Should we reduce the human impact on Kosciusko National Park

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Australia's alpine area is relatively small. Because of this, environmental impacts are important. Each day during summer at least 000 people visit Kosciusko National Park (K.N.P.). The impacts of bushwalkers and skiers are an important factor in looking at the human impact on K.N.P., also the facilities provided to entice them into the park, as well as the money generated through tourism for both the National Park and Wildlife Service (N.P.W.S.) and the local community.

Bushwalkers adversely affect wet and dry areas. Where there are high visitor numbers the soil becomes compacted and forms artificial channels. In wet areas, these channels cause rapid drainage of the site, while in dry areas people walk across areas that seem most accessible and informal tracks are formed (N.P.W.S). The channels formed in dry areas make walking difficult and walkers start to walk beside the channels forming new paths and enlarging the area of erosion (Soil Conservation Society).

N.P.W.S. have undertaken to build and maintain formal tracks for the use of bushwalkers. Tracks are built in an attempt to prevent excessive damage to the alpine region. N.P.W.S have stated though, that the use of the same route constantly causes the loss of vegetation, soil compaction and erosion (1). Construction of tracks causes disturbances to native plants, which causes erosion of the soil to begin; subsequently exotic grasses and plants are introduced to help stabilize the tracks (Soil Conservation Society). Gravel used to help stabilize tracks is often washed off tracks during rain and snowmelt; this material is deposited downstream over vegetation. This often causes a modification of the existing plant communities (N.P.W.S.).

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N.P.W.S. have constructed boardwalks to prevent damage to fragile plant communities in wet and dry areas. The boardwalks prevent erosion by keeping the walkers off the soil. Construction of boardwalks however like tracks causes damage to the existing plant communities. Boardwalks are high maintenance often requiring seasonal repairs. In the winter months boardwalks often collapse under the weight of the snow crushing the plants beneath (Soil Conservation Society).

Tracks and boardwalks provide easy access to alpine areas that families and inexperienced bushwalkers would not normally see. Marked tracks have the advantage of providing useful information to the walker of where they are going, how long till they get there and how long to get back to beginning. Tracks also help prevent hikers from becoming lost. Tracks are a useful resource for people to discover the environment. However, they tend to destroy it as well. If we dispense with formal tracks, we will have people walking all over the mountainside disrupting fragile plant communities. If we tolerate a small amount of disturbance around the tracks, the environment will suffer less. The main problem with formal tracks and boardwalks is the maintenance. Funding is limited and N.P.W.S. need the income from the tourists.

The winter is K.N.P.'s biggest money earner. With the arrival of snow come the skiers, who spend large sums of money to enjoy the slopes. The environmental impacts associated with skiing can be looked at in two categories construction and operation. Construction covers impacts that are a result of permanent features as well as the construction process. Operations relates to the day-to-day running of the resorts.

Construction impacts can be reduced at the time of design and building of facilities including the selection of site, preventing damage to vegetation and controlling any run off. Once a facility is built however, it is much harder to improve impacts except through reconstruction that would cause more environmental impacts in itself.

Operations are the easier of the two to manage, as it is a control of day-to-day running. Often the control of impacts due to operations is directly linked to the number of skiers, which resorts want to maximize. During day-to-day management, resorts operate machinery that use water and resources and generate wastes. This depends on the number of people travelling to and from the ski fields (Buckley, Pickering, Warnken).

Within the management of the resort of the resort is slope grooming, a regular procedure of ski fields around the world. Heavy machinery and explosives are used to produce a bare, rock less surface from the top of the slope to the bottom. Cleared areas are often replanted with exotic grasses. Slope grooming can lead to serious erosion problems. With heavy rainfall, cleared areas often become a channel and silt and rocks washed down the mountainside cause damage to vegetation not affected by the grooming. (Broome, Mansergh)

Not all skiers stay at resorts and use downhill skiing facilities. Cross-country skiing is popular with those wanting to be away from the crowds. Cross-country skiers spend their time in the high country around the glacial lakes (Bent 1). Cross Country, skiers often spend a night or more in the wilderness sleeping in tents or constructed snow caves. Intensive camping in and around glacial lakes has led to compaction of soil, loss of vegetation and faecal contamination of the lakes. Cross-country skiers see themselves as greener than their down hill counterparts and are often referred to as bushwalkers on skis. Because cross country skiers spend time away from the resorts and have no access to facilities like toilets and bins, contamination of the area often results, both forms of skiing have impacts on the environment (Buckley. Et.al)

While the impacts of cross country skiing may seem negligible when compared to downhill, the impacts are still there and contribute to the deterioration of K.N.P. Downhill skiers also invest more money into the park as opposed to cross country skiers who are less likely to buy lift tickets or stay in accommodation. Cross-Country skiers do not contribute as much money to the up keep of the park.

Economic activity generated by tourism in K.N.P contributes to the local community. Many residents of local towns previously forced to travel to the city to find work, now find employment in and around the resorts. Local Businesses receive extra exposure during the tourist season giving their businesses are lift (Thornhill 18)

N.P.W.S Also benefits from the tourism; they receive park entry fees and donations from the tourists and resorts to help maintain the area. Government funding can only spread so far. This makes the tourism industry important to N.P.W.S. The park entrance fee charged by N.P.W.S is unimportant when compared with the cost of maintain K.N.P. (000)

Groups like the Ski Club of Australia and the Outdoor Recreation Party feel that more development of the region and the extension of existing facilities would be beneficial to both local community and N.P.W.S. N.P.W.S have in the past been accused of having a radical green agenda. In addition, N.P.W.S are blamed for the slowing of development in the area, although most developments are approved faster than those through a local council. (Thornhill 18)

N.P.W.S realise that a large amount of the money for the upkeep of the park is generated through tourism; to lessen the amount of tourists to the area would diminish the money as well. The local communities also need the tourism if their small businesses are to survive.

The impact by humans on K.N.P. is great enough that reductions are necessary. Soil compaction and erosion caused by bushwalkers and cross country skiers , contamination of the glacial lakes as well as the impacts of the resorts and down hill skiing slopes are all part of a problem that N.P.W.S have been trying to rectify since K.N.P was created. However, N.P.W.S have the difficulty of trying to reduce these impacts without reducing the tourism dollar that the park needs to survive. Without the tourists, the income to the park and the local community would be greatly reduced. For the survival of the alpine region human impact does need to be reduced but not at the cost of the surrounding community and the park itself.

Bent, R, 18, Cross Country Skiers and Australian Resorts, La Trobe University,

Melbourne, Australia

Buckley, R, Pickering, C, Warnken, J, 000, Tourism and development in Mountain

regions, CABI Publishing

Mansergh.I & Broome.L, 14, The Mountain Pygmy-Possum of the Australian

Alps, NSW University Press, Sydney

NPWS, 001, The Australian Alps Education Kit, NPWS, Australia

NSW NPWS, 1, Toward Conservation and recreation management of the

Kosciusko Alpine Area, NPWS, NSW

Soil Conservation Service of NSW, 1, Above the Treeline, Australia

Thornhill, A, 18, Factors Influencing the Regulation of Tourism Operations in

Protected AreasThe Kosciuszko National Park Ski Resorts Case Study, Faculty of Law. University of Wollongong, AustraliaPlease note that this sample paper on Should we reduce the human impact on Kosciusko National Park is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Should we reduce the human impact on Kosciusko National Park, we are here to assist you. Your cheap research papers on Should we reduce the human impact on Kosciusko National Park will be written from scratch, so you do not have to worry about its originality.

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Managerial influences

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Introduction

Managerial Behaviour and the goals of management have long been identified by many as independent of the goals of shareholders . Two models have attempted to explain why the goals are different and how these goals are achieved; Baumol's Theory of Revenue Maximisation and Marris's Model of Managerial Enterprise . Initially the Two models will be briefly explained. Then, by reference to determinants of managerial remuneration, the empirical evidence of the occurrences of the determinants, the two models will be examined. This is to come to a conclusion on which model is best supported by the empirical evidence

Models

Marris's model of managerial enterprise is based on the goal of the manager to increase the balanced growth of the firm . This balance is achieved by offsetting two opposite goals; Maximisation of the growth of demand for goods/services of the firm and maximisation of growth of capital .

Both of these goals require opposite treatment of retained profit

To maximise growth in capital the management must distribute as much profit as possible back to the shareholders. This keeps the shareholders content with their investment and they will not sell shares or remove the directors. It can result in rising share values and reduce the risk of the firm being taken over. This therefore appeals to the management's main aims, job security by not being taken over or removed .

The flip side of the coin is to increase the demand customers have for the firm's goods or services. This is achieved by using as much of the firms profits for investment and increase the firms growth. This would increase the management's utility at the sacrifice of shareholder utility .

Marris's model requires that these to aims be balanced to achieve the maximum use of retained profit use for investment and still keeping the shareholders content. To achieve this balance it is necessary to employ two constraints; Managerial constraint and Job security constraint .

The managerial constraint is set by the skills of the current management team or by the limit by which the management team can be increase to increase those skills. Therefore, this limit is the maximum growth achievable. R & D would also limit the growth of the firm. If new products or new designs of existing products can't be produced, the product will only have a certain life cycle.

Job security constraint is set by the amount the manager has to do to reduce the chances of dismissal. The manager may have to distribute a certain amount of profits to share holders to keep them happy with the manager's performance. It is also necessary to keep share prices at a high enough level to reduce the chance of take over. Reducing risky investments will have similar effects.

The effects of these constraints can be seen from figure 1 (see below) and it can be seen that a balanced growth point is where management feel the trade off between job security and maximisation of growth is most desirable. The y-axis on the graph shows the profit distributed to shareholders and the x-axis depicts the growth achievable from investment. The growth curve symbolises the managerial constraint. This is curved because the most profitable investments are undertaken first. Management can undertake a policy which would maximise growth (point B) but at the sacrifice of distributed profit which would risk job security. A more appropriate trade off may be point A where distributed profits are much higher and growth is reduced by a smaller amount.

Figure 1

Baumol's Theory states that the goal of management is not profit maximisation (shareholder goal) but revenues maximisation (increased sales). Baumol gives several reasons for this belief . The reasons to focus on are to do with remuneration of management, job security and prestige (which undoubtedly can lead to increased or decreased remuneration) .

Baumol feels there is evidence that directors' salaries and slacks are more closely correlated with sales of the firm than profit . So it would follow from this that managers would maximise sales for self interest.

Job security in Baumol's theory is shown from the desire of management to have satisfactory profits, apposed to maximised profits. Maximised profit in one year may look bad for management when in subsequent years profits are not at the same maximised level .

Prestige can come from high sales. This prestige can increase remuneration (from head hunting or shareholder retaining their services) or if bad, increase the threat of management being replaced or reduce remuneration .

To achieve sales maximisation managers have to calculate the conditions which will achieve the maximum revenue. This is not the same as profit maximisation see Figure . Point A represents profit maximisation. Point B represents the point where sales maximisation, point Z, appears on the profit ability curve. It can be seen that profit maximisation and sales maximisation are not normally the same thing. Point A is the desired position for the shareholder and point B is the desired position for, in Baumol's theory, management.

Figure

However shareholders will require dividends to stay happy with the firm's performance. In Baumol's theory there an Operative profit constraint .

The operative profit restraint is the minimum amount of net profit that the shareholder will be satisfied with. If this restraint is active it may reduce the maximum sales the directors can achieve see figure . If this operative profit constraint is active then output will be greater as a sales maximiser than a Profit maximiser . Figure shows that when a operative profit constraint is operative then the maximum sales drop to point Y and the intersection on the profitability falls to point C. It can be seen that management can be limited in their sales maximisation policy if operative profit is closer to the profit maximisation point.

Figure

Empirical Analysis

When discussing which model best reflect the reality of managerial behaviour it is necessary to examine what motivates managers and what determines there objectives. Focusing on remuneration as manager main motivation gives the opportunity to examine empirical evidence of what determines the amounts management receive.

Martin Conyon and Paul Gregg Examined 170 firms between 185 and 10 . They looked into what factors determined top directors' pay . In conclusion of their results, it is commented that the results they received pointed to previous, earlier studies , which showed that directors' pay had very little to do with corporate performance. Therefore, from this evidence, profit, considered a major factor in determining corporate, would not affect the directors' pay . This would be consistent with Baumol's model and to a certain extent Marris's model too . Baumol's theory identifies sales maximisation as the primary aim. Marris's model identifies the importance of growth which is identified as a factor with similar directors' pay correlations. Conyon and Gregg also found from there results that there seemed to definite correlation between increases in directors' remuneration and increase in sales again consistent with Baumol's model .

Paul Gregg, Stephen Machin and Stefan Szymanski, came to a similar conclusion in a later study (this study included the period from 188 11 when Britain was in recession) . Higher sales had a direct correlation with high directors' remuneration and identified growth as a primary salary driver .

David Shipley published a study in to pricing policies in British manufacturing firms in 181 . Although his study was more specifically on the pricing policies his finding suggested that there was some support for profit maximisation in manufacturing firms' management . The majority of firms in the study used multiple goals when setting pricing policies . This would not entirely be consistent with Baumol's theory which states focus of management to maximise sales only and primarily. All other goals displayed by the study were, if not profit orientated, practiced under the premise that profit targets would be met . This is consistent with the operative profit constraint in Baumol's theory and the job security constraint in Marris's model . This study would point more towards Marris's model as there is more emphasis on increasing profit if for no other reason than to improve the amount of money available to put into investment and improve growth while still satisfying shareholders .

While sales are quoted to be a major factor in managerial remuneration . It is also stated that this is not the only factor which would affect their pay . It is therefore assumed that manager's should consider all factors that affect them. Baumol does not identify other factors which in his theory management should consider .

It has been has been suggested that early studies do not reflect the current sensitivity of remuneration of management to performance of firms . This is closer to Marris's model .

Size of firms has been identified as the most important factor in terms of remuneration . For the size of a firm to increase it must grow. Marris's model identifies the importance of growth to management

There have been articles and studies that point to the unreliability of empirical evidence on corporate governance and managerial remuneration factors . So many methodical issues relating to principal and agency theory have been identified as the reasons .

Conclusion

Only remuneration factors have been considered when examining the two models. This makes the discussion incomplete as factors such as corporate structure, managerial labour market factors and personal managerial preferences have not been discussed. There are other managerial behaviour models and theories which have not been included which may be more consistent with the empirical evidence gathered in studies referred to, such as Williamson's model of managerial discretion. Also more detail explanations of the two models referred to may have allowed closer examination of empirical evidence. Due to these factors, the discussion is limited. However, as I feel that management has the greater ability to influence there pay and it could be argued this is the most important reward for anyone in employment; this was the most appropriate factor to use.

To generate a conclusion from the arguments in this discussion is difficult as with many studies and opinions no conclusive results have been shown. It is my opinion that although sales may be an important factor in remuneration, many other factors exist. Baumol's theory does not allow for management to apply other factors to their management goals. Marris's model identifies growth in general as an important factor to the agent (management) and shows the constant battle between satisfying the principal (shareholders) and achieving managements' utility. This appears more consistent with the difficulties shareholders have in aligning their managements' interests with there own.

A. Cosh, "The Remuneration of Chief Executives in the UK." The Economic Journal 175

A. Griffiths, S. Wall, "Applied Economics. An Introductory Course." 8th ed Longman 1 chapter

A. Koutsoyiannis, "Managerial Theory of the Firm." nd ed. St. Martin's Press 17

B. G. M. Main, A. Bruce, T. Buck, "Total Board Remuneration and Company Performance." The Economic Journal 16

D. D. Shipley, "Pricing objectives in British Manufacturing Industry," The Journal of Industrial Economics 181

J. E. Garen, "Executive Compensation and Principal-Agent Theory." Journal of Political Economy 14 vol.10

J. W. McGuire, J. S. Y. Chiu, A. O. Elbing, "Executive Income Sales and Profits." American Economic Review 16

Keasey, "Corporate Governance." Chapter 4

M. C. Jensen, K. J. Murphy, "Performance Pay and Top-Management Incentives." Journal of Political Economy 10 vol. 8

M. J. Conyon, P. Gregg, "Pay at the Top A Study of the Sensitivity of Top Directors' Remuneration to Company Specific Shocks." National Institute Economic Review 14

P. Gregg, S. Machin, S. Szymanski, "The Disappearing Relationship Between Directors' Pay and Corporate Performance." British Journal of Industrial Relations 1

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Crime fiction-the real inspector hound/ the hound of the baskervilles

If you order your cheap custom essays from our custom writing service you will receive a perfectly written assignment on Crime fiction-the real inspector hound/ the hound of the baskervilles. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Crime fiction-the real inspector hound/ the hound of the baskervilles paper right on time.

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The Hound of the Baskervilles, directed by David Atwood uses various methods to create a 'cosy crime' film. Tom Stoppard however deals with a different approach in his satirical play The Real Inspector Hound. Although these two media vary they each have a place in the crime fiction genre.

David Atwood uses scenery extensively to set up the 'cosy crime' feeling in The Hound of the Baskervilles. One of the main features is the near isolated manor in which the Baskervilles reside. The only other residence belonging to the Stapletons on the moor lands. The large Manor and isolated state is conclusive to the 'cosy crime' genre that sets the film up with a plot classic to its stereotype. The manor allows for the limited characters of 'cosy crime' with the suspect in close proximity of the victim or victims with no outside factors to interfere.

The cold misty English countryside surrounding Baskerville hall is another representation of the 'cosy crime' genre. Throughout the film the audience is shown panoramic scenes of English moors rolling with fog. This is used to disguise and confuse the characters in most 'cosy crimes' and adds an almost haunting touch to the film when mixed with the howls of the Hound.

These techniques differ to the ones used by tom Stoppard in The Real Inspector Hound. As The Real Inspector Hound is a play there is little room for scenery that shows the setting. The character of Mrs. Drudge, the housekeeper compensates for this. Her line Hello the drawing-room of Lady Muldoon's country residence one morning in early spring sets the scene of a large country manor accompanied by the descriptions of the stage sets for the play. Mrs Drudges line later continues with …charming but isolated Muldoon Manor. You did well to get here before high water cuts us off for all practical purposes of the outside world. These comments while humorous and over the top are repeated several times throughout the play and establish what the author wants, that The Real Inspector Hound is a satire on 'cosy crime.'

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Tom Stoppard also uses a radio announcement to set the scene Police are hampered by the deadly swamps and fog, but believe that a mad man spent last night on the deserted cottage on the cliffs. The image this creates emphasises the potential for mystery and danger around the house, which is again suited for the constraints of the 'cosy crime' genre of crime fiction.

The characters developed by David Atwood in The Hound of the Baskervilles and Tom Stoppard The Real Inspector Hound are mostly stereotypical to the ideal inhabitants of a 'cosy crime'. The detective in The Hound of the Baskervilles is Sherlock Holmes. Like many 'cosy crime' detectives he is fairly erratic in behaviour. Holmes uses this to concentrate single-mindedly on the case and clues he is investigating. The scene in the film that supports this is where Watson is discussing Homes unusual traits with dinner party guests at the Stapletons. His reference to Holmes not being able to discuss philosophy yet can focus on a crime intensively expresses this sentiment. Holmes uses his typically unusual ways and eccentric abilities to solve the crime he is investigating in a manner that is exclusively his. David Atwood's Holmes also adheres to the arrogant, know-all detective type. This category of detective is common to 'cosy crime' as the protagonist is normally all too aware of their superb crime solving abilities. This is mirrored in The Hound of the Baskervilles where Sherlock Holmes turns up on the black tor in the surroundings of Baskerville Hall. When Watson finds Holmes, Watson is glad to see him, however Holmes takes an arrogant stance and says I've been expecting you. He then continues to explain how crucial his role in the case is. This section is just one example of Holmes 'cosy crime' arrogant attitude in where he considers himself above his colleague Watson.

Tom Stoppard's Inspector Hound however, is a ridiculous parody of the 'cosy crime.' He enters the play as a peculiar man in large boots carrying a foghorn. In The Real Inspector Hound Tom Stoppard uses parody to send up the 'Arrogant know-all detective type' that belongs to 'cosy crime' as well as a variety of others. Stoppard has Hound mistake the victim under the lounge, then insist his mistake is correct.

Cynthia But who's that? (corpse)

Hound Your husband.

Cynthia No its not

Hound Yes he is.

As seen above Stoppard uses his amusing script to get his view of the 'cosy crime' detective across.

The presence of British aristocracy is heavily felt through David Atwood's The Hound of the Baskervilles and The Real Inspector Hound. This is an essential for the 'cosy crime' genre. The 'lords and ladies' go hand in hand with the large Manor mentioned earlier, as 'cosy crime' is where the traditional English dignity and etiquette is affronted by a violent crime. In The Hound of the Baskervilles the gentry is Sir Henry Baskerville. While he is not the typical English gentleman his mere presence is enough to count The Hound of the Baskervilles as a 'cosy crime.'

Although Atwood's gentry are fairly believable Tom Stoppard takes his aristocrats to the extreme. In his effort to create a satire of 'cosy crime' Stoppard has the character of Cynthia enters by walking of a tennis court in a cocktail dress, formally coiffured. He gets the desired effect with this entrance as it can be clearly seen the play is a parody on the conventions of 'cosy crime.'

While the characters of the critics are non-existent in the restraints of 'cosy crime' Tom Stoppard uses his to establish that his play is based around crime fiction. In the opening scene the conversation goes as such

Birdboot …I mean its sort of a thriller, isn't it?

Moon is it?

Birdboot that's what I heard. Who killed thing? No one will leave the house.

Moon underneath?!? It's a whodunit man! - Look at it!

In this conversation Stoppards play within a play is set to the rules of the 'cosy crime' leaving reader open to his satire.

The Red Hering is one of the most vital parts of 'cosy crime'. This is important because is one way a composer draws their audience into the media presented. The red herring is planted to confuse both the character and the audience. This person's actions are guilty until it is found they were a mere decoy.

David Atwood's direction makes the audience and detectives suspect the butler in The Hound of The Baskervilles. This is because of the viewpoint offered in the movie when Holmes and Watson are chasing the carriage at the start of the film. The audience is only shown the carriage through Holmes and Watson's point of view, never seeing the person in the carriage. The audience is also told that the character had a black beard, like the butler. This stance is further backed up by his suspicious behaviour. When the real reason behind this is revealed the audience is shown all the characters perspectives. The consequence of this is that they stop seeing the butler as a suspect and instead see him as the red herring. This is the most expected plot twist in the 'cosy crime' genre.

The red herring is less subtle in The Real Inspector Hound. The all the characters in the play are set up as decoys. Stoppard, sending up the concept of a red herring has all characters say at least once- I'll kill you Simon Gascoyne, in various contexts. However unlike The Hound of The Baskervilles the innocent characters are cleared at the end.

The Hound of the Baskervilles is a valuable text in the crime fiction genre. It is an excellent example of the 'cosy crime' section of crime fiction. The film is a make of a classic crime fiction work that has been the background for the crime fiction genre. The film also sticks to the conventions of classic crime fiction, which makes it valuable to compare more recent texts with. The Hound of the Baskervilles represents one of the most famous fictional Detectives, Sherlock Holmes which makes it an important film as it shows a significant interpretation of the classic detective.

The Real Inspector Hound however, shows how the conventions of crime fiction can be creatively manipulated to suit another purpose. The play allows its readers to see the sometimes-unrealistic world crime fiction occasionally portrays. Although the majority parts in the play are obscenely exaggerated the play holds value in the fact that it shows how ridiculous the crime fiction genre can be.

In conclusion The Hound of the Baskervilles, directed by David Atwood creates a serious portrayal of the 'cosy crime' film. Tom Stoppard however deals with a different approach and uses satire in his quest to 'send up' the conventions of 'cosy crime' in The Real Inspector Hound. Although these two media have completely different aims and outcomes they each have a valued place in the crime fiction genre.

Please note that this sample paper on Crime fiction-the real inspector hound/ the hound of the baskervilles is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Crime fiction-the real inspector hound/ the hound of the baskervilles, we are here to assist you. Your cheap research papers on Crime fiction-the real inspector hound/ the hound of the baskervilles will be written from scratch, so you do not have to worry about its originality.

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Comparative Essay of Jung Chang's "Wild Swans" and Nien Cheng's "Life and Death in Shanghai"

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It is apparent to the readers of both Wild Swans and Life and Death in Shanghai that there are similarities and mostly differences concerning the treatment of Jung Chang and Nien Cheng along with their families.

Though both stories are regarding the Chinese Cultural Revolution, the two accounts are very different experiences and the narrative is told in two different perspectives.

Both women and their families were both comprised into the revolution, but it clearly becomes evident that the two different accounts are treated differently under the same supreme ruler and the readers have the opportunity to observe the corrupt political situation the nation was endured in.

However different the stories are, there a few similarities if both stories are held in comparison. As the differences hold great importance to evaluate the stories of Jung Chang and Nien Cheng, the similarities are perhaps more significant as they outline the demeanor of both accounts and withhold the moderate key to reason with why these two women had to witness a big event in history, yet one that would scar their lives forever.

Cheap University Papers on Comparative Essay of Jung Chang's "Wild Swans" and Nien Cheng's "Life and Death in Shanghai"

Nien Cheng was considered to be a "class enemy". This was brought upon for many reasons such as being educated in England, marrying a rich man who worked with her along side her for Shell (a multinational oil company), being wealthy and enjoying the fine luxuries that the Western society culture had to offer. However, for Jung Chang, she was the daughter of two officials of the Communist Party in China and was not accused of being a capitalist as her family held status in their society and was working under the supreme Chairman Mao.

Though both families had their wealthy status in common…. the Chang family was rich too, and like Nien Cheng, enjoyed the finer things in life. Though this was completely defining the philosophy of Communism of having equality, no body accused the Chang family like they did to Nien Cheng.

Nien Cheng was an obvious target for the destructive and violent organization of high school students, known as the Red Guards. The Red Guards were organization groups spread throughout China who had a mission to destroy all the "class enemies" with Mao's support of course. Nien Cheng was selected as a "class enemy" purely because of her past and wealth. Her past in particular was used against her to accuse her of decadent crimes that labeled her an evil capitalist. She was accused of being a descendant of a big landlord family and that her father was a senior official of the pre-Kuomintang government. Because of her education in England, she was said to be "trained by the British to be a faithful running dog" in one of their universities. Cheng's husband was also a subjected to her situation and was described as "fortunate to have died and escaped judgment by the Revolutionaries." On the night that the Red Guards invaded Nien Cheng's property and put her onto house arrest, they claimed her house was a "luxury." This was clearly a defiant towards the laws of Communism. Cheng was also accused of trying to "undermine" their "revolutionary activities" by fighting back and trying to "preserve old culture." The revolutionary also claimed that Cheng to be extremely stubborn and arrogant and outrageously accused her of keeping a "wild animal" in the house to attack the revolutionaries. However, Nien was not allowed to defend herself against the allegations, her only choice was to confess or die. Cheng was very brave and stood her ground claming that she was not guilty and had nothing to confess.

It is very obvious that Nien suffered greatly during this time and received the most appalling and unfair treatment. Nien was venerable to the destructible Red Guards and their "punishments" were inevitable based on Nien's life and suffered great humiliation and disgrace by the "revolutionary actions." Due to the ignorant high school children that interrupted Nien's once peaceful existence, she had a long journey that consisted on pain, misery, physical and mental abuse that was evidently very difficult to tolerate.

Jung Chang's account was very different to Nien's account. She was not victimized by the Red Guards; she was infact apart of the organization. However, Chang was seen as a "softie" and was often ridiculed for this as she had to be more aggressive and more forceful to fit the criteria of a Red Guard. However much she was criticized though, nobody ever took action against her. This was due to her parents positions as officials for the communist party. The Chang family was very fortunate to hold this status in their society as many others were turned against and accused of outlandish crimes. Though Chang's treatment greatly differed to that of Nien Cheng, she still bears the scars of mental abuse.

Subsequent to joining the Red Guards, Chang wanted to prove to herself and her piers that she could fit the position of her rank. The Red Guards opened a door to Chang that would affect her life, though she would only realize this later on in life, after her escape from China. She was exposed to the cruel demeanor and reality behind the Red Guards;

They were merely High School Students, who held Chairman Mao's approval to go out and terrorize many innocents, mock them and horrifically torment them. This exposure left many questions within Chang. However, she very quickly learnt to suppress her thoughts as she believed that whatever Mao thought was good must be alright. This is very damaging to her frame of mind as they believed that she was not tolerant to be asking unanswered questions and feeling emotions of horror and remorse towards her fellow Red Guards. Chang would be mentally scared in this perspective as her character later on in the duration of her life could be affected greatly, and she would always have mental torture to remain with her. Chang makes it very apparent that at the time of the Revolution, she did not wish for the violence and unjust actions to be carried out, but her mind was suppressed and perhaps too "brainwashed" to believe in her morality and have her own mind.

The Cultural Revolution hit the Chang family hard. No body was prepared for it and did not know what to do when it arrived. Perhaps, the only thing Jung Chang and her generation of children could hold onto was persuasion from Mao which was fulfilling her with vitality. But nether less, Chang suffered great mental distress and had signals of trepidation in the duration of the Cultural Revolution.

Nien Cheng was detained as a prisoner in 167 and remained in the penitentiary (which had appalling living conditions) for 6.5 years upon her release in March 17. It is substantial to the readers of her text that this is where Nien Cheng suffered the most horrific treatment yet. She suffered physical abuse from the guards in order to provoke her to "confess" her "crimes." She was the cuffed as her "punishment." She also experienced very bad health in the 6.5 years duration as she came down with a bad case of pneumonia which marked the beginning of her serious physical deterioration. She was in lack of nutritious food, sunshine and fresh air which caused her body's aging process to speed up quicker. This also reduced her mental powers to such an extent that she found it difficult to concentrate on one subject for too long. This prospect frightened Nien Cheng very much. She received very vile treatment while she served time in the prison and paid dearly with her evident mental and physical stress.

However, ultimately, Nien Cheng was realized as she was stated to be politically backward and ignorant… therefore allowing her to leave the detention house as a free person. Yet this remarkable woman refused by stating that she could not accept the conclusion as it did not declare her innocence of any crime and no apology and rehabilitation was acknowledged. Nien suffered greatly during this time upon her release. The stress imposed on her was shocking and would be suspected to be a great strain on her life currently.

Although how different both accounts were, there are a few similarities that connect these two texts together. Such as both women telling their stories in the duration of the Chinese Cultural Revolution. They were both subjected to Chairman Mao and his followers, and both suffered under the intense conditions.

Both women recall their accounts with great accuracy and raw material they visual out to their readers. The readers are left to feel that both women can relate to each other's account as they both tell their stories with (perhaps) dismay, but yet passion and wanted awareness. Both women suffered under Mao's leadership and authority and it is very substantial that the montague to each story is effective and could easily link in with one another as both are quite similar in the perspective that Nien Cheng and Jung Chang witnessed the Cultural Revolution before their very eyes.

I believe that these two women were differently treated due to their family circumstances. The Chang family held status in their community and had involvement in the Communist party, so Jung was therefore treated with respect and not besieged by the "capitalist hunters." And I believe that it is undeniably true to say that Nien Cheng was treated so badly because she was educated in England, was working for Shell, was wealthy and enjoyed the Western Society Culture. She was an obvious target for the Red Guards to accuse of being a Capitalist.

It is very undemanding for the readers of both texts to suggest that Chang did not experience most of the pain due to appalling treatment that Nien Cheng would have endured. It is correct to state that both accounts are very different, yet tell a different story to two different women and their families.

Yet these differences still don't succeed over the obvious similarities that are analyzed by the readers of both texts.

And therefore for these reasons it is appropriate to suggest that Nien Cheng and Jung Chang evidently experienced stories in the interval of the Chinese Cultural Revolution and accounted for many similarities and differences.

Please note that this sample paper on Comparative Essay of Jung Chang's "Wild Swans" and Nien Cheng's "Life and Death in Shanghai" is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Comparative Essay of Jung Chang's "Wild Swans" and Nien Cheng's "Life and Death in Shanghai", we are here to assist you. Your cheap custom college paper on Comparative Essay of Jung Chang's "Wild Swans" and Nien Cheng's "Life and Death in Shanghai" will be written from scratch, so you do not have to worry about its originality.

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The Elusive Quest for Growth: Summary

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II Summary

In The Elusive Quest for Growth, William Easterly will attempt to explain why growth matters, those previous attempts to increase growth that have failed, and his personal perspective on what needs to be done to complete the elusive quest. In his prologue, Easterly begins by comparing this quest, the elusive quest for growth, to other famous quests in history. These include the Golden Fleece, the Holy Grail, and the Elixir of Life. Through this comparison, he tries to highlight the importance of economic growth to worldly development. He then goes on to explain the underlying theme of the book, which is that "people respond to incentives," and gives the reader a look at what angles he will use to accomplish this task. He expresses this through "four notes to the reader" that conclude the prologue. The first is that the ideas expressed in the book are his own, and not those of the World Bank. The second is that he will not attempt to explain the environment and growth's effect on it, as he tried in an earlier version and found that he "didn't have anything useful to say" on the topic. Next, he is not trying to do a comprehensive survey; instead, he will just discuss issues directly related to the subject of the book. Lastly, he will use real-life scenarios called "intermezzos" to show the impoverished conditions that third world countries suffer along with stories of joy that inspire him on the quest for growth.

Chapter One of The Elusive Quest for Growth demonstrates Easterly's reasons for focusing on the quest for economic growth. He begins by telling of his journey to Pakistan and the surprising amount of poverty and unlivable conditions he experienced there. He follows this with statistics on the correlation between low economic growth and infant mortality and disease rates. The title of one of these sections, "Wealthier and Healthier," demonstrates in three words the entire meaning of this chapter. He continues with examples and reports linking larger economic growth to a better lifestyle until the end of the chapter when he specifies that higher growth rates are statistically related to increased income and reduced poverty.

Easterly uses the following six chapters to show the fallacies in many other proposed remedies, which he repeatedly refers to as "panaceas." He presents the evolution of economic thought regarding growth and lists the many panaceas that were proposed as new ideas were created and why they did not come to be correct. In Chapter Two, he starts with an example from when the nation of Ghana first came into existence. Economists thought that this new nation's plans would result in a 7% per annum growth rate, but instead resulted in barely any growth after years of investment. He then leads into the Harrod-Domar Model. Evsey Domar presented this model in 146, but eleven years later stated that it was not a tool for measuring long term growth and was not even effective anyway. Regardless, many other economists continued to use and believe in this model for centuries to follow. Easterly admits that he was a user of this model at some point too. The basis of this theory is the "financing gap," which is the amount of money a country should be investing in capital minus the amount of money they actually are able to. The "financing gap" should be filled by aid from other countries to start the growth. Through many examples, in this case counter-examples, Easterly is able to show by the end of the chapter that this theory is not correct and the model should be "laid to rest."

The following chapter deals with the Solow Model. Easterly discusses the theory of capital-led growth and the belief that poorer countries will grow at a greater rate than more wealthy countries and eventually catch up. This is known as convergence. He points out that while this sounds good in theory, it rarely happens in the real world because growth is affected by many circumstances other than wealth.

The next subject is education. There existed the belief that an increase of human capital would have a direct effect on growth. However, Easterly gives the results of many studies that show that in many situations there actually exists a negative correlation between these two variables. The main objective of this chapter is that while they can go hand-in-hand, it is not due to the causality of education on growth. Another important point in the chapter was the look back at the Solow Model and the belief that while poor nations will converge on wealthier nations, this convergence is conditional. Easterly does not feel that a nation's capital accumulation and education, its savings, determine its convergence level.

The cleverly titled chapter "Cash for Condoms?" puts to rest the myth that controlling population is a means of increasing growth. Easterly discusses statistics and studies that disprove this theory and follows with the reasoning behind this. The incorrect assumption is that additional people simply reduce the average GDP per person and does not consider that these people can create additional GDP and perhaps increase GDP per person. Easterly instead argues that growth is a means of decreasing population growth.

"The Loans That Were, the Growth That Wasn't" discusses policy-based aid. The idea is that countries get aid based on their financial reforms. Easterly uses a myriad of statistics to sum up one major point this is a very ineffective way of choosing which countries receive aid. Any country that puts aside the future to appear to comply with today's requirement for aid, will receive that aid at a sacrifice of future growth. Countries that received the most aid seemed to grow the least and countries which were probably the most deserving, received the least. Easterly proposes that "we should tie aid to past country performance, not promises, giving the country's government an incentive to pursue growth-creating policies."

The final "panacea that failed" is debt relief. Debt relief is the forgiveness of debts of those countries with large foreign debts. In short, Easterly's response is "too bad it's your own fault and it won't help anyway." He devotes the chapter to showing that the debt of these countries was not bad luck and that relieving their debt will simply lead to the incurrence of a new debt as large as the original.

The third part of the book is entitled "People Respond to Incentives." It begins with Chapters 8 and , which present converse views on backward nations' ability to gain higher economic growth from the viewpoint of technological progress. The slightly pessimistic Chapter 8 called "Tales of Increasing Returns Leaks, Matches, and Traps" seems to present the argument that it is difficult for poorer countries to get out of this "trap." Economic leaks provide a country the ability to gain knowledge from a wealthier country; however, it also provides the entrepreneur with less incentive to start a new idea. Economic matching, the concept that a worker's production is dependent upon the skill of his co-workers, casts a gloomy outlook on production in poorer countries. The better worker will go somewhere where he is surrounded by other works of his high skill level. The economic trap goes back to the book's theme of "incentives." As Easterly states it, "individuals in poor nations face weak incentives, while individuals in rich nations face strong incentives." This leads to the virtuous and vicious circles. A vicious circle means that new technology is not adopted because skills are too low, and conversely, that skills are not improved because technology is too backward. Easterly then moves on to Chapter , which gives accounts of the power of technology. While the previous chapter blamed technology for the economic trap, this chapter shows how technology can also be more advantageous to those nations with weaker beginnings. He begins by showing how quickly technology has evolved in recent decades. One way to view this progress is that new innovations replace the old ones. In this case, poor nations may "jump in" right away with the newest technology and in many cases be ahead of countries who were using older technology and do not wish to change due to the fact that their workers are already trained for the older method. He does point out that this is not always the case, and there are some unlucky technologies that do not pan out; although, he provides an optimistic view for how a poor country is not always stuck in a trap and is able to turn its economic status around. This all depends upon whether the progress is based on complementation or substitution.

Easterly explains that conditions, luck and government, explain whether a poor country will fall into the large category of stagnation or the exception, catching up to the rich countries. Chapter 10 deals with the first of these luck. Easterly begins with the stories of three people who have fallen "into the vicious circle of illiteracy, unskilled work, and poverty." One sentence summarizes the idea of the entire chapter. "Growth depends on initial conditions." Initial conditions are in large part based on luck. While he points out that luck is not overall the largest determinant of economic growth, it does play a role worthy of mentioning. He also spends some of his time writing about mean reversion, falling back towards the mean, to predict that the country with the highest growth rate will tend to have a fall in growth rate, and vice versa. He bases this on the assumption that growth is random. He concludes with a remark about how much consideration luck should be given in growth "luck causes fluctuations around a long-run trend determined by more fundamental factors."

The government's role on influencing growth is Easterly's next focus. Chapter 11, titled "Government Can Kill Growth" takes a look at government policies. The following chapter will deal with corruption in the government. He first searches for causality between government policies and the rates of growth and inflation. As it turns out, he is able to prove a causal relationship between these and many other disastrous effects on growth. He relates this back to his basic theme that people respond to incentives. He cites high inflation, high black market premiums, high budget deficits, strongly negative real interest rates, restriction on free trade, excessive red tape, and inadequate public services as actions that create poor incentive for growth. Next, he moves on to corruption in the government and its effects on growth. Once again, he attempts to prove causality, this time between the level of government corruption and economic growth. Using numerous studies, based on ranking systems, of such categories as "rule of law," "quality of bureaucracy," "freedom from repudiation of contracts," "freedom from expropriation" and "perception of corruption" he is able to prove that each of the first four categories causes change in the final category, "corruption." He also notes that decentralized corruption has a much worse effect on growth than centralized corruption. Finally, he gives his two ways to end corruption and advance growth. One way is to set up quality instructions that create checks and balances and do not provide opportunity for corruption. The other is to establish policies that eliminate incentive for corruption.

Chapter 1, "Polarized Peoples," gives a look at how interaction affects growth. He uses an example of six people going out to lunch. If they are to split the bill, each person only feels 1/6 of the weight of any additional item they order. Therefore, they are more likely to order a more expensive entr�e or more food. This is a key theme for this chapter. If people do not have incentives to save, they won't. This lunch analogy is similar to when multiple interest groups are in charge of an economy. Each will act in their own interest and fail to act in a way that is best for the whole nation. The other concept in the chapter is that in regions where there is a diverse population, there is a worse chance for growth. This is due to the fact that people have been shown to only want improvements, such as in education, if only their own people will be affected. Knowing that someone else will also benefit provides them with less incentive to advance education.

In the final chapter, Easterly steps back and gives a final summation and outlook for the future. He admits that although attempts in the past 50 years to stimulate growth have failed, there is still hope for the future. He does not claim to have a solution to this problem, but instead focuses on three main determinants of affecting growth. He considers these to be the "trinity of governments, donors, and individuals." Providing incentives to each of these groups is a key to economic growth. He finishes by saying that based on previous performances, economists such as himself have nothing to be arrogant about. However, this is no reason to stop the quest for growth because he has been around the world and has seen exactly why this growth is necessary.

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Foreign currency

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Question 1.

Part a.

1. Manque is exposed to types of foreign currency risk

· Transaction Exposure Transaction exposure is associated with movements in exchange rates where cash flows that result from existing activities are paid in a different currency to that in which the contracted payment is made. Manque is engaged in fixed-price contracts billed in local currencies, but the consultants who carry out the work are paid in Sterling. If Sterling rises against the local currency then Manque's profit margins are squeezed, conversely, if Sterling falls then Manque stands to gain.

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· Translation Exposure Translation exposure or accounting exposure occurs when a foreign subsidiary has to prepare accounts for its parent company. The cash flows have to be converted into the currency of the parent company which can lead to a distortion of the cash flows either through changing exchange rates or differing accounting practices. Manque has subsidiary companies in Germany, France, Russia and Hong Kong each of these countries differs from the UK in either the market or accounting practices.

· Economic exposure Economic exposure describes the measure of change in the present value of a firm that results from a change in future operating cash flows caused by an unexpected variance in exchange rates. According to Eitman et al (15) the change in value depends on the effect of the exchange rate change on future sales volume, price or costs. Manque has subsidiaries in 4 countries, of which are outside the EU, and 1 of which, Russia, operates in a relatively unregulated fashion in matters of business finance, as well as being potentially more unstable politically. A sudden devaluing of the Rouble is probably more likely than that of the European currencies, therefore, that market may be considered to carry more Economic risk than France or Germany.

Part b.

Quantify the risk

· The Finance Director stated that traditionally the directors of Manque have been risk averse; therefore they have not wished to become involved in foreign exchange dealings and have not undertaken any hedging. In having 4 subsidiary companies procurig cash flows in different foreign currencies, which are then converted to Sterling it should be pointed out that Manque is already engaged in foreign exchange dealings. In not hedging its currency flows, Manque's financial policy is divergent from the wishes of the directors who wish to avoid risk.

· Risk is not necessarily a negative concept. It can be viewed as a quantified boundary around uncertainty, which is measured by looking at the past. For example, Manque is exposed to types of foreign currency risk, this can be viewed as systematic risk that is associated with Manque's method of operation. The unsystematic risk that Manque's Directors may be averse to is that they cannot accurately predict the effect that foreign exchange risk will have on their results.

· There are several strategies that can be employed to reduce unsystematic risk and hedging is one of them. However, as there is the possibility that Manque may become listed, the Directors may wish to consider whether a higher-risk company with an associated higher return is more attractive to shareholders than a low-risk company that may be competing with blue chip companies for investors' attention.

· The Finance Director had been informed that losses and gains on hedging currency flows evened themselves out eventually. Many British companies use this reason not to hedge their foreign currency risk as hedging requires management resource and funding. However, to be statistically sound this belief assumes a long-term view over business with many transactions. It is also statistically skewed by unsystematic risk such as September 11, the expiry of the Hong Kong lease, German reunification or default of payments by Russian banks. If Manque's Directors wanted to follow a risk-averse strategy they may wish to consider hedging as a means of predicting their financial results more accurately.

· The Bank manager's offer to restructure the way in which the overseas subsidiaries are funded may have some merit if there was a requirement to fund them. However, such a benefit would only accrue if there was actually a need to finance the subsidiaries from the parent company. There is not enough detail in the brief to give a definitive answer, but if Manque is seeking to raise share capital, thus funding its activities through equity, there must be a question as to why Manque would want to take on additional debt as well. The bank manager will earn commission for his bank on any arrangement he makes and this may not necessarily be in the best interests of Manque.

· The Finance Director alluded to the possibility of shareholders hedging for themselves, thus negating the need for Manque to do so. Any risk spreading activities that the shareholders may carry out would be as part of an overall portfolio balancing exercise to gain maximum benefit for least risk. The level of risk that the shareholder indulged in would be an individual decision. The kind of risk management that Manque would carry out directly involved the cash flows that Manque's Directors are responsible for managing. Manque's future shareholders may wish Manque to be a relatively risk avers company, in which case the Directors would have a duty to maximise the value of the company, by hedging against potential losses if necessary. In any case, shareholders are likely to respond more favorably if there are fewer surprises in the yearly financial report- something which may become increasingly important if there are a few, but significant, institutional shareholders; indeed, they may insist on it.

Part c.

There are several techniques that can be used to manage foreign exchange exposure, of the ones to be discussed we can broadly divide them into internal and external techniques. Some authorities suggest that it is good practice to use as many internal techniques as possible before resorting to the external ones as the internal techniques are often cheaper and more effective.

Internal Techniques

· Matching. This technique requires a Group's assets to be considered as a whole, rearranging the balance sheet to keep each subsidiary in balance as much as possible so as to avoid translation exposure before it happens. Sometimes, foreign currency borrowing can be used to match local long term assets with long term liabilities- the bank manager may allude to this technique. If, however, the stream of cash flows is mainly in one direction as in this case to the UK then matching may not be a suitable technique.

External Techniques

· Invoicing in Sterling. This practice effectively shifts the foreign exchange risk to the customer overcoming Manque's transaction exposure. The advantage to Manque is that the firm know precisely what its cash flows will be in relation to firm contracts. The effect on the customer is somewhat different. When Sterling is weak, then the firm price agreed will represent a competitive bid, but when Sterling is strong then the price becomes less competitive. If Sterling strengthens after the contract is let then the customer faces a climbing bill for services. As a significant amount of Manque's business comes from tendering to Governments and there is a significant delay in tender to payment, then Manque may jeopardise their bid by invoicing in Sterling as some Government departments may risk-load their bid as part of the tendering process.

· Forward contracts. This is a contractually binding agreement to deliver a specified amount of one currency for a specified amount of another currency at some future date. The rates offered by the banks will be determined by the bond rate offered in the foreign currency to be exchanged and there will be a commission to pay to the bank. As Manque is aware of the cash flows it receives and the timescales upon contract agreement, forward contracts offer a way of effectively forecasting the Sterling cash inflows. However, should Sterling weaken from contract letting day to payment, then Manque will fail to benefit from the relative movement in exchange rates.

· Options. An option is a contract giving the owner the right, but not the obligation, to either buy or sell (in this case a currency) a given amount of currency for a fixed price on or before a given date. Although there is a premium to pay on the option itself, the option guarantees the owner a price on the currency with the added flexibility that they can exercise the option earlier than the expiry date, if the exchange rates move favourably, or let the option simply expire and use the spot rate if this works out to be more advantageous. In terms of risk, the option is little more than an insurance policy that iteslf can be insured by use of a straddle option. Options may require some management effort, but they are a flexible and risk-free option.

· Currency Swaps. These instruments are brokered agreements that bring together parties which require each other's currencies. For the premium of an arrangement fee, equivalent amounts of currency can be swapped at the spot rate without paying foreign exchange commission. Currency swaps tend only to be made for very large amounts of money and they are made at prevailing rates. Thus, Manque' problem of transaction exposure remains.

610 words from 500 use of matrix

Question

Part a.

· Contingent risk is risk to which we become exposed only if we undertake an activity. For example, if a company tendered for a foreign contract paid in a foreign currency, then the company would only become exposed to the risks posed by the contract if it won the tender.

· A financial option is an instrument which enables contingent risk to be traded. When one party buys the right (but not obligation) to buy or sell shares (known as call and put options respectively) then they take on contingent risk only if they exercise their rights. Obviously, the right is only exercised if the outcome is a desired one; demonstrating that risk is not necessarily a negative phenomenon.

· Contingent risk is managed in this way each time household insurance is taken out. A company may wish to hedge foreign currency risk by taking out options to buy or sell currency at a certain rate in order to guarantee a forecasted income stream. If the currency price moves so that the result is in the money, the option owner can choose to exercise their right and so benefit from the contracted price. In this way, contingent risk only comes about because the option was exercised the result was positive. If the currency values changes so that the transaction is out of the money, then the option owner may choose not to exercise their right thus avoiding a negative outcome. In the second example the contingent risk was avoided as the action that would have triggered it (exercising the option) did not take place.

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Tell tale heart

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The Tell Tale Heart is a story, on the most basic level, of conflict. There is a mental conflict within the narrator himself (assuming the narrator is male). Through obvious clues and statements, Poe alerts the reader to the mental state of the narrator, which is insanity. The insanity is described as an obsession (with the old man's eye), which in turn leads to loss of control and eventually results in violence. Ultimately, the narrator tells his story of killing his housemate. Although the narrator seems to be blatantly insane, and thinks he has freedom from guilt, the feeling of guilt over the murder is too overwhelming to bear. The narrator cannot tolerate it and eventually confesses his supposed "perfect" crime. People tend to think that insane persons are beyond the normal realm of reason shared by those who are in their right mind. This is not so; guilt is an emotion shared by all humans. The most demented individuals are not above the feeling of guilt and the havoc it causes to the psyche. Poe's use of setting, character, and language reveal that even an insane person feels guilt. Therein lies the theme to The Tell Tale Heart The emotion of guilt easily, if not eventually, crashes through the seemingly unbreakable walls of insanity.

On the surface, the physical setting of The Tell Tale Heart is typical of the period and exceedingly typical of Poe. The narrator and the old man live in an old, dark house "(for the shutters were close fastened, through fear of robbers)" (Poe 778). Most of the story takes place at night "And this I did for seven long nights-every night just at midnight…" (778). The physical aspect is not the most important component of setting for this analysis. More important are the mental and emotional settings. This clearly explains the personality of the narrator. One can assume the narrator is insane. He freely admits to his listener that he is "…-nervous-very, very dreadfully nervous…" (777). But he then asks, "…but why will you say that I am mad?" (777). He also admits that, "The disease had sharpened my senses…" (777). If not insanity, what disease does he speak of? The reason for his actions was one of the old man's eyes "…-a pale blue eye, with a film over it" (777). This is easily recognizable to the reader as an eye with cataract on it. This is nothing to obsess over, yet this eye "…haunted me day and night" (777). Any sane person would take a physical defect of another with a grain of salt. One statement by the narrator sums up his mental state "You fancy me mad. Madmen know nothing. But you should have seen me" (777). What he is actually saying is "There are madmen who are clumsy in their actions, but not this madman!" This is as close to a self-admission of insanity as possible. The mental setting is put into place by the narrator's own statements. This setting is pure chaos starting in the head of the killer and spilling out into the physical world around him resulting in an unnecessary death. When the narrator is explaining the end of his tale to the unnamed listener (presumably a jailor, or a mental health practitioner), he states the beating of the heart was unbearable on his conscious

"I paced the floor to and fro with heavy strides, as if excited by the

Cheap College Papers on tell tale heart

observations of the men-but the noise steadily increased…I foamed-

I raved-I swore!…the noise arose over all and continually increased. It grew louder-louder-louder!…They heard!-they suspected!-they

knew!…I felt I must scream or die!"(780).

The narrator proceeded to admit his killing of the old man. Obviously, his mental state was one of pure fear and disillusion. An auditory hallucination of a dead heart beating caused so much mental anguish in the narrator that it made him confess to the crime. This indeed shows insanity. Yet this insanity was not as strong as the guilt pushing through it.

Another element that supports the theme is character. Poe never states if the narrator is male or female. The reader generally assumes that the narrator is male. A statement like "…would a madman be so wise as this?" (777) supports this assumption. The narrator is obsessed with the old man's eye "I think it was his eye! Yes, it was this!…Whenever it fell upon me, my blood ran cold;…I made up my mind up to take the life of the old man" (777). Anyone who decides to kill someone because their eye looks strange to them is clearly mentally unstable. His methodic ways of watching the old man sleep are also strange "It took me an hour to place my whole head within the opening so far that I could see him as he lay upon his bed. Ha!-would a madman have been so wise as this?" (777). Under the circumstances, a madman would surely be as wise as that. Only a madman would bother to look at an old man sleep when it is his eye that torments him "And I did this for seven long nights-every night just at midnight-but found the eye always closed; and so it was impossible to do the work; for it was not the old man who vexed me, but his Evil Eye" (778). Why would a sane person bother to do such a worthless task for eight nights in a row? The answer is A sane person would not perform this task. Even though the narrator was insane he expresses some sort of compassion in the statement "I knew how the old man felt, and pitied him,…" (778). He then solidified his insanity by finishing the statement with, "…although I chuckled at heart" (778). In his confession of the post murder actions taken, the narrator states to his listener,

"If you still think me mad, you will think so no longer when I describethe wise precautions I took for the concealment of the body…First of

all I dismembered the corpse. I cut off the head and the arms and the

legs"(77).

This statement was, in his mind, clearing him of any possible connections of insanity. Would an insane man take the necessary actions to avoid getting caught? Unfortunately, for him, the answer is yes. There is no hiding his insanity. The narrator thought his calm demeanor had fooled the officers called to his house to investigate "My manner had convinced them. I was singularly at ease"(780), that is until he heard the heart beating. However, there was no heart beating. Any sane person knows that a dead heart does not beat "I found that the noise was not within my ears"(780). The sound was in his ears, and more so in his head. The sound of the beating heart was guilt knocking on his door causing him more mental anguish. After cursing, arguing and carrying on violently, the narrator truly believed the officers knew of his guilt. They were oblivious of his torment talking to each other "…-they were making a mockery of my horror!-this I thought, and this I think"(780). The narrator admits here of his insanity (and subsequently his guilt) at the time of the confrontation, and at the time of his re-telling of the account.

The language used by the narrator in the story shows signs of insanity as well as guilt. He uses repetition of wording often. People with mental and/or psychological problems sometimes repeat words or phrases. When speaking of a lantern's state of darkness he says it was, "closed, closed, so that no light shone out,…"(777). On moving the lantern, he did it "slowly-very, very slowly…"(777). When he was ready to shin the light he "…undid the lantern cautiously-oh, so cautiously-cautiously…"(777). Again in explaining the lantern, "I resolved to open a little-a very, very little crevice in the lantern….-you cannot imagine how stealthily, stealthily…"(778). When he finally did get a look at the eye, repetition was again used "It was open-wide, wide open-and I grew furious as I gazed upon it"(77). When the narrator speaks of the man's live heart beating he says, "It grew quicker and quicker and louder and louder…louder, I say, louder every moment!… But the beating grew louder, louder!"(77). When talking of the attack on the man the narrator repeats again "He shrieked once-once only…Yes he was stone, stone dead…He was stone dead" (77). The narrators language is not better used to describe insanity and guilt than in the following passages when he feels as though he is caught

"Anything was more tolerable than this derision! I could bear those

hypocritical smiles no longer! I felt that I must scream or die! -and

now-again! -hark! louder! louder! louder! louder!-… 'Villains!' I

shrieked, 'dissemble no more! I admit the deed! - tear up the planks!

-here, here!- it is the beating of his hideous heart!"(780).

These final two lines in the story beautifully demonstrate how language was used to show insanity being overturned by guilt.

Three elements of literary work that truly sum up the theme of The Tell Tale Heart are setting, character, and language. Through these elements we can easily see how guilt, an emotion, can be more powerful than insanity. Even the most demented criminal has feelings of guilt, if not remorse, for what he has done. This is shown exquisitely in Poe's writing. All three elements were used to their extreme to convey the theme. The balance of the elements is such that some flow into others. It is sometimes hard to distinguish one from another. Poe's usage of these elements shows his mastery not only over the pen, but over the mind as well.

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Hummer case study

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1 Introduction

This study provides a market positioning assessment for the Hummer, a product of AM General.

Section of this document contains an analysis of the strengths, weaknesses, opportunities, and threats (SWOT) of AM General. Section provides an analysis of the alternative market segments that may be pursued for the Hummer. Section 4 provides a brief assessment of market sizes. Section 5 draws conclusions and makes recommendations for the marketing mix for the Hummer.

SWOT Analysis

This section reviews the strengths, weaknesses, external opportunities, and external threats (SWOT) for AM General.

Internal Strengths

· Proven innovation in the design of special-purpose vehicles.

· Ownership by a parent company, ameliorating cash-flow concerns and facilitating long-term capital investment.

· Strong public perception as the provider of an important military vehicle.

· Public perception of the Hummer as a product that evokes off-road-orientation, machismo, and high status.

· A continuing anchor customer in the US military.

· A small but growing consumer market.

Internal Weaknesses

· A historical focus on the government as a customer, which may introduce cultural attitudes and procedures incompatible with other markets.

· A high unit price for current products, most likely reflecting costly features to meet military specifications.

External Opportunities

· Potential markets including foreign militaries, other government agencies, businesses needing special-purpose vehicles, and consumers.

· Potential for expansion into other specialty vehicles for business and governmental use, such as fire engines, police cars, ambulances, and other specialty vehicles for construction and other rugged use.

External Threats

· Reliance on the US military as a single primary customer is a source of risk. The level of production for the US military may be subject to significant fluctuations.

· The consumer market may be highly sensitive to changes in consumer sentiment and in economic conditions. Most individual consumers will view the product as a discretionary expense.

· Expansion beyond niche markets may be problematic, given the maturity and operational efficiency of established automobile manufacturers.

Alternative Market Segments

The products of AM General could potentially be focused on the following market segments

· Consumers

· Businesses with special vehicle needs

· Non-military government agencies

· US military

· Foreign militaries

This section examines the pros and cons of each of these market segments for the Hummer and suggests methods for further expoitation of each market segment.

The Consumer Market

For buyers in this market, the "Hummer" has a strong emotional appeal, providing a sense of ruggedness, toughness, and preparedness for all situations. It can also provide a sense of status, connection with military, and an out-of-doors, off-road, orientation. Most buyers in the consumer market will not require most the capabilities of the vehicle, but are instead will buy it as a discretionary purchase for self-actualization.

The pros of the consumer market are

· The product is image-based, and sales are susceptible to being highly influenced by well-placed advertising.

· The similar history of the Jeep Wrangler, followed by its continuing success, suggests that the consumer market may prove to be a steady and enduring one.

· The Hummer has a competitive advantage of the Jeep due to its current military use.

· A fledgling market in this segment has already been established.

The cons of the consumer market are

· Price barriers limit the size of the current consumer market.

· Notwithstanding the competitive advantage mentioned as a pro of the consumer market, there is likely to be strong competition from the Jeep Wrangler as a lower-cost alternative.

· The current product has some notable disadvantages for on-road use, such as low gas mileage and difficulty parking, which may discourage some potential buyers.

· AM General's history has been focused on meeting specific needs of large customers with extensive purchasing processes. Marketing to a consumer market may require a very different product development and sales approach, for which AM General may have little experience.

The key step to expanding in the consumer market is to lower the price barrier and establish sufficient distribution outlets. Lowering the price barrier requires a producing a consumer-specific model at lower cost that corrects shortcomings of the product for consumer use and which eliminates expensive features required specifically for the military. An associated risk of this path is a possible loss of the status associated with the product.

It appears from the website "http//www.hummer.com" that AM General is working to expand in this market, having taken such steps as expansion of color options and features, the introduction of the H model, and the establishment of consumer dealerships, including two in the Boston area.

Business Market

Some businesses have special vehicle needs. One example is the Baca Ranch in New Mexico. Although purchased by the federal government in 000, this large property continues to be operated as a working ranch. The ranch has several large streams that are too deep to be crossed by, for example, a GMC Jimmy. Thus the Hummer has been adopted as the vehicle of choice for managing the property. Other businesses that may have special needs include ranges, mining, logging, ski resorts, construction.

The pros of entering the business market are

· AM General has an established product with a unique set of capabilities suitable for niche businesses.

· AM General's demonstrated ability to produce innovative design to meet specific needs may facilitate adaptation to the special needs of a customer or industry.

· The sales and marketing approach used for the US military may be easily adapted to working with large customers in the commercial sector.

The cons of entering the business market are

· The size of the market for special-purpose vehicles is likely to be very small, with sales occurring erratically for orders of medium and occasionally large size.

· Development of special-purpose vehicles may require years of negotiation, making the time period for the return on investment rather long.

· There may be competition from jeep and truck manufacturers, and other manufacturers of specialized vehicles.

Entering the business market may not require significant changes to the business structure. It may require establishing and appropriate sales force to develop the needed business contacts, possibly in conjunction with consumer dealerships.

Non-military Government Market

There are several branches of the federal government, plus state and local governments, that may have use for the Hummer. For example, forest services, fire-fighting, and rural police forces may all have use for the Hummer.

The pros of the non-military government market are

· This market segment is likely to exhibit similar requisition procedures to those of the US military.

· AM General is well positioned to provide product modifications to meet special needs.

The cons of the non-military government market are

· The requisition processes, although familiar to AM General, are also quite cumbersome.

· There may be cost barriers due to limited budgets of non-military agencies

AM General does have a history of sales in this market, including the production of nearly 00,000 vehicles for the US Postal Service [see http//www.amgmil.com/humvee.html]. Therefore potential sales of the Hummer in the same market can rely on previous sales experience.

US Military Market

The US military is the current anchor customer of the Hummer, and is likely to remain so. Continued marketing to this customer, including updates to the vehicle in accord with evolving requirements, is clearly an important part of the overall business strategy.

The pros of the US military market segment are

· The US military is an established customer.

· The Hummer is an established product for the customer.

· The US military has a large budget for purchases of vehicles and a need to continue AM General as a source of them.

The cons of the US military are

· The size of purchases from the US military are subject to budgetary swings, so that the size of production required may fluctuate.

· The market size of the US military is limited.

Continuing sales to the US Military will require continuing current relationships and being attentive to evolving military needs.

Foreign military market

Military branches of foreign governments have many of the same needs as the US military. Marketing the Hummer to foreign governments may provide a significant additional market for the product. According to the history provided at http//www.amgmil.com/humvee.html, AM General has a history of selling military trucks to "friendly overseas nations." Sales of the Hummer could easily follow this pattern.

The pros of foreign military markets are

· The Hummer is an established product directly applicable to their needs.

· International sales may diversify from the dependence on the health of the American economy.

The cons of foreign military markets are

· International sales may require significant expansion of sales offices and training.

· Export restrictions of military vehicles may be cumbersome and bureaucratic.

· Sales to governments potentially hostile to the United States may raise ethical issues.

Exploitation of this market may use the same channels developed for international sales of AM General trucks.

4 Market Size Assessment

The potential consumer market may be large. According to the Bureau of the Census [see http//www.census.gov/css/www/Products/Profiles/000/index.htm, Table for United States], the number of families with incomes over $150,000 is approximately . million. If we assume that two-thirds of one percent of these families purchase a Hummer each year, the annual sales would be 6,000, several times larger than the US military market. If a lower-priced model were available generally available to enable purchase by families with an annual income between $75,000 and $150,000, an additional market of 15.6 million families could be targeted.

The size of business markets requiring the Hummer is more difficult to estimate, but it is reasonable to assume that its size is a small fraction of the size of the consumer market. Similarly, the non-military government uses of the Hummer are likely to be fairly limited and specialized in scope. Therefore pursuit of these markets may be best viewed as extensions of either the consumer or government markets.

5 Conclusions and Recommendations

All of the market segments reviewed in this analysis are fundamentally viable for the Hummer. The key question then is not which markets can be exploited, but what role should each take in the market position of AM General. Recommendations for the marketing mix of these segments are stated in this section and presented with brief supporting rationales.

The US military can be expected to continue as an anchor customer, and maintaining an ongoing relationship with the US military is recommended. A specific segment of business and production should be established to serve US military needs, including adaptation to evolving requirements and flexibility in production rates.

The market segment that diverges most from AM General's history is the consumer market, suggesting that it may have some of the highest barriers to entry. However, since it appears that AM General has made and investment in that market and is well on the path to working through the entry barriers, continuation of that path is strongly recommended. The advantages of this market segment are that it does provide some diversification of the customer base and that the size of the market is potentially large. The key business direction enabling exploitation of this market segment is to develop a lower-cost version of the Hummer that is affordable to a larger number of potential buyers. Pursuing this business segment requires developing a segment of the business that is focused on efficient, stable production of vehicles on a continuing basis.

These two segments, the US military and the consumer market, are recommended as the core business segments upon which AM General's sales of the Hummer rest. It should be noted that these business segments will have different modes of operation, and that careful management will be required to maintain the two segments in a symbiotic relationship.

The other market segments mentioned here, businesses, non-military government, and foreign government, should be pursued as secondary markets. Many customers in these market segments can be served through the consumer segment of the business. Customers with special needs can be pursued on a case-by-case basis via the military segment. In addition to the revenue and customer diversification special-needs customers may provide for the military segment, they can also be viewed as a means to promote continuing honing of innovation and continuing strengthening of the Hummer's reputation.

Please note that this sample paper on Hummer case study is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Hummer case study, we are here to assist you. Your cheap custom college paper on Hummer case study will be written from scratch, so you do not have to worry about its originality.

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