Critical Approaches Paper: The Wife of Bath Essay

Geoffrey Chaucer (1343-1400) was an English author, poet, philosopher, courtier as well as a diplomat. Sometimes referred to as the father of English literature, the man is most famous for The Canterbury Tales. Chaucer’s major works also include the translation of Roman de la Rose; The Book of the Duchess; The House of Fame; Anelida and Arcite; The Parliament of Fowls; the translation of Boethius’ Consolation of Philosophy as Boece; Troilus and Criseyde; The Legend of Good Women; and the Treatise on the Astrolabe (Geoffrey Chaucer, 2007). Being a well-rounded intellectual, Chaucer was aware of the gender stereotypes permeating his medieval society. As a matter of fact, men of the Middle Ages deeming marriage â€Å"a full great sacrament† took most seriously the woman’s promise â€Å"to honor and obey. † The slightest breach of this vow of obedience was hailed as a crying offense to both God and man. The principal vice of the medieval times was pride. Disobedience was but an offshoot of this self same vice. And so, obedience was due not only unto God and one’s parents, but, as the old phrase went, â€Å"to husbands and other benefactors and sovereigns. † Women were known to be subjected to men, and there was not as much thought poured over women’s equal right to manage affairs. Thus, we find in medieval literature instances such as the ones briefly touched on by Frederick Tupper (1968) in Types of Society in Medieval Literature: An old Parisian benedict of the fourteenth century, playing mentor to his young bride offsets Petrarch’s story of the obedient Griselda with the example of a wife rightly burned for the disobedience into which she was led by her pride – quite as CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 2 grievous an offense this, so he tells us many times, as the fault of Eve or of Lucifer. It was during this period that Chaucer chose to represent his woman in literature – the Wife of Bath – as an extraordinary lady who believed in subjecting her men to her desires. The lady is open to express her views about a different role that women can play despite the essential gender stereotypes of medieval society. The Wife of Bath has control of her husbands’ property, presumably acquired through successive marriage settlements. She therefore has no need to make efforts to please her mates, if such efforts would have given her greater authority over her men in terms of wealth or pleasure. According to her Prologue, her first three husbands had â€Å"bad luck in bed,† for which they are chided by her. The woman would demand payment in bed, in return for which she would make payment (sexually) of the marriage debt she owed them (Nelson, 2002). Knowing that all medieval women do not behave like her when it comes to controlling their husbands’ property or getting money out of them, the Wife of Bath is asking young girls to back out of marriage altogether. Why please a man when it is more fruitful over all to please and serve God? – is her final argument on the question of marriage. The Wife of Bath says that three of her husbands were good, and two were bad. The first three were rich, old, and submissive, although she tormented them with accusations that were total lies – she confesses to the rest of the pilgrims. She accused her husband of having an affair, for example, and then launched into a tirade in which she charged him with a bewildering array of accusations. If one of her husbands got drunk, the Wife of Bath claimed that every wife was out to destroy her husband in particular. She also made her husband feel guilty this way, and so CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 3 he gave her what she wanted. The Wife of Bath admits that she deliberately caused her husbands grief. She teased them in bed by refusing to give them full satisfaction until they had promised her money. She says that she made them work at night, in fact, to pay her marriage â€Å"dette. † What is more, the woman admits proudly that she used her verbal and sexual power to bring her husbands to total submission. In point of fact, the Wife of Bath uses the same tactic, i. e. , verbal power to bring the young knight to total submission in her Tale. She confesses in her Prologue that she failed to follow the marriage rule of â€Å"biheste is dette. † But when the young knight in her Tale is sentenced to death by King Arthur’s court for raping a defenseless young woman, his only chance to escape the penalty of execution is to find the answer to the question, ‘What do women want most? ’ The young man’s search for the answer is fruitless until he meets an old woman who promises to give him the answer if he would promise her, in return, to grant the request she makes of him. The rapist promises to keep his word, and after he has supplied Arthur’s queen with the answer that can save his life, the old woman asks him to marry her. In this case, as in the personal story of the Wife of Bath, the woman is subjecting the man unto herself by asking him to make a promise for something in return (Nelson). The Wife of Bath is knowledgeable enough to admit that more than a few Fathers of the Church, including the Apostle Paul, had proclaimed the importance of virginity. But if virginity was so critical, there would be someone still to produce virgins! Thus, she would leave virginity to the perfect, and allow herself instead to use her gifts as best as she could. Besides her use of intellect in marital affairs, undoubtedly the gift that she refers to is sexual power. She uses this power not only to enjoy her life to the full, but as an instrument to manipulate her men as well. CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 4 Patricia Clare Ingham (2002) calls the Wife of Bath one of the most ingenious readers in the history of literature, and sees the aggressive â€Å"re-reading of scripture† on the part of the Wife of Bath as a means of displaying and resisting the medieval anti-feminist tradition or misogyny. The Wife of Bath frequently misquotes the scriptures. Scholars believe that these â€Å"misreadings† of texts were a mark of political and cultural acuity on the part of the Wife of Bath, as these bad readings give us a clearer picture of the culture of the time and the medieval gender relations (Schibanoff, 1986). The Wife of Bath’s re-readings of scripture have additionally been referred to as a â€Å"utopian group fantasy,† whereby the women would direct themselves against the anti-feminist tradition of the time, which was actually a social institution that was neither necessary nor the only face of truth of the Middle Ages. This idea of â€Å"group† or sorority was, in fact, explored by Brian W. Gastle, who wrote that although it is difficult to prove that women had gathered forces to beat the odds, there may have been a sorority of this kind that functioned outside the boundaries set by the established guilds to which working women also belonged. The Wife of Bath, as we know, is into the cloth making business (Ingham). The lady blasts clerkly writers for their biased perspectives, and in so doing, activates the literary tradition for an entirely new set of social uses, such as understanding the importance of women. Her assessment of the politics of writing is interlinked with her representation of the politics of reading. She desires the production of an entirely different kind of literature, the kind that the feminist classroom would read. Her Tale is included in this category, of course, and it is revolutionary. Still, critics worry that the Wife of Bath may be strangely affirming masculine desire through her Tale. As Lynne Dickson (1993) puts it, the Tale may really â€Å"reward the CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 5 concession of masculine ‘maistrie’ with the very thing patriarchy wants to begin with. † The Tale is, after all, about a rapist knight who can turn magically into a dutiful husband; and about an aged lady who becomes a sweet young thing yet again; apart from an old middle-class woman, â€Å"comen of so lough a kynde,† who gains status and rule from her aristocrat husband. Most scholars have interpreted the Wife of Bath’s interest in sovereignty of wife over husband as an expression of her dissatisfaction over the rule of her nation. Sovereignty extends beyond the confines of the bourgeois household in this case, given that the Irish were concerned about sovereignty over a nation at the same time as Chaucer and his contemporaries were writing about sovereignty over a husband (Eisner, 1957). Indeed, there do appear to be political questions posed in the Wife of Bath’s Tale, especially when the recalcitrant knight objects to his marriage to the old lady, saying, â€Å"Alas, that any of my nacion/ sholde evere so foule disparaged be! † The old lady wonders aloud if the knight’s rejection comes through his subjection to the laws of the court: â€Å"Is this the lawe of Arthures hous? † she asks; â€Å"Is every knight of his so dangerous? † Only a lady of charisma, of great political insight coupled with leadership qualities, could have addressed intricacies of the political life of the nation at the time of the Wife of Bath when gender stereotypes were comprehensively controlled by the authorities, including the Church. The woman seems to know how to tackle legal terminology to boot (Ingham). She truly is remarkable for the Middle Ages, and deserves a continual round of applause from everyone today. CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 6 References 1. Dickson, Lynne. (1993). â€Å"Deflection in the Mirror: Feminine Discourse in the Wife of Bath’s Prologue and Tale. † SAC, 15, 1993, p. 61-90. 2. Eisner, Sigmund. (1957). A Tale of Wonder: A Source Study of the Wife of Bath’s Tale New York: Burt Franklin. 3. Geoffrey Chaucer. (2007). Wikipedia. Retrieved from http://en. wikipedia. org/wiki/Geoffrey_Chaucer. (24 February 2007). 4. Ingham, Patricia Clare. (2002). Pastoral Histories: Utopia, Conquest, and the Wife of Bath’s Tale. Texas Studies in Literature and Language, Vol. 44, Issue 1. 5. Nelson, Marie. (2002). Biheste Is Dette: Marriage Promises in Chaucer’s Canterbury Tales. Papers on Language & Literature, Vol. 38, Issue 2, 2002, p. 167. 6. Schibanoff, Susan. (1986). â€Å"Taking the Gold out of Egypt: The Art of Reading as a Woman† In Gender and Reading: Essays on Readers, Texts and Contexts (Ed. Elizabeth Flynn and Patrocinio P. Schweickart). Baltimore: Johns Hopkins University Press. CRITICAL APPROACHES PAPER: THE WIFE OF BATH Page # 7 7. Tupper, Frederick. (1968). Types of Society in Medieval Literature New York: Biblo and Tannen.

Comparison on Classroom and Technological Education Essay

Perceivably two of the most important issues raised in every college revolve around the dilemmas on finances and instruction. Operating a college is like operating any other business. It takes immense amount of financial aid to make a college work in the most proficient and smooth manner. Given these reasons, community colleges are challenged with the utmost sense of stability and efficiency which rather gives those under the administration a trigger on the vortex of their intellectual capacity and managerial capabilities in that certain extent. For these reasons, online learning has crossed beyond borders slowly converting the conventional trend in education to a rather efficient and advanced scheme while saving much on the society’s pockets. It is true for a fact that funding or running any form of institution requires much rather than that which is aided to be a smooth sailing entity like any other business (Conner). Hence, the challenge does not only withstand within the walls of the school, but rather expanding on several skills needed so as to keep its foot on the charms through the help of financing companies and private organizations given the fact that community colleges cannot stand on its own in the financial basis. Mainly such income surfaces from three sources: local tax, students’ tuition and fees and state revenues (Stuart Lusty). Analysis The percentage of each source of funding varies enormously one state to another. For example, in California students pay about only one tenth of the benchmarked education cost while in other states, students pay as much as one-fourth of the total cost (Conner). Aside from that, there are still other form of fees which are taken gravely in the pockets of those who enroll their children in schools such as miscellaneous fees and materials needed for the completion of their respective courses (Shorrocks-Taylor, W. and Angell). Each has its pros and cons. The most widely used one is funding based on full-time student enrollment. Hence, such is not a practical formula since it does not take other costs such as facilities into consideration. Educational system Further, since the sources of revenue from institutions are limited, as stated above, colleges must find their own way to generate proceeds. Nevertheless, establishing foundations to receive fund from alumni and other donors is one of the cited common practice—selling school related merchandises, leasing extra parcel to developers or ever â€Å"reclamation of lands abandoned by former coal mining companies. † (p. 157)—another way to balance the budget is by saving costs. These sometimes cause schools to change their policy causing them to hire more part-time instructors, rent spaces instead of building new classrooms, reducing student services or limit student enrollment—this seems to go against community colleges’ policy of open enrollment—an irony which denotes compromise. As a matter of fact, some argue that instructors in community colleges are better trained in teaching than those in four-year colleges (Conner). It is basically one of the main reasons why parents critically choose the colleges and universities where to entrust their children’s future. Classroom education Given these various arguments, studies have shown that the delight offered by the â€Å"fresher† form of education is still a mile away from the effectiveness catered with traditional classroom education. It helps students and teachers interact personally while squeezing what is best in each student in the most conventional but â€Å"sure-hit-on-the-brain† perspective. In essence, the percentage of â€Å"learning thoroughly† over â€Å"assisted learning† comes in a pace of large difference (White). The traditional classroom education helps students to meet their respective classmates and interact with them five days a week. More specifically, the presence of â€Å"clubs and organizations† does not only help these students to enhance their skills and apply them for the benefit of the group is a matter of fact a beneficial factor to the kind of profession that they will soon take in the near future (Albalooshi). Distance learning Due to advent of technological advancement, distance learning becomes a trend for community colleges—television and computers become instructional materials, allowing individuals to venture in â€Å"home learning† while mounting the number of enrollees in such form of education and leaving the â€Å"traditional† way of academic acquisition (White). The following however, were noted to be the advantages: writing across the curriculum helps students to improve writing skills; supplement instruction identified high risk courses and help students with those courses; mastery learning makes students competent; competency-based instruction is similar with master degrees and other tutorial services through the internet helps students cope up with various needs in the academic arena (p. 177). Classroom issues The issue of discrimination and other forms of prejudice in the classroom landscape has always been a major factor why some students fail or prefer not to go to school. However, through online learning, these issues are not floating in the scenario. Given the fact that the online enrollees are only interacting virtually with their teachers and their classmates through emails and not through face-to-face meetings, the â€Å"physical† interaction (Januszewski, Molenda and Harris)—which sometimes lead to diverse impressions—are eradicated and this argument makes it more efficient for this â€Å"somehow reprimanded† individuals to pursue education hassle-free at that (Roblyer). It may be a form of â€Å"individual† learning, but through online learning, students are able to do errands after finishing their educational tasks without leaving their homes. Studies in â€Å"online learning† show that individuals who have families and were not able to finish school because of time constraints were able to get the degree they wanted in the most efficient mean possible (Januszewski, Molenda and Harris). Conclusions and further remarks It is true that there exists a humungous demarcation line between the two kinds of learning. Thus, this gap is made not to eradicate the other form from the other, but to improve the society’s way of life. It may have caused several predicaments and may have not completely improved the educational landscape of the society thus for other groups, the innovative form served them good. It may then be taken to assumption that these kinds of learning is basically equipped not to mess the system of acquiring knowledge, rather to give the society sets of choices which have been shaped in accordance to what the proponents of these learning methods have crafted. More specifically, this serves as a proof that education does not stop in extending their capabilities to mold people to become professionals and earn a living, the scope of technology has not congested only on the realm of entertainment and recreation but on the basis of the only treasure that one may cherish in life—and that is education.

ACCOUNTS RECEIVABLES MANAGEMENT Essay

Chapter-V Accounts Receivable Management †¢ Introduction †¢ Goals of Receivable Management †¢ Credit Management †¢ Optimum Credit Policy †¢ Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form  customers (book debts) or debtors as a result of selling goods on credit. â€Å"The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.† The three characteristics of receivables the element of risk, economic value and futurity explain the basis and the need for efficient management of receivables. The element of risk should be carefully analyzed. Cash sales are totally riskless but not the credit sales, as the same has yet to be received. To the buyer the economic value in goods and services process immediately at the time of sale,  while the seller expect an equivalent value to be received later on. The cash payment for goods and services received by the  buyer will be made by him in a future period. The customer  from whom receivables or book debts have to be collected in  future are called Trade debtor and represent the firm’s claim on assets. Receivables management, also termed as credit management, deals with the formulation of credit policy, in  terms of liberal or restrictive, concerning credit standard and credit period, the discount offered for early payment and the 156 collection policy and procedures undertaken. It does so in such a way that taken together these policy variables determine an optimal level of investment in receivables where the return on that investment is maximum to the firm. The credit period extended by business firm usually ranges from 15 to 60 days. When goods are sold on credit, finished goods get converted  into accounts receivable (trade debtors) in the books of the seller. In the books of the buyer, the obligation arising from credit purchase is represented as accounts payable (trade creditors). â€Å"Accounts receivable is the total of all credit extended by a firm to its customer.† A firm’s investment in account receivable depends upon  how much it sells on credit and how long it takes to collect receivable. Accounts receivable (or sundry debtors) constitute the 3rd most important assets category for business firm after plant and equipment and inventories and also constitute the 2nd most important current assets category for business firm after inventories. Poor management of accounts receivables are: neglect of  various overdue account, sharp rise in the bad debt expense, and the collection of debts expense and taking the discount by customers even though they pay after the discount date and  even after the net date. Since accounts receivable represent a sizable  investment on the part of most firms in the case of  public enterprises in India it forms 16 to 20 per cent of current assets. Efficient management of these accounts can provide  considerable saving to the firm. 157 Factors involving in Receivable management: 1. The terms of credit granted to customers deemed creditworthy. 2. The policies and practices of the firm in determining which customers are to be granted credit. 3. The paying practices of credit customers. 4. The vigoir of the sellers, collection policies and practice. 5. The volume of credit sales. Goals of Receivable Management The basic goal of credit management is to maximize the  value of the firm by achieving a trade off between the liquidity (risk and profitability). The purpose of credit management is not to maximize sales, nor to minimize the risk of bad debt. If the objective were to maximize  sales, then the firm would sell on credit to all. On the contrary, if minimization of bad debt risk were the aim, then the firm would not sell on credit to anyone. In fact, the firm should manage its credit in such a way that sales are expanded to an extent to which risk remains  within an acceptable limit. Thus to achieve the goal of  maximizing the value, the firm should manage its trade credit. The efficient and effective credit management does help  to expand sales and can prove to be an effective tool of  marketing. It helps to retain old customers and win newcustomers. Well administrated credit means profitable credit accounts. The objectives of receivable management is to  promote sales and profits until that point is reached where the 158 return on investment is further funding of receivables is less than the cost of funds raised to finance that additional credit. Granting of credit and its management involve costs. To  maximize the value of the firm, these costs must be controlled. These thus include the credit administration expanses, b/d  losses and opportunity costs of the funds tied up in receivable. The aim of credit management should be to regulate and  control these costs, not to eliminate them altogether. The cost can be reduced to zero, if no credit is granted. But the profit foregone on the expected volume of sales arising due to the extension of credit. Debtors involve funds, which have an opportunity cost. Therefore, the investment in receivables or debtors should be optimized. Extending liberal credit pushes sales and thus  results in higher profitability but the increasing investment in debtors results in increasing cost. Thus a trade off should be sought between cost and benefits to bring investment in  debtors at an optimum level. Of course the level of debtors, to a great extent is influenced by external factors such as industry norms, level of business activity, seasonal factors and the  degree of completion. But there are a lot of internal factors include  credit  terms,  standards,  limits  and  collection  procedures. The internal factors should be well administered to optimize the investment in debtors. 159 Credit Management In order that the credit sales are properly managed it is necessary to determine following factors: 1. Credit Policy 2. Credit Evaluation of Individual Buyers 3. Credit Sanction Decisions 4. Control and Monitoring of Receivables Credit Policy The first stage of credit sales is to decide policy in which most important variable is whether credit sales should be made or not and if yes to what extent i.e. what percentage of sales should be done on cash and what percentage on credit. The  discussion with cement companies marketing and financà ©Ã‚  department clearly suggest that the credit policy is more  dependent upon market forces and less on company specially  in periods when there is excessive competition which has  happened a number of times in the history of cement industry after decontrol and manufactures have been forced to provide credit if they wanted full utilization of capacity. If in the market there is practice of providing credit, those companies who do not fall in line have lower sales and so lower utilization of instilled capacity. The management has to weigh whether it  should avoid risk of realization and problem of arranging  funds for larger sales on credit or decide for reduced capacity util ization thereby resulting in higher cost per tonne of cement produced. 160 Actually the policy should be based on cost benefit  analysis of these factors but often policy is decided without detailed calculations. In actual practice when one waits to push sales the marketing department pressurizes the management to provide liberal credit to buyers to realize sales targets. Credit Rating The second virtual point of credit policy is to whom to give credit and whom it should be denied. Whether it should be given to everyone or on selective basis? As per standards one can workout impact of credit sales on profits by following formulae: ∆P = ∆S (1-V) – K * ∆I – B, ∆S in the above formula ∆P = Change in profit ∆S = Change in sales V = Ratio of variable cost to sales K = Cost of capital i.e. interest cost of credit ∆I = Increase in receivables investment B = Bad debts ratio on additional sales The change in profits (∆P) is dependent upon ratio of variable cost and fixed cost and change in sales. The figure is worked out by deducting variable cost from sales i.e. sales  minus variable cost is change in profits. The above formula appears to be very simple but for  policy purposes it requires that policy maker should be able to estimate precisely the impact of credit on sales value, the  variable cost and bad debts besides the cost of capital. In practice besides the cost of capital, it is very difficult to measure extent of increase in sales as a result of credit and it is only broad estimate of sales department. Similarly, it is very difficult if not impossible to workout likely bad debts. The variable cost can be worked out with great precision if proper costing system is maintained. Because of difficulties in  quantifying various variables in the formulae often credit  policy is decided without working details on prevailing market conditions and the need of the company to push sales at a point of time. It has been by various companies that no details are worked. Credit Period The credit period is the time length for which seller agrees to provide credit to the buyers. It varies according to the practice of trade and varies between 15 to 60 days. In some  cases for an early payment pre-agreed discount is given to  induce buyer make an early payment. For late payment in the  agreement there is provision for interest payment by buyer. If credit is given for longer period it induces to push up sales but this is true only when one provides longer period credit than competitors. The customer-distributor, dealer, consumers is attracted to a firm who provides longer period credit. The impact of credit on profits and sales can be worked out from the following formula: ∆P= ∆S (1-V)*K*∆1-b, ∆S The various components are as under : 162 ∆ P= Change in profit ∆ S= Change in sales ∆ 1= Change in investments receivables V= Ratio of variable cost to sales K= Cost of giving credit b= bad debits ratio to increased credit The discussion with the industry suggests that they rarely take decision on period of credit based on formula. It is market conditions and practices in the trade, which decides the period of credit and hardly any calculations of cost are done. In practice it is marketing department whose advice plays an  important and deciding role. In the period when sales have to be pushed up more credit is provided and there is no uniform policy overtime. During rainy season (July-Sep.) when demand is generally slack more liberal credit is granted than rest of the year. Further, when stocks accumulate due to sluggish sales,  producers accept the terms of their customers and traders  about the period of credit but when market conditions are  tight, the seller becomes more strict in providing credit. Optimum Credit Policy Credit policy refers to those decision variables that influence the amount of trade credit i.e. the investment in receivables. The firm’s investment in receivable are affected by general economic conditions, industry norms, pace of technological change, competition etc. Though the firm has no control on these factors, yet they have a great impact on it and it can certainly influence the level of trade credit through its 163 credit policy within their constraints imposed externally. The purpose of any commercial enterprise is the earning of profit. Credit itself is utilized to increase sales, but sales must return a profit. Further, whenever some external factors change, the firm can accordingly adopt its credit policy. R.J. Chambers says, â€Å"The responsibility to administer credit and collection policies may be assigned to a financial executive or marketing executive or both of them jointly depending upon the original structure and the objectives of the firm.† Different types of credit policy are: 1. Loose or Expansive Credit Policy– Firms following this policy tend to sell on credit to customers very liberally. Credits are granted even to those whose credit worthiness is not proved, not known and are doubtful. Advantages of Loose or Expansive Credit Policy: (i) Increase in Sales (higher sales), (ii) Increase in profit (higher profit), Disadvantages of Loose or Expansive Credit Policy: (i) Heavy bad/debts. (ii) Problem of liquidity (iii) Increase in cost of credit management. 2. Tight or Restrictive Credit Policy– Firms following this policy are very selective in extending credit. They sell on credit, only to those customers who had proved credit worthiness. Advantages of Tight of Restrictive Credit Policy: (i) Minimize cost. (ii) Minimize chances of bad debts. 164 (iii) Higher sales in long run. (iv) Higher profit in long run. (v) Do not pose the serious problem of liquidity. Disadvantages of Tight or Restrictive Credit Policy: (i) Restrict Sales. (ii) Restrict Profit Margin. Benefits of Credit Extension: (i) Increases the sales of the firm. (ii) Makes the credit policy liberal. (iii) Increase the profits of the firm (iv) The market value of the firms share would rise. Cost of Credit Extension: (i) Bad debt losses (ii) Production and selling cost. (iii) Administrative expenses. (iv) Cash discounts and opportunity cost. Cost Benefit Trade off Profitability 165 Aspects of Credit Policy: (i) Credit terms (a) Credit Period (b) Cash Discounts (ii) Credit Standard (iii) Collection policy or collection efforts. (i) Credit terms – The stipulations under which the firm sells on credit to its customers are called credit terms. (a) Credit Period – The time duration for which credit is extended to the customers is referred to as credit period. It is the length of time for customers under which they are allowed to pay for their purchases. It is generally varies between 15-60 days. When a firm does not extend any credit the credit period would obviously be zero. It is generally stated in terms of a net date, for example, if firm allows 30 days of credit with no discount to induce early payments credit then its credit terms are stated at ‘net 30’. Usually the credit period of the firm is governed by industry norms, but firms can extend credit for  longer duration to stimulate sales. If the firm’s bad debts build up, it may tighten up its credit policy as against the industry norms. According to Martin H. Seidhen, â€Å"Credit period is the duration of time for which trade credit is extended. During this period the overdue amount must be paid by the customer. The  length of credit period directly affects the volume of  investment in receivables and indirectly the net worth of the company. A long credit period may blast sales but it also 166 increase investment in receivables and lowers the quality of trade credit.† (b) Cash Discounts – It is the another aspect of credit terms. Many firms offer to grant cash discount to their customers in order to induce them to pay their bill early. The cash discount terms indicate the rate of discount and the period for which discount has been offered. If a customer does not avail this offer, he is expected to make the payment by the net date. In the words of Martin H. Seiden â€Å"Cash Discount prevents debtors from using trade credit as a source of Working Capital.† Liberalizing the cash discount policy may mean that the discount percentage is increased and or the discount period is lengthened. Such an action tends to enhance sales (because the discount is regarded as price reduction), reduce the average collection period (as customers pay promptly). Cash Discount is a premium on payment of debts before due date and not a compensation for the so – called prompt payment. (iii) Credit Standard – The credit standard followed by the  firm has an impact of sales and receivables. The sales  and receivables level are likely to be high, if the credit  standard of the firm are relatively low. In contrast, if  the firm has relatively low credit standard, the sales  and receivables level are expected to be relatively  high. The firms credit standard are influenced by three  Ã¢â‚¬Å"C† of credit. (a) Character – the willingness of the  customers to pay, (b) Capacity – the ability of the  customers to pay, and (c) Condition – the prevailing  economic conditions. Normally a firm should lower its credit standards to the  extent profitability of increased sales exceed the associated costs. The cost arising due to credit standard realization are administrative cost of supervising additional accounts and  servicing increased volume of receivables, bad debt losses,  production and selling cost and cost resulting from the slower average collection period. The extent to which credit standard can be liberalized  should depend upon the matching between the profits arising  due to increased sales and cost to be incurred on the increased sales. (iii) Collection policy- This policy is needed because all  customers do not pay the firm’s bill in time. There are certain customers who are slow payers and some are non-payers. Therefore the collection policy should aim at accelerating  collections from slow payers and non-payers and reducing bad debt losses. According to R.K. Mishra, â€Å"A collection policy should  always  systematization  emphasize  in  promptness,  collection  efforts. It  regularity  will  and  have  a  psychological effect upon the customers, in that, it will make them realize the attitude of the seller towards the obligations granted.† The collection programme of the firm aimed at timely  collection of receivables, any consist of many things like  monitoring the state of receivable, despatch of letter to  customers whose due date is approaching, telegraphic and  telephone advice to customers around the due date, threat of legal action to overdue accounts, legal action against overdue accounts. The firm has to be very cautious in taking the steps in  order to collect from the slow paying customers. If the firm is strict in its collection policy with the permanent customers, who are temporarily slow payers due to their economic  conditions, they will get offended and may shift to competitors and the firm may loose its permanent business. In following an optimal collection policy the firm should compare the cost and benefits. The optimal credit policy will maximize the profit and will consistent with the objective of maximizing the value of the firm. Credit Evaluation Before granting credit to a prospective customers the  financial executive must judge, how creditworthy is the  customer. In judging the creditworthiness of a customer, often financial executive keep in mind as basic criteria the four (i) Capital –refers to the financial resources of a company as indicated primarily by the financial statement of the firm. (ii) Capacity – refers to the ability of the customers to pay on time. (iii) Character – refers to the reputation of the customer for honest and fair dealings. (iv) Collateral – represents the security offered by the customer in the form of mortgages. Credit evaluation involves a large number of activities  ranging from credit investigation to contact with customers, appraisal review, follow up, inspection and recovery. These  activities required decision-making skills which can partly be developed through experience but partly it has to be learned externally. This is particularly true in area of pre-credit  appraisal and post-credit follow up. It is an important element of credit management. It helps  in establishing credit terms. In assessing credit risk, two types of error occur – (i) A good customer is misclassified as a poor credit risk. (ii) A bad customer is misclassified as a good credit risk. Both the errors are costly. Type (i) leads to loss of profit on sales to good customer who are denied credit. Type (ii)  leads in bad debt losses on credit sales made to risky customer. While misclassification errors cannot be eliminated wholly, a firm can mitigate their occurrence by doing proper credit evaluation. Three broad approaches used for credit evaluation are: A. Traditional Credit Analysis – This approach to credit  analysis calls for assuming a prospective customer in terms of 5 of credit: (i) Character, (ii) Capacity, (iii) Capital, (iv) Collateral, and (v) Conditions. To get the information on the 5 firm may rely on the following. 1. Financial statements 2. Bank references 170 3. 4. Credit agencies 5. Experience of the firm 6. B. Trade references Prices and yields on securities Sequential Credit Analysis – This method is more efficient method than above method. In this analysis, investigation is carried further if the benefits of such analysis outweighs its cost. C. Numerical Credit Scoring – This system involves the following steps. 1. Identifying factors relevant for credit evaluation. 2. Assign weights to these factors that reflect their relative importance. 3. Rate the customer on various factors, using a suitable rating scale (usually a 5 pt. Scale or a 7pt. Scale is used). 4. For each factor, multiply the factor rating with the factor weight to get the factor score. 5. Add all the factors score to get the overall customer rating index. 6. Based on the rating index, classify the rating index. D. Discriminant Analysis – The credit index described above is somewhat ad hoc in nature and is based on weight which are subjective in nature. The nature of discriminate analysis may be employed to construct a better risk index. Under this analysis the customers are divided into two categories: 1. who pay the dues (X) 171 2. who have defaulted (O) The straight line seems to separate the x’s from o’s, not completely but does a fairly good job of segregating the two groups. The equation of this straight line is Z = 1 Current Ratio + 0.1 return on equity A customer with a Z score less than 3 is deemed credit worthy and a customer with a Z score less than 3 is considered not credit worthy i.e. the higher the Z score the stronger the credit rating. (V) Risk Classification Scheme – On the basis of information and analysis in the credit investigation process, customers may be classified into various risk categories. Risk Categories Description 1. Customers with no risk of default 2. Customer with negligible risk of default (< 2%) 3. Customer with less risk of default (2% to 5%) 4. Customer with some risk of default (5% to 10%) 5. Customer with significant risk of default (> 10%) Credit Granting Decision – After assessing the credit worthiness of a customer, next step is to take credit granting decision. There are two possibilities: (i) No repetition of order. Profit = P (Rev-Cost) – (1-P) Cost 172 Where P is the probability that the customer pays his dues, (1-P) is the probability that the customer defaults, Rev is revenue for sale and cost is the cost of goods sold. The expected profit for the refuse credit is O. Obviously, if the expected profit of the course of action offer credit is positive, it is desirable to extend credit otherwise not. Customer pays (Rev-cost) Offer credit Customer default (1-P) Refuse credit (ii) Repeat Order – In this case, this would only be accepted only if the customer does not default on the first order. Under this, once the customer pays for the first order, the probability that he would default on the second order is less than the probability of his defaulting on the first order. The expected profit of offering credit in this case. Expected profit on initial order + Probability of payment and repeat order x expected profit on repeat order. [P1 (Rev1 – Cost1)-(1-P1) Cost1] + P1 x [P2(Rev2-Cost2)-(1P2) Cost2] The optimal credit policy, and hence the optimal level of accounts receivable, depends upon the firm’s own unique operating conditions. Thus a firm with excess capacity and low variable production cost should extend credit more liberally and carry a higher level of accounts receivable than a firm operating a full capacity on a slim profit margin. When a sale is made, the following events occur: 173 (1) Inventories are reduced by the cost of goods sold. (2) Accounts receivable are increased by the sales price, and (3) The differences is recorded as a profit. If the sale is for cash. Generally two methods have been commonly suggested for monitoring accounts receivable. (1) Traditional Approach (a) (b) (2) Average collection period Aging Schedule Collection Margin approach or Payment Pattern Approach (a) Average Collection Period (AC): It is also called Day Sales Outstanding (DSOI) at a given time ‘t’ may define as the ratio of receivable outstanding at that time to average daily sales figure. ACP = Accounts receivable at time â€Å"t† Average daily sales According to this method accounts receivable are deemed to be in control if the ACP is equal to or less than a certain norm. If the value of ACP exceed the specified norm, collections are considered to be slow. If the company had made cash sales as well as credit sales, we would have concentrated on credit sales only, and calculate average daily credit sales. The widely used index of the efficiency of credit and collections is the collection period of number of days sales 174 outstanding in receivable. The receivable turnover is simply ACP/360 days. Thus if receivable turnover is six times a year, the collection period is necessarily 60 days. (b) Aging Schedule – An aging schedule breaks down a firm’s receivable by age of account. The purpose of classifying receivables by age group is to gain a closer control over the quality of individual accounts. It requires going back to the receivables’ ledger where the dates of each customer’s purchases and payments are available. To evaluate the receivable for control purpose, it may be considered desirable to compare this information with earlier age classification in that very firm and also to compare this information with the experience of other firms of same nature. Financial executives get such schedule prepared at periodic intervals for control purpose. So we can say Aging Schedule classifies outstanding accounts receivable at a given point of time into different age brackers. The actual aging schedule of the firm is compared with some standard aging schedule to determine whether accounts receivable are in control. A problem is indicated if the actual aging schedule shows a greater proportion of receivable, compared with the standard aging schedule, in the higher age group. An inter firm comparison of aging schedule of debtors is possible provided data relating to monthly sales and collection experience of competitive firm are available. This tool, 175 therefore, cannot be used by an external analyst who has got no approach to the details of receivable. The above both approaches have some deficiencies. Both methods are influenced by pattern of sales and payment behaviour of customer. The aging schedule is distorted when the payment relating to sales in any month is unusual, even though payment relating to sales in other months are normal. II. Payment Pattern Approach – This pattern is developed to measure any changes that might be occurring in customer’s payment behaviour. It is defined in terms of proportion or percentage. For analyzing the payment pattern of several months, it is necessary to prepare a conversion matrix which shows the credit sales in each month and the pattern of collection associated with it. The payment pattern approach is not dependent on sales level. It focuses on the key issue, the payment behaviour. It enables one to analyze month by month pattern as against the combined sales and payment patterns. From the collection pattern, one can judge whether the collection is improving, stable, or deteriorating. A secondary analysis is that it provides a historical record of collection percentage that can be useful in projecting monthly receipts for each budgeting period. Control of Accounts Receivable Some of the important techniques for controlling accounts receivable are ratio analysis, discriminate analysis, 176 decision tree approach, and electronic data processing. Information system with regard to receivables turnover, age of each account, progress of collection size of bad debt losses, and number of delinquent accounts is also used as one of the control measures. Ratio analysis is widely used in the control of accounts receivable. Some of the important ratios used for this purpose are discussed below: (1) Average collection Period (Receivables x 365/Annual Credit Sales): The average collection period indicates the average time it takes to convert receivables into cash. Too low an average collection period may reflect an excessively restrictive credit policy and suggest the need for relaxing credit standards for an acceptable account. On the other hand too high an average collection period may indicate an excessively liberal credit policy leading to a large number of receivables being past due and some being not collectable. (2) Receivables Turnover Sales/Receivables): (Annual Credit This ratio also indicates the slowness of receivables. Both the average collection period ratio and receivables ratio must be analyzed in relation to the billing terms given on the sales. If the turnover rates are not satisfactory when compared with prior experience, average industry turnover and turnover ratios of comparable companies in the same industry, an analysis should be made to determine whether there is any 177 laxity in the credit policy or whether the problem is in collection policy. (3) Receivables to Sales (Receivables/Annual Credit Sales x 100) Receivables can be expected to fluctuate in direct relation to the volume of sales, provided that sales terms and collection practices do not change. The tendency towards more lenient credit extension as would be suggested by slackening of collections and increase in the number of slow paying accounts needs to be detected by carefully watching the relationship of receivables to sales. When credit sales figures for a period are not available, total sales figures may be used. The receivables figures in the calculation ordinarily represent year-end receivables. In the case of firms with seasonal sales, year-end receivables figures may be deceptive. Therefore, an average of the monthly closing balances figures may be more reliable. (4) Receivables as percentage of Current (Receivables/Total Current Assets Investment) Assets The ratio explains the amount of receivables per rupee of current asset investment and its size in current assets. Comparison of the ratio over a period offers an index of a firm’s changing policies with regard to the level of receivables in the working capital. Some other ratios are: 1. Size of receivable = receivable/total current assets 2. Size of debtors = debtors/total current assets 178 3. Size of loans and advances = loans and advances/total current assets The size of receivables of selected companies has been given in table 5.1 Table 5.1 Size of Receivables of the Selected Cement Companies for the years from 2003-04 to 2007-08 Year ACC Mangalam Gujarat Ambuja 0.52 0.35 0.43 0.35 0.46 0.52 0.43 0.54 0.38 0.54 0.44 0.46 Shree Cement 0.58 0.55 0.63 0.61 0.66 0.61 India Cement 0.54 0.72 0.79 0.84 0.87 0.75 Industry Average 0.53 0.53 0.61 0.61 0.62 0.58 2003-04 0.68 2004-05 0.61 2005-06 0.67 2006-07 0.64 2007-08 0.62 Company 0.64 Average Source: Based on data provided annual Reports of the cement companies. The size of receivable of all the cement companies shows  fluctuating trend throughout the study period except Gujarat Ambuja, and Shree. Both the companies show increasing trend. The minimum size of receivable in ACC is 0.61 (2004-05),  Mangalam is 0.38 (2007-08), Gujarat Amubja is 0.35 (2003-04 and 2004-05), Shree Cement is 0.55 (2004-05) and in India  Cement is 0.54 (2003-04). The maximum size of receivable in  ACC is 0.66 (2003-04), Mangalam is 0.52 (2003-04), Gujarat Ambuja is 0.54 (2007-08), and Shree cement is 0.66 (2007-08) and in India cement is 0.87 (2007-08). The study of the  composition of receivables is a very important tool to evaluate  the management of receivables. It assists to show the point where receivables are concentrated most. The size of sundry debtors in cement manufacturing   companies in India has been computed and presented in the table 5.2. Table 5.2 Size of Sundry Debtors of the Selected Cement Companies  for the years from 2003-04 to 2007-08 Shree Cement 0.22 India Cement 0.11 Industry 0.21 Mangalam Gujarat Ambuja 0.34 0.05 2004-05 0.29 0.32 0.05 0.33 0.08 0.22 2005-06 0.32 0.34 0.07 0.32 0.11 0.23 2006-07 0.28 0.31 0.08 0.27 0.14 0.22 2007-08 0.27 0.21 0.09 0.26 0.12 0.19 Company 0.28 0.30 0.07 0.28 0.11 0.21 Year ACC 2003-04 0.19 Average Source: Based on data based on Annual Report of Cement Company It is evident from the table 5.2 that the size of sundry  debtors in ACC, India Cement, Mangalam and Shree show fluctuating trend throughout the study period. Percentage to current assets was highest to 0.32 in ACC in 2005-06 and  highest 0.33 in Shree in 2004-05. Gujarat Ambuja shows  increasing trend throughout the study period. The percentage of sundry debtors to current assets where reduced shows that in those years the speed of increase in current assets was much more than that of the sundry debtors. The size of receivable of all the cement companies shows fluctuating trend throughout  the study period except Gujarat Amubja. The minimum size of  receivable in ACC is 0.21 (2003-04), Mangalam is 0.21 (2007-08), Gujarat Ambuja is 0.05 (2003-04 and 2004-05), Shree cement is 0.22 (2003-04) and in India Cement is 0.08 (2004-05). The  maximum size of receivable in ACC is 0.32 (2005-06),  Mangalam is 0.34 (2003-04 and 2005-06), Gujarat Ambuja is 0.09 (2007-08), and Shree Cement is 0.33 (2004-05) and in India Cement is 0.14 (2006-07). The average collection period of selected cement  companies has been given in table 5.3 Table 5.3 Average Collection Period in Selected Cement Companies for the years from 2003-04 to 2007-08 (in days) Year ACC Mangalam Gujarat Ambuja Shree 1999-00 34 36 7 46 India Cement 18 2000-01 43 36 7 47 20 2001-02 43 33 8 49 22 2002-03 41 27 10 48 37 2003-04 26 28 10 37 47 Company 39 32 8 45 29 Average Source: Based on data provided in Appendix The minimum Average Collection Period in ACC is 34 (2003-04), Mangalam is 27 (2006-07), Gujarat Ambuja is 7 (200304 and 2004-05), Shree Cement is 37 (2007-08) and in India Cement is 18 (2003-04). The maximum Average Collection Period in ACC is 43 (2004-05 and 2005-06), Mangalam is 36 (2003-04 and 2004-05), Gujarat Ambuja is 10 (2006-07) and  2007-08), and Shree Cement is 49 (2005-06) and in India Cement is 47 (2007-08). 181 The Creditor turnover of selected cement companies has been given in the table 5.4. Table 5.4 Creditor turnover of Selected Cement Companies or the years from 2003-04 to 2007-08 Shree 11.10 Mangalam Gujarat Ambuja 8.77 1.12 1.63 India Cement 1.40 Industry Average 4.80 2004-05 12.60 6.98 0.71 1.15 1.38 4.56 2005-06 12.93 5.80 0.63 1.41 1.09 4.37 2006-07 12.19 5.48 0.95 1.93 0.97 4.30 2007-08 13.42 3.71 0.73 1.58 0.90 4.07 Company 12.45 6.15 0.83 1.54 1.15 4.42 Year ACC 2003-04 Average Source: Based on data based on Annual Report of the cement companies It is evident from the table 5.4 that Creditor turnover in ACC and Gujarat Ambuja and Shree fluctuating trend. Mangalam and India Cement show decreasing trend all over  the study period. The minimum Creditor turnover in ACC is 1.10 (2003-04), Mangalam is 3.71 (2007-08), Gujarat Ambuja is 0.62 (2005-06), Shree Cement is 1.15 (2004-05) and in India Cement is 0.90 (2007-08). The maximum Creditor turnover in ACC is 13.42 (2007-08), Mangalam is 8.77 (2003-04), Gujarat Ambuja is 1.12 (2003-04), and Shree Cement is 1.93 (2006-07) and in India Cement is 1.40 (2003-04). The  debtors  turnover  in  cement  manufacturing  companies in India has been computed and presented in thetable 5.5. 182 Table 5.5 Size of Receivable of Selected Cement Companies  for the years from 2003-04 to 2007-08 Year ACC 10.65 Mangalam Gujarat Ambuja 10.21 50.26 2003-04 2004-05 8.58 10.21 2005-06 8.45 2006-07 2007-08 Shree 7.90 India Cement 20.45 Industry Average 19.89 52.07 7.78 17.85 19.30 11.19 44,17 7.47 16.66 17.59 8.95 13.64 36.79 7.67 9.92 15.39 10.20 13.06 37.41 9.94 7.73 15.67 Company 9.37 11.66 44.14 8.15 14.52 17.57 Average Source: Based on data based on Annual Report of the Cement Companies It is evident from the table 5.5 that the debtors turnover in ACC is fluctuating maintains approximately a fixed level. Mangalam and Gujarat Ambuja show fluctuating trend  throughout the study period. Debtors turnover was highest to 13.64 in Mangalam and 9.94 in Shree in 2006-07 and 2007-08  respectively. India Cement shows decreasing trend throughout the study period. The minimum debtors turnover in ACC is 8.45 (2005-06), Mangalam is 10.21 (2003-04 and 2004-05),  Gujarat Ambuja is 36,79 (2002-03), Shree Cement is 7.47 (200506) and in India Cement is 7.73 (2007-08). The maximum debtors turnover in ACC is 10.65 (2003-04), Mangalam is 13.64 (2006-07), Gujarat Ambuja is 52.07 (2004-05), and Shree Cement is 9.94 (2007-08) and in India Cement is 20-45 (2003-04). 183 Select References: O.M. Introduction to Financial Management (Homewood illnois: Richard D. Irwin, 1978). Lawerence D. Schal and Charles W. Haley, Financial Management, 3rd Edition. New York, McGraw Hill, 1973). S.E Bolten, Managerial Finance, (Boston: Houghton Mitten Co., 1976). R.J. Chambers, Financial Management, (Sydney: GTE Law Book Company Ltd,. 1967). Joseph L. Wood, ‘Credit and Collections’ in Daris Lillian, ed., Business Finance Handbook, (Englewood, Cliffs, New Jersey : Prentice Hall, 1962. Martin H. Seiden, The Quality of Trade Credit (New York : National Bureau of Economic Research, 1964. Theodore N. Backman, Credit and Collection: Management and Theory (New York : McGraw Hill Book Company, 1962). 184

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Market analysis for private investors Essay Example | Topics and Well Written Essays - 1750 words

Market analysis for private investors - Essay Example In 2009, the equity investment fell miserably forcing a number of investors undergoing a great loss in their investment. Nonetheless, the performance of the equity investment began to pick from late in the year 2009 to 2010. The performance of the equity investment kept on rising steadily to its peak in 2011. This was a relief to most investors considering most of them underwent a massive loss during recession period (Cherry, 2011, 40). The investment performance of the equity income for the last five years clearly shows how the equity income experienced both a decline and a rise in its market performance. Recession and the hard economic times experienced in year 2008-2009 were responsible for the poor performance of equity income investment. Aberdeen UK equity income A ACC was well managed to ensure its future performance was optimally maintained so that investors can obtain reasonable returns (Cherry, 2011, 41). In addition, history is also well managed so that the trend of investm ent of the equity income can be seen clearly. Therefore, investing in equity income requires a clear focus in investment, management and its growth. Risk averse investors can use this kind of investment income because its investment is diversified around the world. JPM natural resources involve investment in production and marketing commodities around the world. Investing in JPM natural resources guarantees capital growth in the long term. From the year, 2007 to 2011 JPM natural resources experienced a rise and a fall in investment performance (Salih, 2011, 12). J.P For instance, the year 2007 had steady growth in performance of JPM natural resources. The performance of the investment remained between 0-40 percent until 2009 when the investment performance declined to negative. The performance started picking again at the beginning of 2009 and it kept on rising steadily to 2011. Performance of the JPM natural resources can be considered stable in recent years (Salih, 2011, 13). This investment portfolio was also affected by recession and difficult economic times in the year 2008-2009. The investment is expected to benefit its investors after awhile. Therefore, investors considering investing in this portfolio need to be patient with their returns. Fidelity south East Asia is an investment portfolio with an objective of raising long-term capital from diverse companies throughout pacific basin excluding Japan. The investment portfolio is known to favor large companies in addition; the investment portfolio has better investing opportunities with greater risk (Adams, 2007, 95). In the past five years, fidelity south East Asia has recorded constant growth with a number of declines in the investment. The year 2008 recorded a fall in performance of fidelity East Asia investment due to recession and economic downfall of all investments around the world. From year 2009 to 2011, the investment portfolio recorded a steady growth providing investors with recommendable ret urns. Investing in fidelity south East Asia requires an investor to incur some charges (Adams, 2007, 96). In order to invest in fidelity south East Asia one is required to invest a minimum of a thousand pounds and a top up of two hundred and fifty pounds (Adams, 2007, 97). There is a standard charge for all

Value added Coursework Example | Topics and Well Written Essays - 250 words

Value added - Coursework Example Although some view this exporting of raw materials to be beneficial, it is in order to say that the value-added industries succumbs losses in terms of employment to the public. Value-added for processing the raw materials allows for growth in the economy since it is considered efficient in comparison to export of the latter. If a company exports raw materials, as opposed to processing it themselves, the cost of the input is high due to the travelling costs, processing amounts and other expenditures at hand. In this case the value-added becomes low thus less efficient. Also, value-added for processing raw materials helps in the company’s operations strategies compared to value-added for exporting the raw materials. This is seen in the amount of money that is saved within the company. Obviously, with the right equipment to process the raw materials to the final product, valuable costs are saved and so the value-added industry prevails. It is cost effective and reliable in terms of value-added for processing raw materials compared to value-added for exporting the raw materials. Time spent to effectively process the raw materials to a finished product is favourable to consider in adding value to the item. Putting this into consideration then we have that value-added for exported raw materials is low compared to that of value-added for processing the same raw materials since there is less time involved in production of the raw materials within a firm than to export them for

Of Mice and Men Essay Example for Free

Of Mice and Men Essay We know this because Candy says ‘boss gives him hell when he’s angry’ about Crooks. Also, Curley’s wife is called ‘tart’ and ‘jail bait’ purely for being a woman. An air of bitterness hangs throughout the book, majorly from these two minor characters; both brought on by loneliness and lack of communication skills. The difference in these characters is that Curley’s wife is open about her loneliness, out looking for company, however Crooks isn’t so fond of letting people know he is lonely, he’d rather just let it go; this is until he finds that Lennie is actually good company, and it is better to have someone there to talk to. Another form of their bitterness is shown through their own mean comments, for example Curley’s wife is racist to Crooks, making the remark that shows her true feelings towards him and his race. Also, Crooks isn’t so kind to Lennie at the start of part 4, tormenting him about George, telling him he would get locked up if George never came back. Although in some ways Curley’s wife is higher up in society that Crooks, Crooks still has a job which women weren’t allowed, not on a ranch anyway. Though black, Crooks was still allowed to work and get paid, without having to marry just to have income. Curley’s wife is made to seem more of a threat by George: he tells Lennie to stay away from her and calls her vicious, sexist names, ‘tart’ and ‘jailbait’ and ‘trouble’. However he never makes comments about Crooks, or about how Lennie shouldn’t go near him, suggesting that he wouldn’t do as much harm to Lennie, or possibly that he is less important than Curley’s wife. Despite being seen as trouble, Curley’s wife could get Crooks in trouble even if he didn’t do anything, Crooks could not do this to her as she was seen as more important in the eyes of the law. Even not taking the law into consideration, the ranch hands probably viewed Crooks as more important, but being married to Curley, would probably have to treat Curley’s wife with more respect if she made accusations against Crooks. Throughout the book there is a parallel of dreams. This ties in with the American Dream, a dream that nearly everyone in America had, and was wildly advertised as ‘the American Way. ’ These two minor characters both had dreams, just like everyone else. However, unfortunately, they’ve both had their chance, Curley’s wife was offered a shot in Hollywood, and thinks that was it for her as she never got the reply she was hoping for. Crooks believes that he has already lived the dream throughout his childhood, so, just like Curley’s wife, he has no shot at a new dream. Themes play a large part in the structure of this novella, weaving in and out of the storyline the whole way through. Main themes like dreams and loneliness are featured the most; however nature, death and friendship also show. Social hierarchy played a large part in society in the 1930’s, as it still does, however not as prominently as back then. Anyone that wasn’t white was instantly looked down on and given fewer rights. Women were seen as sexual objects. With friendship playing a large part in the novella, loneliness also played a part. In particular, Crooks and Curley’s wife were lonely, Crooks is unable to show this at first whereas Curley’s wife is fully able as she is always looking for company. ‘The American Dream’, the major dream all across America to defeat the Great Depression, and to find a place of your own, earning a sufficient amount of money. It starts off just introducing to us the dream of George and Lennie: their dream, like everyone else’s, to get a place of their own and to ‘live of the fatta the lan’ ‘. This later progressed to having Candy involved. After the shooting of his beloved dog he realised that once he gets too old to work he will too be gotten rid of, not as brutally, but still ‘canned’. This also showed a theme of death, and lack of sentimentality. After Candy, Crooks finds an opening for him to join the dream, however soon backs down as he realises this isn’t the best idea. We also realise the dream of Curley’s wife: to be off somewhere in Hollywood, the opposite of where she is now, with someone she doesn’t even like never mind love. She is also lonely; it probably being her dream to have someone to talk to which she never has on a lonely ranch. ‘Soledad’, ‘solitaire’, ‘Weed’ all show ‘sol’- lonely, or ‘Weed’ being the place that George and Lennie lived, and a weed is a plant that no one wants. Bad language curses the novella, giving a real sense of the harsh reality of the 1930’s. ‘Nigger,’ ‘Son-of-a-bitch,’ ‘bastard’ are all words used throughout the book to describe characters in vulgar, often racist ways. Also ‘tart’, ‘jailbait,’ and ‘trouble’ are used to describe Curley’s wife, in the innocence of her life she must put up with these judgemental names that she doesn’t deserve just for having a less preferred gender. All of these curse words show the reality of the language used in ranch life, releasing any anger one had as a result of the hard times they were going through. Many of the men would rub off on each other, so language would only get worse. Crude language and swearing would circle the ranch until everyone was using it and it became a normal vocabulary for these poorly educated men. As well as using curse words, the way Steinbeck actually wrote the book helped to give a sense of the times. ‘†¦he had thin, pain –tightened lips, which were lighter than his face. ’ ‘Pain-tightened’ can only be describing the difficulty in Crooks’ life, he is so lonely and bitter that he has forgotten all communication, which must be such a difficult thing for a social being, however he stays quiet as he has no other option. As we know, racism was a large part of society. This was not only shown through the racist remarks that are made to Crooks throughout the book, but also how Crooks isn’t fully introduced until part four of the novella. This shows his lack of importance and meaning in the story, and that he is just a side character, merely helping to keep the ranch together, and that is it. Not anyone’s friend. Not any reason other than ‘the stable buck’s a nigger’ for him to be mentioned. When this minor character is introduced, he is introduced in such a way that we can straight away grasp his true personality and really understand who he is. His belongings show his inner personality, and his lack of hope to move on with his life, and that even though he is hardly mentioned as an important character, he is probably the most likely person on that ranch to never leave. Moving on from Crooks, Curley’s wife is also described in a way that says a lot about her visual appearance, showing that she probably cares more about what she looks like on the outside than what she is like on the inside. ‘She has full, rouged lips and wide-spaced eyes, heavily made sup. Her fingernails were red. Her hair hung in little rolled clusters, like sausages. She wore a cotton house dress and red mules, on the insteps of which were little bouquets of red ostrich feathers. ’ No match for ranch life, Curley’s wife enters the book also majorly in part four, displaying her unimportance. She makes a storm as she gives the unforgivable comment to Crooks, showing that she is not only heavily made up on the outside, but also heavily made up on the inside, in that she thinks she is better than him, and almost big headed. To conclude, I feel that the novella truly did show the hardship of the 1930’s, and what these men went through. The social + historical context, character description, language, themes and structure all piece together to make an unforgettably moving novella. I feel that the parallels through the book e. g. the book starting with life on the Salinas river, then ending with death in the same place, the parallels through George killing Lennie as he is a true friend who truly cares about him and wants the best for him. I feel that Crooks and Curley’s wife did say unforgivingly nasty things to others, however, given the times, probably didn’t mean a word of it, and were both trying to prove their status, showing that where you are in social hierarchy was very important to them as it was probably all they had left. I do sympathise for them as they are, like everyone else, in need of company. Overall, taking the title into account, no matter how big or small you are, fate is always against you.

Race And Ethnic Relations In Global Perspective Essay Example for Free

Race And Ethnic Relations In Global Perspective Essay When I did my research on Hmong people in unit six I found their history and culture to be very interesting, that is why I choose the conflict of the Hmong people and the Vietnam War to do this project on. Before getting into the exact conflict and the harm that the war caused many Hmong people I am going to write about the Hmong culture. http://www. historyguy. com/hmong_rebellion_in_laos. html#. UYxyE6JnG8g The Hmong are ethnically different from the Vietnamese, Cambodians and Lowland Lao. They lived in the mountains between Laos and Vietnam. They were considered less â€Å"civilized† than the other ethnic groups mentioned. They were considered to be Semi-Nomadic because they practiced the slash-and-burn as their way of getting food. Before the French came and made Indochina a Colony the Hmong were persecuted for their way of life, after that they were left alone and not bothered by the other groups. During the Indochina War (1946-1954) the Hmong people supported the French because they protected them. When the French pulled out they left the Hmong people to survive on their own, little did they know that this would not be the last time this would happen to them. In the early 1960’s JFK sent in the Special Forces (Green Berets) to South Vietnam. They landed right by the Hmong villages. Right after they landed, the American soldiers started to recruit the young men in the villages to help them fight the North Vietnamese. They agreed to do this not because they had love for the South Vietnamese, but because they thought that the United States would be a good replacement for protection since the French had left them with no protection. The United States also recruited young Hmong men who lived in Laos to form a â€Å"Secret Army†. The Hmong people were dedicated to help the United States in the war and would do whatever it took to have the United States protection from the communist North Vietnamese. Little did they know but that protection wouldn’t be there for long and they would be left to face the enemy on their own. Before the United States recruited the men of Hmong, they were a neutral party in Vietnam. In 1973 the United States soldiers were ordered to pull out of the Vietnam War and left the Hmong with no protection. When the communist won the war in 1975 they ordered the Hmong people, women and children include, to come down from the mountains. They wanted to be able to monitor what the Hmong’s were doing. I guess they probably did this to make sure that they were no longer a threat to them. Most of the Hmong people refused to come down from the hills. When the Hmong refused to come down the communist started dropping Soviet supplied toxic agents on the villages from the air, this was called â€Å"Yellow Rain†. The yellow rain wiped out whole villages including men, women and children. In 1975 the Hmong people fled to refugee camps in Thailand to escape the horror and torture that they would have to suffer from the Lao Communist Government. In late 1975 they began arriving to the United States from the refugee camps. In the early 1990’s the refugee camps were forced to close and the people who had not fled to the United States were forced to go to non-un camps. Many of them tried to become Thai citizens but that entailed getting large sums of money from relatives. Most of those refugees could not obtain citizenship because their relatives did not even have enough money to take care of their direct families. In 2006 the Thai government made the remaining Hmong people relocate to a more isolated area in Thailand, many of them are deprived access to join their families in the United States. They are basically left to fend for themselves and fear for their lives every day. If they would never have been asked to join the United States in the fight in Vietnam, they would still be living like they always did before. They were not an enemy to anyone until they trusted the United States and later that trust was broken. The Hmong people who now live in the United States have what we would call a better life. In my opinion if we would have never disturbed them and their lives during the war they would have never known a different way of life. They would probably be happy just the way they were, with no enemies to mess with them and have never have lost most of their people in the war. It is our fault that they ever had this conflict.

Modernisationory vs dependency school

Modernisationory vs dependency school SGM 100 1. INTRODUCTION There are many reasons to examine the current situation of the world, where a lot of countries are underdeveloped or are developing, and a small portion of the world, which are the Western countries, are relatively rich and developed. In this essay I discuss the Modernisation theory and Dependency Theory and how they came into existence. Also, the contributions made by all the countries and trying to develop in their own way by the argument based on the Neo-Marxist theorists explains the reasons why this division is still present, especially, the third World countries being dependent on Western countries. Later, I have taken CUBA as an example to show how it ended its dependency on the western countries, and it may give hope to other underdeveloped countries. Then the comparison between the two theories is done and concluding which one is better. 2. DEPENDENCY THEORY: After World War II, due to economic expansion and polarisation Cold War emerged, and it was then that American social scientists started studying the Third World nations with the purpose of promoting social and political stability and bringing development in the economic structure. (So, 1990, pp.17). However, scholars from made their own theories. It was partly based on the modernisation theory which resulted in the sub-optimal results, as well as ending by saying that imperialism has actively underdeveloped the peripheral societies they are living in (Martinussen, 1997, pp.86). Peripheral countries are assumed to be dependent on mass media. Modernisation School was first criticised in Latin America, when the United Nations-Economic Commission for Latin America went Bankrupt (ECLA). (So, 1990, pp. 91). Overall, because of the failure of the ECLA and the Modernisation School theories declined, it gave rise to Neo-Marxist Dependency Theories. First, attempt to redefine dependency theory from the Third Nations point of view was done by Paul Baran and Andre Frank. Baran argued that the backward or the third world countries were defined by double economies: a large sector was under agriculture and a very small sector was under industries (Martinussen, 1997, pp.86). The capability to generate economic surplus and profit margins from agriculture is still minimal (Keet, 2002). Baran articulated the difference between the classes and their relations. Also, their impact upon how the economic surplus is been utilised and the power being distributed which resulted to create barriers, preventing development. Thus the crucial and most important point is the conditions of the Third World country within their country. He explained solution to eradicate dependency on the western countries by using a lot of state interference to promote industrialisation as an arrangement for evolution of other industrial sectors (Martinussen, 1997, pp.8 7). Frank criticised Barans thesis by identifying the causes of underdevelopment. Merchant capitals target metropoles. The satellites exists only to feed the metropoles based on their requirements. The crucial method to gain more economic surplus was trade and batter system, including both international and national exchanges. Frank proposed a solution to eradicate the problem of dependency by de-linking completely from the world market to grow. (Martinussen, 1997, pp.88-89). It directly blamed the external factors, like colonialism, whereas the Modernisation School assumed the reason behind these countries to be under-developed is overpopulation, culture, and lack of motivation to do anything constructive or little investment. Moreover, Frank argues that the same process of development in the Western countries immortalises the third world countries to develop (So, 1990). Most of the scholars tried to explain the reason for them to remain backward by focussing on the external factor s. They think there was unequal exchange of economies from the western countries, and their theoretical structure is core versus periphery. All the solutions that were proposed included a socialist revolution with a completely or partly staying away from the international system. Based on the classical dependency theories, more observational information was collected from the circumferences point of perspective, not only from Latin America, but also within African and Asian countries. It was very clear that dependency theory alone cannot explain all the observations. Martinussen (1997, pp. 93) states the actual changes in the less developed countries implied greater and greater differentiation between the underdeveloped countries. Therefore, Neo-Marxist theory required an elaborate and expanded version of explanation. 3. MODERNISATION THEORY For more than 10 years, till the late 1960s, modernisation theory was very popular among the social science. The concept was used in order to explain the changes which will last for a long time due to this theory. It also criticised the Marxist theory on dependency and discussed the difference in cold war and explained how the new independent countries should progress. After this, in the next 20 years, the concept of modernisation theory and its understanding was completely changed and had become the target of criticism. Most of the people did not accept any theory, but there were some of them who preferred Neo-Marxist theory; puts the blame on the United States for most of the countries to remain underdeveloped. Many people started ignoring the modernisation theory without mentioning any efforts that could be made to apply this theory systematically. As the Cold War ended, modernisation theory was again brought into picture. It was only to reduce the rising disagreement over globalisation. Some argued that the fall of communism was one of the reasons that deviate the requirements which were specified in the theory, while others replied that other abrupt changes in Russia and other countries proved the theory to be wrong. What was the reason that proved modernisation theorists wrong? Was it the failure of the socialist model or the failure of the economic advice? Later, debates about globalisation pointed out many of the same issues as modernisation theory. After almost 50 years, the theory was again brought into the limelight, social scientists are again working on the positives and negatives of the theory and opening it to the outside world, also on political reform in order to improve capacity of the state and its responsiveness, a breakdown of social barriers, and to improve the knowledge of the state that maximises absorption of information. Definition It is used to inspire by its historical and sociological background. It had been developed by doing a lot of historical research and investigating the effects of modernisation that will have on the human communication. According to Giddens (1991), Modernisation means the appearance of modes of social life or organization which emerged in Europe from about the seventeenth century onwards and which subsequently became more or less worldwide in their influence. Modernisation theories explain how the communication and media uses have changed in the traditional and modern societies. After the World War II, there were more or less twenty societies which were regarded as highly efficient and more. Definitions ofmodernised varied from places to places. For some of them, structural features, such as levels ofeducation, urbanisation, use of sources of energy, and fertility were the ways to decide whether the particular society is modern or no. For others, attitudes described the modernisation of the society, such as secularization, achievement orientation, functional specificity in formal organizations, and acceptance of equality in relationships. Core assumptions and statements Modernisation theory has evolved in three parts. The first part came into existence in the 1950s and 1960s. One tried to contrast the Western styles of living from the other parts of the world, their technological inventions and their highly selective, targeting to only one person at a time, types of communication, their individualist cultures and of individual motivation and achievement (Lerner, 1958 and Schramm, 1964). According to McQuail, (2000, pp. 84), this produced three variants: 1. Economic development: mass media promote the global diffusion of many technical and social innovations that are essential to modernisation (Rogers, 1962). 2. Literacy and Cultural Development: Mass media teaches literacy and other techniques to develop. It encourages a favourable state of mind. E.g. finding a way to live a life beyond the traditional way. 3. National identity development: Mass media helps support the national identities and democratic elections in the newly created colonies. Most of these theories have been criticised as they were pro-western bias. The second step of modernisation theory is a part of the critical theory that was popular in the 1970s and 1980s. This part does not join hands but it criticises the influence of the western countries on the other countries. This is held to be an instance of Western cultural and fiscal imperialism or authority. (Schiller, 1976). The third step of modernisation theory which rose in the 1990s is the theory of late, or post modernity. It tries to not be in favour or against the modernisation of the westerns. In fact, it attempts to eradicate the differences in the process of modernisation and explains the results of modernity for individuals in contemporary society (Giddens, 1991a, b). Giddens showed that modern society is characterised by time-space distantiation and dis-embedding mechanisms. Traditional society is basically a direct conversation between the people who live close by, whereas, modern societies goes way beyond that and reaches out to a number of people and communicate with them through the means of mass media and interactive media. Benjamin Barber tried to explain the differences between the Western and non-Western cultures of the world in hisJihad versus McWorld: How the Planet is both Falling Apart and Coming Together(1996). This matter of grouping on integration and division in civilisation a nd in media use is also present in the effort of Meyrowitz (1993) and Van Dijk (1993, 1991/1999). Van Dijk tries to explain the rise of the new media such as computer networks and mobile telephony as important tools for modern life. It tries to explain the relationship between all the countries from a historical, sociological, economic and cultural point of view. It gives attention to the role played by the mass media and the new media to help a society develop. 4. CASE STUDY ON CUBA THE ALTERNATIVE MODEL Cuba has always been a socialist revolution, which was a necessity by the classical dependency school in order to end the dependency. Unexpectedly, the relations with the international countries changed.Partly, because U.S put restrictions on Cuba. This was the reason for Cuba to move strongly towards the Soviet Bloc. This resulted in the export of sugar cane and import of petroleum, equipments required in industries, daily bread and butter and agrochemicals (Rosset and Benjamin, 1994, and Enriquez, 2000). Moreover, 5.4 times more for Cuban sugar cane was paid by the soviets than the market price (Rosset, 2002), providing almost 80% of Cubas foreign exchange (Enriquez, 2000), thereby promoting dependency of Cuban society. Its positive point was their internal investment to get an excellent education system and a good health care system. But, Cubas links with the Soviet Bloc. ended after the end of the Cold War.According to Dr. Funes quoted in Parker, 2002, $8billion/ per disappeared from the Cuban trade and imports were reduced by 75 percent(2002). Other sources claim it to have been cuts of 82% (Rosset, 2002) of its pesticides or over 90% of Cubas fertilizer use (Rosset and Benjamin, 1994, pp. 3). Even more seriously, Approximate weight of the populations caloric intake that was derived from imported goods ranged from 44 to 57 percent.(Enriquez, 2000). This indicated food shortage for the citizens. Thus Cuba, which was still under the restriction of the U.S, lost all their trading partners overnight. They faced the challenge to find other ways to be highly mechanized and industrialised. They wanted to be self sufficient and rely on themselves in its food production to prevent scarcity.Here Cubas social structure proved to be of great advantage. As they were highly educated and along with state regulation, they started planning which resulted in positive result of the socialist revolution, which is known as The Alternative Model. Although Cuban citizens are still on food ransoms, and food availability had dropped at least to only 60% (Kovaleski, 1999) during the 1991-1995 period, Cuban agriculture has recovered in most areas to the levels of the 1980s (Parker, 2002) and is now world leader when it comes to knowledge of organic agriculture (Rosset, 2002). Elimination of dependency We are told that small countries cannot feed themselves, that they need imports to cover the deficiency of their local agriculture and synthetic farm chemicals, yet Cuba is virtually doing so. We are told that we need the efficiency of large-scale corporate or state farms in order to produce enough food, yet we find small farmers and gardeners in the vanguard of Cuba. We hear time and again that international food aid is the answer to food shortages-yet Cuba has found an alternative in local production.(Rosset, 2000)Acknowledged, Cuba has faced real hardship in the 1990s, but it is also an example that the so-called de-linking as outlined by the Dependency School is possible. Proof of the viability of organic agriculture is the other great windfall (Parker, 2002). Also can this Alternative Model be an example for other dependent countries? According to the World System dependency theorists Cuba was already in the semi periphery, because they have educated population who were crucial in its policies for survival. Enriquez (2000) points out the parallel, but slower process in China and Vietnam, and says that countries of other Soviet Bloc are not experiencing a this difference because they dont have the socialist planning structure. She also explains by going little ahead, claiming that due to the restrictions put by the U.S change have been positive. On the other hand, Latin America lost a lot of liberty of their power to administer their spending (Anon, 2002), Cuba has proved that even after going through a lot of difficulties, it was capable enough to gain back all the things that it had lost. However, the majority of the dependent nations do not have a socialist structure in place, also U.S continuous to put restrictions to prevent neo-liberal influences. So Cuba cannot be an appropriate example for these nations but it can encourage them to find their way out of this dependency trap. 5. GLOBALISATION: MODERNISATION vs. DEPENDENCY Over the last ten decades many events and situations have occurred throughout the word. This has affected not only the places where these events or situations took place but also the media relations, politics and economic factors were affected the world as a whole,   due to industrialisation. Some of these situations that have occurred have been positive and some were negative. Events that take place In developed and those countries which has the power to influence the other countries, such as the United States or United Kingdom have a tendency to make a larger impact on other developing or underdeveloped countries because more relationships are tied through them. This makes countries like the United States and the United Kingdom able to purposely make decisions and direct it in a direction which is beneficial for them, which is why the way the United States and the United Kingdom conducts its business is criticised so thoroughly. There are some people who believe that this has led to globalisation and this effect is a very good thing and there will be a difference in the social and cultural background in all societies because of industrial capitalism. These kinds of people believe in the modernisation theory which was developed because of globalisation. There are also some people that believe that this is not a good thing and it can lead to inequality all over the world as the result of historical exploitation of the poor, underdeveloped societies by rich, and the developed countries. This led to the development of dependency theory. The people who follow this are considered as dependency theorist According to my opinion, by in large, I believe that the dependency theory is the way we think and react in terms of globalisation. The modernisation theory states that one thing needed to modernise is infusion or the merger of capitals. I believe that this is all too true, and the more advanced the society becomes, the more they must stay away from others in order to make themselves greater and develop more. At this point the people in the United States use the third world countries or the underdeveloped and developing countries as the way to gain resources that we are exhausting. They get their raw materials, their industry, and even their people from these countries. The other countries and their cultures that decide not to modernise and wants their traditional ways of thinking to be alive are not given any choice by the other countries and cultures. They remain backward as they do not get any choice because the other cultures are going ahead as they are modernising their cultures . The Kung tribes in the Kalahari Desert in Namibia, Botswana and Angola, talks about the way they had lost their traditional values in less than one generation because they had lost their land which they needed to exist in this world as hunter gatherers. This is something that will continue happening and I do not believe that there is anything we can do about it except compensate heavily. On the contrary, Dependency theory has an almost exact opposite outlook on globalisation than modernisation has. It basically attacks the structure modernisation theory, and with some very good reason. The modernisation theory says that globalisation has a positive impact through infusion of capital from the sources received from the other countries. Dependency theory accepts this but censures the words under which it is done. First world countries like America indirectly set standards of developing and underdeveloped countries by making unfair, but unavoidable, deals. These deals are shaped in a particular fashion that seems to be something helpful and which cannot be avoided. One of the very good examples is that can explain dependency theory is about the states of Global South. They are in desperate need to develop. Development seeks to improve the welfare of people living in conditions of economic and social poverty (Weaver n.d, pp. 112). Why is the Global South prone to remain in this condition? This is a question which has been asked a million times and the answers are given in many different ways. Two interesting theories are used to understand the conditions of Global South and their development, which are: the Classical Economic Theory, which is also known as the Modernisation Theory and the Dependency Theory. One of these theories explains the need to development and living conditions in the southern countries. According to modernisation theory, there are a few steps which can lead to success for each and every country. In Walt Rostow (1962) work on The Stages of Economic Growth: A Non-totalitarianism proclamation, a particular pattern for developing has to be undertaken for a country to become successful, profitable, sophisticated, and have a modern economy, which in turn, will enrich the lives of the citizens in that particular country. This is a very systematic theory. It says that if you do this then only you will become successful and modern. It is demonstrated by Mahler 45 that there needs to be preconditions for development, and thus leading to mass-consumption. The part that is not included in this theory assumes that all countries will follow the exactly same predetermined way to development. Too many variables intercede between that will affect the ability of a state to develop. For example, Mexico faces a lot of difficulty to develop as it is geographically destined due to the deserts, forests, and mountains. Approximately thirteen percent of Mexicos land is arable, as well as, there are no big rivers inMexico, it becomes all the more difficult to have a good economy. These factors increase the difficulty level for Mexico to develop because it constrains transportation, which directly affects the ability to export and import goods efficiently and profitably. If the states in the Global South follow the steps of modernisation, there is no guarantee that they will develop. It can be argued that having a rigid set of rules and regulations to follow will not make you reach to the decided destination. One important and sometimes neglected barrier to development could be the geographical condition. However, there are other variables that can restrict a country from developing. As stated in A Global Agenda: Issues Before the 54th General Assembly, Underlying all these initiatives [for development] is the assumption that poverty eradication and good governance are inseparable, because good governance brings about a proper balance among state action, the private sector, civil society, and the communities themselves (Tessitore n.d, pp. 105). The reason is that if a countries leadership is very poor, it will directly affect its ability to develop. Take for instance; Saddam Husseins country could not develop because all the wealth that was collected by the people was kept by him. Maybe if Hussein would have used the wealth in a good way in his country, by encouraging invention and improving education, then probably his country could have developed long back. Also in India, the political parties and the government are very corrupt. They can be easily bribed. Most of the taxes that people pay go in the pockets of the politicians and the government. If this was not the case in India, and if they had strict rules on bribing, then India would have been one of the developed countries. In relation to modernisation theory, the states in the Global South should create situations which can improve production and free trade, as well as enhance the internal characteristics, for example, removing illiteracy, improving the communication and infrastructure problem, as well as what the Asians did, popularly known as Asian Tigers, by improving their transportation which improved their ability to import and export goods efficiently, proved that export-oriented growth was possible. Dependency theory became popular in the 1970s(Kegley n.d, pp. 226). According to the dependency theory, the states in the North exploit the states in the South. One main reason for this can be that the southern states are highly dependent on the wealth earned by the northern states; therefore this unable them to advance, because of the vicious circle that then ensues. An example of this bad circle can start with a country being economically unstable. They allow a multinational corporation to set up a branch in one of their cities. This increases job opportunities for the people of that city. But the people are hired for very low salary. Then the products that are produced are bought by the northern states, which in turn stop the southern states mass-consumption abilities. This is one of the generalized ways that the south gets exploited and remains underdeveloped by the north and the multinational corporation that had set up their branches in the cities of the southern states and com e out making huge amount of profit at the expense of desperate people who are just trying to survive and are willing to work for pennies. For example, all the multinational companies have their customer service centres in India, as it is a developing country. There are huge amount of people who are unemployed and are willing to work even during the nights for pennies for the multinational companies. All the services provided to people in the north with any difficulty is provided by these people working in the particular customer service centres. According to dependency theory, underdevelopment is the reason of the development of capitalism. A significant example could be Latin America and the United States. The following quote from the preface to the English edition (1979) the persistence of Dependency and Development in Latin America by Fernando Henrique Cardoso, Prentice Hall and Enzo Faletto(2003), somewhat details this dependency issue, In order to go ahead with economic expansion, a dependent country has to play the interdependency game, but in a position similar to the client who approaches a banker even if the dependent country becomes less poor after the first loan, a second one follows. In most cases, when such an economy expands, its roots have been planted by those who hold the lending notes. Thus, leading to the conclusion, that in order for global south to develop, the capitalist system will have to break down completely in relation to the dependency theory. Of course, dependency theory did not take backward so cieties who are not dependent into consideration. Therefore, after considering all factors of dependency theory, it can be concluded that theory by itself cannot explain or improve the economical conditions and life of the citizens in the global south. It is very clear that some states in the south are completely dependent on the states in the north   and they end up being exploited by the north and are caught in the cycle of debt which is never-ending and continues to grow with no way to escape, making them more and more dependent on the northern countries. It is also very clear that modernisation theory neglected the fact that not every state will develop in the same way or in the same period of time. It doesnt give justice to explain the lack of assumed decreasing profit of the people that is described in the theory. 6. CONCLUSION In conclusion, the concept of educating citizens and improve the other internal characteristics, it would seem to lead to an improved life for the citizens. Also by becoming less dependent on wealthier and developed nations would help to improve the lives of the citizens in the Global South. Indeed, there are differences in the theoretical approach to the problem of development. General consensus on the practical problem are, those on the Left and Right agree that the growth rate achieved by under-developed countries after forty years of international assistance is less than satisfactory, if not disappointing (Mahler n.d, pp. 59). 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