Essay about Rationalism in America The Age That Shaped...

It can be said, but not denied, that the United States of America is one of the most powerful countries in the world today, and has been for arguably the last one hundred years. With its political agendas and military strength it shapes governments; with its social trends and values it shapes cultures. But what, exactly, shaped the United States? The various worldviews that have sprouted from Western philosophy is the most obvious answer, but, to be more specific, it is how those worldviews were adopted that were of the most significance. Whether it was the strict nature of the Puritans, who can be held responsible for the widely-held fear of sexuality, drug-use, and various other topics in America; or the revolutionary ideas of the†¦show more content†¦In the eyes of the colonists, they were gaining nothing from being British citizens that they could not give themselves, and were putting themselves on a lower level by remaining under the political threshold of the British m onarchy. With no vote in Parliament and having such a detrimental physical separation between themselves and their government, maintaining an allegiance to the British crown seemed both absurd and counter-productive. Another important aspect—besides the negative repercussions of remaining under British service—that showcases the value of independence to the American colonists is the fact that they thought they, â€Å"were, and of Right ought to be Free and Independent States.† The fact that they believed that they had the right to their independence if they wished was revolutionary and practically unheard of at that time; however, in the years to come, this idea would spread throughout countries like France and Haiti thanks to the rebellious actions of the colonies. Without thisShow MoreRelatedThe Enlightenment Principles Of Rationalism And Universal Rights1684 Words   |  7 Pagesand Jean-Jacques Rousseau were signposts of this era, inspiring populations loca lly and abroad. This revolution of ideas led to political and societal upheaval throughout the Western world. This essay will argue that the Enlightenment principles of rationalism and universal rights shaped modern Europe and North America through the rejection of absolutist government and the movement towards an equal society. The effect of these Enlightenment ideas is evident throughout the ‘Declaration of Independence’Read MoreEmergence of the Modern World1842 Words   |  7 PagesEmergence of Modern World The 16th century was a period of extraordinary transformation of the world. It marks the very beginning of the modern era of knowledge, skill, art and science. It was the time of grand investigation and discoveries, religious and political havocs, and astonishing literature. Europes overland trade routes to the East had been blocked by 14th century due to the disintegration of the Mongol empire and the expansion of the Ottoman Empire. Thus began the Age of Discovery withRead MoreEssay about Romanticism1678 Words   |  7 PagesRomanticism, Romanticism, in a way, was a reaction against rigid Classicism, Rationalism, and Deism of the eighteenth century. Strongest in application between 1800 and 1850, the Romantic Movement differed from country to country and from romanticist to romanticist. Because it emphasized change it was an atmosphere in which events occurred and came to affect not only the way humans thought and expressed them, but also the way they lived socially and politically (Abrams, M.H. Pg. 13). â€Å"RomanticismRead MoreWhat is Existentialism?1533 Words   |  6 Pagesbroad sense focusing using examples on different existential issues that affect the African continent. Existentialism comes through from a time of the Romantic Period in Europe. Focus had been put on a return to nature, feelings and an attack on rationalism. Most thinkers in this tradition like Kierkergard, Hiedegger and Nietzche focus on the issue and feeling of anxiety in the human condition. Treated well this anxiety goes on to breed authenticity in the human being. Anxiety comes about as an ontologicalRead More Equality of Life4144 Words   |  17 Pagespluralism as well as cultural diversity. I contend that the defender of religion who argues from the incommensurability of this form of life must also give up all traces of worldview exclusivism, the dogmatic claim to possess the one truth about the world. Finally, I argue that if we are to move into a future of peace, we must acknowledge that various forms of life are lived on a level playing field. That is, all forms have important contributions to make, and none have revelatory advantages over anotherRead MoreEssay about Greek Politics5547 Words   |  23 Pagesgovernment. Democracy began with the Greeks in the various city-states. Political thought also began in Greece. The â€Å"calm and clear rationalism of the Greek mind† started this way of thinking. Rather than focusing on the religious sphere, the Greeks chose to concentrate on the self and all things visible. They attempted to enter the world of the light of reason. â€Å"Democratic ideology and democratic political thought – the one implicitly, the other explicitly – sought to reconcile freedomRead MoreThe Enlightenment Research Paper Ap Us History2900 Words   |  12 PagesThe Impact of the Enlightenment in Colonial America Crà ­stel Mendieta Lincoln International Academy Advanced Placement United States History Mr. Roger Brady September 12, 2012 Abstract This research paper was written for the Advanced Placement United States History class taught by Mr. Roger Brady. It focuses on the rise of the ideas of the Enlightenment and how these ideas were relevant in the American Revolution, and the creation of the modern American Society. It also provides a throughoutRead MoreA History of World in Six Glasses Essay2701 Words   |  11 Pagesearliest civilizations would still be prosperous. Wine in Greece and Rome (Chapters 3 and 4) What does the story of wine tell you about wine tell you about social and gender roles in the Mediterranean world? The story of wine can tell us about the social and gender roles in Mediterranean worlds. Private drinking parties known as symposiums was an all male aristocratic ritual that took place in a special mens room (man cave). Women were not allowed to sit with men in these men rooms, givingRead MoreJames C. Modern Christian Thought Volume 1 : The Enlightenment And The Nineteenth Century1808 Words   |  8 PagesNineteenth Century. 2nd Ed. Minneapolis: Fortress Press, 1997. ISBN-13: 978-0-8006-3795-8. 448. pp. (Kindle Edition: 10285 locations). By: TidSureyah Tach, ID# 339560 October 21st, 2014 Bibliographic data: James C. Livingston (died July 31st, 2011 at age 81) was a faculty member in Religious Studies and administration at the College of William and Mary from 1968 to 1998. Professor Livingston was the founding chair of the Department of Religion, when he earned a promotion to full professor in 1973. HeRead MoreReligion And Its Role Within Societies 600 B.c11006 Words   |  45 Pagesreligion it became.. Another apostle, Peter, became the first Pope of the Roman Catholic Church in 30 C.E. Later, Christianity would become one of the most followed and the most influential religions in the world: it would be the fundamentals of peasant and rural everyday life in the European Middle Ages, European Monarchs founded the legitimacy of their rule on religious basis, it would be the driving force behind the Crusades, but most of all, Christianity would become a uniting force among the many

Why Athletes Use Steroids Free Essays

One of the most heated controversies in athletics centers on the use of anabolic steroids. Behind the dispute is the evidence that steroids pose a health hazard. They are linked to the cardiovascular disease, liver disorders, and cancerous tumors. We will write a custom essay sample on Why Athletes Use Steroids or any similar topic only for you Order Now In addition, there is evidence that they cause personality aberrations. Still, an alarming number of athletes are willing to risk their health for the enhanced performance steroids provide-and it is not hard to understand why. First of all, many athletes are so blinded by the obvious benefits of steroid use that they fail to note their adverse effects. They are so focused on the increased strength, stamina, and size that result from steroid use, that athletes may overlook the abuse their bodies are sustaining-often until it is too late. That is, athletes who are delighting in turning in the best performance of their lives are not likely to think about future harmful effects. This is the same psychology that keeps the nicotine addict smoking three packs a day, until the X-ray shows lung cancer is so advance that nothing can be done. Some athletes rationalize steroid use another way. They claim that anabolic steroids pose no greater health hazard than participation in such contact sports such as football, boxing, and wrestling. However, these athletes fail to understand that in addition to harming the body, steroids also heighten the danger of contact sports by making the users larger and stronger, thereby increasing their momentum and impact. Some people think steroid use continues despite the life threatening effects because athletes are just â€Å"dumb jocks† who are not smart enough to appreciate the risks. I don’t accept that explanation. Instead, I suspect that steroid use continues partly because most athletes are young, and young people never feel threatened. Part of being young is invulnerable. That is why young people drive too fast, drink too much, and take risks like bungee jumping. They just do not believe that anything can happen to them. The same psychology is at work with athletes. They are young people who feel they will live forever. In addition, athletes assume that because their bodies are so physically conditioned they can withstand more punishment than the average person, so they feel even less at risk by steroid use. Perhaps the biggest reason athletes use steroids can be explained by the spirit lies at the heart of all athletics: competition. One a handful of athletes enhances their performance artificially, and then others follow in order to stay competitive. Eventually, steroid users dominate a sport, and anyone who wants to compete at the highest level is forced to use steroids or lose out. This fact explains why unscrupulous coaches and trainers who want to win at any cost have contributed to the problem by offering steroids to their players and urging them to use them. Sadly, this practice has even filtered down to the high school level in some cases. Competition for the thrill of winning is only part of the explanation, however, Big-time athlete means big-time money. As the financial rewards rise in a given sport, so does the pressure to win at any cost. Huge salaries, big bonuses, beautiful cars, girls and incredibly lucrative commercial endorsements all temp athletes to enhance their performances any way they can. Despite drug testing before competitions and dissemination of information about the danger of anabolic steroids, athletes still use steroids because the pressures to do so are so compelling. The truth is that too many athletes think steroids only hurt the other person, or else they think using steroids is worth the risk. How to cite Why Athletes Use Steroids, Papers

Salvador Dali essay Example For Students

Salvador Dali essay Vanishes sees UN Ecuador whiz poor el artists Salvador Feline Action Dali. Cosec © Salvador Dali y est. Ecuador porous De com pià ±ata. Us USA el still De surrealist, per us Trojan sees realists. Poor example, en The Image Vanishes, Mira realists, per hack UN concept De surrealist. Edema ¤s, you jocose Dali porous me gusts el rate De Dali. Me gusts us Trojan y rate porous us still surrealist sees Ã'Ëœnice y creative. Tamaki ©n me gusts us rate porous De us ideas y el significant deter ¤s De cad painter. Ho, SE upped encounter e]employ De us rate en SST. Petersburg, Florida; Berlin Germany; Paris, France; Catalina, Spawn. Salvador Feline Action Dali is a Spanish artist that is considered the personification of surrealism. Dali was born in 1904 in Catalina, Spain. He spent the early part of his life with his rich parents and attended the Academy of Fine Arts in Madrid. Then, he moved away to Join the Surrealist movement in 1934. He spent most of his live doing this in Madrid, Spain; Paris, France; and New York. The style that he used was surrealism, but he painted his portraits and other paintings realistically. Surrealism is the type of style that is not realistic and expresses the power of imagination. The Image Vanishes is a painting made by the artist, Salvador Feline Action Dali. I chose Salvador Dali and this painting because of how he paints. He uses the surrealistic style, but his work is realistic. For example, en The Image Vanishes, it looks realistic, but it uses a surrealistic concept. In addition, I chose Dali because I like the art of Dali. I like his work and art because of his surrealistic style is unique and creative. Also, I like his art because of his ideas and the significance behind each painting. Today, examples of his art can be found in SST. Petersburg, Florida; Berlin Germany; Paris, France; Catalina, Spawn.

Time To Change With Time Essays - Cultural Appropriation

Time To Change With Time Time To Change With Time Change starts when someone sees the next step. ~William Drayton Native Americans are trying to take that next step. For the past 100 years Americans have stolen their sacred names and used them for mascots of high school, college, and professional sports teams. The National Education Association is one of the first to step to the plate by passing, Article I-41, which advises use of Prejudicial Terms and Symbols The National Education Association deplores prejudice based on race, ethnicity, religion, sexual orientation, gender, age, disability, size, marital status, or economic status and rejects the use of names, symbols, caricatures, emblems, logos, and mascots that promote such prejudice. (92,94) By having these practices they believe the rights of Native Americans are protected. Native American Mascots in sports need to change to protect and uphold the rights that are granted to them from the constitution. If we started all over before any names were made and altered these names towards other races how would people react? Lets take the Cleveland Indians for example. What would happen if we had used the Jews, Blacks or Chinese as this political cartoon suggests. Every race involved would have been in an uproar when the caricature came out. They would feel that their constitutional rights were being ignored. But, when Chief Wahoo of the Cleveland Indians, runs about drunkenly at baseball games1 they feel that it is ok to disregards the Indian name, heritage, and ritual. Taking in the psychological considerations for the Native Americans dehumanization, as the word implies, is a psychological process that reduces a person or group to a sub-human level. One way in which this process is deployed is by suggesting the subject of the dehumanization is like an animal. Because animals of various types and Indians related mascots are those most frequently used, it can be observed that this practi ce places Native Peoples on a par with wild beasts.2 The people or person who decided to use the name the Indians was not thinking of the long-term controversy it was going to cause. As a group of professional mental health providers, we are in agreement that using images of American Indians as mascots?is damaging to the self-identity, self-concept and self-esteem of our people. These names might seem powerful and forceful but in the long run they have put a culture down and made the fell less of a person. Not only using the name of Indian is wrong but using Redskin is also degrading. The Washington Redskins have used the name redskins for the last 67 years, and maybe the sports fans have just been accustom to the word. Maybe they should just learn what the word means. Merriam Webster's Collegiate Dictionary defines the word redskins in the following manner: American Indian, usually taken to be offensive. The word originated in the 1600's when bounty hunters exchanged the dead bodies of Native women, children and men for money. Since the bodies were too much trouble to transport, the bounty hunters started skinning their victims and exchanging the skins for money. Thus the term redskins were invented. The unified voice of American Indians has been effective. Most recently, a federal trademark panel ruled to revoke the Washington Redskins' federal trademark protection, because the trademark was considered disparaging to the American Indian people?3 When the Redskins have to change their name maybe they will think about the Yellowskins. Since most of the population is Caucasian why couldn't we have the name changed. If we have been using the Redskins, which degrade the American Indians, while we don't think so, why shouldn't we use the Washington Yellowskins? This change would not only cause uproar in society, but may even cause a major boycott. But why should this change of name cause a boycott? Because Americans only care about one person and that is themselves. Americans believe in protecting their own constitutional and or civil rights, not to help smaller minorities. Lame Deer hits the nail on the head when he states Desire killed that man, as desire has killed many before and after him. If this earth should ever be destroyed, it will be by desire, by lust of pleasure

2008 enhanced national, regional and international efforts to improve systemic stability in banking The WritePass Journal

How the global financial crisis of 2007/2008 enhanced national, regional and international efforts to improve systemic stability in banking Introduction: How the global financial crisis of 2007/2008 enhanced national, regional and international efforts to improve systemic stability in banking Introduction:Basel  IPillar one  Pillar two:Pillar three:   II.  Why regulate banks:III.  The Financial Crisis: what happened?IV. An evaluation of Basel II as a uniform system of International banking regulation:1. Shortcomings of Basel I1.1. Procyclicality: 1.2. Unfair competition:1.2.1. Compliance Cost1.2.1.1.  Ã‚  Lack of supervisory uniformityV. Conclusion:ReferenceRelated Introduction: The global financial crisis of 2007/2008 has enhanced national, regional and international efforts, to improve the monitoring of systemic stability in banking. It exposed the weaknesses of the current regime the Basel I; thus leading to increase pressure for a tougher uniform regulation in the banking system. This paper briefly discusses the importance of banks and why they should be regulated; and the causes of the financial crisis. It then goes on further to discuss and evaluate in detail Basel II and the weaknesses of such a uniform system of International banking regulation. Basel  I Following criticisms of Basel I and the increasing complex and global nature of bank operations; the Basel Committee on Banking Supervision hereon ‘the Committee’, published Basel II in 2004. Basel II is an international regulatory framework on capital adequacy of internationally active banks. It is an international standard for national regulators to follow when setting standards for minimum capital. For some, Basel II is one of the most successful uniform regulations, at least in the commercial field[1]. It has been signed by 12 countries and the wake of the financial crisis has led emerging markets and countries such as those in the Asian Pacific region to adopt some of its provisions. Despite its popularity amongst some, many banks still preferred to adopt Basel I because of the complex nature and cost of compliance associated with Basel II; which is feared will be transferred to borrowers through higher capital charges.[2] Though a soft law, it can be argued that Basel II is being adopted by banks not only to encourage international reciprocity, but also because of the benefits it has to offer. It offers an opportunity for banks to improve their sustainability and competitive advantage because it aims at securing financial stability through aligning capital closely with risks.   Unlike Basel I, Basel II achieves this through securing sophisticated approaches to calculating credit and market risks and now operational risks. Others[3] have questioned the practicality of the minimum regulatory capital under Basel II. This is because banks tend to hold more capital due to market forces and national regulation may demand higher capital than Basel II. Whilst the above statement is true, one argues that an international standard of this nature is a necessity justified by the need to prevent systemic risk and to control banks from engaging in excessive risks. Thereby creating market discipline and inherently safeguarding the safety and soundness of the international banking system. Basel II operates on a three pillar approach: Pillar one addresses capital requirements and risks management. Pillar two addresses the supervisory review process. Pillar three addresses market discipline.  Ã‚  Ã‚   Pillar one It proposes three compliance methods for minimum capital based on the complexity of the bank. These include the standard approach and the Internal Ratings Based (IRB) approaches. Smaller banks are encouraged to adopt the standard approach and the larger banks the IRB approaches. Under the standard approach, assignment of risk weights are handled by external credit rating agencies, a commendable move as each bank’s risks will be defined more accurately.   Nonetheless, this approach raises concern as it does not eradicate the risk of capital arbitrage nor complacency since it is not subjected to supervision unlike the IRB approach[4]. Moreover, the IRB approaches even though banks worry about compliance cost, is more likely than the standard approach to increase banks safety and soundness; simply because it empowers banks to understand and estimate their potential risks.   Yet, how reliable is this approach? It is too complex and provides a bank with a lot of discretion which may be abused through creating risk models for regulatory purposes (regulatory arbitrage).[5] Nonetheless, this risk appears to have been reduced by pillar two which authorises supervisors to monitor and approve these models. However, it is believed that the IRB approaches could led to inconsistent regulatory application and treatment of risks by banks. A standardised approach on the other hand, eradicates such inconsistencies though it reduces the willingness to enhance risk controls[6]. Despite its weaknesses, pillar one seeks to promote stronger risk management practices amongst the banks, and therefore its main attraction. Although its name depicts it as a mere improvement of Basel I, Basel II does not incorporate a ‘one size fits all’ approach to risk management as that would hardly reflect the true nature of the borrower’s risk[7].   Pillar two: This pillar provides supervisors the power to review bank risk models and provide constructive feedback. It maintains control over bank practices and harmonises supervision. The discretion it offers is critical given the international scope of Basel II in order to fit into national regulations, differing bank practices and unforeseen innovations. Notwithstanding, there is no provision within the pillar for the extent of these supervisory powers or enforcement actions towards poorly managed institutions,[8] making the discretion too wide.   Therefore, not only could such a wide discretion strain the relationship between the banks and supervisors; it could distort consistent regulatory application as supervisors can in effect enforce these standards however they see fit.[9] Consequently, this creates an unbalanced levelled playing field at an international level. Moreover, the Committee appears to have failed to give much thought to effectively linking pillar 1 and 2. Whilst banks ar e encouraged under pillar one to adopt banking strategies, pillar 2 significantly curtails this freedom. It is for these reasons that it is believed to be the weakest pillar of all and unlikely to promote soundness and stability[10]. Pillar three: Pillar three compliments the first two pillars and pays particular focus on enhancing transparency and prudential banking. Banks are required to publicly disclose information such as capital structure and capital adequacy.   As a result, greater bank discipline will be achieved and consequently, economic efficiency. However, it fails to demand the disclosure of essential information in areas relating to credit risks and internal and external ratings by major banks. Additionally, banks may not be willing to disclose information where capital ratios are falling;[11] consequently, this pillar is only a ‘first step towards providing a foundation for market discipline’[12]    II.  Why regulate banks: Basel II cannot be discussed in isolation without reference to banks and the role they play, because banks are the sole reason for the existence of Basel II. Banks are central to the economic activities of every society, what Cohen refers to as the ‘oil that lubricates the wheel of commerce’[13].   Moreover, they are vital source of sustenance of every economy because they provide finances for various commercial purposes as well as access to payment.   Their activities have a huge impact on society and failure could result in dire consequences. In 2007, setbacks brought about by failure of Northern Rock resulted in systemic bank failures and eventually a recession in the United Kingdom (UK) economy. Society has had to bear the burden of sustaining the economy through spending cuts, redundancies, unemployment and increase in prices of goods and services. Additionally, banks are more reluctant to give out loans and people are less willing to spend and leading to a decl ine in economic growth. This partly explains why there are numerous on going debates on banking regulation. Banks have been described differently by different people. For some a bank is inherently a dangerous institution that will generate crises from time to time.[14]   Banks are fragile and one bank failure could spread systemically with devastating results on society[15] and the international banking system as discussed in the previous chapter. Cranston[16] argues that a failure could cause customers in other banks to rush in to withdraw their savings; causing a liquidity crisis. Whilst there may be a real risk of this happening, it is argued that it is not always the case.   Customers of other UK banks, for example, did not rush to withdraw money from their banks because of the failure of Northern Rock. Rather its collapse seemed to have raised public concern and awareness on the fragility and susceptibility of banks to collapsing.   This confirms the perspective that bank failure and fragility does not mean that the financial system is failing but rather that it should be handle d carefully[17]. Additionally, consumer protection is necessary to prevent abuse of power by unscrupulous bankers who may encourage consumers to enter into financial transactions that may be unbeneficial to them. What is more is that, regulations should not only protect customers but also ensure that public confidence in the stability of the financial system is enhanced and protected.[18]These explain why banks need to be regulated so that their activities do no increase systemic risk, spread to other jurisdictions and plunge the economies into financial crisis like the case of 2007/2008. All in all, the underlying reason for regulating banks is to ensure bank soundness and stability both nationally and internationally, and to prevent systemic risks. III.  The Financial Crisis: what happened? Similarly, Basel II cannot be discussed without a mention of the financial crisis, because, due to the crisis, the debate on Basel II and its role in the financial crisis has been intense. The recent financial crisis, â€Å"arguably the greatest crisis in the history of financial capitalism†[19]   has raised a lot of political and academic debate on its causes including the following: Inadequate regulatory framework and supervision[20] Macro-economic imbalances and housing policies in the United States (US)[21] Poor risk management[22] The financial crisis has undoubtedly revealed inadequacies with current banking regulations. The international framework at the time, Basel II[23], was not adequately designed to prevent or deal with the global financial meltdown. However, should not be completely responsible for the collapse of the banking system. Many of the factors that led to the crisis were in place long before the establishment of Basel II[24]. Nevertheless, one would have expected Basel II to be designed to curb these known practices, inherently preventing or mitigating the crisis. It was inadequate and focused a lot on capital requirements with no guidance for liquidity management, an issue that is now to be addressed by Basel III[25]. For example, the Northern Rock crisis was not as a result of inadequate capital but a lack of a strong asset base[26]. Furthermore, at a domestic level, the UK’s banking regulation operated on a less invasive, less strict basis for fear of forcing out lucrative International banks to other countries.[27]This system may have worked for years, but it failed when it was most needed.   The Financial Services Authority (FSA) failed to ensure adequate supervision of banking system, inherently failing to prevent the crisis or mitigate its effects[28]. This is evident in the fact that it: ‘focused excessively on risks at the level of the individual firm, rather than the aggregate picture, as well as placing an over-emphasis on conduct-of-business regulation rather than its prudential responsibilities’.[29] The FSA failed to take over Northern Rock during early stages; this is partly why the Special Resolution Regime[30] was introduced to give it powers of early intervention. Nonetheless, given the nature of the regulations in place and the global nature of the financial crisis it is doubtful that the FSA could have prevented systemic risks. In addition, to the origin of the crisis from the sub-prime markets in the US, the US economy was consuming more than it was producing as reflected in its large deficit.[31] Besides, there has been plenty of talk in the media about bankers being the cause of the crisis; with bankers such as Sir Fred Godwin at the forefront of the firing squad.[32] These bankers were recklessly engaged in affordable credit facilities and excessive remuneration. Financial innovation led to the creation of complex products and excessive risk taking by the banks that lacked adequate capital to safeguard against failures. However, the pitfalls in the banking system should not rest solely with bankers and the regulators but also with the consumers.[33] Consumers’ insatiable desire for high living standards and the economic growth of previous years also contributed to the recklessness and complacency of bankers.   Whilst consumerism has been great for social growth, its negative impact on the econo my cannot be underestimated and should be partly blamed for the financial crisis[34]. IV. An evaluation of Basel II as a uniform system of International banking regulation: With an understanding of the origin and the aim of Basel II, this section will now closely examine and asses Basel II as a uniform system on international banking. Basel II meets the requirements of a uniform regulation through providing rigorous and detailed guidance on capital requirements applicable to all banks. It takes into consideration differences in bank sizes and operations. Moreover, its three compliance methods for capital requirements respectively apply uniformly to all banks depending on their size.   Therefore, this reassures member countries and non-member countries that banks within their country and other countries are sufficiently safe and sound financially; and unlikely to create systemic risk or worsen an international financial crisis[35]. Hence, such reassurance helps to prevent banks from being perceived by the international community as dangerous, unattractive or left isolated in the international financial sphere. Moreover, its menu of approaches to capital requirements such as the standard approach is suitable for both developed and developing countries as well as small and large banks. Basel II reduces regulatory burden by ensuring that banks operating in more than one country comply with only one and similar financial regulation. If for example, a bank like HSBC with global operations has to comply with different banking and financial regulations in different countries, it might experience confusion due to the regulatory differences, which might lead to waste of valuable time and increase compliance cost which could be reinvested into other profitable areas. The result may be that, banks may refrain from international operations because the costs may outweigh the benefits. If this occurs, it could have dire consequences for some economies. Additionally, Basel II creates a level playing field where single set of rules and a standard level of supervision are uniformly applicable to all banks.   For example, its capital requirements ensure that all banks hold a minimum regulatory capital and as such domestic banks cannot have lower capital rates in comparison to foreign banks. Implying that, domestic banks cannot hold less capital whilst investing the other into profitable ventures which may in turn increase their market share, thereby enhancing their competitiveness at the expense of foreign banks. Consequently, Basel II eliminates legal barriers and barriers to fair competition and by so doing, promoting efficiency, uniformity and prudential international banking[36]. Whilst Basel II has the ability to act as an instrument of fairness and uniformity in International banking, nevertheless, it has a number of shortcomings including procyclicality and unfair competition which will be discussed further below. 1. Shortcomings of Basel I 1.1. Procyclicality: As a uniform system of International banking, Basel II can create pro-cyclicality and disproportionate capital requirements which can lead to huge consequences on macroeconomics. It does not promote consistency throughout an economic cycle, an important component of banking stability. Under Basel II during a boom, banks will appear better capitalised, more likely to lend and make risky investment. However, when the value of assets starts dropping; these banks will appear to be below the minimum capital requirements. For example, the IRB approach is too sensitive to macroeconomic variations and will enhance pro-cyclicality unlike the standard approach which is designed with focus on the credit worthiness of the borrower throughout the economic cycle[37]. Ratings are updated annually under IRB approaches, therefore, during a recession a high risk borrower will reflect a higher probability of default, leading to higher capital charges. This over reliance on risk sensitivity distorts reg ulatory capital when banks are in need of it. The larger risk weights and strict regulatory capital requirements could lead to banks refusing to lend money during a recession and excessive lending during a boom. This could also have a significant impact on developing countries who may suffer a reduction in international lending or a significant increase in their borrowing cost; as they will be reflected as high risk borrowers with a high probability of default.   Nevertheless, some argue that this will not be the case since banks price using economic not regulatory capital[38]. Supporters of Basel II argue that allowing banks to have their own risk model reduces the effect on pro-cyclicality.[39] Additionally, it is not entirely clear that Basel II will aggravate procyclicality because pillar one requires banks to stress-test their credit portfolios and rate borrowers according to their ability to pay back with a recession in mind. Additionally, pillar two requires supervisors to take into account procyclicality during the review process where the bank fails to do so.[40] Therefore, the procyclical effects of Basel II cannot be fully justified given the mechanisms in place under pillar one and two. Moreover, a certain degree of procyclicality is inevitable and appropriate if a bank’s capital is to be closely aligned to its risks for prudential purposes[41].Albeit this, Basel II is bad economics in its attempt to use market prices to predict market failures. It is procyclical, something a uniform regulation should avoid and that may explain why the Ba sel III aims to reduce procyclicality by demanding that banks hold a countercyclical capital buffer of 0% 2.5% by January 2019[42]. 1.2. Unfair competition: Enhancing uniformity and competitive equality is one of the main aims of Basel II. However, it is often difficult to draft rules that will take into account institutional and legal differences and yet apply similarly to all. However, Basel II in its attempt to move away from the ‘one size fits all’ approach may create a breeding ground for unfair competition because there are winners and losers. As it stands, larger banks are favoured because as a result of the nature and complexity of their operations they are more likely to qualify for the IRB model. Hence, they will enjoy a 2% 3% reduction in capital which may be invested in other profitable ventures. For example, in the EU, Basel II is applicable to all banks irrespective of their size or geographical location. This might give larger banks an unfair competitive advantage as the anticipation of lower regulatory requirements can cause them to manipulate risk portfolios and take on excessive risks. This may occur at th e expense of financial stability and smaller banks; that through the standard approach may have the quality of their portfolio worsen[43], causing them to lose market shares. Additionally, because of the wide supervisory powers under pillar two, supervision amongst countries may not be uniform and this may place other countries in a better competitive position than others. For example, countries that are stringent in the application of Basel II rules may be at a competitive disadvantage than countries that do not[44] because their banks may have more capital to invest in other areas. Moreover, Basel II does not apply to non-deposit taking lenders but who nonetheless compete in the financial market. Accordingly, they are placed in a better position, since they comply with lower capital rates than banks that have to comply with Basel II. 1.2.1. Compliance Cost The cost of introducing such a uniform system of regulation such as Basel II may be very high, placing an unnecessary burden on some. For example, the lack in uniformity of capital requirements may have a significant impact on emerging economies and markets as the risk management systems will be costly to introduce. Therefore, the balance of the cost and benefits for introducing and implementing it may be disproportionate.[45] On the other hand, more advanced and developed markets and economies are placed at an advantage. Largely because, aside from the benefit enjoyed by larger banks, the more developed economies and countries are more likely to be equipped and well-resourced to effectively supervise their banks.[46] Consequently, they are in a better position to enjoy the benefits of Basel II than the emerging economies or developing countries. Additionally, where these emerging economies and developing countries fail to implement Basel II they could become unattractive. Nonetheles s, these countries can start by introducing the less complex standard approach and then progress as the economies grows. 1.2.1.1.  Ã‚  Lack of supervisory uniformity As a uniform system the effective implementation Basel II is dependent on voluntary cooperation, yet the discretion and independence of supervisory powers and abilities under pillar 2 are too wide. This could create conflict where the home and host countries follow different schemes of regulations, for example a host country may impose in the place of the IRB approaches the standardised approach for a bank that follows the IRB in its home country in order to avoid lower capital requirements and competitive advantage over domestic banks. Additionally, Basel II formalises the role of external credit rating agencies in assessing bank risks. Whilst they play an important role, their record especially in the recent Asian crisis, raises concern because they are not regulated like the IRB models. The absence of a standard of ratings could lead to capital arbitrage caused by banks shopping for favourable ratings. Hence, encouraging unfair competition amongst agencies as well as intensifying procyclicality of bank lending[47]. This lack of uniformity in the regulation of rating standards and supervision could raise serious concerns in achieving its aim of soundness and stability. An organisation responsible for regulating these rating agencies should be created to ensure that they adhere to the same level of supervision as the IRB models.[48]   This issue is now being tackled by Basel III by requiring the registration and supervision of credit agencies[49]. V. Conclusion: It is without a doubt that Basel II has contributed to prudential banking both at an international and national level; through its three pillars on better risk management, greater transparency and greater supervision. Through its pillars, Basel II offers many great opportunities for banks such as the ability to improve sustainability and competitiveness through closely aligning their risks with capital. It also reduces regulatory burden and to some extent creates a level playing field as it seeks to ensure that the same rules are applicable to all banks. A uniform international banking regulation is greatly desirable and needed as a result of the increasing global operations of banks and constant development in the financial sector. Regardless, Basel II does not fulfill the requirements of a uniform system. Its three pillars although developed with a great vision in mind, fail to make it a desirable piece of uniform regulation. Basel II as a uniform system of banking regulation focuses a lot on capital requirements, ignoring other important areas of banking such as liquidity management. As a result, it failed to prevent or mitigate the financial crisis and its effects. A harmonising international standard that seeks to achieve consistency yet is highly flexible such as Basel II is more than likely to fail. Basel II is over detailed, complex and vague as such relies a great deal on domestic supervisors for effective implementation, which will in effect fail to achieve consistency and uniformity, hence its main weakness. Whilst an international banking regulation is needed, Basel I is highly flawed, hence the reason for the new Basel II Accord. Reference [1] R Bollen, ‘The International financial system and future global regulation’ JIBLR (2008) 23(9), 462 quoting from Felson and Bilali, ‘The role of the bank’ (2004) http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744c0970000012fd01158ecc34d593cdocguid=I53D96EE057A211DDA3BBFE4B3DB72F6Bhitguid=I53D96EE057A211DDA3BBFE4B3DB72F6Bspos=8epos=8td=15crumb-action=appendcontext=37resolvein=true accessed 21st April 2011 [2] FJ Carden de Carvalho, Basel II:   A critical assessment (March 2005) 1-4 ie.ufrj.br/eventos/seminarios/pesquisa/basel_ii_a_critical_assessment.pdf accessed 26th April 2011 [3] DK Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008) 141-143 [4] D Coskun, ‘Credit-rating agencies in the Basel II framework: Why the standardised approach is inadequate for regulatory capital purposes’ (2010 )JIBLR 157-169, 164 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744d05f0000012fd08ca524199ce1a6docguid=IB858F4F230AC11DF9C83BB18AACF6BDBhitguid=IB858F4F230AC11DF9C83BB18AACF6BDBspos=1epos=1td=1crumb-action=appendcontext=6resolvein=true accessed 21st April 2011 [5]D K Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008) 170 [6] A A Jobst, ‘Regulation of Operational risks under the new Basel Capital Accord critical Issues’, (2007) JIBLR 22(5) 264 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744d05f0000012fd0b2f898199ce260docguid=I25B9EA20E3D211DBB19ABA1496637E01hitguid=I25B9EA20E3D211DBB19ABA1496637E01spos=10epos=10td=24crumb-action=appendcontext=36resolvein=true accessed 21st April 2011 [7] G LIND, ‘Basel II – the new framework for bank capital’   Economic Review 2, 2005, 23 riksbank.com/upload/Dokument_riksbank/Kat_publicerat/Artiklar_PV/Lind.pdf accessed 16th April 2011 [8] D Vanhoose, ‘Market Discipline and Supervisory Discretion in Banking: Reinforcing or Conflicting Pillars Banking’ (Networks Financial Institute, Indiana State University) 2007 WP 06,26 networksfinancialinstitute.org/Lists/Publication%20Library/Attachments/56/2007-WP-06_VanHoose.pdf accessed 15th April 2011 [9] F J Cardim de Carvalho ‘Basel II:   A critical assessment’,(March 2005) 19 [10] D Vanhoose, ‘Market Discipline and Supervisory Discretion in Banking: Reinforcing or Conflicting Pillars Banking’ (Networks Financial Institute, Indiana State University) 2007 WP 06, 25 networksfinancialinstitute.org/Lists/Publication%20Library/Attachments/56/2007-WP-06_VanHoose.pdf accessed 26th April 2011 [11] D K Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008) 178 [12] D Vanhoose, ‘Market Discipline and Supervisory Discretion in Banking: Reinforcing or Conflicting Pillars Banking’ (Networks Financial Institute, Indiana State University) 2007 WP 06, 24-25 [13] BJ Cohen, ‘In Whose Interest? International Banking and American Foreign Policy’ (New Haven, CN: Yale University Press 1986) cited in O JACOBSOHN, ‘Impact of Basel II on the South African banking system’ (2004) Magister Commercii in Business Management Rand Afrikaans University, 72 http://ujdigispace.uj.ac.za:8080/dspace/bitstream/10210/273/1/Dissertation7.pdf accessed 1st May 2011 [14]House of Commons Treasury Committee, ‘Banking Crisis: regulation and supervision’, 2008-09 available at parliament.the-stationery-office.co.uk/pa/cm200809/cmselect/cmtreasy/767/767.pdf accessed 15th April 2011 [15] This is commonly referred to as systemic risk. [16] R Cranston, Principles of Banking Law (2nd edn OUP 2002)   66-67 [17]MJB Hall and GG Kaufman, ‘International Banking Regulation’ (2002), 8 www.luc.edu/faculty//InternationalBankingRegulation7-12-02.doc accessed 15th May [18] This is also objective 2   of regulators laid down in s.4 of the Banking Act 2009 [19] A Peel, ‘The Turner Review’ (2009) 33 CSR 9, 70,1 lexisnexis.com/uk/legal/results/docview/docview.do?docLinkInd=truerisb=21_T11911683585format=GNBFULLsort=PUBLISHED-DATE,D,H,$PSEUDOLOSK,A,HstartDocNo=1resultsUrlKey=29_T11911683589cisb=22_T11911683588treeMax=truetreeWidth=0csi=280148docNo=1 accessed 15th April 2011 [20]   C Chambers, ‘The Reforms: A Political Safe Haven or Political Suicide – is the Labour bubble bursting?’ (2011) JFRC 19(1), 2 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744c0970000012fcff20386f488fee9docguid=I6213C8F246DF11E0A6ECC01597E875E2hitguid=I6213C8F246DF11E0A6ECC01597E875E2spos=2epos=2td=15crumb-action=appendcontext=17resolvein=true accessed 15th April 2011; Deputy K Ekholm, ‘Some lessons from the financial crisis for monetary policy’ (4th December 2009) bis.org/review/r091214c.pdf accessed 15th April 2011 [21] F J Cardim de Carvalho ‘Basel II:   A critical assessment’,(March 2005) 19 ie.ufrj.br/eventos/seminarios/pesquisa/basel_ii_a_critical_assessment.pdf accessed 26th April 2011 [22] IH-Y Chiu, ‘Legislation, regulatory and governance reforms in financial regulation: reflections on the global financial crisis’ Editorial, Comp Law,(2010) 31(6), 165 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744cc630000012fcfffcb546e891311docguid=IECBD4B406ACE11DFB49F99FD3B90BEF9hitguid=IECBD4B406ACE11DFB49F99FD3B90BEF9spos=15epos=15td=262crumb-action=appendcontext=30resolvein=true accessed 17th April 2011 [23] Basel II: The International Convergence of Capital Measurement and Capital Standards A Revised Framework, 2004 [24] E Fournier, ‘How Basel Should Change’ 28 IFLR 16 (2008-2010), 20 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744c09a0000012ffaeb98dabae8321bdocguid=I57126030E6A411DDB056C665510274F9hitguid=I57126030E6A411DDB056C665510274F9spos=1epos=1td=1crumb-action=appendcontext=7resolvein=true accessed 21st April 2011 [25] International Regulatory Framework for Banks, 2010 [26] R Bollen, ‘The International financial system and future global regulation’ JIBLR (2008) 23(9), 470 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744c0970000012fd01158ecc34d593cdocguid=I53D96EE057A211DDA3BBFE4B3DB72F6Bhitguid=I53D96EE057A211DDA3BBFE4B3DB72F6Bspos=8epos=8td=15crumb-action=appendcontext=37resolvein=true accessed 21st April 2011 [27] Economics online ‘Banking regulation’ economicsonline.co.uk/Business_economics/Banking+regulation.html accessed 15th April 2011 [28] ‘Bank regulation failed – Lords Committee’ (moneyfacts 2nd June 2009) http://moneyfacts.co.uk/news/economy/bank-regulation-failed-lords-committee/ accessed 16th April 2011 [29]   DK Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008) 141-143 [30] Introduced the Banking Act 2009 [31] F J Cardim de Carvalho ‘Basel II:   A critical assessment’,(March 2005) 19 ie.ufrj.br/eventos/seminarios/pesquisa/basel_ii_a_critical_assessment.pdf accessed 26th April 2011 [32] The Times Online, ‘Bankers to blame for the economic â€Å"mess† ‘   (The Sunday Times 28th   February 2008) http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5820951.ece accessed 16th April 2011 [33] ‘Causes and costs of a global financial crisis’ (The Sunday Times 2nd October 2008) timesonline.co.uk/tol/comment/letters/article4862921.ece accessed 16th April 2011 [34] F J Cardim de Carvalho ‘Basel II:   A critical assessment’,(March 2005) 19 ie.ufrj.br/eventos/seminarios/pesquisa/basel_ii_a_critical_assessment.pdf accessed 26th April 2011 [35] D K Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008) 178 [36] E Ferran, K Alexander, ‘Can soft law bodies be effective? The special case of the European Systemic Risk Board’ (2010) ELRev 35(6),   761 http://login.westlaw.co.uk/maf/wluk/app/document?src=rlsrguid=ia744d05e0000012fd0dd7691146455a0docguid=I1E797CE008C611E0A451F66F817AC0EEhitguid=I1E797CE008C611E0A451F66F817AC0EEspos=1epos=1td=4crumb-action=appendcontext=9resolvein=true accessed 26th April 2011 [37] D K Tarullo, ‘Banking on Basel: The future of International Financial Regulation (1st edn, The Peterson Institute For International Economics, 2008),178 [38] O JACOBSOHN, ‘Impact of Basel II on the South African banking system’ (2004) Magister Commercii in Business Management Rand Afrikaans University, 72 http://ujdigispace.uj.ac.za:8080/dspace/bitstream/10210/273/1/Dissertation7.pdf accessed 1st May 2011 [39] J Vinals ‘Procyclicality of the Financial System and Regulation’ Speech at the conference on Managing Procyclicality of the Financial System, Hong Kong, (22nd November 2004) bankofspain.org/webbde/es/secciones/prensa/intervenpub/archivo/vinals/relaci221104.pdf accessed 20th April 2011 [40] International Monetary Fund, ‘Will Basel II help prevent crisis or worsen them?’ Finance Development (June 2008), 30 imf.org/external/pubs/ft/fandd/2008/06/pdf/saurina.pdf accessed 1st May 2011 [41] International Monetary Fund, ‘Will Basel II help prevent crisis or worsen them?’ Finance Development (June 2008) 31 imf.org/external/pubs/ft/fandd/2008/06/pdf/saurina.pdf [42] The Basel III Accord basel-iii-accord.com/ accessed 6th May 2011 [43] E Feess and U Hege, ‘The Basel II Accord: Internal Ratings Approach and Bank Differentiation’, CFS Working Paper no 2004/25, 27 ifk-cfs.de/fileadmin/downloads/publications/wp/04_25.pdf accessed 5th May 2011 [44]   F Roger Jnr, ‘Basel II: discussion of complex issues’. BIS Review 08/2003 bis.org/review/r030623a.pdf accessed 5th May 2011 [45] O JACOBSOHN, ‘Impact of Basel II on the South African banking system’ (2004) Magister Commercii in Business Management Rand Afrikaans University, 73 http://ujdigispace.uj.ac.za:8080/dspace/bitstream/10210/273/1/Dissertation7.pdf accessed 30th April 2011 [46] R Lall, ‘Why Basel II failed and why Basel III is doomed’, (October 2009),GEG Working Paper 2009/52, 10 globaleconomicgovernance.org/wp-content/uploads/GEG-Working-paper-Ranjit-Lall.pdf accessed 21st 2011 [47] D Coskun, ‘Credit-rating agencies in the Basel II framework: Why the standardised approach is inadequate for regulatory capital purposes’ (2010 )JIBLR 157-169 [48]E Fournier, ‘How Basel Should Change’, 28 IFLR 16 2009-2010, 17 [49] J Kollewe and G Wearden ‘Basel III: the main points’ (guardian.co.uk 13th September 2010) guardian.co.uk/business/2010/sep/13/basel-iii-the-main-points accessed 21st 2011

A study and importance of extra curricular activity

A study and importance of extra curricular activity Extra-curricular activity is a non-academic activity. It is as part of developmental modules which can make the students think from a rather plain point of view of themselves and the world around them. This can be obtained by their learning process and experiences from the activities that they had joined. Nesan D., as been mentioned in the article of Co-curricular activities in school (2009) stated that, more specifically, from joining these extra-curricular activities, students can perform better in the internal and external skills such are self acceptance, self esteem, sexual orientation, career goals and others. A.Rahman Z. Ahmaed M. (n.d) in the article of Curriculum planning, development and reform by the country’s educational goals are manifested in the Malaysian National Education Philosophy (NEP),said that, â€Å"Education in Malaysia is an on-going effort towards further developing the potential of individuals in a holistic and integrated manner so as to produce ind ividuals who are intellectually, spiritually, emotionally and physically balanced and harmonious, based on a firm belief in and devotion to God. Such an effort is designed to produce Malaysian citizens who are knowledgeable and competent, who possess high moral standards, and who are responsible and capable of achieving a high level of personal well-being, as well as being able to contribute to the betterment of the family, the society and the nation at large†. Mostly when talk about extra-curricular, what came out from our minds are activities that related to the extra-curricular that we had been forced to join during our primary, secondary school such as Cadet Police, Puteri Islam and others. Unforgettable during our university life, we have been provided with one day which was named as extra-curricular day. At that day, all activities such as hockey club, swimming club, equestrian club and many more are been carried out. But, we have to realize, because extra-curricular is not limited to the activities that are only related only to clubs and uniformed bodies. Societies such Students Representative Council, Committee of College Students and so on are also categorized as extra-curricular. Even when you are active in certain particular clubs under college you are involve in extra-curricular. Actually there are three main types of co curriculum, first is society. Society can be classified as an organization or club for students who have specifically interest in specific activity. Second is uniform bodies, as I have mentioned above, is an organization that involved same uniform that they wear as their identity. Last is sport and games, this is the most popular one which involved students to spend time for fun as can maintain a good health. Some students like to join many extra-curricular activities, but other students do not. Therefore, their level of involvement in the extra-curricular activities limited to the desired and willingness of themselves. Then, from here, we have to remember, there are also pro’s and con’s when you are being active in extra-curricular. Benefits when you are joining this extra-curricular activities such are you get a chance being a leader, you can test how far your management skills, other than that, you can know how smooth you manage your time, the ability to handle stress, task delegation, decision making , carrying out meetings and many more. A part from that, bear in mind that, in any advantages, there are always disadvantages, there for, problem such as failure in managed time will lead to imbalance on academic. Through this research, we can know how far being active students can affect your academic performance. Whether it give negative or positive impact towards your studies performance. Because, different students give different academic performance.

History and Organizations of Project Management Essay

History and Organizations of Project Management - Essay Example How did the PM go from 0 to the speed of light in the last few years? Well, technology has surely paved the way, but cooperation among PMs has been the key to understanding the critical need to communicate and integrate work across multiple departments and professions. One of the earliest uses of technology in the field of PM was the introduction of the Gantt Chart. This simple visual aid was introduced in 1917 while Henry Gantt studied the management of Navy ship construction during WWI (The history of project management). Gantt charts, still used today, were complete with task bars and milestone markers and were useful in the scheduling of project duration and manpower. Gantt charts remained a powerful mainstay of the PM profession and according to The history of project management have, "[...] remained virtually unchanged for nearly a hundred years.". Yet, throughout this period some other innovations were taking place. During the 1950s, the Cold War military was making huge demands on technology. Admiral Raborn of the U.S. Navy was responsible for getting the Polaris Missile program operational as quickly as possible (Theory of constraints, 2006). They turned to a man named Williard Fazar and with his help, they developed the Program Evaluation and Review Technique (PERT). PERT was an improvement on an earlier system called CPM that failed to manage random time variations that were critical to the Navy. PERT improvement was able to account for these complex variables and became a network model that allowed for randomness in activity completion times (PERT Chart, 2006). The next four decades were a little boring for Project Management. Some writers introduced radical new theories such as the 1960s book by Johnson, Kast, and Rosenzweig called The Theory and Management of Systems, which compared a modern business to a human organism (Theory of