Sociology and culture of Chicago Essay Example | Topics and Well Written Essays - 1000 words

Sociology and culture of Chicago - Essay Example That's why Chicago has the biggest population and median home values throughout the state. In 2000 there were 2,896,016 people living in Chicago. The U.S Census Bureau provides us with the data that says that 42.0% of Chicago dwellers are white, 36.8 % percent of them are Black or African American, the percentage of American Indian and Alaska Native persons is only 0.4%, while there are 4.3% of Asian persons living in Chicago. 26% of Chicago dwellers are persons of Hispanic or Latino origin, and the percentage of the Native Hawaiian and Other Pacific Islanders is 0.1%. 2.9% of people reported two or more races, and 13.6% of the citizens reported some other race. The research conducted by the U.S Census Bureau displayed that the population of Chicago has grown by about 4%, but the Local Information Data Server Website reports that in recent years Chicago's population has been declining at an annual rate of less than one percent. The quantity of children under five years old was about 7.5% in Chicago in 2000, while the quantity of young people under eighteen, equaled 26.2%. 10.3% of the Chicago dwellers were sixty five years old and over at the time when the research was conducted. There were 51.5% of females dwelling in Chicago in 2000, and 48.5% percent of male dwellers. 21.7% of those, who lived in Chicago in 2000 we... In 1999 Median household income equaled $38,625, and the per capita money income was $20,175. 19.6% of Chicago dwellers lived below the poverty threshold in 1999. Like most big cities, Chicago has to deal with the problem of poverty within it. Of course, there are some people in the city that can't or don't want to work, but most of Chicago dwellers work hard to earn their living. The thing is that working very hard is often not enough to ensure the proper level of life for yourself or your family. Like all of the American huge cities, Chicago has to face the problem of the working poor. A new class of poor people appeared in the USA, those who can not provide themselves with the things needed for the decent living in spite of the amount of time and effort they spend. Those are home health care aides, call-center operators, child care workers, security guards, receptionists, food processors, gardeners, data-entry clerks, waiters and cleaners. If all of those low-waged workers stopped working at once, the countries social, economical and industrial life would be paralyzed. Low wages aren't the only problem of the working poor. Most of them are not socially secure. Of course this state of things influences their physical and psychological condition badly. The poor often cannot afford to buy a proper food and clothing for themselves and their children, or they have to choose between having a supper and paying the water and electricity bills. Most of them don't have any medical insurance, and those who have it wish they didn't, because it takes the considerable share of their earnings. Low-wage workers often experience problems finding the accommodation and paying for it, as the rent is too high for them. They are often

Iran-Contra affair Essay Example for Free

Iran-Contra affair Essay The Iran-Contra affair was a US scandal that occurred in the mid 1980s under the leadership of President Ronald Reagan and vice president George bush. The scandal majorly involved two events. First, there was the sale of US arms to one of its main enemies, Iran and then the millions of dollars in profits derived from the arms deal were used to finance a clandestine operation rejected by congress, the financing of Nicaraguan guerrillas named the Contra. The Contra guerillas were opponents of the Nicaraguan’s Sandinista rebels who came to power after overthrowing Anastasio Somoza, the then leader of Nicaragua in the year 1979. The idea was to secure the release of American hostages held by the Hezbollah terrorists. This scandal prompted numerous investigations that led the indictment of US government officials. Indeed, many questions still linger on the minds of many concerning the role played by top US White House officials including President Reagan and the then vice president George Bush (TheFreeDictionary, 2009). This paper will discuss some of the dealings in the arms trade, stating their historical background, reasons behind the trade, the parties involved and its eventual outcome. The Contra Affair first received public attention in November 1986 after al-sharia, a Lebanese publication reported that the American government was involved in arms trade with Iran. Worse still, a Central Intelligence Agency (CIA) supply plane was shot down by the Nicaraguan forces. The only survivor was the pilot and he was captured. The plane was carrying, over 50 000 rounds of ammunition, Russian rifles and boots (Tristam, 2009). The confession of the pilot shocked the public indicating that the US government was involved in arming the contra rebels and also confirmed the earlier reports in the Lebanese publication. The irony was that President Ronald Reagan was on record as having numerously associated the Iran government with terrorism (TheFreeDictionary, 2009). Why Reagan supported the Sandinistas To Reagan, the victory of the Sandinista in Nicaragua was a major US security threat since he thought that it had the potential of sparking off a revolution in Central America (BBC News Channel, 2004). The fear could be traced back to 1954 when Jacobo Arbenz won the elections to become president of Guatemala. What alarmed the US government was his oratory which indicated that the US government was on the verge of losing its control in Central America. In 1979, the Sandinistas overthrew the Arbenz government and initiated communist reforms. This was in spite of the fact that in actual sense they never really defined themselves as communists but as pluralists. They began to reallocate estates and to redistribute wealth and this was enough to alarm the United States which became uncomfortable with having a communist state right in its backyard. Violence also erupted spreading to other countries and this was seen as an indication that communism could end up spreading to other countries in Central America (BBC News Channel, 2004). Reagan was alarmed by these developments and felt that he had to do whatever it took to stop this. Fortunately for him, other groups within Nicaragua began arming themselves against the policies initiated by the Sandinistas. Reagan’s hope then lay in equipping the rebels in an attempt to overthrow the Sandinistas government. At first he allocated the funds openly and even gave additional funds to the CIA to carry out his mission. However, the allocation of funds to the contras was opposed within the United States throwing his plans to the gutter. Ronald Reagan involvement with Iran Ronald Reagan was known to have publicly referred to Iran as one of the nations that both supported and financed terrorism in the world. It therefore seemed to be a stab in the back for US citizens when the world heard reports that the US was trading arms with its worst enemy. The entire situation could be traced back to the 1980 US presidential elections. These pitted the then president Jimmy Carter against the implicated Ronald Reagan. The period between the 1970s and 1980 was one characterized by numerous incidences of hostage taking. In the year 1979, fifty two workers of the US embassy in Iran were captured by Iranian students and held hostage. The US at the time proclaimed a ‘no- negotiation’ policy when dealing with terrorists. The then president Jimmy Carter failed to secure the release of these hostages (Absolute astronomy, 2009). During the elections, Jimmy Carter was slightly taking the lead and if only the US hostages held by the Hezbollah group had been released, it could have been a sure win for Carter. The release of the hostages then became the decisive factor on who would win the elections. This prompted the Reagan team to negotiate a release deal with Ayatollah Khomeini of Iran. This team met with the then prime minister of Iran Bani-sadr in Paris. The agreement reached was that the US hostages would remain captives until after the election and in extension of this favor, Iran would be supplied with weapons. At that time, Iran was at war with Iraq and the supply of weapons was absolutely welcomed. It therefore came to be that immediately after Reagan won the elections, the hostages were released (Angel Force, n. d). Arms transactions The US received special assistance from Israel to carry out the sale of arms to moderate Iranians opposed to Ayatollah Khomeni. Michael Ledeen and Robert McFarlane the then National Security Adviser managed to convince the Israeli government to ship arms to these politically influential Iranians in return for the same kind of weapons along with monetary benefits. Israel agreed but in the mean time Reagan was hospitalized for a colon cancer surgery. Later on, Israel tried to convince the United States to allow Israel to sell a few antitank missiles as an indication that the Iranian group had strong US ties. This offer was initially rejected but eventually Israel managed to convince Reagan that the group was an antiterrorist group. The group in return had promised to talk to the captor to release seven hostages, a proposal that Reagan readily consented to. The plan was later readjusted such that the arms were now to be sold directly to the Iranians at a marked up price of about 715 million dollars as suggested by North. This price was rejected but eventually over one thousand anti-tank missiles were shipped. The adjustments also included the financing of the contras contrary to the Boland Amendments that restricted the US administration and the CIA from financing the contras. (Absolute astronomy, 2009). The scandal blew up after Mehdi Hashemi a cleric with the Islamic revolutionary guards leaked information concerning the trade to Ash-Shiraa, a renowned Lebanese magazine. This together with the crashing of a CIA plane led to Reagan’s confession in the national television that the arms deal transactions had indeed taken place. His argument was that the trade had taken place in an attempt to forge better ties with Iran and to also to make Iran reconsider a negotiation for the release of held hostages (Absolute astronomy, 2009). Conclusion The Iran-Contra Scandal led to the sacking of numerous government officials including Oliver North who was sacked and also tried for the shredding of evidence (some say that the evidence was bulky enough to jam the government’s shredding machine. In his defense, North tried to link the case with the Vietnam War by arguing that the main issue in the affair was the actual financing of the contras (Isaacs, (1997). He also attempted to justify his action by saying that it fell within his powers. The president’s popularity ratings also dropped from a high of 67% to a low of 46%. Internationally, the scandal sent harmful signal to terror indicating that hostage taking could be used as a powerful means of coaxing political influence with the west (Absolute astronomy, 2009). References Absolute astronomy. (2009). Iran-Contra Affair. Retrieved on 28th March, 2009, from: http://www. absoluteastronomy. com/topics/Iran-Contra_Affair BBC News Channel. (2004). Reagan and the Iran-Contra affair. Retrieved on 30th March, 2009, from: http://news. bbc. co. uk/1/hi/world/americas/269619. stm Isaacs, A. (1997) Vietnam Shadows. Baltimore London: John Hopkins University Press. TheFreeDictionary. (2009). Iran-Contra Affair . Retrieved on 30th March, 2009, from: http://www. acc. af. mil/news/story. asp? id=123080422 Tristam, P. (2009). What Was the Arms-for-Hostages Iran-Contra Affair? Retrieved on 30th March, 2009, from: http://middleeast. about. com/od/usmideastpolicy/f/me081109f. htm Angel Force. (n. d). Iran-Contra. Retrieved on 30th March, 2009, from: http://www. angelfire. com/ca3/jphuck/BOOK3Ch7. html

Tennysons Ulysses and The Lotos Eaters Essay examples -- Poetry Tenny

Tennyson's "Ulysses" and "The Lotos Eaters" The great hero Odysseus has captivated readers throughout the ages. It is no surprise that the Victorian poet Tennyson not only read the Odyssey but wrote poetry about Odysseus as well. In the poems 'The Lotos Eaters' and 'Ulysses,' Tennyson remains true to the legends, but he infuses the characters with the ethos of his own day and his own experiences. 'The Lotos Eaters' recalls the Homeric legend that has Odysseus and his men passing through an island that grew magical fruit. Anyone who ate of the fruit would ?forget the way home? (Bk 1X, line 97). Odysseus sent three men to scout the land. They tasted the fruit and had to be dragged back to the ship protesting and crying, by Odysseus. No word is mentioned about why the sailors had to be dragged back to the ship, weeping. No word of what they wanted so badly to forget. Tennyson, in 'The Lotos Eaters,' fills us in on why he thinks the sailors were bone-tired and why they wanted rest. ?All things have rest and ripen towards the grave/ in silence; ripen, fall, and cease: / Give us long rest or death, dark death, or dreamful ease.? It serves as a parenthetic explanation to Homer?s legend. However, the specific nature of and reason for their weariness is Tennyson?s own creation. ?Why should we toil alone, / we only toil, who are the first of all things? while the ?flower ripens in its place, / ripens and fades, and falls, and hath no toil, fast-rooted in the fruitful soil?? The speaker rages against the human condition that has humans seek endlessly for the path to their fruition. It isn?t encrypted into their soul as it is in the soul of the fruit which blossoms and ripens without effort. For the... ...es of nature, and not his own soul. Both heroes are victorious through the powers of their intellect, but what they seek to overcome, and what they seek to understand, is vastly different. Though Homer wrote his epic over two thousand years ago, it still excites the modern reader; though Dante wrote his poetry nearly one thousand years ago, his language and sinful characterization are captivating; and though Tennyson wrote his poetry over one hundred years ago, its pain is fresh and was a precursor to the existential pain of the modern man. Works Cited: Tennyson, Alfred. "Ulysses." The Norton Introduction to Literature. Eds. Jerome Beaty and J. Paul Hunter. 7th ed. New York: Norton, 1998. 1139-41. Tennyson, Alfred, Lord. ?The Lotus Eaters.? The Norton Anthology of English Literature. Ed. M.H. Abrams. New York: W.W. Norton & Company, 2000. 1208-1213.

Conflict Between Andrew Jackson And The Cherokee :: American History

To own land, that is the privilege of whom? To Andrew Jackson the Cherokees current homesteads where on his country’s land. For whatever reason at that time some people living in America weren’t treated as good as there white counterparts. Meanwhile the Cherokees principal chief John Ross felt like that land belonged to his people. If you want to get technical he was speaking on the behalf of a tribe that made up a mere one-eighth of his ancestry. Not exactly a full blooded leader. He also was one of the main reason the â€Å"trail of tears† was as hostile and brutal as it was on his people. Its ironic, even as hard as Jackson pushed and deceived the Cherokee, the Cherokee people in turn pushed back, but past the point of being rational. Some of these individual efforts worsened the outcome for the whole tribe. Jackson’s manipulative ways of handling this situation in office and out of office forced the Cherokee to make hard decisions, and I feel like these decision makers for the Cherokee failed miserably. The reason behind the lack of attack on Jackson is quite obvious, politicians have been acting like politicians well since the very beginning. As selfish and egocentric as his view was, he knew what the was going to do, and being president of this powerful nation not much any one nation could do to stop him let alone the nation of a tribe. To any logically thinking person the senate wasn’t a roadblock to Jackson it was a mere bump in the road. Even the Cherokee tribe knew what power he possessed. That is why the smart two thousand Cherokee, â€Å"resigned themselves to the inevitable, asked their belongings, and headed west† (AJ vs. the CN). The rest ignorantly stuck behind because they had faith in the false hope that John Ross would be their savior. This being the basis for the remainder of my discussion of the Cherokee tribe, the faulty leadership. The leaders’ inability to act for the overall well being of their tribe cost the Cherokee supplies, land, and most importantly lives. In a huge sense, it was John Ross being jokingly overambitious during his negotiations with the President that caused a lot of their pain and suffering. He also was the main voice behind trying to resist the government even after the two years was over, not to mention the whole two years they had to leave.

Interest Rate Behavior and Lending in Microfinance

An Essay on Interest Rate Behavior and Lending in Microfinance Abstract: This essay analyzes factors which affect interest rate behavior and its subsequent impact on lending in microfinance. Here we have used regression model for our analysis. Furthermore comparison has been drawn among the different sources of loans outside Bangladesh. Here the experience of microfinance outside Bangladesh like India, South and South-East Asia, Latin America has been fully illustrated. This essay conducts analysis on the basis of the existing literatures on Microfinance.Interest Rate Behavior Determinants of interest rate of lending in Micro-finance: * to expand and improve business operation * recruiting personnel , * marketing the services , * improving financial information system, * constructing new offices * Default * Unwillingness to pay * Poor Management * Economic recession * Inability to pay * Staff identifying * Checking creditworthiness * processing loan applications, * disbursing loans, monitoring * collecting repayments, * costs of the space occupied, * communications, transport, * support staff, Grant * Equity * Foundation * Trust * Saving Account We can observe that in MFI lending there is higher interest rate than the commercial bank’s lending rate. The interest rate charged here is higher as cost of funding, processing, cost of risk of loan losses and profit are higher in this case. The graph below shows the different ingredients interest rate. As above-mentioned factors are very much crucial in this sector that is why require extra attention and thereby require the MFI to charge high interest rate. Rosemberg, R. , A. Gonzalez and S.Narain (2009) and Gonzalez (2010), suggest that though small loan provided by the MFI has low default rate but has higher administrative cost that most of the cases cannot be offset by economies of scale. These administrative costs are the single largest contributor to interest rates. Finally, they suggest that, a bigger loa n size may help them to reduce their lending interest rate. Further, they also emphasize if higher loans were received by more experienced borrowers then credit risk would decline and thereby interest rates. Lending in Micro-finance: Accordingly the loan transaction may be described in the following steps.First, the financial firm decides how much to charge and what the optimal loan size to offer must be in order to reach its profitability goal. Once known the value of the lending interest rate and the average loan size the financial institution offers, a potential customer decides whether s/he wants to request a loan. Taking into account the credit history of the potential borrower and its income-expenditure stream, the financial institution builds a risk profile of the individual. With this at hand, they decide where to lend or not. The loan transaction process is given below: P. otler of Groningen university with his vast research wanted to show that profitability will increase w hen lending interest rates and/or productivity and/or the loan size increase or when the funding cost declines . He also showed that The lending interest rate will be negatively correlated with the loan size. So if they wish to achieve a higher profitability it is likely that all else equal they will offer loans of higher size. When microfinance institutions start operations they usually offer loans of small amounts because they do not have much capital or experience and debtors tend to be people without credit history.We find that the lending interest rate is negatively correlated with the productivity of financial institutions and years of operation and positively correlated with the funding costs. What Can Reduce the Interest Rates in Microfinance? P. cotler also shows that probability that financing boosts growth is weakened if interest rates are extremely high. There are two policies to reduce interest rate : * One is to reducing funding cost and * Another is increasing product ivity. How could productivity be raised? Institutional factors such as technology use and management quality and commitment to efficiency should be variables to consider.Further, it should depend on with what capacity loan officers to reach their target clients. Such capacity not only depends on the quality of infrastructure but maybe more important on the geographic and demographic characteristics of the country in which microfinance institutions operate. 1 Effects of Competition over Lending Behavior in Microfinance Competition in a good influencing factor for the markets, consumer protections, efficiency of allocation and incentive for the development of new products. MFI’s enjoyed a monopolistic market in the early years of its inception.Monopolistic market power is associated with allocative inefficiency. Allocative inefficiency refers to the welfare losses as a consequence of high prices a monopolist charge. There is even further loss if the monopolist employs inefficie nt technology (productive inefficiency). Besides, there may not be demands to invest in efficient technology and introduce new products. Therefore, it would be realistic to assume competition can be beneficial in the context of microfinance market as it may result in improved and new financial product designs, better customer services, lower costs and lower interest rates.The other side of the argument is that microfinance market makes use of soft-information and depends on strong MFI-client relationship. MFIs provide financial services for the poor that are considered not creditworthy by the conventional banks. They are often praised for overcoming the problem of information asymmetry and providing loans without collateral requirements. They do so by establishing strong personal relationship with clients. Another tool is the usage of other forms of collateral such as group lending that generates social collateral.Competition and the effort to win clients and expand market share, th erefore, may lead to low screening and lending standards. There are some indications of lose MFI-clients relationship with intense competition. Increased competition is also associated with an increase in information asymmetry, which makes it difficult for MFIs to know about the general debt level of clients. This in turn may lead to manifold borrowing, serious debt burdens, low repayment rates and poor portfolio quality.The effect of competition could go both ways and deserves an empirical investigation. However, very few examine the effect of competition among MFIs and the literature on competition in microfinance is limited. Below is an overview of the few available related works. The focus on making MFIs profitable and financially-sustainable started in the 1980s and 1990s. The essential elements of this approach are competition, regulation and profitability. The essay explores the Latin American microfinance market where the commercial approach to microfinance proceeded rapidly .It describes the market as facing rising competition, which leads to market saturation in some countries. Olivares-Polanco (2005) examines some of the subjective and descriptive evidences. He investigates the effect of competition by mainly focusing on outreach (measured by loan size). His findings show that increased competition results in lower outreach. Navajaset al. (2003) studied competition in the Bolivian microfinance market by focusing on two major MFIs (Casa Los Andes and BancoSol), which collectively have around 40 percent market share.The results suggest that outcome of competition is ambiguous since competition leads to innovation thereby expanding outreach. However, it reduces the ability of lenders to cross-subsidize less profitable smaller loans. In a similar study, Vogelgesang (2003) examines how competition affects loan repayment performance for Caja Los Andes. The analysis indicates competition is related with multiple loan taking and higher levels of borrower ind ebtedness. The probability of default is also shown to be high with higher levels of indebtedness.On the other hand, he argues the probability of timely repayment is high in areas where there is high competition and high supply of microfinance services. Thus, the results seem inconclusive. A theoretical model developed by McIntosh and Wydick (2005) characterizes the effects of competition between MFIs where increased competition leads to increased information asymmetry. As a number of competing MFIs amplify in a market, which makes information sharing between them challenging, borrowers may engage in multiple borrowing which increases the debt level of clients and the probability of default.This in turn can make worse off borrowers with a single lender since this behavior will create an externality by inciting MFIs to respond to multiple borrowing by adjusting interest rates upward. In a Ugandan microfinance market, which McIntosh et al. , (2005) studied, there is a rise multiple bo rrowing and decline in repayment rate as competition intensifies. Other works that do not address the effect of competition among MFIs but present an argument about the possible effects of competition includes Hermes et al. (2009). Their work examines how overall level of financial development in a country affects the efficiency of MFIs.After presenting a balanced argument that the effect of financial development on efficiency could be both negative and positive, they empirically document a positive effect of financial development of efficiency of MFIs. They suggest competition, among other channels, through which financial development could affect efficiency. On a related work, Cull et al. (2009b) investigates how MFIs perform under the pressure of competition from formal banks. Their results show that in a country where there is larger formal bank presence, MFIs tend to deepen their outreach (i. . , extend their outreach to women and also lend in small amounts). However, the effec t on other performance indicators, such as profitability, appears weak. Findings Given significantly large numbers of people in developing countries are financially excluded and the relative success of MFIs in promoting access to finance for the poor, it is not surprising to see MFIs get the attention they are enjoying. With the growth of the microfinance sector and increasingly varied players comes intense competition, which the effects on MFIs outcomes are not clear.In this essay, we take the first approach in measuring competition in a standard way. Interestingly, the measure shows indeed competition is growing in the microfinance market. As a next step, a critical question is addressed, namely what is the effect of increased competition. We consider important dimensions of MFIs’ performance. These are outreach, loan repayment, efficiency and profitability. The results document strong negative effects of competition on performance of MFIs, after controlling for various mac roeconomic and MFI factors.We show competition is negatively related with outreach while it is associated with rising default rates. Furthermore, declining efficiency and deteriorating financial performance is shown to be associated with intense competition. The results might appear rather depressing for microfinance enthusiast, anyone for that matter, who would like to see the sector grow and bring all the positive benefits along. What could be done? These calls for measures that do not put a halt on the growth of the sector rather ensure the (negative) competitive effects are minimized.This may include designing ways that makes sure MFIs do not compromise lower lending standards for increased market share. At the same time, designing ways that promote information sharing between MFIs, so that a borrower that default on one MFI loan could not turn to another MFI in the neighborhood and granted a loan, can contribute to lower delinquency as well as better borrowers’ welfare. In addition, promoting financial literacy among clients may help them in their borrowing decisions, which in turn may limit multiple loan-taking. Finally, as we show in the results, increased competition is negatively associated with efficiency of MFIs.Innovative ways among MFIs that could enhance efficient service provision may also help in ensuring benefits from the growth in the microfinance market. Incentives and Disincentives that Affect Lending Behavior in Microfinance In late 1980s and early 1990s thousands of non-governmental organizations (NGOs) and specialized finance institutions around the world initiated micro enterprise finance programs. Most of these programs are financially supported by the international donor agencies or governments to improve the lives of the poor.Therefore, for NGOs micro enterprise finance appears to be socially motivated. Reasons Why Banks Make Micro and Small Enterprise Loans Frequency of Response* % of total a) Profitability of micro and small loans 72 49% b) Changing market conditions and increasing competition in lending to large/medium enterprises 64 44% c) Regulations imposed by the government 25 17% ————————————————- d) Poverty alleviation / social objectives 29 20%Disincentives for Making Micro and Small Enterprise Loans Frequency of Response % of total a) Higher administrative costs 29 40% b) Risky borrowers 12 17% c) Interest rate controls 21 29% d) Not interested in micro enterprises 5 7% e) Lack of network and personnel to serve this market 23 32% f) Other 18 5% Banks’ Lending Behavior and Loan CharacteristicsBanks Age and Their Portfolio Share in Micro/Small Business Loans Out of 148 banks, 119 banks answered to the question on loan portfolio analysis. When these banks are classified according to the number of years since they were established, it is found that the newly established banks, o n average, have a larger share of loan portfolio delegated to small and micro enterprise loans than the older banks. Loan Terms The findings of this research indicate that, the loan terms provided by these commercial banks for small and micro enterprises ranges between three months to six years.On average, the loan term for micro enterprise loans is 2. 4 years and for small businesses it is 2. 9 years. These loan terms are much longer than the loan terms provided by NGOs, which are generally between one to three months. Average Loan Terms for Micro and Small Enterprise Loans Sample Size Average (years) Median (years) Micro 57 2. 4 1. 75 Small 46 2. 9 3. 00 Loan term: In micro and small business finance, the loan term or the loan repayment schedule can affect the ability of the borrower to pay his/her loan back.The shorter loan terms or frequent payments of installments can make it easier for the borrower to pay his/her loan back, whereas the longer loan terms and infrequent payment s of loan installments can make it difficult for micro/small business owners to pay their loan on time. Therefore, the longer the loan term, or the less frequent are the loan installments it is more likely for banks to have higher arrears which indicates a positive relationship between the length of the loan term and the level of arrears for a bank.Average interest rate on micro/small loans: In the micro finance literature, it has been widely accepted that micro and small enterprises are capable of borrowing at commercial, or market interest rates. Furthermore, it is also argued that, if micro or small enterprise loans are subsidized by governments, loan default or corruption may be encouraged which may result in higher arrears in banks’ loan portfolios. These arguments suggest a negative relationship between loan rates and banks’ arrears.On the other hand, the higher nominal interest rate paid on a loan implies a greater cash flow burden on the enterprise hence increa sing the likelihood of arrears. Due to data limitations, other financial costs, such as fees and commissions associated with the loan could not be taken into account in this research. Findings: The higher the loan interest rate given everything else is held constant; the higher will be the rate of arrears.This finding contradicts with the common argument that the micro and small enterprises are capable of borrowing and paying their loan back with a high rate of interest. It is however important to note that micro and small enterprises may show different characteristics in loan repayment with respect to given interest rates. One of the most important findings of this study is that many banks are using inappropriate lending criteria when making loans and managing their portfolio of small business loans.In the case of small business loans the banks that require collateral have higher than average levels of loan arrears. Hence reliance on collateral tends to cause poor borrower evaluati on and inadequate follow up once the loan have been made. It is also found that the level of interest rate charged on the loans is not a factor affecting the rate of arrears for micro enterprise loans but it is a factor affecting the level of arrears for small business loans. Justification of high interest rate in Micro financeSmall businesses normally struggle to find out the sources of fund due to the small size of business where lenders face difficulties to cover up the loan money. From several evidences it is observed that small businesses are very efficient to utilize the funds and can rapidly realize profits though borrowing at very high interest rate. An author explained this through an example of a fruit seller who takes loan in the morning, buys fruit, sells it and pay lender outrageous rates to repay the money by the end of the day.So, It is very critical that though rates are high that MFIs have, small business can cover the spread. How can interest rate be reduced? Evide nces from Bolivia pursue us that interest rate in micro finance sector can be reduced by great regulation and create a competitive environment among the micro finance institutions. If situation looks like that MFIs are managing huge profits in that case government should take some initiatives that will discourage MFIs to make extra ordinary profit.Government can give licenses to new MFIs to create competition. But it should be remember that regulatory framework is a vital element. So, before giving licenses government should strengthen the monitoring function. Then we can expect thatat least some of that profitability will be passed back to the customer either through lower rates, reduced fees or another way. Should Subsidy Be Provided To Reduce Interest Rate? From the very beginning of the history of Micro finance we see that it has been growing at an exponential rate over the years.Many evidences about the recovery rates convince us that interest rate is almost justified so subsid y may create distortion in this sector. According to Mary Ellen Iskenderian, President and CEO of Women’s World Banking, â€Å"I don’t think a subsidy is the way to go about reducing rates because, in the end, the reason that microfinance has been so successful to-date is that it has always been about sustainability—sustainability of the institutions to recover their costs as well as sustainability of the borrower to make on-time payments. Responsiveness of lending amount to the changes in interest rate: Example from Bangladesh Bangladesh is a poverty-stricken country. It is a great pleasure for marginal people to get loans from MFIs because it is almost impossible for them to manage loan from conventional commercial banks. So, poor people are willing to pay even high interest rate to get loans. Now the question is that how are poor people responsive to increase in interest rate charged by MFIs? SafeSave, a credit cooperative in the slums of Dhaka,Bangladesh, o perate three branches across the city to provide credit.Administrative records kept by this MFI asserts that when interest rate increases suddenly, less wealthy borrowers reduce their demand for loan and they are relatively more sensitive than the wealthy borrowers. Another important thing is that the loan portfolio of this organization shifts from less wealthy borrowers from wealthy borrowers with the increase in interest rate. Influential advocates now argue that poorhouseholds are so insensitive to interest rates so interest rate in micro finance sector should be deregulated.If this is so, microfinance can readily expandto serve the hundreds of millions of currently excluded households, without sacrificingdepth of outreach. This claim is far from clear as a general proposition. First, diminishing marginal returns to capital disregards the possibility of unequal access to non-capital inputs like managerial skillsand human capital by poor borrowers. Moreover, raising interest rates can in principle exacerbate moralhazard and adverse selection, worsening loan repayment rates and screening out the most reliable borrowers.And, while microlenders may still find a pool of customers afterreal interest rates are raised, the customers may not be from the same pool that was reliable, willing and able to pay the lower rates. In addition, Moral perception to keep costs as low as possible for the poor, have compelled thelargermicrolenders in Bangladesh to keep real interest rates below 40 percent per year,even if it means turning to subsidized resources to cover costs (e. g. , Morduch, 1999). The average fees charged by two large lenders in Bangladesh arejust under 30 percent.The Grameen Bank (which is not one of the two) keeps theirinterest rates and fees close to 20 percent per year (nominal) on their main lending products—and they ignore suggestions to raise rates. Experience inside Bangladesh Credit delivery system by Grameen bank Grameen Bank Credit Delivery means taking credit to the very poor in their villages by means of the essential elements of the Grameen credit delivery system. The credit delivery system of this authentic micro-finance is very much well-functioning. The credit delivery is the most productive weapon of Grameen bank to reach the highest number of its beneficiaries.Grameen Bank credit delivery system has the following features: 1 There is an exclusive focus on the poorest of the poor. Exclusivity is ensured by: i) establishing clearly the eligibility criteria for selection of targeted clientele and adopting practical measures to screen out those who do not meet them ii) ii) in delivering credit, priority has been increasingly assigned to women iii) iii) the delivery system is geared to meet the diverse socio-economic development needs of the poor 2   Borrowers are organized into small homogeneous groups. Such characteristics facilitate group solidarity as well as participatory interaction.Organizing the primary gr oups of five members and federating them into centres has been the foundation of Grameen Bank's system. The emphasis from the very outset is to organisationally strengthen the Grameen clientele, so that they can acquire the capacity for planning and implementing micro level development decisions. The Centres are functionally linked to the Grameen Bank, whose field workers have to attend Centre meetings every week. 3 Special loan conditionalities which are particularly suitable for the poor. These include: i) very small loans given without any collateral i) loans repayable in weekly instalments spread over a year    iii) Eligibility for a subsequent loan depends upon repayment of first loan iv)   Individual, self chosen, quick income generating activities which employ the skills that borrowers already posses    v) close supervision of credit by the group as well as the bank staff    vi) stress on credit discipline and collective borrower responsibility or peer pressure    v ii) Special safegaurds through compulsory and voluntary savings to minimise the risks that the poor confront    viii) Transparency in all bank transactions most of which take place at centre meetings Simultaneous undertaking of a social development agenda addressing basic needs of the clientele. This is reflected in the â€Å"sixteen decisions† adopted by Grameen borrowers. This helps to: i) Raise the social and political consciousness of the newly organized groups    ii) Focus increasingly on women from the poorest households, whose urge for survival has a far greater bearing on the development of the family      iii) Encourage their monitoring of social and physical infrastructure projects – housing, sanitation, drinking water, education, family planning, etc. Design and development of organization and management systems capable of delivering programme resources to targeted clientele. The system has evolved gradually through a structured learning process, tha t involves trials, errors and continuous adjustments. A major requirement to operationalize the system is the special training needed for development of a highly motivated staff, so that the decision making and operational authority is gradually decentralized and administrative functions are delegated at the zonal levels downwards. 6| Expansion of loan portfolio to meet diverse development needs of the poor.   |   As the general credit programme gathers momentum and the borrowers become familiar with credit discipline, other loan programmes are introduced to meet growing social and economic development needs of the clientele. Besides housing, such programmes include:|   | i)| Credit for building sanitary latrines| | ii)| Credit for installation of tube wells that supply drinking water and irrigation for kitchen gardens|   | iii)| Credit for seasonal cultivation to buy agricultural inputs|   | iv)| Loan for leasing equipment / machinery, ie. cell phones purchased by Grameen Bank members|   | v)| Finance projects undertaken by the entire family of a seasoned borrower. Three Cs in Credit delivery: Character: means how a person has handled past debt obligations: From credit history and personal background, honesty and reliability of the borrower to pay credit debts is determined. Capacity: means how much debt a borrower can comfortably handle. Income streams are analyzed and any legal obligations looked into, which could interfere in repayment.Capital: means current available assets of the borrower, such as real estate , savings or investment that could be used to repay debt if income should be unavailable. | | The loan disbursement has been robust year after year and profit has also been increasing year after year. The loan disbursement schedule and profit are summarized below: year| Loan disbursement (million Tk)| Profit/loss (million Tk)| 2001| 146538. 20| 58. 45| 2002| 162286. 24| 59. 67| 2003| 183575. 33| 357. 52| 2004| 209166. 76| 422. 13 | 2005| 3248163. 17| 1000. 44| 006| 306368. 63 | 1398. 15| 2007| 356798. 22| 106. 91| 2008| 418903. 07| 1305. 00| 2009| 498311. 47| 371. 57| 2010| 594460. 61| 757. 24| Interest rate charged on different loan on different duration are given below: Description of the loan| EAIR(Old Payment Method)| EAIR(New Payment Method)| 10-Year stable Level Loans @ Tk. 2,000| 350%| 556. 44%| 10-Year Increasing Loans| 18. 48%| 44. 13%| Actual 7-Year Center Loan History| 15. 39%| 35. 57%| The â€Å"Old† Payment System: Under the â€Å"old† system, Grameen borrowers made weekly payments for 50 weeks.Their principal balance was reduced by the full amount of the payment, and no interest payment is credited. The â€Å"New† Payment System: Under the â€Å"new† system, the entire structure of loan payments was altered. The loan payment period is now defined as 46 weeks in length, but factored into the system is the anticipation of 6 official â€Å"national holidays† when the we ek’s payment is suspended. ASA Microfinance in Bangladesh: ASA has been working relentlessly to reduce poverty since its inception in 1978.The formal banking sector in developing countries, like Bangladesh, does not typically provide financial services to the poor. This sector concentrates on large loans to the upper class, thereby completely excluding low income groups. The microfinance movement, however, has shown that there is a thriving market among the poor when financial products cater to their specific needs. The poor are a quite active group in any economy. ASA has shown that their needs can be met while at the same time making the providing institution profitable as well.Up to October 2011 ASA's cumulative Loan disbursement has been BDT 481,381 million (US$ 6,326 million) while loan outstanding (principal) is BDT 44,972 million (US$ 591 million) among 4. 43 million borrowers. At the end of June 2011 ASA's Operational Self Sufficiency(OSS) was 182. 48%, Financial Self -sufficiency (FSS) 118. 82% and rate of loan recovery 99. 83%. The loan disbursement over the years are given below: Year| Disbursement in million Tk. (during the year)| 2008| 61,108,00 | 2009| 61,495,00. | 2010| 68,486,00| 011| 44,835,00| The rate of interest charged by the ASA is given below: Category| Eligible Criteria| Initial Maximum Loan Size| Interest Rate| Loan term| Primary Loan| Economically active poor to undertake or strengthen income generating activities (IGAs). | BDT 8,000-20,000 to maximum BDT 50,000 at first loan cycle. | Maximum 27% declining| 4, 6 or 12 months based on nature of IGAs| Special Loan| Small/micro enterprises or entrepreneurs and traders to promote and scale up production, business activity and employment generation. BDT 51,000-500,000 | Maximum 27% declining| 12, 18, 24 or 30 months based on nature of enterprises| BRAC BRAC, a development organization, was formed in 1972 under the Societies Registration Act 1860. Although it was first set up to reset tle refugees in post-war Bangladesh, BRAC later redesigned its strategies in accordance with its philosophy of poverty alleviation and empowerment of the poor. At present, BRAC has a large number of development programs that cover the areas of health, education, credit, employment and training for the poor people of Bangladesh.BRAC carries out licensed banking activities through the BRAC Bank Ltd. and also earns from various income generating projects such as Aarong Rural Craft Centre, BRAC Printers and Printing Pack, BRAC Dairy and Food project, BRAC Tea Estates, andvarious programme support enterprises such as poultry farms, feedmills, seedmills and prawn hatcheries. Microloans: These loans, which range from USD 50 – 700, are given exclusively to individual women who are serviced in a group setting, namely the VO. The VO acts as an informal guarantor by creating peer pressure to ensure timely repayment.Borrowers repay through weekly or monthly installments and deposit savin gs during the regular VO meetings. These loans are generally used for small operations in poultry, livestock, fruit and vegetable cultivation, handicrafts or rural trade. Microenterprise loans (Progoti): These loans, which range from USD 700 to 10,000 are given to both male and female entrepreneurs to support and help expand existing small enterprises which are too small to qualify for credit from mainstream banks. Borrowers generally use these loans to finance shops and small-scale manufacturing activities.A ladder of opportunity :BRAC have developed a ‘ladder’ of financial services to target different poverty groups because we understand that the financial needs of the poor are diverse. The most vulnerable are the extreme poor who do not benefit from microfinance – for this group BRAC have developed a grant-based programme that incorporates asset transfers with non-financial support; BRAC’s Ultra Poor programme. Similarly, it has launched, with the help of the Government, a specific customised product for marginal farmers, which combines access to finance with technical support.Another specialised microloan scheme aims to financially empower adolescent girls, helping them continue their education, build savings and receive livelihood training to start smaller home-based enterprises. The rate of interest charged by the BRAC Bank SL no. | Types of loan| Annual interest Rate| 1| General micro credit (Rural and Urban)| 25%-33%| 2| Micro Enterprise loan| 26%-40%| 3| Ultra poor loan| 22%| 4| Agriculture loan| 22%-33%| 5| Seasonal loan| 26%-33%| 6| Disaster management loan| 2. 8%-21%| Loan Disbursement over the year is given below: Sl no. | year| Loan disbursement(TK)| | 2009| 75680756900| 2| 2010| 38749653600| 3| 2011| 39554248779| 4| 2012| 42235412000| Experience outside Bangladesh There is a vast array of experience outside Bangladesh as microfinance is now a globalphenomenon. The information below is simply intended to give a snapshot of the differentexperiences in a few countries, and to show how the complex issue of interest rates has beenaddressed, either by inaction or explicit action by governments. Figures on interest rates fromvarious countries in different parts of the world are given below, in particular those nearby inAsia.Countries are also mentioned where the government or parliament (not necessarily thesame) has sought to impose a ceiling on interest rates in the twin belief that poor peoplecannot afford to pay the high interest rates charged by MFIs and that it is indeed immoral thatthose who are poor should pay higher interest rates on loans than those paid by richerindividuals. South and South East Asia The table below (prepared for the Joint Donor Strategy initiative) gives a summary picture ofthe situation in selected countries in the S. nd SE Asia Region, showing data assembled byEDA Rural Systems, with the comparative rates in Bangladesh at the bottom of the table forcomparison: Three importa nt conclusions can be drawn from these figures. 1. First, that the interest rates charged by MFIs are invariably higher than the rates charged by commercial banks, on average approximately 100% higher. 2. Second, that in general the rates charged by informal moneylenders vary much more widely than either the rates charged by the banks or by MFIs, and almost always are substantially higher than the rates charged by the MFIs. . Third, the interest rate charged by almost all NGO-MFIs in Bangladesh, 30% effective annual rate, is by no means out of line with what is being charged elsewhere in South and South East Asia. If any person wants to borrow from traditional banking system he has to fill out application form. He has to go to the bank for many times for the sanctioning of loan that incurs substantial amount of transportation cost for him. In addition to high transportation cost, there are some processing cost and commissions charged by banks.Ultimately, Effective interest rate is q uite higher in case of borrowing from traditional banking system. On the other hand, traditional banks can’t cover up administrative cost by providing small loans. Comparison of Interest Rates of Various Sources of Loans in India Quoted Cost and Cost after Adjustment for Transaction Costs From the table we see that there is no transaction cost in case of borrowing from MFIs loan. From the evidence of India, we have found that MFIs are used to make election engineering.The main motive of MFIs is to provide credit to women and poor. But, politicians are trying to use it as a political tool. Government provides subsidy which are distributed through MFIs. Large number of impoverished people is a big vote bank for politicians. In this process government influences the decisions of the voters in time of election. In Tamil Nadu we see that government passed ordinance that MFIs could not charge more than 12% interest that may ultimately drive out huge number of lenders from the marke t.So, poor people have to rely on nonchalant public sector banks and according to Mahajan and Ramola they will not have no recourse except money lenders for borrowing. Interest rate, Lending ; Microfinance Less Dependence on Money lenders, Mahajon etc More economic activities because of easy funding reduce asymmetry of information, rural development possible. Downward competitive environment in informal market. Rise in income level, Purchasing power, Overall standard of living. Production, consumption level increases. ResultEliminate the practice of charging usury, greater financial leverage, only does it help to reduce poverty, it Scales down inequality as well. Fig: Effect of Interest rate, Lending ; Microfinance On the Perspective of Latin America In Latin America, the leading MFIs all operate under a formal legal framework, usually as specialized MFI banks, under the supervision of the central bank. Figures for five of the best known institutions are given below, all of which ha ve substantial numbers of clients (by the standards of the region) and are currently operating profitably.Probably the most interesting (for Bangladesh) is Comparators which has from its inception deliberately targeted poorer clients, as can be seen from the current average size of loans ($277). Leading Microfinance Institutions Primary Indicators (End Third Quarter 2003) The figures below for the same five MFIs show the average rates of interest which they are receiving on their various loan products. Descriptive Statistics | Mean| Std. Deviation| N| NO. CLIEN No of CLIENTS| 94000. 00| 65490. 457| 5| AVG. LOAN Average Loan| 1002. 0| 501. 657| 5| LOANST Total Loan| 78000000. 00| 42361539. 160| 5| Regression Variables Entered/Removed(b) Model| Variables Entered| Variables Removed| Method| 1| NO. CLIEN No of cLIENTS(a)| . | Enter| a All requested variables entered. b Dependent Variable: LOANST Total Loan Model Summary Model| R| R Square| Adjusted R Square| Std. Error of the Estimate| Change Statistics| | | | | | R Square Change| F Change| df1| df2| Sig. F Change| 1| . 169(a)| . 028| -. 295| 48213878. 375| . 028| . 088| 1| 3| . 786| Predictors: (Constant), NO. CLIEN No of cLIENTS The unstandardized parameters tell you the difference in Y per unit change in X whereas the standardized tells you the difference in Y in standard deviations per standard deviation difference in X. With the exception of BancoSol, these rates are all higher than those charged by the NGO-MFIs in Bangladesh (in the case of Compartamos substantially so), but their operating costs are also higher than the leading NGO-MFIs in Bangladesh due largely to the higher costs of staff.Nonetheless all five institutions are profitable and the high returns achieved by the three most profitable institutions have enabled them to achieve the most rapid rates of growth in client numbers in the 21 months covered by thee figures; almost triple by Banco Solidario; more than double by Compartamos; and over two t hirds by Mibanco. Leading Microfinance Institutions: Costs and Interest Rates (End Third Quarter 2003) As reported by Helms and Reille, when BancoSol in Bolivia began as a bank in 1985, it charged a combination of interest and fees equivalent to 65% effective annual interest rate. Today, BancoSol, operating in a highly ompetitive environment, has brought down its costs and charges interest rates on its products yielding the 24% shown in the table above. According to one of the managers at BancoSol, the banks growth from 4,500 to 55,000 clients in just ten years has been possible by its ability to charge sustainable rates of interest. Further, whilst its return on average assets is a modest 1. 6%, its current return on average equity is over 11% (because of the leverage it has been able to exercise on its equity). Conclusion Obtaining financial information from institutions involved in microfinance is no easy task.In most countries because there is no financial authority that collect s it and makes it available to the public. Furthermore, the absence of governmental or organized market supervision means that these entities can freely decide how to measure – if they want to do it– the variables describing their different sources of income and expenditure. Finally, even if there were an informal consensus on how to measure these variables, that would not necessarily ensure that the information is reliable since it is very likely that accounting deficiencies might exist. 1. David L. Wright, Dewan A. H.Alamgir, Microcredit Interest Rates in Bangladesh ‘Capping v Competition’, Donors’ Local Consultative Group on Finance, March 2004. 2. P. Cotler , What Drives Lending Interest Rates in the Microfinance Sector? , August 4th, 2010, Microfinance Workshop, Groningen University. 3. Esubalew Assefa, Niels Hermes and Aljar Meesters, Competition and Performance of Microfinance Institutions, August 2010. 4. Mahajan, Vijay and Ramola, Bharti Gu pta; (August 2003); ‘Microfinance in India – Banyan Tree or Bonsai’, a Review Paper for the World Bank 5. Donoghue, Kieran et al, (June 2002), unpublished manuscript for AusAID ‘ Interest Rates in Microfinance’ . Porteous, David, of Finmark Trust, South Africa (2003); unpublished paper ‘Is Cinderella Finally Coming to the Ball? † 7. Hatice Jenkins, Commercial Bank Behavior in Micro and Small Enterprise Finance, Development Discussion Paper No. 741, February 2000. 8. Microfinance Institutions Under Interest Rates Ceilings, Denis H. ACCLASSATO, Laboratoired’Economied’Orleans (LEO), Universited’Orleans, Preliminary Version, June 2006. 9. Sinha, Sanjay, (2003); ‘Experience in Selected Countries in South and South East Asia on Regulation and Supervision, and Comparative Interest Rates’

Capitalism In America essays

Capitalism In America essays Capitalism is the complete separation of economy and state, similar to the separation of church and state. The theory of capitalism is based on the private ownership of the means of production, which would equal a completely uncontrolled and unregulated economy where all land is privately owned, only an aspect of that premise is based on individual rights. Capitalism recognizes that each individual person is the owner of their own life and has the right to live it fully to their on personal manner and long as he doesnt dictate or violate others. The American South had a social system, which was distinct in many ways. There was an economy relative to the region, where class structure and a system of racial difference which caused the South to become unique to the rest of the nation. Historians such as James Henretta have said that Capitalism was the cause of all evil within the American South. American Capitalism defined by Max Weber is a greed forgone, and acquisition by force, ... whether directly in war or in the form [of] exploitation of subjects. This type of lifestyle within a growing nation could not work with the gentry class which was moving into the region unless there was people to do the work on the farms for them. At first there were indentured servants, but this system of work only worked for a limited time as these servants would work their time of servitude and then leave on their own. The American farmer in the south needed more control on their workers and needed to know that they (the workers) werent going to just leave and start up their own farm for themselves. Thus the manipulation of slave labor became the answer for capitalism, and from the use of black slave labor, tension began to rise between the slaves brought from Africa and the landholders of the South. Tension between Slaves and landowners have been strong in the South for many years, and one might say that the cause...

Propaganda

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Free Essays on Ceasars Legion

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Mixed Higher Education is not as Effective for Those Female Students Research Paper

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Same-sex marriage Essay Example | Topics and Well Written Essays - 750 words

Same-sex marriage - Essay Example The 1990s saw heated political discourses on same sex relationships particularly in relation to the rights of parenting and spousal benefits in the state of Massachusetts. This led to the recognition of same sex relationships and the provision of benefits (including health and insurance benefits) to individuals in same sex marriages. Nonetheless, this move led to a huge uproar especially among the Christians and clergymen who felt that a special interest group cannot get equal treatment and the recognition accorded to a family unit. They termed same sex partners as friends who decide to share the same house and other different responsibilities. From then, there have been unsuccessful attempts to pass a legislation that would provide guidelines on the same sex relationships. All along, the supporters of same sex relationships have been fighting not for the recognition of same sex relationship but for the accordance of equal benefits and fairness to the individuals belonging to same se x relationships. ... rt claimed that under the constitution of Massachusetts, it was illegal and highly unconstitutional to deny individuals in a same sex relationship the benefits of marriage. This opened the gates for Massachusetts to join other jurisdictions that have legalized same sex marriages including Belgium and Quebec, Canada. In the United States of America, the state of Massachusetts was the first state to recognize and legalize same sex marriages. The case â€Å"Goodridge v. Department of Public Health† provided Massachusetts with the basis for legalizing same sex marriages. The court claimed that it could not deny two individuals who are together because of a mutual agreement the benefits, obligations, and the protections of a civil marriage. The court further noted that the constitution of Massachusetts does not tolerate the establishment of second-class Massachusetts citizens under any cost. Instead, it argued that the constitution represents the rights as well as the dignity of al l people in Massachusetts. Following this decision, the court gave the state legislature a period of 180 days to take any appropriate action in line with its ruling. In the ruling, the majority opinion claimed that the court’s obligation was to provide an appropriate definition for liberty as opposed to imposing its own moral code. This opinion rubbished the perspective of the opponents of same sex marriage who claimed that the legalization of same sex marriage could not be a determination of four individuals. The majority opinion also had it that as opposed to the federal constitution, the constitution of Massachusetts protects personal liberty against any interference from the state or the national government. This is in line with the argument of LaFleur and Cristin (9) that if same sex

Peer review form Assignment Example | Topics and Well Written Essays - 250 words

Peer review form - Assignment Example Nonetheless, the paper does follow the direction of the thesis because the following paragraphs are related to the thesis. The first part of the introduction is well crafted because it starts by introducing the paper. The writer uses suspense to hook the reader up, and this is effective. For instance, in the introduction, the writer avoids availing all the information about the story which compels the reader to read the other parts. Thus, they are effective, and almost require no suggestion. 3. How does the writer use textual evidence and analysis to back up his or her claim? Comment on several examples and offer any suggestions that you have. Do you think that the writer â€Å"digs deeply† into the text (vertical thinking)? Why or why not? What are some of the implications that the writer draws from the examples? In a bid to back up claims, the writer quotes from the story. For instance, to show the relationship between animals and danger, the writer states that the doctor kept two animals: a cheetah and a baboon. Another entails the snake which is portrayed as sharing similar traits with one Roylott because of the ruthlessness demonstrated. The suggestion is that author ought to have indicated the page numbers where direct quotations were used. The writer had dug deeply and this is confirmed by the implications such as humans resembling humans in terms of characteristics. 4. Comment on the organization of the paper. Is it logical and clear, why or why not? Is each paragraph unified around one main idea, indicated by a topic sentence? Note any issues that you see concerning paragraph unity, general organization or awkward transitions? Offer suggestion where appropriate. Notwithstanding the use of examples, the paper’s organization is poor. Whereas the overall message is clear and logical paragraphs are poorly arranged. For instance, there is no indication

Same-sex marriage Essay Example | Topics and Well Written Essays - 750 words

Same-sex marriage - Essay Example The 1990s saw heated political discourses on same sex relationships particularly in relation to the rights of parenting and spousal benefits in the state of Massachusetts. This led to the recognition of same sex relationships and the provision of benefits (including health and insurance benefits) to individuals in same sex marriages. Nonetheless, this move led to a huge uproar especially among the Christians and clergymen who felt that a special interest group cannot get equal treatment and the recognition accorded to a family unit. They termed same sex partners as friends who decide to share the same house and other different responsibilities. From then, there have been unsuccessful attempts to pass a legislation that would provide guidelines on the same sex relationships. All along, the supporters of same sex relationships have been fighting not for the recognition of same sex relationship but for the accordance of equal benefits and fairness to the individuals belonging to same se x relationships. ... rt claimed that under the constitution of Massachusetts, it was illegal and highly unconstitutional to deny individuals in a same sex relationship the benefits of marriage. This opened the gates for Massachusetts to join other jurisdictions that have legalized same sex marriages including Belgium and Quebec, Canada. In the United States of America, the state of Massachusetts was the first state to recognize and legalize same sex marriages. The case â€Å"Goodridge v. Department of Public Health† provided Massachusetts with the basis for legalizing same sex marriages. The court claimed that it could not deny two individuals who are together because of a mutual agreement the benefits, obligations, and the protections of a civil marriage. The court further noted that the constitution of Massachusetts does not tolerate the establishment of second-class Massachusetts citizens under any cost. Instead, it argued that the constitution represents the rights as well as the dignity of al l people in Massachusetts. Following this decision, the court gave the state legislature a period of 180 days to take any appropriate action in line with its ruling. In the ruling, the majority opinion claimed that the court’s obligation was to provide an appropriate definition for liberty as opposed to imposing its own moral code. This opinion rubbished the perspective of the opponents of same sex marriage who claimed that the legalization of same sex marriage could not be a determination of four individuals. The majority opinion also had it that as opposed to the federal constitution, the constitution of Massachusetts protects personal liberty against any interference from the state or the national government. This is in line with the argument of LaFleur and Cristin (9) that if same sex

Reader's Response Essay Example | Topics and Well Written Essays - 250 words

Reader's Response - Essay Example Her new house is in a squalid neighborhood that she is embarrassed of. Because of her house, her race and culture are more defined and the more she is shameful of it. However, Esperanza realizes that her identity is her own doing. After being raped, she resolves to free herself from her house, but not completely enough to forget its role in shaping her identity. â€Å"Everyday Use† uses the quilt as a symbol of the interconnectedness of traditions through the people who believe in its validity through lived experiences. The quilt stands for rural tradition that only Maggie understands. Like the quilt, Maggie and Mama have not changed at all, and they are happy with their simple rural life. Dee rejects this everyday use of their cultural artifacts: â€Å"[Maggie] probably be backward enough to put [the quilts] to everyday use† (Walker). Mama believes that she knows better, when she gives the quilts to Maggie. To use it every day is what their traditions are. Traditions are meant to be experienced and not hidden in a museum. Nathaniel Hawthorne studies the loss of innocence in â€Å"Young Goodman Brown† through the symbol of pink ribbons. These pink ribbons stand for the innocence of his wife and the purity of the church. Because of his dreams in the woods, the pink ribbons have turned into tools of deception. His dreams shook his faith and destroyed its pink ribbons that he once believed in. These symbols show how objects can be related to human issues and beliefs. A house can mean isolation and redemption. A pink ribbon reflects both innocence and delusion. A quilt stands for interconnection and traditions. Thus, these symbols acquire significance because these authors embedded meaning into their purposes and

The Madding Crowd Essay Example for Free

The Madding Crowd Essay Views on women and how the use of vocabulary is used to distinguish between the different classes. When playing Liddy, I identified with Bathsheba and Fanny as I had been used in the hurt in the past because of women exploitation. The book is completely based on Bathsheba; a woman and at that time there was a queen on the throne so perhaps the book is also showing the era of Queen Victoria. I used this knowledge to develop my vocabulary to adapt to the way they spoke in those times. This showed the period of time the book was written in. Moral issues arose and showed how men dominated woman in those times as Bathsheba was an independent woman at the beginning of the book but after Troy abused her she lost her confidence and identifies. She had been de-valued. How does your presentation include references to: Â  The writers style, structure and characterization? Â  The writers use of language? My presentation structure was based on a scene that did not appear in the book. Bathsheba, Fanny and Liddy had come together and discussed the way in which men dominated women. Because our role play was based on three main constant characters, it was easy to know about their backgrounds and personalities as I had already researched them. The book also gave some important information. The vocabulary used was based on the vocabulary in the book and we showed this in our presentation by using some of the text as references. We used a piece of text from the book for Bathsheba to say His voice was unexpectedly attractive; it was the low and dulcet note suggestive of; romance; common in descriptions, rare in experience. We used this for Bathsheba to describe Troy as she said this in the book and we thought it would be more effective if we used the exact text. We also showed how women were exploited in those days by talking of our past and present experiences as our characters revealed their experience of exploitation. This identified with the time of the book when women were being exploited. In what way do you feel your presentation was successful? I think my presentation was quite successful as we based the speech and vocabulary on the text in the book which gave the audience an idea of the time it was written and also made them remember the book. The presentation was based on a script, which helped speech flow easily and make sense. The script also meant if we got lost we could locate our self on the script and carry on or improvise. We did improvise some speech meaning our attention was not always on our script as this would have been quite dull. Movement was also used to make our role play more interesting and effective for the audience to watch. Overall, I think our role play was quite effective in bringing to light woman exploitation as we used the characters past experiences so some of the audience could identify and relate to the book also.

Purchase behaviour of Malaysians

Purchase behaviour of Malaysians The previous chapter has highlighted the objective and also the importance of this study.This chapter will cover previous literature of each topic area.Literature review are known as the secondary sources obtained from published work such as journals,books,masters thesis,articles,conference proceedings and other reports.It is vital in supporting the hypotheses that will be discussed the next chapter. The changes in Malaysia have been acknowledged by its admirers and critics alike. Two decades of uninterrupted economic growth and political stability have managed to guarantee nearly-full employment and a constant rise in living standards for the population (Noor, 1996). The rise of this consumerist culture would not have been possible had it not been for the loyal support of Malaysias youth, for it is they who are both the patrons and targets of this youth-oriented consumerism (Noor, 1996).T he study conducted by Singhapakdi, et., al. (1999) compared Malaysia and the US in terms of their perceptions of marketing situations, their attitudes toward business and salespeople, and their personal moral philosophies. The survey results reveal some significant differences between the consumers from these two countries. It indicated that Malaysia is more oriented towards cultural leanings than that of the United States. Self-image, product image and their combination, self-congruity, are im portant concepts in consumer behaviour. They have been hypothesised and found to affect significantly product choice and purchase intention. Questern, Karunaratna and Goh (2000) studied two samples (Australia and Malaysia) from contrasting cultural backgrounds are compared in relation to the importance of self-congruity with respect to four brands of two products categories of contrasting involvement levels. Unexpectedly, samples from Australia and Malaysia were found to use differently actual vs ideal self-image in their product evaluation. This confirms overall the role of self-congruence in consumers choice and points to the need for further investigation of this concept in a cross-cultural context.   2.2 Independent Variable 2.2.1 Purchasing Behavior Determining the definite reasons that influence consumers and their purchasing attitudes that directly linked to consumer decision making has become a significant focus of consumer research. Thus, a large number of studies have examined how individual consumers learn what to purchase (Keillor et al., 1996; Moschis and Churchill, 1978; Ward, 1974). According to Sproles and Kendall (1986, Pg. 268), a consumers decision making style is a mental orientation characterising a consumers approach to making choices. To conceptualize these styles a model which composed of eight mental orientations of consumers decision making behaviour was established by Sproles and Kendall (1986). The 8 characteristics are: Perfectionism/Quality conscious decision style that is concerned Shoppers with this decision making style will not settle with products grade as good with perfection. enough Brand conscious decision style that is concerned with getting luxurious, renowned brand. Consumers with this style believe that the higher the price of a goods, the better the quality. These consumers also aware of a brand as a distinct product separate from others as it is related to image and perception Novelty fashion conscious decision style for seeking out new things. The behaviour reflects a taste of innovative products and a motivation to keep up to date with new styles and fashion trends. Habitual and Brand Loyalty Decision style for shopping at the same stores and tendency to buy the same brands each time. Recreational shopping conscious decision style that view shopping as being enjoyable. Buyers with this trait enjoy the stimulation of looking for and choosing products. Price and value conscious decision style that is concerned with getting lower price. It also suggests that the consumer is conscious of sale prices and intends to get the best value for their money. Impulsive and careless tendencies decision style that describes a shopper who does not plan their shopping and appears unconcerned with how much he or she spends. Consumers with this style might regret their decision later. Confused by over choice decision style that reflects a lack of confidence and lack of ability to deal with the number of choices available. Consumers with this trait experience information overload. The eight features describe the most basic mental characteristics of a consumers decision making, which are directly associated to consumer purchase behaviour. Such knowledge is also essential in identifying segments of consumers sharing similar attitudes to shopping (Lyonksi et al., 1996). Besides the eight-factor consumer decision-making orientation model, work by Sproles (1985) and Sproles and Kendall (1986) developed the Consumer Style Inventory (CSI) which is used to evaluate consumer decision-making styles on the basis of a sample of United States (U.S.) teenagers. This method has been applied to different societies in eight different countries, including the U.S. (Sproles, 1985, Sproles and Kendall, 1986, Lysonski et al., 1996), New Zealand (Durvasula et al., 1993, Lysonski et al., 1996), United Kingdom(Mitchell and Bates, 1998), South Korea (Hafstorm et al., 1992), Greece, India (Lysonski et al., 1996), Germany (Walsh et al., 2001) and China (Fan and Xiao, 1998, Hui et al., 1 999, Hui et al., 2000). By using 210 university student samples in New Zealand, there were eight characteristics, same as Sproles (1986) findings, identified in Durvasulas (1993) research. However, in Lysonskis (1996) New Zealand study the factor of price and value consciousness was not found. The three consumer decision-making orientations; brand consciousness, novelty-fashion consciousness and habitual and brand loyalty are commonly found in two developed countries (USA and New Zealand) and two developing countries (Greece and India), identified by Lysonski (1996). The influences of the market environment, in particular the economic environment and market structure on consumer decision-making styles were suggested in the study. Walsh (2001) and Mitchell (1998) and had also applied the CSI in his study in the German and UK consumers respectively. Out of these eight styles, only six were identified in the study for Germans which are brand consciousness, perfectionism, recreational shopping conscious, confused by over choice, careless and impulsive and novelty-fashion consciousness. In addition to these, variety seeking was new style that found in Walshs (2001) Germany study. Besides to Sproless (1986) eight styles structure, Mitchell (1998) suggested that two others styles which are time-energy conserving and store loyal consumers were identified with UK consumers. The CSI has also been administered to the consumers of South Korea and China, in addition to the studies conducted in the western countries. However, varied results were shown in Fans (1998) and Huis (1999 2000) studies on Chinas consumers and only five styles were found in South Korea. Furthermore, as results of various researches relating to consumer behavior; an explanation of diverse purchasing behavior models is extended. The EKB model; a relatively clear, inclusive, and organized theory model concerning consumer behavior by three scholars, Engel, Kollat and Blackwell (EKB), was first presented in 1968. The model assumes that a consumers decision processing is a consecutive processing which leads to solving problems, and which features considering decision processing as the center of merging relations of relevant outside and inside elements. The EKB model has three advantages (Yang, 2001), which consist of: It is process oriented: The EKB model has rather relevant variables, which are collected with signs, are easier for researchers to confirm the relationship of variables, and also benefit hypothesis development and research result interpretation. Thoroughness/attention to detail: The EKB model contains rather complete variables, which are capable of explaining entire processing of consumer behavior. The dynamic feature: The EKB model combines many scholars and experts opinions towards consumer behavior and performs many revisions; therefore, is considered as a fairly thorough consumer behavior model. The EKB model contains four major parts, which include: information involvement; information processing; decision processing; and variables of decision processing. Consequently, based on the EKB concept; Engel et al. (1993) report that, the center concept of the model indicates consumer purchase decision processing, which is also problem-solving processing to consumer decision processing, consist of five stages. The five stages are: demand confirmation, search for information, and evaluation of alternatives, purchasing, and purchasing result. Basically, researches on consumer decision-making issues were mainly focused on the decision-making process. However, consumers may sometimes usually rely on simple approach, rather than going through a series of steps or processes rationally when they made purchase decisions, argues Bettman (1979). Consumer may simply emphasize or evaluate some typical dimensions or characteristics that are obvious and being conscious of (Sproles, 1985). In this regard, Sproles and Kendall (1986) pioneered to examine consumer decision-making processes by profiling consumers into diverse decision-making styles. In Wickliffes (1998) study, such styles have recently been found to be highly correlated with some product characteristics, for example; price, country of origin and brand. A consumer behavior model, Wheel of Consumer Analysis, was created by J. Paul Peter and Jerry C. Olson (1994) as a basis for explaining car buying behavior. According to the American Marketing Association, consumer behavior is defined as the dynamic interaction of affect and cognition, behavior, and environmental events by which human beings conduct the exchange aspects of their lives. (Olson Peter, 1994). Marketers can analyze am consumer behavior situation according to the three elements using the Wheel of Consumer Analysis the environment, behavior, and affect/cognition (see Figure 1). However, because these three factors interact and influence each other, no one factor can be isolated from the other. To understand consumer behavior, marketers must pay close attention to all three elements, each of which is discussed below Affect and Cognition Both affect and cognition are important for understanding consumer behavior, because affect and cognition refer to the internal and psychological reactions that consumers may have in response to objects in the external environment i.e., marketing stimuli, or to their own behavior. In other words, affect concerns feelings, while cognition involves thinking. Affective feelings can be positive and favorable, or negative and unfavorable. Whether positive or negative, they will affect the decisions of consumers. The Chinese consumer presents a good example of this. When Chinese consumers go to car dealers to purchase a car, their emphasis is on the services, including the attitude of sales people and option packages. An important factor for the Chinese is that dealers are sincere when conducting business rather than focusing solely on the price. Many international companies have experience when dealing with the Chinese and they understand that the Chinese like to negotiate, especially on price and service. Behavior The second important component is behavior or the overt acts of consumers. While affect and cognition are concerned with what customers feel and think, behavior deals with what customers actually do. Examples of consumer behavior include watching a TV commercial, visiting a store, or purchasing a product. Chinese consumers typically pay more attention to the informational content than entertainment features of the advertisements. One study found that Chinese customers considered themselves to be sophisticated and knowledgeable in their purchasing choices. (Shen Zhao, 1995) Environment The last component of consumer behavior concerns the environment. The environment refers to all the physical and social characteristics of the consumers external worlds on both a macro and a micro level. Marketers need to know which level of environmental analysis is relevant for the marketing problem and choose or design strategies appropriately. The macro environment includes general environmental factors such as, the climate, demographics, economic conditions, and political system. The micro-environment includes face-to-face social interactions among smaller groups of people such as families and reference groups. (Olson Peter, 1994) Both environments could include the objects, places, or other people who influence consumers affect/ recognition, and behavior. In the Chinese society, friends are good reference providers, particularly in the case of large, durable goods purchases.While the environment in which marketers operate is largely uncontrollable, marketers can influence cert ain aspects of the environment. Therefore, every marketing strategy needs to change or at least adapt to some aspect of the social and physical environments. While attempting to influence consumers affect/cognition and their behaviors, marketing strategies must often be altered to fit the social and physical environments such as, designing cars without ashtrays, reflecting shifting social patterns of reduced smoking 2.2 Literature of Variable 2.2.1 Price Prices range widely and an executive sedan may cost more than ten times the price of a small car (White,2004, 2006). Various studies have applied hedonic price modeling to show that price variation among new cars can be explained by differences in key product characteristics such as horsepower,engine capacity, speed, and safety features (e.g. Couton et al.,1996; Andersson, 2005; Reis and Santos Silva, 2006)Price is probably the most important consideration for the average consumer according to Cadogan and Foster (2000). Price plays an important role in affecting consumers decision towards purchasing a product.The effect of price has been studied extensively for many years. Consumers view price as an important element when purchasing and it has a large influence on consumers satisfaction judgments (Hermann, Xia, Monroe Huber, 2007). Price is an important factor of customer satisfaction since whenever consumers the value of an acquired product or service, they usually always think price (Zeithaml, 1998). Price is more likely used by consumers as a cue in forming product expectations when they are faced with performance or quality uncertainty (Urbany, 1997). Customers who view a firms pricing practices as unfair, are most likely to respond negatively. These include immediate attitudinal and affective responses such as dissatisfaction and lower purchase intentions (Oliver Swan, 1989). Consumers have the perception of high price giving high quality products and a number of academic works have shown that low prices are associated with low quality (Huang, 2004). According to the range theory, people use the range of remembered price experiences to set lower and upper bounds on price expectations, such that the attractiveness of a market price is a function of its position within this range (Janiszewski and Lichtenstein, 1999).Consumer have a strong belief in the price and value of their brands so much that they would compare and evaluate prices with alternative brands(Evans et al.,1996;Keller,2003). According to Helegeson and Beatty, (1985),consumers rely on various information cues or product attributes in their decisionmaking including price. The general consensus in research is that price is one of the most important reasons in purchasing decision factor. According to Bucklin et al. (1998), price significantly influences consumer choice and incidence of purchase. He emphasized that discount pricing makes households switch brands and buy products earlier than needed. Price is described as the quantity of payment or compensation for something. It indicates price as an exchange ratio between goods that pay for each other. Price also communicates to the market the companys intended value positioning of its product or brand. Price consciousness is defined as finding the best value, buying at sale prices or the lowest price choice (Sproles and Kendall, 1986). Additionally, consumers generally evaluated market price against an internal reference price, before they decide on the attractiveness of the retail price. 2.2.2 Brand According to Bhimrao M. Ghodeswar (2008), brand is defined as a distinguishing name or symbol such as logo, trademark, or package design that intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods or services from those of competitors.Consumer brand-knowledge can be defined in terms of the personal meaning about a brand stored in consumer memory, that is, all descriptive and evaluative brand-related information(Keller 2003). A brand act as signals to the customer the source of the product, and protects both the customer and the producer from competitors who would attempt to provide products that appear to be identical (Aaker, 1991). Brands provide the basis upon which consumers can identify and bond with a product or service or a group of products or services (Weilbacher, 1995)Consumer decisions about brand choices follow a certain sequence (Bettman, 1979).A brand can be defined as the total accumulation of all his/her experiences, and is built at all points of contact with the customer from the customers point of view (Kapferer, 2004)The way consumers perceive brand is a key determinant of long-term business-consumer relationship (Fournier, 1998). Consumer attitude towards a brand is an extension of the psychological assessment of the brand in terms of favoritism and is about positive or negative predisposition held towards a product (Churchill Iacobucci, 2005).The way consumers perceive brand is a key determinant of long-term business-consumer relationship (Fournier, 1998).Consumers have been found to be more willing to pay extra for a symbolic brand or a brand with symbolic value (Wu Shing, 2006). Mithall (1989) establishes that when it comes to purchasing, customers care about brands, perception on brand differences, importance of brand choice and feeling concerned about brand decision. As consumers become more familiar with a brand, their knowledge structure about the brand changes so and their uncertainty about the brand decreases. Brands have been perceived as providing a greater security and a higher level of performance while eliminating alternatives by providing a better overall customization of perceived preference s (Jiang, 2004). Gardner Levy (2005) found that consumers were not just looking for product functionality, but also brand status or the symbolic meaning or property of the brand. Brand status depends largely on the consumers perception of the brands association with symbolism and prestige (Baht Reddy, 1998). The modern day consumer has also started to build emotional bonds with brands, becoming friends with them and are even said to be seduced to look like, eat like and be alike (Klein, 2000). Famous brand names can disseminate product benefits and lead to higher recall of advertised benefits than non-famous brand names (Keller, 2003). There are many unfamiliar brand names and alternatives available in the market place. Consumers may prefer to trust major famous brand names. These prestigious brand names and their images attract consumers to purchase the brand and bring about repeat purchasing behaviour and reduce price related switching behaviours (Cadogan and Foster, 2000). Furthermore, brand personality provides links to the brands emotional and self-expressive benefits for differentiation. This is important for brands which have only minor physical differences and are consumed in a social setting where the brand can create a visible image about the consumer itself. Consumers are usually able to evaluate each of International Journal of Economics and Management the products and brand name attributes (Keller, 2003). It is noteworthy that this information is essential for marketing managers to make informed decisions concerning product positioning, repositioning and differential advantages. According to Kohli and Thakor (1997), brand name is the creation of an image or the development of a brand identity and is an expensive and time consuming process. The development of a brand name is an essential part of the process since the name is the basis of a brands image. Brand name is important for the firm to attract customers to purchase the product and influence repeat purchasing behaviour. Consumers tend to perceive the products from an overall perspective, associating with the brand name all the attributes and satisfaction experienced by the purchase and use of the product. 2.2.3 Appearance Appearance is defined by HunterLab(2008) as a combination of its chromatic attributes(color) and geometric attributes(shape,texture,shinines,haze and translucency)and both types of these attributes should be measured and accounted for when making visual or instrumental assessments appearance.Appearance is the foremost and most impressive product message because when customers have a choice and all other factors are equal,they buy what looks best(HunterLab 2008).Also according to HunterLab,buyers will expect uniformity of appearance within any group of the same product and when customers see a difference between them on display,they will associated the difference with poor quality. Product design has been recognized as an opportunity for differential advantage in the market place and the appearance of a product influences consumer product choice in several ways(Marielle and Jan,2005).The appearance of the product influences consumer perception of aspects such as ease of operation, weight, and stability, which affect the perceived ease of use of a product(Marielle and Jan,2005). Consumers may use product appearance for categorization (Bloch, 1995; Veryzer, 1995). According toYamamoto and Lambert(1994) , even for industrial products, appearance has an influence on product preference. A products appearance communicates messages(Murdoch and Flurscheim, 1983), as it may look cheerful, boring, friendly, expensive, rude, or childish. Furthermore, the product or package appearance can reinforce the image of a brand, as the identity of a brand is expressed visually in the appearance of products (Schmitt and Simonson, 1997). The aesthetic value of a product pertains to the pleasure derived from seeing the product, without consideration of utility (Holbrook, 1980). Car manufacturers often try to keep different car models recognizable as belonging to the same brand. The distinctive radiator grill of BMW automobiles is an example of a recognizable design element. The linking of brand meaning to elements of the product appearance will be easier when the associations these elements engender by themselves because they are innate or are determined by culture correspond to the desired brand image.Color preferences differ between cultures and in time (Whitfieldand Wiltshire, 1983). Garber (1995) defined visual typicality as the look or appearance that most consumers would associatewith a product category, and by which they identify brands that belong to the category. For example, use of bright colors and a large size, which is associated with aggression (Murdoch and Flurscheim, 1983), will make it easier to position a car brand as aggressive. In addition, personal factors, such as design acumen, prior experience, and personality influence the design taste of consumers (Bloch, 1995) 2.2.4 Safety According to BBC Science article, moving cars have kinetic energy and energy cannot be created or destroyed.When the car brakes this energy will transfer to the surroundings and this happen during the car collisions.The safety feature were design to absorb this kind of energy at the same time avoiding serious injury.The typical features were seat belts, air bags and crumple zones.The modern safety features in new automobiles including Anti-lock braking system(ABS),traction control,safety cage,electric windows,cruise control,paddle shift controls and adjustable seats. In 2003,The Dohring Company which is the North Americas largest provider of custom market research has conducted a random survey of 7.995 American drivers intending to purchase a new vehicle in the near future.The result of this survey stated that 83% of the participants reported that vehicle safety would be an important or very important consideration when purchasing their next vehicle(The Dohring Company,2003).Based on the Safety Advisory Committe I(SARAC I 2001) reviewed on incidential consumer survey in Europe,United States and Australia,safety had become an important attribute when purchasing a new vehicle (Zeidler,Kullgren,Fildres,Morris ONeill,2001) . According to the research of SARAC II(2005),one of the main aims of the research was to determine how important the vehicle safety in new vehicle purchase process in Sweden and Spain.The research finding indicate that while vehicle safety has become increasingly important to new consumer ,it is not the primary consideration in the vehicles purchase decision.However when the participant were ask to rate and select the importance vehicles factors from the list,most participant select the vehicle safety as the most important factor. In similar case when the participant of this research were ask to select the vehicles features,most of the participant selected the safety related features for example air bag and advanced braking system.Overall,the participants from both countries were most likely select safety related factor and safety related features from the list of factors and features as their highest priorities in the new vehicles process.The Swedish new private vehicle consumer significantly more concern in vehicles safety features compare to the Spanish new private vehicles consumer. According to the Roy Morgan Research Centre (MUARC,1992) on the consumers willingness to pay for vehicle safety features,consumers who purchased more expensive vehicles tended to be more willing to pay for the safety packages and however the author noted that the willingness to pay was still quite high for consumers who purchased vehicles from the lowest price range.In the summary most private vehicle purchasers would willing to pay the best estimate retail price or more for both the airbag and non airbag package.The factor were influence by age,gender,parents,household income,size of car and cost of the vehicle. According to European Road Safety Observatory, the design of the vehicle are the most important and basic critirea to a safe traffic system that requires safe interaction between users, vehicles and the road environment. Vehicle design, which takes account of the behavioural and physical limitations of road users, can address a range of risk factors and help to reduce exposure to risk, crash involvement and crash injury severity.Up untill now, vehicle engineering for improved safety has usually been directed towards modifying and designing a vehicle in order to help the driver avoid a crash, or to protect the passenger inside the vehicle during a crash.Recently, attention in  Europe  has been given to crash protective design for those outside the vehicle Key system risk factors Human Vehicles and equipments Road Exposure traffic system use too early access to driving or riding a motor vehicle availability of high performance motor vehicles poor land-use planning, user mix Pre-crash crash occurrence speeding, impairment poor lighting, braking, handling, speed management poor road design or layout, absence of speed limits and pedestrian facilities Crash injury during the crash non-use of restraints or helmets poor crash protective design absence of forgiving roadside (e.g. crash barriers) Post-crash post crash injury poor access to care poor evacuation absence of rescue facility European Road Safety Observation on the vehicle design contribution Based on Broughton, J. et al. (2000) research on a review of the effectiveness of casualty reduction measures in the  United Kingdom  between 1980 and 1996.The Author found that the greatest contribution to casualty reduction was secondary safety or crash protection in vehicles. This accounted for around 15% of the reduction, compared with 11% for drink-drive measures and 6.5% for road safety engineering measures.