The Sun Also Rises by Ernest Hemingway Essay Example | Topics and Well Written Essays - 750 words

The Sun Also Rises by Ernest Hemingway - Essay Example Jake Barnes of Ernest Hemingway’s novel â€Å"The Sun Also Rises,† is the hero, as he possesses these qualities of head and heart. This hero knows the values of simple pleasures of life and finds the meaning of existence in them in trying circumstances. Hemingway places Jake into tragic situations to test his mettle, and shows how Jake does not submit to them meekly, and emerges with credit to set examples to others. Those who come into his contact have no option but to praise his disposition and learn something of the leadership qualities that are needed in a war situation. Pressure does not create any adverse reactions in his dealings. Jake is not a hero in terms of physical strength, but of the mind. His understanding of life is profound and he is not affected with success or failure. Sincere and skillful performances are his concerns. Jake has two types of values. One set is related to the army of which he is the integral part and another set relates to his personal values. He will not, under any circumstances violate the army rules but adds dignity to them with his personal values. His code of morality inspires even the enemy that is at war. Thus humanity and morality always triumph over enmity. The successful execution of the balancing act in a difficult situation is the hallmark of a true hero like Jake. The aftermath of World War I left harrowing societal situations. Jake’s war-incurred injury has turned him sexually impotent. However, he still has romantic urges, both intellectually and sexually. In the first part of the novel, a prostitute Georgette LeBlanc, catches the imagination of Jake and though he is unable to have any sexual relations with her, he still hires her and confesses, â€Å"[I had] a vague sentimental idea that it would be nice to eat with someone." (24) The generation, immediately after the war, finds itself directionless and destination-less. In such a grim situation anyone will turn cynical, but not Jake. He i s physically challenged from the war. He is part of the aimless and scared war survivors, but the important traits of his charismatic personality are depicted brilliantly by Hemingway. Nowhere in the novel is Jake a resigned character. He has his emotional problems, besides his physical disability. His sacrifice wins him the accolades of an Italian General who exclaims, â€Å"You†¦.have given more than your life. What a speech! I would like to have it illuminated to hang in the office.†(39) Jake’s disability affects his life from both ends, physically as well as emotionally. From the physical angle he is unable to consummate his love for Brett Ashley, and the tragic part of the relationship is, he must spend his time being in nearness to the one who is most dear to his heart at that turn of his life and he has daily interactions with her. He accepts his handicap that would have crushed any man, with great sense of equipoise. He does not exploit his physical handic ap to emotionally blackmail Brett, and he tries to overcome his plight with courage showing great understanding. He does not escape from the reality. He is desperate, but he will not compromise with the reality of his intense internal suffering arising out of his physical handicap. Hemmingway describes the plight of Jake brilliantly in the brief conversation that takes between the two lovers. This is the fitting finale to the story of the novel. â€Å"

Deviance Behavior Criminal

Deviance Behavior Criminal Deviance: Is It In the Eye of the Beholder? Abstract Deviant behavior is described as actions or behaviors that violate cultural norms including formally enacted rules as well as informal violations of social norms. This paper will examine what the various types of deviance and will present the important theories of deviance. There is often the argument that deviance is in the eye of the beholder but after research I found out that it is not quite true. Deviance is an established abnormality in individuals and society and sociologist have been seeking to find solutions for it for decades by applying various theories upon this abnormality. There are seven major theories of deviance that are further followed by sublistings of variations on themes. These theories are differential association, anomie, Marxian conflict, social control theory, labeling, utilitarian/deterrence and routine activities. Deviance is also broadly categorized into three basic forms of rule breaking behavior; good, odd and bad behavior. It is now realized that though many acts maybe deviant they may still not constitute bad or criminal behavior. But they are still socially reprimanded because of their nature such as highly inappropriate modes of dress. There is the absolutist stand in viewing deviance and the relativist stand. The absolutist stand places all blame of the deviant act upon the individual while the relativist stand is more lenient in taking into account the larger picture that considers societal factors and other influences in causing deviant behavior. The modern day sociologist is considered to be a relativist who believes in taking the middle road when analyzing deviant behavior. According to Shur (1965), ‘The societal reaction to the deviant, then, is vital to an understanding of the deviance itself and a major element in—if not a cause of—the deviant behavior. Deviance: Is It In the Eye of the Beholder? When it come to an attempt to ascertain whether or not deviance is in the eye of the beholder, the fact is that all the research that is related to deviance only proves that it is a phenomena that is not in the eye of the beholder but a valid and recognized form of socially abnormal behavior. In any given society of the world, deviance is an established of behavior that breaks out of the recognized norms and requires to be corrected in order for the normal flow of social life to progress. Deviance describes actions or behaviors that clearly violate cultural norms including formally and informally enacted rules as well as informal and formal violations of these rules, regulations and norms. This paper will try to depict how deviance is seen, created, challenged and enforced. Deviance is an act defined as the deliberate violation of the cultural norms of a given society. The most prevalent form of deviance is crime of any sort or the violation of societal norms enacted by a society that have been formally enacted into criminal law (What is Deviance?) Deviance has been recognized as an integral part of every society and hence is studied as a sociological science. In being studies as a science of society, there is little doubt that deviance should be considered to be in the eye of the beholder. The sociology of deviance is based on the study of deviant behavior as the recognized violation of cultural norms. It also deals with the creation and enforcement of those norms. It is important to understand that certain deviant behaviors may not be recognized as such by all societal standards. In other words, not all societies have rules that would disallow all forms of behavior. But still every society does have its own set of social rules that when broken, consti tute deviance for the members of that particular society. Rather on the contrary, deviance is defined in relative terms with different societies having different ways to view the same behavior (Sociology of Deviance). Many of the theories that are related to deviance and criminal behavior are simple and uncomplicated stating one or two explanatory principles that apply to all instances of the particular form of deviance that is being explained. These are also called simple theories that are conventionally classified into six or seven major categories and have sublistings of variations on themes. The categorical schemes that are most popular are related to strain, learning, labeling, control, opportunity, psychodynamic and biological. According to Pearson and Weiner (1985) the simple theories that are most important are differential association (Sutherland and Cressey 1978), anomie (Merton,1975), Marxian Conflict (Bonger 1916; Quinney 1970), social control (Hirschi 1969), labeling (Becker 1963; Gove 1975, 1980; Schur 1971), utilitarian/deterrence (Andenaes 1974; Becker 1968; Cornish and Clarke 1986; Gibbs 1975; Tunnell 1992; Zimring and Hawkins 1973) and routine activities (Cohen and Felson 1979) ( Tittle, 1995). Sutherland and Cresseys theory of differential association is considered to be one of the most prominent social learning theories. Sutherlands research was focused on white collar crime, professional theft and intelligence and disputed the notion that crime was a function of peoples inadequacy in the lower classes. He did not consider crime to stem from individual traits or from socioeconomic positions but to be a function of a learning process that could affect any individual regardless of culture. The acquisition of behavior is a social learning process rather than a political or legal process. Consequently the skills and motives that are conducive to crime are learned as a result of contact with pro-crime attitudes, values, definitions and other related pattern of criminal behavior. The basic principles of differential theory are that criminal behavior is learned, learning is a byproduct of interaction, learning occurs within intimate groups, criminal techniques are learned, perce ptions of legal code influences motives and drives, differential associations may vary in frequency, duration, priority and intensity, the process of learning criminal behavior by association with criminal with anticriminal and criminal influences involve all of the mechanisms that would be involved in any other learning process and that criminal behavior is an expression of the general needs and values but it is not excused by those general needs and values because non-criminal behavior is also an expression of the same needs and values (Seigel, 2005). The theory of anomie was presented by Robert Merton and it explains the occurrence of crime as well as wider disorder and deviance. This theory is considered to be a wide ranging and essential sociological explanation for deviance. Merton borrows the term anomie from Durkheim and rejects individualistic explanations of crime and criminal behavior stating them to be socially learned. He also says that there are social structural limitations imposed on access to the means to achieve these goals. The focus of his work is on the position of the individual within the social system rather than on personality characteristics. He says, â€Å"Our primary aim lies in discovering some social structures exert a definite pressure upon certain persons in the society to engage in non-conformist conduct† (Burke, 2005). This theory is based on the work of Karl Marx and views a dominant class as being in control of the resources of society, using its power to not only create institutional rules but entire belief systems that support this power. The theory looks at the structure of society as a whole in trying to develop explanations for deviant behavior. According to this theory the economic organization of capitalist societies is responsible for producing deviance and crime. Since this scenario causes certain groups in society to have access to less resources in capitalist society they are hence forced into deviance and crime to sustain themselves. The high rate of economic crimes such as theft, robbery, prostitution and drug selling is explained by conflict theorists to be the result of the economic status of these groups. Contrary to emphasizing values and conformity as a source of deviance, as done by functional analyses, the conflict theories view deviance as the direct result of power relations hips and economic inequality (Andersen, Taylor, 2006). The theory of social control was offered by Hirschi and it evolved from many previous contributions. The primary concept of the theory is the ability to deviate from normative behavior. Many people do not engage in deviant behavior because of their bond to society. Social bond was also conceptualized by Hirschi on the basis of the attachment of the individual to others, commitment to conventional lines of action, involvement and belief in legitimate order. These four components were regarded by Hircshi as being independent and having a generally negative association with the chances of engaging in deviant behavior. It was his opinion that when the elements of social bond were weakened, the probability of delinquency and deviancy increased (Weis, Crutchfield, Bridges, 2001). Labeling theory is considered important in the study of deviance since it focuses not only on crime but also the situation surrounding the crime. It goes beyond viewing the criminal as a robot like person whose actions are predetermined by also recognizing that crime is often the result of complex interactions and processes. Decisions to commit crimes and other acts of deviance involve the action of a variety of people that include peers, victims, police and other key characters. Additionally, labeling also fosters crime by guiding the actions of all parties involved in these criminal interactions. Actions that are considered insignificant and innocent when committed by one person are considered provocative and deviant when committed by another who has been labeled a miscreant. On the same note, labeled individuals may also be quick to judge, take offense and misinterpret the behaviors of others due to their past experiences (Siegel, 2004). Sociologist clam that when a person becomes known as a deviant, and is ascribed deviant behavior patterns, it is as much, if not more, to do with the way they have been stigmatized, then the deviant act they are said to have committed. As a matter of fact, labeling theory has subsequently become significantly dominant in the explanation of deviance. This theory is also often referred to as rationale choice or â€Å"economic† theory. The main idea of the theory is that all human acts are decisional and that any behavior is more easily understood in terms of relative costs and benefits. When the cost of any behavior exceeds the benefit or utility for any individual he or she will in all likelihood forgo it. But when the benefits exceed the cost, the behavior will follow. Hence if one could learn the costs and benefits of different courses of actions it would make it easy to explain and predict what will happen (Tittle, 1995). The theory of routine activities asserts the fact that high crime rates in the US have always been a part of normal life. The main concept of the theory are taken from the insights of a number of other perspectives on crime and victimization such a the free-will basis of human action or rational choice and empirical studies that reflect that patterns of crimes and victimization differ in time, in location and in the social distance between the victim and the offender. The key claim of the theory if that the patterns of victimization and crime are the result of the everyday interaction of the potential offenders, suitable targets, and guardians. It is the interaction of these three variables within geographical space and in time that eventually determines the rates of crime and delinquency in modern society (Beirne, Beirne, Messerschmidt, 1999). Deviance is broadly categorized into three basic forms of rule breaking behavior; good, odd or bad behavior. Deviance that could be considered good or even admirable but which still breaks out of social norms is something akin to heroism such as putting ones own life in danger in an attempt to save the life of another person. There are many behaviors that may be considered odd even though they may not be criminal. They are considered odd because they are different than behavior that is shown by other people. Examples of this deviance range from outlandish or inappropriate modes of dress, mildly eccentric behavior such as a person who sees nothing wrong in sharing their house with 50 cats to outright madness. Bad behavior is what the name implies it to be; law breaking or criminal behavior that in some way is seen as being something more than simply outlandish or eccentric. The different kinds of behavior in this category constitute crime, violence, crimes against property and the lik e dependant on the time and place at which they take place (Types of Deviance). Though the definition of deviance and the different ways of interpreting it have undergone much research over the years, the fact that there is indeed such behavior in every society that clearly deviates from the norms of that society and hence constitutes deviant behavior hasnt changed. According to Rock (1973), â€Å"The common sense definition has not changed: the absolutist orientation still prevails. Not so for social science. Sociologists in particular now realize that, contrary to common sense, the identification of and reaction to deviance in everybodys life is no different from other areas of life: these processes hinge on one persons interpretation of another persons deeds. The chief difference between interpretations in other areas of life and those in deviance lies in the use of a moral yardstick when deviance is interpreted. To be sure, what is seen a deviant is part of everyday knowledge of common-sense reality. But it is a socially constructed reality† (Rosenber g, 1983). Because most of the world does have a socially constructed view of deviance, it makes people view the act and not the actor. Societies, heritages, morals passed down from generations, and religious preferences have all blinded individuals from using their own personal judgments and common sense. My interest in this particular topic had a lot to do with my free will of judgment in reference to how I myself viewed deviance and although I guide my kids into what is believed to be right and wrong, I also teach them to make their own decision on what they consider to be deviant in their eyes. As times change, so does the world and although some things are more acceptable, values remain the same. However, if one really wants to understand the way deviance is viewed, created, challenged and enforced, one has to take a much deeper view. It is not enough to focus on the individual deviant and the means of society trying to transform a behavior into some acceptable normal thing; one also needs to examine those who insist on this transformation and who have defined it as deviant in the first place. In some cases, it may be the actual values or the way people judge and label deviant behaviors that is more deviant than the acts or behaviors itself. In conclusion, after examining the types of deviance and the different theories of deviance it can be surmised that it wont be logical to say that â€Å"deviance is simply in the eyes of the beholder†. Deviance is a recognized social ill. It also needs be mentioned here that there are two ways in which sociologists view deviance; the absolutist way and the relativist way. The absolutist are not willing to cut any slack at all in the discussing of deviance being an effect of environment, society and other factors related to it laying all blame of the deviant behavior entirely on the individual. To the contrary, the relativists are the ones who present their case in a manner akin to â€Å"so deviance, like beauty, is in the eye of the beholder†¦almost every conceivable human characteristic or activity is pariah in somebodys eyes† (Simmons, 1969). In modern times most of the sociologists are relativists where they claim that human action is neither inherently deviant nor inherently nondeviant but dependant of the effects of the environment and society as well. However, in determining the validity of deviance it is best to adopt a middle position which is neither strictly absolutist nor strictly relativist. Given the growing diversities of societies all over the world, it is only by adopting this middle path can one truly judge deviant behavior and seek plausible solution to it by applying the theories of deviance upon them. According to Schur (1965), ‘The societal reaction to the deviant, then, is vital to the understanding of the deviance itself and a major element in—if not a cause of—the deviant behavior. In my opinion, deviance is in the eyes of the beholder nonetheless, it is still a societal ill that first needs to be treated as such before solutions can be sought to remedy it. References Andersen, M. L., Taylor, H. F. (2006) Sociology: Understanding a Diverse Society. Pp. 170 (Thomson Wadsworth 2006) Beirne, Beirne, P., Messerschmidt, J. W. (1999) Criminology: Third Edition. Pp. 215 (Westview Press, 1999) Burke, R. H. (2005) An Introduction to Criminological Theory. Pp. 100 (Willan Publishing 2005) Rosenberg, M. (1983) Introduction to Sociology. Pp. 404 (Routledge 1983) Siegel, L. J. (2004) Criminology: The Core. Pp. 173 (Thomson Wadsworth 2004) Siegel, L. J. (2005) Criminology. Pp. 226 (Thomson Wadsworth 2005) Sociology of Deviance. Wikipedia. Retrieved on July 12, 2008 from http://en.wikipedia.org/wiki/Sociology_of_deviance Tittle, C. R. (1995) Control Balance: Toward a General Theory of Deviance. Pp. 1 (Westview Press 1995) Types of Deviance. Retrieved on July 15, 2008 from http://www.sociology.org.uk/wsdo2.htm Weis, J. G., Crutchfield, R. D., Bridges, G. S. (2001) Juvenile Delinquency: Readings. Pp. 364 (Pine Forge Press 2001) What is Deviance? Retrieved on July 15, 2008 from http://www.geocities.com/tdeddins/deviance.htm

Cost Management & Cost Control Essay

In broad sense, both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations, many times, one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits Making profits or running with surpluses is an essential objective of any organization whether a business organization, non-government non-profit making trust or government. Profit = Revenue (or Price X Units Sold) – Overall Costs (or All Expenses) One can make more profit by: * Increasing the price * Selling more units * Reducing costs In globally competitive environment, increasing the price is not always feasible, Therefore, one has to resort to increasing the sales volumes or decreasing the costs. Overall Cost Reduction: Better Strategy If you do some quick calculations, you may find that: * Increasing the sales volumes by say, 5% will increase the profit by only by that much percentage i.e. 5% increase in profit. * On the other hand reducing the overall cost by 5% may increase the profit in the range from 20% to 45%. Cost Build-up There are two ways of looking at as to how products or services start costing. Conventional Way Cost = Direct Labor Cost + Direct Material Cost + Overhead Cost Activity Based Costing (ABC) Way * Various activities are performed. * Activities attract resources like man, machine, material, money, time and information. * These resources mean money or cost. * Number of activities multiplied by costs attached to the resources consumed by the activities = Overall Cost Cost Reduction Methods Conventional * Reduce direct labor expenses * Reduce direct material expenses * Reduce overhead expenses Non-conventional * Reduce or eliminate (non-value adding) activities * Reduce the consumption of the resources by these activities and even by value adding activities. Cost Management/Control by Controlling Non-Value Adding Activities * Product or services go through processes. * Processes consist of activities. * Activities are: value adding and non-value adding. * Therefore, reduce and finally, eliminate non-value adding activities. * One may think of spending money on value-adding activities if the returns because of putting that extra money (investment) exceed the invested amount. Cost Management/Control by Controlling Seven Notorious Wastes 1. Waste of overproduction 2. Waste of waiting 3. Waste of transportation 4. Waste of processing itself 5. Waste of stocks 6. Waste of motion 7. Waste of making defective products/services

Michelle Obama Speech NAACP Essay

In Michelle Obama’s speech â€Å"Remarks to the NAACP National Convention,† she laments that childhood obesity is a serious issue in America today, back when she was young children were always out playing and being active, nowadays children would rather sit inside and play video games then do anything else. Since most children are seldom most of the time and spend hours upon hours watching television â€Å"every extra hour of TV they watch is associated with the consumption of an additional 167 calories.† (423). Children aren’t just becoming lazier, they’re actually becoming more and more unhealthy as time goes on developing â€Å"diabetes and cancer, heart disease, asthma.† (420). In an effort to try and help fix childhood obesity Obama launched the â€Å"Let’s Move† campaign, which even features commercials on Disney Channel showing the Disney celebrities outside playing some kind of physical activity. The four main points to this campaign are; The first one consists of giving parents knowledge to give their children healthy food not fast food. The second point states that the government is attempting to replace fatty foods in schools with healthier options, regardless of how the children will feel about it. The third part of the campaign is just trying to show children that being active actually is fun, it doesn’t just have to be challenging. The final point Obamas’ campaign states is that all families no matter what their income is, wealthy or struggling, should have the ability to get fresh and healthy food without breaking the bank. Works Cited Page Obama, Michelle. â€Å"Remarks to the NAACP National Convention.† They Say / I Say with Readings. Ed. Gerald Garaff, Cathy Birkenstein, Russel Durst. 2nd ed. New York: W. W. Norton & Company, 2012. 417-433. Print.

Similarities Between Roman And Roman Cinema - 1506 Words

Numerous influences established Roman theatrical entertainment. Etruscan and Greek antecedent are what predominantly shaped ancient Roman entertainment. Etruscans were people who lived in modern day Tuscany and parts of Umbria (Beacham, 1991). Rome inherited all attributes of the Etruscan religious festivals, where various theatrical performances were given, ranging from acting to chariot racing. For instance these carnival-like festivals occurred to please the gods though theatrical offerings. Another element that the Etruscans contributed was the importance of music and usages of masks and dance. In Etruria, music was accompanied in most activities varying from sacrifices to daily work (Brocket, 1995). Additionally roman theatrical†¦show more content†¦The contrasting from, Fabula Togata were comedies based on Roman material and subjects that provided the audience with situation of domestic and day-to-day life. Plautus and Terrance were the only two authors who had survivi ng roman comedies. Titus Plautus (251-184 BC) wrote around 205 works, but only 21 comedies survived (Wickham, 1992). All his plays are based on Greek new comedy by would add many Roman allusions. He was admired for his Latin dialogue, poetic manner, and witty jokes in his comedies. These characteristics were what described him of having â€Å"comical powers†. Publius Terentius Affer, best known as Terrance (195 – 159 BC) was also a very famous comic with six surviving plays. He would have complex plots, as he would combine more than one Greek original. Identifiable characteristics in his work would be the use of everyday language and the use of double plots (Brocket, 1995). (ENDING) Roman tragedy was not a prominent theatrical form during the rise of the Roman Empire, however it was highly regarded by the audience during the republic (Brocket, 1995). Although no actual plays survived, it is through fragments, titles and notes that indicate how most of them were adapted from Greek originals. In fact these tragedies were barely based on Roman subjects themselves. The main differences in these plays from the

History Of The Philippine Monetary System Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4326 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? ÂÂ   Most people dont spend much time wondering what money is, their major concern is how much they have, and how to get more. Usually, the question of what money IS arises only when money ceases to function properly. In economics (properly understood), the answer to the question what is money? consists of three words: Thats all. Don’t waste time! Our writers will create an original "History Of The Philippine Monetary System Finance Essay" essay for you Create order Yet the conception of a medium of exchange ranks below only language (with its corollaries speech and the written word) as the greatest intellectual discovery in history. Without language, the exchange of anything but the most rudimentary ideas is impossible. Without money, the production and exchange of anything but the most rudimentary goods and services is impossible. It is not difficult or time consuming, or inefficient, it is IMPOSSIBLE! Animals dont exchange (or trade) amongst one another. They are self-sufficient, or they take from each other, or they exercise the prerogative of superior strength and/or cunning. There are some human beings who get along in a very similar fashion, but the overwhelming majority recognises the benefits of voluntary exchange. Strictly speaking, the use of the word voluntary in this context is redundant. The phrase your money or your life is not the precursor to an exchange, whether the person uttering it brandishes a gun or a government identi ty card. The first rule of any voluntary exchange is simplicity itself. If two people are willing to exchange, each must view the results of the exchange as being beneficial. If either of them is not of that view, the exchange will not take place. Direct exchange, or barter, is exactly that my good or service for your good or service. The problem is that I might want what you have to offer, but you might not want what I offer in exchange. With no medium of exchange, there is no deal. Indirect exchange takes place when one party has a medium that is always acceptable, not for what it is, but for what can be done with it. If you offer me money, I will accept it, because I know that I can exchange it for what I want, whenever I want it. Indirect exchange involves the use of MONEY the medium of exchange. Money is the universal key, it fits all locks. And the world it has unlocked is the world we live in today. Money has made the division of labor possible. It has made special ization possible. It has made the accumulation of wealth over periods which exceed a human lifetime possible. Perhaps most important of all, it has hugely advanced the potential for amicable interaction between people. To survive as such, and to prosper, a rational animal must exchange. He or she has language, to exchange ideas, and money, to exchange the fruits of ideas. From that foundation, everything else we see around us has been built. That covers the concept or idea of money. But an idea, as such, does not exist as a physical entity. Money must be a physical entity. Neither the electronic money of today nor the notes and coin which circulate as cash has any official or legal connection with Gold and Silver. But they once did, and most people think that they still do. As long as that situation persists, the modern monetary system will function. Now, how does one go about choosing what is to be used as money? Simple, one looks for the most tradable good, the good which is in highest demand, the good that has begun to be accepted, not as an end in it, but as a means to an end. Money is the good that people do not want to consume, but want to use to make further exchanges easier. Human beings have lived together for more than two million years. Money in its modern form coin of fixed weight and denomination came into use less than three thousand years ago. It took a long time to discover the physical good which best serves the purpose of a medium of exchange. (https://www.the-privateer.com/gold-b.html) Functions Money as a Unit of Value The first function of money is to be a unit of value or a unit of account. The monetary unit is the unit in terms of which the value of all goods and services is measured and expressed. The value of each good or service is expressed as a price, which is the number of monetary units for which the good or service can be exchanged. If the price of a pen is Rs. 10 then a pen can be had in exchange for ten monetary units (where the monetary unit in this case is the rupee). Measuring values in monetary units helps in measuring the exchange values of commodities. If a pen is worth Rs. 10 and a notebook is worth Rs.20 then a notebook is worth two pens. Further, accounting is simplified, as all items will be recorded in terms of monetary units that can be added and subtracted. Money is a useful measuring rod of value only if the value of money itself remains constant. This is similar to saying that a scale is a useful measure of length only if the length of the scale itself is constant. The value of money is linked to its purchasing power. Purchasing power is the inverse of the average or general level of prices as measured by the consumer price index etc. As the general price level increases, a unit of money can purchase a lesser amount of goods and services so the value or purchasing power of money declines. So, money will be a useful unit of value only as long as its own value or purchasing power remains constant. (https://hubpages.com/hub/Functions-of-Money) Money as a Medium of Exchange Money also acts as a medium of exchange or as a medium of payments. This function of money is served by anything that is generally accepted by people in exchange for goods and services. Anything has been quite a variety of things across places and times. Some of the things that have served as money are clay, cowry shells, tortoise shells, cattle, pigs, horses, sheep, tea, tobacco, wool, salt, wine, boats, iron, copper, brass, silver, gold, bronze, nickel, paper, leather, playing cards, debts of individuals, debts of banks, debts of governments, etc. Money will then reduce the time and energy spent in barter. The person who owned a cow can now simply sell it to the person who offers the most money for it and then buy the bullock cart from another person who offers him the best bargain. Ultimately, all trade may be considered barter one good or service is traded for another good or service -either directly, or indirectly with money acting as the intermediary. However, by acting as an intermediary, money increases the ease of trade. Money is also called a bearer of options or generalized purchasing power. This indicates the freedom of choice that the use of money offers. The owner of the cow need not procure goods and services from those to whom he sold his cow. He can use the money to buy the things he wants most, from those who offer him the best bargain (not necessarily those who bought his cow), at the time he considers most advantageous (not necessarily immediately). Again, this function can only be performed properly if the value of money remains constant. (https://hubpages.com/hub/Functions-of-Money) Money as a Standard of Deferred Payments If money performs the previous two functions then it may also perform the function of being the unit in terms of which deferred or future payments are stated. Examples of situations where future payments are to be made are pensions, principal and interest on debt, salaries etc. As long as money maintains a constant value through time, it will overcome the problems associated with making future payments with specific commodities. (https://hubpages.com/hub/Functions-of-Money) Money as a Store of Value If money becomes a unit of value and a means of payment then it may also perform the function of serving as a store of value. The holders of money are holders of generalized purchasing power that can be spent through time. They know that it will be accepted at any time for any good or service and is thus a store of value. This function will be performed well as long as money retains a constant purchasing power. (https://hubpages.com/hub/Functions-of-Money) It may be noted that any asset other than money may also perform the function of store of value, for example, bonds, land, houses, etc. These assets have the advantage that, unlike money, they yield income and may appreciate in value over time. However, they are subject to the following: (1) They may involve storage costs, (2) They may not be liquid in the sense that they could not be quickly converted into money without loss of value, and (3) They may depreciate in value. A person may choose to store value in any for m depending on considerations of income, safety and liquidity. (https://hubpages.com/hub/Functions-of-Money) Kinds Commodity Money Commodity money refers to money whose value comes from a commodity out of which it is made. Examples of commodities that have been used as money include gold, silver, copper, salt, large stones, decorated belts, shells, and cigarettes. Commodity money is to be distinguished from representative money which is a certificate or token which can be exchanged for the underlying commodity. A key feature of commodity money is that the value is directly perceived by the users of this money, who recognize the utility or beauty of the tokens as they would recognize the goods themselves. That is, the effect of holding a token for a barrel of oil must be the same economically as actually having the barrel at hand. This thinking guides the modern commodity markets, although they use a sophisticated range of financial instruments that are more than one-to-one representations of units of a given type of commodity. In situations where the commodity is metal, typically gold or silver, a govern ment mint will often coin money by placing a mark on the metal that serves as a guarantee of the weight and purity of the metal. In doing so, the government will often impose a fee which is known as seigniorage. The role of a mint and of coin is different between commodity money and fiat money. In situations where there is commodity money, the coin retains its value if it is melted and physically altered, while in fiat money it does not. Commodity money often comes into being in situations where other forms of money are not available or not trusted. Various commodities were used in pre-Revolutionary America including wampum, maize, iron nails, beaver pelts, and tobacco. In post-war Germany, cigarettes became used as a form of commodity money in some areas. Cigarettes are still used as a form of commodity money in prison cell. Although commodity money is more convenient than barter, it can also be inconvenient to use as a medium of exchange or a standard of deferred payment due to the transport and storage concerns. Accordingly, notes began to circulate that a government or other trusted entity (e.g. the Knights Templar in Europe in the 13th century) would guarantee as representing a certain stored value on account. This creates a form of money known as representative money the beginning of a long slow shift to credit money. Historically gold was by far the most widely recognized commodity out of which to make money: gold was compact, easy to work into more beautiful jewelry, had decorative and functional utility as a finely strung wire or thin foil leaf, and most importantly, could always be traded for other metals to make weapons with. A state could be described as a political enterprise with sufficient land, gold and reputation for protecting both, e.g. the Fort Knox gold repository long maintained by the United States, could reliably issue certificates to substitute for the gold and be trusted to actually have it. Between 1933 and 1970, one U.S. d ollar was technically worth exactly 1/35 of a troy ounce (889 mg) of gold. However, actual trade in gold as a precious metal within the United States was banned presumably to prevent anyone from actually going up to Fort Knox and asking for their gold. This was a fairly typical transition from commodity to representative to fiat money, with people trading in other goods being forced to trade in gold, then to receive paper money that purported to be as good as gold, and then ultimately see this currency float on commodity markets. However, commodity money remained active in the background in some form or another, and seems to have been revived thanks to global capitalism, wherein a currency is widely traded as a commodity. One way to view such trade is that currency of resource-rich nations tends to be tied to the price of those particular commodity items until it becomes a developed nation. Thus, one could see the nominally fiat money of say Cuba as being tied to the commodity s ugar globally, rather than to the military power of Cuba that holds within its own borders. Also, commodity supplies and protections of supplies by states military fiat remain critical to trade, and there are active commodity market speculations on the stability of certain states, e.g. speculation on the survival of the regime of Saddam Hussein in Iraq has from time to time driven the price of oil. Some argue that this is not so much a commodity market but more of an assassination market speculating on the survival (or not) of Saddam himself. Finally, commodity money is undergoing a more direct revival thanks to theorists of green economics, natural capitalism and global resource banking, some of whom suggest a form of money based on ecological yield. They argue that the outputs of natural capital are the only genuine commodities air, water, and calories of renewable energy we consume being mostly interchangeable when they are free of pollution or disease. However, such goods cannot be held directly, and so it is common to suggest that representative money be issued based on enhancing and extending natures services, giving one the right to receive the yield as a benefit. They argue that reframing political economy to consider the flow of these basic commodities first and foremost, avoiding use of military fiat except to protect natural capital itself, and basing credit-worthiness more strictly on commitment to preserving biodiversity rather than repayment of debt, as in the current global credit money regime anchored by the Bank for International Settlements, would provide measurable benefits to human well-being worldwide. Some seek to replace the B.I.S. with a Global Resource Bank to manage global resources outside national jurisdiction for global benefit. Others would replace the gold standard with a biodiversity standard. It remains to be seen if such schemes have any merit other than as political ways to draw attention to the way capitalism itsel f interacts with life. Critics of this type of proposal often note that, as with other transitions from commodity to representative money, inadequate substitutes will be made on a just trust me basis as per Greshams Law which states that bad money drives out good. Other proposals, such as time-based money, rely on the availability of human labor as a commodity, especially within a community, which is presumably harder to guarantee access to, but also harder to steal. Still others deny the utility of co modifying labor as such, and suggest making free time the standard, since physical capital used for leisure, sport, art, theatre, and other forms of play is co modifiable and possible to control. (https://www.wordiq.com/definition/Commodity_money) Credit Money Credit money refers to money that constitutes future claims of a valuable item against an entity. The holder of credit money can use it to purchase goods and services; when the holder wants to, he or she can redeem it to get the item by which it is backed. Credit money is made of a material that has low intrinsic value compared to the value it represents when exchanged. Some types of credit money include IOUs, bonds and money market accounts. Some people also consider paper money and coins to be credit money because they have no intrinsic value and can be exchanged for valuable commodity. To illustrate how this concept came about, consider English goldsmiths, who centuries ago used to keep deposits of precious metals. They issued paper notes to those who deposited gold or silver for future redemption. These goldsmiths realized that they did not need to completely back their notes with precious metals because only a small fraction of holders come back to convert their notes. The goldsmiths then issued non-backed notes as loans to people who needed funds and received profits from interest payments. These notes constituted the early form of credit money. When a government issues banknotes, it decides on a valuable commodity on which to fix them, gold or silver, for example. It then fixes a stable value on the banknotes and sets them as a medium of exchange. The government can choose to maintain enough valuable commodities to let everyone with banknotes redeem it. The government can also choose to keep just enough valuable commodities to satisfy the small fraction of people who actually want to make the redemption. In this sense, banknotes are credit money because people can use them to redeem gold or silver. In modern monetary systems, however, the central bank often issues money that is not backed by valuable commodity. The size of the money supply in these systems does not depend on the availability of valuable commodity or the obligation of the centr al bank to repay credit money with valuable commodity. This kind of money is known as fiat money and is the most ubiquitous form of money in most modern monetary systems. Credit money can also refer to any claim on valuable commodity that is used as a medium of exchange instead of banknotes. Checks, IOUs and bonds that can be redeemed for banknotes are examples of this. Sometimes credit money has a maturity date, as in the case of checks where the bank pays the check recipient a certain amount of banknotes at maturity. Fiat Money Fiat money is the opposite of honest money. Fiat money is money that is declared to have value even if it does not. Honest money has value regardless of what people say. Gold and silver are often referred to as honest money and since they have been dug out of the ground at considerable expense, they do have value regardless. People will pay variable sums for them. Fiat money is also known as paper money, or electronic money. Since there is nothing behind paper money but the obligation of a state to redeem it in more paper or electronic money, fiat moneys ultimate worth is questionable at best. In fact, there is a history of states walking away from the face value of the fiat money that has been printed (created). But if one has it in ones possession, it is impossible to walk away from the value of gold and silver and contrary to fiat money, they have an inherent quality. Mainly an outgrowth of central banking, in the modern age, fiat money probably would not be attractive wi thout state support. Thats because fiat money, unlike fractional reserve money, has no inherent value. Fractional reserve banking, in fact, is a private market phenomenon in which private banks provide paper notes the face value of which adds up to more than the reserves held by the bank. There is a history of successful fractional reserve banking efforts within the private marketplace; however fiat money ALWAYS collapses, as it is impossible to issue a substance of value year after year and generation after generation that HAS no value. In the United States, the worlds largest and most dominant economy, the greenback became a fiat currency when President Richard Nixon broke the final link between gold and the dollar in 1971. He did this because the French were apparently threatening to redeem their dollars in gold and either the US central bank and/or Treasury did not have enough gold to In any event, Nixon severed the dollars relationship to gold and ever since then the world has embarked on a bold experiment in which the global, anchor currency has no specific relationship to an underlying asset. Predictably, this has meant that the United States has continually created more and more fiat dollars, thus inflating the overall stock of dollars and making them worth less and less. China, one of the worlds most ancient civilizations, is said to have had no less than eight separate interregnums of fiat currency each collapsing and then being replaced by another. In the 1800s, fiat money was even banned by the Chinese. Today, however, the Chinese government is once again a user of fiat money along with the rest of the world. Fiat money has never been as prevalent perhaps as in the modern age. But that doesnt make it any healthier or less prone to failure. Those who ignore history are doomed to repeat it. (https://www.thedailybell.com/803/Fiat-Money.html) Legal Tender Money Legal tender is any form of payment that must be accepted for a debt, according to the laws of the area. Generally, the term refers to government-issued cash money such as bills and coins, as opposed to credit lines, checks, or cards. The laws surrounding legal tender have proved vital in the formation of the fiscal policy of many nations. (https://www.wisegeek.com/what-is-legal-tender.htm) The term legal tender means currency that is legally permitted to be used to obtain goods or services in a particular country. Immediately recognized as legal tender for purchases and to settle outstanding debts, currency remains the single most common of all liquid assets that are used on a consistent basis by retail customers. (https://www.wisegeek.com/topics/legal-tender.htm) II. Development of Philippine Money Pre-Hispanic Era Archaeological evidence indicates that small seafaring communities existed throughout the Philippine Archipelago for at least 2000 years, prior to the arrival of the Spaniards. The chief means of trading was barter. Records show that Chinese merchants came to the Philippines to trade porcelain, silk and metalwork in exchange for gold, pearls, beeswax and medicinal plants, which the Philippines is naturally rich in. Excavations also unearthed gold ingots, known as piloncitos, the first recognized form of coinage in the country. Barter rings in different sizes, gold ornaments and beads were the other objects used as medium of exchange during the period. (https://www.bsp.gov.ph/about/history/story2.asp) Spanish Era The Galleon Trade, which started during the colonization of the Philippines in 1565 and lasted for 250 years, was responsible for transforming Manila into a trade center for oriental goods. These were brought across the Pacific, in exchange for odd-shaped silver coins called cobs or macuquinas. Other coins that followed were the dos mundos or pillar dollars in silver, the counterstamped coins and the portrait series, also in silver. In the 18th century, the Royalty of Spain authorized the production of copper coins by the Ayuntamiento or Municipality of Manila in response to the acute shortage of fractional coins. These were called barrillas which first appeared in 1728.In 1852, the first banknotes called pesos fuertes were issued, and in 1861,the Casa de Moneda de Manila minted the first gold coins with the word Filipinas inscribed, which were called Isabelinas and Alfonsinos. (https://www.bsp.gov.ph/about/history/story3.asp) Revolutionary Period On August 23, 1896, the Cry of Balintawak, headed by Andres Bonifacio signaled the start of the Philippine Revolution. After General Emilio Aguinaldos proclamation as President of the First Philippine Republic, Two types of 2-centavo copper coins were struck in the army arsenal of Malolos. Because their mintage was so few, they are considered extremely rare collection. Paper notes were also issued, but the circulation was limited because the government was short-lived. (https://www.bsp.gov.ph/about/history/story4.asp) American Regime When the Americans took over the Philippines in 1901, the US Congress passed the Philippine Coinage Act, which authorized the mintage of silver coins from 1903 to 1912. Subsequently, Silver Certificates were issued until 1918. These were replaced with Treasury Certificates from 1918 to 1935. The American Government deemed it more economical and convenient to mint silver coins in the Philippines, hence, the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth Period. This also became the first seat of the Central Bank in 1949. (https://www.bsp.gov.ph/about/history/story5.asp) World War II During the Japanese Occupation from 1941 to 1944, two kinds of notes circulated the Japanese Invasion Money issued by the Japanese Government, and the Guerrilla Notes or Resistance Currencies issued by Filipino guerrillas. (https://www.bsp.gov.ph/about/history/story6.asp) Republic Period Republic Act No.265 created the Central Bank of the Philippines (CBP) on January 3, 1949, which was vested the power of administering the banking credit system of the country. Initially, the CBP issued the Victory Notes with the overprint Central Bank of the Philippines in 1949. The first official banknotes issued by the Central Bank were the English series in 1951, followed by the Pilipino series in 1967, the Ang Bagong Lipunan series in 1973 and the New Design series in 1985. Central Bank coins of the English series were also issued in 1959, followed by the Pilipino series in 1967, and the Ang Bagong Lipunan series in 1975. The Flora and Fauna series were introduced in 1983, and subsequently, the improved version in 1992, until the demonetization of all the series in 1998. (https://www.bsp.gov.ph/about/history/story7.asp)

William Jefferson s President V. Madison - 930 Words

At Jefferson’s inauguration in March 1801, he tried to conciliate his Federalist opponents by claiming that both parties shared the same principles, even if they disagreed in their opinions. Jefferson vowed to reduce government, free trade, ensure freedom of religion and the press, and avoid â€Å"entangling alliances† with other nations. He sought to dismantle much of the Federalist edifice and prevent the kind of centralized state Federalists promoted. He pardoned those jailed under the Sedition Act, reduced the army and navy and the number of government employees, abolished all taxes except for the tariff, and paid off part of the nation’s debt. In March 1808, Jefferson tried to conciliate his Federalist adversaries by Despite Jefferson’s wishes, the Supreme Court under Chief Justice John Marshall, a Federalist and Adams appointee, increased its power during his administration. In Marbury v. Madison (1803), the Marshall Court established the right of the Supreme Court to determine whether an act of Congress violates the Constitution—the power known as â€Å"judicial review.† The Marshall Court also soon established the right of the nation’s highest court to determine the constitutionality of state laws. Jefferson saw the Louisiana Purchase as his greatest achievement, and yet his view was highly ironic given its origins and character. Acquired by France in 1800, the vast Louisiana territory, stretching from the Mississippi to the Rocky Mountains, wasShow MoreRelatedJudicial Review Essay848 Words   |  4 PagesAfter the 1800 election where Thomas Jefferson won, President John Adams proceed to fill the judicial branch with members of his own party, the Federalists. In response, Jeffersons party of the Republicans repealed the Judiciary Act of 1800. This act created new position on the bench for Federalist judges. 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Chief Justice John Marshall initiated the Supreme Court’s right to translate or interpret the constitutional law in 1803 following the case of Marbury v. Madison, which declared the Supreme Courts as the main interpreters of the constitutional law. Marbury v. Madison became one of the most significant Supreme Court decisions in U.S. history. Many historical philosophers would find some difficulty in visualizing a government set up to limit the power of itselfRead MoreMarbury V Madison Essay1362 Words   |  6 PagesMarbury v. Madison (1803) Marbury v. Madison has been hailed as one of the most significant cases that the Supreme Court has ruled upon. In this paper, I will explain the origins and background in the case, discuss the major Constitutional issues it raised, and outline the major points of the courts decision. I will also explain the significance of this key decision. Origins and background of the case In the late 1700s, John Adams was President. 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