Saturday, September 14, 2019
The Use of Metaphors
SanTianna Simmons ENG 1102 25 April 2013 A metaphor is where you show how two unrelated things are similar. For example by saying ââ¬Å"Love is a roller-coaster. â⬠A key aspect of a metaphor is use a specific transference of a word into another context. The human mind creates comparisons between different things. The best writers use metaphors. Like poetry, a metaphor will express a thousand different meanings all at once, allowing the writer to convey much more content than they could do otherwise.More than playing simple word games, the use of metaphors in your writing can elevate your stories to a place next to the greatest authors in the world. There are many kinds of metaphors: Allegory, catechesis, parables, extended metaphors, etc. An extended metaphor establishes a subject and then extends it further, as in this quote from Shakespeare ââ¬Å"All the world's a stage, And all the men and women merely players; They have their exits and their entrances, And one man in his time plays many parts, His acts being seven ages. Brian Doyle, Author of ââ¬Å"Joyas Valdorasâ⬠, uses the hummingbird metaphor to support his story. The story starts off by grabbing the readerââ¬â¢s attention with a fact. The fact is very interesting. Unless you are someone that studies animals, you would have no idea that a hummingbirdââ¬â¢s heart is the size of a pencil, or that it beats ten times per second. After I read the first sentence, I was instantly interested to see what more the author had to say. He got the name, Joyas Valdoras, from a reference by early Spanish settlers. It means flying jewels.They called these creatures flying jewels because they had never seen anything like them before. They would fly around quickly all day, reproducing and collecting nectar. Doyle then goes on to add more facts about hummingbirds and their incredible hearts. Hummingbirds can fly up to 500 miles without stopping to rest, however they can get burned out. Whenever humming b irds get burned out, it can become fatal. Although Doyleââ¬â¢s allusion to hummingbirds was interesting, I donââ¬â¢t think he meant for his story to simply be a story about humming birds.He also goes on to talk about the blue whale, an animal having the largest heart in the world. He gives us interesting facts about that animal also, but this still does not justify why he was even writing the story, for if he had wanted his readers to be informed only about animals, heââ¬â¢d have put these facts in a science book instead. I think Doyle was relating the animalââ¬â¢s hearts with that of human hearts. He said sometimes humming birds get burned out without even knowing what theyââ¬â¢re doing is dangerous. Humans also do the same thing.Todayââ¬â¢s world is very fast paced. Sometimes we donââ¬â¢t have time to rest or do anything of that nature. We do it, without knowing how unhealthy to the body and spirit that is. He also alludes that the heart is a very strong thing . Not just our physical heart, but our emotional and spiritual heart as well. So much can happen to someoneââ¬â¢s heart. It can go through the most joy, excitement, hurt and pain and still beat at the end of the day. I think the way Doyle transitions form talking about hummingbirds and whales to something so emotional was very effective.He makes it easy for us to relate to his story because he keeps us so involved. I felt as if he was ready the story to me instead of the other way around. Sian-Pierre Regis stated ââ¬Å"As should be obvious by now, Doyle is doing far more than describing the hearts of various animals. In explaining about the hearts of animals, he has subtly been drawing us into this reality: ââ¬Å"We all churn inside. â⬠In this creation there is unimaginable beauty (ââ¬Å"flying jewelsâ⬠) and there is excruciating pain (ââ¬Å"a brilliant music stilledâ⬠).And so finally, we are led to his masterful ending and the real point of this whole piece. If youââ¬â¢ve read this far, I encourage you to take a minute and quiet your heart. Let yourself feel these words. It may hurt, but it will almost certainly heal as well. In giving an overview of the hearts of creatures, Doyle ends with this: ââ¬Å"So much held in a heart in lifetime. So much held in a heart in day, and hour, a moment. We are utterly open with no one, in the endââ¬ânot mother and father, not wife or husband, not lover, not child, not friend.We open windows to each but we live alone in the house of the heart. Perhaps we must. Perhaps we could not bear to be so naked, for fear of a constantly harrowed heart. When young we think there will come one person who will savor and sustain us always; when we are older we know this is the dream of a child, that all hearts finally are bruised and scarred, scored and torn, repaired by time and will, patched by force of character, yet fragile and rickety forevermore, no matter how ferocious the defense and how many bricks you bring to the wall.You can brick up your heart as stout and tight and hard and cold and impregnable as you possibly can and down it comes in an instant, felled by a womanââ¬â¢s second glance, a childââ¬â¢s apple breath, the shatter of glass in the road, the words I have something to tell you, a cat with a broken spine dragging itself into the forest to die, the brush of your motherââ¬â¢s papery ancient hand in the thicket of your hair, the memory of your fatherââ¬â¢s voice early in the morning echoing from the kitchen where he is making pancakes for his children. â⬠â⬠The article ââ¬Å"A Metaphorical Analysis of Martin Luther King Jr. s ââ¬ËI Have a Dream Speech,ââ¬â¢Ã¢â¬ by Joe Ciesinski, to me is an aide to help understand the metaphors Dr. Martin Luther King used within his famous speech ââ¬ËI have a Dream. ââ¬â¢ Ciesinski cited otherââ¬â¢s opinions about the speech which also was another great source of helping understand the speech. W ithin the article, the question ââ¬Å"What does ââ¬ËI Have a Dreamââ¬â¢ mean to meâ⬠was asked. To me, when someone asks me what does ââ¬ËI Have a Dreamââ¬â¢ mean to me, I would say that it makes me feel as if the color of my skin or my sex should never be a factor of why I canââ¬â¢t do anything that I want to do. Anybody should be capable of saying the same.Ciesinski believes that ââ¬ËI Have a Dreamââ¬â¢ would not only speak about problems in America, but that Dr. Martin Luther King Jr would call upon all citizens of the United States to enact change and correct the injustices that would occur throughout our nation. ââ¬Å"Martin Luther King Jr. contrasts light and dark metaphors when he states, ââ¬Å"this momentous decree came as a great beacon light of hope to millions of Negro slaves, who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity. â⬠â⬠(Ciesinski) The previous quote to me sums up the entire ââ¬ËI Have a Dreamââ¬â¢ speech.It focuses on the struggles of colored people and how the nation needs to take the time out to notice that these hate crimes need to come to an end. Overall, I think Ciesinskiââ¬â¢s metaphorical analysis is a great help to distinguish the true meaning and break down of Dr. Martin Luther King Jr. ââ¬â¢s speech. I also believe that he used good sources to help apprehend the famous speech. ââ¬Å"It is a stark metaphor, an accusation articulated in bluntly economic terms. The Declaration of Independence implied, and later the Emancipation Proclamation promised, meaningful freedom to African Americans. But the promise was never fulfilled. Instead of honoring this sacred obligation, America has given the Negro people a bad check, a check which has come back marked ââ¬Ëinsufficient funds,â⬠King said. This part of the speech has been mostly forgotten, swamped in collective memory by the soaring rhetoric of K ingââ¬â¢s peroration. When initial renderings for the new Martin Luther King Jr. National Memorial were first unveiled, they included a prominent place for the promissory-note metaphor, but as the project went forward the quotation was deemed ââ¬Å"too confrontationalâ⬠and dropped from the final design. What is best remembered from the Dream speech is, in fact, not original to it.The thrilling incantation, the cries of ââ¬Å"let freedom ring,â⬠the litany of place names (the snowcapped Rockies, the molehills of Mississippi), the lines borrowed from the biblical books of Amos and Isaiah, the quotations from spirituals and patriotic songs ââ¬â none of this material was original to the speech King gave on the Mall. Most of it was recycled, an impromptu decision by King to reuse some of the best applause lines he had tested in Georgia, North Carolina, Alabama and, only weeks earlier, in Detroit. â⬠Stated by Philip Kennicott. Short talks by Anne Carson was an ar ticle full of miniature lectures with a different meaning for each one.Some of the short articles were confusing but the others caught my attention. An article in Short Talks that was easily understood was ON WALKING BACKWARDS. ON WALKING BACKWARDS was about how as a child Carson states ââ¬Å"My mother would forbid us to walk backwards. That is how the dead walk, she would say. â⬠Carson goes on to say that she had no understanding where that specific superstition came from. Later to break the quote down, the dead doesnââ¬â¢t walk backwards but they do walk behind us with no lungs to breath or cannot call but would love for us to turn around.Superstitions are to be used and known all across the world. According to Keisha Stephen-Gittens from Outlish Magazine quotes ââ¬Å"Since I was a child, I used to hear my grandmother telling my mother that if she came home after midnight, she better had walk in the house backwards so that spirits donââ¬â¢t follow her inside. Thatâ⠬â¢s funny, because many of us feters would have some ââ¬Ëback walkingââ¬â¢ to do. So, I was surprised to find that almost 60% of the persons I randomly surveyed still do this today. I followed this superstition religiously until I moved out on my own, and then, ironically, I would just ook left, right and around before I entered my apartment. Youââ¬â¢d think I would be really afraid ââ¬â and in a way yes, but I was looking for bandits, not spirits. However, the way things goinââ¬â¢ these days, is bess we look for both yes! Weââ¬â¢ve also been told to close doors facing the outside so that spirits donââ¬â¢t follow you inside. There are other superstitions about spirits and death and our older folks would tell these with a passion and intensity that would send you to bed quivering, wanting a pillow to hug up and sleeping with one eye open.If youââ¬â¢re alone in the house and you hear someone call your name, would you answer? I wonââ¬â¢t. The ole folks us ed to say do not answer, ââ¬â¢cause it could be a spirit calling. I think this is a given. Iââ¬â¢ve watched too many horror movies to know what the outcome of THAT could be. â⬠Jon Eben Field states ââ¬Å"The female body is a powerful signifier in these poems. â⬠Short Talks invokes the last thirty years of Camille Claudel's life in an asylum (Claudel was a French sculptor who worked from 1884 to 1898 as an assistant to Auguste Rodin).After noting that Claudel broke all the sculpting stone given to her, Carson writes, ââ¬Å"Night was when her hands grew, huger and huger until in the photograph they are like two parts of someone else loaded onto her knees. â⬠Claudel's hands are both her own and not her own; they have grown through disuse and misuse. But the absence is discovered in the formless broken stones that are buried with these hands, now so gargantuan. In ââ¬Å"Short Talk On Rectification,â⬠Carson depicts the infamous relationship between Franz Kafka and Felice Bauer: ââ¬Å"Kafka liked to have his watch an hour and a half fast. Felice kept setting it right.Nonetheless for five years they almost married. â⬠Ultimately, it is the body of Felice that overwhelms Kafka, for as Carson writes, ââ¬Å"When advised not to speak by the doctors in the sanatorium, he left glass sentences all over the floor. Felice, says one of them, had too much nakedness left in her. â⬠This signals the second most pervasive theme of these poems, the devastating plenitude of too much. â⬠Eula Bissââ¬â¢ The Pain Scale is about how no matter how much something is painful, no pain lasts forever. Throughout the article Biss gives examples of pain as she goes from 0 to 10 on a pain scale.She gives examples like if you are at a zero, you feel no pain therefore you could be fine. If you are at a 1, you could take some aspirin and be fine the next day. If you are at an 8 you might need some examining. If you are at a nine then, you are suf fering and it gets even worse at a level ten which is unbearable. The Pain Scale, Eula Biss claims that no pain lasts forever. Biss goes on to say that when you experience the pain regardless of how bad the pain is, once the pain goes away; you canââ¬â¢t feel the pain anymore. I got a feeling that the author is indifferent to pain and does not know how to feel or describe it.I felt that the authorââ¬â¢s mind is being guided by what her father use to tell her. She does not know how to describe what she is feeling or think for herself. The author feels as if excruciating pain does not exist. She sees zero as a number that does not do the same thing as the other numbers and she uses biblical illusions concerning Jesus.. The author goes back and forth from her pain theory and analysis, to her current pain situation. She is obviously feeling some pain but she thinks the face chart does not help her know what level she is that. She lies to the doctor to not seem foolish but really s he does have great pain.The author thinks that if she admits to her great physical pain, she will seem pathetic and exaggerated. The author has apparent physical pain but also mental trauma from her father the physician. Her psychological pain I think is greater than her physical one in a couple of ways. I agree with Biss on this issue. Overall, I believe that no pain lasts forever. If a person were to ask another how something felt, they could never sit there and visualize the full effect of that pain right then and there unless you go through the same pain again at the time being.Our Secret by Susan Griffin is a hybrid of memoir, history, and journalism, and is built with these discrete strands: the Holocaust; women affected by World War II directly or indirectly in their treatment by husbands and fathers; the harsh, repressive boyhood of Heinrich Himmler, who grew up to command Nazi rocketry and became the key architect of Jewish genocide; the testimony of a man scarred by war; a nd Griffinââ¬â¢s own desperately unhappy family life and harsh, repressed girlhood.In between these chunks are short italic passages of just a few sentences on cell biologyââ¬âfor instance, how the shell around the nucleus of the cell allows only some substances to pass throughââ¬âand on the development of guided missiles in Germany and, later, by many of the same scientists, in the United States, where nuclear warheads were added and the ICBM created. Researching her book in Paris, Griffin meets a woman, Helene, who survived one of Himmlerââ¬â¢s death camps.Sheââ¬â¢d been turned in by another Jew and tracked down using a net of informationââ¬âa system tracing back to Himmlerââ¬â¢s boyhood diariesââ¬âcollected on cards and sent to the Gestapo for duplication and filing, the work of countless men and women. In the article ââ¬Å"Translating Translation: Finding the Beginning,â⬠Alberto Alvaro Rios claims that the act is the translation by presenting t ranslation as a metaphor and how cultures are different. Rios goes on to say that how something is said, the language can be figured.In Riosââ¬â¢ article, he had multiple examples of how cultures are different. Some of the examples that he expressed where how a man was put in jail, forgotten about and never said anything, how his house painting went wrong when he was young, and how Rios had a misinterpretation about fighting. I agree with Rios on this issue when he stated that learning languages can be similar to looking through a set of binoculars. Overall, I believe that it is true that the simplest word can have many definitions and interpretations.For example: when Rios moved into his new home when he was younger. His mother wanted the wall to be yellow but the Mexican thought she wanted it to be lime green due to the fact that said ââ¬Å"limon. â⬠Another example was when the boy asked how many fights has he had. The boy meant physical fighting but Rios meant the fight he has had learning a new language. I believe that the metaphors were very effective because they helped understand the main key points Rios was trying to make.Alberto Rios states ââ¬Å"Linguists, by using electrodes on the vocal cords, have been able to demonstrate that English has tenser vowels than, for example, Spanish. The body itself speaks a language differently, so that moving from one language to another is more than translating words. It's getting the body ready as well. It's getting the heart ready along with the mind. I've been intrigued by this information. It addresses the physicality of language in a way that perhaps surprises us.In this sense, we forget that words aren't simply what they mean ââ¬â they are also physical acts. I often talk about the duality of language using the metaphor of binoculars, how by using two lenses one might see something better, closer, with more detail. The apparatus, the binoculars, are of course physically clumsy ââ¬â as is th e learning of two languages, and all the signage and so on that this entails ââ¬â they're clumsy, but once put to the eyes a new world in that moment opens up to us.And it's not a new world at all ââ¬â it's the same world, but simply better seen, and therefore better understood. â⬠Overall, metaphors will elevate your writing, taking something plain and transforming it into something beautiful. Poetry is full of metaphors. If you need to, use one of your rewriting cycles just to add metaphors to your story. Imagine how greater your story will be with the use of metaphors. Metaphors will free up your imagination, which will take your story in directions you may not have planned on. Enjoy the surprises that metaphors will bring to you!
Friday, September 13, 2019
Social venture Essay Example | Topics and Well Written Essays - 750 words - 1
Social venture - Essay Example To this end, stand for children (2011) notes that they ââ¬Å"train ordinary people to be effective citizen leaders capable of solving problems facing children, both locally and state-wide, by convincing elected officials and voters to invest in and reform vital childrenââ¬â¢s programs.â⬠With such an organization that has the ultimate aim of investing in people, it is worth investing every little bit of time and resource in it, analyzing its mode of operation, its strengths and weaknesses and how its future can be brightened. Social Problems and Challenges addressed by Stand for Children Leadership Center Stand for Children Leadership Center can best be described as the official mouthpiece of children. This judgment is given from their mode of operation and their social impact agenda. The primary social impact focus of the organization is to influence policy makers and other stakeholders on children issues to champion courses and legislations that seeks the total well-being of the child. The major reason behind the organizationââ¬â¢s quest to take up such social responsibility sterns from the fact that according to the statutes of the United States Constitution, children do not have the right undertake such advocacy responsibilities in voicing out what their needs should be. To this end, the Stand for Children Leadership Center (2011) states that ââ¬Å"Stand for Children Leadership Center exists because children in communities across America have no power to influence our democratic system to meet their fundamental needs.â⬠The organization continues to say that for this reason, it has poised its mission to ââ¬Å"teach everyday people how to join together in an effective grassroots voice in order to win concrete, long-lasting improvements for children, at both state and local levels.â⬠This means that the duties of the organization does not target or deal with children directly but then it speaks on behave of children through people whos e voices are recognized by the democratic dispensation of the law. Strategies used in addressing social problems The core word that can be used to describe the strategy used by Stand for Children Leadership Centre is ââ¬Ëgrassroots action.ââ¬â¢ To this end, Stand for Children (2011) states that they ââ¬Å"use the power of grassroots action to help all children get the excellent public education and strong support they need to thriveâ⬠Stand for Children (2011). This grassroots action involves helping ââ¬Å"ordinary people become effective citizen leaders who use our democratic process to improve the lives of childrenâ⬠(Stand of Children, 2011). Again, in its grassroots actions, the organisation ââ¬Å"Recruit people with similar values; Identify effective, achievable solutions to problems facing their community's children; Educate decision makers and voters to achieve these solutionsâ⬠(Stand for Children, 2011). Scrutiny of Stand for Children Leadership Cent erââ¬â¢s Strategies in addressing Social Problems ââ¬â including Projected Social Impact Stand for Children Leadership Center is one of the most respected non-governmental organizations in the United States. Its activities and operations have generally been rated by Charity Navigator to be standard and competitive. This certainly means that social problem intervention adopted by the organization is appropriate and workable. The major strength of the strategy for addressing its social interventions is the fact that it
Thursday, September 12, 2019
Media Essay Example | Topics and Well Written Essays - 2500 words
Media - Essay Example This paper is about the menace posed by the inter-linkage of politics and media and the power of wealth in dictating the national agenda. As Al Gore succinctly puts it, ââ¬Å"As long as individual citizens are not able to use logic and reason as the instruments with which they can dissect and meticulously examine ideas, opinions, policies and laws, corrupt forces will shape those policies and laws instead. It is the publicââ¬â¢s lack of participation that empowers its abusersâ⬠(Gore 77). As Gore puts it, it is the thirty second commercial that goes a long way in shaping the attitudes of the electorate towards the presidential candidates. And these commercials are paid for by the elite that have a vested interest in propagating their point of view. As John Mcquaid puts it, ââ¬Å"The media are constantly on the lookout for the odd moment that might capture some revealing truth about a candidate--and, ideally, create a feeding frenzy that consumes the campaign. In 2000, Al Go res exaggerated sighing during a debate, his TV makeup, and even the colour of his clothing became media obsessions. In 2004, it was John Kerrys supposed cultural elitism: the windsurfing, the request for Swiss on his Philly cheese steak. The problem is, such issues are almost always essentially trivial, having little to do with substantive issues or how a candidate might actually behave once in officeâ⬠. Thus, what we have is a trivialization of public discourse by a media that is increasingly caught in ââ¬Å"feeding frenziesâ⬠that have little to do with the larger issues that face the nation. I start off by describing the structure of media ownership and its relation to control in a globalised world. The iron grip of the global corporations over the media outlets operating as transnational entities has given rise to oligarchic tendencies and blatant misuse of the media apparatus. The subsequent sections detail the
Wednesday, September 11, 2019
Civil Committment and the Mentally Ill Essay Example | Topics and Well Written Essays - 500 words
Civil Committment and the Mentally Ill - Essay Example In criminal trials, insanity defense refers to the defense plea adopted by the defendant as a plausible argument that exempts them from criminal liability as they were legally insane during the commission of the crime. According to a study quoted in Waterloo Cedar falls Courier about 1% of the defendants, who are charged with a felony use the Insanity Defense in order to evade punishments or any legal repercussion as a result of the crime in the United States. And out of this 1%, only one-fourth of the people are successful in getting exempted from legal trial. After the defendant raises the insanity defense, the judge commits them to a competence examination, in order to check the validity of their claims. These evaluations are carried out in proper medical and psychological facilities and the individual is put through countless tests and the defendantââ¬â¢s social history is assessed. (Greene et.al, 2006, p. 222) Over the years, the insanity defense has attracted a huge amount c riticisms and controversies regarding its applicability and due to lack of development in this area. The most critical aspect that is raised by the insanity defense is the fact that it does not incarcerate dangerous criminals but send them off to a hospital facility, where they are given treatment and eventually frees them.
Tuesday, September 10, 2019
Artificial Artifacts, Like Robots Research Paper
Artificial Artifacts, Like Robots - Research Paper Example These aspects of robots interaction with humans has made man to start considering robots as 'companions', rather than tools or appliances. Those who posses these machines do not seem to settle for a simple solution, but rather continue to invent and improve these machines to resemble human beings. The biggest question at this point, probably, is for how long would or should the human race continue to take this? Does it mean that eventually the robots may end up taking the world away from us? Does it mean that every human problem would eventually start getting robotic solution as time goes by? These are very crucial sentiments that must be addressed sooner rather than later (Tillrch, 2006). Impressively is how the founder of the artificial intelligence John McCarthy attempts to respond to the above question. He clearly puts his opinion on the existence of these robots that resemble human beings as a problem waiting to explode (Tillrch, 2006). ... Marvin's Minsky, another Artificial intelligence pioneer echoes McCarthy's point of view by arguing that in case an individual gets used to order a household robot to do certain things probably he/she may go ahead to command fellow human beings to do such boring, disgusting and unspeakable things that they are used to order the robots to do (Markus, 1991). Therefore, to him, Morality must be instilled in these robots and it must begin with the owners of these machines (Markus, 1991). A close look at many industrial countries and in particular South Korea, then one would be interested to see how the introduction of these human like robots would impact the human race. What concerns us is that we do want to see the introduction of these robots making lives of human beings better and easy; the question is what would be the side effects. For example, the South Korean government is embarking on a mass production of these robots with an aim that by 2020, every household should own one. Toda y, these robots in South Korea work as tourist guides in museums and English teachers in schools. Therefore, from a personal point of view, moral and professional ethics, which include code of conduct, should be introduced to these machines (Markus, 1991). Following a study carried out by Peter. H. Kahn Jr. in the laboratory, the results is that there is a clear relationship between how we reason and behave in relation to continuous interaction with robots. What is true is that there many robots in the market and they are easily available. The robots can cause a tremendous change in behavior with those who interact with them. Therefore, there should be moral values accompanied with their production and
Monday, September 9, 2019
Housing Prices Essay Example | Topics and Well Written Essays - 1500 words
Housing Prices - Essay Example In this paper, we will first have a look at the whole U.S. mortgage crisis scenario as that has been the major factor that has brought this whole situation into the public perception. Understanding the situation in the light of statistics is very important, as even though this whole topic is so dense and enormous that it cannot be in this paper, but it is certainly essential to have a feel of the situation before we move along. Then, we would move onto the U.S. housing market and try to understand the shifts in pricing over the past decade and the reasons behind these shifts. Furthermore, we will try and determine the implications of the housing market on the economy of the country in general i.e. what effect will the volatility have on the demand and supply equilibrium of the market itself and the greater effect this will have on the economy in general. This is an important section of this paper as this provides the rationale for conducting an analysis on the housing prices and also helps us understand key economic indicators which can help us understand the market better and perhaps prevent market meltdowns like the one suffered in 2006 from occurring again. Finally, we will conclude the paper with our final remarks on the conducted analysis. [1] The U.S. mortgage side has been ruined. ... Even those from lower classes "benefited" from this housing price bubble by being able to own houses with small down payments. Rising prices of housing led to increased borrowing on home equity. The Americans were enjoying their time in the U.S as housing prices shot up 40% between 2000 and 2006 to a high of $234,000. The ratio of median house price to median household income rose from a historically steady ratio of three times (from 1970- 2000) to five times in 2006. This could not be sustained. Housing prices tapered off and started to decline in early 2006 and furthermore in 2007 and 2008; in compliance with what we have seen in the recent two years. With a $20 trillion housing sector, every 10% fall erodes off $2 trillion in household wealth. Almost in parallel, rates of default and foreclosure began to climb. In 2006, 1.2 million household lends saw foreclosure, up 42% from the previous year. The basic definition of sub-prime mortgages is basically lending to borrowers who want to buy a house but who have a weak credit rating. Lenders did so by providing small or zero down payment, and low introductory adjustable rate mortgages. Between 2004 and 2006, there were bookings of $1.5 trillion (15% of the total U.S. housing lends) of sub-prime mortgages. Total sub-prime lends form 25% of the housing mortgage market; these sub-prime lends were fine as long as the housing market continued to boom and interest rates remained stable. When these conditions disappeared, sub-prime borrowers defaulted. The defaults caused an implosion of Mortgage-backed securities and the Collateralized debt duties industry. The blow out shelled in June 2007 with the collapse of sub-prime mortgage hedge funds managed by Bear Stearns, quickly followed by suspending other funds managed
Sunday, September 8, 2019
Economics Development with International Trade Essay
Economics Development with International Trade - Essay Example The recognition of such an impact has forced several international organizations such as World Bank, United Nations and World Trade Organization to forward endless proposals to open the borders to trade. Since then, many countries have reduced their commercial as well as non-commercial barriers to trade which has greatly helped to strengthen their economy. (Spanu, 2003) However, the economists worldwide are divided into two groups: one believing that the resultant impact is positive, while the other considering that the impact is largely negative. One group of the policy makers and economists believes that the international trade has positively affected the economic growth of the developing nations. An analysis of performance of several Latin countries was undertaken by a research group. It identified the economic impact on the Latin economies from the increased trade opportunities. The group concluded that the increased trade will open new employment opportunities for the concerned nationalities. In a high case scenario, it will lead to a creation of 2.7 million jobs. (Latin American Trade & Transportation Study) The research work of the past shows the international trade affects the economic growth of a country in a positive way. ... Kavoussi (1984) studied 73 different countries in the middle and low income range and concluded that the higher economic growth rates were strongly correlated with higher export growth rates. (Sun and Heshmati, 2010) Peopleââ¬â¢s Republic of China is one of the greatest examples of the present history that illuminates the openness to international trade positively impacts the economic growth. The open door policy, followed by China, has led the country to achieve a high economic growth rate, enormous flow of foreign exchange into the country as well as paved way for increased employment opportunities. It has led to drastic improvement of the local industries and advancement of technological sector as well. Since 1979, Chinaââ¬â¢s share in global trade has increased steadily. In 2008, it share in the world trade market was 7.9 percent and was ranked third in terms of trade volume in the world. (Sun and Heshmati, 2010) India is another case that illustrates the fact that trade li beralization impact the economic development of the concerned nation. The new Indian policy of Liberalization, Privatization and Globalizationà (LPG model) followed by them in 1990s was aimed at making the Indian economy globally competitive and fastest growing economy in the world. This shift in policy in 1991 paved way for tremendous improvement in every sector of the Indian economy as well as uplift of the billion people. The policy paved way for the integration of the Indian economy into the world economy in less than 15 years. (Malik, 2012) Uri Dadudh, Director of the International Trade Department of the World Bank, strongly believes that the trade liberalization will positively
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