The Outsiders By SE Hinton Essay Example For Students

The Outsiders By SE Hinton Essay In this book analysis, about the book ?The Outsiders? by S. E. Hinton I will discuss character and plot development, as well as the setting, the authors style and my opinions about the book. In this part of the analysis I will give some information about the subjects of the book, and about the author. The author wrote the story when she was just 16 years old, in the 1950s. The book was successful, and it was sold, and still being sold, in many copies as a young adults novel. There was a movie made about it, and today there are still many schools that use this book in junior high and high schools for English classes. There were plays made about the book too. The Outsiders is about a gang. They live in a city in Oklahoma. Ponyboy Curtis, a 14 year old greaser, tells the story. Other characters include Sodapop and Darry, Ponyboys brothers, Johnny, Dallas, and Two- Bit, that were also gang members and Ponyboys friends. This story deals with two forms of social classes: the socs, the rich kids, and the greasers, the poor kids. The socs go around looking for trouble and greasers to beat up, and then the greasers are blamed for it, because they are poor and cannot affect the authorities. I hope you would enjoy and learn something about the book from reading this analysis. Plot Development The plot development in the book, ?The Outsiders? by S.E. Hinton, was easy to follow. In this part of the book analysis I will give some more details about the plot development. There were no hooks or hurdles in the beginning of the book, the first sentence starts right away with the plot?without any forewords. This is the beginning of the first sentence: ?When I stepped out into the bright sunlight from the darkness of the movie house? (page 9). As you can see, it goes straight to the point without any prologues or any kind of introduction. The plot development in the middle of the story was sensible and easy to understand. It was clear and simple, and the events have occurred in a reasonable order. The ending of the story was a bit expected. I anticipated the death of Johnny because a broken neck usually means death. The death of Dally was not as predictable as Johnnys death because it was said that: ?He was tougher than the rest of us?tougher, colder, meaner.? (page 19). I did not think that such a tough person would get himself killed because of a death of a friend, although it was said a short time before the death of Dally that: ?Johnny was the only thing Dally loved.? (page 160). The climaxes at the end of the story were the deaths of Johnny and Dally. Here are quotations about the deaths: Johnnys death: ?The pillow seemed to sink a little, and Johnny died.? (page 157). Dallys death: ?He was jerked half around by the impact of the bullets, then slowly crumpled with a look of grim triumph on his face. He was dead before he hit the ground.? (page 162). To conclude I can say that the plot development was simple and easy to understand and to follow. The auth or organized it in a way that fits the actual content of the plot. Character Development The characters in the book, ?The Outsiders? by S.E. Hinton, were not very heroic?they were just humans?it was easy to believe that this is the way they should be. The characters in the plot give the reader a feeling this can be a true story. The author has created the personality of the characters through the descriptions of Ponyboy?the narrator?and through their actions. Following are some examples of these methods of getting familiar with a character. Here is an example for a description of Ponyboy: ?Steve Randle was seventeen, tall and lean, with thick greasy hair he kept combed in complicated swirls. He was cocky, smart, and Sodas best buddy since grade school. Steves specialty was cars? (page 17). The reader can find this kind of descriptions almost everywhere in the story, but especially in the beginning. I think the author put them there because the reader does not know the characters, an d he needs to get familiar with them. The descriptions make the reader know the characters better and understand their actions. A good example of an action that was taken and suggested something about a character is the way Dally was killed. He wanted the police to kill him, so he robbed a store, and the police officers shoot him. This shows that Dally was sensitive to a death of a friend although he acted like a tough guy. The dialogues in the stories show the thoughts and the feelings of the speakers. The way the gang members talk shows that they are gang members and street boys, because they speak in street slang. When the socs talk to greasers, the reader can feel their aversion to them. Following are some examples for dialogues that indicate something about the characters. Here is an example for a dialogue with slang in it: ?so I can still help Darry with the bills and stuffTuff enough. Wait till I get outI told you he dont mean half of what he says? (page 26). The highlighted words and phrases are ones that will not be used in formal writing and they even contain grammar mistakes. Here is an example for the hate the socs have to the greasers: Hey, grease, one said in an over-friendly voice. ?Were gonna do you a favor, greaser. Were gonna cut all that long greasy hair off.? (page 13). The reader can feel the hatred of the socs to the greaser in this dialogue when they tell him what they are going to do to him. The central figure of the story is Ponyboy that is also the narrator. Here I would analyze his character. The physical description of Ponyboy can be found in the first page of the book, page 9: ?I have light-brown, almost-red hair and greenish-gray eyes. I wish they were more gray, because I hate most guys that have green eyes, but I have to be content with what I have. My hair is longer than a lot of boys wear theirs, squared off in back and long at the front and sides, but I am a greaser and most of my neighborhood rarely bothers to get a haircut. Besides, I look better with long hair.? He is smart, according to page 12: ?I make good grades and have a high IQ and everything?. He is a bit naive sometimes, like in page 45 when he tried to convince himself that the only difference between socs and greasers is that greasers like Elvis and do not like the Beatles and socs like the Beatles and do not like Elvis. Sometimes, Ponyboy is daydreaming and not connected to reality, like in page 158, when he tried to convince himself that Johnny isnt dead: ?That still body back in the hospital wasnt Johnny. Johnny was somewhere else?maybe asleep in the lot? The supporting cast in the story is the gang and other characters. The gang members have long descriptions from Ponyboys point of view, and they are part of the plot development. The other characters in the book do not have long descriptions, and they usually appear in small parts of the plot to help its development. To conclude I can say that the characters have contributed a lot to t he coherent development of the plot. The characters are believable and they enhance the feeling of realism in the story. Setting In this part of the book analysis about the book ?The Outsiders? by S.E. Hinton I will discuss the setting. The setting is appropriate to the plot?the streets in the ?wrong side of town?. The authors descriptions are deep but easy to understand. The neighborhood where the gang lives is a place that fits the plot well, and helps to understand it. A good example for a description would be the one in page 85, of the dawn: ?The dawn was coming then. All the lower valley was covered with mist, and sometimes little pieces of it broke off and floated away in small clouds. The sky was lighter in the east, and the horizon was a thin golden line. The clouds changed from gray to pink, and the mist was touched with gold. There was a silent moment when everything held its breath, and then the sun rose. It was beautiful.? This kind of description made an image in my min d of a beautiful dawn?this was a word picture. The story happens in the 1950s in the US, it lasts a few days. The author usually describes every part of the day using Ponyboy. The mood the setting creates is of the neighborhood, and street life. This really contributes to the judicious plot development?it makes it more believable and reasonable. To conclude I can say that the setting fits the plot and the characters in a very good way. This is the best setting that can be for this kind of plot and characters, because other setting would make the story ridiculous because a street gang can only fit into the streets. Authors Style In this part of the book analysis, about the book ?The Outsiders? by S.E. Hinton, her style of writing would be discussed. The word usage in the dialogues between the gang members is of street slang. In the descriptions there are less simple words and more descriptive and artistic words (look at Setting and Character Development for examples). There is suspen se in the book?usually in the middle of chapters? that makes the reader to want to read what will happen next. An example for suspense is when the socs have tried to drown Ponyboy?there was uncertainty and I was anxious about what is going to happen next. The way the plot develops is easy to follow and to understand?the writer does not make it too complex. To conclude I can say that the authors style is easy to read and not complicated. Reading the book is enjoyable and there is no need to look up words in the dictionary. Critics Choice In this part of the book analysis I will write my opinions about the book ?The Outsiders? by S.E. Hinton. The book really focuses on what some kids in the US have to go through. One problem is how Ponyboy has to grow up without parents. Another problem is that the characters are in a gang and at war with another gang. A problem with the family that was shown in the story is that kids today may have parents that are alive, but they might not have enou gh time for them. Also, kids are worried about not fitting in and might join gangs to act ?cooler?. It also shows how if a member of a family has an injury its tough for the family and friends. This happens when Johnny gets hurt and he did not want to see his parents. Also, it was a problem for Ponyboy because he was worrying about him the whole time. I think ?The Outsiders? is an average book. It really does show how these things can affect a family and friends. The book was rather good. It would have been better if it was written in the 90s, and not in the 50s. This is because then young people that live today time can correlate with it. I think people who enjoy action and some adventure, should read this book, because the action, the writing, and the adventure are powerful. There is always something going on. For example, when Ponyboy was walking through the park, and three socs came out of the bushes and jumped him. This is one of the many times that problems between the two gan gs end in destruction. One other reason to read the book is that the end of each chapter of the book does not leave you in suspense. You do not have to keep reading to solve a problem. There is always something big going on, such as when Johnny broke his back trying to rescue children from a burning church. A thing that reduced the realism of the story was the names of the people (i e Ponyboy, Two-Bit, Sodapop). I have never known people with these strange names?there are no parents who would give their children names like these. To conclude I can say that the book was not very good but it was not too bad either. The writing is clear and easy to understand. Summary In this part of the analysis I will give a general summary of the whole analysis of the book, ?The Outsiders? by S.E. Hinton, and discuss the difficulties I had preparing it. I found the book hard to relate to in some parts because of the different time it was written in?the 1950s. A good example for it was that Ponyboy t hought the big difference between socs and greasers was that the greasers loved Elvis and the socs loved the Beatles. Since I was not born at Elvis and the Beatles time and I do not like either of them?I cannot relate to it. The were two other reasons for why it was hard to relate to the book: the first reason is that my life is not like the lives of the characters in the book. The things that Ponyboy and his brother did, I would never dream of doing. For example, I would not beat up people or gang up on people. The second reason is that I think it would be hard to live a life without parents as Ponyboy does. To conclude I would like to say that the book has made me see the way people that are living on the streets?in the wrong side of the town? behave and feel within themselves. It is like going ?behind the scenes? of a gang. 6 .uec5b4a361493361a762c1295e743f862 , .uec5b4a361493361a762c1295e743f862 .postImageUrl , .uec5b4a361493361a762c1295e743f862 .centered-text-area { min-height: 80px; position: relative; } .uec5b4a361493361a762c1295e743f862 , .uec5b4a361493361a762c1295e743f862:hover , .uec5b4a361493361a762c1295e743f862:visited , .uec5b4a361493361a762c1295e743f862:active { border:0!important; } .uec5b4a361493361a762c1295e743f862 .clearfix:after { content: ""; display: table; clear: both; } .uec5b4a361493361a762c1295e743f862 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uec5b4a361493361a762c1295e743f862:active , .uec5b4a361493361a762c1295e743f862:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uec5b4a361493361a762c1295e743f862 .centered-text-area { width: 100%; position: relative ; } .uec5b4a361493361a762c1295e743f862 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uec5b4a361493361a762c1295e743f862 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uec5b4a361493361a762c1295e743f862 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uec5b4a361493361a762c1295e743f862:hover .ctaButton { background-color: #34495E!important; } .uec5b4a361493361a762c1295e743f862 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uec5b4a361493361a762c1295e743f862 .uec5b4a361493361a762c1295e743f862-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uec5b4a361493361a762c1295e743f862:after { content: ""; display: block; clear: both; } READ: A series of coloured LEDs Essay We will write a custom essay on The Outsiders By SE Hinton specifically for you for only $16.38 $13.9/page Order now

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Like the law, the media penetrates our daily lives, helps formulate our understanding of social reality, and its influence and power in shaping individual perceptions of the world is frequently ignored. Thus, the media are often viewed as both entertainers and an ‘agents of socialization’ who play a significant role in shaping the public’s understanding of the law and legal processes. As a dominant source of legal information, the media is often viewed as the primary means by which the law is able to become a part of the everyday life. The media educates the public about lawyers, judges and criminals and provides its own perspective on what the law is and how it works. It is the media’s ability to ‘teach us about ‘the law’’ that has led legal scholars to critically examine the relationship between the media and the law. The concern is that the media’s use of sensationalized headlines not only misinforms the public by presenting distorted images of legal reality but also undermines the public’s confidence in the legal system. Media distorts legal reality On January 25, 2007, one of the BBC news headlines read, ‘Risk of suffering crime ‘rises’: The risk of becoming a victim of crime in England and Wales is rising for the first time since 1995, figures suggest’. Anyone reading this headline would automatically be under the impression that, according to official figures, crime is on the rise and is a serious issue in England. The problem with this headline and other newspaper reports about crime is that it does not accurately reflect the reality of criminal behaviour. Statistical evidence produced and gathered by the Home Office indicates that contrary to the BBC report, ‘violent crime has fallen or remained stable since 1995’. Furthermore, any rises in crime can be attributed to procedural disparities arising from the number of crimes reported and recorded by the police in any particular year. Although the text of the BBC article makes reference to these findings, noting that the increase in crime is still lower than the total percent recorded in 1995, this information is contained further down in the text of the article. Thus, the large number of readers who merely skim newspaper headlines will be misled into thinking that the general level of crime in England is increasing. This suggests that what the media chooses to focus on can give rise to public misconceptions about the criminal justice system. The question then is if the media has such a large impact on people’s perceptions about the law, then why do they insist on distorting representations of crime? People generally use their spare time to engage in activities that are both relaxing and fun and that help them unwind from the stresses of everyday life. During these leisurely moments, people generally watch television, listen to the radio, surf the internet, or read the newspaper. In this way, the media is often viewed as a pastime, as both a source of entertainment and a means by which one is able to distract oneself from the complexities of life. As McQuail states, ‘The media are often sought out precisely as an alternative to and an escape from reality’. What people seem to forget during their leisurely pursuits is that the media is still a business, whose primary goal is to sell the product of entertainment and information to its consumers. The media is subject to various market pressures and as such its principle objective is to generate profits by using a variety of techniques to attract consumers. Since the media’s principle objective is to sell its product, the media is not focused on representing a true pattern of what is going on in the world. As was seen with the BBC news headline, the media use various marketing tools such as sensationalized headlines to attract its audience. Events are only reported in the media if they resonate with the public and attract viewers. As is noted by McQuail, â€Å"The simple fact that the mass media are generally oriented to the interest of their audiences as ‘consumers’ of information and entertainment can easily account for most of the evidence of reality distortion†¦Ã¢â‚¬â„¢. A clear example of media distortion is the fact that the press only concentrates on a small number of criminal offences which include serious crimes such as murder and sexual assault or celebrity crimes. As is noted by Thornton, ‘The dramatic potential of criminal litigation is overwhelmingly preferred, in which everything is biased and distorted for dramatic effect. Within the crime show genre itself, violent crimes are disproportionately over represented’. Although these types of cases matter, they often leave the viewer with misconceptions regarding the general level of crime. The recent British Crime Survey indicates that in 2006/2007 the total number of domestic burglary crimes reported by the police was 292.3 thousand compared to the 19.2 thousand reports of crime that constitute serious violence against the person such as homicide or serious wounding. Although the threat of being a victim of burglary is higher than that of homicide, the media tend to focus its reports on violent crimes because the seriousness of these types of offences triggers an emotional response in the viewer thereby increasing media productivity and profits. This type of slanted reporting leads the public to grossly overestimate the amount of serious violent crimes, in relation to all other crimes. As Berlins notes in his lecture, ‘I suppose what I’m saying is that the media, in its totality, does probably irreversibly convey a distorted view of the state of crime and punishment, that therefore in turn, the public, which takes much of its information as well as its attitudes from the media, holds misguided views on the subject’. Thus, while the media only reports that which will give rise to public emotion, the public, who view the media as a primary source of legal information, uses these reports to formulate their own views about the criminal justice system. The danger is that this type of reporting will erode the public’s confidence in the legal system. As Garapon notes, ‘by placing us under the jurisdiction of the emotions, the media are in fact distancing us from the jurisdiction of the law’. Public confidence in the legal system and the judiciary is an important issue. A lack of confidence in state institutions, and in particular the court system, may lead to a form of vigilante justice. For instance, when Sarah Payne, an eight-year old girl, was sexually assaulted and murdered, the News of the World’s tabloid made a plea for the public endorsement of a law that would allow the public access to a sex offender registry. After the tabloid ran this report, vigilante groups began attacking the homes of families they mistakenly believed were pedophiles. Thus, if the public, through media portrayals, is under the impression that violent crime is on the rise or that the courts and police are not doing enough to keep criminals out of society, then they may attempt to take justice into their own hands. A regular pattern across all research in this area suggests that the majority of the public does not have confidence in the courts particularly in relation to sentencing. Mike Hough and Julian Roberts conducted a study on the sentencing trends in Britain and found that ‘judgesreceived significantly more negative evaluations than any othergroup of criminal justice professionals. The public systematicallyunder-estimate the severity of sentencing patterns, and thisis significantly related to attitudes to sentencers’. This lack of confidence appears to emanate from a significant lack of knowledge about how the system works and the levels of sentencing. Since public opinion about the legal system is influenced by media reports about crime, it would follow that the public’s ignorance about the judiciary and sentencing is substantially based on media representations which are largely inaccurate. However, not all media portrayals of the law are entirely unfounded or inaccurate. As Berlins notes, ‘I don’t want to give the impression that most people get most of their information and opinions from bad fiction on the telly. After all, television also gives us some very good, informative, sober documentaries’. However, Berlins goes on to state that while there are accurately depicted representations of crime and justice in the media, viewers tend to not be interested in these shows and they are usually ‘withdrawn because of their unpopularity’. The Media distorts the law regardless if they represent the facts or fictions The issue then is whether the media is incapable of producing legal narratives that are based on facts and not fiction. Recently, the L.A. Times, a predominant American newspaper, released the story of Mychal Bell’s guilty plea in the ‘Jena Six’ case. In the ‘Jena Six’ case, six black teenagers, including Mychal Bell, were accused of assaulting Justin Baker, a white teenager, at their highschool in Jena, Louisiana. The media claimed that the assault resulted from a racially-motivated incident at the highschool, where three white students hung nooses from a tree that black students were allegedly prohibited from sitting under. Mychal Bell was the only member of the ‘Jena Six’ group who was charged with attempted murder. Bell’s charges were subsequently reduced and after pleading guilty to a second-degree battery charge he was sentenced to 18 months in prison. The public viewed Bell’s prosecution as being ‘excessive and racially discriminatory’ particularly in comparison to the way white offenders were treated in similar offences. The L.A. Times’ coverage of Bell’s guilty plea sensationalized the issue of racism while at the same time omitting relevant facts relating to Bell’s sentence. Although the L.A. Times story appears to set out the true facts of the story in relation to Bell’s sentence, they overlook the fact that Bell had a previous criminal record. Previous convictions on an offenders record is considered an aggravating factor that the court will take into account when determining an appropriate sentence. Thus, as one commentator notes, the L.A. Times, in addressing the issue of whether the sentence was excessive and racially-motivated, should have noted that information concerning Bell’s previous convictions was a factor in the sentencing decision: This is a story about whether a criminal prosecution of young black males for a violent crime was too harsh. Any responsible story addressing that topic would fully describe the perpetrators’ criminal histories especially histories of similar behavior. This information is absolutely vital to assessing whether his treatment at the hands of law enforcement was unnecessarily harsh and by not mentioning his priors, the paper implies to most rational readers that he has no criminal history at all. Assuming the aim of the L.A. Times report was simply to inform readers of recent developments in the ‘Jena Six’ case, this example demonstrates that by focusing on certain facts, at the exclusion of others, the media is able to create a fictional reality which substantiates its own hasty judgments. A local reporter in Jena, Louisiana, commented on the media’s coverage of ‘Jena Six’ and highlighted several myths reported by the media noting: ‘The media got most of the basics wrong. In fact, I have never before witnessed such a disgrace in professional journalism. Myths replaced facts, and journalists abdicated their solemn duty to investigate every claim because they were seduced by a powerfully appealing but false narrative of racial injustice’. Among the number of facts the media neglected to report was that evidence given by both witnesses and defendants showed that the noose incident, which took place three months prior to the assault of Justin Baker, was not only a prank against a group of white not black students, but was also unrelated to the attack. Thus, the media, by picking which facts to report and by drawing unsubstantiated correlations between various facts, have presented a distorted picture of this case. Although, the facts presented by the media in the Jena Six case are in and of themselves true, the manner in which they are presented leads to a blurring of the line between fact and fiction. It is for these reasons that the media is generally charged with presenting a ‘flawed and distorted version of the law’. As Richard Nobles and David Schiff note, ‘the media misreads law for its own purposes. This misreading has the capacity to generate what, within the media itself, are described as ‘crises of confidence in the administration of justice’. Distinguishing between fact and fiction has become a difficult task for media consumers. Fictional events are becoming more realistic through various television programs that dramatize the law and the judicial system such as Ally McBeal and People’s Court (UK). These television shows impose a conceptual ‘reality’ that viewers can identify with. How then is it possible for a viewer of these types of programmes to be able to distinguish between fact and fiction when the real object of these shows is to provide neither? According to J. Street, the distinction between fact and fiction is not one that can be discerned by simply watching these shows but is rather a skill that must be learned. The idea that the line between fact and fiction is becoming more and more difficult to discern is not something that is recent or that has emerged with the introduction of reality TV. The media has always used various tools to impose a certain amount of ‘fictionalization’ on ‘real’ issues. In addition to using sensationalized headlines and twisting facts by playing on words, the media also uses metaphors as ‘an expression of categories of reality’. Metaphors are used in media crime reporting in order to present complex legal issues in a clear and straightforward manner that makes them more ‘real’ and easy for an audience to relate to. Metaphors such as ‘justice is blind’, ‘war on terror’, ‘cold-blooded murderer’, ‘lawyers are leeches’ and ‘if it doesn’t fit you must acquit’ are used by the media to represent a particular angle on a legal story by relating that perspective to human experience. For example, the metaphor ‘lawyers are leeches’ will impress upon anyone who has had a negative experience with a lawyer or who has had to pay an excessive amount for legal representation. The media is able, through the use of these metaphors to paint a certain picture for the viewer that they are able to connect with because the ‘values and emotions’ attached to these metaphors resonate with the everyday. As Brown notes, ‘What gives such metaphors their resonance is not actually their ‘distortion’ of reality; it is their proximity to experience’. Metaphors, however, can also distort representations of the truth in crime reporting. For example, the metaphor ‘justice is blind’ is used to signify the fact that the judiciary is an impartial and independent body whose job is to apply the law equally and fairly to all persons regardless of class, race or gender. However, what is lost in this metaphor is that justice is not always adversarial and can be achieved through alternative methods to dispute resolution such as mediation and negotiation. Nevertheless, even if the media generates a fictional story, by using metaphors ‘taken from the real world’ the media is able to connect with the public. As a result, metaphors do not necessarily have to be accurate in order for the media to be able to unite with the public through common experience. Another way the media is able to connect with the public in disseminating information about the law is by turning ‘readers or viewers into judges, providing them with all the material necessary for them to make the judgments themselves’. The facts, legal issues and judgments surrounding court-room type shows are introduced to the viewer as the media sees it and as such, there is no room for mediation, argument or debate. The media trial is presented in a story-like fashion like any good novelist, the media tailors the sequence of events and uses characters, imagery, and symbolism to guide its viewers into reaching a pre-determined judgment. By setting the stage and employing various theatrical tools, the media falsely leads its viewers into believing that the outcome of the media trial corresponds with their own opinions about the law and justice. Although the media is able to provide instantaneous justice, by compressing the complexities of a legal proceeding into a 30 minute clip, the media ignores the fact that ‘a trial is an extremely complex and sophisticated device’ and that just and fair decisions are reached only through careful consideration of all the facts, evidence and testimony. Thus, media trials have the ability to undermine the role of the judiciary and the public’s faith in the legal system, by impressing upon its viewers the belief that justice is easily ascertained without deliberation. Garapon elaborates on this point stating, ‘The trial is able to control the way in which the facts are presented, proved and interpreted. On the television, however, a ‘construction of reality’ is implicit and thus directly experienced and thus escapes both examination and discussion’. Hence, as Garapon further notes in ‘preferring seduction to reasoned argument’, the media are able to display a version of the truth ‘at the expense of truth itself’. Although the media’s main role is to entertain, the media is viewed by the public as a major distributor of legal information. Since the media uses various dramatic techniques to relate information regarding the law to its viewers, the public is generally unaware that the media simply has no regard for whether or not the information they are relaying is true or accurate. It is in this way that the distinction between fact and fiction becomes harder for the public to discern. The public adopts the media’s conception of legal reality and as a result views the law in a negative light and loses confidence in the criminal justice system. This is not to suggest that all media content is based on false assumptions or inaccurate facts, but more often then not accounts of the law are misapprehensions of the truth. Is there a valid reason for concern over distorted media portrayals of the law? All research in respect of the effect media has on popular conceptions of the law suggests that media portrayals of the law, whether they are based on fact or fiction, present a distorted version of legal reality. As noted earlier, the media’s power to distort the law and present fictions as legal truths causes anxiety in the legal community. Again, the concern is that media misrepresentations about the law may destroy the public’s faith in the legal system. The administration of justice and the independence of the judiciary are important values that safeguard the fundamental rights of every individual in society. Without these principles, justice, fairness and equality would cease to exist and society would revert back to a state of war where everyone fends for themselves. The media, as the voice of public opinion, ought to be troubled by the role they play and the influence they have in undermining the public’s confidence in the legal system. This is particularly so when examining the media’s power over the public from an effects-based approach. The effects model suggests that media users are like sponges in that they simply absorb media content without any reflection or analysis. This is disconcerting given that some researchers have suggested that information from the media and other sources are absorbed into the mind and filed into ‘bins’ and that when making ‘heuristic judgments’, people extract the information from these bins and ‘often fail to consider that the information extracted could be from fictitious sources’. Based on this approach, individuals who have not learned to decipher between fact and fiction, are in danger of formulating erroneous beliefs about the law that are based on stereotypes, half-truths and clichà ©s. On the other hand, it can be argued that because viewers and readers are generally ‘media-savvy’ they are cognizant of the media’s power to mislead and as such do not rely on media generated content about the law when making value judgments about the legal system. As Lieve Gies notes, ‘Most individuals are sufficiently ‘media-savvy’ to be aware that newspapers and television cannot always be regarded as the most reliable or authoritative sources of knowledge. People are capable of detecting the media’s deceptions and distortions, which means that they are not prepared to put all their eggs in the media’s basket’. Thus, instead of ‘simply absorbing the televised message like a sponge’, viewers and readers are able to ‘decode’ media communications and attach entirely new and different meanings to the media text. The idea that media users are capable of scrutinizing media content and are actively engaged in the construction of their own reality is based on the active audience approach to understanding media effects on the law. According to the active audience approach, media users are not merely cultural ‘dopes’ who submit to the media’s power without reflection and examination. A concern raised by advocates of the active audience approach is that media effects studies overlook the fact that audiences are able to maintain their own independence and views when engaging the media. Instead, research in this area generally starts from the presumption that ‘the media is to blame’. As is noted by David Gauntlett, ‘The problem with much media effects research, however, is that researchers have jumped straight to the second stage investigating the media and its possible ‘effects’ without even bothering with the first one, namely checking whether any notable suspects have in fact been affected’. Stuart Hall’s analysis of the media further suggests that any content received by viewers and readers through various media forms is hollow and meaningless until the viewer or reader ‘deciphers the text and assigns meaning to it’. Hall’s reception analysis model suggests that readers and viewers consciously refuse to give into media influences and instead attach their own set of values to the information being conveyed through media texts. However, as Gies points out, ‘The potential blind spot in reception analysis is that it may still end up giving the media too much preponderance and ignore other influential sources of knowledge’. Nevertheless, the thrust of the argument in both the active audience approach and the reception analysis model is that the media’s powers to shape one’s understanding of the law will vary depending on the meaning that one attaches to media messages which is dependent on one’s cultural perspective one’s class, race and gender. As is noted by Gies, ‘In constructionist analyses of media culture, it is the socio-cultural background of people, and not the media products they consume, which is seen as a more reliable predictor of how they construct social meaning’. For instance, in Canada, the majority of the images presented on the television depict a Western conception of reality. Since Canada is an ethically and culturally diverse country there are many citizens who have differing cultural perspectives and identities. It is therefore dif

Two Marxist Objections to Exploitation :: Economy Economics Papers

Two Marxist Objections to Exploitation ABSTRACT: I argue that we can find in Marx two objections to exploitation: (i) an entitlement objection according to which it is wrongful because of the unjust distribution of benefits and burdens it generates; and (ii) an expressivist objection according to which it is objectionable because of the kind of social relation it is. The expressivist objection is predicated on a communitarian strand in Marx's thought, whereas the entitlement objection is grounded in a more liberal account of the wrongfulness of capitalist exploitation. I conclude by connecting my analysis to the current debate between proponents and critics of market socialism. While market socialism could be a vehicle for realizing the values associated with the entitlement objection, this is not true for the expressivist objection. Furthermore, because the entitlement objection does not depend on a thick conception of the human good, it is in accord with the liberal ideal of political neutrality whereas the expressivist objection is not. In what follows I argue that we can find in Marx's work two objections to exploitation and that distinguishing these objections helps clarify current issues facing socialist political philosophy. The first is an entitlement objection according to which exploitation is wrongful because of the unjust distribution of benefits and burdens it generates. The second is an expressivist objection according to which exploitation is wrongful because of the kind of social relation it is, viz., one in which agents view the needs, vulnerabilities, and capacities of others primarily as a means to their own private gain. (1) The expressivist objection suggests a normatively thicker, communitarian strand in Marx's thought, whereas the entitlement objection relies on a thinner, more liberal normative account. I conclude by connecting my analysis to the current debate between proponents and critics of market socialism. While market socialism could be a vehicle for realizing the values associated with t he entitlement objection, this is unlikely the case for the expressivist objection. Furthermore, because the entitlement objection does not depend on a thick conception of the human good it fits with the emphasis on political neutrality that is central to liberal thought. Let me provide some context for my account by briefly describing the place of exploitation in Marx's theory of history, the connection between the normative and explanatory roles of exploitation, and the relevance of Marx's theory of exploitation for contemporary social philosophy. For Marx exploitation is a concept of historical generality, applying not only to capitalism, but to feudal and ancient modes of production.

Severe income disparity: A review of the WEF’s global risk

ABSTRACT This paper provides a discussion of one of the most persistent global risks identified by the WEF, namely severe income disparity.The report focuses on describing the systemic nature of this risk along with indicating its manifestation in both developed and emerging economies. Moreover, three distinct concepts of measuring global income inequality are presented as based on Milanovic’s research. The paper discusses numerous interconnected risks to income disparity, and provides recommendations for improvement. INTRODUCTION According to the World Economic Forum (WEF), severe income disparity between the richest and poorest citizens has become one of the most substantial risks facing the global community in the 21st century (Global Risks 2012). The WEF has emphasised the urgency to tackle income disparities because of the widening chronic gap between the rich and the poor. This aspect represents a serious threat to social stability in the global context. The risk of severe income disparity also raises concerns about persistent recession, which has an adverse effect on middle classes in developed economies (Law et al. 2014). In addition, it has been indicated that the process of globalisation has led to a polarisation of incomes in emerging and developing economies. Identified as a systemic risk, severe income disparity is defined as the unequal distribution of individual income across different participants in an economy. Income inequality also refers to the percentage of income which corresponds to the percentage of population (Armour et al. 2013). This concept is associated with the notion of fairness, and it is usually considered unfair if the rich citizens have a substantial portion of a country’s income in comparison to representatives of their population. Moreover, the causes of severe income disparity tend to vary by specific characteristics, such as region, education, and social status. It is important to explore the implications of such income disparity globally (Schneider 2013). This type of inequality is generally measured through the ‘Gini coefficient’, which provides adequate information about the way of how income distribution in a particular country deviates from the notion of perfect equity (Grabka and Goebel 2014). The objective of this paper is to explore and critically analyse the WEF risk of severe income disparity. SYSTEMIC DIMENSIONS OF THE PROBLEM OF INCOME DISPARITY The concentration of substantial economic resources in the hands of fewer individuals indicates a significant threat to stabilising global political and economic systems (Chang et al. 2013). As a result, political organisations engage in a process of addressing the demands and needs of economic elites, which are identified in different economies, both developed and developing. This occurs to the detriment of ordinary citizens, who appear adversely impacted by severe income disparity (Berveno 2014). The global financial crisis has sparked research interest in exploring the dimensions of income disparity across the world. Regardless of extensive discussions on the negative impact of income disparity in developed and emerging economies, this has not resulted in adequate solutions to the problem (Lin et al. 2014). It can be argued that world leaders and politicians unite their efforts to provide a realistic framework of how they can address the issue of income disparity (Burz and Boldea 2012). The problem of widening income inequality is systemic in nature and is linked with political influence. The poorest citizens in the world usually tend to lack access to modern economic and political systems that enforce specific laws and regulations (Pulok 2012). In developed economic systems, representatives of the low and middle classes are commonly found at the low levels of society due to unaffordable education and challenges of obtaining credit facilities. In addition, jobs with high salaries have become scarce (Chang et al. 2013). This emerges as another contributing factor to widening the gap between the richest and poorest citizens. MINIMUM QUALITY OF LIFE The discussion of a minimum quality of life has been recently initiated in the United States. The focus has been on keeping the dignity and respect of human beings intact. Yet, it can be argued that Europeans are more advanced than Americans in terms of the discussion of the issue of severe income disparity (Bergh and Nilsson 2014). The gap between the richest and poorest citizens is mostly evident in developed economies, according to the WEF report (Global Risks 2012). Although such uneven growth is considered normal in emerging markets, they are more likely to face the problem of income inequality in the near future (Shin and Shin 2013). Some may argue that income disparity is an inevitable by-product of free markets. However, there is no substantial evidence to support this claim. There is no easy solution to the issue of income inequality, but global leaders tend to suggest that balance is fundamental (Bergh and Nilsson 2014). Government intervention may appear a relevant solution to the problem. Yet, it should be considered that such intervention should not have a negative impact on market efficiency. Government intervention may be focused on increasing market access. Other individuals and groups that hold a more pessimistic view indicate that the inability to influence government policy can prevent the creation of any changes that try to alleviate the problem of severe income disparity (Global Risks 2012). DIFFERENT CONCEPTS OF INEQUALITY Branco Milanovic is one of the main researchers looking at the issue of severe income disparity. He emphasises three distinct concepts of inequality. The first concept is associated with the aspects of unweighted global inequality. It refers to the use of GDP per capita and ignores population (Milanovic 1998). This type of inequality has been progressively decreased in the last few decades. The second concept relates to population weighted global inequality where it is assumed that all people in a country receive the same income (Pulok 2012). Yet, the precise number of representative persons from each country indicates its population size. If this measure is applied, it appears that income inequality has decreased in the past several years, even though it has expanded in countries such as China and India (Bergh and Nilsson 2014). The third concept used by Milanovic is based on the principle of treating everyone in the same manner, regardless of one’s nationality. This has gradually become a global measurement of income disparity (Shin and Shin 2013). It can be suggested that by applying the proposed measure in practice, global inequality substantially increased in the period from 1988 to 1993. As a result, the poorest 5% have lost almost 25% of their actual income, whereas the richest citizens have gained approximately 12% (Milanovic 1998). ESSENTIAL FINDINGS In the United States, the sector of Accommodation and Food Services emerges as the most unequal sector in the US economy, dominated by substantial inequality within this industry (Auten et al. 2013). It has been indicated that Accommodation and Food Services demonstrated a CEO-to-worker pay ratio of 543-to-1 in 2012. The ratio of compensating fast food CEOs was approximately 1,200 times more compared to the income of the average fast food employees in the same year (Ruetschlin 2014). Such income disparity can be explained with two essential factors: high payments made to CEOs and poverty-level income received by average employees in the industry (Pulok 2012). In the table below, specific information is presented about the Gini Index, which is a standard measure of family income disparity in a country. The data is provided by the CIA, according to which the country that ranks highest in terms of income inequality is South Africa with a Gini Index of 65.0, while Sweden ranks first with a Gini Index of 23.0 (Vogel 2012). These results provide important implications into the widening gap of the richest and poorest citizens around the world. Table 1: Income Disparity in Different Countries, 2012 Overall RankCountryGini Index 1Sweden23.0 5Norway25.0 13 Germany27.0 46United Kingdom34.0 58India36.8 62Japan37.6 85Russia42.0 92Iran44.5 95United States45.0 119Mexico51.7 135South Africa65.0 Furthermore, it has been argued that the wealth of the 1% richest persons in the world amounts to approximately ?60.88tn (Wearden 2014). This is almost 65 times as much as the amount of the poorest half across the world. It has been presented evidence that over the past several decades, the richest citizens have gained adequate political influence so as to turn main policies in their favour (Auten et al. 2013). According to Wearden (2014), tax rates applicable to the richest citizens have fallen in many countries. Since the 1980s, income inequality has progressively increased, as approximately 70% of the global population tend to live in countries with extensively expressed disparity in terms of income (Herzer and Nunnenkamp 2013). Opinion polls conducted in different countries, such as the United States, the United Kingdom, India and South Africa, showed a trend that most citizens in each country hold the belief that the wealthiest individuals exert extensive social and political influence (Xu and Garand 2010). INTERCONNECTED RISKS The global risk of severe income disparity is linked with other interconnected risks, according to the WEF report. As the WEF has indicated, the widening income gap presents a threat to the economic and social stability globally (Global Risks 2012). Therefore, it can be argued that severe income disparity is closely linked with other risks, such as inappropriate governance, persistent crime and corrupt practices, food insecurity, chronic diseases, and terrorism (Fisher et al. 2013). One of the co-authors of the Risks report has stated that if the problem of income disparity remains unresolved, this would lead to greater problems with the other interconnected risks. Cassette et al. (2012) have argued that if absolute poverty is eliminated, this would significantly help global policymakers to address the issue of severe income disparity. In this situation, wealth could be used to increase the living standards of citizens around the world. Moreover, the problem of income inequality is connected to the process of globalisation in the sense that even though the world tries to stay together, it actually is growing apart (Tregenna and Tsela 2012). This problem has become quite persistent after the global financial crisis, especially in the United States, which has been identified as 45th in the world for presenting a wide gap between the richest and poorest citizens (Vogel 2012). The minimum wages received by populations also increase the risk of such evident income divisions because of concentrating more wealth into CEOs of organisations than in the hands of average employees. When access to education and health care is limited, this obviously increases the risk of income disparity because of the gap that is created between those who can afford such services and others who cannot (Cassette et al. 2012). The lack of equal opportunities for professional development of all citizens represents another interconnected risk. It can be concluded that the risks that are mostly associated with severe income disparity are macroeconomic in nature, such as fiscal crises and structural unemployment (Chang et al. 2013). The failure of global governance structures emerges as the most central risk contributing to income inequality. These interconnections between risks provide important insights into the available transmission channels between them (Wearden 2014). SUGGESTIONS FOR IMPROVEMENT The leaders gathered at the WEF should support progressive taxation. They should be also encouraged to avoid any practice that may lead to a situation where they use their high income to obtain political favours (Baldil 2013). As part of the broad strategy to mitigate such global risk identified by the WEF, it is important to respect the democratic will of all other citizens who are not considered rich. Another strategy for improvement is associated with making public all investments in organisations (Leibbrandt et al. 2012). Income inequality can be lowered in situations when more opportunity and growth is created. Global leaders should work on the emergence of an equality agenda. CONCLUSION This paper has provided an exploration of the global risk of severe income disparity, as identified by the WEF. This risk has been indicated as one of the most persistent global risks threatening social and economic stability across the world (Baldil 2013). The focus of the paper was on describing systemic dimensions of the problem of income disparity. It was argued that the problem of income inequality is present in both developed and emerging economies. Another argument introduced in the paper referred to the association of income disparity with political influence. There was a discussion of minimum quality of life, which has been initiated in the United States (Cassette et al. 2012). The income disparity gap has been presented as wider in emerging economies. Moreover, the paper focused on Milanovic’s different concepts of inequality in order to provide a relevant basis for measuring income disparity globally (Milanovic 1998). Specific interconnected risks along with suggestions for improvement have been presented in this report. The major interconnected risk has been identified as the failure of global governance (Xu and Garand 2010). In conclusion, global leaders should constantly work on implementing adequate solutions to tackle the problem of severe income disparity. REFERENCES Armour, P., Burkauser, R. V. and Larrimore, J. (2013). ‘Deconstructing Income and Income Inequality Measures: A Crosswalk from Market Income to Comprehensive Income’. American Economic Review, vol. 103(3), pp. 173-177. Auten, G., Gee, G. and Turner, N. (2013). ‘New Perspectives on Income Mobility and Inequality’. National Tax Journal, vol. 66(4), pp. 893-912. Baldil, G. (2013). ‘Physical and Human Capital Accumulation and the Evolution of Income and Inequality’. Journal of Economic Development, vol. 38(3), pp. 57-83. Bergh, A. and Nilsson, T. (2014). ‘When More Poor Means Less Poverty: On Income Inequality and Purchasing Power’. Southern Economic Journal, vol. 81(1), pp. 232-246. Berveno, O. V. (2014). ‘Influence of an Extreme Inequality of Income upon the Life Quality’. Problems of Economy, (1), pp. 304-308. Burz, R. D. and Boldea, B. I. (2012). ‘Sustainability of Economic Growth and Inequality in Incomes Distribution’. Annals of the University of Oradea, Economic Science Series, vol. 21(1), pp. 249-254. Cassette, A., Fleury, N. and Petit, S. (2012). ‘Income Inequalities and International Trade in Goods and Services: Short- and Long-Run Evidence’. International Trade Journal, vol. 26(3), pp. 223-254. Chang, J., Liu, C. and Hung, H. (2013). ‘Does Performance-Based Compensation Boost Economic Growth or Lead to More Income InequalityDoes Performance-Based Compensation Boost Economic Growth or Lead to More Income Inequality?’ Economic Record, vol. 89(284), pp. 72-82. Fisher, J. D., Johnson, D. S. and Smeeding, T. M. (2013). ‘Measuring the Trends in Inequality of Individuals and Families: Income and Consumption’. American Economic Review, vol. 103(3), pp. 184-188. Global Risks 2012, Seventh Edition (2012). World Economic Forum. Geneva, Switzerland. Grabka, M. M. and Goebel, J. (2014). ‘Reduction in Income Inequality Faltering’. DIW Economic Bulletin, vol. 4(3), pp. 16-25. Herzer, D. and Nunnenkamp, P. (2013). ‘Inward and Outward FDI and Income Inequality: Evidence from Europe’. Review of World Economics, vol. 149(2), pp. 395-422. Law, S. H., Tan, H. B. and Azman-Saini, W. N. (2014). ‘Financial Development and Income Inequality at Different Levels of Institutional Quality’. Emerging Markets Finance & Trade, vol. 50, pp. 21-33. Leibbrandt, M., Finn, A. and Woolard, I. (2012). ‘Describing and Decomposing Post-Apartheid Income Inequality in South Africa’. Development South Africa, vol. 29(1), pp. 19-34. Lin, Y. C., Huang, H. C. and Yeh, C. C. (2014). ‘Inequality-Growth Nexus along the Development Process’. Studies in Nonlinear Dynamics & Econometrics, vol. 18(3), pp. 237-252. Milanovic, B. (1998). Income, Inequality, and Poverty during the Transition from Planned to Market Economy. Washington: The World Bank. Pulok, M. H. (2012). ‘Revisiting Health and Income Inequality Relationship: Evidence from Developing Countries’. Journal of Economic Cooperation and Development, vol. 33(4), pp. 25-61. Ruetschlin, C. (2014). Fast Food Failure: How CEO-to-Worker Pay Disparity Undermines the Industry and the Overall Economy [online]. Demos Organization. Available at: http://www.demos.org/publication/fast-food-failure-how-ceo-worker-pay-disparity-undermines-industry-and-overall-economy [Accessed: 20 August 2014]. Schneider, M. P. (2013). ‘Illustrating the Implications of How Inequality is Measured: Decomposing Earnings Inequality by Race and Gender’. Journal of Labour Research, vol. 34(4), pp. 476-514. Shin, K. and Shin, D. (2013). ‘New Evidence on Determinants of Income Inequality’. Journal of Economic Theory and Econometrics, vol. 24(2), pp. 125-162. Tregenna, F. and Tsela, M. (2012). ‘Inequality in South Africa: The Distribution of Income, Expenditure and Earnings’. South African Ministry of Cooperative Governance and Traditional Affairs, vol. 29(1), pp. 35-61. Vogel, R. D. (2012). Civic Revolution: Targeting the Dictatorship of Wealth [online]. Available at: http://combatingglobalization.com/articles/Targeting_the_Dictatorship_of_Wealth.html [Accessed: 20 August 2014]. Wearden, G. (2014). Oxfam: 85 Richest People as Wealthy as Poorest Half of the World [online]. The Guardian. Available at: http://www.theguardian.com/business/2014/jan/20/oxfam-85-richest-people-half-of-the-world [Accessed: 20 August 2014]. Xu, P. and Garand, J. C. (2010). ‘Economic Context and Americans’ Perceptions of Income Inequality’. Social Science Quarterly, vol. 91(5), pp. 1220-1241.

7 Proven Ways to Manage Stress at Work

7 Proven Ways to Manage Stress at Work Stress. I have it, you have it, we all keep sending it around and around like that nasty cold everyone in your office got last month. Stress is one of the biggest culprits in workplace dissatisfaction- and more than that, it takes its toll on your health and well-being. Who needs that? Here are seven ways to counteract some of the stress that pops up in your everyday life. Treat YourselfSure, a Rolex would be nice, but not terribly feasible for most of us. You know what you can do instead? Take half an hour to treat yourself to a latte. Block out an evening to go see that movie you’ve been eyeing for weeks. Anything that breaks the routine and lets you do something you enjoy works here.DIY AromatherapyStudies have shown that fruit scents (especially green apple) can lessen pain in migraine sufferers. Fruits like apples and citrus are great for calming nerves. Also, herbal scents like peppermint, eucalyptus, rosemary, and lavender often have calming, anti-depressant effects. If your local farmer’s market isn’t in season (or if you’d feel weird skulking around the produce section of your local grocery store, sniffing everything in sight), a nice candle and a few quick moments of deep breathing can help get you back to your happy place when things are hairy.Beach StaycationYou’re on a calm, sandy beach, watching the waves. Is that a dolphin frolicking in the distance? Some gentle gull calls in the distance? Watching something repetitive like waves can help your brain zone out and decompress. The tropical vacation may not be an option right now, but you can find some good temporary (and indoor solutions).Find a Leafy FriendDid you ever do that science experiment when you were a kid, where you see whether plants grow better when they’re talked to? Well, regardless of whether the plant does better, having a plant on your desk can help you de-stress at work. Studies have shown that adding some greenery can lower one’s b lood pressure. Plus, the occasional care (watering pruning, shifting to a sunbeam) gives you a welcome distraction from the daily grind. And it’s a great option if you’re allergic to cuddlier stress-busters like pets.Pick up a Coloring BookYou may have noticed this whole â€Å"adult coloring book† trend lately. Publishers are coming out with all sorts of coloring formats for grownups, busting the conventional wisdom that coloring is a kids’ game. Coloring is great for the adult brain too†¦repetitive motions and patterns let the brain decompress.Massage Your EarsOkay, I know this one sounds weird. But massaging your ears for a minute or two releases endorphins throughout your body and promotes relaxation throughout.Cute Animal VideosIf all else fails, I dare you to stay stressed and unhappy while watching videos of adorable animals doing adorable things. YouTube is the cute animal video capital of the world, and is always great for a two minute pick-m e-up when you’re having a rough day.

King Hammurabi essays

King Hammurabi essays Hammurabi was the sixth king of Babylonia. He became king in 1792 at a young age but was still very successful. In the early years of his reign, he mostly did traditional activities, such as repair their walls and their temples as Sargon and Ur-gur had done. He built great canals, uniting the earlier ones into a single large system which insured rich harvests to all the valley, and fought wars. Something he is very known for though, is his code of laws. This code is the earliest of which we have definite knowledge; because Urukagina's earlier laws are only known by stories or comments.. Hammurabi's code was recently discovered, engraved on a pillar which had been set up in Susa. From it you can picture their whole civilization. The Babylonians had courts of justice, but they also had slaves. They had hotels or inns for travelers. They punished people for oppression, for immorality, and even for making false statements. They had skilled laborers, carpenters, rope makers, masons, potters, with some system of association and with apprentices. Sailors were a different class of society, with a code of their own for boat passing and making way for one another upon the river. Bankers transferred money by promissory notes, the people were deeply superstitious, and a man could be executed for "putting a spell" on someone. One of his popular laws is referred to as an eye for an eye. For example, if you said something you werent supposed to , your tongue would get chopped off. If you stole something your hand would get chopped off. If you killed someone, you would be killed. Even though it doesnt seem fair today, it was considered a great law back in the day. The splendid peroid of Hammurabi lasted about fifty-five years. After that his successors began to degenerate gradually in ability, until in the eighteenth century B.C., a savage swarm of invaders invaded and destroyed Babylonia.This is where King hammurabi ended...

The Impact of the OECD Standard on the Swiss Banking Industry Dissertation

The Impact of the OECD Standard on the Swiss Banking Industry - Dissertation Example The developments were of strong influence in the actual economy and as the year 2008 came to an end the whole economy had gone through the ensuing crisis (Gugler & Siebert, 2007). Despite the fact that, the Banking industry was one of the most regulated industries within the country, the ongoing financial crisis could not be curbed. More often than not, the financial crisis uncovered different imperfections in international regulation. Before this crisis, the whole banking system had been assumed to be secured for as long as each unique bank satisfied the requirements in terms of capital reserves (Brissimis & Papanikolaou, 2008). This enabled it to absorb the upcoming negative economical developments. In many cases, one theory explains that it is sufficient in supervising the banks at a micro-level, and this supervision would prevent a crisis within the entire banking system namely at the macro level. This theory holds in a non-globalized or less globalized world (Brissimis & Papanik olaou, 2008). Consequently, the current globalised world quest for new requirements for the banking sector. The recent developments in the current financial crisis emphasize the need for international regulations within the banking sector. The financial crisis made the affected banks appear to act unfavorable making an adverse impact on the refinancing mechanism with other financial institutions. This meant that, during the crisis, banks were forced to increase their capital requirements so as to prevent their defaults and as well to fulfill the new capital requirements (Gugler & Siebert, 2007). As a consequence, the banks were forced to reduce their lending to other financial institutions. The shortage in interbank lending brought about a liquidity crisis within the whole financial sector. In this respect, it was extremely vital to coordinate new international regulations at a national and international level in order to strengthen the domestic and the international financial syste m( Gugler & Siebert, 2007). Additionally, the financial crisis made the public debt increase. Many governments were forced to bail out system relevant financial institutions (De Bandt & Davis, 2000). Different governments spend out a considerable amount of money to stimulate their economies. This forced many governments to reduce their governmental spending and at the same time generate new revenues (Molyneux & Thornton, 2004). Having the requirement of raising new funds, many governments including the US and EU, promoted the repatriation of cross border assets. Switzerland is one of the world leading financial centers in terms of offshore and international banking (Tyndale, 2009). As a consequence, the Swiss banking sector was targeted by these economies. Besides the financial interest of the EU and US, it is also vital to consider the legal aspect of tax management by Switzerland. It is also crucial that Switzerland was the main target as a tax haven by the EU and US (Iwata, 2004) . The Swiss law has in many instances made a distinction between Tax fraud and Tax evasion. Tax fraud has always been a crime in Switzerland. In contrast, tax evasion is not a crime in Switzerland. Specifically, the latter assist in explaining why the EU and the US put pressure on more transparency of the Swiss tax management (Jimenez, & Saurina, 2007). However, the EU and Switzerland pursued the interest of harmonizing their tax management. The loosening of the banking secrecy made the attractiveness of the Swiss banking

Separation of Ownership and control, and agency costs Essay

Separation of Ownership and control, and agency costs - Essay Example The agreement structures together with the present production technologies and the outward lawful constraints to ascertain the cost function for conveying an output with a specific type of organization. The type of organization that survives is the one that conveys the output as per the customers’ demand at a cheaper price (Fama and Jensen, 1983, p. 302). The main agreements in any business organization outline two key things. These are the form of the lasting claims and the breakdown of the decision-making procedure that affects representatives. These are the agreements that make organizations be unique from one another and illustrate the reason behind the survival of various kinds of organizations. While concentrating on entrepreneurial organizations that require the entrepreneur to make all decisions, economists often disregard the analysis of the decision-making procedure. ... There is an emphasis on the factors that give survival value to organizational types that separate ownership and control. Residual Claims Most types of business organizations resort to agreement structures that reduce risks undertaken by representatives. This is achieved by introducing either fixed terms of remuneration or those that are pegged on performance. In addition, the agreements of most representatives comprise an implied or unequivocal provision that in exchange for the particular payoffs, the representative affirms that through the resources he accords, the interests of the residual claimants are met. Residual claimants emanate from one of the agent teams and it is likely to survive due to two reasons. First, it minimizes the expenses incurred while supervising the agreements made with other groups of representatives. Secondly, it minimizes those costs used to modify agreements for the dynamic risks encountered by other agent groups. The survival value of organizations is further enhanced by the agreements that express decisions towards the interests of lasting claimants. Different organizational forms have residual claims with varying controls. For instance, common stocks in large organizations are the least controlled lasting claims in regular use. Stockholders have provisions that do not require them to have any other duty in the organization, and their lasting claims are separate without limits. Such provisions enable stockholders to have unlimited risk sharing. These large scale organizations with such properties are referred to us open organizations. They are different from closed organizations which are not only smaller but also have lasting claims that are greatly restricted to