Clinical Psychologists In India Health And Social Care Essay

This paper discusses the blank in current ethical criterions in the pattern of clinical psychological science in India followed by a suggested working paradigm of ethical criterions. Mental wellness services in India are plagued with fiscal restraints, deficiency of acknowledgment of clinical psychologists, widespread superstitious notion or ignorance, hapless educational preparation, and the deficiency of an organized and unified organic structure for the promotion of clinical psychological science. With due accent to these restraints, an moralss codification exemplar based on the four general rules of the Universal Declaration of Ethical Principles for Psychologists ( UDEPP ) ( 2010 ) is suggested. Culture specific criterions are referenced and included from bing criterions in India, and the American Psychological Association ( APA ) moralss codification ( 2002 ) . Keywords: Ethical motives, Clinical Psychology, India. Unified Ethical motives Code for Clinical Psychologists in India This paper discusses the blank in current ethical criterions in the pattern of clinical psychological science in India. A paradigm of a working moralss codification is suggested, with mention to the bing criterions in India, the Universal Declaration of Ethical Principles for Psychologists ( UDEPP ) ( 2010 ) and the American Psychological Association ( APA ) Ethical motives Code ( 2002 ) . The paper is divided into four subdivisions. Section 1 affirms the importance of holding an ethical codification for pattern. Section 2 delineates the present province of ethical behavior in India. Section 3 lists the structural and milieu considerations for pattern in India. Finally, subdivision 4 nowadayss a working paradigm of an ethical codification for pattern in India. The paper concludes with restrictions and suggestions for future work.Section 1: Importance of an Ethical motives codification: Why do we necessitate an moralss codification?The being of an moralss codification maintains public assurance ( Agarwal and Gupta, 1999 ; Fisher 2003 ) , educates professionals about outlooks of ethical and unethical behavior ( Fisher, 2003 ) , leads to allow intercessions ( Agarwal, 2010 ) , encourages grudges resort ( Fisher, 2003 ) , decreases external ordinance ( Fisher, 2003 ) and presents a line of defence in the instance of external engagement ( like jurisprudence ) ( Fisher, 2003 ) . Furthermore ethical pattern instills compassion and bravery, taking to a rewarding vocational and personal life ( Koocher and Keith-Spiegel, 2008 ) . An ethics codification is an indispensible tool for quality attention.Section 2: Ethical motives in India: PresentThis subdivision elucidates the current province of ethical pattern in India. Access to allow information was limited by scarceness of consistent and electronic information. The information presented here reflects available information. Overall there is limited consciousness about the services of clinical psychologists, yet there hav e been important betterments in handiness of clinicians in multiple scenes like general infirmaries, rehabilitation and mental wellness centres, vocational and educational organisations ( Prasadarao and Sudhir, 2001 ) . Three organisations that lay out some signifier of ethical rules for mental wellness practicians in India are the Indian Psychiatric Society ( IPS ) , the Indian Association of Clinical Psychologists ( IACP ) and the Rehabilitation Council of India ( RCI ) . The IPS adopted the ethical codification in 1985 and loosely divides the ethical rules into behavior between professionals and behavior of professionals with patients, important others and 3rd parties ( Agarwal and Gupta, 1999 ) . The IACP drafted a short and direct codification of behavior in 1993 and borrowed from the APA moralss codification ( Isaac, 2009 ) . The RCI lists clinical psychologists as one for the many rehabilitation professionals and adopted a codification of behavior in 1992, with generic guidelines. Common issues addressed by all three organisations are referrals, sentiments, consent, competency, confidentiality, client public assistance, 3rd party interactions, development and to a lesser extent research, adve rtizement and promotion ( Isaac, 2009 ; Agarwal and Gupta, 1999 ; RCI, 1992 ) . Other relevant statute laws are the Consumer Protection Act ( 1986 ) and People with Disabilities Act ( 1995 ) ( Prasadarao and Sudhir, 2001 ) that attempts to protect clients as consumers of mental wellness services. Overall, there are minimum resources to turn to ethical ailments in all three organisations. The moralss commission could either non be located on the web site or no formal grudge procedure was listed. Although IPS has made the most headway in puting up ethical criterions, ethical pattern is constrained by inadequacy in preparation and research ( Agarwal, 2010 ) . Nevertheless, IPS maintains some control over the ethical pattern of its members since head-shrinkers have to obtain a licence for pattern. In the sphere of clinical psychological science, there is incompatibility in the being of and entree to an ethical codification due to multiple psychological science related organisations ( IACP, RCI, National Academy of Psychology etc ) , without equal inter organisational communicating. More significantly, there is no legal, licensing and accreditation organic structure for clinical psychologists ( Isaac, 2009 ; Prabhu and Shankar, 2004 ) . It is impossible to enforce an ethical codification of behavior unless the enrollment, licensing, legal position and accreditation of preparation plans are unified. Apparently, RCI is supposed to be the authorization for clinical psychologists fo r official pattern ( P. Padakannaya, personal communicating, October 19 & A ; 21, 2010 ) . However, the voluntary nature of engagement with the RCI acts as a hindrance to practicians who can pattern even without this association. The deductions of unmonitored pattern can be terrible, doing irreversible injury to clients.Section 3: Ethical motives in India: FutureThis subdivision delineates the considerations required at assorted degrees to assistance in the development of a incorporate moralss codification in India.Degree I: Structure:The hereafter of a incorporate ethical codification for India Clinical Psychologists rests on two factors. First, there is a demand for a primary organic structure for clinical psychological science that oversees professional enrollment, licensing and preparation. Isaac ( 2009 ) considers it to be incumbent on the IACP to keep professional criterions. This may be appropriate since this is a specific organisation for the promotion of clinical psychologi cal science. The IACP can promote inter organisational communicating and muster resources for national acknowledgment. This is a gigantic undertaking sing the bureaucratic set up of India. Second, most Indian universities tend to hold their ain moralss commissions ( P. Padakannaya, personal communicating, October 19 & A ; 21, 2010 ) . An attempt towards inter university consistence in bring forthing general guidelines can be started at the same time. Professionals in the field, and university moralss commissions can be encouraged to direct in ethical quandary encountered to the centralized organic structure ( IACP ) , as was done in the creative activity and alteration of the APA moralss codification ( Fisher, 2003 ) . This is to a great extent dependent on the co-operation among universities and professionals ; yet another dimension of being a ego regulating profession.Level II: Foundational Milieu:Moral and spiritual beliefs along with assistance from the legal system and human ri ghts Torahs have been used as ethical determination devising theoretical accounts in India ( Sharma, 2003 ) . The Supreme Court has intervened to reform the distressing conditions of institutionalised patients, and the human rights Torahs have brought in international monitoring ( Sharma, 2003 ) . Persons routinely fall back on the Hindu construct of â€Å" karma † or transmigration of psyche whereby an person ‘s destiny is dependent on good workss in past and present lives, and mental wellness is seen as an result of bad workss ( Sethi, Gupta and Lal, 1977 ) . Indiscriminate acceptance of a western moralss codification is inappropriate due to cardinal differences in constructs of enduring. Suffering as cardinal and cosmopolitan in the E is in resistance to the individualisation of mental unwellness in the West ( Neki, 1975 ) . Further, struggles between ego subject ( east ) and self look ( west ) means appropriate accommodations in western psychotherapeuticss that rely on consciousness and look ( Neki, 1975 ) .Level III: Basis:Three resources are used to develop a incorporate and working theoretical account of an moralss codification for Indian clinical psychologists: Existing ethical criterions in India ( IPS, IACP and RCI ) . The four guidelines set Forth in the Universal Declaration of Ethical Principles ( UDEPP ) ( 2010 ) . ( Respect for the self-respect of individuals and peoples ; Competent attention ; Integrity and Professional and Scientific Responsibilities to Society ) . The UDEPP is used as it was drafted in audience with assorted states ( including India ) and reflects cosmopolitan values in ethical pattern. Furthermore, the UDEPP was drafted to help in the development and alteration of moralss codifications all over the universe ( Gauthier, Pettifor and Ferrero, 2010 ) and is easy accessible. The APA Ethics Code ( 2002 ) . APA guidelines have informally influenced Indian ethical criterions ( Agarwal, 2010: Isaac, 2009 ) turn outing its utility.Section 4: Prototype of Ethical Standards of Practice in IndiaDue to the extended diverseness ( rural/urban, socioeconomic position, faith, caste etc ) , the appropriate place for India to follow is universalism whereby there are certain implicit in similarities in persons, but differences in manifestation ( Leach and Harbin, 1997 ) . Universalism besides represents the nucleus foundation of the UDEPP ( 2010 ) whereby similarities across civilizations have been translated into ethical guidelines. Hence, the format of the APA moralss codification ( 2002 ) which lists the wide general rules followed by more specific behavioural guidelines is worthy of emulation in India. Professionals can try to closely follow the aspirational values as a map of this diverseness. The four rules of the UDEPP ( 2010 ) are used as the steering foundation al values. The relevant rules of the IPS, IACP and RCI and embedded within these wide values. This paradigm represents the bare basic to turn to uniformity and consistence in ethical pattern.Respect for People ‘s Rights and DignityThis is the most cardinal and cosmopolitan criterion found across cultural and professional boundaries ( Gauthier, Pettifor and Ferrero, 2010 ) justifying inclusion. This standard promotes encompassing diverseness ( i.e. riddance of favoritism based on an person ‘s age, gender, faith, ethnicity, abilities etc ) and esteeming the worth of an person ( Gauthier, Pettifor and Ferrero, 2010 ) . Specifically, this standard addresses privateness, confidentiality and informed consent. Privacy and confidentiality. Agarwal ( 2010 ) emphasizes the intimate nature of client information, and informing the client of complete confidentiality except in certain state of affairss. Family plays an of import function in intervention and hence attention should be taken to obtain informed consent before discoursing information with the client ‘s household or the client can be encouraged to confide in the household ( Agarwal, 2010 ) . This is a developing construct as the person is treated as a portion of a unit instead than being completely independent. Widespread technological restrictions in the mostly agricultural society create complications with electronic medium and confidentiality. Breaching confidentiality in the instance of exigencies and tribunal orders with accent on documenting principle for action are borrowed from the APA moralss codification ( 2002 ) ( Agarwal, 2010 ) . Informed consent. This country is better formulated when compared to all other ethical criterions. Agarwal and Gupta ( 1999 ) raise the issue of â€Å" medical paternalism † where audience is considered as consent to intervention and the professional is expected to do determinations for the client. Blanket consent is rampant ( Agarwal, 2010 ) as most clients are sick informed about the nature of mental unwellness. The informed consent procedure so becomes built-in to chase awaying myths instead than as a defensive to legal liability in the US ( Agarwal, 2010 ) . Though there are standard written informed consent processs that bring in consistence in pattern, there is no information on the utility of these paperss. Emphasis on leaving comprehensive information to the client and relations so they can do an â€Å" sceptered determination † is desirable ( Koocher and Keith-Spiegal, 2008 ) . The burden of finding the client ‘s competency to take portion in informed consent ever rests with the clinician ( Agarwal and Gupta, 1999 ) . The Mental Health Act of India ( 1987 ) permits the consent of relations for intervention and nonvoluntary hospitalization if the client is found incompetent ( Agarwal and Gupta, 1999 ) . The Mental Health Act of ( 1987 ) lists the standards of nonvoluntary hospitalization as danger to self or others, benefit from hospitalization and incompetency of the patient ( Agarwal, 2010 ) . This is a clear case of the influence of jurisprudence in the mental wellness sphere ; the deductions being an addition in judicial engagement to the hurt of a ego regulating profession.2. Competent attentionThe act of bettering hurt is dependent on the professional ‘s capablenesss and therefore this standard warrants inclusion. The professional is expected to be good informed, monitor boundaries of competency and seek updated information from clip to cli p ( Fisher, 2003 ) . Competence includes attending to beneficence and non maleficence in behavior of human dealingss ( APA moralss codification, 2002 ) and personal competency. Harmonizing to beneficence and non maleficence, the professional is expected to move in the best involvement of the client by making no injury or minimising injury ( Fisher, 2003 ) . Harmonizing to Agarwal and Gupta ( 1999 ) , a head-shrinker has the duty to make no injury to the patient emotionally, physically and sexually. Sexual activity with a client, client ‘s important others and former clients is unethical ( Agarwal, 2010 ) . Agarwal ( 2010 ) further suggests avoiding a non curative relationship with the client wholly. The Indian criterions are conservative when compared to the APA ethical criterions of a two twelvemonth moratorium period before originating sexual contact. Future Indian ethical pattern demands to turn to countries of concern with clients and multiple function relationships in smaller communities as extensively addressed by the APA moralss codification ( 2002 ) . Indian professionals will frequently meet restrictions in competency due to a deficiency of r elevant diverseness preparation. Compulsory rural and urban practicum preparation may assist fix the professional. Veereshwar ( 2002 ) mentions the historical and culture-specific â€Å" guru-shishya † paradigm in therapy that equates a clinical psychologist to a friend, philosopher and usher, whereby the â€Å" guru † gives penetration to the â€Å" shishya † . There is some disagreement between the paradigm of â€Å" guru shishya † and allowing liberty to the client, which is complicated by medical paternalism. Indian professionals have to do a conjunct attempt to bifurcate information from direct suggestions. Personal competency or self care whereby professionals are to place state of affairss in which their personal issues interfere with their work ( Fisher, 2003 ) may be limited due to the famine of mental wellness professionals. IACP recommends referrals as appropriate ( Isaac, 2009 ) .3. IntegrityHarmonizing to UDEPP ( 2010 ) , professionals participate in unfastened and honest communicating to keep public assurance and judiciousness in keep backing information to protect safety and confidentiality ( Gauthier, Pettifor and Ferrero, 2010 ) . The Indian moralss codifications have specifically focused on psychiatric diagnosings as a possible are of concern. Agarwal and Gupta ( 1999 ) strongly promote the usage of psychiatric diagnosing merely for clinical appraisal and intervention. This is in visible radiation of the abuse of diagnosing to hold undue power over the client ( Agarwal, 2010 ; Agarwal and Gupta, 1999 ) . This dimension is non listed in the APA moralss codification ( 2002 ) and UDEPP ( 2010 ) perchance due to the overdone stigma and ill informed multitudes in India. Agarwal ( 2010 ) high spots alone state of affairss whereby important others ‘ of patients have inquiries about client ‘s matrimony, the consequence of mental unwellness on work, household, and the communicability of the unwellness. He cautions against publishing certifications of saneness requested by household to assistance in work and matrimony procedures. Isaac ( 2009 ) recommends cautiousness and equal coaction in these issues. False promises or keep backing information to minimise the agony of the patient frequently dud ( Agarwal, 2010 ) . Integrity besides involves turning away of unwise or ill-defined committednesss ( Fisher, 2003 ) .4. Professional and Scientific Responsibilities to SocietyHarmonizing to UDEPP ( 2010 ) , this criterion provides the larger context for the pattern of clinical psychological science wherein a duty towards the society is ingrained ( Gauthier , Pettifor and Ferrero, 2010 ) . This duty can be reflected in parts to research, continuing highest ethical pattern, and developing ethical consciousness ( Gauthier, Pettifor and Ferrero, 2010 ) , which makes for an accountable professional. The People with Disabilities Act ( 1995 ) efforts to supply equal instruction, employment and lodging chances for the mentally sick therefore incorporating mental wellness consumers into mainstream society. Meanwhile, sensitisation to ethical issues at educational institutes will lend to self monitoring persons. Isaac ( 2009 ) identifies the deficiency of answerability as the primary issue in India. This in bend is dependent on the being of an enforceable ethical codification for clinical psychologists which is obstructed by the deficiency of a incorporate government organic structure.DecisionThe suggested paradigm is limited by deficiency of specificity. However puting up a simplified, incorporate and enforceable papers is the first precedence . This is in bend dependant on the puting up of a centralised professional organisation. Meanwhile the suggested paradigm is developed to bring forth involvement and highlight the importance of ethical pattern as portion of quality attention. In the absence of clear, enforceable and applicable ethical rules, Agarwal ( 2010 ) suggests staying by the aureate regulation of â€Å" Do unto others † . Isaac ( 2009 ) recommends consciousness of one ‘s philosophical place to counter twenty-four hours to twenty-four hours ethical quandary irrespective of the ethical guidelines.

An Inconvient Truth

Teachers PreparatoryTichina Class 10R2/19/13 Inconvenient Truth is a descriptive title because it explains the inconvenience towards our global warming problem; and puts the truth towards our planets slow destruction. What makes this a good title is because the truth that Al Gore explains to the viewers is current. He explains the relationship between all the weather changes and global warming and how it is affecting the natural world environment. The inconvenience part explains how discomforted it is towards our planet, people and nature.To explain the basics of global warming I can start off with saying that global warming is mainly caused due to the greenhouse gas pollution. Out in space the sun sends heat waves towards earth which makes earth livable. So when the sun rays are sent down some are supposed to be sent back to the sun creating a mini cycle. But outside of the earth there is an atmosphere of greenhouse gases surrounding the earth. Now that there are more factories more greenhouse gases are being sent up to the atmosphere making the layer of gas thicker.That is causing the sun rays to be trapped in the earth making the temperature rise. What makes the truth of our global warming problem inconvenient is that temperature rises are affecting the animals. In Al Gore’s movie he explains to you that cold environment like glaciers; North Pole, South Pole and Artic are melting slowly. Polar bears and other cold environment species are losing their homes. In his movie he shows you how some glaciers from 1990 till now are fully melted and turning to land or how they are slowly becoming heated.In my case everyone should know that it’s bad and it will only become worse. Another way is how the water temperature is starting to rise. If any hurricanes or water storms were to be created; it would be double the effect because as also stated in Al Gore’s video whenever you have a high water temperature it will increase the wind velocity in any storm making it bigger in size. With that said we can move on to diseases that are another way the truth of global warming is inconvenient.Diseases are a strong life taker and have a long history behind it. The way global warming comes in is that we had some strange heat waves that occurred and caused illness towards people. In 2012 we broke the record for the hottest heat wave. It affected many people through sickness and other different ways. In a previous article I read in class they said that in 2003 a deadly heat wave swept across Europe killing an estimated amount of 35,00 people. Heat waves like that could amp up heat-related illness.In conclusion, as you can see Inconvenient Truth is a descriptive title because it explains the inconvenience towards our global warming problem; and puts the truth towards our planets slow destruction. Global Warming is a serious incident and should be taken care of early before it amplifies in the future. With that said I hope I gave you a desc riptive, explained response of how Inconvenient Truth is a good title. What global warming is and how the truth of global warming is inconvenient.

Obama and Romney Essay

In the midst of a heated presidential race two great leaders are vying for the affection of all of America. On the left side we have our current president Mr. Barrack Obama and on the right side his opponent Mr. Mitt Romney. On paper both are outstandingly qualified candidates and both have been trusted to hold a position of leadership over large numbers of people. Mitt Romney built his foundation through a strong career in business before becoming a politician, while President Obama stuck to the legal side of things building up his reputation as a civil rights lawyer and activist. In this review of both candidates I will attempt to unbiasedly inform the reader of their qualifications as powerful leaders including their foundations and backgrounds, their accomplishments, and their leadership capabilities. It seems justifiable to start with educational backgrounds as that is where both candidates began to really assume leadership positions. In the next section of this essay I will try to identify their earlier careers and how those experiences may qualify them to hold office as the President of the United States. Both candidates come from very prestigious educational backgrounds. Obama moved from Honolulu Hawaii to Los Angeles in 1979 to attend the Occidental College. It was there that he made his first ever public speech vocalizing his disdain for the Occidental College’s policy of apartheid pertaining to South Africa. In 1981 he transferred to Columbia University in New York City, where he majored in political science and with a focus on international relations, he graduated with a bachelor of arts in 1983. After some years of work at two corporations and a couple more as a community organizer which I will get into later Barack began to attend Harvard Law School in 1988, where he was selected as an editor of the Harvard Law Review and later became its president, being the first African American to ever do so. In 1991 he graduated with a J. D. magna cum laude. Mitt Romney’s education began at Stanford University in the year of 1965. It was there that he perhaps took his first political stance in his participation in the staging of a counter protest against a group staging a sit in at the university administration building in opposition to draft status tests. Romney left the country to stay in France as a Mormon missionary in 1966; his stay would last for 30 months fulfilling a traditional rite of passage in his family. Though it is not traditional education I feel obligated to state that during this stay in France Romney showed true leadership skills in becoming co-president of his mission where he oversaw the work of 175 others. Upon his return to the States he began attending Brigham Young University in 1969. Due to the culturally conservative nature of BYU Romney naturally managed to stay out of the radical turmoil that came along with the 60’s and 70’s and became president of the all male cougars club booster organization and it was in these years that he showed a new found discipline in his studies that he somewhat lacked before. In 1971 he earned a bachelor of arts in English with highest honors and gave a commencement speech to the whole of BYU. Wanting to pursue a path in business Mitt heeded his father’s advice and put off a career to attend a Juris Doctor/Master of Business Administration four year program coordinated between Harvard Law School and Harvard Business School. He graduated cum laude from this program in 1975. He was named a baker scholar for graduating in the top five percent of his class. Both of these men have incredibly impressive educational accomplishments and worked hard to earn a good social standing and in doing so gained advantageous leads amongst their competitors on their career paths. Our current president began his career In between his attendance at Columbia University and Harvard at the Business International Corporation and then at the New York Public Interest Research Group. Just before entering Harvard he worked as a community organizer in Chicago. During his summers at Harvard he worked in the law offices of Sidley Austin as well as Hopkins & Sutter. After his graduation he accepted a position as Visiting Law and Government Fellow at the University of Chicago Law School to work on his first book Dreams Of my Father which was published in 1995. From 1992 through 1996 he was a lecturer at the University of Chicago Law School, and from 1996 through 2004 he served as senior lecturer teaching constitutional law. Obama continues to show his comfort in a leadership role as he directed Illinois’s Project Vote, which was a voter registration campaign where he oversaw ten staffers and seven hundred volunteer registrars. This project achieved its goal of registering 1500,000 unregistered African American Citizens. In 1993 e also joined the Davis, Miner, Barnhill & Galland law firm where he specialized in civil rights litigation and neighborhood economic development. Obama served on board of directors for the Woods Fund of Chicago, and of the Joyce Foundation, which helped to fund the development of underprivileged communities in Chicago. To add to this already astounding list of accomplishments the young Obama would serve as founding president and chairman of the board of directors for the Chicago Annenberg Challenge 1995 to 1999. I would like to note that thus far Barack Obama has proved to show a real sincere care for the development of his community and his race. From 1991 to 2002 he has fought for what he believes is right and through his career choices and political actions has shown himself to be a credible and intelligent young leader. Romney’s early career which is also quite impressive holds just as much esteem as Obama’s and though it follows a different path his accomplishments should also be very highly regarded and held to an esteem just as high as his running mates. Upon his graduation from Harvard in 1975, Romney was recruited by several firms but chose to join the Boston Consulting Group, working as a management consultant for a variety of companies better preparing him for his later roles as a chief executive and further leadership positions. In 1977, he was hired by a management consulting firm in Boston name Bain & Company. The more admirable thing about Bain & Company that should be accredited to Romney’s decision to work there is that instead of just providing quick consulting to a company and then parting soon after he could now completely submerge himself into his clients business and continue to work with them until changes actually began to materialize. This really shows a concern for his clients well being and for the passion of Romney to better the lives of those that surround him. Within just a few years Romney was considered by the firm one their best consultants, and Romney assumed the position of vice president of this firm in 1978. In 1984 Romney left Bain & Company to start the spin off private equity investment firm called Bain Capital. AS CEO of this company he managed to become personally responsible for their success by investing in companies like Staples Inc, Dominoes Pizza, Sealy Corporation, and Sports Authority. Overall both of these men have proven themselves to be outstanding leaders, and in comparison it would seem that Obama is in a mindset that deals with his community and the well being of his race and all of the people he oversees. Romney’s mindset is that of a businessman and he exudes the qualities that a great leader should possess. Both have served terms in office, and before becoming our president Obama was elected an Illinois state senator in 1996. While in office he gained support for legislation that reformed ethics and health care laws. He sponsored a law that increased tax credits for low income workers, negotiated welfare reform, and promoted increased subsidies for childcare. In 2005 Barack Obama was sworn in as a U. S. Senator. And in 2008 he became the President of the United States of America. Romney has held office as the 70th governor of Massachusetts in 2003. In conclusion both men are great candidates for presidency and have proven themselves time after time to be successful leaders. It is up to you to decide which one holds a better plan for our future America. Whether you think that we need to focus on our nation’s financial crisis which might be right up Mitt Romney’s ally having done so for states and other businesses so many times before, or if you want America to focus on the well being of minorities, workers, women, and education, which is where Obama might take the reins. It is up to you to decide which would make the better leader when you cast your vote in November.

Women should get a chance to use birth control Essay

Women should get a chance to use birth control - Essay Example ines that, â€Å"Some women are afforded greater privacy in matters of reproductive control, while others are subjected to limited opportunities† (p.61). At the same time, birth control helps women to lead healthy sex lives because it reduces the scope of pregnancy. Zorea (2012) states that, â€Å"The intentional prevention and control of human conception is identified by many names but is today most commonly referred to as birth control† (p.3). So, birth control must be considered as an individual freedom of womenfolk in general. One can easily identify the fact that birth control is to be considered as a social responsibility. For instance, access to birth control methods prevents the rapid spread of some diseases; especially STDs. Rees (1997) states that, â€Å"Untreated STDs can cause lasting damage to the female reproductive organs, leading to ectopic (tubal) pregnancies, miscarriages, and infertility† (p.11). Besides, population explosion is a burning issue and the same can be resolved by controlling high birth rate. Women must have access to birth control methods because it is a moral responsibility. Engelman (2011) states that, â€Å"Birth control, however, unabashedly affirms the moral necessity of family limitation† (p.95). To be specific, birth control leads to the prevention of abortion. In addition, unwanted pregnancy is a moral issue and the same can be reduced by birth control. Summing, one can see that birth control is related to the individual freedom, social responsibility, and moral responsibility of womenfolk. So, birth control helps women to enjoy their individual rights. Besides, birth control acts as a social responsibility towards the society. On the other side, birth control is a moral responsibility. In short, women must fight for their rights and must gain access to different methods of birth

A New Deal for Blacks by Harvard Sitkoff Essay Example | Topics and Well Written Essays - 750 words

A New Deal for Blacks by Harvard Sitkoff - Essay Example However, Sitkoff notes that the New Deal did not entirely succeed in abolishing the killing of Blacks and did not improve upon their legal, social and economic standing. But the author holds that the New Deal played a major role in providing Blacks with immense influence in the federal government for addressing their apprehensions. It also included civil rights into the agenda of the Democratic Party. Moreover, the New Deal provided considerable hope to them as the federal government started paying attention to their cause, which was being entirely ignored for several decades (Sitkoff, 1978). Sitkoff is of the belief that although Blacks did not prosper much in America, they suffered the maximum during the Depression and were literally starving during the period prior to the New Deal. The whites had been holding marches to protest against allowing employment for Blacks until all whites were provided with jobs. Very few Blacks held public offices and they rarely had the opportunity to get college education. Sitkoff writes that the political advisors of President Roosevelt were always vetting his decisions so that no white from the South felt insulted. Although the outcomes could not be verified immediately, the initiatives taken by Roosevelt amounted to fighting against traditional practices and thoughts regarding racial inequality, which provided hope to African Americans that the federal government had started showing signs of caring for them. Sitkoff asserts that another factor leading to the fight against racial discrimination was the change in racial attitudes during the 1930s. The issue of race in politics was diluted whereby black votes began to be viewed as a means to maintain balance of power that gave political parties incentives if they won their support. Nazism had considerably reduced the historical influence of racism and the Communist Party played an important role in creating racial parity. A number of research activities were undertaken during t he period to show that dark skin did not imply inferiority. Such moral judgments fought against the historical philosophies that Blacks descended from Canaan, which had till then implied that they were obliged to serve. There was a shift in popular culture, which justified the change from historical to moral judgments. Popular plays and movies were produced during this time, such as Mulatto, Never No More, Kneel to the Rising Sun and Green Pastures, which combined with other examples to reveal that thoughts relative to race were now changing. Sitkoff has discussed a number of events occurring during this period that led to change. During President Roosevelt’s time, there was a historical transformation as the Supreme Court dealt with a large number of cases pertaining to racial equality and issues regarding unconstitutional rulings, jury selections and voting rights. Americans realized the duplicity of the Jim Crow laws that espoused racial equality but did not implement the laws. Segregation and lynching became important issues for politicians and inter-racial organizations such as the Urban League and NAACP that became very active during the 1930s. These developments created hope for African Americans in terms of civil rights, which is why the author argues that the large number of happenings during this time resulted in recreation of moral judgments towards Blacks. In his book, Sitkoff has

Dealing with conflicts Assignment Example | Topics and Well Written Essays - 750 words

Dealing with conflicts - Assignment Example The land was in a different area from my area of residence. After the purchase, another owner came up claiming that the land was his hence creating a conflict of interest on the right ownership of the land. This was attributed to the fact that, for a long period of time, the area had been faced with problems of land conflict (Adler & Proctor, 2010). This was what I was not aware of and it became a challenge after purchasing the land. It was challenging for me to defend this case because of the difference in our ethnic backgrounds. Date In order to arrive at an appropriate remedy, it was vital that we book an appointment with each other in order to discuss our fate. We agreed to meet after each of us had acquired the right documents that were valid in laying claims on the land. After two weeks, we were all ready to meet each other each accompanied by those who had sold the land. I turned up with all the relevant documents together with the financial transactions that I had undertaken in order to pay for the piece of land (Ronald & Adler, 1981). The claimer on the other hand, also turned up with documents that ended up not being valid and was forced to make a follow up to the person who had sold him the land. The conflict had now been extended to the third party. Negotiation of a Solution The incompatibility between the goals of the buyer and the seller ended up in a conflict between two parties hence a struggle. The scenario indicates that the buyer had negative intentions towards the opposing party with which we were conflicting for the land. The problem in this context was the lack of trust between the initial seller of the land and the buyer who had been conned. Through the win win experiment, it is clear that I won the conflict as it finally came out that the initial seller had negative intentions for his buyer. The seller may have tried to avoid the conflict by defending the first seller but the truth finally came out. This attempt to avoid the truth is a p essimistic attitude and this deceptive behaviour, goes ahead to make the conflict grow hence becoming unbearable in future (Adler & Proctor, 2010). Clans learn to hate their neighbours and conflicts become something normal and part of the society. The need in this context was to find the rightful owner of the land in question. The partner’s point of view was the fact that he also owned the same land I knew was mine. However, further interrogation by using the documents brought a valid solution and the owner was me. Pillow Method The pillow method, serves as a communication tool in which the actions of an individual are justified by his words and sometimes it is through some of the words that a conflict arises. This is because, we are likely to hear something different from what is expected and this may in the end bring about a conflict. For instance, there is the use of the words, â€Å"I’m right, you are wrong,† and they serve as judgmental statements that are likely to end up in conflict. Such statements, often elicit conflict in the sense that the parties have not listened to each other yet they are already judging the situation. It is always advisable to find the strengths in other people’s mistakes in order to avoid conflicts. This is however a rare trait in most individuals who are always quick to judge and confront those who wrong them and the result is a conflict (Crosland, 1987). The method was applicable in my conflict case in the sense that we were able to listen to the two differing parties and reach an applicable remedy to the conflict. This shows that communication is essential aspect in solving conflict and without it consensus and agreement cannot be

How does Turkey affects the Middle East and especially Syria Essay

How does Turkey affects the Middle East and especially Syria - Essay Example Turkey has been relating very well with most of her neighbors and acts as a model of moderation and mediation in the Middle East. This writing focusses on the position of Turkey regarding Syria as well as her relation with other countries in the region. Turkey is a contiguous transcontinental country lying between Western Asia and Southern Europe making it to act as a link between the Western region and the Middle East region. Turkey has had an increasing involvement with the Middle East in her broader frame of her foreign policy which extends to her relation with Western Allies. Turkey represents a n Islamic democracy which is integral for Western and the Islamic powers. Turkey’s position in the Middle East is seen by some other leaders as unwavering and does not represent the true spirit and opinions of many Turkish (Balci Web). Turkey is one of the powerhouses in that geographical location and neighboring countries wants to better their relationship but we have an unstable and volatile Prime Minister who is drunk and deranged with power so Turkey should not get physically involved with Syria or interfere with their internal affairs. Turkey is such an important nation not only in the Middle East because of her position to expend pronounced efforts to enhance peace, stability, democracy and tolerance in the Middle East. ... The country further plays a major role in distributing energy from Middle East to Europe which is very critical in the global economy. Also Turkey is seen as promoting Islamic democracy because it stands as a modern Islamic country which connects both the Western and the Islamic world (Demirtas Web). Turkey has always acted as a mediator and peace facilitator with her neighbors. It has attempted to democratize the Muslim world in the Middle East. Although seems to be uncertainty concerning her relations with neighbor after the introduction of the â€Å"zero problem with the neighbors† by the AKP regime, Turkey’s conflicts with her neighbors happen to eliminate the doctrine (Demirtas Web). The country has had several concerns which have seen it in an international unwarrantable situation by the fact that Europe tries to ignore her interests such as request for membership in the European Union. Even as Turkey was using her economic and political predominant role amongst h er Muslim neighbors to enhance peace in the region, her neighbors feel that Turkey is alienating them. For instance there has been deterioration of relations between Turkey and Syria, Iraq, Iran and Russia which may negatively impact the country (Candar Web). Entrance of Erdogen as a Prime Minister in 2004 was a major comeback for turkey as it tried to court her neighbors such as Syria and Iran and Ankara too reconciled with Damascus. However, tie between turkey and Syria was very close such that their forces conducted joint maneuvers while their foreign ministers came up with strategic cooperation council (Candar Web). They even signed huge economic contracts but the relationship did

Mobile VoIP and WiMAX Research Paper Example | Topics and Well Written Essays - 3500 words

Mobile VoIP and WiMAX - Research Paper Example By definition a protocol is a set of rules that is used to allow orderly communication (Kelly, 2005). Actually, even if another type of network is used, the same set of internet protocols are used to transmit voice over that particular network. In the present era, mobile phones have revolutionized the world in many ways. It is mainly because of the portability and comfort it offers. People pay huge sum of money to buy those classy and slim mobiles. It has actually become a status symbol. Mobile phone is more than just a call and texting device. With all the latest apps and android processors, mobile serve many multimedia purposes, therefore, further increasing its worth and demand. Keeping these factors in mind many VoIP service providers looked into new ways of integrating their technology with mobile phones. This will enable the user to use their mobile phones to route calls over the internet. This is known as Mobile VoIP. This term can be defined as a procedure of applying VoIP te chnology to your mobile handsets (Tracey, 2008). But it requires the mobile user to have access to mobile internet via 3G networks or Wi-Fi. To understand why many VoIP service providers turned towards mobile VoIP, it is important to dig up few years of VoIP market history. It is interesting to know that most of the giants in the mobile VoIP today did not started as mobile VoIP service providers. For example, Skype is one of the largest mobile VoIP providers today and it evolved in this particular market over the years of struggle and experimentation. Skype started to provide its services as Skype-to-Skype free calls that would require both users to use a computer and internet connection. By the beginning of 2008 Skype had 276 million registered users around the world who had talked over 100 billion minutes using this service. There is little

Is it free market or regulated financial systems that underpin Essay

Is it free market or regulated financial systems that underpin long-term economic success and effective corporate governance - Essay Example he financial system through restrictions, laws, requirements and guidelines aimed at influencing the economic outcome, protecting the consumers or environment as well as maintaining the integrity or stability of the financial system. The major problem is that any occurrence of financial crises has been perceived as a failure of the governments or other relevant institutions to apply the necessary regulatory control measures to avert such financial crises (Bernanke, 2000, p.21). On the other hand, the increased government involvement in matters of both market and financial systems regulation has been perceived as highhandedness on the part of the government, and thus criticized on the basis of stifling the free operation of the markets. Thus, either way, the law of unintended consequences always applies. The issue of the operation of the economy and the markets is a tricky one, due to the fact that a complete lack of control of the economic operations by the government makes economic crises more likely and severe in the future (Doepke and Schneider, 2010, p.72). Generally, government or formal regulation that is too heavy may stifle future financial efficiency, while at the same time hindering innovation (Meltzer, 2004, p.163). However, although free market is necessary for economic growth, many critics argue that it may not be sufficient condition for economic success and effective corporate governance. This paper seeks to critically compare the free market and the regulated market systems with a view to evaluating whether it is free market or regulated financial systems that underpin long-term economic success and effective corporate governance using the five major economies namely the USA, UK, Japan, Germany and China as case studies. There are a number of theories that have sought to explain the potential impacts of different financial systems on the overall long term economic success of a country and effective corporate governance. For example, the Theory of

History of architecture Research Paper Example | Topics and Well Written Essays - 1250 words

History of architecture - Research Paper Example Renaissance design involved utilization of hemispherical domes, aedicules, niches, and semicircular arches (Frommel 148). Villa Capra Rotonda is located in an isolated area outside Vicenza, a city in the northern region of Italy. Villa Capra Rotonda is built on a hilltop outside Vicenza. The building forms a square on top of the hill providing a clear view of the environment. Villa Rotonda is distinguished by the presence of four facades. Most of the ancient designs comprised a single facade. However, Palladio was able to include all the four facades in the design of Villa Rotonda, making it unique. Villa Capra Rotonda represents a more secular thinking in the Renaissance by bringing its patron closer to God (Palladio et al. 68). The building location indicates how the residents wanted to be closer to God. In addition, the Villa is highly lighted giving an indication of the purity and the close relationship the owner had with God. The dome created at the centre of the Villa is another indication of the relationship between the building and godliness. The building creates a connection to God since it was intended for retired priests from Rome. The design of Villa Capra Rotonda resembles that of most of the churches across Italy and Greek especially the inclusion of the semi-hemispherical domes at the building centre, hence a representation of heaven (Frommel., 2007, p. 48). Villa Capra Rotonda is located on a hilltop outside Vicenza in Italy. Most of the ancient churches were located away from the urban areas creating a God atmosphere for worshiping. Villa Rotonda is located in the countryside of Vicenza city which would give the pope an excellent atmosphere to pray and relate with God. The isolated location of the Villa is another reflection of its relationship with God. This is because; churches were not located in crowded places and the patron of Villa Rotonda decided to construct a resident who

Should teens in the US adopt the British custom of taking a gap year Research Paper

Should teens in the US adopt the British custom of taking a gap year between high school and college - Research Paper Example From the research it can be comprehended that the tradition of taking a gap year that is engrained in the European society could help young American become better individuals. A gap year can be dedicated to a variety of different activities. A person may use a gap year to pursue a dream such as learning how to paint, to play on a band, or on perfecting a particular craft such as acting or designing clothes. People with sporting talent may pursue a gap year in order to improve their game to possibly land a sporting scholarship once they apply to college. There is no specific path that a young person has to follow in their gap year. A person may just take the year off in order to blow off some steam from the educational system that forces student to continue four additional years of schooling after twelve consecutive years of the academic world. Sometimes young adults have difficulty deciding what career choice to choose from. The gap year can be used to help a young person decipher wh at to do with life in the future. A career is something that once a person chooses one they will be working at that craft for the rest of their lives. A young person can utilize the gap year in order to perform an internship in a corporation. Choosing a multinational corporation to realize an internship can give a young person an exciting firsthand look at corporate America. An internship can be an excellent opportunity to start creating a network with professionals of different backgrounds. A reality check for many young people when they aspire to go to college is that fact that college is a very expensive ordeal. When people graduate out of high they typically do not have any money for college expenses and they depend solely on the help of their parents and governmental economic assistance. For many students the gap year can serve as a solution for them to accumulate some money prior to starting college. Getting a job for year working can provide an opportunity for student to save money. Sometimes student have specific goals for their money such as saving up some cash in order to buy a car prior to starting college. Having your own car is very important for a young person because it gives the individual more liberty and provides a greater opportunity to enjoy social and cultural activities. Another potential reason to take a gap year is to fulfill the dreams of others in need by performing community service. Community service can be a very gratifying experience that can help young people mature and become better individuals. The efforts of people that perform community service are priceless to the community. There are some sophisticated community service program that allow young people an opportunity to travel to other parts of the world to help people in need. Young people with a desire to help can travel to other continents such as Africa. An

Johnson & Johnson Tylenol Crisis Essay Example for Free

Johnson Johnson Tylenol Crisis Essay Johnson Johnson had manufactured Extra-Strength Tylenol in capsule and tablet form since 1959. Tylenol became one of Johnson Johnson’s most successful products, accounting for 17 percent of the company’s profits. Extra-Strength Tylenol constituted 70 percent of all Tylenol sales. Johnson Johnson also enjoyed a tremendous amount of trust and goodwill from the public, nurtured in part by its adherence to the company credo of responsibility to customers, employees, shareholders, and the community. In 1982, seven people in the Chicago area died after taking Extra-Strength Tylenol capsules that were laced with cyanide. After this incident, the CEO of Johnson Johnson was faced with very serious, important decisions; should he recall only the extra strength Tylenol in Chicago or nationwide? He was also concerned that this incident would forever ruin the Tylenol name, even after the investigation, proved that the tampering did not occur within the company. I would have advised the CEO of the company to make a public announcement, assuring the pubic that these cases were isolated to the Chicago area, that this was by no way caused by the negligence of Johnson Johnson employees. Also, he would need to state that the company is doing everything possible to ensure that this does not occur again and that they were working closely with the authorities to determine the cause. I would also advise a nationwide recall. I believe that a recall should have been issued for the entire nation. Although this would cause a significant loss for the company, it would save their reputation. It would ensure the customers that the CEO was doing everything possible to protect them, which would help reestablish their trust in the company. If a recall were not issued, people still would not be buying the product and it would sit on shelves for months, even years, because people would always be fearful they would get a bad batch. If a recall were issued, this would not be called into question. The new batches would be issued with a tamper evident seal and there would be no question whether or not they were tampered with again. From an economic point of view, recalling the product resulted in a loss of an estimated $150 million dollars. Legally speaking, recalling the product could have saved Johnson Johnson millions of dollars in law suits not to mention certain laws that they had to abide by through the food and drug administration. Morally, Johnson Johnson did the right thing. They removed their product from store shelves, re-embedded a certain amount of trust in their company and potentially saved many, many more lives. These results do not significantly differ from the decision Johnson Johnson eventually made. Economically, the company suffered for a short period of time, but returned full force after precautions were made to ensure this never happened again, sealing the future of the company, literally and figuratively. The company benefitted from their credo because they stated their responsibilities and what they valued to the public which reinstated a certain amount of trust in the company again. There are other companies since Johnson Johnson that could have used a similar credo, for instance the peanut butter incident and the formula incident (both from a couple years ago). Both of these cases were similar because it involved poisoning of a product. The companies also eventually bounced back from the incident. I believe that the credo had a great deal to do with saving the company brand because it stated all of the main goals and responsibilities of Johnson Johnson. However, I think that developing the tamper-resistant packaging, recalling the product, and distributing over 80 million in coupons also had a great deal to do with it. Without all of these factors though, who knows whether or not the company would have been able to recover from this incident. I believe that Johnson Johnson should not have continued to market the capsule form as soon as it returned to the market. The incident was too fresh in the publics’ mind for it to sell as well as it had before the incident. I do however feel that the capsule form should have been reintroduced to the market after a few years. Upon discovering that there was another death three years later from a similar incident, I would advise the company to ensure that this death was not from the previously recalled batch. Also, since this incident was isolated to one person, it would seem that someone tampered with that particular bottle. With all of the new tamper-resistant packaging it would be nearly impossible for someone to poison a bottle with it going unnoticed. However, I would advise the CEO of Johnson Johnson to inform the public of the incident instead of trying to conceal it. I would be much more interested in purchasing a product from an honest company than one who hides mishaps.

Thanks For Not Killing My Son English Literature Essay

Thanks For Not Killing My Son English Literature Essay With hundreds of newspaper publications printed everyday, television, and Internet, you might ask yourself why do you need to read a short essay published in a college English book. Well, I decided to tell you the true story about this short essay. More importantly, I will tell you why you should read it. The essay Thanks for Not Killing My Son by Rita Schindler stands out from the crowd because it is emotionally intense, abundant in visual sentences, and very thought provoking. First, Rita Schindler combines attention-getter with persuasion technique in just 38 lines, each of them delivering full-impact feelings, making this essay intense and effective. The title is written in a way that immediately catches your attention. Thanks for Not Killing My Son its not a form to express gratitude to someone, but is instead used as irony. The constant repetition of the thank you will make you wonder at the mothers non-violent response to her sons beating, and also builds emotion in the end. However, by the end of the essay, when the mothers thanking becomes a pattern you begin to understand the patience and compassion of a loving parent. Using implied fright through the entire essay, Schindler creates another kind of emotion for the reader. When she says à ¢Ã¢â€š ¬Ã‚ ¦thank you for this eyesight, his hearing and his hands which you could have easily crushed. (Schindler 8), you may think that a similar attack can really affect you or someone you care about. The whole argument raises to a climax in the final point, which suggests the ultimate loss to parents, the death of a child. When the author says, You could have kicked him to death, but you only left him to die. Thank you. (Schindler 11) she alludes to what might well have resulted from the actions of the attackers. However, by the time you finish reading this essay, itll reveal to you a final emotion; she leaves death to the end, since its a thought she would not like to ever contemplate or experience (Schindler 11, 12). Secondly, you will find this essay abundant in visual sentences, making this another effective way to grab your attention. As soon as you start reading this essay, I can assure you that youll realize how powerful those visual sentences are, and you dont have to read too much. He was left lying in a pool of blood from an open head wound (Schindler 3) is the beginning of the third paragraph and reflects immediately the ferocity of the attack. Moreover, its not just the brutality of the attack itself, but the cruelty of leaving someone unconscious lying on a park alley in the middle of December. Reading more, you realize that this idea of using visual sentences becomes more frightening because the author has used specific examples of actual events instead of talking in general about the nature of violence (Schindler 5, 6, 7, 9). Finally, the essay is very thought-provoking and it raises many questions for you to think about. Since the attack against his authors son happened à ¢Ã¢â€š ¬Ã‚ ¦sometime between 1.30 p.m., Dec. 8, and 1 a.m., Dec. 9,à ¢Ã¢â€š ¬Ã‚ ¦in the Victoria Park-Terraview area, the first thought that will cross your mind will be about the sense of security and law enforcement on the streets of Toronto. You can think about this when you read this sentence: à ¢Ã¢â€š ¬Ã‚ ¦when his friends were talking about revenge, I heard him say, No, I dont want someone elses mother to go through mine has (Schindler 10). Our society needs to change the way we enforce the law, so revenge should not be our concern. The essay is also relevant to our times because it makes you think about todays parental guidance related to street violence. Apparently, you may say that is no connection between those two, but when Five guys and two girls à ¢Ã¢â€š ¬Ã‚ ¦beat one person definitely shows that parental guidance was n ot effective in this case. Any parent must exercise constant guidance and attention to their kids, and you can found this idea in the last sentence of the essay: I hope that someday youll have children and love them as much as I love mine- but I wouldnt wish on your child what you did to mine. (Schindler 13). In conclusion, reading Thanks for Not Killing My Son you will discover an emotionally intense, full of visual sentences, and thought-provoking essay. Giving you those reasons to read Rita Schindlers essay, lets make an effort and prove that the following rhymes from a well known song are wrong, and we can change our amazing world that we are live in. Theres somethin wrong with the world today. I dont know what it is. Somethings wrong with our eyes. / Were seeing things in a different way, and God knows it aint His. It sure aint no surprise. Were livin on the edge.  [1]  

Main Differences Between Realism And Liberalism Politics Essay

Main Differences Between Realism And Liberalism Politics Essay Thinking about the number of high-stake political issues and the wide variety of aspects in which people have tried to understand these issues and come up with effective ways of resolving them are all packaged in different intellectual traditions and worldviews. This essay approaches the question from fundamental assumptions and theories of international relations built on a distinctive set of arguments put forward by realist and liberalist theories, each trying to understand and get a clear view of international politics. The first part of this essay introduces realism and liberalism as theories of international relations showing the claims made by each theorist in defend of their traditions. The assumptions and implications are shown in the second part. Finally, the conclusion is drawn from the contradictions seen during the arguments. Realism is a paradigm based on the premise that the world is essentially and unchangeably a struggle among self-interested states for power and position under anarchy, with each competing state pursuing its own national interests. Realists believe in state security and as such cannot afford credibility in terms of securing a state to international governing body such as the United Nations. Rather, major powers such as the United States manipulate other states with their military and economic strengths. The game of international politics revolves around the pursuit of power: acquiring it; increasing it; projecting it, and using it to bring others to ones will (Kegley, 2007: p 29). Among the principal prophets of this worldview were E.H Carr, George F. Kennan, Thomas Hobbes, and Niccolo Machiavelli. At the risk of oversimplification, realisms message as summarized by Kegley (2007) is in the form of ten assumptions and related propositions: People are by nature narrowly selfish and ethically flawed and cannot free themselves from the sinful fact that they are driven to watch out for themselves and compete with others for self-advantage. Of all peoples evil ways, none are more prevalent, inexolerable, or dangerous than their instinctive lust for power and their desire to dominate others. The possibility of eradicating the instinct for power is a utopian aspiration. International politics is- as Thomas Hobbes put it a struggle for power, a war of all against all. The primary obligation of every state the goal to which all other national objectives should be surbodinated is to promote national interest and to acquire power for this purpose. The anarchical nature of the international system dictates that states acquire sufficient military capabilities to deter attack by potential enemies and to exercise influence over others. Economics is less relevant to national security than its military might; economic growth is important primarily as a means of acquiring and expanding state power and prestige. Allies might increase a states ability to defend itself, but their loyalty and reliability should not be assumed. States should never entrust the task of self-protection to international security organizations or international law and should resist efforts to regulate international behavior through global governance. If all states seek to maximize power, stability will result by maintaining a balance of power, lubricated by shifts in the formation and decay of opposing alliances that counters each other expansion motive (Kegley, 2007: p 31). Liberalism on the other hand, is a paradigm predicated on the hope that the application of reason and universal ethics to international relations can lead to a more orderly, just, and cooperative world, and that international anarchy and war can be policed by institutional reforms that empower international organizations and laws. At the core of liberalism is an empahsis on the impact ideas have on behavior, equality, dignity and liberty of the individual, and the need to protect people from excessive state regulation. Liberalism views the individual as the seat of moral value and virtue and asserts that human beings should be treated as ends rather than means. It emphasizes ethical principle over the pursuit of power, and institutions over capabilities as forces shaping interstate relations. It defines politics at the international level more as a struggle for consensus rather than a struggle for power and prestige. Pioneers of Liberalism include David Hume, Jean Jacques Rosseau, Im manuel Kant (Kegley, 2007: p 31). Collectively, the post-World War 1 liberalists embraced a worldview that emphasized the power of ideas in controlling global destiny, based on the following beliefs as postulated by Kegley (2007). Human nature is essentially good or altruistic, and people are therefore capable of mutual aid and collaboration through reason and ethically inspired education. The fundamental human concern for others welfare makes progress possible. Sinful or wicked human behavior, such as violence, is the product not of flawed people but of evil institutions that encourage people to act selfishly and to harm others. War and international anarchy are not inevitable and wars frequency can be reduced by strenghtening the institutional arrangements that encourage its disappearance. War is a global problem requiring collective or multilateral, rather than national, efforts to control it. Reforms must be inspired by a compassionate ethical concern for the welfare and security of all people, and this humanitarian motive requires the inclusion of morality in statecraft. International society must recognize itself in order to eliminate the institutions that make war likely, and states must reform their political systems so that democratic governance and civil liberties within states can protect human rights and help pacify relations among states (Kegley, 2007: p 26-27). Even with the emergence of liberalism and the rapid rate with which it is being accepted, realism is more convincing. Realism is a perspective of international relations that treat issues from a practical point of view. Following this notion, realists draw a sharp distinction between domestic and international politics (Baylis et al., 2008: p 93). Realism has being influential in explaining international politics and it is clearly seen in historical conflicts when states struggle for the same goal. The relative power position of each state becomes the most reliable option. One can argue that the main distinctive feature of liberalism is its assertation that peace is possible and can result from a properly coordinated peace managed process by institutions such as the United Nations. For liberals, peace is the normal state of affairs: in Kants words, peace can be perpetual. War is therefore both unnatural and irrational, an artificial contrivance and not a product of some peculiarity o f human nature (Burchill et al., 2009: p 58). Accordingly, liberals also reject the realist notion that war is the natural condition of International politics. They also question the idea of state being the main actor on the world political stage. Liberals stress the possibilities for corporation and the key issue becomes devising an international setting in which corporation can be achieved (Baylis et al., 2008: p 5). Several instances which can be classified as realist act in response to the liberalist argument includes the beliefs that human being are naturally fixed, deeply flawed, and crucially selfish. To think otherwise is to make a mistake and it such a mistake that the realist accused the liberalist of making (Baylis et al., 2008: p 5). This viewpoint presents a systematic arrangement. If the assumption by realist is that human nature is naturally fixed and crucially selfish, then the whole idea of human generating an ideally perfect state is absurd. No institution can be s uperior to the qualities of the parties constituting it. Hence international peace becomes an objective beyond the limitation of any individual state party. Just as an individuals decision cannot be controlled by another, ones state integral disposition cannot be decided by another. Influence can be a compelling force sometimes, but the authority to make the decision always lies with the unitary entity. In words of Cranmer (2005), liberals also begin with the assumption that states are unitary and rational actors. However, liberals do not share the realist assumption that power is the means by which a states security is guaranteed, that states are the primary units of international politics. Liberal institutionalists, however, insist that the realist perspective does not exhaust the list of constraints on war over which states can and do exercise some control. States do not fight all others at all times and places where the realist constraints are weak (Dunne et al., 2010: p 96). In argument to this, defensive realist such as Waltz argues that states are profoundly defensive actors and will not seek greater amount of power if that means jeopardizing their own security. An aspect of this realist theory was clearly seen at the end of the Cold War between the United States and Soviet Union. The actions of the United States under President Ronald Reagan exemplified defensive realism, wh ile the actions of the USSR under Secretary Mikhail Gorbachev exemplified offensive realism. At some point during the Cold War, it became clear that the United States was in a relative power position when President Reagan started making concessions to the Soviet Union. Defensive realism accounts for this action. The behavior of the Soviet Union on the other hand, can be linked to offensive realism (Costa, 1998). Offensive realist such as Mearsheimer argues that the ultimate goal of a state is to achieve a hegemonic position in the international arena. States, according to this view, always desire more power and are willing, if the opportunity arises, to alter the existing distribution of power even if such an action may jeopardize their own security (Baylis et al., 2008: p 101). The proposition to this theory is the expectation of a state to decline in seeking power to gain greater amount of power if that means jeopardizing their own state security. The introduction of the Strategic Defense Initiative (SDI) by the United State president out-spaced the Soviets and the reaction of the Soviets Union leader in recalling the Red Army from Eastern Europe conforms to the expectations of offensive realism (Costa, 1998). The Cold War, in this account was not caused by anyone but was the natural result of bipolarity. Soviet expansion into Central and Eastern Europe arose from neither vicious rulers in the Kremin nor rabid anti-communists in Washington. The War in Vietnam was criticized by leading realists such as Niebuhr and Morgenthau. Robert Tucker (1985) opposed the Reagan administrations support of armed counter revolution in Nicaragua. And not a single prominent realist supported the American invasion of Iraq in 2003. These examples suggest a very important interpretation point. There are number of Quaker realist-as well as for War. Reality provides a theoretical account of how the world works. It can be used for peaceful purposes. For example, hundreds of thousand s of lives might have been saved, and millions of injuries avoided had the United States pursued a realist bipolar rivalry with the Soviet Union rather than ideological Cold War (Burchill et al., 2009: p 36). Liberals believe international laws and institutions reduce War frequency and create a more orderly and just global system. Realists are of the opinion that the task of self -protection must not be entrusted to either international institutions or international laws. Realist critiques of international institutions, however, do raise two important questions. How much of an impact can international institutions have in principle? And what effects do they in fact have in contemporary international relations? John Mearsheimer (1994/95) in a well-known provocative essay, The False Promise of International Institutions develops a strong and uncompromising argument that institutions have minimal influence on the state behavior. Institutions, according to this argument, can easily be ignored because they rarely exert a significant influence on the interest or interactions of states in anarchy (Donnelly, 2000: p 132). It is largely on the basis on how realists depict the international environ ment that they conclude that the first priority for state leaders is to ensure the survival of their own state. International politics is one of anarchy, and for this reason, the survival of a state cannot be guaranteed by any form of international arrangement. Self-help is the principle of action in an anarchical system where there is no global government. Realists do not believe that it is prudent for a state to entrust its safety and survival on another actor or international institution. Unlike in domestic politics, there is no emergency number that states can dial when they are in mortal danger (Baylis et al., 2008: p 93). It was commonplace during the 1990s for pundits and scholars to proclaim that the world was rapidly becoming peaceful and that realism was dead. International politics was said to be transformed with the end of the Cold War. Many argued that democracy was spreading across the globe and, because democracies do not fight each other, we have reached the end of history. Though international institutions have been proved to be useful in terms of reducing War and it frequencies and, despite the opinion expressed by its critics, that optimism was faded with the wake of September 11, if not disappeared altogether and realism has made a stunning comeback and has continued to be the dominant theory used to explain the nature of international relations throughout history. Its resurrection is due to the fact that almost every realist opposed the Iraq War, which has turned to a strategic disaster for the USA and the UK. But, more importantly, there is little reason to think that globalization and international institutions have crippled the state. Indeed, the state appears to have a bright future, mainly because of nationalism, which glorifies the state, remains a powerful political ideology (Dunne et al., 2010: p 92). As evidenced by most recent behavior of the United States in Afghanistan and Iraq, powerful states are able to overturn the non-intervention principle on the ground of national security and world order (Baylis et al., 2008: p 100). What was the position of the United Nations in Rwanda when 800,000 Tutsi were slaughtered by the Hutus? In Bosnia, the U.N. declared safe areas for Muslims but did nothing to secure them, letting the Serbs slaughter thousands in Srebrenica. The organizations meddling was worse than useless, its blue-helmeted troops were used as hostages by the Serbs to deter a military response from the West (Boot, 2000). These illustrations has assumptions of realism, in that states ensure its security and survival of its own, even if it has to go to war to achieve it. It does not seem realism has lost its esteem the way many proponents of liberalism argue. In the review of the theory that works best, realism seems to give a better explanation than liberalism. As argued above, it is likely that the 21st century will be a realistic century. Despite efforts of federalists to rekindle the idealist flame, Europe continues to be as divided by different national interest as it is united by a common good. History already foretold how the US policy-makers will react in the event that China maintains its economic growth by 2020 (Baylis et al., 2008: p 105). If powerful states such as the US could adopt a realistic posture, my opinion remains that realism, should be seen as a good manual for understanding international politics.

Comparing Albert Camus The Stranger (The Outsider) and Jean-Paul Sartr

Lack of Order in Albert Camus' The Stranger (The Outsider) and Jean-Paul Sartre's Nausea  Ã‚   Nausea, by Jean-Paul Sartre, and The Stranger, by Albert Camus, refuse to impose order on their events by not using psychology, hierarchies, coherent narratives, or cause and effect. Nausea refuses to order its events by not inscribing them with psychology or a cause for existence, and it contrasts itself with a text by Balzac that explains its events. Nausea resists the traditional strategy of including the past to predict a character's future. It instead focuses on the succession of presents, which troubles social constructions such as "stories" and "adventure." The Stranger resists traditional categories of order by not dividing Meursault's body and soul, or body and mind. It denies the order of cause and effect by providing no motive for the murder of the Arab, and resists a reductive reading of itself as a case history of a "monster." The novel contrasts its refusal to interpret with the coherent narrative that the prosecutors create. The Stranger and Nausea explore similar stra tegies as they interrogate ways to view the world without a system of interpretative illusions. Nausea refuses to assign order to its events by choosing not to justify them with psychology or cause. Roquentin finds himself unable to pick up a piece of paper, for no apparent physical reason. However, he refuses to psychoanalyze the event. He writes that he will not traffic in "secrets or soul states," or to "play with the inner life" (9). When he cannot pick up the paper, he decides that no explanation is necessary: he simply decides "I was unable" (10). By not assigning psychology, Roquentin allows the event to have a gratuitous existence. Similarly, ... ...contrasts itself with an inner text that uses interpretation to assign order to the events of the world. Nausea contrasts its denial of cause and psychology with the section from Eugenie Grandet, and The Stranger contrasts its refusal to assign a cause to the murder with the prosecutor's coherent narrative. They both incorporate gratuitous events, and refuse to supply an interpretation for them. Roquentin refuses to explain why he is unable to pick up the piece of paper in Nausea, and Meursault finds no means, or necessity, to interpret his murder of the Arab in The Stranger. Both novels explore ways to view the world without reducing it into a comforting but illusory system of order. Works Cited Camus, Albert. The Stranger, trans. Mathew Ward. New York: Random House, Inc., 1988. Sartre, Jean-Paul. Nausea. Trans. Lloyd Alexander. NY: New Directions, 1964.

Loss of Identity in the Techno-Culture Essay -- Clubbing Partying Tech

I began my inquiry into the "techno-sublime" by keying the term "techno-sublime" into Googe to see if the term had been coined before. Whilst there was no exact match, the first site that opened was http://www.sublime.net.au/chillout.html, 'The Chillout . clubbing is a planetary experience'. I had long been interested in the event of the techno-dance party, that total awesome experience where there is a collapse of individuality and a loss of individual boundaries as "I" become part of the collective techno-experience. It was uncanny to find myself at this site in search of the "techno-sublime" and yet it was precisely this exstasis or loss of identity in the face of the awesomeness of the techno-experience that was central to my understanding of the experience of the techno-sublime.[1] Ben Malbon's (1999) study, Clubbing: Dancing, Ecstacy and Vitality, has proved invaluable in providing support for my elaboration of the techno-sublime. Whilst Malbon's thesis is different from my own, the responses of some of his respondents as well as his own diary entries have become very important in supporting my thesis that there is a loss of identity or estasis within the particular experience of techno-culture that is clubbing. Thus in a diary entry, titled '4 a.m. - lost for words, lost in time and space, just lost.', Malbon writes: We all seemed to want the music to take us over; to become us in some way.. Clubbers were losing it all over the place ... people are just so close to each other; proximately and emotionally.. The intensity of this fusion of motions and emotions was almost overwhelming. (Malbon 1999:xii) This diary entry, in particular, speaks of an experience in which his sense of identity and rationality is subsum... ...nd vitality, London: Routledge. Newman, Barnett (1948) 'The Sublime is now' in Harrison, C. Wood, P. (ed) (1994) Art in theory 1900 - 1990: an anthology of changing ideas, Oxford, Blackwell: 572-574. Nye, D.E. (1994) American Technological Sublime, Cambridge Mass: MIT Press. Storr, A. (1992) Music and the Mind, London: Harper Collins. Notes [1]I had begun my inquiry into the techno-sublime by arguing that in creative practice there occurs a particular flux that I have termed "working hot". When one is working hot, I have argued, the performance produces a dynamical relation where the work of art performs rather than represents. In this space, or state, I argued there is exstasis, or a loss of identity. [2] My elaboration of the techno-sublime has been informed by Christine Battersby's and Barbara Freeman's theorization of the feminine sublime. Loss of Identity in the Techno-Culture Essay -- Clubbing Partying Tech I began my inquiry into the "techno-sublime" by keying the term "techno-sublime" into Googe to see if the term had been coined before. Whilst there was no exact match, the first site that opened was http://www.sublime.net.au/chillout.html, 'The Chillout . clubbing is a planetary experience'. I had long been interested in the event of the techno-dance party, that total awesome experience where there is a collapse of individuality and a loss of individual boundaries as "I" become part of the collective techno-experience. It was uncanny to find myself at this site in search of the "techno-sublime" and yet it was precisely this exstasis or loss of identity in the face of the awesomeness of the techno-experience that was central to my understanding of the experience of the techno-sublime.[1] Ben Malbon's (1999) study, Clubbing: Dancing, Ecstacy and Vitality, has proved invaluable in providing support for my elaboration of the techno-sublime. Whilst Malbon's thesis is different from my own, the responses of some of his respondents as well as his own diary entries have become very important in supporting my thesis that there is a loss of identity or estasis within the particular experience of techno-culture that is clubbing. Thus in a diary entry, titled '4 a.m. - lost for words, lost in time and space, just lost.', Malbon writes: We all seemed to want the music to take us over; to become us in some way.. Clubbers were losing it all over the place ... people are just so close to each other; proximately and emotionally.. The intensity of this fusion of motions and emotions was almost overwhelming. (Malbon 1999:xii) This diary entry, in particular, speaks of an experience in which his sense of identity and rationality is subsum... ...nd vitality, London: Routledge. Newman, Barnett (1948) 'The Sublime is now' in Harrison, C. Wood, P. (ed) (1994) Art in theory 1900 - 1990: an anthology of changing ideas, Oxford, Blackwell: 572-574. Nye, D.E. (1994) American Technological Sublime, Cambridge Mass: MIT Press. Storr, A. (1992) Music and the Mind, London: Harper Collins. Notes [1]I had begun my inquiry into the techno-sublime by arguing that in creative practice there occurs a particular flux that I have termed "working hot". When one is working hot, I have argued, the performance produces a dynamical relation where the work of art performs rather than represents. In this space, or state, I argued there is exstasis, or a loss of identity. [2] My elaboration of the techno-sublime has been informed by Christine Battersby's and Barbara Freeman's theorization of the feminine sublime.

Reaction Paper: Global Food and Beverage Industry Essay

As years go by, population rises, not just here in the Philippines but also in other regions of the different continents. And when the number of people multiplies so does their needs when it comes to providing food in their tables. Of course, for a very long time the Global Food and Beverage Sector has become part of the everyday lives of each person. No one can say that they can live without what can be provided by the said sector because most of us find profit in the jobs that can be provided for/come from the Food and Beverage Industry and that may be the reason why year after year the Food and Beverage Market boosts up in every corner of the world. But as the industry continues to rise so does the consumption of packaged food in many houses. Packaged Food may be convenient, enticingly packaged and for some people they’re so addictively tempting that indulgence is a constant, uncontrollable urge. But packaged foods are a collective Trojan horse of bad health just waiting to rear its nasty head when you least expect it, sometimes immediately and sometimes later on down the road, which means they’re definitely something you want to cut out of your diet for good. While it is true that it may help us save more and put less effort in preparing food to be served in our tables, it is something that we need to watch out for because we might not see the effects right now but when the consequence strikes back it might not be pleasant. Even if packaged food contributes to the growing impact on the Food and Beverage Industry, we must remember to prioritize our health first before anything else. We must help develop healthy packaged food that can be less in preservatives/additives to prevent the disease it causes to the ones who consume it.

Investment Avenues

INVESTMENT AVENUES 1. 1 INTRODUCTION TO INVESTMENT The money one earns is partly spent and the rest is saved for meeting future expenses, instead of keeping savings idle one may like to use savings in order to get returns on it in the future, this is called as investment. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth.In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. Mere earning will not help one to secure the future, so it becomes important to invest. One of the important reasons why one needs to invest wisely is to meet the cost of Inflation. Inflation is the rate at which the cost of living increases. The cost of living is simply what it costs to buy the goods and services you need to live.Inflation causes money to lose value because it will not buy the same amount of a good or a ser vice in the future as it does now or did in the past. The sooner one starts investing the better. By investing early one allow one’s investments more time to grow, whereby the concept of compounding increases one’s income, by accumulating the principal and the interest or dividend earned on it, year after year. The dictionary meaning of investment is to commit money in order to earn a financial return or to make use of the money for future benefits or advantages.People commit money to investments with expectations to increase their future wealth by investing money to spend in future years. For example, if you invest Rs. 1000 today and earn 10% over the next year, you will have Rs. 1100 one year from today. An investment can be described as perfect if it satisfies all the needs of all investors. So, the starting point in searching for the perfect investment would be to examine investor needs.If all those needs are met by the investment, then that investment can be terme d the perfect investment. Most investors and advisors spend a great deal of time understanding the merits of the thousands of investments available in India. Little time, however, is spent understanding the needs of the investor and ensuring that the most appropriate investments are selected for him. Before making any investment, one must ensure to: ? ? ? ? ? ? ? ? ? ? ? ? Obtain written documents xplaining the investment Read and understand such documents Verify the legitimacy of the investment Find out the costs and benefits associated with the investment Assess the risk-return profile of the investment Know the liquidity and safety aspects of the investment Ascertain if it is appropriate for your specific goals Compare these details with other investment opportunities available Examine if it fits in with other investments you are considering or you have already made Deal only through an authorized intermediary Seek all clarifications about the intermediary and the investment Expl ore the options available to you if something were to go wrong, and then, if satisfied, make the investment. 1. 2 INVESTMENT NEEDS OF AN INVESTOR Investing money is a stepping stone to manage spending habits and prepare for the future expenses. Most people recognize the need to put their money away for events or circumstances that may occur in future. People invest money to manage their personal finances some of them invest to plan for retirement, while others invest to accumulate wealth. Each one has a different need and each of them expect something from their money in future. By and large, most investors have eight common needs from their investments: i. ii. iii. iv. v.Security of original capital Wealth accumulation Tax Advantages Life cover Income 1. 3 TYPES OF INVESTMENT AVENUES Fi gure 1. 1: Various investment alternatives Source: Investment analysis and portfolio management Author: Prasanna Chandra Figure 1. 1 shows various investment alternatives which are explained below. One can invest money in different types of Investment instruments. These instruments can be financial or non-financial in nature. There are many factors that affect one’s choice of investment. Millions of Indians buy fixed deposits, post office savings certificates, stocks, bonds or mutual funds, purchase gold, silver, or make similar investments. They all have a reason for investing their money.Some people want to supplement their retirement income when they reach the age of 60, while others want to become millionaires before the age of 40. We will look at various factors that affect our choice of an investment alternative, let us first understand the basics of some of the popular investment avenues. 1. 3. 1 Non marketable Financial Assets: A good portion of financial assets is represented by non-marketable financial assets. These can be classified into the following broad categories: ? Bank Deposits: The simplest of investment avenues, by opening a bank account and depositi ng money in it one can make a bank deposit. There are various kinds of bank accounts: current account, savings account and fixed deposit account.The interest rate on fixed deposits varies with the term of the deposit. In general, it is lower for fixed deposits of shorter term and higher for fixed deposits of longer term. Bank deposits enjoy exceptionally high liquidity. ? ? Post Office Savings Account: A post office savings account is similar to a savings bank account. The interest rate is 6 percent per annum. Post Office Time Deposits (POTDs): Similar to fixed deposits of commercial banks, POTD can be made in multiplies of 50 without any limit. The interest rates on POTDs are, in general, slightly higher than those on bank deposits. The interest is calculated half-yearly and paid annually. Monthly Income Scheme of the Post Office (MISPO): A popular scheme of the post office, the MISPO is meant to provide regular monthly income to the depositors. The term of the scheme is 6 years. T he minimum amount of investment is 1,000. The maximum investment can be 3, 00,000 in a single account or 6, 00,000 in a joint account. The interest rate is 8. 0 percent per annum, payable monthly. A bonus of 10 percent is payable on maturity. ? Kisan Vikas Patra (KVP): A scheme of the post office, for which the minimum amount of investment is 1,000. There is no maximum limit. The investment doubles in 8 years and 7 months. Hence the compound interest rate works out to 8. 4 percent. There is a withdrawal facility after 2 ? years. National Savings Certificate: Issued at the post offices, National Savings Certificate comes in denominations of 100, 500, 1,000, 5,000 and 10,000. It has a term of 6 years. Over this period Rs. 100 becomes Rs. 160. 1. Hence the compound rate of return works out to 8. 16 percent. ? Company Deposits: Many companies, large and small, solicit fixed deposits from the public. Fixed deposits mobilized by manufacturing companies are regulated by the Company Law Boa rd and fixed deposits mobilized by finance company (more precisely non-banking finance companies) are regulated by the Reserve Bank of India. The interest rates on company deposits are higher than those on bank fixed deposits, but so is risk. ?Employee Provident Fund Scheme : A major vehicle of savings for salaried employees, where each employee has a separate provident fund account in which both the employer and employee are required to contribute a certain minimum amount on a monthly basis. ? Public Provident Fund Scheme: One of the most attractive investment avenues available in India. Individuals and HUFs can participate in this scheme. A PPF account may be opened at any branch of State Bank of India or its subsidiaries or at specified branches of the other public sector banks. The subscriber to a PPF account is required to make a minimum deposit of 100 per year. The maximum permissible deposit per year is 70,000. PPF deposits currently earn a compound interest rate of 8. 0 perc ent per annum, which is totally exempt from taxes. 1. 3. Bonds: Bonds are fixed income instruments which are issued for the purpose of raising capital. Both private entities, such as companies, financial institutions, and the central or state government and other government institutions use this instrument as a means of garnering funds. Bonds issued by the Government carry the lowest level of risk but could deliver fair returns. Many people invest in bonds with an objective of earning certain amount of interest on their deposits and/or to save tax. Bonds are considered to be a less risky investment option and are generally preferred by risk-averse investors. Bond prices are also subject to market risk. Bonds may be classified into the following categories: ? Government ecurities: Debt securities issued by the central government state government and quasi government agencies are referred as gilt edge securities. It has maturities ranging from 3-20 years and carry interest rate that u sually vary between 7 to 10 percent. ? Debentures of private sector companies: Debentures are viewed as a mixture of having a shareholding and a fixed interest loan. Debenture holders are normally entitled to a return equivalent to a fixed percentage of their initial investment. The security inherent in debentures makes them a safer investment than shares. ? ? Preference shares: Investing in shares is safer and dividends are assured every year. Savings bonds 1. 3. Mutual funds: A mutual fund allows a group of people to pool their money together and have it professionally managed, in keeping with a predetermined investment objective. This investment avenue is popular because of its cost-efficiency, risk-diversification, professional management and sound regulation. There are three broad types of mutual fund schemes classified on basis of investment objective: ? Equity schemes: The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes norma lly invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences.Growth schemes are good for investors having a longterm outlook seeking appreciation over a period of time. ? Debt schemes: The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short ru n and vice versa.However, long term investors may not bother about these fluctuations. ? Balanced schemes: The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. These are appropriate for investors looking for moderate growth. They generally invest 40-60% in equity and debt instruments. These funds are also affected because of fluctuations in share prices in the stock markets. However, NAVs of such funds are likely to be less volatile compared to pure equity funds. 1. 3. 4 Real Estate: Residential real estate is more than just an investment.There are more ways than ever before to profit from real estate investment. Real estate is a great investment option. It can generate an ongoing income source. It can also rise in value overtime and prove a good investment in the cash value of the home or land. Many advisors warn against borrowing money to purc hase investments. The best way to do this is to save up and pay cash for the home. One should be able to afford the payments on the property when the property is vacant, otherwise the property may end up being a burden instead of helping to build wealth. 1. 3. 5 Equity Shares: Equities are a type of security that represents the ownership in a company. Equities are traded (bought and sold) in stock markets.Alternatively, they can be purchased via the Initial Public Offering (IPO) route, i. e. directly from the company. Investing in equities is a good long-term investment option as the returns on equities over a long time horizon are generally higher than most other investment avenues. However, along with the possibility of greater returns comes greater risk. 1. 3. 6 Money market instruments: The money market is the market in which short term funds are borrowed and lent. These instruments can be broadly classified as: ? Treasury Bills: These are the lowest risk category instruments fo r the short term. RBI issues treasury bills [T-bills] at a prefixed day and for a fixed amount. There are 4 types of treasury bills: 4-day T-bill, 91-day T-bill, 182-day T-bill and 364-day T-bill. ? Certificates of Deposits: After treasury bills, the next lowest risk category investment option is certificate of deposit (CD) issued by banks and financial Institution (FI). A CD is a negotiable promissory note, secure and short term, of up to a year, in nature. Although RBI allows CDs up to one-year maturity, the maturity most quoted in the market is for 90 days. ? Commercial Papers: Commercial papers are negotiable short-term unsecured promissory notes with fixed maturities, issued by well-rated organizations. These are generally sold on discount basis. Organizations can issue CPs either directly or through banks or merchant banks.These instruments are normally issued for 30/45/60/90/120/180/270/364 days. ? Commercial Bills: Bills of exchange are negotiable instruments drawn by the se ller or drawer of the goods on the buyer or drawee of the good for the value of the goods delivered. These are called as trade bills and when they are accepted by commercial banks they are called as commercial bills. If the bill is payable at a future date and the seller needs money during the currency of the bill then the seller may approach the bank for discounting the bill. 1. 3. 7 Life insurance policies: Insurance is a form of risk management that is primarily used to hedge the risk of a contingent loss.Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company that sells insurance; insured or the policyholder is a person or entity buying the insurance. The insurance rate is a factor that is used to determine the amount which is to be charged for a certain amount of insurance coverage, and is called the premium. It can be classified as: ? Money-back Insurance: Money-back Insurance schemes are used as investment avenues as they offer partial cash-back at certain intervals. This money can be utilized for children’s education, marriage, etc. ? Endowment Insurance: These are term policies.Investors have to pay the premiums for a particular term, and at maturity the accrued bonus and other benefits are returned to the policyholder if he survives at maturity. 1. 3. 8 Bullion Market: Precious metals like gold and silver had been a safe haven for Indian investors since ages. Besides jewellery these metals are used for investment purposes also. Since last 1 year, both Gold and Silver have highly appreciated in value both in the domestic as well as the international markets. In addition to its attributes as a store of value, the case for investing in gold revolves around the role it can play as a portfolio diversifier. 1. 3. 9 Financial Derivatives: Derivatives are contracts and can be used as an underlying asset. Various types of Derivatives are: ? Forwards: A forward contract is a customized contract between two entities, where settlement takes place on a specific date in the future at today’s pre-agreed price. Futures: A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Futures contracts are special types of forward contracts in the sense that the former are standardized exchange traded contracts ? Options: Options are of two types – calls and puts. Calls give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. E. g. Currency swaps, inte rest swaps. 1. 3 EVALUATION OF VARIOUS INVESTMENT AVENUES Table 1. 1: Summary evaluation of various investment avenues Investment Avenues Return Current yield Equity shares Non convertible debentures Equity schemes Debt schemes Moderate Low Low High No tax on Very High Low High High High High Very High High Negligible Low Average Nil High Low Capital appreciation High High Fairly High High High Risk Marketability/ Liquidity Tax Shelter Convenience ividend Bank deposits Public provident fund Life insurance policies Residential Moderate Moderate Gold and Silver Source: Investment analysis and portfolio management Author: Prasanna Chandra Table 1. 1 shows the evaluation of various investment avenues. From this table we can say that risk, liquidity and return are the so called factors which are considered before making an investment. But there is a trade off between risk and return. Higher the risk higher is the return. Lower the risk and lower is the return. The decision of which mode of investment to choose largely depends upon the investors necessity and the factors which according to him is the most vital one. People with more security concern choose fixed investment like bank deposits and investments in government securities and various post office savings.The main reason for choosing such an investment mode is that the amount invested in the above stated securities seems to be very secure and hence they seemed to be more preferred one where security is the prime concern. People whom returns are most important are ready to take risk to earn fairer risk. The preferred mode of investment over here is equity shares and mutual fund. The risk factor in these modes of investment is basically the returns are basically performance based. If the company performs well the investors can accept fairer returns but if the company fails to perform then there can be a threat to the invested amount. Hence the returns are very volatile with the changes in the market conditions .Nil Moderate Negligible Low Average Average Nil Moderate Nil Average Nil Moderate Nil Average Section 80 C benefit Section 80 C benefit High Nil Fair Average Very High Very High Moderate Nil Negligible High Low Very High 1. 4 ATTRIBUTES OF INVESTMENT Investment can be said to be an art. Many people invest money without knowing what they are doing. Only a few people really understand the art of investing money. They invest according to certain principles. There are also certain factors that affect the investment decisions. All these are done mainly to increase the return on the investment and also to keep the risk to a minimum. The various factors that affect the investment decisions are given below. For evaluating an investment avenue, the following attributes are relevant. ) Rate of Return: The rate of return on an investment for a period (which is usually a period of one year) is defined as follows: Rate of return = Annual income + (Ending price – Beginning price) Beginnin g price Yield: Yield is the annual rate of return for any investment and is expressed as a percentage. With stocks, yield can refer to the rate of income generated from a stock in the form of regular dividends. This is often represented in percentage form, calculated as the annual dividend payments divided by the stock's current share price. Current yield= Annual cash inflows Market price Capital Appreciation: It’s the rise in the market price of an asset. Capital appreciation is one of two major ways for investors to profit from an investment in a company. The other is through dividend income. ) Risk: The risk of investment refers to the variability of its rate of return. A simple measure of dispersion is the range of values, which is simply the difference between the highest and the lowest values. Figure 1. 2: Relationship between Expected Return and Risk Figure 1. 2 shows the relationship between expected return and risk. From this figure it is clear that with higher risk the returns also increases while it decrease as the risk decreases. High variance indicates high degree of risk and low variance indicates lesser risk. Expected returns increases when investors is willing to take risk. Other measures commonly used in finance are as follows: ?Variance: This is the mean of the squares of deviations of individual returns around their average values ? Standard deviation: This is the square root of variance ? Beta: This reflects how volatile the return from an investment is, in response to market swings. ? Risk = Actual Return – Expected Returns If, Actual Return = Expected Return = Risk Free Investment If, Actual Return ; or ; Expected Return is risky investment c) Marketability: An investment is highly marketable or liquid if: ? ? ? It can be transacted quickly The transaction cost is low; and The price change between two successive transactions is negligible. The liquidity of a market may be judged in terms of its depth, breadth, and resilience .Depth refers to the existence of buy as well as sells orders around the current market price. Breadth implies the presence of such orders in substantial volume. Resilience means that new orders emerge in response to price changes. Generally, equity shares of well established companies enjoy high marketability and equity shares of small companies in their formative years have low marketability. High marketability is a desirable characteristic and low marketability is an undesirable one. d) Tax Shelter: Tax benefits are of the following three kinds: ? ? ? Initial Tax Benefit: An initial tax benefit refers to the tax relief enjoyed at the time of making the investment.Continuing Tax Benefit: A continuing tax benefits represent the tax shield associated with the periodic returns from the investment. Terminal Tax Benefits: A terminal tax benefit refers to relief from taxation when an investment is realized or liquidated. e) Convenience: Convenience broadly refers to the ease with which the investment can be made and looked after. The degree of convenience associated with investments varies widely. At one end of the spectrum is the deposit in a savings bank account that can be made readily and that does not require any maintenance effort. At the other end of the spectrum is the purchase of a property that may involved a lot of procedural and legal hassles at the time of acquisitions and a great deal of maintenance effort subsequently. 1. APPROACHES TO INVESTMENT DECISION MAKING The stock market is thronged by investors pursuing diverse investment strategies which may be subsumed under four broad approaches: i. Fundamental Approach: The basic tenets of the fundamental approach, which is perhaps most commonly advocated by investment professionals, are as follows: ? There is an intrinsic value of a security, which depends upon underlying economic (fundamental) factors. The intrinsic value can be established by a penetrating analysis of the fundamental factors relating to the company, industry, and economy. ? At any given point of time, there are some securities for which the existing market price will differ from the intrinsic value.Sooner or later, of course, the market price will fall in line with the intrinsic value. ? Superior returns can be earned by buying under-valued securities (securities whose intrinsic value exceeds the market price) and selling over-valued securities (securities whose intrinsic value is less than the market price). ii. Psychological Approach: The psychological approach is based on the premise that stock prices are guided by emotion rather than reason. Stock prices are believed to be influenced by the psychological mood of investors. When greed and euphoria sweep the market, prices rise to dizzy heights. On the other hand, when fear and despair envelop the market, prices fall to abysmally low levels.Since psychic values appear to be more important than intrinsic values, the psychological approach suggests that it is m ore profitable to analyze how investors tend to behave as the market is swept by waves of optimism and pessimism, which seem to alternate. The psychological approach has been described vividly as the ‘castles in the air’ theory Burton G. Malkiel. Those who subscribe to the psychological approach or the ‘castles in the air’ theory generally use some form of technical analysis which is concerned with a study of internal market data, with a view to developing trading rules aimed at profit making. The basic premise of technical analysis is that there are certain persistent and recurring patterns of price movements, which can be discerned by analyzing market data.Technical analysts use a variety of tools like bar chart, point and figure chart, moving average analysis, breadth of market analysis, etc. iii. Academic Approach: Over the last five decades or so, the academic community has studied various aspects of the capital market, particularly in the advanced cou ntries, with the help of fairly sophisticated methods of investigation. ? Stock markets are reasonably efficient in reacting quickly and rationally to the flow of information. Hence, stock prices reflect intrinsic value fairly well. Put differently, Market price = Intrinsic value ? Stock price behaviour corresponds to a random walk. This means that successive price changes are independent. As a result, past price behaviour cannot be used to predict future price behaviour. ?In the capital market, there is a positive relationship between risk and return. More specifically, the expected return from a security is linearly related to its systematic risk iv. Eclectic Approach: The eclectic approach draws on all the three different approaches discussed above. The basic premises of the eclectic approach are as follows: ? Fundamental analysis is helpful in establishing basic standards and benchmarks. However, since there are uncertainties associated with fundamental analysis, exclusive relia nce on fundamental analysis should be avoided. Equally important, excessive refinement and complexity in fundamental analysis must be viewed with caution. Technical analysis is useful in broadly gauging the prevailing mood of investors and the relative strengths of supply and demand forces. However, since the mood of investors can vary unpredictably excessive reliance on technical indicators can be hazardous. More important, complicated technical systems should ordinarily be regarded as suspect because they often represent figments of imagination rather than tools of proven usefulness. ? The market is neither as well-ordered as the academic approach suggest, nor as speculative as the psychological approach indicates. While it is characterized by some inefficiencies and imperfection, it seems to react reasonably efficiently and rationally to the flow of information.Likewise, despite many instances of mispriced securities, there appears to be a fairly strong correlation between risk a nd return. ? Level of return often necessitates the assumption of a higher level of risk. 1. 7 COMMON ERRORS IN INVESTMENT MANAGEMENT Investments always do not generate wealth sometimes it fail do so because of some conditions. The reason for this failure is either the market condition or some mistakes made by the investors. We cannot control market condition but errors made by investors could be avoided. Investors appear to be prone to the errors in managing their investments. Some of the errors made by investors are discussed below: 1. 7. Inadequate Comprehension of Return and Risk Many investors have unrealistic and exaggerated expectations from investments, in particular from equity shares and convertible debentures. One often comes across investors who say that they hope to earn a return of 25 to 30 percent per year with virtually no risk exposure or even double their investment in a year or so. They have apparently been misled by one or more of the following; (a) tall and unju stified claims made by people with vested interests; (b) Exceptional performance of some portfolio they have seen or managed, which may be attributable mostly to fortuitous factors; and (c) Promises made by tipsters, operators, and others. In most of the cases, such expectations reflect investor inexperience and gullibility. 1. 7. Vaguely Formulated Investment Policy Often investors do not clearly spell out their risk disposition and investment policy. This tends to create confusion and impairs the quality of investment decisions. Ironically, conservative investors turn aggressive when the bull market is near its peak in the hope of reaping a bonanza; likewise, in the wake of sharp losses inflicted by a bear market, aggressive investors turn unduly cautions and overlook opportunities before them. Ragnar D. Naess put it this way: â€Å"The fear of losing capital when prices are low and declining, and the greed for more capital gains when prices are rising, are probably, more than an y other factors, responsible for poor performance. if you know what your risk attitude is and why you are investing, you will learn how to invest well. A well articulated investment policy, adhered to consistently over a period of time, saves a great deal of disappointment. 1. 7. 3 Naive Extrapolation of the Past Investors generally believe in a simple extrapolation of past trends and events and do not effectively incorporate changes into expectations. As Arthur Zeikel says: â€Å"People generally, and investors particularly, fail to appreciate the working of countervailing forces; change and momentum are largely misunderstood concepts. Most investors tend to cling to the course to which they are currently committed, especially at turning point. † `The apparent comfort provided by extrapolating too far, however, is dangerous. As Peter Bernstein says: â€Å"Momentum causes things to run further and longer than we anticipate. They very familiarity of a force in motion reduces our ability to see when it is losing its momentum. Indeed, that is why extrapolating the present into the future so frequently turns out to be the genesis of an embarrassing forecast. † 1. 7. 4 Cursory Decision Making Investment decision making is characterized by a great deal of cursoriness. Investors tend to: ? ? ? Base their decisions on partial evidence, unreliable hearsay, or casual tips given by brokers, friends, and others.Cavalierly brush aside several of investment risk (market risk, business risk, and interest rate risk) as greed overpowers them. Uncritically follow others because of the temptation to ride the bandwagon or lack of confidence in their own judgment. 1. 7. 5 Untimely entries and exits Investors tend to follow an irrational start and stop approach to the market characterized by untimely entries (after a market advance has long been underway) and exit (after a long period of stagnation and decline). 1. 7. 6 High costs Investors trade excessively and spend a lot on investment management. A good proportion of investors indulge in day trading in the hope of making quick profits.However more often transaction cost wipes out whatever profits they may generate from frequent trading. 1. 7. 7 Over-Diversification and Under-Diversification Many individuals have portfolios consisting of thirty to sixty, or even more, different stocks. Managing such portfolios is an unwieldy task and as R. J. Jenrette put it: Overdiversification is probably the greatest enemy of portfolio performance. Most of the portfolios we look at have too many names. As a result, the impact of a good idea is negligible. † Perhaps as common as over-diversification is under-diversification. Many individuals do not apparently understand the principle of diversification and its benefit in term of risk reduction.A number of individual portfolios seem to be highly under-diversified, carrying an avoidable risk exposure. 1. 7. 8 Wrong Attitude towards Losses and Profits An investor has an aversion to admit his mistake and cut losses short. If the price falls, contrary to his expectation at the time of purchase, he somehow hopes that it will rebound and he can break even. Surprisingly, such a belief persists even when the prospects look dismal and there may be a greater possibility of a further decline. If the price recovers due to favourable conditions, there is a tendency to dispose of the share when its price more or less equals the original purchase price, even though there may be a fair chance of further increases.The psychological relief experienced by an investor from recovering losses seems to motivate such behaviour. This means the tendency is to let the losses run and cut profits short, rather than to cut the losses short and let the profits run. 1. 8 RISKS IN INVESTMENT Risk is uncertainty of the income /capital appreciation or loss or both. Every investment (equity, debt, property, etc. ) carries an element of risk that is unique to it. Tho ugh risk cannot be totally eliminated, it can be managed by undertaking effective risk management. To manage risk, one first need to identify different kinds of risks involved in investing and then take appropriate steps to reduce it.Risk and return share a direct relationship with one another. Therefore, an investment which carries negligible risk, will offer a low return (viz. bonds issued by the Reserve Bank of India) while an investment which carries a higher risk, also offers the potential of higher returns (stocks). All investments are a ‘trade off’ between risk and returns. Let us first discuss the types of risks. 1. 8. 1 Types of Risks All investments carry their unique set of risks. Though there are several types of risks, the important ones are – market risk, credit risk, interest rate risk, inflation risk, currency risk and liquidity risk. These are briefly explained below: ) Market Risk: A share may rise or fall depending on the fortunes of the compan y, the industry it is in, or in response to investor sentiment. b) Credit Risk: This risk is attributed to debt investments wherein the borrower may default on interest and/or principal repayment. c) Interest Rate Risk: When interest rates rise, fixed income investments lose value. This is because the investor will continue to earn the same (lower) interest rate until the investment matures while market interest rates have already gone up. In order to compensate for a lower interest rate compared to the market rate, the fixed income investment will thus have to be priced at a lower rate. ) Inflation Risk: Rising inflation will erode the value of your income and asset. Due to inflation, the cost of products and services will rise and consequently, your future income and assets will be worth less than what they are worth today. e) Currency Risk: Changes in exchange rates between currencies could lead to decline in value of your investments. With Indian investors now being allowed to i nvest in other countries, you will now be exposed to currency risk i. e. a fall in the value of the currency in which you are investing vis-a-vis your home currency i. e. the Rupee. f) Liquidity Risk: Certain investments carry the risk of poor liquidity either due to the nature of the asset or regulatory reasons.For example, property is inherently an illiquid investment as it cannot be sold as simply as selling stocks. Certain investments like the Reserve Bank of India bonds are not transferable till maturity. Investments in Equity Linked Savings Schemes are illiquid for a period of 3 years and in case you redeem from such schemes, your tax benefit is withdrawn. 1. 8. 2 Risk Management Once different kinds of risks associated with investments are identified appropriate steps can be taken to reduce these risks. Some of these steps are: a) Diversification: Most types of risks can be managed by diversifying your investments across asset classes (stocks, bonds, properties etc. ), indust ry, currencies etc.Diversification spreads the risk and reduces the adverse impact that any one investment might have on a portfolio. b) Research and Monitor: Rigorous research and continuous monitoring will help in controlling the market and credit risk of your investments. This will caution beforehand to avoid an investment and alert in case the risk is increasing on an investment already undertaken. 1. 8. 3 Risk Tolerance Level: Risk includes the possibility of losing money. However, extra considerations should be made in addition to the safety of the principal and the potential for growth. These considerations include the likelihood of achieving the financial goals you have established.Additionally, one should consider whether he/she is willing and able to accept a higher level of risk in order to achieve further rewards. Before starting on the setting of the investment portfolio, every investor should establish his/her risk tolerance level. Only after this he/she is ready to bu ild strategies for the accomplishment of his/her financial goals. The higher the degree of risk involved in the investment portfolio the greater the chances of higher returns and failures. The setting of the risk tolerance level is very subjective issue. However, younger investors can afford more risk taking since they have more time to fix the losses. On the other hand older investors should apply more conservative approach since they have less time in front of them.But, they should keep in mind that they greatly decrease their chances of faster achieving their financial goals. A portfolio that carries more bonds is considered more conservative and risk averse. However, the one that includes a greater percentage of stocks is more risk taking with higher potential of rewards. Many financial experts recommend the diversification between investments with different degrees of risk. This is a good idea since your portfolio will benefit from the rises and falls of the different investmen ts and will alleviate the potential of losing money. Risk Personalities: Based on the risk capacity and risk tolerance, risk appetite can be decided. This is the level of risk that one is ready to bear.Broadly risk personalities can be categorised at 3 levels – Conservative, Balanced and Aggressive. Each risk personality has a different objective which it aims to achieve through the investment portfolio. These personalities are explained below: ? ? ? Conservative personality: For investors having this personality preservation of the capital invested is the ultimate goal, even if it means compromising on the returns. Balanced personality: People with this type of personality wish to strike a balance between high-risk and low-risk investments. Aggressive personality: Investors with such personality do not wish to compromise at all on the returns, even if their capital erodes. 2. 1 INTRODUCTIONIndian investor today have to endure a slow-moving economy, the steep market declines prompted by declining revenues, alarming reports of scandals ranging from illegal corporate accounting practices like that of Satyam to insider trading to make investment decisions. Stock market’s performance is not simply the result of intelligible characteristics but also due to the emotions that are still baffling to the analysts. Despite loads of information coming from all directions, it is not the calculations of financial wizards, or company’s performance or widely accepted criterion of stock performance but the investor’s irrational emotions like overconfidence, fear, risk aversion, etc. seem to decisively drive and dictate the fortunes of the market. The market is so volatile that its behaviour is unpredictable. In the past couple of years, the movement of share prices exceeded all the limits and had gone remarkably low and high levels. These dramatic prices of the shares ruin the concept of intrinsic value and rational investment behaviour. The traditi onal finance theories assume that investors are rational but they are unable to explain the behaviour and pricing of the stock market completely. Many research studies have validated the relationship between a dependent variable i. e. , risk tolerance level and independent variables such as demographic characteristics of an investor.Most of the Indian investors are from high income group, well educated, salaried, and independent in making investment decisions and from the past trends it is also seen that they are conservative in nature. Television is the media that is largely influencing the investor’s decisions. Hence, in the present project report an attempt has been made to study the relationship between risk tolerance level and demographic characteristics of Indian investors. 2. 2 STATEMENT OF THE PROBLEM This study on investor’s behaviour is an attempt to know the profile and the characteristics of the investors so as to understand their preference with respect to their investments. The main focus of the study is to discover the influence of demographic factors like gender and age on risk tolerance level of the investor.The study mainly concentrates on the factors that influence an individual investor before making an investment. It also studies the various patterns in which investors like to invest their money based on their risk tolerance level and other demographic factors like income level, occupation etc. 2. 3 REVIEW OF LITERATURE The literature review section examines the importance of research studies, company data or industry reports that serve as a foundation for the setup of study. The research dimension of the related literature and the relevant information begins from an explanatory perspective, approaching towards specific studies which do related to judge the limitations and informational gaps in data from the secondary sources.This analysis may reveal conclusions from past studies to realize the reliability of the secondary so urces and their credibility. This in turn enables one to rely on a comprehensive review for the study. Literature suggests that major research in the area of investor’s behaviour has been done by behavioural scientists such as Weber (1999), Shiller (2000) and Shefrin (2000). Shiller (2000) who strongly advocated that stock market is governed by the market information which directly affects the behaviour of the investors. Several studies have brought out the relationship between the demographics such as Gender, Age and risk tolerance level of individuals. Of this the relationship between Age and risk tolerance level has attracted much attention.Horvath and Zuckerman (1993) suggested that one’s biological, demographic and socioeconomic characteristics; together with his/her psychological makeup affects one’s risk tolerance level. Malkiel (1996) suggested that an individual’s risk tolerance is related to his/her household situation, lifecycle stage and subje ctive factors. Mittra (1995) discussed factors that were related to individuals risk tolerance, which included years until retirement, knowledge sophistication, income and net worth. Guiso, Jappelli and Terlizzese (1996), Bajtelsmit and VenDerhei (1997), Powell and Ansic (1997), Jianakoplos and Bernasek (1998), Hariharan, Chapman and Domain (2000), Hartog, Ferrer-I-Carbonell and Jonker (2002) concluded that males are more risk tolerant than females.Wallach and Kogan (1961) were perhaps the first to study the relationship between risk tolerance and age. Cohn, Lewellen et. al found risky asset fraction of the portfolio to be positively correlated with income and age and negatively correlated with marital status. Morin and Suarez found evidence of increasing risk aversion with age although the households appear to become less risk averse as their wealth increases. Yoo (1994) found that the change in the risky asset holdings were not uniform. He found individuals to increase their inves tments in risky assets throughout their working life time, and decrease their risk exposure once they retire. Lewellen et. l while identifying the systematic patterns of investment behaviour exhibited by individuals found age and expressed risk taking propensities to be inversely related with major shifts taking place at age 55 and beyond. Indian studies on individual investor’s were mostly confined to studies on share ownership, except a few. The RBI's survey of ownership of shares and L. C. Gupta's enquiry into the ownership pattern of Industrial shares in India were a few in this direction. The NCAER's studies brought out the frequent form of savings of individuals and the components of financial investments of rural households. The Indian Shareowners Survey brought out a volley of information on shareowners.Rajarajan V (1997, 1998, 2000 and 2003) classified investors on the basis of their demographics. He has also brought out the investor’s characteristics on the b asis of their investment size. He found that the percentage of risky assets to total financial investments had declined as the investor moves up through various stages in life cycle. Also investor’s lifestyles based characteristics has been identified. The above discussion presents a detailed picture about the various facets of risk studies that have taken place in the past. In the present study, the findings of many of these studies are verified and updated. Latha Krishnan (2006) explained as Investments come in many forms.While some people consider hard assets such as land, house, gold and platinum as investments, others look to monetary instruments such as stocks and bonds as ways to make their money grow. A cautious or conservative investor is unlikely to play carelessly with his hard-earned money. So he keeps to safe investments that guarantee the return of his capital and still earn good returns in a stipulated period if the product in which he invested gains in that pe riod. In such an investment, even if the markets go down and he does not gain much, he also does not suffer a heavy loss. A wealthy person with more money to invest can take more risks and invest in a variety of products that major financial players provide.A wealth of information on these as well as comments and criticisms on their performances and profitability is readily available. â€Å"Perception of investors towards capital market instruments globally† by John Marshall and â€Å"Investment analysis and Portfolio management’† by Punithavathy Pandian. John Marshall’s study was at global scale and it explains the perception of people across globe towards capital market instruments and Pandian explains the theoretical aspects of capital market instruments and use of various investment avenues to build a strong portfolio. 2. 4 NEED FOR STUDY Investing money is a crucial and deciding the avenues where to invest needs a lot of planning. In India people are more conservative and hence prefer investments that are less risky.Similarly there are other demographic factors like age, income level, gender which affect their decision. As the availability of financial products increase, perception of investors towards such avenues changes over a period of time. It becomes important for a marketer to understand the perception of investors towards investment avenues to successfully pitch the product. Marketing is known as meeting needs profitably. If the marketer is able to understand the mindset of investor towards a product then he/she will be in a position to market the product. This report attempts to study the behavior of Indian investors while making an investment. Here we also look upon other factors that influence them while making investment decisions.Innovations in financial products like derivatives, unit linked insurance products, fund of funds likewise are not easily understood by the investor. Hence the need for this study arises t o understand what exactly an Indian investor thinks before investing his/her money and how much risk he/she is willing to take. This report gives the marketer and other peers to successfully market the financial products which are more popular, as it gives information regarding the perception of investors towards investment avenues in India. 2. 5 OBJECTIVES OF THE STUDY 2. 5. 1 Primary Objectives ? ? ? ? ? ? ? To study the investment characteristics of investors To study the objectives of investment plan of an investors To study the demographic information of investors 2. 5. Secondary Objectives To know the preferred investment avenues of investors To identify the preferred sources of information influencing investment decisions To understand the risk tolerance level of the investors and suggest a suitable portfolio To study the dependence/independences of the demographic factors (Gender, Age, income level) of the investor and his/her risk tolerance level 2. 6 SCOPE OF STUDY Based o n previous research in related areas, a questionnaire was constructed to measure the investment pattern of individuals on the basis of demographic characteristics and the risk tolerance of investors was also calculated. It helped us to understand how an Indian investor behaves while investing.This study will be helpful to mutual fund companies and other investment companies to understand individual behaviour of investors so that they could build suitable investment options for them individually. Also this study will help the investor to decide the areas where they could invest. 2. 7 HYPOTHESIS A hypothesis describes the relationship between or among variables. A good hypothesis is one that can explain what it claims to explain, is testable and has greater range, probability and simplicity than its rivals. There are two approach of hypothesis testing: 1) Classical or sampling theory statistics and 2) The Bayesian approach In the present dissertation chi square test has been used to f ind out the dependence/independence of various factors that influence investment decision.Hypothesis has been found between following factors: ? ? ? ? ? Gender and risk tolerance of respondents Age and preferred investment avenues by the respondents Income and investment avenues preferred by the respondents Age of respondents and time horizon for investment Age and risk tolerance of the respondents 2. 8 RESEARCH DESIGN Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. ? Research type Many investors were reluctant to reveal their investment details especially the amount of money invested so, referral sampling method is used for this study. Sample description The sample was drawn from the population of the potential investors from Tamil Nadu. A survey was conducted to understand the investor’s behaviour with the help of questionnaire. It was carried out with a sample siz e of 100 investors. 2. 9 TOOLS FOR DATA COLLECTION Primary data: The data has been collected directly from respondent with the help of structured questionnaires. Secondary data: The secondary data has been collected from various magazines, journals, newspapers, text books and related websites. 2. 10 METHOD OF ANALYSIS Statistical techniques like Chi square test, simple percentage method are used to analyze and interpret raw data. Chi square was used to show the dependency/independency of various factors.After collecting the data its variable having defined character, it was tabulated and analyzed with the help of charts and graphs in Microsoft Excel 2007. 2. 11 LIMITATIONS OF STUDY †¢ †¢ †¢ †¢ Sample size is small because of the time constraint Respondent may be hesitant to provide their investment details Behaviour of investors doesn’t remain same for long time Time for the study is limited 3. 1 INDIAN FINANCIAL MARKET Money always flows from surplus sect or to deficit sector. That means persons having excess of money lend it to those who need money to fulfil their requirement. Similarly, in business sectors the surplus money flows from the investors or lenders to the businessmen for the purpose of production or sale of goods and services.So, we find two different groups, one who invest money or lend money and the others, who borrow or use the money. The financial markets act as a link between these two different groups. It facilitates this function by acting as an intermediary between the borrowers and lenders of money. So, financial market may be defined as ‘a transmission mechanism between investors (or lenders) and the borrowers (or users) through which transfer of funds is facilitated’. It consists of individual investors, financial institutions and other intermediaries who are linked by a formal trading rules and communication network for trading the various financial assets and credit instruments.Financial market talks about the primary market, FDIs, alternative investment options, banking and insurance and the pension sectors, asset management segment as well. India Financial market happens to be one of the oldest across the globe and is the fastest growing and best among all the financial markets of the emerging economies. The history of Indian capital markets spans back 200 years, around the end of the 18th century. It was at this time that India was under the rule of the East India Company. The capital market of India initially developed around Mumbai; with around 200 to 250 securities brokers participating in active trade during the second half of the 19th century. 3. 1. Scope of Indian Financial Market The financial market in India at present is more advanced than many other sectors as it became organized as early as the 19th century with the securities exchanges in Mumbai, Ahmedabad and Kolkata. In the early 1960s, the number of securities exchanges in India became eight – incl uding Mumbai, Ahmedabad and Kolkata. Apart from these three exchanges, there was the Madras, Kanpur, Delhi, Bangalore and Pune exchanges as well. Today there are 23 regional securities exchanges in India. The Indian stock markets till date have remained stagnant due to the rigid economic controls. It was only in 1991, after the liberalization process that the India securities market witnessed a flurry of IPOs serially. The market saw many new companies spanning across different industry segments and business began to flourish.The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) in the mid 1990s helped in regulating a smooth and transparent form of securities trading. The regulatory body for the Indian capital markets was the SEBI (Securities and Exchange Board of India). The capital markets in India experienced turbulence after which the SEBI came into prominence. The market loopholes had to be bridged by taking drastic measures. 3. 1. 2 Potential of Indian Financial Market India Financial Market helps in promoting the savings of the economy – helping to adopt an effective channel to transmit various financial policies.The Indian financial sector is welldeveloped, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. 3. 1. 3 Features of Indian Financial Market ? ? India Financial Indices – BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee & Dollar Chart Indian Financial market news ?Stock News – Bombay Stock Exchange, BSE Sensex 30 index, S&P CNX-Nifty, company information, is sues on market capitalization, corporate earnings statements ? Fixed Income – Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service ? ? ? ? ? ? ? ? Foreign Investment – Foreign Debt Database composed by BIS, IMF, OECD,& World Bank, Investments in India & Abroad Global Equity Indexes – Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes – FX & Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion The main functions of financial market are: ? ? ? It provides facilities for interaction between the investors and the borrowers. It provides pricing information resulting from the interaction between buyers and sellers in the market when they trade the financial assets. It provides security to dealings in financial assets. It ensures liquidity by provid ing a mechanism for an investor to sell the financial assets. It ensures low cost of transactions and information. 3. 2 CLASSIFICATION OF FINANCIAL MARKETS Figure 3. 1: Classification of financial markets Source: Investment analysis and portfolio management Author: Prasanna Chandra Figure 3. 1 shows the classification of financial markets.From this figure we can interpret that there are different ways of classifying financial market. ? One is to classify financial market by the type of financial claim. The debt market is the financial market foe fixed claims (debt instrument) and the equity market is the financial market for residual claims (equity instruments) ? The second way is to classify financial markets by the maturity of claims. The market for short term financial claims is referred to as the money market and the market for long term financial claims is referred to as the capital market. ? The third way to classify financial markets is based on whether the claims represent n ew issues or outstanding issues.The market where issues sell new claims is referred as primary market and the market where issues sell outstanding claims is referred as secondary market. ? The fourth way to classify financial markets is by the timing of delivery. A cash or spot market is one where the delivery occurs immediately and forward or futures markets are those markets where the delivery occurs at a pre determined time in future. ? The fifth way to classify financial markets is by the nature of its organizational structure. An exchange traded market is characterized by a centralized organization with standardized procedures and an over the counter market is a decentralized market with customized procedures.These markets are further explained in detail. 3. 3 MONEY MARKET The money market is a market for short-term funds, which deals in financial assets whose period of maturity is up to one year. It should be noted that money market does not deal in cash or money as such but s imply provides a market for credit instruments such as bills of exchange, promissory notes, commercial paper, treasury bills, etc. These financial instruments are close substitute of money. These instruments help the business units, other organizations and the Government to borrow the funds to meet their short-term requirement. Money market does not imply to any specific market place.Rather it refers to the whole networks of financial institutions dealing in short-term funds, which provides an outlet to lenders and a source of supply for such funds to borrowers. Most of the money market transactions are taken place on telephone, fax or Internet. The Indian money market consists of Reserve Bank of India, Commercial banks, Co-operative banks, and other specialized financial institutions. The Reserve Bank of India is the leader of the money market in India. Some Non-Banking Financial Companies (NBFCs) and financial institutions like LIC, GIC, UTI, etc. also operate in the Indian money market. 3. 4 CAPITAL MARKET Capital Market may be defined as a market dealing in medium and long-term funds.It is an institutional arrangement for borrowing medium and long-term funds and which provides facilities for marketing and trading of securities. So it constitutes all long-term borrowings from banks and financial institutions, borrowings from foreign markets and raising of capital by issue various securities such as shares debentures, bonds, etc. The market where securities are traded known as Securities market. It consists of two different segments namely primary and secondary market. The primary market deals with new or fresh issue of securities and is, therefore, also known as new issue market; whereas the secondary market provides a place for purchase and sale of existing securities and is often termed as stock market or stock exchange. 3. 4. PRIMARY MARKET The Primary Market consists of arrangements, which facilitate the procurement of longterm funds by companies by mak ing fresh issue of shares and debentures. You know that companies make fresh issue of shares and/or debentures at their formation stage and, if necessary, subsequently for the expansion of business. It is usually done through private placement to friends, relatives and financial institutions or by making public issue. In any case, the companies have to follow a well-established legal procedure and involve a number of intermediaries such as underwriters, brokers, etc. who form an integral part of the primary market.You must have learnt about many initial public offers (IPOs) made recently by a number of public sector undertakings such as ONGC, GAIL, NTPC and the private sector companies like Tata Consultancy Services (TCS), Biocon, Jet-Airways and so on. 3. 4. 2 SECONDARY MARKET The secondary market known as stock market or stock exchange plays an equally important role in mobilizing long-term funds by providing the necessary liquidity to holdings in shares and debentures. It provide s a place where these securities can be encashed without any difficulty and delay. It is an organized market where shares and debentures are traded regularly with high degree of transparency and security.In fact, an active secondary market facilitates the growth of primary market as the investors in the primary market are assured of a continuous market for liquidity of their holdings. The major players in the primary market are merchant bankers, mutual funds, financial institutions, and the individual investors; and in the secondary market you have all these and t