Closing the Gap Between Science and Ethics Essay Example for Free

Closing the Gap Between Science and Ethics Essay The rapid development of nanotechnologies has already become the distinctive feature of the postmodern technological reality. Societies live in the atmosphere of the rapid technological advancement, and new technological achievements and small revolutions are no longer a surprise. Nanotechnologies have a potential to become the source of revolutionary waves in contemporary society. The effects of such revolutions, however, will depend on how well the existing scientific, political, economic, and social institutions can mediate the society-nanotechnology relationships and whether they can promote public acceptability and positive expectations regarding nanotechnology. The current state of science is characterised by the growing gap between nanotechnologies and ethics. Equity, privacy, security, and environmental aspects remain the issues of the major scientific concern. Today, professionals in nanotechnology need to reconsider the basic standards of their scientific performance and develop effective cooperation frameworks, which will help societies meet their ethical needs and will speed up the integration of nanomaterials with all spheres of human development and growth. In his article, Douglas Parr asserts that nanotechnologies are likely to produce a revolutionary wave of innovations in society. That nanotechnologies are breaking the ice of scientific illiteracy in the postmodern society cannot be denied. To a large extent, nanotechnologies mark the beginning of a new stage in the society’s movement toward scientific and human perfection. Recent advancements in nanotechnology confirm the need for the scientific community to develop effective cooperation ties with the rest of non-scientific population, and there are several reasons for that. First and foremost, research and advancement in nanotechnologies have resulted in the major advances in material science, microscopy, and better understanding of the borderline between quantum and classical physics, which produce significant effects on society. Second, nanotechnologies will lead to a major revolution and produce serious scientific and social shifts in society. Third, the most developed countries readily integrate nanotechnologies with their innovation systems and consider nanotechnologies as the basic driver of wealth creation. Fourth, numerous nanotechnology applications will be introduced into the market. In this atmosphere, society must familiarise itself with the recent advances in nanotechnology. Moreover, society must realise that nanotechnologies can be equally good and bad. As a result, the question is in how to obtain the good of nanotechnologies without the bad and whether it is possible at all. Unfortunately, the current state of nanotechnologies makes it difficult for scientists and society to distinguish the good effects of the nanotechnological revolution from its negative implications. The problem is not only in that â€Å"debates about nanotechnology from governments have been dominated by the simple metric of the amount of money being put into nanotechnology for international competitiveness reasons. † The problem is in that a large gap between ethics and nanotechnologies exists and influences negatively the development of the postmodern science. The number of scientific publications on nanotechnologies rapidly increases, but the number of publications that discuss ethical and social implications of nanotechnologies is at least scarce. The funds available for ethical research in nanotechnology are not being used. The lack of effective dialogue between granting bodies, research institutes and the public may turn nanotechnologies into the source of devastating effects on society. More often than not, research institutes and public bodies do not realise that nanotechnology is associated with a whole range of ethical issues. These issues cover equity, security and privacy, ethical implications, and even metaphysical questions. One of the first questions is who will benefit from nanotechnologies and how these benefits are to be distributed among society members. Nanotechnologies have a potential to reduce and resolve the most difficult social controversies, including poverty and animal species extinction; however, this is possible only in case the products of scientific evolution are managed properly. Security and privacy are also among the issues of serious scientific concern. Nanotechnologies will contribute to the development of radically new weapons and surveillance systems; and people must decide how it will protect individual privacy against the presence of near invisible surveillance mechanisms. The effects of nanotechnologies on the environment are yet to be discovered. The incorporation of artificial materials into human systems requires profound ethical and social analysis. To ensure that nanotechnologies work for the benefit of the whole society, a close dialogue must exist between research institutions and the public. Such dialogue will allow prioritising the most important areas of technological research. Such dialogue will also let scientists justify the choice of the most important research areas against direct determinations of societal and public aspirations in these areas. Social and ethical implications of NT research are easy to address through appropriate funding, the development of large-scale interdisciplinary research platforms, intersectional approach, the involvement of developing countries in NT research, as well as the continuous engagement of the public in all major aspects of NT evolution. These changes will reduce the negative potential of nanotechnologies and will turn them into a successful instrument of meeting the most sophisticated society needs. Conclusion The rapid development of nanotechnologies has already become the distinctive feature of the postmodern reality. Unfortunately, the current state of nanotechnological research is characterised by the growing gap between science and ethics. Society lacks resources needed to familiarise itself with the bad and good sides of nanotechnologies and to reduce their negative potential. Today, scientists must engage in a close dialogue with the public and actively engage the public into NT evolution and research. Appropriate funding, interdisciplinary research platforms and intersectional analysis will help to reduce the existing gap between nanotechnologies and their ethical implications. BIBLIOGRAPHY MNYUSIWALLA, A. , DAAR, A. S. SINGER, P. ‘Mind the gap’: Science and ethics in nanotechnology. Nanotechnology, 14: 2003: R9-R13. PARR, D. Will nanotechnology make the world a better place? Trends in Biotechnology, 23(8): Aug. 2008: 395-398.

Call money and commercial bill market

Call money and commercial bill market Global Financial Market As all the Financial Markets in India together form the Indian Financial Markets, all the Financial Markets of Asia together form the Asian Financial Markets; likewise all the Financial Markets of all the countries of the world together form the Global Financial Markets. Financial Markets deal with trading (buying and selling) of financial securities (stocks and bonds), commodities (valuable metals or food grains), and other exchangeable and valuable items at minimum transaction costs and market efficient prices. Financial Markets can be domestic or international. The Global Financial Markets work as a significant instrument for improved liquidity. Financial Markets can be categorized into six types: Capital Markets: Stock markets and Bond markets Commodity Markets Money Markets Derivatives Markets: Futures Markets Insurance Markets Foreign Exchange Markets The Financial Markets play a major role in the Global Economy because it helps businesses to raise capital (in capital markets), they facilitate transferring of risk (in derivative markets), and they help international trade (in currency markets) to prosper. The International Stock Markets form a major part of the Global Financial Markets. The Amsterdam Stock Exchange is the oldest stock exchange, which started operating in continuous trade in the earlier part of the 17th Century. Some of the Important Stock Exchanges of the world are: The New York Stock Exchange (merged with Euro next): The New York Stock Exchange (NYSE) is a stock exchange based in New York City, USA that was incorporated in 1817. In terms of dollar volume, it is the largest stock exchange in the world, and in terms of the number of companies listed it is the second largest stock exchange in the world. The NYSE is also known as the Big Board. The indexes used in the NYSE are the NYSE Composite Index and the Dow Jones Industrial Average Index. The NYSE functions under NYSE Euro next, the formation of which was the result of NYSEs merger with Archipelago Holdings and Euro next. Tokyo Stock Exchange: The Tokyo Stock Exchange (TSE), incorporated in 1949, is located in Tokyo, Japan. In terms of monetary volume, The Tokyo Stock Exchange is the second largest stock exchange in the world, only next to New York Stock Exchange. The indexes used in the TSE are Nikkei 225, Topix, and J30. NASDAQ: The National Association of Securities Dealers Automated Quotations, or NASDAQ, is an electronic stock market based in New York City, USA that was incorporated in 1971. The NASDAQ Stock Market, Inc. is the owner and regulator of NASDAQ. The main index used in NASDAQ is the NASDAQ Composite. London Stock Exchange: Established in 1801, the London Stock Exchange (LSE) is one of the oldest and largest stock exchanges in the world. In terms of market capitalization, the London Stock Exchange was ranked 4th among all the other important stock exchanges in the world in March 2007. The London Stock Exchange is located in Paternoster Square near St. Pauls Cathedral, London. The stock market index of London Stock Exchange is the Footsie (FTSE). Euro next (merged with NYSE): Founded in 2000, Euro next N.V. is a pan-European Stock Exchange, which is based in Paris. In terms of market capitalization, Euro next ranks as the fifth largest stock exchange in the world. There was a merger of Euro next with the NYSE Group, which led to the formation of NYSE Euro next and it is the first global stock exchange. The main indexes used in Euro next are the Euro next 100 Index and the Next 150 Index. The Bombay Stock Exchange (BSE): Located in Mumbai, India and founded in 1875, the Bombay Stock Exchange is the oldest stock exchange of Asia. The main index of BSE is called the BSE Sensex (Sensitive Index) or the BSE 30. In terms of volume of transactions, the BSE was ranked as one of the top five stock exchanges in the world in 2005. Some terms that are used in the Global Financial Markets are: Geek, a Quant Grim Nerd, a Quant Quant Big Swinging Dick Rocket Scientist White Knight Today equity research has become a specialized activity, although confined to a very small segment of the market. It would be a little early to consider equity research as an independent business segment, but at the same time it must be appreciated that the value of equity research is being felt by the market. This is an interesting stage in the growth and development of equity research, especially in a situation where the traditional individual investor is unwilling to pay for vital stock related information while the institutional investor is already paying for research reports. The phenomenal growth of the financial markets over the last quarter of a century has meant that the very character of investment has changed with ever larger scales of market capitalization. The emergence of the Fund Manager as a new value addition in investment related financial services is actually a part of the growth and development of the institutional investor. The fund managers sole objective is to ensure maximum returns for his clients whose money he invests working in tandem with research inputs. The fund manager and his client are a vital part of the institutional investment process sustained by an advanced and research driven approach to capital market investment. Equity research still has some time to develop as a sustainable business model, but like any other research activity it has its limitations in developing into a booming business. Institutional investors are willing to pay ever higher amounts for in-depth and precise research in accordance with their requirements. Some of the modes of equity research are: Fundamental Analysis Technical Analysis Securities Market Analysis Index Momentum Analysis Securities Momentum Analysis Securities Chart Analysis India N Financial Market India Financial market is one of the oldest in the world and is considered to be the fastest growing and best among all the markets of the emerging economies. The history of Indian capital markets dates back 200 years toward the end of the 18th century when India was under the rule of the East India Company. The financial market in India today is more developed than many other sectors because it was organized long before with the securities exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the 19th century. By the early 1960s the total number of securities exchanges in India rose to eight, including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional securities exchanges in India in addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the Counter Exchange of India). The corporate sector wasnt allowed into many industry segments, which were dominated by the state controlled public se ctor resulting in stagnation of the economy right up to the early 1990s. Thereafter when the Indian economy began ‘liberalizing and the controls began to be dismantled or eased out, the securities markets witnessed a flurry of IPOs that were launched. This resulted in many new companies across different industry segments to come up with newer products and services. A remarkable feature of the growth of the Indian economy in recent years has been the role played by its securities markets in assisting and fuelling that growth with money rose within the economy. This was in marked contrast to the initial phase of growth in many of the fast growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct Investment) spurring growth in their initial days of market decontrol. During this phase in India much of the organized sector has been affected by high growth as the financial markets played an all-inclusive role in sustaining financial resource mobilization. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized securities market in India. The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) during the mid 1990s by the government of India was meant to usher in an easier and more transparent form of trading in securities . The NSE was conceived as the market for trading in the securities of companies from the large-scale sector and the OTCEI for those from the small-scale sector. While the NSE has not just done well to grow and evolve into the virtual ‘backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry. This has pushed up the operational efficiency of the Indian stock market to global standards and as a result the country has been able to capitalize on its high growth and attract foreign capital like never before. Potential Of India Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies. The Indian financial sector is well-developed, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. Features Of Financial Market In India: India Financial Indices BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee Dollar Chart Indian Financial market news Stock News Bombay Stock Exchange, BSE Sensex 30 index, SP CNX-Nifty, company information, issues on market capitalization, corporate earnings statements Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD, World Bank, Investments in India Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion Indian Money Market AS PER RBI DEFINITIONS â€Å"A market for short terms financial assets that are close substitute for money, facilitates the exchange of money in primary and secondary market†. Indian money market was highly regulated and was characterized by limited number of participants. The limited variety and instruments were available. Interest rate on the instruments was under the regulation of Reserve Bank of India. The sincere efforts for developing the money market were made when the financial sector reforms were started by the government. Money markets are the markets for short-term, highly liquid debt securities. Examples of these include bankers acceptances, repos, negotiable certificates of deposit, and Treasury Bills with maturity of one year or less and often 30 days or less. Money market securities are generally very safe investments, which return relatively; low interest rate that is most appropriate for temporary cash storage or short term time needs. The National Stock Exchange, where the stocks of the largest Indian. Corporations are traded, is a prime example of a capital primary market. Regarding timing, there is no hard and fast rule on this, but when describing debt markets, short term generally means less than one year, intermediate term means one to five years, and long term means more than five years. The Nature Of Money Markets In this we define money markets broadly to include all financial instruments easily converted to means of payment that are used by governments, financial institutions and nonfinancial institutions for short-term funding or placements. By convention, we limit our scope to instruments of less than one year maturity. The most important function of a money market is to provide a means whereby economic units can quickly adjust through cash positions. For all economic units (business, households financial institutions or governments) the timing of cash inflows is rarely perfectly synchronized or predictable in the short run. In addition to facilitating the liquidity management of economic actors, money markets fulfill a number of additional economic functions: 1. Interest rates on money market instruments serve as reference rates for pricing all debt instruments; 2. Governments or central banks use money market instruments as tools at monetary policy; 3. Short-term interbank markets, finance longer-term lending when financial intermediaries transform maturities. Features Of Money Market It is a market purely for short-terms funds or financial assets called near money. It deals with financial assets having a maturity period less than one year only. In Money Market transaction cannot take place formal like stock exchange, only through oral communication, relevant document and written communication transaction can be done.   Transaction has to be conducted without the help of brokers. It is not a single homogeneous market, it comprises of several submarket like call money market, acceptance bill market. The components of Money Market are the commercial banks, acceptance houses NBFC (Non-banking financial companies). It is not a single market but a collection of markets for several instruments. It is a need-based market wherein the demand supply of money shape the market. Money market is basically over-the-phone market. Dealing in money market may be conductive with or without the help of brokers. It is a market for short-term financial assets that are close substitutes for money. Financial assets which can be converted into money with ease, speed, without loss with minimum transaction cost are regarded as close substitutes for money. The Major Players Of Money Market Reserve Bank of India SBI DFHI Ltd (Amalgamation of Discount Finance House in India and SBI in 2004) Acceptance Houses Commercial Banks, Co-operative Banks and Primary Dealers are allowed to borrow and lend. Specified All-India Financial Institutions, Mutual Funds, and certain specified entities are allowed to access to Call/Notice money market only as lenders Individuals, firms, companies, corporate bodies, trusts and institutions can purchase the treasury bills, CPs and CDs. Money Market Instruments Money market instruments take care of the borrowers short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. Treasury Bills (T-Bills) Treasury bills were first issued by the Indian government in 1917. Treasury bills are short-term financial instruments that are issued by the Central Bank of the country. It is one of the safest money market instruments as it is void of market risks, though the return on investments is not that huge. Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 3-month, 6-month and 1-year. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved upon maturity. On maturity, one gets the interest on the buy value as well. To be specific, the buy value is determined by a bidding process, that too in auctions. Repurchase Agreements Repurchase agreements are also called repos. Repos are short-term loans that buyers and sellers agree upon for selling and repurchasing. Repo transactions are allowed only among RBI-approved securities like state and central government securities, T-bills, PSU bonds, FI bonds and corporate bonds. Repurchase agreements, on the other hand, are sold off by sellers, held back with a promise to purchase them back at a certain price and that too would happen on a specific date. The same is the procedure with that of the buyer, who purchases the securities and other instruments and promises to sell them back to the seller at the same time. Commercial Papers Commercial papers are usually known as promissory notes which are unsecured and are generally issued by companies and financial institutions, at a discounted rate from their face value. The fixed maturity for commercial papers is 1 to 270 days. The purposes with which they are issued are for financing of inventories, accounts receivables, and settling short-term liabilities or loans. The return on commercial papers is always higher than that of T-bills. Companies which have a strong credit rating, usually issue CPs as they are not backed by collateral securities. Corporations issue CPs for raising working capital and they participate in active trade in the secondary market. It was in 1990 that Commercial papers were first issued in the Indian money market. Certificate of Deposit A certificate of deposit is a borrowing note for the short-term just similar to that of a promissory note. The bearer of a certificate of deposit receives interest. The maturity date, fixed rate of interest and a fixed value are the three components of a certificate of deposit. The term is generally between 3 months to 5 years. The funds cannot be withdrawn instantaneously on demand, but has the facility of being liquidated, if a certain amount of penalty is paid. The risk associated with certificate of deposit is higher and so is the return (compared to T-bills). It was in 1989 that the certificate of deposit was first brought into the Indian money market. Bankers Acceptance A bankers acceptance is also a short-term investment plan that comes from a company or a firm backed by a guarantee from the bank. This guarantee states that the buyer will pay the seller at a future date. One who draws the bill should have a sound credit rating. 90 days is the usual term for these instruments. The term for these instruments can also vary between 30 and 180 days. It is used as time draft to finance imports, exports. It depends on the economic trends and market situation that RBI takes a step forward to ease out the disparities in the market. Whenever there is a liquidity crunch, the RBI opts either to reduce the Cash Reserve Ratio (CRR) or infuse more money in the economic system. In a recent initiative, for overcoming the liquidity crunch in the Indian money market, the RBI infused more than Rs 75,000 crore along with reductions in the CRR. Call Money Market The call money market consists of overnight money and money at short notice for periods up to 14 days. It essentially serves the purpose of equilibrating the short-term liquidity position of banks. The call money market as a significant component of the money market possesses a few special characteristics:- (1) Call money is an instrument for ultra-short period management of funds and is easily reversible. (2) It is primarily a â€Å"telephone† market and is therefore, administratively convenient to manage for both borrowers and lender. (3) Being an instrument of liability management, it provides incremental funds and adds to the size of balance sheet of banks. From the macro-side, developed call money market helps to smoothen the fluctuations in the reserve-deposit rations of banks thereby contributing to the stability of the money-multiplier process. A stable money multiplier in turn serves as a reliable means of monetary regulation and policy guide. From the micro angle, short-run borrowing by banks improves the efficiency of funds management in two ways. One way, it enables banks to hold higher reserve-deposit ratio than would be possible otherwise. In another way, it allows some banks to permanently increase their pool of investible funds. Hence, active well-organized call money market improves the funds management practices of banks which in turn further their overall efficiency and profitability. The money market continued to remain orderly during Q2 of 2009-10. Reflecting the surplus liquidity conditions, the call rate hovered around the lower bound of the informal LAF corridor during the Q2 of 2009-10). The call rate averaged 3.25 per cent in Q2, which was marginally higher than 3.22 per cent in Q1.Interest rates in the collateralized segments of the money market the market repo and the collateralized borrowing and lending obligation moved in tandem with the call rate during Q2 but remained below the call rate. The weighted average interest rate in the collateralized segment of the money market marginally increased to 2.7 per cent during Q2 of 2009-10 from 2.4 per cent during Q1. Transaction volumes in CBLO and market repo segments continued to remain high during Q2 of 2009-10 reflecting the easy liquidity and active market conditions. Banks as a group are the major borrowers in the collateralized segment whereas mutual funds (MFs) continue to remain the single largest len der of funds in that segment. In fact, more than 75 per cent of the lending in the collateralized segment was contributed by the MFs in Q2, reflecting their continued enhanced lending capacity. The collateralized market remained the predominant segment of the money market, accounting for more than 80 per cent of the total volume in the money market in Q2. Source = http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10690#t56 Objective of call Money Market To provide a parking place to employ short  Ã‚   term surplus funds. To provide room for overcoming short term deficits. To enable the central bank to influence and regulate liquidity in the economy through its intervention in this market. To provide a reasonable access to users of short-term funds to meet their requirement quickly, adequately at reasonable cost. Importance of call Money Market Development of trade industry. Development of capital market. Smooth functioning of commercial banks. Effective central bank control. Formulation of suitable monetary policy. Non inflationary source of finance to government. To provide help to the industry and trade. some guidelines regarding call money market by r.b.i It may be recalled that in the annual policy Statement of April 2008, the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. Accordingly, in stage I, non-bank participants are allowed to lend, on average in a reporting fortnight, up to 85 per cent of their average daily lending during 2007-08. Subsequently, in the annual policy Statement of April 2008, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice market during 2007-08, depending on the date when NDS/CCIL becomes fully operational. In view of the encouraging developments in the functioning of NDS/CCIL, it is desirable to accelerate the progress of moving towards a pure inter-bank call/notice money market and facilitate further deepening of repo/term money market. Accordingly, it has been decided that effective from the fortnight beginning June 14, 2007, under stage II, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice money market during 2007-08. However, in case a particular non-bank institution has genuine difficulty in deploying its excess liquidity, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case by case basis. To facilitate monitoring of your operations in call/notice money market on a daily basis, you are requested to continue to submit the daily return in time to the Principal Monetary Policy Adviser, MPD, RBI as per the extant practice. Current market rate = 2.10% 3.30% Commercial Bill Market Bills of exchange are negotiable instruments, drawn by the seller (drawer) of the goods on the buyer (drawee) of the goods for the value of the goods delivered. These bills are known as trade bills. Trade bills are called commercial bills when they are accepted by commercial banks. If the bill is payable at a future date and the seller needs money during the currency of the bill, he may approach his bank to discount the bill. The maturity proceeds or face value of a discounted bill from the drawee is received by the bank. If the bank needs funds during the currency of bill, it can rediscount the bill that has been already discounted by it in the commercial bill rediscount market at the available market discount rate. The RBI introduced the Bills Market scheme (BMS) in 1952 and the scheme was later modified into the New Bills Market Scheme (NBMS) in 1970. Under the scheme, commercial banks can rediscount the bills, which were originally discounted by them, with approved institutions. With the intention of reducing paper movements and in a bid to facilitate multiple rediscounting, the RBI introduced an instrument called Derivative Usance Promissory Notes (DUPN). Consequently, the need for the physical transfer of bills has been waived and the bank that originally discounts the bills only draws DUPN. These DUPNs are sold to investors in convenient lots of maturities (from 15 days up to 90 days) on the basis of genuine trade bills, discounted by the discounting bank. Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discounts this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depe nding on the credit extended in the industry. Characteristics Of Commercial Bill Securities offered to the public must be registered with the Securities and Exchange Commission according to the Securities Act of 1933. Registration requires extensive public disclosure, including issuing a prospectus on the offering. It is a time-consuming and expensive process. Most commercial paper is issued under Section 3(a) (3) of the 1933 Act which exempts from registration requirements short-term securities as long as they have certain characteristics. Commercial paper is typically a discount security (like Treasury bills): the investor purchases notes at less than face value and receives the face value at maturity. The difference between the purchase price and the face value, called the discount, is the interest received on the investment. Commercial paper is, occasionally, issued as an interest-bearing note (by request of investors). The investor pays the face value and, at maturity, receives the face value and accrued interest. All commercial paper interest rates are quoted on a discount basis. The exemption requirements have been a factor shaping the characteristics of the commercial paper market. The following are requirements for exemption: The maturity of commercial paper must be less than 270 days. In practice, most commercial paper has a maturity of between 5 and 45 days, with 30-35 days being the average maturity. Many issuers continuously roll over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor. That proceeds from commercial paper issues be used to finance current transactions, which include the funding of operating expenses and the funding of current assets such as receivables and inventories. Proceeds cannot be used to finance fixed assets, such as plant and equipment, on a permanent basis. A safekeeping agent hired by the investor held the certificates, until presented for payment at maturity. The settling of the transaction, (the exchange of funds for commercial paper first at issuance and then at redemption, occur in one day. On the day the commercial paper is issued and sold, the investor receives and pays for the notes and the issuer receives the proceeds. On the day of maturity, the investor presents the notes and receives payment. Commercial banks, in their role as issuing, paying, and clearing agents, facilitate the settling of commercial paper by carrying out the exchanges between issuer, investor, and dealer required to transfer commercial paper for funds. Types Of Commercial Bills: Commercial bill is an important tool finance credit sales. It may be a demand bill or a usance bill. A demand bill is payable on demand, that is immediately at sight or on presentation by the drawee. A usance bill is payable after a specified time. If the seller wishes to give sometime for payment, the bill would be payable at a future date. These bills can either be clean bills or documentary bills. In a clean bill, documents are enclosed and delivered against acceptance by drawee, after which it becomes clear. In the case of a documentary bill, documents are delivered against payment accepted by the drawee and documents of bill are filed by bankers till the bill is paid. Commercial bills can be inland bills or foreign bills. Inland bills must (1) be drawn or made in India and

Economic Development In The Uae Economics Essay

Economic Development In The Uae Economics Essay UAE United Arab Emirates as we call it has managed to become the regional trading hub of the middle-east along with being an enormously growing business capital. The country is also referred to as the wealthiest in the Region with the GDP per capital income of around $49500 (forecast 2011). The credit for much of the development goes to the oil and gas reserves of the country because the UAE has the third largest reserves of the OPEC. Even though the UAE is fairly dependent on oil as it comprises of 20% of the international GDP, yet the diversification measures are constantly taken to shift the economy away from being highly dependent on the Oil prices. This diversified economy of The UAE is definitely a success and a role model for the all the other economies in the GCC to follow. The vision of UAE is to become the best country in the world by 2021. (GCC) UAE VISION 2021 The vision of UAE is to be among the best countries on the world by 2021. They aspire to be united in knowledge, prosperity, destiny and responsibility. The vision 2021 portrays some of the responsibilities of the UAE government. UAE will introduce high quality global standard infrastructure, government services and recreational environments. Emiratis will benefit highly from customer oriented government services offered at the best quality. Excellent communication infrastructure will promote business networking and give them a leading edge when they interact with the world UAE Government Strategy 2011-2013 UAE government strategy highlights the main priorities of the government in the coming two years covering the period of 2011-2013. The strategy will act as a benchmark for federal entities to develop and their strategic plans. The strategy lays the foundation for the vision of 2021. The strategy is basically divided in to 7 general principles Enhance the role of national entities and in carrying out operative regulations and cohesive policies by successful planning and implementation. Enhance coordination and cooperation among National entities and local government. Focus totally on delivering high class, customer oriented and integrated government services. Spend in human resource competences and create and polish leaders. Encourage efficient resource management within the national entities and leverage the dynamic partnerships. Implement a culture of brilliance through strategic thinking, uninterrupted performance improvement and excellent results Encourage transparency and enhance the accountability mechanisms of the government throughout the federal entities. UAE is the second largest economy in the Arab gulf and it is consistently ranked among the fastest growing economies of the world. During the past 40 years GDP of UAE has grown tremendously from $6.5 billion in 1971 to a massive total of $1248 billion in 2011.which is roughly a 192x increase (The glorious four decades of the UAE). The per capita GDP of Dubai has increased from 100000 dirhams (1975) to 174000 dirhams in (2011). This outstanding performance has forced international organizations to rank Dubai among the top emerging markets in the world along with china, Turkey, India, Singapore, Russia, Malaysia and Brazil. The strategy for the diversification of income resources has proved successful. According to local and international report the steady economic growth has not solely resulted from energy production and exports of oil, as the case with other oil economies, it has resulted from diversifying sources of income and minimization on the reliance of oil. Many sectors such a s the financial services, logistics, tourism and other strategic sectors in the economy have not been favored by the government for the provision of oil. According to recent statistics oil contribution tom the GDP has decreased from 70% in 1971 to 29% in 2010. This approach portrays a massive achievement of the country in the area of economics because it portrays great contribution towards the stability of the national economy. According to the recent forecast by (IMF), the GDP growth of UAE is prone to rise from 3.3% in 2011 to 3.8% in 2012. It is also expected that the UAE will maintain a double figure surplus of around 10.3% in 2012. Environment has been rated as a potential component of The UAE development strategy, UAE has never overlooked the environment factor and has always regarded environment protection as a major goal of its sustainable development strategy. The government has addressed harsh desertification and developed water resources for increasing greenery. Agriculture has also been addressed thoroughly by the government of UAE, and the government has been successful in achieving goals despite the problem of scarcity and desertification. The main goal for the development and growth of agriculture sector has been the provision of food to the local economy. This is because the government regards it as being an element of national security. The industrial sector has also boomed a lot on the 21st century with investment in this sector amounting to DH101.12 billion in 2010 (IMF). Around 4960 industries have been established and the total number of workers employed has increased dramatically. This clearly portrays the vision of federal and local government to modify and develop the Industrial sector. Over the years UAE has managed to establish a modern infrastructure which solidly addresses the needs of public services for citizens and businesses. The infrastructure not only includes roads, power and bridges but also transcends to include, specialized and economic free zones. The free zones are more than 30 in number and are widely spread all over the emirates. The real estate sector at the Abu Dhabi and Dubai contributed heavily towards the transformation of the country (GCC). The real estate in these states has been referred to as the world renowned real estate front with new and modified concepts and green building. The tourism sector has also improved tremendously over the years. It was the record high in 2010 with the number of tourists reaching over 10 million. What majorly contributed to the tourism sector has been the strategic location and domestic flow of local and foreign investments in the sector. The investment size associated with tourism and infrastructure has been 47 billion Dh on average over the last 10 years. Presently the Dubai Airport is ranked as the fourth best Airport of the world. Conferring to the Travel and tourism competitiveness report of 2011 published by the world economic forum (IMF), the UAE was ranked 30 among the lot of 139 countries and was ranked first in the middle -east as the most progressive country in tourism and travel with the score of 4.78. The foreign trade accounts for 70% of the UAE Gross Domestic Product (GDP). The country has a wide network of trading partners around the world and it enjoys bilateral trade relations all of them. It is forecasted that the foreign trade will grow in excess of 25% after 2011, because of the massive improvements in the economic environment of the UAE (Trade). The UAE is among the largest exporter and importer countries of the world with exports of $235 billion and imports of $170 billion. The exports comprise of 2% of the total world exports whereas the imports comprise of 1.4% of the total world imports. The massive balance of payment surplus has benefitted the economy of UAE tremendously. Non-oil exports of the country have increased form Dh 2 billion in 1981 to Dh 27.4 billion in 2010. Dubai standard for 82% of the total nonoil exports of the UAE in 2010. Abu Dhabi comprised of 14% and Ras-Al-Khaimah comprised of 2.5% of the total nonoil exports in the UAE. The financial services sector (UAE) has also witnessed rapid growth in the past few years. An important role was played by the commercial and specialized banks of the UAE in sponsoring economic activity and trade in the country. Fifty one banks are currently operating in the country including 23 national banks. Financial markets have also contributed heavily in mobilization of domestic savings; the Abu Dhabi securities market and the Dubai financial market are figured as the main financial markets of the country. Dubai International financial market was also established to become the free zone for the most important financial centers in North Africa and the Middle-East. The government also invested its accumulated surpluses in international institutions such as the Abu Dhabi investment authority, and this contributed heavily to the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s domestic wealth (Suwaidi). When it comes down to competition UAE has achieved record figures in Arab and the international competitiveness field. UAE regards competitiveness as its most strategic direction. For the sake of this the government has established a council known as the Emirates competitiveness Council. The aim of this council is to improve the performance of the key sectors of the country and to ensure the wellbeing and good quality life for its citizens. The economic council of Dubai also setup the Dubai competitiveness center. The aim of this center is to kind Dubai as the utmost competitive city in the world. Abu Dhabi department of economic development has also established a competitive office. All these bodies work together for the national economy which is taking a lot of strides to include UAE among the best economies of UAE till the year 2021. UAE is now ranked among the top in the competitive group. It is ranked third in the Arabs world and twenty seventh worldwide (Jones). The main competitors of UAE in the Arab world have been Saudi Arabia, Kuwait, Oman and Egypt to say the least. The global competitiveness report has allotted high rank to the UAE for the past three years (2011-2012). UAE leads the list of emerging markets that includes India, China, Russia and Brazil. E-Government in the UAE. The federal egovernment project started in the UAE in the year 2001 when the ministry of finance carried out the edirham. It was the first eservice that helped the electronic payment for accessing the federal government services (Interact).Since then, many of the federal and local level entities have launched eservices that have proven to be time efficient and cost efficient and the government is also experiencing reduced operational costs and increased efficiency In offering the services. The egovernment strategy was then setup in 2003. IBM helped to conduct an evaluation study for the development of the executive plan. The ministry of finance started an operational plan for e-government in 2004. The memorandum of understanding was signed between Etisalat and the government to provide infrastructure for e-government in March 2005. Then finally in june 2008 the TRA passed a resolution to develop a plan for IT in the federal government. Federal E-GOVERNMENT Plan 2012-2014 The vision of the federal government of the UAE 2012-2014 plan is to maximize the competitiveness of the UAE by the provision of world class practices in all the areas of E-government. The federal E-Government plan development is dependent upon a strategic framework consisting of three dimensions. The dimensions include E-Services, E-readiness and the ICT environment (Interact) E-Government has been successfully launched in the UAE and is operating at local levels as well. six out of seven emirates including Abu Dhabi, Sharjah, Dubai, Ajman, Fujairah, and Ras Al Khaimah. All of them have launched their official portals. E-COMMERCE in the UAE The E-Commerce is responsible for overseeing the implementation of the E-commerce Law and the services of certification in the UAE. It promotes adherence to the regulations and laws which enables safe and secure E-commerce transactions. The ultimate mission and target of E-commerce department is to promote economic development and technological advancement and innovation within the defined limits of a just e-commerce regulatory regime totally in line with the global standards (Aya). It also aims to establish a regulatory and licensing regime that will be responsible for providing optimal development and encourage innovation, growth, competition and massive investment in the UAE ICT and the ecommerce sector, via implementation of the best global practices and standards while responding to the market needs and local consumers. THREATS TO THE UAE ECONOMY UAE economy is not perfect as yet and is still not the number one economy of middle-east. It has to strive hard in order to be more competitive in the region. The economy of UAE is facing heavy competition from Saudi Arabia and Egypt. Saudi Arabia has a lot of oil reserves and many seaports for international trade. The competition is intense. UAE has just managed to pass both Saudi Arabia and Egypt in the UAE (Abdul Basit) but it is still not enough to get a comprehensive lead in the economic standing of the region. Some of the recent threats to the UAE economy has include the recent Euro Crisis in Europe. IMF has issued a warning to the UAE that it could be hit by the worsening situation in Europe after the recent news of Spain seeking a 100 billion euros bail out. Other threats to the UAE economy include the heavy government subsidies by the government in the UAE and its agriculture sector. The obsolete tax system is ranked as a potential threat as well because it is very different from the tax system around the world. Job cuts in the Expanding UAE economy have also been listed as a potential threat to the economy as a whole (Bundhun). Diminishing Oil reserves in Dubai is also an issue that needs to be taken into account. Although UAE has been pretty successful in shifting from oil to nonoil exports, yet the focus should be on decreasing the oil exports further to create a provision for diminishing oil reserves. The emerging economic world powers in the world include China, India, Turkey, Russia, Brazil to name a few. UAE is a trading partner to china and the importance of trading partners is every high because china is also among the fastest growing emerging economies today. USA is going through a a bad patch right now because of its deteriorating economic conditions, but it is a strategic partner of UAE in trade and infrastructure. American goods and services discover a ready market here provided they bring a technological superiority or a new feature. Along with that US is also among the biggest competitor of UAE because of its high quality products with latest technology and after sales service. The competition is intensely high and UAE will have to focus on the quality and after sales service to compete effectively in the future (Interact). CONCLUSION Looking at all the recent developments and the achievements of UAE, it is true to say that UAE has been acting like a champion in the past decade with constant innovations and increased international trade. The introduction of E government and E commerce has helped the domestic economy lot in everyday life (Aya). The main focus of this system by UAE was to accelerate continuous in the economy. The International standing OF UAE has also improved a lot and it is now ranked 27th in the world and third in the UAE (Jones) which is no less than a milestone for them. The dependency on oil exports has increased and non-oil exports now comprise of more than 70% of the total exports, Dubai being the highest contributor in the non-oil exports sector. This will also prove to be an Asset for UAE in the times of oil crisis. The manufacturing sector of the economy is also booming and is now ranked as the number one manufacturing sector in the UAE. With all these milestones and achievements it is no t hard to believe that UAE will be among the best economies of the world till 2021.

Graduation Speech :: Graduation Speech, Commencement Address

Tonight is a turning point in our lives. We've struggled through 12 longs years together to make it to this stadium -- to wear these ridiculous looking caps and gowns as our families watch us proudly. But tonight is more than just a ceremony, it is the closing of a chapter in our lives, the end of our public education. Our education has been a time of maturing, goal-setting and self-discovery. Mostly this has been positive. Time sure flies, so my parents say, but I think it's been a long 12 years -- 13 if you count kindergarten when our parents first put us on that big yellow school bus. As time passed, we discovered that school wasn't so bad. We learned reading, writing, arithmetic, and of course, our most scholarly class: recess. Junior high was another story. We were very eager to discover ourselves and to mature -- perhaps too eager. Above all, we learned to think a lot about ourselves and not much about anything else. High school has been a time of self-discovery for all of us. Suddenly, in high school we got responsibility -- more than we wanted. We balanced jobs, sports, family, friends, and of course, homework. We also found ourselves busy with school assignments -- chasing down butterflies for our biology insect collections, parallel parking the family car for driver's ed., going to the library to actually do research and pulling all-nighters to write our term papers. It is not surprising that by the middle of 12th grade we began to develop a little syndrome -- sometimes referred to as senioritous. However, we managed to trudge through the last part of this year to achieve the dream and goal that we've worked so hard for. High school has really been about setting goals and accomplishing them. As this chapter closes in our lives, it gives way for the opening of many more chapters to come; all of which will bring new challenges. Accomplishing our dreams is what gives meaning to life. The poet Carl Sandburg said, "Nothing happens unless first a dream.

Supply Chain Management :: Business Case Studies Essays

In this competitive world every organization is striving hard to be at the top in its own field. The competition in the business environment has become intense. The winds of change are blowing in purchasing and supply. And it is one of the areas that the organisations look into for achieving competitive advantage. The changes in conformance quality standards, JIT approaches to material availability, long term relationships with fewer suppliers and a win-win approach to negotiations have helped organisations to survive and succeed in a very competitive world. It's every organisations dream to have a low cost supplier and a low cost service provider to its customers. In this changing world of competition, globalisation, innovation and technology all organisations are thriving to re-engineer their business processes to achieve a competitive edge over others. These changes have led the organisations to cost effectiveness aspect in every department of business especially supply, purchasing, distribution and management. In terms of tough competition organisations offer similar products in terms of quality, price and features. Customer service differentiation can provide an organisation with a distinct advantage over the competition. The level of service provided to functions such as marketing and production affects the organisations ability to serve the need of the customers. The organisation can achieve competitive success if they satisfy the customers through their services effectively and efficiently. This is achieved if they are capable of retaining their customers. A greater customer satisfaction is achieved by a superior service provided by the organisation. This is achieved if the business functions are well defined and are supported by other functions. This report gives an insight about the various aspects of supply chain management and operational management and also the important strategies involved. It also explains the importance of managing the supply chain in the business perspective. v Before proceeding further its important for us to know what supply chain is and what supply chain is about? Supply chain: In an industrialized or non-industrialized society goods are physically moved from production area to the service area. This exchange takes place when there is discrepancy between the amount and type of goods available and the goods needed. If there is surplus amount of goods in organisation that someone else needs, becomes a basis for exchange. This gives rise to channels where there is an exchange between producers and consumers. The alignment of firms that bring products and services to market is called supply chain.

Should Recycling Be Required by Law?

PRO MANDATORY RECYCLING * â€Å"Recycling is so beneficial for our planet that it should definitely be required. In an ideal world, everyone would voluntarily recycle, but let's face it: That's never going to happen. It makes me so angry when I watch students in my school throw their plastic water bottles in the trash can when there is a recycling can right next to it! * â€Å"Nearly 70 million tons of material are kept away from landfills each year thanks to recycling, according to the National Recycling Coalition. â€Å"If we have just 30 percent of the population recycling, we'd reduce greenhouse gas emissions as much as if we removed 25 million cars from the road! Imagine how many greenhouse gas emissions we could get rid of if everyone recycled. * â€Å"It's so easy to recycle, and if more people do it, then it becomes more cost-effective. Some people against mandatory recycling say that it's costly, but recycling is a less expensive process if more people are involved.In fa ct, two years after New York City decided that mandatory recycling was a drain on the city — costing $40 million — they discovered that a redesigned, more efficient recycling system could actually save the city $20 million! New York City has now signed a 20-year recycling contract. * â€Å"We need to get more cities and states on board with mandatory recycling. In addition to helping the environment, recycling programs help stimulate the economy by creating more jobs. The benefits of mandatory recycling far outweigh the drawbacks, and it's up to you, CosmoGIRL! eaders, to get your cities on board! Write to your local official and let her or him know how you feel about mandatory recycling. Your actions can make all the difference! † —Laura Carusco, 18, New York City, NY ANTI MANDATORY RECYCLING * â€Å"Mandatory recycling is one of the newest fads in the ‘go green' movement. But what you may not realize is that it's also one of the most costly and w asteful activities to infiltrate America. * â€Å"Contrary to what most people think, recycling does not save irreplaceable sources. Take a look at the current prices for everyday items, like paper.According to the concept of supply and demand, since the price is so cheap, there must be a large supply that backs it up. For example, a pack of notebook paper ranges from just 20 cents to 50 cents. If we were at risk of running out of trees, the price would be much higher. * â€Å"Also, by using less of one resource, we are inevitably using more of others. Daniel K. Benjamin, senior associate of the Property and Environment Research Center, stated in a report that â€Å"on average, curbside recycling is 35 to 55 percent more costly nationwide than conventional disposal. Benjamin goes on to say that in Seattle, where the council decided to make recycling mandatory, they are wasting resources by charging too much for trash pickup and not charging enough for recycling pickup. Also, thin k about all of the extra pollution caused by the recycling pickup trucks! It's like having a garbage truck come through twice a week instead of just once. * â€Å"It's also a misconception that we're running out of room in our landfills. There is enough room just in America to last us for years, and we can always add landfills.Another misconception is that our trash is harmful, but according to the Environmental Protection Agency, a cancer-related death due to modern landfills only occurs about once every 50 years. Cancer causes over half a million deaths a year in the United States alone, so one cancer-related death every 50 years doesn't even compare. * â€Å"Although voluntary recycling has its benefits, it is completely unnecessary and wasteful to make it mandatory. † —Aliza Sajjad, 18, Concord, CA

Applying for English literature Essay

I was in my junior school when I decided that gender would not be a bar against my pursuit of knowledge, acquisition of a college degree and a doctorate in my future life. I am in the threshold of that final objective and that is why I am applying for this program in Winthrop University. My training and experience at the English Department of Girls’ Arts College in Saudi Arabia have given me enough confidence and provided a foundation for higher studies in English literature. I wish to pursue my higher education in the field of English Literature in Winthrop University because the tantalizing taste of this in my under graduation has made me crave for more. A systematic . introduction to this field was provided in my undergraduate college course at Saudi Arabia, where I could get a bird’s eye view of the history of literature, the social history of England, different literary forms, origin of words of the language, and also the study of some works of Literature pertaining to different ages. The study of Literature , according to me ,is not only a veritable treat to the lover of fantasy, but is also a treatise in profound truths, dealing with people at large and will never cease to fascinate the reader on account of its infinite variety. A child is fascinated by fairy tales and loves to wander into an imaginary world of escapism that it understands likes whatever is relevant to its mind. On the other hand, the study of literature provides the same route of escapism to the adult, who on the one hand seeks solace in appreciation of nature, in an imaginary realm of total make-believe and on the other hand is also privy to the working of the human mind. My undergraduate program in Arts College Saudi Arabia has paved way for an appreciation of Literature but I desire to get into an in-depth study of the plays of Shakespeare, the nature poetry of the Romantic age and the dynamic fiction of Modern Age. There were periods of transition and literature has evolved from time to time, reflecting the changing moods of society and nature of men and women. As a person who has come from Saudi Arabia, I am an admirer of women go-getters and that is the reason for my fondness for Shakespeare’s Portia or Jane Austen’s heroines who combine an iron will and determination and courage in the gentle cloak of a woman. I wish to acquire a Masters’ in English Literature and thereafter do research and get a Doctorate in this subject. This study of literature is ideally suited to my temperament and all that it calls for is extensive reading and an instinctive appreciation of the beauty of the English language and the power of word play. This word play, sentence construction coupled with the versatility of theme and action has made me an avid reader of Shakespeare’s plays. While I have been able to recognize and admire the craftsmanship of great playwrights, poets and novelists I still feel inadequate because I am unable to fully comprehend the import of the messages. A higher education in Winthrop University would not only aid me in understanding the nuances of Literature but would provide me with lessons for life, because Literature is but a depiction of this changing world and is a looking glass through varying periods of evolution. I am a person who wants to be a trend setter and prove to the world that my under graduation in Saudi Arabia has instilled a love for the subject of English Literature and has motivated me enormously in seeking to specialize in this. I love this study of English Literature and have repeatedly read select plays of Shakespeare like’ The Merchant of Venice’’, â€Å"Macbeth†, â€Å"Romeo and Juliet†, and also the romantic novels of Jane Austen. While I am dumbstruck by the imagery and the beautiful analogies of Shakespeare’s tragedies, I am endlessly fascinated by the strength of character of his heroines. They are my role models and I am convinced that a detailed study, analysis and an advanced appreciation of Literature would add to my insights, render a greater understanding of human beings, and would enrich my life. As opposed to hard toiling in a physics or a chemistry laboratory, this world of literary escapism would not only suit my nature but would benefit me because it would provide me with the opportunity of enhancement of knowledge ,. n improvement of my language skills , and an enjoyable escape route from the mundane tasks of this world. ‘’Reading maketh an exact man’’ and I wish to hone my skills in discerning truth from fantasy and work on my powers of expression. Science is an objective study of different species and phenomenon, but literature is a portrayal of characters and delves deep into the human mind and describes in the course of a play or novel the workings of the human mind in its absolute magnitude. This is why we have a Macbeth, a Hamlet, a Portia, or a Jane and Emma and the innumerable characters of different playwrights and novelists. There is no end to originality and it is Literature alone that can give such a wide scope for subjective interpretations. There is nothing right or wrong but it is one’s own interpretation and expression of that perception that is valued by our evaluating professors. This is the primary reason for my love for the subject and I know that I am going to be evaluated for my reading and understanding of a particular piece of literature. Literature , while introducing the reader to different facets of human personality , provides a fringe benefit of excellent articulation of one’s thoughts because this is one subject where no student is condemned for giving a novel answer and the student is let loose in an imaginary world , that invites his unique appreciation of the subject. However, the complete understanding of great pieces of Literature can be acquired better through a systematic training, and guidance of eminent professors and experts in the field would go a long way in helping a person appreciate this better. This is another reason for my applying for this program. I love to read poetry and am transported to the world of Wordsworth and Keats but it would benefit me if I am systematically taught the technicalities of this literary form. The figures of speech and literary devices are highlighted by professors who help us appreciate not only the general idea but also the poet’s skill in the use of the language. Milton’s â€Å" Paradise Lost† would be different when read with the expert guidance of a professor. Personally, my great love for the subject has induced the motivation and determination to seek advanced programs in English Literature and I am confident that I will come out in flying colors. Masters’ in Winthrop University would prepare me for my Doctorate program in this field and I am certain to succeed in that ultimate aim . I can put in long hours of study and reading and have also been given the necessary basic training to do comparative studies between plays, novels, poems, characters, themes rendering of action and the evolution of plots. This systematic training has instilled within me an instinctive aptitude to study different aspects of a character in a piece of Literature and it has become such a habit with me that I look for analysis of a plot or character even while engaged in light reading[eg while reading a Mills and Boon Romance] or while watching a film. My short term career goal is to excel in my curriculum and get a creditable Masters’ and this would be the stepping stone to my Doctorate degree in Literature. Diligence, focused performance and determination to succeed are the only features of my character that I would fall back on for achieving this ideal of mine.