Challenges Are Increasing For Rural Land Users Environmental Sciences Essay

About one fifth of the universe ‘s population live in absolute poorness, each populating on less than one US dollar a twenty-four hours ( Jess, 2000 ) . Rural land-users in many developing countries are confronting increasing challenges in their daily lives ( Francis, 2000 ) . Climate alteration can convey both positive and negative impacts on different land users through exposing husbandmans and rural families to new and unfamiliar conditions ( Osbahr et al. , 2008 ) . These hazards and impacts of clime alteration around the universe are progressively recognised as important factors associating to nutrient security, poverty-reduction and sustainable development ( Osbahr et al. , 2008 ) . A support comprises of people, their capablenesss and their agencies of life, including nutrient income and assets ( Chambers and Conway, 1991 ) . Livelihoods go environmentally sustainable when they maintain or heighten the local and planetary assets on which they depend on, which has benefit effects for others and their supports ( Chambers and Conway, 1991 ) . This essay will discourse how climate alteration can impact people ‘s life styles in rural communities and how rural communities can go more sustainable. It will so travel onto talk about how exposure is increased and/or decreased when clime is changed. This essay will concentrate on countries within Asia and Africa who are thought to be the most vulnerable to the impacts of clime variableness and alteration ( Challinor et al. , 2007 ) . Asia and Africa were chosen as instance surveies as agribusiness plays a dominant function in back uping rural supports and economic growing ( Challinor et al. , 2007 ) . ( Singh, 2010 ) states that: â€Å" A support comprises the capablenesss, assets ( including both stuff and societal resources ) and activities require by the agencies of life. A support is sustainable when it can get by with and retrieve from emphasiss and dazes and maintain or heighten its capablenesss and assets both now and in the hereafter, while non sabotaging the natural resource base † . Majority of old surveies have shown a negative impact relationship between clime alteration and harvest productiveness in Africa and Asia ( Challinor et al. , 2007 ) . Over 850 million people in the universe are undernourished. It is hence of import to guarantee that the new attacks contribute to improved agricultural productiveness and that they help increase the hapless people ‘s entree to nutrient. A figure of factors lead to impairment, within rural supports. Expansion of agribusiness combined with unsustainable and natural resource direction practises such as over graze, over cultivation, nutrition inputs, hapless irrigation practises and deforestation, frequently induced by population force per unit area and break of societal systems cause this decay ( Ziervogel and Calder, 2003 ) . For rural supports to go genuinely sustainable, it is non adequate for little husbandmans to bring forth merely plenty nutrient for place ingestion as the costs for production in a smaller far m are similar to that of a larger commercial farm ( Pretty et al. , 2003 ) . About a 3rd of the universe ‘s population lives in countries where fresh H2O is scarce or difficult to acquire because of hapless substructure. This job is quickly acquiring worse for deficiency of the political will and concerted attempt needed to accomplish sustainable direction of the universe ‘s finite H2O supplies. Poorer people are most at hazard of clime alteration dazes and there are a scope of poverty-related clime alteration impacts, including decrease of harvest outputs due to a lessening in H2O handiness, major impacts on nutrient security, employment, income and economic growing, a immense supplanting of people and the exposure of 1000000s of people to wellness hazard ( Schnoor, 2007 ) . Climate alteration will worsen the looming H2O crisis, as lifting temperatures and more fickle rainfall in many parts drive up demand for irrigation ( Pretty et al. , 2003 ) . Together, H2O scarceness and clime alteration will present great adversity for many people in many w ays. But most ruinous of all are the expected impacts on planetary capacity to bring forth adequate nutrient. Within 40 old ages, the universe will hold another 2.5 billion people to feed, most of them in developing states. Given that one liter of H2O is used to bring forth one Calorie of nutrient, it will take up to 6,000 three-dimensional kilometers of extra H2O yearly – about twice the sum used for nutrient production today – to feed those people 2,500 Calories daily ( Pretty et al. , 2003 ) . The lone solution is to do agricultural usage of H2O far more productive and efficient than it is today. Two ways of making this are, foremost, to renovate old and ignored irrigation systems and, 2nd, better rain fed agribusiness through better dirt direction and expanded usage of H2O harvest home and auxiliary irrigation. New higher giving harvest assortments that tolerate utmost conditions, like drouth and implosion therapy, can besides assist ( Schild, 2010 ) . Eradication of utmost poorness and hungriness is among the eight Millennium Development Goals ( MDGs ) for sustainable development ( Haile, 2005 ) . Food security means entree to alimentary nutrient through direct nutrient production by the agriculture family and/or through increased ability to buy ( economic entree ) a assortment of nutrients from household income. Infertile dirts are a major cause of poorness and hungriness Africa ( Haile, 2005 ) stemming from bad agriculture patterns. He farther stressed that hapless agriculture patterns deplete dirt of basic foods needed by harvests and deplete dirt organic affair and water-holding capacity, which can finally decreased output in more than 75 % of farming area. Increased quality of natural capital, the land, leads to increased nutrient and income security, which are requirements for family wellness security ( Peters, 2006 ) . This implies that families with secure nutrient and income can afford medical and balanced diet disbursals for family members. In add-on, increased households income contributes to buying power for alimentary nutrients non produced on the farm. Conservation of H2O, through infiltration into the dirt, contributes to protection of the quality of H2O beginnings, which indirectly contributes to a decrease in wellness hazards that arise from the waterborne diseases ( Peters, 2002 ) . Figure: Analytic and intervention conceptual model for development of incorporate and sustainable direction of natural capital ( Malley et al. , 2009 ) Rural families in Africa and Asia tend to trust a great trade on climate-sensitive resources such as local H2O supplies and agricultural land. These climate-sensitive activities such as cultivable agriculture and farm animal farmings along with natural resources such as fuel wood and wild herbs are what they dependant on for mundane lives ( Haile, 2005 ) . Climate alteration can cut down the handiness of these local natural resources, restricting the options for rural families that depend on natural resources for ingestion or trade ( Haile, 2005 ) . In many developing states nutrient production has non kept up with population growing. Pressure on bing cultivated land in China has led to dirty exhaustion and eroding, doing an addition dependence in external fertilizers and pesticides to keep production in more intensive, sawed-off rotary motion systems ( Crucefix, 1998 ) . The productiveness of land, incomes and the coherence of society are closely linked in rural communities anyplace around the universe. Where land becomes unproductive, rural depopulation occurs which may farther worsen productiveness and change the gender and age balance of rural communities ( Crucefix, 1998 ) . Crucefix ( 1998 ) states that environmental harm seen as a consequence of agricultural actions in developing states consists of: Table: Environmental Damage Impacts in Developing States Parameter Environmental Damage Impacts Soil eroding Low productiveness, salt, H2O keeping capacity Sediment harm Reservoir siltation, increased pilotage channel siltation, inundations, addition costs of route care, habitat debasement Over irrigation Depletion of groundwater, H2O logging, salinisation Agrochemical harm Worker wellness, H2O taint, H2O choking, cost of cleansing harm Soil compression Soil productiveness, harder to cultivate Deforestation Soil eroding, harvest harm from high air currents Wetland drainage Decreased H2O purification, familial diverseness drainage Air pollution Odour, fume, H2O safety ( Crucefix, 1998 ) Africa Asia Water Frequent Droughts Frequent low H2O storage in reservoirs and lakes Frequent inundations Increase in H2O emphasis due to climate alteration and increased demand Disappearing glaciers cut down summer watercourse flow of most big rivers Increase H2O deficit during dry season Higher inundation hazard during monsoon season Increase H2O emphasis due to increase population growing Higher per capita H2O demand Agribusiness Severe impact on nutrient production and security Agribusiness will go unsustainable in semi waterless countries Increased poorness of little graduated table farms Changing seasons will do agribusiness more hard ( e.g. seeding day of the months ) Less predictable H2O handiness will do agribusiness more hard Increased clime variableness will increase the figure of harvest failures due to inundations or drouths Agricultural production probably to better where there is rainfall Likely addition of both diseases and plagues impacting both works and carnal production systems Farming production in low lying coastal countries will be affected by increased implosion therapy and salt H2O invasion Ecosystems / Biodiversity Most natural ecosystems will be affected: However impacts are ill-defined due to miss of informations Biodiversity in Highlandss of Africa threatened 25-40 % of big mammal species in National Parks will go endangered Desertification probably to increase due to combined menaces of clime alteration and unsustainable land usage Large parts of the biodiversity at hazard ; although detailed analyses are missing Forest fires have increased over the last 20years due to higher temperatures Speciess with low migration rates could go nonextant and flora zones could vanish Health Increased malaria hazard due to warmer temperatures Increased H2O borne diseases to increase drouths and inundations Higher temperatures and decreased H2O handiness can increase hazards of cholera and other diseases related to bad sanitation Frequent inundations can increase the hazard of imbibing H2O taint Higher temperatures in combination with increased wood fires and urbanization will cut down are quality and increase respiratory diseases Likely addition in malnutrition and diarrhea in poorer states Increased hazard of vector borne diseases, several diseases like Malaria will spread out into new countries which were antecedently non affected Table: Projected impacts of clime alteration in different sectors in Asiatic and African states ( Ludwig et al. , 2007 ) The tabular array above shows how climate alteration can impact parts of Asia and Africa at different degrees and different sectors. As we can see both states suffer at different graduated tables which means both continents will near sustainability otherwise. While Africa chiefly suffers drouths, Asia suffers from deluging, peculiarly in the monsoon season. Vulnerability when confronting clime alteration mirrors people ‘s marginalization within society. Climate alteration affected people who are disproportionally strained from the sections of the society which are continually marginalised in day-to-day life ( Gaillard, 2010 ) . Climate alteration has significant deductions for rural development in the Asia-Pacific part. A huge bulk of the population live in rural countries and depend to a great extent on agribusiness, forestry, piscaries, farm animal and other clime sensitive sectors ( Schild, 2010 ) . Climate alteration poses a serious menace to supports and nutrient security, every bit good as heightening hazards and exposures through the increased frequence of natural catastrophes and utmost conditions events. It has now been clearly established that clime alteration, together with an increasing demand for fresh water, will increase H2O emphasis in many Asia-Pacific states, peculiarly in South Asia. This will be critically of import to agricultural production, nutrient security, and rural development in the hereafter ( Assan et al. , 2009 ) . Increasing H2O emphasis combined with increasing uncertainness and utmost conditions events will impact nutrient production and will heighten nutrient insecurity across the full South Asiatic part. The impact of clime alteration can increase the exposure of rural supports by adversely impacting their wellness and manner of life, which therefore undermines growing chances ( Dasgupta and Baschieri, 2010 ) . One of the major impacts of clime alteration to rural communities is the hazard of deluging. Rural people are more vulnerable during high rainfall, heat moving ridges, storms and drouths. This is because there entree to communicating, safety and AID is limited compared to an urban country enduring the same events. Health is one of the chief impacts during clime induced events as there is an addition in deceases and high rates of diseases which can happen during events such as heat moving ridges. The best manner to accommodate to these kinds of issues is to hold disease surveillance and control systems, entree to better wellness installations and exigency alleviation systems. In the face of climate-related environmental alteration, such as the diminution of productive agricultural land, rural occupants may be forced to migrate in hunt of work. Migrants who find work frequently remit parts of their salary back place ( Haile, 2005 ) . Their households in the place communities may utilize the remittals to purchase replacements for goods antecedently produced or harvested from the local environm ent. For illustration, boughten nutrient may replace for nutrient antecedently grown on homestead secret plans ( Haile, 2005 ) . Global heating, will probably do possible harvest outputs in most of the African and Asiatic parts to worsen. Overall clime alteration is expected to decelerate the growing of universe nutrient production, ensuing in higher nutrient monetary values and adding force per unit area to hapless people as affordability will curtail them from purchasing such goods. Change in rainfall has had an impact on H2O beginnings and handiness, every bit good as agricultural production ( Msangi, 2007 ) . This has led to increased exposure in nutrient and H2O security, with direct impacts to wellness such as nutrition and water-borne unwellness along with poorness. In Africa, where communities have ever been vulnerable to H2O scarceness, decreased rainfall has created a desperate state of affairs for entree to H2O and production of rain-fed harvests ( Msangi, 2007 ) . In thi s part, the capriciousness of rainfall has made agricultural production, the chief beginning of income, hard and unreliable. Here H2O is more abundant and the alteration in rainfall has been debatable for agricultural production due to increased eroding and silting instead than H2O handiness. The implosion therapy in southern parts of Africa is by and large a merchandise of cyclones ( Msangi, 2007 ) . While cyclones have been debatable in Africa, the perceptual experience continues to stand those cyclones, inundations, and drouths which are all portion of a natural rhythm ( Devereux, 2007 ) and hence inundations are viewed as holding damaging effects to nutrient stocks in cyclone old ages and good effects to agricultural production in the old ages following cyclones. However, deposit ( increased by a figure of factors, deluging being one ) has been seen to hold a important negative impact on the marine environment and hence fish populations ( Eakin and Appendini, 2008 ) . Increased nutrient insecurity is the most noteworthy exposure for communities in all three parts. Traditional unfastened ridge patterns are used to increase dirt productiveness through better soil-water direction, to heighten dirt birthrate, increase harvest rooting deepness and ease organic affair incorporation ( Muchena et al. , 2005 ) . Traditional open-ridge patterns increase dirt surface raggedness, which helps to cut down dirt eroding by H2O and air current. However, husbandmans do non cultivate the unfastened ridges on contour lines, which lead to accelerated dirt, H2O and alimentary loses from the system during short heavy rainfall, making gullies along the unfastened furrows ( Muchena et al. , 2005 ) . Degradation of natural resources is a major enemy of little husbandmans in developing states. Menaces to the agro ecosystem come in many signifiers such as dirt eroding, compression, nutrition depletion, acidification, shriveling and contaminated H2O supplies, loss of flora screen, decreased biodiversity, planetary clime alteration and greater susceptibleness of harvests to plagues and diseases ( Clover and Eriksen, 2009 ) . Some of these jobs are acute and extremely seeable, while others are more chronic and elusive. Resource debasement has a major impact of rural communities as they can sabotage husbandman ‘s ability to vie in the market. Increased workss per unit country and enhanced dirt productiveness increased harvest outputs. Increased works figure is the consequence of seting cross ridges, which reduces land wastage caused by unfastened furrows ( Malley et al. , 2009 ) . Soil productiveness is the overall status necessary for optimal harvest productiveness, which includ es handiness of foods, absence of harvest toxicity, and handiness of dirt H2O ( Prowse, 2009 ) . The acquisition, development, and bringing of agricultural engineerings to smallholder husbandmans, every bit good as timely public market information to assist stabilise markets, are among the precedences of a new docket for market development in Africa ( Mignouna et al. , 2008 ) . New engineering has shown to take straight to higher incomes for local farms and landless rural families which can assist hike the local economic system. New intensive production engineerings ( including acceptance of genetically modified harvests ) can assist to increase outputs and cut down losingss cut downing the exposure of rural communities giving them a consistent beginning of income ( Mignouna et al. , 2008 ) . The chief factors which characterise a typical rural conveyance environment are low population densenesss, low degrees of economic activity ( and therefore low incomes ) , low vehicle ownership degrees ( of any description, including non-motorised vehicles ) , inferior proviso of roads ( both quality and measure ) , and near absence of regular conveyance services ( Bryceson et al. , 2008 ) . Given these hard conditions, travel still takes topographic point though at really low degrees of engagement by comparing with urban communities where vehicles are of the norm ( Plessis-Fraissard, 2007 ) . Transport development may convey in its challenge the job of environmental debasement. It is obvious that debasement is non merely an urban job, connected with the high volumes of traffic ( air pollution, noise and rupture ) . Rural route building can hold overmastering ill-effects on, for illustration, incline stableness, eroding and natural drainage forms. Of these, eroding is thought to hold the major environmental impact. Extenuation steps to command eroding can be included in the designs ( e.g. appropriate drainage channels and culverts ) every bit good as in the execution ( e.g. rapidly set uping flora on open inclines ) ( Bryceson et al. , 2003 ) . The method of execution may besides lend to cut down environmental harm ; therefore labour-based ( as opposed to heavy machinery ) operations may be better deployed due to the greater preciseness and sensitiveness of application that is possible. The indirect environmental impacts of rural conveyance development are much less easy to foretell, because they are likely to be of a long term nature ( Jacobs and Greaves, 2003 ) . Changes in land-use may ensue from the greater handiness due to improved roads and services. Roads which have been used to uncover rain woods of Africa have encouraged the development of settled agriculture communities, but at the disbursal of the autochthonal peoples ‘ supports, and at the dis bursal of the natural ecology ( Plessis-Fraissard, 2007 ) . Nevertheless, roads besides better support results through better entree to natural assets and direction of forest resources which can assist bring forth higher income and aid communities boost their supports in the long term. Figure: Cause-effect theoretical account of dirt productiveness diminution in Africa ( Malley et al. , 2009 ) Figure 2 above shows how insecurity or rural supports can alter with unsustainable land direction. To go more sustainable we must incorporate natural procedures such as alimentary rhythms, N repair, dirt regeneration and natural enemies of plagues into nutrient production procedures ( Brent and Mulder, 2005 ) . We must besides understate the usage of non-renewable resources inputs such as coal, Diesel and wood which mostly damage the environment and harm the wellness of husbandmans ( Pretty et al. , 2003 ) . Valuable usage of cognition and accomplishments of local husbandmans can besides be good as it can assist better ego trust and replacing human capital for dearly-won inputs, can assist cut down outgo which can be spent on other points. Poor rural communities must besides work together to reply basic agricultural and natural resource jobs such as the decrease of plagues, watershed, and cutting back irrigation, or utilizing different H2O systems which uses H2O in a more sustainable mode ( Schild, 2010 ) . Improvements in the efficiency of H2O usage can profit both irrigated and rain Federal husbandmans by leting new or once debauched lands to be brought under agriculture, and to increase cropping strength on bing lands ( Pretty et al. , 2003 ) . Intensification boosts the productiveness of land and labor, through higher harvest outputs, better on-farm food cycling and more effectual plague control. Fragile environments, upon which hapless husbandmans depend on for life, require particular attending. Areas such as hill inclines can be really productive if they are cultivated good and decently managed. Previous surveies have shown that improved H2O keeping has resulted in H2O tabular arraies by lifting approximately 1m over 3 to 4 old ages, in some topographic points around Africa ( Martin, 2004 ) . This shows that husbandmans can go more productive as they are now able to works a excess harvest in, doing an unproductive season into a productive season ( Pretty et al. , 2003 ) . In topographic points such as Sub Saharan Africa, H2O harvest home is besides transforming bare lands. This method is ideal as it is non to complex and dearly-won, which means husbandmans will greatly profit from this type of engineering ( Pretty et al. , 2003 ) . Successful rainwater reaping techniques have improved H2O infiltration, reduced run-off and increased H2O keeping capacities of dirts ( Challinor et al. , 2007 ) . Agroforestry has besides been an attack which has become well-liked in rural countries. Agroforestry is an incorporate method of utilizing the synergistic benefits from uniting trees and bushs with harvests and/or farm animal. It combines agricultural and forestry engineerings to make more diverse, productive, profitable, healthy and sustainable land-use systems ( Leakey et al. , 2005 ) . An of import support plus for the sweetening of sustainability of supports is societal capital. Social capital comprise of societal relationships in webs wit h shared norms, values and understanding that facilitate cooperation within or among group. Basic beginnings of societal capital root from three types of connexion: bonding, bridging and linking ( Bebbington, 1997 ) . A diminution in the quality of natural capital assets leads to scarcenesss for supports of people who depend on them ( Bebbington, 1999 ) . When resources scarcenesss occur, societal struggle over scarce resources emerges and tends to escalate among members of a community and between communities utilizing the resources ( Paavola, 2008 ) . This implies that sustainable direction of the quality of natural capital assets contributes to bar of societal struggles and enhances societal security, an plus necessary for secured supports. Improved societal dealingss provided capital for development of improved incorporate ridge cultivated land patterns and farther inspired local invention, such as usage of Big Dippers for the improved incorporate ridge cultivated land system. Re cognition and regard for local cognition, accomplishments, patterns and advanced capacities by professionals and governments improves societal dealingss in the development procedure and leads to societal security ( Bebbington, 1997 ) . This suggests that valuing locally available human capital assets such cognition, accomplishments, experience and patterns in bing support systems is a necessary starting point for societal security and development of improved engineerings, inventions, systems and patterns for sustainable development ( Paavola, 2008 ) . Agribusiness remains the anchor of many African economic systems, stand foring about 57 % of entire employment and 17 % of the gross domestic merchandise ( Greed, 2004 ) . Africa is the lone part of the universe where per capita nutrient grain end product has declined over the past four decennaries, necessitating the continent to import 25 % of its nutrient grain demands. Farm inputs, such as chemical fertilisers and pesticides, are prohibitively expensive and, where used, carry attendant homo and environmental wellness concerns as a consequence of toxic condition and pollution ( Bryan et al. , 2009 ) . A secure environment is necessary for human security and sustainable development. Environmental security is when the ecosystem and environment are able to back up a healthy chase of life, autonomy and felicity by present and future coevalss ( Greed, 2004 ) . This means that environmental security has positive effects on support security today and in the hereafter. Increased dirt and H 2O preservation, organic C and dirt birthrate are positive results of more sustainable usage and direction of natural capital for secured rural supports. Infiltration of H2O into the dirt prevents losingss of dirt, H2O and foods ( Greed, 2004 ) . Losingss are the procedures through which quality of the natural capital, the land, is depleted. Furthermore, infiltrated H2O serves as a beginning of belowground H2O available for harvests use during H2O emphasis. Sustainability can be improved by incorporating ridge cultivated land patterns which can cut down harvest H2O emphasis in periods of drawn-out non-rainfall. This implies that ridge cultivated land pattern is of import in dirt H2O direction. First, when there is extra H2O, it drains into basins/furrows ; 2nd, when there is moisture emphasis, conserved H2O in the undersoil supports works growing through capillary motion to the root zone ; and 3rd, integrated organic residues in the dirt addition humus, which, in bend, improves dirt H2O and alimentary keeping capacity ( Clover and Eriksen, 2009 ) . Humus can be indispensable for increasing dirt wet and foods keeping and heightening the buffering capacity of the dirt ( Bryan et al. , 2009 ) . Previous surveies have shown that, humus can keep four to five times more available H2O than mineral dirts. Increases in dirt organic C and foods build up under improved incorporate ridge cultivated land patterns, taking to increased security of natural capital, which has deductions for overall security of the production environment and rural family supports ( Bryan et al. , 2009 ) . Soil wellness is cardinal for agricultural sustainability, yet is under widespread menace from debasement procedures. Agricultural sustainability starts with the dirt by seeking both to cut down dirt eroding and to do betterments to dirty physical construction, organic affair content, water-holding capacity and alimentary balances ( Pretty et al. , 2003 ) . Soil wellness is improved through th e usage of leguminous plants, green manures and screen harvests, incorporation of workss with the capacity to let go of phosphate from the dirt into rotary motions, usage of composts and animate being manures, acceptance of zero-tillage, and usage of inorganic fertilizers where needed ( Zhen et al. , 2006 ) . Biomass to dirty well improves dirt organic affair content, and has helped to increase cereal productiveness for some 45,000 households in Guatemala, Honduras and Nicaragua ( Muchena et al. , 2005 ) . Table: Potential Benefits of Sustainable Agribusiness Potential Benefits of Sustainable Agribusiness Parameter Agribusiness Environment Social Conditionss Economic Conditionss Organisational/institutional ( After Crucefix, 1998 ) While clime alteration has been presenting dangerous challenges, it has besides formed new chances for rural supports through improved direction of natural ecosystems and their services. Rural development continues to be a very critical precedence for the full Asia and Africa part as they are one of the major suppliers of nutrient. The rural sector will stay the most of import sector for back uping bulk of people in both Asia and Africa, even with the addition in rapid urbanization. Knowledge and information sharing within the communities and obtaining cognition from other beginnings, about sustainable agriculture practises, natural catastrophes and climatic events, can assist construct the resiliency to local rural supports and communities to climate alteration. Migration is one of many endurance schemes besides used by rural families in times of environmental emphasis. Other survival schemes include utilizing nutrient militias, seeking local nonfarm employment, selling farm animal, borrowing nutrient, or selling family and farm equipment. Still, one time these support options are exhausted, people frequently migrate to a new country. Increased agricultural sustainability can besides be complementary to betterments in rural people ‘s supports. It can present additions in nutrient production at comparatively low cost, plus contribute to other of import maps such as sustainable H2O use and dirt eroding decrease. If these attacks are widely adopted, they would do a important impact on rural people ‘s supports, every bit good as on local and regional nutrient security. Bettering agricultural sustainability clearly will non reply the full inquiry, but advancement from recent old ages can hold the sustainability of present and future supports. With farther support, peculiarly through international, national and local policy reforms, the benefits to nutrient security and aid, development to natural, societal and human capital will assist increase the figu re of husbandmans and rural people in the hereafter. Adaption and extenuation schemes should assist cut down poorness and at the same clip must profit the most vulnerable communities without harming the environment. Notifying supports about clime alteration impacts, exposure forms, get bying and adaptative capacity every bit good as easing location precise adaptation and extenuation practises are of cardinal concern within Africa and Asia.

Anchoring Matter for Fresher Party

Meaning of Bank It is generally said that the word â€Å"BANK† has been originated in Italy. In the middle of 12th century there was a great financial crisis in Italy due to war. To meet the war expenses, the government of that period imposed a forced subscribed loan on citizens of the country at the interest of 5% per annum. Such loans were known as Compara, Mintuo etc. The most common name was Monte. In Germany the word Monte was named as Bank or Banke. According to some writers, the word Bank has been derived from the word Banke. It is also said that the word Bank has been derived from the word Banco which means a banch.The Jews money lenders in Italy used to transact their business sitting on banches at different market places. When any of them used to feel to meet his obligations, his banco or banch would be broken by the angry creditors. The word Bankrupt seems to be originated from broken banco. Since, the banking system has been originated from money lending business, it is rightly argued that the word Bank has been originated from the world banco. Today the word bank is used as a comprehensive term for a number institutions carrying on certain kinds of financial business.In practice, the work Bank means which borrows money from one class of people and again lends money to another class of people for interest or profit. Definition of a Bank Oxford Dictionary defines a bank as â€Å"an establishment for custody of money, which it pays out on customer's order. † Definition of banking In general terms, the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. Read more: http://www. investorwords. com/5413/banking. html#ixzz27ewFzo5g Characteristics / Features of a Bank v 1. Dealing in MoneyBank is a financial institution which deals with other people's money i. e. money given by depositors. 2. Individual / Firm / Company A bank may be a person, firm or a company. A banking company means a company which is in the business of banking. 3. Acceptance of Deposit A bank accepts money from the people in the form of deposits which are usually repayable on demand or after the expiry of a fixed period. It gives safety to the deposits of its customers. It also acts as a custodian of funds of its customers. 4. Giving Advances A bank lends out money in the form of loans to those who require it for different purposes. . Payment and Withdrawal A bank provides easy payment and withdrawal facility to its customers in the form of cheques and drafts, It also brings bank money in circulation. This money is in the form of cheques, drafts, etc. 6. Agency and Utility Services A bank provides various banking facilities to its customers. They include general utility services and agency services. 7. Profit and Service Orientation A bank is a profit seeking institution having service oriented approach. 8. Ever increasing Functions Banking is an evo lutionary concept. There is continuous expansion and diversification as regards he functions, services and activities of a bank. 9. Connecting Link A bank acts as a connecting link between borrowers and lenders of money. Banks collect money from those who have surplus money and give the same to those who are in need of money. 10. Banking Business A bank's main activity should be to do business of banking which should not be subsidiary to any other business. 11. Name Identity A bank should always add the word â€Å"bank† to its name to enable people to know that it is a bank and that it is dealing in money. Type 1. Saving Banks Saving banks are established to create saving habit among the people.These banks are helpful for salaried people and low income groups. The deposits collected from customers are invested in bonds, securities, etc. At present most of the commercial banks carry the functions of savings banks. Postal department also performs the functions of saving bank. T ype 2. Commercial Banks Commercial banks are established with an objective to help businessmen. These banks collect money from general public and give short-term loans to businessmen by way of cash credits, overdrafts, etc. Commercial banks provide various services like collecting cheques, bill of xchange, remittance money from one place to another place. In India, commercial banks are established under Companies Act, 1956. In 1969, 14 commercial banks were nationalised by Government of India. The policies regarding deposits, loans, rate of interest, etc. of these banks are controlled by the Central Bank. Type 3. Industrial Banks / Development Banks Industrial / Development banks collect cash by issuing shares & debentures and providing long-term loans to industries. The main objective of these banks is to provide long-term loans for expansion and modernisation of industries.In India such banks are established on a large scale after independence. They are Industrial Finance Corporat ion of India (IFCI), Industrial Credit and Investment Corporation of India (ICICI) and Industrial Development Bank of India (IDBI). Type 4. Land Mortgage / Land Development Banks Land Mortgage or Land Development banks are also known as Agricultural Banks because these are formed to finance agricultural sector. They also help in land development. In India, Government has come forward to assist these banks. The Government has guaranteed the debentures issued by such banks.There is a great risk involved in the financing of agriculture and generally commercial banks do not take much interest in financing agricultural sector. Type 5. Indigenous Banks Indigenous banks means Money Lenders and Sahukars. They collect deposits from general public and grant loans to the needy persons out of their own funds as well as from deposits. These indigenous banks are popular in villages and small towns. They perform combined functions of trading and banking activities. Certain well-known indian commun ities like Marwaries and Multani even today run specialised indigenous banks.Type 6. Central / Federal / National Bank Every country of the world has a central bank. In India, Reserve Bank of India, in U. S. A, Federal Reserve and in U. K, Bank of England. These central banks are the bankers of the other banks. They provide specialised functions i. e. issue of paper currency, working as bankers of government, supervising and controlling foreign exchange. A central bank is a non-profit making institution. It does not deal with the public but it deals with other banks. The principal responsibility of Central Bank is thorough control on currency of a country. Type 7.Co-operative Banks In India, Co-operative banks are registered under the Co-operative Societies Act, 1912. They generally give credit facilities to small farmers, salaried employees, small-scale industries, etc. Co-operative Banks are available in rural as well as in urban areas. The functions of these banks are just simila r to commercial banks. Type 8. Exchange Banks Hong Kong Bank, Bank of Tokyo, Bank of America are the examples of Foreign Banks working in India. These banks are mainly concerned with financing foreign trade. Following are the various functions of Exchange Banks :- . Remitting money from one country to another country, 2. Discounting of foreign bills, 3. Buying and Selling Gold and Silver, and 4. Helping Import and Export Trade. Type 9. Consumers Banks Consumers bank is a new addition to the existing type of banks. Such banks are usually found only in advanced countries like U. S. A. and Germany. The main objective of this bank is to give loans to consumers for purchase of the durables like Motor car, television set, washing machine, furniture, etc. The consumers have to repay the loans in easy installments. Definition of ‘Central Bank'The entity responsible for overseeing the monetary system for a nation (or group of nations). Central banks have a wide range of responsibilitie s, from overseeing monetary policy to implementing specific goals such as currency stability, low inflation and full employment. Central banks also generally issue currency, function as the bank of the government, regulate the credit system, oversee commercial banks, manage exchange reserves and act as a lender of last resort. Investopedia explains ‘Central Bank' The central banking system in the U. S. is known as the Federal Reserve System commonly known as â€Å"the Fed†), which is composed of 12 regional Federal Reserve Banks located in major cities throughout the country. The main tasks of the Federal Reserve are to supervise and regulate banks, implement monetary policy by buying and selling U. S. Treasury bonds and steer interest rates. Ben Bernanke currently serves as the chairman of the Board of Governors of the Federal Reserve. FUNCTIONS OF CENTRAL BANK M. H. Do-Kock has explained the following seven functions of a central bank in his book â€Å"Central Bankin g† which economists have generally accepted. 1. Monopoly of note-issue. 2.Banker, agent and adviser to the government. 3. Custodian of cash reserves of commercial banks. 4. Custodian of nation’s reserves of international currencies. 5. Lender of the last resort 6. Clearing house function 7. Credit control Besides the aforesaid seven functions there are some other functions also, namely: (i) Collection of data. (ii) Role of central bank in developing countries. (iii) Central bank and industrial and agricultural development. (iv) International financial institutions. 1. Monopoly of Note-Issue: Note-issue primarily is the main function of a central bank in every country.These days, in all the countries where there is a central bank generally it has got the monopoly or the sole right of note-issue. In the beginning this was not the function of Central Bank but gradually all the central banks have acquired this function. First of all, Central Bank of England got the right of note-issue in the year 1844. In actual practice, upto the beginning of twentieth century, generally central banks were recognized as the banks of note-issue. In India, R. B. I. , the central bank of India has got the right of note-issue. 2. Banker, Agent & Adviser to the Government:As banker to the government, central bank provides all those services and facilities to the government which public gets from the ordinary banks. It operates the accounts of the public enterprises. It manages government departmental undertakings and government funds and when there is a need gives loans to the government. It looks after the management of public debt. It accepts the payment of taxes from the public on behalf of the government and makes payment for the cheques issued by the government. It also undertakes transactions relating to foreign currencies on behalf of the government. 3.Custodian of Cash Reserves of Commercial Bank: Central bank is the bank of banks. This signifies that it has the s ame relationship with the commercial banks in the country which they have with their customers. It provides security to their cash reserves, gives them loan at the times of need, gives them advice on financial and economic matters and works as clearing house among various member banks. A definite percentage of deposits of commercial banks are kept as reserve with the central bank. This leads to centralisation of cash reserve and facilitates working of credit control. These funds re of great significance during the time of emergency. 4. Custodian of Nation's Reserves of International Currencies: Central bank is the custodian of the foreign currency obtained from various countries. This has become an important function of central bank, these days, because with its help it can stabilize the external value of the currency. This function has become highly important after the World Depression of 1929 and the establishment of the International Monetary Fund. 5. Lender of the Last Resort: C entral bank works as lender of the last resort for commercial banks because in the times of need t provides them financial assistance and accommodation. Whenever a commercial bank faces financial crisis, central bank as lender of the last resort comes to its rescue by advancing loans and the bank is saved from being failed. Central bank helps commercial banks by discounting their bills and securities. 6. Clearing House Function: All the commercial banks have their accounts with the central bank. Therefore, central bank settles the mutual transactions of banks and thus saves all banks contacting each other individually for setting their individual transactions, in this way; the unnecessary cash ransactions between individual banks are avoided. 7. Credit Control: This is a very important function. These days, the most important function of central bank is to control the volume of credit for bringing about stability in the general price level and accomplishing various other socio-econo mic objectives. There are number of methods which a central bank may use for controlling the volume of credit such as bank rate, open market operations, change in reserve ratio and various selective controls. These methods have been discussed in detail in the next question.

Globalization and Mass Media Essay Example | Topics and Well Written Essays - 1000 words

Globalization and Mass Media - Essay Example The concept of 'Third World' has been replaced by the term 'developing economies', as underscored in this era of globalization. The other side of the coin reveals that institutions such as the IMF showed false hopes to the LDCs (least developing countries), resulting in major crises and disasters (Journal of Libertarian Studies, 2004). James Mittelman in the 'Manifestations of Globalizationargued that globalization was integrally linked to 'multiple levels of analysis: economics, politics and ideology.' The predominance of a few satellite channels over others in international communication, have brought in this concept of 'cultural imperialism'. An aspect of globalization, cultural imperialism is a new form of traditional colonial domination. The fast developing cultural relations between the European nations and the small nation states in the late 19th and early 20th centuries made Pyenson coin the term 'cultural imperialism, which has been used scholars and historians today to describe this era of globalization. Here we argue about the definition of cult... Easy access to information, goods and services has brought the nations under one umbrella. Reazul Haque opined that international channels such as Cable News Network (CNN), British Broadcasting Corporation (BBC) and Music Television (MTV) enjoy the highest viewership. The Internet or the New Media has made information readily available to people all over the world. (Asiatic Society of Bangladesh, 2006) It was the colonial masters, who first practiced social propaganda technology from their home countries through the vehicle of mass media. There was always a tendency to make the subservient to the former imperialist powers. The big superpowers, notably USA dominated the political scene through the tool of media and communication. Schiller affirmed in his book Culture, Inc, that the media has by and large contributed to chronicle the surge of America as a corporate power and also helped in strengthening its ideological base worldwide. (Schiller, 9)Hamelink, referred to cultural imperialism as 'cultural synchronization'. By this, he meant that a particular cultural development in a developed country is immediately passed on to the receiving country through the mode of communication. He spoke about those millions of people, 'who watched foreign television programs, used the international telephone lines and mailing systems, buy recorded music and read the international news. CNN news casts, Madonna, Rupert Murdoch's empire, satellite telephony or transborder data flows, all touch upon people's daily lives around the world'. (Hamelink, 1) John Tomlinson in his book Cultural Imperialism, in chapter entitled 'Media Imperialism', contended that 'to understand the notion of cultural imperialism, we

HCM337-0704B-01 Current Legal, Ethical, and Regulatory Issues in H - Essay - 2

HCM337-0704B-01 Current Legal, Ethical, and Regulatory Issues in H - Phase 1 Discussion Board 3 - Essay Example Sometimes regulatory forces moved extremely fast and changes come before a hospital or health care facility can adjust to the changes. In 2002 St. Jude Medical had new heart device they wanted to bring to the market, but regulatory forces mandated that the device be tested on X number of patients before brining it to market. The company was originally unaware of the regulations regarding human trials, which their entrance into the market costing them million of dollars in revenues (McCartney, 2007). This is an example of the types of negative consequences of not complying with regulation which also includes other detrimental penalties such as fines, lawsuits and even complete shutdown of a medical facility. Ocean Health currently has two regulatory non-compliance issues which must be dealt with immediately. The first problem the health facility is facing is poor medical record documentation. The medical record is a key instrument that provides a medium to keep track of a patient’s current status and the treatment option administer to the patient. It also provides other information about the patient such as demographic information which valuable for medical investigation of diseases. In order to improve the documentation of medical records Ocean Health has to understand the magnitude of errors, the different types of medical record errors and the reason these errors are occurring (Cheapceus). The healthcare facility should proceed by taking actions to remedy the problem and find ways to prevent medical record documentation errors from occurring. Two aspects must be covered to deal with the problems: the human factor and the organizational operating factor. The human factor can be improved to minimized errors in the process by performing an assessment of all medical professionals that deal with medical record input and output to determine if they

Dinner in the Sky. Export in Pakistan from the UK Essay

Dinner in the Sky. Export in Pakistan from the UK - Essay Example Dinner in the Sky currently operates in about more than 15 countries (Dinnerinthesky.com, 2010). This report presents an opportunity to launch the service in Pakistan which appears to be a lucrative market. Pakistan is a growing economy as it will be shown through facts and figures mentioned in the report. The 12 C Framework on international business is also analyzed briefly for brevity purposes. In this, all the possible aspects of launching an international venture are discussed such as: external factors like cultural, political and economic factors which may negatively or favorably affect the business, along with the marketing communication adopted to promote the venture and competitive analysis over Dinner in the Sky’s advantage of its idea over its competition. ... Restaurants in Karachi are predominantly filled with customers and with waiting lines on weekends. Currently, the market is untapped as this will be totally a new attraction for the people of Karachi. As Dinner in the Sky is a Belgium based franchise, some property will have to be purchased/leased in Pakistan to gain the first mover advantage. The franchisee in Pakistan will be the owner of Dinner in the Sky in the UK and will purchase the property in Pakistan as a corporate entity or as an individual under business interest according to International Law (Mehdi, 2001). 3 Methodology: The methods of research used for this report was secondary data obtained from the Government of Pakistan’s regulatory bodies, in the form of reports, industry insights etc. The data is authenticated by the Government of Pakistan itself. Besides this, specifics of the restaurant industry were also studied and analyzed throughout the course of this report to gauge the prospects of launching Dinner in the Sky in Pakistan. 3.1 Market Segmentation: Dinner in the Sky will be aimed towards Social Economic Class A+, A, B+ and B. This consists of about 10% of the population of the city Karachi who belong to the SEC A and B (Saqib, 2007). The brand will be positioned as a premium brand and as a value leader in the restaurant industry. 3.2 The 12 C’s Framework: 3.2.1 Country Pakistan has a growing middle class which leaves it a lucrative market for lifestyle products/brands. The country registers a GDP of approximately $180 billion with per capita income of $2,000 (State Bank of Pakistan, 2011). On the negative side however, the economy is faced with a high inflation rate. This is damaging as it slows down economic growth. The country currently stands at 2%. This is 2%

O-zone Depletion Research Paper Example | Topics and Well Written Essays - 1250 words

O-zone Depletion - Research Paper Example In this context the problem of ozone depletion can be explored. The ozone layer can be thought of as a giant sunshade that covers around 9 to 19 miles above Earth surface protecting the plants and animals of the earth from the harmful ultraviolet B rays (U.V B) radiated by the Sun. Stratosphere contains Ozone (O3) in the form of a layer surrounding it. The stratospheric span is around 30 miles above the surface of the earth. The harmful U.V rays are absorbed by the ozone layer that prevents it from entering the earth surface. However, if and when ozone is found on the earth surface, it can act as a very harmful pollutant. Moreover, ozone is responsible for the greenhouse effect. (Ozone Depletion  Losing Earth’s Protective Layer, n.d.) This paper attempts at discussing the underlying causes and effects of Ozone depletion and tries to make a comparative study of the various environmental policies taken to combat the problems related to ozone layer depletion and its possible so lutions.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Causes and Effects of Ozone Depletion: In recent years, ozone layer depletion has been a subject of concern for the scientists. Ozone layer depletion was first discovered in the 1980s with Antarctica being the earliest of the victims. Ozone depletion in stratosphere is being considered the foremost problem regarding environmental degradation, which threatens the very existence of life on the planet. A large stratospheric hole had been discovered just above Antarctica which is increasing everyday letting the harmful U.V B rays to enter the earth surface which is resulting in elevating the risk of skin cancer, immunological and genetic damages and cataracts in the eyes. It is also causing skin burns in whales and massive damage to essential food crops such as wheat, rice etc., and increase in production of harmful vitamin D. Moreover, impact of anthropocentric activities in the troposphere and stratosphere ha s been on the rise, which also results in depletion of ozone layer. This has allowed Ozone Depleting Substances (ODS) like halocarbon refrigerants (CFCs, halons, freons) emanated from man made cars and factories to reach the stratosphere and degrade it further. The halocarbons are chemically photo dissociated and enabled to release halogens, which through a series of chain reactions destabilizes ozone and converts it to oxygen (Melott & Thomas, 2011). In the past one and a half decade some measures have been undertaken in terms of international protocols and policies in order to combat this environmental threat.  To understand and improve upon these measures an evaluation of these policies and protocols might help. International protocols and their evaluation    Kyoto Protocol:   The Kyoto Protocol treaty comprises of a set of rules by United Nations Framework Convention on Climate Change (UNFCCC) negotiated at Kyoto, Japan in 19th of December 1997 agreed five years back at th e Rio Earth Summit in 1992 and have been operational since 16th of February, 2005. It is a legally binding protocol according to which the industrialized nations would have to make a cut in their collective emissions of Chlorofluorocarbon (CFC) gases by 5.2%  and were expected to reduce emissions by 29% within 2010.The aim was to reduce overall emissions of six main harmful greenhouse gases including methane, CFC and nitrous oxide, calculated over a 5- year period average of

Wide Sargasso Sea by Jean Rhys Essay Example | Topics and Well Written Essays - 250 words

Wide Sargasso Sea by Jean Rhys - Essay Example The novella deals with the issue of how Antoinette falls in to madness, using a variety of narrators to look at this issue from different viewpoints; all of these narrators are taken from Bronte's novel, for example, Rochester, Grace Poole and Antoinette. The novella is therefore directly based on Jane Eyre, but changes the names of the characters, and uses characters taken from this book to expand upon the issues discussed within this book, using other techniques, such as changing the timeframe of the book (to the late 1830's), through which she is then able to discuss the issues she wishes to approach. As such, we can see that Wide Sargasso Sea shows much use of originality, whilst appropriating many of the main features (characters/events etc) from Jane Eyre. Whilst many of Bronte's characters are appropriated by Rhys, they are changed in subtle ways, in order that they can be used by Rhys as devices with which she can make her desired points in the novella. For example, one of the main aims of Wide Sargasso Sea is to discuss the issue of emancipation; Antoinette, and the different timeframe, and the different viewpoints of the narrators are thus used as tools by Rhys to be able to explore this issue. In add

Corporate Social Responsibility Strategy for your financial Assignment

Corporate Social Responsibility Strategy for your financial organisation for the 21st Century - Assignment Example suggests that corporations have a duty to society to act in ways that benefit everyone and promotes social justice—to try to neuter the capitalist impulses that allow companies to be competitive and make profits. Nevertheless, many companies have done it to try to burnish their reputations in crowded marketplaces. The truth is that there are many ways to go about instilling this kind of thinking within the company. Part of it can be external, with us investing in causes that we think are appropriate. Another way to do it is through values and codes of ethics. Some say that spending money on CSR is a waste and that we should focus on improving profitability and returning money to our shareholders. That idea may be short-sighted. As one leading researcher recently wrote: Opinion and research has been divided regarding the relationship between CSR and financial performance. On the one had, conventional wisdom would assume that CSR has been considered as a zero-sum tradeoff with profitability: more money spent on CSR means less spent on increasing market share, or re-investment. Conversely, academic thought has also suggested that those companies, who appear to be more responsible in the areas of environment and societal behavior, would more attractive for investors, and therefore perform better financially (Cavett-Goodwin 2007). All of these are important considerations as we look at the pluses and minuses of this possible strategy in the next section. We must be mindful that CSR is not zero-sum, but that everyone can benefit from using it. It can do a lot of good for a great many people. A question that has troubled many people since the dawn of time is how should a person lead a good, ethical life? Furthermore, how should a business behave in an ethical manner? There are as many theories as there are grains of sand on the beach, but a few ideas over the years have been more popular than others. Some people are born into religions where these questions are

Understanding The Periodic Table Research Paper

Understanding The Periodic Table - Research Paper Example All matter is made up of very small particles called atoms. They are small, indivisible particles that cannot be seen by the naked eye. With the advancement of technology, atoms can now be viewed through scanning microscopes (Genesis, n.d.). Protons, electrons and neutrons are the particles that can be found in an atom. Protons are positively charged particles, while the electron is negatively charged. Neutrons are uncharged particles (Genesis, n.d.). The mass of the atom is measured from the mass of the proton and neutron, and they are located at the center of the atom clumping together and called the nucleus. Protons weigh approximately 1.67 x 10-24 grams or 1 atomic mass unit (amu) and the neutron also weighs 1 atomic mass unit (Interactives, n.d.). As mentioned earlier, all elements are made up of atoms. The similarity of the elements and their differences are also characterized by the properties of the atoms. Periodicity Dmitri Mendeleev was the scientist who created the periodic table of elements. In 1868, he arranged the different known elements during his time in order of their mass. That time, there were only sixty elements, so it was not so difficult. He observed that there was a pattern of similarity in characteristics on the arranged elements. This pattern was referred to as periodicity. In 1913, a scientist named Henry Moseley rearranged Mendeleev’s table in order of the atomic number. ... The blocks in the periodic table have the atomic symbol at the center of each block, usually in capitalized, larger, bold-faced fonts. The atomic symbol stands for the first letter of the English name of the element, or sometimes, its Latin name. If there are two letters, meaning there is already an existing element with the symbol of only the first letter, the second letter is already written in small case. Figure 2 shows a typical block of a periodic table. Figure 2. A Typical Block in the Periodic Table of Elements (Source: science.howstuffworks.com) Periodic tables have different designs in terms of the location of the information and the type of information placed on each block. Usually, they have an example of the block to identify the parts of the block, and legends to identify the metals, non-metals and transition metals. Colorful periodic tables are much easier to understand since the colors also serve as legends making it easier to identify the elements. The atomic symbol o f gold, Au, is from its Latin name Aurium. The number at the upper center of the block is the atomic number, which is representative of the number of protons of an element (Genesis, n.d.). In this case, 79 is the atomic number of gold, which means that the element has 79 protons. The number at the lower center of the block is the atomic mass of gold. Some periodic tables also include other physical properties in the blocks such as the element’s specific gravity and melting point. Again, these can be identified using the sample diagram of the blocks in the periodic table. Groups and Periods Figure 3 is a simple representation of the modern periodic table of elements. As can be seen, the elements are

Marcel Duchamp's readymade Fountain(1917) Essay Example | Topics and Well Written Essays - 500 words

Marcel Duchamp's readymade Fountain(1917) - Essay Example Fountain was rejected in 1917 despite the obvious advancement it made to the contemporary art movement in America. Not everybody then, or even now looks at a urinal and thinks of it as a fountain. However, if you look closely at the design it is a fountain. A fountain provides clean water. A urinal also provides clean water to wash away urine. Duchamp wanted viewers to look beyond the purpose of the urinal and into a natural beauty. The gleaming white porcelain, gracious curves, and geometrical shape of holes in the back are all beautiful when taken into consideration by themselves. Duchamp wanted his readymade to be a contradiction. A thing normally thought of as disgusting could be beautiful and a piece of art. Today Fountain is seen as one of the most influential pieces of the 20th century. Fountain also can be viewed in a historical context. This piece was displayed during World War I. While many men were dying in trenches in Europe, rich men were using urinals without a thought. While men were dying in their own urine and feces wanting a drop of water, men were flushing these objects without a thought away from the war. Duchamp was showing the differences between a poor soldier and a rich businessman.

Those Most Nearly Touched Essay Example for Free

Those Most Nearly Touched Essay One of the most influential critics of the social problems in American history was Civil Rights spokesperson W. E. B. DuBois, who believed that Honest and earnest criticism from those whose interests are most nearly touchedcriticism of writers by readers, of government by those governed, of leaders by those ledthis is the soul of democracy and the safeguard of modern society. One of the leading vehicles of such criticism since the beginning of the United States of America was literature. Like Harriet Beecher Stowes Uncle Toms Cabin, American literature molded its history by changing social perspectives with authors voices. Stowes character changed popular American societys views on the morality of permanent servitude, and other writers have introduced new views into mainstream thought by providing social criticism of their generations through characters perspectives. Three such writers were Stephen Crane, Flannery OConnor, and Hunter S. Thompson. Cranes criticism of the nature of war, OConnors criticism of gender, racism and religion, and Thompsons criticism of the deterioration of American values were all voices of American generations and essential elements of the evolution of modern American society. Stephen Cranes The Red Badge of Courage was a novel that exploited an underlying irony of the nature of the American Civil War and war itself, as it was the first non-romantic novel of the Civil War to attain widespread popularity. Rather than depicting soldiers fighting for some noble and important cause, like literature of the American Revolution, Crane painted what seemed to be loosely cohering incidents that demystified and reshaped his generations views on warfare. War was not dignified; it was hard stuff. Men ran away howling. Bodies were strewn and torn. War, went the cliche, was hell. Crane created characters and scenes that highlighted the problems of his Americas popular opinion of war for those whose interests are most nearly touched. In Cranes novel, those people were the innocent young soldiers who were thrown into hell and bestowed with responsibilities and expectations of highly immoral standards. He showed his generation and generations of Americans to come the horrors and the true nature of war. By exposing the fears and inner thoughts of Henry Fleming in his new environments, Crane introduced America to the harsh reality that the blue and the gray honestly dont ever seem too entirely certain why theyre fighting each other. These were merely young men killing each other without really understanding the reason. Crane allowed America to understand the point of view of an innocent thrown into chaos. By doing so, he changed the previously romantic, chivalrous perception of war, and altered it into modern societys idea of war and appreciation of peace. The short stories of Flannery OConnor were also vehicles for social criticism of some problems of her generation, such as gender roles, sin, and racial relations. OConnors stories, written in the late 1940s and 1950s, were hard-hitting writings with a sense of deep despair as to the condition of the society that they described. She grotesquely illustrated the pre-Civil Rights racism problems present in her story Everything that Rises Must Converge. The story, which described a conflict of interest between Julian and his racist mother on a newly de-segregated bus, allowed its reader to realize in the end that both characters were wrong. The mother was ignorant for being racist and living in her own perfect world of sacrifice, while Julian was ignorant for blaming his mother for his place in life and for seeming to only take the side of the black people in the story just to prove her ignorance. In this sense, the ignorance in the story was met with a dose of poetic justice. Julians mother died, while he will be guilty for the remainder of his unhappy life. Another element of her society that OConnor criticized with her literature was its lack of true religious virtue and moral substance. She used multiple Christian elements to ironically sustain internally conflicting characters like Julian, Ruby in Revelation, and Parker in Parkers Back. Religious symbolism pervaded OConnors stories, like the hot breath of the burning tree that Parker met after his tractor accident, which was like the bush that Moses found. The tattoos that adorn Parkers body were absolutely symbolical of OConnors idea of her Americas moral fiber, like the tattoo of Jesus Christ on his back, where he would never see it. The tattoo of a serpent evoked thoughts of the devil in the Garden of Eden. OConnor frequently made use of the religious epiphany, or revelation, in her stories. In Revelation, Ruby experienced an epiphany at the end in the pig parlor as a result of the events that occurred in the doctors office with Mary Grace. Ruby witnessed A visionary light in her eyes; she saw the streak as a vast swinging bridge extending upward from the earth through a field of living fire. Upon it a vaste horde of souls were running towards heaven. In Parkers Back, Parkers conversion was one element of revelation in the story, but the real revelation occurred outside the bar in the alley when Parker contemplated his life. In The Lame Shall Enter First, Nortons father experiences a horrific revelation when he entered the attic at the conclusion of the story. He realized that he had stuffed his own emptiness with good works like a glutton, and had completely ignored the emotional needs of his own son. This fickleness and moral ignorance indicated a strong lack of true religious piety present in her society. Perhaps OConnors greatest legacy to the world of literature and social commentary was her contribution to the widespread perception of gender roles in her American society. Stories like The Life You Save May Be Your Own gave a generation of readers a new perspective on life as a woman in rural America. The grotesque nature of it and OConnors other stories made the message that she conveyed to society particularly sharp-edged. Her criticisms of her societys problems with gender and race relations, and the value of religion, were pungent and effective vehicles of change that molded American mindset in more ways than one. The late Hunter S. Thompson was a third American author that affected a generation with his ? no holds barred journalistic approach to fiction and social criticism. Thompsons underlying criticism was much like Cranes a century earlier. Thompson wondered the point in fighting -on our side or theirs, a sentiment common of to his generation that would not have manifested if Cranes ideas had not. Thompson also criticized the counter-culture created by the Peace and Understanding attained by the chaotic ? baby-boomer rebellion that began in the 1950s and crested in the 1960s. He was not opposed to the increasingly common use of mind-altering drugs as much as he was disappointed in his societys failure to sustain the peace and understanding. Thompson notes, Their loss and failure is ours, too. What (Timothy) Leary took down with him was the central illusion of a whole life-style that he helped to create a generation of permanent cripples, [and] failed seekers. By criticizing the drug culture as a user, Thompson embodied the hypocrisy of the generation that he portrayed. Perhaps he represented drug use as getting rid of the pain of being a man just as well as Richard Nixon represented ? that dark venal, and incurably violent side of the American character. One thing was for certain, that Thompson embodied the changing moral aptitude of America. His society liberalized taboo or immoral topics into mainstream culture like the widespread use of drugs and sex. The proponents of these changes were names such as Hugh Hefner, Larry Flynt, Cheech and Chong, and Tim Leary. To many, these values, or loss thereof, represented a loss that Thompson termed more decisively as the death of the American Dream. Neither peace nor morality was prevalent in Thompsons era or modern Americas. In this sense, Thompson merely chronicles the changes as he claimed, as a ? gonzo journalist. However, his descriptions were certainly eloquent and meaningful enough to open the eyes of generations following to the realities and perspectives that occurred in the midst of the chaos of his generation. Stephen Crane, Flannery OConnor, and Hunter S. Thompson were three American authors who significantly altered the course of American history with the social criticism present in the perspectives of characters in their literature. Whether the heart of their intended critique on society was gender, religion, race, or war, these writers molded their respective generations and subsequent generation with their voices. They each contributed to the American society that they criticized with their criticism, the soul of democracy and the safeguard of modern society. Works Cited Crane, Stephen. The Red Badge of Courage. New York: The Modern Library, 1951. OConnor, Flannery. The Complete Stories. New York: Farrar, Straus, and Giroux, 1971. Thompson, Hunter S. Fear and Loathing in Las Vegas. New York: Random House, 1971. Schwartz, Stephen. The End Of The Counter-Culture. The Weekly Standard, 22 February 2005. Davidson, Andy. University of Mississippi English 224 Angel Online class notes.

Buckling Experiments Laboratory Report

Buckling Experiments Laboratory Report BUCKLING EXPERIMENT The experiment entails subjecting loads to a strut along its centroidal axis. The effects of length, shape, material and fixing conditions on buckling were observed. An analysis was then done basing on the results obtained and graphs drawn to establish various relationships measured and calculated. The buckling load was also determined theoretically for all the struts basing on the geometry and material properties. This was then compared to those found experimentally. Buckling is an instability of a material when subjected to loading which eventually leads to failure. It is characterized by sudden sideways deflection of the structural member. When load is applied on a material, it will become large causing it to become unstable and consequently causing change in shape and this can be said to have buckled. This can happen even when the stress subjected on the material is below that needed to cause failure. Bending and buckling can cause change in shape but the difference comes in the method of applying the load. For the bending case, the load is applied perpendicular to the centroidal axis while in buckling, the load is applied axially causing compressive stress and eventual sideways failure. This feature can be measured as the buckling load. Materials having different properties have different buckling loads which is a function of the length of the column and the second moment of area of its cross section. Buckling loads can be determined experimentally or by way of a prediction without actually loading the material to critical load. Southwell plot is a chart of used to experimentally determine the critical load of a structure without subjecting it to its critical load. It is a non-destructive testing method for buckling. Southwell plot is a graphical representation of deflection(y) against deflection by load applied(y/L). This should in return show a linear relationship and a slight curvature at low values of deflection. Further analysis can be done to obtain buckling load. Critical loads can thus be obtained without actually buckling the load itself reducing risk of damaging the strut. The intercept represents the total eccentricity of the strut which is the eccentricity within the equipment and the strut together with the imposed eccentricity. To compare the theoretical and experimental buckling loads of struts in order to test the theory and show its limits. To show how to use the Southwell plot to find the buckling load and eccentricity of a strut. The potential hazards was assessed and it was observed to be majorly from the experiment   handling of the strut in loading and unloading. This has a potential harm to the colleagues and the staff in the laboratory. This hazard was considered by performing the experiment heavily. Plastic inserts were also used to reduce the adverse possible reaction of the strut on loading. The load was applied slowly with full concentration on the reaction of the material under loading so as not to exceed the buckling limits. The strut was also released by unloading swiftly. Experiment 1 The Load Display was connected and switched on. It was then given some few minutes for the display and the load cell to warm up. The load measuring end was tapped to remove any effects of friction and the display zeroed. The digital calipers was then used to obtain the dimensions of the 750 mm steel strut and its second moment of area calculated. The strut was then fit into the rig with the pinned ends condition. Plastic inserts were then inserted in the channels adjacent to the center of the strut such that when load was applied the strut would not come into contact with the inserts. The large hand wheel was used to load the strut slowly. As the wheel was turning, the load reading and the deflection of the strut was observed heavily. The plastic insert was used to ensure that the strut does not buckle further than 15mm.The peak load on the display was recorded and the hand wheel turned to release the load. This is the reading for buckling on its natural direction. A light load was then applied and gently pushed on the center to force it to buckle in the opposite direction. The load was then increased until the strut buckled end the peak load recorded. The load was then released. The mean of the two buckling loads was thereafter calculated. The procedure was repeated for the other steel struts No 2 to No 6. And for one strut made from a different material and the other shape. For strut No 4, the experiment was repeated with a fixed to pinned end condition and strut No 3 with fixed to fixed end conditions. The curve of length against average experimental buckling load was plotted for steel struts 1 6. Theoretical buckling load was then calculated for each length and then plotted on the graph. Comments on the effect of length, end conditions, material and 2nd moment of area on the buckling loads were then made. Experiment 2 The Load Display was connected and switched on. It was then given some few minutes for the display and the load cell to warm up. The load measuring end was tapped to remove any effects of friction and the display zeroed. The 750 mm steel strut was obtained. The strut was then fixed on the pinned ends condition. The deflection gauge was then fitted at the midspan of the strut while ensuring that there is 15mm of travel in the natural buckling direction. The strut was then tested in the natural buckling direction while recording the load at deflection intervals of 0.5mm. The table of results was then filled. The Eccentric End fittings were then fitted to strut number 2 with both fittings set to give the smallest eccentricity (5mm) Strut number 2 was fitted and the position of the deflection indicator adjusted to allow for the offset. The test was then repeated with the same strut. The end fittings at both ends of the strut were reversed to give larger eccentricity. The indicator was adjusted and the test repeated. A chart was then created showing load on the vertical axis against deflection on the horizontal axis. The results from each strut was added to the chart. A chart for a Southwell plot was created, deflection (y) against (y/P) where P is the load. The results from each strut was then added to this chart and further analysis done RESULTS AND CALCULATIONS Experiment 1 Theoretical buckling load (N) 174.70 240.40 306.10 280.52 397.56 339.33 332.99 826.75 304.39 359.29 Average Peak buckling load(N) 189.5 198 236 257 286.5 327 283 279 559 1068 Peak buckling load 2(N) 212 204 251 251 288 334 294 292 579 1187 Peak buckling load 1(N) 167 192 221 263 285 320 272 266 539 949 Strut Details 2nd Moment of area 48.103 57.649 63.311 53.636 70.055 50.244 180.746 170.974 53.636 63.311 d 3.11 3.20 3.41 3.23 3.54 3.15 4.84 6.46 3.23 3.41 b 19.19 19.25 19.16 19.10 19.44 19.39 19.13 _ 19.10 19.16 K value 1 1 1 1 1 1 1 1 0.7 0.5 Fixing conditions P-P P-P P-P P-P P-P P-P P-P P-P P-F F-F Youngs modulus (N/mm2) 207000 207000 207000 207000 207000 207000 105000 207000 207000 207000 Material Steel Steel Steel Steel Steel Steel Brass Steel Steel Steel Shape Rect Rect Rect Rect Rect Rect Rect Round Rect Rect Working length 750 700 650 625 600 550 750 650 600 600 Strut no 1 2 3 4 5 6 7 J 4 3 Experiment 2 Deflection (mm) Eccentricity=0 Eccentricity=5mm Eccentricity=7.5mm Load (N) Defl/Ave Load Load (N) Defl/Ave Load Load (N) Defl/Ave Load 0 0 _ 0 _ 0 _ 0.5 50 0.0100 21 0.0238 8 0.0625 1 74 0.0135 27 0.0370 17 0.0588 1.5 95 0.0158 40 0.0375 24 0.0625 2 108 0.0185 48 0.0417 30 0.0667 2.5 116 0.0216 55 0.0455 35 0.0714 3 125 0.0240 53 0.0566 40 0.0750 3.5 131 0.0267 66 0.0530 45 0.0778 4 135 0.0296 71 0.0563 49 0.0816 4.5 139 0.0324 75 0.0600 54 0.0833 5 141 0.0355 81 0.0617 58 0.0862 5.5 144 0.0382 82 0.0671 59 0.0932 6 147 0.0408 88 0.0682 65 0.0923 6.5 149 0.0436 90 0.0722 69 0.0942 7 150 0.0467 92 0.0761 72 0.0972 7.5 152 0.0493 96 0.0781 73 0.1027 8 153 0.0523 97 0.0825 77 0.1039 8.5 154 0.0552 98 0.0867 80 0.1063 9 156 0.0577 103 0.0874 82 0.1098 9.5 157 0.0605 107 0.0888 84 0.1131 10 158 0.0633 107 0.0935 86 0.1163 10.5 159 0.0660 112 0.0938 89 0.1180 11 160 0.0688 113 0.0973 91 0.1209 11.5 160 0.0719 115 0.1000 93 0.1237 12 161 0.0745 117 0.1026 94 0.1277 12.5 161 0.0776 119 0.1050 96 0.1302 13 162 0.0802 120 0.1083 98 0.1327 13.5 162 0.0833 122 0.1107 100 0.1350 14 163 0.0859 123 0.1138 101 0.1386 14.5 163 0.0890 124 0.1169 103 0.1408 15 164 0.0915 125 0.1200 104 0.1442 Moment of inertia (I) of a circle and rectangle were obtained using the formula; DISCUSSION Below is the graph of working length against buckling load for the first experiment. It is observed that as the working length was increasing, the buckling load was decreasing. For the second experiment, A graph drawn for load against deflection shows a nonlinear relationship between the load applied and the deflection of the beam.   The second graph is of deflection(y) against (y/P) where P is the load. This is the Southwell plot for the beam used. A line of best fit drawn in the Southwell Plot indicates that the points obtained are having an almost linear relationship except at low values of deflection which has a small curvature. The slopes of the graphs, Euler buckling load, were obtained for different eccentricities together with the points of intersection with the y axis which indicates the eccentricity of loading. This represents the imperfection of the strut and the equipment used plus the imposed eccentricity. Southwell plot results Eccentricity (mm) Gradient y-intercept 0 178.18 -1.301 5 164.32 -5.0783 7.5 170.12 -9.6389 Southwell plot; The experiment was a success as the strut was subjected to different loads to determine the buckling load. The effect of material, length of the specimen, shape and fixing conditions were observed. Different graphs were drawn from the results obtained which enhanced further analysis. The Southwell graph was also drawn which was used to obtain eccentricity values and the struts theoretical/Euler buckling load. Wang, C.M., Zhang, Y.Y., Ramesh, S.S. and Kitipornchai, S., 2006. Buckling analysis of micro-and nano-rods/tubes based on nonlocal Timoshenko beam theory. Journal of Physics D: Applied Physics, 39(17), p.3904. Akgà ¶z, B. and Civalek, -., 2011. Strain gradient elasticity and modified couple stress models for buckling analysis of axially loaded micro-scaled beams. International Journal of Engineering Science, 49(11), pp.1268-1280. Roorda, J., 1967. Some thoughts on the Southwell plot. Journal of the Engineering Mechanics Division, 93(6), pp.37-48. Mandal, P. and Calladine, C.R., 2002. Lateral-torsional buckling of beams and the Southwell plot. International Journal of Mechanical Sciences, 44(12), pp.2557-2571. Singer, J., 1989. On the applicability of the Southwell plot to plastic buckling. Experimental Mechanics, 29(2), pp.205-208. Cowper, G.R., 1966, June. The shear coefficient in Timoshenkos beam theory. ASME.

Method Of Calculating Shareholder Value Analysis Finance Essay

Method Of Calculating Shareholder Value Analysis Finance Essay This study illustrates the theory, model and method of calculating Shareholder Value Analysis using Alfred Rappaports SVA model. The literature review is the critical relevant work on capital structure. The literature review is focused bonds as a debt instrument. SHAREHOLDER VALUE ANALYSIS (SVA) AstraZeneca Plc. Alfred Rappaport in 1986 coined the term Shareholder Value Analysis. The concept of shareholder value analysis revolves around another concept called Value based management. The procedure for calculating Shareholder Value Analysis is to calculate the present value of the estimated cash flows with the cost of capital. As per Rappaport : Corporate Value = Shareholder value + Debt Shareholder value=Corporate Value- Debt To calculate the shareholder value, the corporate value needs to be calculated first. Corporate value of an entity can be calculated: Present value of cashflows during forecast period + present value of cashflows beyond forecast period To make the answers more precise and reliable, market value of marketable securities and other investments should be included The process of calculating SVA can be graphically depicted as in Figure 1 C17NF006 Figure : Faisal Ahhamad Seven value drivers of shareholder value as described by Rappaport are given below:- Sales growth: Sales is a percentage, based on the trends of previous years, by which sales are expected to increase every year . In the case of AstraZeneca, the sales growth calculated on the basis of the past 5 years from 2006-2010, comes out to be 7%. Thus sales are expected to grow by 7% during the planning horizon. Operating profit margin: Operating margin is the percentage of the selling price which denotes profit. Thus profit margin denotes the percentage of revenues left after deducting all essential costs and overheads. Profit margin for AstraZeneca based on the trend of previous 5 years is 31%. Thus 31% of sales represents profit of the company. Tax: Tax rate is the percentage of your profits which is deducted as tax. HM Revenue and customs shows the tax rate for the year 2011 to be 28%. Based on the average of past trend, I calculated the same figure, ie. 28%. Incremental working capital investment: Incremental working capital represents the increase in the working capital based on the change in the sales. It is represented as percentage of change in sales. For Astra Zeneca the rate of incremental working capital investment is 102% of sales. Incremental Capital Investment: Incremental Capital Investment represents the increase in the fixed assets of the company based on the increase in sales. The ICI is represented as a percentage of sales. For Astra Zeneca the ICI percentage was calculated based on the trend of previous five years. The value of ICI is 1.12 of sales. Required Rate of Return: Required Rate of Return calculated for AstraZeneca is 7.15%. It is the Weighted Average Cost of Capital for AstraZeneca. It is based on the AstraZenecas beta as per the London Business School Risk Management Service Book which was .57 and the current Risk free rate 4.25%. The current Market premium has been taken to be 6% from Glen Arnold. The Require rate of return was calculated using CAPM. Planning Horizon: Planning horizon for the calculation has been taken to be 6 years. The SVA calculated for AstraZeneca =  £37.902 Billion. The real market capitalisation on the day of calculation was  £40.643 Billion The market is overvalued as the SVA of the company is coming to  £37.902 Billion. Critique of the SVA model Shareholder value model like any other model has been criticized for various reasons. SVA is a relatively simple model yet precise in its approach. The major criticism for SVA is that it takes assumptions regarding the trends. For say it assumes that the sales would increase at a constant rate for all years in planning horizon. More over it neglects ICI and IWCI when the values are negative. Therefore the calculation of the SVA cannot be said to be entirely correct. Literature Review of Capital Structure Focussing on Bonds as a source of finance Capital structure in the simplest terms can be described as a combination of various sources of finance that an enterprise uses for acquiring capital. Firms can acquire capital in various forms such as equity and debt. As these can be used in various proportions thus several various combinations or capital structures can exist. Capital structure as an area of academic study gained attention with the work of Modigliani Miller (1958) which concluded that capital structure was irrelevant to the value of a company. This conclusion was constructed on some key assumptions such as a perfect market with perfect knowledge, no taxes and no costs of transaction and that individuals had the capability to borrow at the same rate as big corporations, thus it assumed a high level of uniformity(see Arnold, 2005: pp.958). In 1963 Modigliani and Miller reviewed the conclusion and altered the no-tax assumption, thus changing the conclusion altogether. The new MM theorem suggested that when taxes were taken into consideration, the shareholder value maximization objective would be served with the highest level of gearing. This theorem served as the starting point for most post- 1960 work on capital structure. MM theorem was followed by two more central theories of capital structure known as the Pecking order theory and static trade off theory of capital structure. The earliest version of the Static theory of capital structure is attributed to Kraus and Litzenberger(1973). It suggests that companies choose their gearing levels based on the balance between costs of bankruptcy and the tax benefits derived from such gearing. Thus this theory suggested an optimal level of gearing where transactional and bankruptcy costs would be traded off by tax benefits and no more. Pecking order theory, propounded by Myers and Majluf (1984), on the other hand suggests that companies have a tendency to choose internally generated funds before exercising any other options of financing, followed by external debt leaving equity to be their last resort. Research by Almeida and Campello (2010) suggests a negative relationship between existence of internal funds and tendency to use external funding from debt. The actual prevalence of any of these theories in the real world is still a matter of debate and being tested constantly (Frank and Goyal, 2005; Jong et al, 2011) While the debate about a suitable level of gearing continues, one fact that has gained acceptance that gearing can increase shareholder value and if appropriately used can be a worthy financial tool for companies. This has provided companies with more options to acquire the necessary capital. Debt as an option is now being used by more and more companies as a means of raising finance through public and private placements (Buckley et al, 1998). Companies can acquire debt through various kinds of publicly traded bond instruments or from institutional lenders through term loans and private placements (Berk and DeMarzo, 2011). With the increasing number of options to raise capital, the dilemma of the firm is no more between equity and debt alone but also between what form of debt to use. Issuing of public debt involves high costs, especially fixed costs. Such costs are called floatation costs and are a major factor considered when deciding to raise debt from public (Blackwell and Kidwell, 1998). Smaller firms therefore find the it beyond their resources to carry out such an expensive issue. Thus bigger firms have the size and resources to raise public debt(Krishnaswami et al, 1999; Dennis and Mihov, 2003). Lack of appropriate information is also another major factor considered by investors. Thus any firm information about which is not readily available or verifiable would be subject to suspicion by the investors (Jensen and Meckling, 1976). Taking into consideration the perceived risk when lending to such a firm, the investors would desire a higher rate of return, unless and until they have greater control of and better supervision of the activities of the business. As individual debt holders from the public cannot exercise such close control, they prefer to settle for higher returns. To avoid paying higher interests some companies prefer to borrow from institutional lenders as they have the capability to closely supervise the activities of the firm. Institutional lenders such as banks achieve this by imposing Restrictive Covenants (Diamond, 1984). Such restrictive covenants cannot be imposed by individual owners of public debt instruments. Several different researches have shown that smaller firms, when opting for external debt financing prefer to opt for loans rather than bonds while bigger firms tend to use bonds as the preferred debt instrument(e.g. Krishnaswami et al, 1999; Dennis and Mihov, 2003). Dennis and Mihov(2003) suggest that larger companies with a highly debt geared capital structure may use their leveraging as an indicator of credibility and reputation, thus using it to raise debt from public. This statement is countered by Chemmanur and Fulghieris earlier(1994) statement that high leveraging may be seen as a sign of financial distress and debt renegotiations may become a complication in case debt is raised through public sources. Rao and Edmunds (2001) with regard to restrictive covenants and floating interest rates, state that firms do their shareholders a Disservice by taking private placed debt which comes along with floating interest rates and restrictive covenants. The floating interest rates make the future cash-flows of the firm unstable and the restrictive covenants restrict the growth of the firm, and thus shareholder value, by tying the hands of the management and owners. Smith and Warner(1979) suggest that restrictive covenants involved in privately raised debt may not be worth cost as it the restrictions imposed may discourage management from entering into projects which could have been potentially profitable. Such restrictive covenants and floating rates are usually part and parcel of institutional loans and privately raised debt. Rao and Edmunds(2001) favour bonds which give the firms freedom to operate in favour of the shareholders and to expect stability in their cashflows due to stable intere st rates.Bonds are a preferable form of raising debt publicly as it allows the firm to retain greater flexibility in operations and may turn out to be cheaper than traditional bank or institutional loans. Absolute lack of restrictive covenants can also be abused by the bond issuer at times. Certain situations are discussed as below:- Myers (1977) suggests underinvestment is a major issue for levered high growth business as being highly levered, management in such businesses may let go of positive NPV projects assuming that the returns would not suffice for distribution between the bondholders and stockholders. Myers(1977) further suggests that this problem can be taken care of with dividend covenants which cap the maximum amount of dividend distributable by a company to ensure that free cash flows are not distributed to shareholders, rather they are invested in worthy projects. As levered firms might have a higher tendency to let go of positive NPV projects, putting debt restrictions or debt covenants would help ensure that the firm does not take on more than a certain extent of debt and thus there will be no conflict of interests. Nash et al(2003) describe another situation, where covenants can be of benefit for bond holders, in which the bond issuer can dilute the claim of the bond holders by issuing another taking on more debt and issuing another claim of a higher priority. Under such circumstances the bond holders would be bearing more risk but would still get the interest rate fixed before more debt was acquired by the bond issuer. Certain covenants, which restrict acquisition of more debt or restrict issuing of claims which hold priority over the previous bond holders, can help reduce chances of such claim dilution. Fama and Miller(1972) call such rules as me-first rules. Nash et al(2003) further describes certain situations where the restrictive covenants would turn out to be detrimental for the bond holders themselves. One major drawback of restrictive covenants is the reduction in the flexibility of the management and stockholders. Thus due to restrictive covenants the management and stock holders might decide not to invest in high return projects just to avoid any risk. Such circumstances would lead to sacrifice of growth and thus the firms survival may itself be at stake. Another situation describe by Nash et al(2003) is the scenario where the bond issuing firm may be facing financial distress. Due to lack of operational flexibility and financially restrictive covenants the firm would not be able to generate ample cash flow or arrange external funding and thus would face bankruptcy. Nash et al(2003) and others have suggested certain ways around to cope with the drawbacks of restrictive covenants and to use them constructively. The first such option is the convertibility option. The bond holders should have the option to convert bonds into shares. Mayers(1998) contended that it would allow a level of flexibility to the management of the firm while discouraging the management to transfer any value from the debt holders to the shareholders as such transferred value would be recaptured on conversion of bonds to shares. Next option is to secure the debt with assets. Securing the bonds with tangible assets would provide a sense of security to the bondholders as they would have knowledge of their claim to a specific asset in case of default. Debt priority is another option given by Nash et al(2003) and supported by Fama and Millers(1972) as per their Me first rules. This arrangement would ensure that there is an existing agreement among all claimholders that the bond holders have priority over other claimants and that during the tenure of the bonds no new claimants would be given priority over them. In the end it can be concluded that bonds have certain advantages over other forms of debt like institutional loans and private placements . Such advantages should be capitalised on when considering the option of increasing the debt gearing in the capital structure. That would ensure availability of cheaper finance, increased flexibility and increase in shareholder value.