, bounded rationality, credit expansion as the cause of these bubbles. The bubbles in asset prices have three distinct phases: The first phase is the conscious decision by the Central bank to increase the amount of lending in the economy as a step towards financial liberalization. This credit expansion leads to the rise in the asset prices such as real estate and stocks. The second phase is when the bubble of rising asset prices bursts and stock and real estate markets collapse over a long period of time. The third phase is characterized by the default of many firms and other agents that have borrowed to buy assets at inflated prices. These defaults can lead to banking crisis since banks are overexposed to the equity and real estate markets Then foreign exchange crisis occur because of the dilemma faced by the government to lower interest rates to ease banking crises or raise interest rates to protect the currency. Finally, the real sector of the economy is affected with significant fall in the output and recession which lasts for long. Japanese bubble in 1980s and 1990s reflects this phenomenon. Asset prices rose steadily in most of the period of 1980s due to the financial liberalization in order to support the US dollar. The stock exchange reached its peak during 1989. In order to fight inflation, the bank of Japan tightened the monetary policy which led to sharp fall in the interest rates in 1990s. Stock prices and real estate rises also followed the similar trend. The third phase was the defaults and retrenchment in the financial system that also adversely affected the real economy. In Norway similar event occurred where lending increased by 40% in 1985 and 1986 and then oil price collapse helped to burst the asset price bubble and caused severe banking crisis and eventually recession. Amongst emerging economies Mexico was also affected by similar problem. In the early 1990s banks were privatized and financial liberalization occurred. Bank credit to private non financial enterprises increased from 10% of GDP to 40% of GDP in 1994 and stock markets also rose significantly. With the Colosio assassination and the uprising in Chiapas triggered the bubble burst and as a result the prices of assets and stocks went down and banking and foreign exchange crises occurred. In the above three examples there is the same basic progression of three stages but they also exhibit differences. The most important nature of the events is the bursting of the bubble and in many cases a change in the real economic activity triggers the bubble burst. BUBBLES IN ASSET PRICES Asset prices are related to the amount of credit and how uncertainty about asset payoffs can lead to bubbles in an intermediated financial system. Investors borrow in order to invest in risky assets and they avoid losses in the low payoff states by defaulting on the loan. This risk shifting causes the assets to be priced above their fundamental value and bubble is created. The credit expansion has an originating effect on the asset prices as it encourages the investor to fund the risky investment. But along with credit expansion the uncertainty and the anticipation of future credit expansion can also increase the current asset price. Risk can originate both in the real as well as in the financial sectors. Both the concepts of rising asset prices are discussed below in the form of models. ASSET PRICING WITH UNCERTAINTY GENERATED BY THE REAL SECTOR This model analyses the effect of uncertainty in the price of the risky assets that leads to the creation of bubble. The source of uncertainty is the randomness of the real asset returns. There are two time periods, t= 1,2 and a single consumtion good at each date There are two assets: a safe asset (variable supply) and a risky asset (fixed supply). The safe asset, Xs has a fixed return r to the investor i.e. the rate of return is rXs units of the consumption in 2. The risky asset, Xri has a return RXri in 2, where R is a random variable with a continuous positive density h(R) on the support [0, Rmax] with a mean RÃÆ'Å’Ã ¢Ã¢â€š ¬Ã‚ ¦. The return on safe asset is determined by the marginal product of capital in the economy. The equilibrium or the market clearing condition for capital goods is: r=f (Xs) The risky asset also has a non pecuniary cost of investing, c(x), the purpose of which is to restrict the individual portfolios so that in equilibrium borrowers make positive expected profits. Now there are risk neutral investors who borrow from banks to invest in the safe and risky assets. There are also risk neutral banks who lend to the investors under restricted simple debt contracts as they cannot condition the terms of the loan on the size of the loan or on asset return. Now investors can borrow as much as they want at the going rate of interest. For the safe assets, any rate of return on the asset not equal to the contracted rate of interest would be inconsistent with the assumptions of the competition in the corporate sector and so in equilibrium the return on the safe asset is equal to the contracted rate of interest on loans. The investor who has borrowed from the bank to invest in risky asset does not bear the full cost of borrowing if the investment turns out badly. This convexity generates a preference for risk. We now analyze the behavior of the investor. Assumptions: All investors are treated symmetrically and will be charged same rate of interest r. Banks supply loanable fund B inelastically and the rate of interest adjusts to clear the market. The optimization problem faced by the representative investor is to decide how much to borrow and its allocation between the two types of asset. The total amount borrowed is: B=Xs+PXri where P is the price of the risky asset. The repayment to the Bank will be: r (Xs+PXri). The liquidation value of the portfolio is rXs+RXri. Therefore, the payoff to the investor at date 2 is RXri-rPXri So investors problem is: maxwhere Xri 0 (1) where R* = rP is the critical value of the return to the risky asset at which the investor defaults. The optimal amount of safe asset is indeterminate and so it drops out from the investor decision problem. The market clearing condition for the risky asset is: Xri=1 The market clearing condition for the loan market is Xs+PXri=B where Xri=1 The equilibrium is described by the variables (r, P, Xs, Xri) where portfolios (Xs, Xri) solves the decision problem given the parameters (r, P) and the above two market clearing conditions are satisfied. There exists a unique equilibrium if RÃÆ'Å’Ã ¢Ã¢â€š ¬Ã‚ ¦ ÃÆ'†¹Ãƒâ€ Ã¢â‚¬â„¢ c (1) and the bank supply amount of credit B inelastically at rate of interest r which adjusts to equate the funds demanded with funds supplied. A borrower will default when the realized rate of return will be less than the rate of interest i.e. Rlt;rP. This difference in contracted and the realized rates of return is borne by the banks. The importance of this model is that it explains the risk shifting problem and the fact that risky asset is in fixed supply. Borrowers are attracted towards risky asset because they fall back on their loans in case of losses. When the asset return is high they receive the surplus and banks get their fixed return. So this implies that borrowers will bid up the price of the asset above its fundamental value which is the classic definition of a bubble. But the question is what the fundamental value is? The fundamental value can be defines as a value that an individual investor would be filling to pay for one unit of risky asset if there were no risk shifting, other things being equal. In this case the investor will choose the portfolio as follows: Max (Xs, Xri) 0 subject to Xs + PXri B Using first order conditions and Xri=1, the fundamental price is P*= 1/r [R-c'(1)] The equilibrium price with risk shifting is: P= [ We can see that PÃÆ'†¹Ãƒâ€ Ã¢â‚¬â„¢P*, that is there is an asset price bubble as long as the probability of default is positive. The risk shifting behavior is important for the creation of a bubble. It also points out a fact that the degree of riskiness of an asset determines the size of a bubble. Increase in the riskiness of an asset will increase the size of a bubble and also the probability of default. ASSET PRICING WITH UNCERTAINTY GENERATED BY FINANCIAL SECTOR Financial liberalization leads to an expansion of credit which increases the price of the assets and hence feeds the bubble in asset prices. These higher prices are further supported by further increase in the credit and asset prices. Neither the amount of financial liberalization and credit expansion is foreseen nor does the Central bank have full control on the amount of credit. Also there may be other economic changes like changes in policy, administration external environment that can alter the extent and amount of credit expansion. The model discussed below reflects how the uncertainty in the extent of credit expansion can increase the magnitude of the bubble. There are 3 time periods, t=0,1,2 and single consumption good at each date Assumptions: B is the amount of credit available for lending and is partially controlled by the central bank. Central bank can influence the amount of credit available in the economy by altering either reserve requirements or quantity of assets available to be used as reserves. This creates uncertainty among the investors and they rationally anticipate an expansion in B. At date 0, the level of B1 is treated by agents as a random variable with a positive, continuous density k (B) on the support [0, B1max]. The price of the risky asset at date 1, P1 (B1) and is also a random variable. The safe asset pays rt x at date t + 1 if x is invested at date t = 0, 1. The owner of the risky asset receives a payoff of Rx at date 2. There is short term borrowing at dates 0 and 1. Entrepreneurs initially own the asset in fixed supply. At date 0 they sell it to the investors who own them till date 1 and then these new investors sell the risky assets at date 1 to final group of investors who own them till date 2. Investors in the risky asset incur the investment cost c(x) at each date t = 0; 1. Now the risky asset has a certain return RÃÆ'Å’Ã ¢Ã¢â€š ¬Ã‚ ¦. It is risky because it is a long-lived asset and is subjected to the fluctuations at date 1. Now the uncertainty comes entirely from the credit expansion B1. Now the equilibrium price of the risky asset at date 1 when there is no uncertainty involved is: P1= Let P1 (B1) denote the equilibrium value of the risky assets price at date 1 when the credit level is B1, then P1 (B1) is continuous and increases in B1. Then representative investors problem at date 0 is: Max X0R0 where, P0: price of the risky asset at date 0. (X0S, X0R): portfolio chosen at date 0. r0: borrowing rate at date 0 B*1: value of B1 at which the investor is on the verge of default at date 1: P1 (B*1) = r0P0 Equilibrium is defined by the variables (r0, P0, B*1, X0S, X0R), where the portfolio (X0S, X0R) solves the investors decision problem given (r0, P0, B*1), and the following market clearing conditions are satisfied: X0R = 1 X0S + P0X0R = B0 r0 = f0(X0S) There exists a unique equilibrium if E [P1 (B*1)] ÃÆ'†¹Ãƒâ€ Ã¢â‚¬â„¢c (1), equilibrium price will be P0= ( Here the uncertainty about B1 took place of the uncertainty about R. When there is financial liberalization the uncertainty arising from government and central bank policies on credit expansion can dwarf the uncertainty and the agency problems with real payoffs on asset. It is the interaction between financial uncertainty and agency problem in the intermediation that leads to asset bubbles and subsequent severe financial crises. EFFECTS OF ASSET PRICE BUBBLE BURST Asset price crashes or bursts have often been associated with declines in the economic activity, financial instability and sometimes large budgetary costs from the recapitalization of the banking systems. The asset price bust has effects on both macroeconomic and financial activities. While every asset price bust is different and depends on circumstantial factors such as the underlying shocks, the analysis shows that asset price busts and concurrent macroeconomic developments in the postwar period in industrial countries share common patterns that provide a relevant point of reference for assessing the current busts. These patterns are identified using event analysis-that is, on the basis of their timing, which does not imply causality.1 The procedure used to identify booms and busts in asset prices and turning points in these prices for the postwar period is based on the method developed in business cycle analysis and involves two steps: Determination of asset price cycles- turning points in the level of broad equity price indices define the cycles in those prices. Typically Bull and Bear markets are the asset market equivalents of expansion and recessions. Identification of booms and busts- based on the full set of bull and bear market, booms (busts) were identified as those episodes with large price increases (decreases). Busts begin one quarter after the peak and end with the trough quarter. Booms begin with the peak and end with the subsequent peak and they are identified on the basis of price increases over the full cycle. Equity price turning points were identified using quarterly real equity price indices for 19 industrial countries. The regular equity price indices were deflated using consumer price indices. The primary data source for these prices was the IMFs International Financial Statistics. The analyses suggest main points: Equity price busts on average occurred about once every 13 years, lasted for about 2.5 years and involved price declines of about 45 percent (though the busts in the mid-1970s averaged about 60 percent) and only about one-fourth of equity price booms were followed by busts.2 Asset price busts leads to output losses reflecting declines in the growth rates of private consumption, investment in machinery and equipment and investment in construction and housing prices. On average, the output level three years after an equity price bursts was about 4 percent below the level that would have prevailed with the average growth rate during the 3 years up to the bust. There are significant price spillovers across asset classes. In an equity price bust, housing prices tended to decline in tandem with equity prices, while in a housing price bust equity prices fell more quickly and by a larger amount than housing prices. Asset price busts are also linked with reductions in the growth rates of private credit and broad money. The magnitude of the asset price fall during a bust depends in part on the size of the run-up in prices prior to the bust. Similarly, the extent of the slowdown in investment growth during a bust depends in part on the earlier pace of investment. Market-based systems tended to suffer larger output losses than bank-based systems during equity price busts. This is consistent with the high exposure of banks to real estate lending, and the importance of equities in household assets in market-based systems. Asset price booms are generally associated with a large increase in corporate investment and borrowing, driven by strong domestic demand, strong expected rates of return, and strong cash flow. Once the uncertainty regarding the expected profitably becomes clear or that corporate financial health is in danger, this process is reversed, as firms try to adjust by retrenching their balance sheets and reducing investment. The impact of the recent equity price bust on corporate balance sheets has so far been somewhat smaller than in the episodes of the late 1980s and early 1990s-in part because valuations have remained above historical levels, sharply lower interest rates have helped shore up corporate liquidity, and the boom was concentrated in the information technology (IT) sector, where low leverage helped mitigate spillovers to the banking sector. However, corporate leverage remains relatively high, and may continue to be a drag on recovery for some time, particularly in Europe where investment is largely financed through bank borrowing rather than equity.

Essay about Agricultural pollution - 1120 Words

There are countless sources of water pollutions that exist today due to our industrious and technologically advanced lifestyles. However, the most vexing is caused by the most basic necessity for survival, Agricultural Pollution. Agricultural Pollution is defined as, â€Å" liquid and solid wastes from all types of farming activities, including run-off from pesticide and fertilizer use, and from feedlots; erosion and dust from ploughing; animal manure and carcasses; and crop residues and debris. In essence Agricultural Pollution is a nonpoint source water pollutant since it comes from various locations and cannot be pinpointed† (EPA-web). Although there are many practices already in place that will decrease the pollution, increase†¦show more content†¦Livestock Grazing Overgrazing exposes soil, increasing the chances of erosion, encourages adverse plants, and destroys water filtering vegetation. Irrigation Excessive irrigation can decrease the amount of water that flows naturally into streams and rivers by erosion as well as transport concentrated salts to. Pesticides As with the other chemicals, pesticides, herbicides, and fungicides, are used to produce a quality product for the consumers. These chemicals affect water pollution through run off, direct application, and atmospheric deposition. TABLE 1: Leading sources of water quality impairment in the United States (US-EPA, 1994) Rank Rivers Lakes Estuaries 1 Agriculture Agriculture Municipal point sources 2 Municipal point sources Urban runoff/storm sewers Urban runoff/storm sewers 3 Urban runoff/storm Hydrologic/habitat modification Agriculture 4 Resource extraction Municipal point sources Industrial point sources 5 Industrial point sources On-site wastewater Resource extraction Unbeknownst to the general public, outside of the enthusiastic environmentalist, the Neuse and Trent Rivers are heavily contaminated and yet authorities are doing little about it as far as prohibiting swimming, fishing, and water collection for drinking. 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Committee on reorganization Free Essays

Leone P. Aboard, DVD, which basically aims for appropriate alignment of descriptive titles of seventeen (17) positions to be reconciled to actual nature of work rendered by the respective incumbents thereto under the Office headed by the latter, entails no change In salary grade levels and/or step Increments. The Local Government Code of 1991 (Republic Act No. We will write a custom essay sample on Committee on reorganization or any similar topic only for you Order Now 160) gives the lawful authority to the Sanguinary Penalizing the determination of positions paid wholly or mainly from the provincial funds (Section 447), to which the subject Letter- Request pertains. However, Section 325(f) of the same law provides a limitation for the exercise of such authority by the SP, to wit: â€Å"(f) No changes in designation or nomenclature of positions resulting in a promotion or demotion in rank or increase or decrease In compensation shall be allowed except when the position is actually vacant, and the filling of such positions shall be strictly made In accordance with civil arrive law, rules and regulations. The subject Request of the Honorable Governor complies with the Limitation abovementioned. In fact, it does not consist of promotion or demotion or of increase requesting Office had identified only twelve (12) positions to be re-titled. Because presently held by incumbents, such positions to be re-titled are requested in consonance with the certification issued by the Human Resource Management Office (HARM) of the Province. Thus, the positions of one Livestock Inspector V (Item No. 7) and four Livestock Inspector VI (Item No’s. And 6), as originally listed by the questing Provincial Veterinarian, had been excluded due to the finding made by the Office of the Governor of the absence of approved Qualification Standards to be met by the incumbent appointees thereto set forth by the Civil Service Commission, and as another requisite to be met so pointed out in the certification issued by the HARM. How to cite Committee on reorganization, Papers

What do you understand by the term Internet Culture Essay Example For Students

What do you understand by the term Internet Culture? Essay Even in contemporary society you are labelled as disadvantaged if you are unable to communicate with the masses. Computer Mediated Communication is set to become the defining factor between the Have and Have Nots. At the moment is you are not online you are not a member of the information superhighway. If you are not wired you are not involved. As more and more media begin to turn to the electronic forum many communication traditionalists are finding it hard to find a sense of place within the changing cultural standards. However, it is important to investigate the root of the superhighways phenomenal advantage. We will write a custom essay on What do you understand by the term Internet Culture? specifically for you for only $16.38 $13.9/page Order now Is the Internet progression manipulated or are you truly disadvantaged if you are not inline with the new codes of conduct in an increasingly electronic culture? After all as a society we have traditionally learned about new technologies and innovations from the more conventional communications media21. Culture is not yet at the advanced development that one would think. Individuals rely heavily on instinctual aspects of communication development. You do not instinctively turn to the Internet to find out what is on television. The tendency is still to turn to newspapers and the television magazines. It is on reviewing this information that you may turn on you television and see a commercial or programme that has provided further information at their website. It is only at this stage that the Have Nots may feel disadvantaged as they may be lacking access to home computing. What has become clear is that society has become more involved with cultural change. Rather than change happening and the individual trying to catch up, it would seem that change is being provoked by the masses and access to new forms of communication is becoming a national agenda. As the Internet becomes more and more mainstream the Have Nots within western society are demanding the access to the media involved with being wired. Home computing is becoming cheaper and with cable and satellite hopping on the interactive bandwagon the line between the information elite and the masses is slowly being erased. However, it is not just having access that invokes knowledge. Society and Culture are slowly pandering to the easy answer to the complexity of computer mediated communication22. The plug in and surf motto of many mainstream computer companies is a message that is as much misleading, as it is misguided. What Internet Culture is heading for is questionable. If the majority of individuals do not understand the common language of communication we will be heading for a Big Brother type scenario were we are at the mercy of the computer programmers who understand the essence of computer programming languages. The future of the information superhighway and Internet Culture should not be based on ease of its use, it should be fundamentally based on thorough understanding, but at this point this concept is not being incited. Howard Rheingold makes this notion a cultural incentive by suggesting: We need a clear citizens vision of the way the Net ought to grow, a firm idea of the kind of media environment we would like to see in the future. If we do not develop such a vision for ourselves, the future will be shaped for us by large commercial and political power holders. 23 Whether or not the future of Internet Culture will be flourishing is inconsequential, however, the question of whether or not the Internet will be public or private is still being decided. Perhaps, what is more important to critically review is the question of whether or not the notion of power and control has already been answered for us, rather than by us. .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .postImageUrl , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .centered-text-area { min-height: 80px; position: relative; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:hover , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:visited , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:active { border:0!important; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .clearfix:after { content: ""; display: table; clear: both; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:active , .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .centered-text-area { width: 100%; position: relative ; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:hover .ctaButton { background-color: #34495E!important; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1 .ue0d6de0dbdc3e642b7fca5d9c1aec3d1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue0d6de0dbdc3e642b7fca5d9c1aec3d1:after { content: ""; display: block; clear: both; } READ: Gardner'S Grendel EssayBibliography Tapscott, Don Growing up Digital, the Rise of the Net Generation, McGraw Hill, 1998 Rheingold, Howard The Electronic Version of the Virtual Community, www. rhiengold. com/vc/book Turkle, Sherri Virtuality and its Discontents Searching for Community in Cyberspace www. prospect. org Turkle, Sherri Who Am We? , Wired Archive 4. 01 January 1996/Features www. wired. com/wired/archive/4. 01/turkle Zwingle, Erla National Geographic, Global Culture, August 1999, Volume 196, No. 2 Ong, Walter Orality and Literacy, The Technologizing of the World Routledge, 1982 Crowley ; Mitchell Communication Theory Today Polity Press, 1994 Porter, David Internet Culture Routledge, 1997 Slayden et al Soundbite Culture the Death of Discourse in a Wired World Sage, 1999 Jackson, Peter National Geographic, Global Culture, August 1999 Volume 196 No. 2 Williams, Raymond Keywords, A Vocabulary of Culture and Society Fontana Press, 1976 Anderson, Benedict Imagined Communities Verso Books, 1991 1 Jackson, Peter National Geographic, Global Culture, August 1999, Volume 196 No. 2 2 Williams, Raymond Keywords, A Vocabulary of Culture and Society, Fontana Press, 1976 3 Williams, Raymond Keywords, A Vocabulary of Culture and Society, Fontana Press, 1976 4 Slayden et al Soundbite Culture, the Death of Discourse in a Wired World, Sage, 1999 5 Oral Culture was temporally biased as it favoured time, physical and social stability and oral communication. 6 Ong, Walter Orality and Literacy, The Technologizing of the World, Routledge, 1982 7 Crowley ; Mitchell Communication Theory Today, Polity Press, 1994 8 Ong, Walter Orality and Literacy, The Technologizing of the World, Routledge, 1982 9 By this I am referring to the Internet and the ability that it has to converge most aspects of traditional communication that include; speech, print, visual images and more recently voice interactive communication. Prior to the Internet we had individual media that allowed individuals to do certain tasks, but not all and not entirely interactively. 10 Porter, David Internet Culture, Routledge, 1997 11 Zwingle, Erla National Geographic, Global Culture. August 1999, Volume 196, No. 2 12 Turkle, Sherri Virtuality and its Discontents: Searching for Community in Cyberspace, www.prospect. org/cgi-bin/printable. cgi 13 I say essential as a majority of people would not be able to function properly without a television, a computer and a wealth of electronic gizmos that they assume make their lives easier, and I do not mean it literally. 14 Rheingold, Howard The Electronic Version of the Virtual Community, www. rhiengold. com/vc/book 15 Surely there must be some repercussions associated with the new -found fluidity of the virtual world and the real world? Where do you draw the line between the real and the virtual? These are all questions that need to be reviewed, as I cannot imagine that the ability to have multiple identities is congruent with a healthy existence. 16 Turkle, Sherri Who Am We? Wired Archive 4. 01 January 1996/Features, www. wired. com/wired/archive/4. 01/turkle 17 Turkle, Sherri Virtuality and its Discontents, searching for Community in Cyberspace, www. prospect. org 18 Rheingold, Howard The Electronic Version of the Virtual Community, www. rhiengold. com/vc/book 19 Anderson, Benedict Imagined Communities, Verso Books, 1991 20 With this I am suggesting that individuals who could not read were subjugated. The elite were the individuals who were educated and subsequently acquired knowledge. Power struggles between the elite and the less fortunate have been historically documented. However the one thing that defines the struggle to achieve power is the mode of communication that is being adopted and configured. 21 Rheingold, Howard The Electronic Version of the Virtual Community, www. rhiengold. com/vc/book 22 Tapscott, Don Growing up Digital, the Rise of the Net Generation, McGraw Hill, 1998 23 Rheingold, Howard The Electronic Version of the Virtual Community, www. rhiengold. com/vc/book.

Second Grade Writing Prompts

Second Grade Writing Prompts Children in second grade are just beginning to develop their writing skills. By second grade, students should start expressing opinions, recounting narratives, and providing step-by-step instructions in their writing. These second grade writing prompts capitalize on age-appropriate topics to spark students’ creativity and engage them in the writing process. Narrative Essay Writing Prompts In their narrative pieces, students should recount a real or imagined event or sequence of events. Their writing should include describing details that indicate thoughts, actions, or feelings. They should conclude their narrative in a way that provides a sense of closure. Kindness Counts.  Write about a time that someone did something kind for you. What did they  do and how  did it make you feel?Special Day. Describe a special day that you and your best friend shared. What made it so memorable?Left Out. Have you ever felt left out? Write about what happened.Diaper Days. Write about something you remember from when you were a baby or toddler.Rainy Day Fun. It’s raining outside and your best friend is over to visit. What do you do?Happy Memories. Write a story about one of your happiest memories.Switch-a-roo. Describe what it would be like to switch lives with anyone in the world for a day. Who would it be and what would you do?School Sleepover. Imagine that you’re trapped in your school alone overnight. Tell what happens.Fly-on-the-wall. You wake up and discover that you’re a fly for the day. What do you do?Right and Wrong. Tell about a time when you were tempted to do the wrong thing, but you chose to do the right thing inst ead.Scary Stories. Write about a time when you were scared. Menu Madness. Imagine that you’re in charge of the school lunch menu for the week. What meals would you include?Wild and Wacky. Imagine your class is on a field trip to the zoo and one of the animals starts talking to you. What does he tell you? Opinion Essay Writing Prompts Second graders should write opinion pieces that introduce their topic and provide reasons to support their opinion, using words such as because and and to connect their reasoning. The paper should include a conclusion sentence. Fun and Games. What is your favorite game to play? Why is it better than other activities?Bedtime Tales. What is the best bedtime story your mom or dad has ever read to you? What made it the best?Travel Stops. If you could choose to stay in a tent, an RV, or a fancy hotel while traveling with your family, which would you choose and why?Playground Fun. What is the very best piece of equipment on your school’s playground? What makes it the best?Exotic Pets. If you could choose any wild animal for a pet, what would you choose and why?Study Choice. Your teacher has asked you to decide what topic the class studies next. What do you pick and why?Favorite subject. Which school subject is your favorite and why?Yucky or Yummy. Write about a food that you like but most people don’t. Why should people give it a chance?Play Time. Should your school give kids a longer recess time? Why or why not?Digital or Print. Which is better for reading, a printed book or a tablet?Allergies. Are you allergic to anything? Why is it important for people to know about your allergy? Drinks. Do you like milk? Soda? Lemonade? Name your favorite drink and give three reasons why it’s your favorite.Best Day. What is your favorite day of the week? Write an essay including three reasons why that day is the best. Expository Essay Writing Prompts Expository essays inform the readers about a specific topic. Second grade students should introduce their topic and provide facts, definitions, or steps to develop their point. School Day. You have a younger sibling who hasn’t started school yet. Tell him or her about a typical school day.Class Pet. Your class gets to choose a classroom pet for the year.  Name an animal that you think would make a good choice and explain  its needs (such as food, habitat, temperature).Favorite Food. What is your favorite food? Describe it as if no one else has ever seen or tasted it.Seasonal Fun. Pick a season, like summer or fall, and describe your favorite activity during that season.If You Build It. Think of a time when you saw something being built (like a house, a new road, or even a snowman). Explain the stages of the building process.Famous Firsts. Think about a famous first like the first person to walk on the moon or the first person to sail around the world. Explain why this first was so important.Famous People. Choose a famous person and explain what he or she did to become famous.Past Parties. Think of the best party you’ve ever attended and ex plain what made it the best. Favorite Film. Choose your favorite animated film of all time and explain why you love it.Bedtime. Explain why it’s important to get plenty of sleep every night.Funny Pet Tricks. Describe an unusual trick that your pet can do.Holiday Happenings. Select a popular holiday and explain why or how people celebrate it.Smelly Tale. Every place has different smells, good or bad. Describe two or three smells you associate with your home or school. Research Writing Prompts Students should also produce research-based writing by reading books on a topic and writing a report, recording science observations, or using provided materials to answer a question. Turtle Power. Why do turtles have shells?Digging Dinosaurs. Choose your favorite dinosaur and write a report including interesting facts about it.Under the Sea. Learn more about one interesting animal that lives in the ocean. Write a paper  about what you learned.  Places for People. Choose a unique home (such as an igloo or a mud hut) and explain why its suited for the environment in which it is found.Space. Choose one of the planets in our solar system and give five interesting facts about it.Science. Write an observation from a recent science lesson such as how plants grow or what makes up the water cycle.Famous people. Write a report about someone you are studying in your current history lessons.How Is It Made? Choose an everyday object (like LEGO bricks or toilet paper) and find out how it’s made.Desert Dwellers. Pick an animal that lives in the desert and write 3-5 interesting facts about it.Creepy Crawlies. What is the difference between arachnids and insects?Where in the World? Choose a state or country to research. Include 3-5 facts about the place in your report. What’s the Difference? Choose two similar animals, such as a horse and a mule, a crocodile and an alligator, or a leopard and a cheetah. Explain how to tell them apart.Sleep Habits. Some animals sleep standing up. Bats sleep hanging upside down. Birds sleep in trees. Choose an animal, bat, or bird and explain how they sleep without falling.

A Brief History of the Country of Morocco

A Brief History of the Country of Morocco In the Classical Antiquity era, Morocco experienced waves of invaders included Phoenicians, Carthaginians, Romans, Vandals, and Byzantines, but with the arrival of Islam, Morocco developed independent states that kept powerful invaders at bay. Berber Dynasties In 702 the Berbers submitted to the armies of Islam and adopted Islam. The first Moroccan states formed during these years, but many were still ruled by outsiders, some of whom were part of the Umayyad Caliphate that controlled most of northern Africa c. 700 CE. In 1056, a Berber empire arose however, under the Almoravid Dynasty, and for the next five hundred years Morocco was governed by Berber dynasties:  the Almoravids (from 1056), Almohads (from 1174), Marinid (from 1296), and Wattasid (from 1465). It was during the Almoravid and Almohad dynasties that Morocco controlled much of North Africa, Spain, and Portugal. In 1238, the Almohad lost control of  the Muslim portion of Spain and Portugal, known then as al-Andalus. The Marinid dynasty attempted to regain it, but never succeeded. Revival of Moroccan Power In the mid-1500s, a powerful state again arose in Morocco, under the leadership of the Saadi dynasty that had taken over southern Morocco in the early 1500s. The Saadi defeated the Wattasid in 1554, and then succeeded in holding off incursions by both the Portuguese and Ottoman Empires. In 1603 a succession dispute led to a period of unrest that did not end until 1671 with the formation of the Awalite Dynasty, which still governs Morocco to this day. During the unrest, Portugal had again gained a foothold in Morocco but was again thrown out by the new leaders. European Colonization By the mid 1800s, at a time when the influence of the Ottoman Empire was in decline, France and Spain began taking a great interest in Morocco. The Algeciras Conference (1906) that followed the First Moroccan Crisis formalized Frances special interest in the region (opposed by Germany), and the Treaty of Fez (1912) made Morocco a French protectorate. Spain gained authority over Ifni (to the south) and Tà ©touan to the north. In the 1920s the Rif Berbers of Morocco, under the leadership of Muhammad Abd el-Krim, rebelled against French and Spanish authority. The short lived Rif republic was crushed by a joint French/Spanish task force in 1926. Independence In 1953 France deposed the nationalist leader and sultan Mohammed V ibn Yusuf, but both nationalist and religious groups called for his return.  France capitulated, and Mohammed V returned in 1955. On the second of March in 1956, French Morocco gained independence. Spanish Morocco, except for the two enclaves of Ceuta and Melilla, gained independence in April of 1956. Mohammed V was succeeded by his son, Hasan II ibn Mohammed, upon his death in 1961. Morocco became a constitutional monarchy in 1977. When Hassan II died in 1999 he was succeeded by his thirty-five year old son, Mohammed VI ibn al-Hassan. Dispute over Western Sahara When Spain withdrew from the Spanish Sahara in 1976, Morocco claimed sovereignty in the north. The Spanish portions to the south, known as Western Sahara, were supposed to become independent, but Morocco occupied the region in the Green March. Initially, Morocco divided the territory with Mauritania, but when Mauritania withdrew in 1979, Morocco claimed the whole. The status of the territory is a deeply contentious issue, with many international bodies like the United Nations recognizing it as a non-self-governing territory called the Sahrawi Arab Democratic Republic. Revised and Expanded by Angela Thompsell Sources: Clancy-Smith, Julia Anne, North Africa, Islam, and the Mediterranean world: from the Almoravids to the Algerian War. (2001). MINURSO Background, United Nations Mission for the Referendum in Western Sahara. (Accessed 18 June 2015).

French Politics Research Paper Example | Topics and Well Written Essays - 1750 words

French Politics - Research Paper Example Sarko represents UMP (Union pour un mouvement populaire). He is neo-liberal, authoritarian, pro-American and pro-Israeli. Except for Socialist Francois Mittereand's 14 years reign, France has been ruled by right wing forces since 1958 when Charles de Gaulle ushered in the new Republican regime. Paving the way for the electoral victory of the 52-year old leader of the French Right were the simultaneous decomposition of the French Left and Sarkozy's successful unification of the three streams of the Right - neoliberal, national and fascist. When Sarkozy became "Monsieur le President de la Republique," the 23rd French chief of state, the sixth since the new Constitution of 1958 that initiated the Fifth Republic of France, his true intentions for promised new directions were still ambiguous. Upon the election of Nicolas Sarkozy there was a strong current in the media - both in France and internationally - claiming that "things had changed". Sarkozy, it was said, was the man who would cut back the "gluttonous" French state, "modernising" the economy by curbing the power of the unions and replacing the France of the 35-hour-week with a new more "flexible" culture that valued "hard work". French workers had to prepare for Sarkozy's onslaught. As we have seen with November's rail strikes, university occupations and rioting in the suburbs, resistance to Sarkozy is deep-rooted. Some activists have used the catch-cry "Sarko-facho" ("Sarkozy-fascist"); portrayed him as nothing but a lickspittle of George Bush; or, as the Iranian media now have it, a Mossad agent. Yet most of the French President's pronouncements seem to be in tune with the anti-working class, conservative and authoritarian political tradition of General de Gaulle. On the other hand, Sarkozy's underlining of great national objectives means distancing France from the spirit of liberal free trade. The French Left accuses Sarkozy of being authoritarian and of unstable character. The Left's electoral campaign early this year aimed at trying to rouse his ire and demonstrate his incapacity of leading la douce France. The crude reality is that while the French Left claims a monopoly on morality, the political Right dominates this largely conservative, extremely traditional nation. We only have to think back to spring 2006 when the previous UMP [Gaullist] government attempted to introduce the CPE law to undermine young workers' job stability, or 2005 when it backed the EU Constitution. The continuity in the history of the French right is examined in some detail in the latest issue of the Ni Patrie ni Frontires journal*, which devotes some 62 pages to assessing the character of so-called "Sarkozyism". Sarkozy has taken on great personal power, setting great store by his own image and casting himself as somewhat of a national saviour, in the mould of de Gaulle or a Napoleon. The assertion that Sarkozy represents an