Business Analysis and Valuation Report

BUSINESS ANALYSIS AND VALUATION REPORT Scheduled Class: Monday 2:00pm to 5:00pm 1. Introduction Harvey Norman is now a public company that is listed on the stock exchange, whose principal activities primarily consist of an integrated franchising, retail and property entity. It is one of Australia’s most successful retail groups, operating more than 150 franchised department stores, which focus on selling computers, home entertainment equipment and home appliances. It offers Australian consumers an extensive product range, cutting edge technology and market leadership in most product categories. In this report, an in depth industry and company analysis will be provided in order to gain an understanding of the qualitative aspects of Harvey Norman’s operation. 2. Industry Analysis 2. 1 Main Products Harvey Norman belongs to the retailing industry. The main products offered by Harvey Norman consist of: electrical, computer, furniture, entertainment and bedding goods. However, being distinctive from its competitors, Harvey Norman is a franchise and the main brand owned by Harvey Norman Holdings Limited. 2. 2 Future Prospects In the next year, the competition in Australian retailing industry is likely to remain strong. Benefited from the Government’s stimulus package during the GFC, Australians’ ability to consume has recovered. Therefore, this boost in consumption has caused a pressure of inflation. In order to mitigate the negative effect of inflation, there has been frequent increase of interest rate by the Reserve Bank. Therefore, with interest rate rising, consumption in retailing goods is likely to reduce in the short term. In the next five years, the Australian Dollar is going to remain strong. As a result, imported retailing goods are likely to be cheaper for Australian consumers. Retailers in Australia are likely to continue their expansion to the overseas market. It is because retailers demand further improvements to the operational performance. In the long run, retailers are likely to increase their share in key growth markets combined with the brand strength of their own company, in order to ensure future growth. These speculations are based on principles of economics, as well as assessments of the changes in Australian’s consumption ability. 2. 3 Market Competition Review Harvey Norman competes in the five main retailing industries including: electrical, computer, furniture, entertainment and bedding goods. Each industry has its own main player. The main players in the electrical and computer goods industry include: Clive Peeters, Dick Smiths and Bing Lee. 1) Clive Peeters’s retail coverage is the most similar to Harvey Norman in Australia. Their main products include: Audio Visual, Kitchen appliances and white goods. Clive Peeters’ stores carry more than 140 brands and over 20,000 individual models. This company can be seen as a major competitor to Harvey Norman because of their similarity in size. 2) Bing Lee specializes in consumer electronics, computer and telecommunication goods. Unlike Harvey Norman, Bing Lee is a privately-held electrical retail business in New South Wales with 41 stores and a turnover of about $490 million. Although it is the largest privately-held business in this industry, Bing Lee remains as a relatively small size retailer comparing to Harvey Norman. 3) Dick Smith (formerly Dick Smith Electronics) is an international electronics retailer. It is a major competitor to Harvey Norman. Among all retailing industries where Harvey Norman competes in, the company remains dominant in the key product areas of audio, computers and visual products such as notebooks and flat panel televisions. The company holds the number one position in the markets of white goods and technology products. 3Company Analysis 3. 1 Company Choice As one of Australia’s largest and most successful retailers, Harvey Norman has business interests in various areas including electrical, computer, furniture, entertainment and bedding goods. With more than 160 stores located in Australia, New Zealand, Slovenia, Ireland, Malaysia and Singapore, Harvey Norman is a conglomerate/franchise, which provides millions of consumers with products ranging from notebook computers to sofas to beddings. To run a successful business operation of Harvey Norman’s magnitude requires not only operational excellence, but also strategic insight and vision on macro economic conditions, market trends forecasts and also a distinctive understanding and implementation of the company’s business strength. The company’s strong business operations across multiple product areas/industries make Harvey Norman an interest case study to analyze – both from an operations point of view as well as strategic. Furthermore, given the challenging market conditions in 2008 and 2009, it would be interesting to analyze how Harvey Norman responded to the economic downturn. The company observed â€Å"a significant improvement in net profit from underlying business operations during the last 6 months of FY2009†, according to Harvey Norman’s 2009 Annual Report. It would be insightful to see what strategies and tactics were used by Harvey Norman to achieve this result, especially in the integrated, franchise and property system sectors since these were reported by the company to be â€Å"resilient in achieving strong results and growing market share in all key product categories. † 3. 2 Company History DateSignificant Event(s) 961Gerry Harvey & Ian Norman established the Norman Ross chain of stores 1979Norman Ross became one of the largest appliance retail chains; controlled 42 stores with sales exceeding AUD240 million 1982Norman Ross was sold and a single Harvey Norman store was started in Auburn, Sydney. 1987Harvey Norman Holdings Limited was listed on the Australian stock market Early 1990sHarvey Norman adopted the superstore forma t and entered the computer and furniture markets 1998Joyce Mayne acquisition 2000The chain grew to 100 stores 3. 3 Competitive Advantage Harvey Norman’s competitive advantage can be classified into â€Å"hardware† and â€Å"software† perspectives with the â€Å"hardware† component incorporating corporate strategy and business structure while the â€Å"software† component incorporating leadership skills and management style: †¢Corporate Strategy: Harvey Norman embraces and successfully maximizes benefits bought forth by the economies of scale (both on the purchasing as well as market side); achieves seamless integration of its retail, franchise and property systems; has excellent brand awareness, which translates into brand loyalty from customers. Business structure: Harvey Norman has successfully setup, adopted and utilized the franchising operation which enables it to generate revenue from multiple sources; it has a diversified product base which can help mitigate risks and capture a wider customer base. †¢Leadership skills: Harvey Norman has the ability to identify and ac quire property associated with HN’s development of retail stores in growth areas, which is a crucial element of the integrated retail and property strategy. Management style: Leadership is able to respond to market change and demand effectively – both in terms of products and operations. For example, Harvey Norman has expanded its product offerings and operations into various countries in response to increased demand (from both local and foreign markets). 3. 4 SWOT Analysis Strengths †¢Franchising Operation †¢Improved technology and supply chain management systems. (Global Merchandise Management System) †¢Economies of scale both in purchasing and marketing. Effective integrated retail, franchise and property system and low gearing supports to capitalize competitors’ failure. Weaknesses †¢Issue of low profit margin putting continuous pressure †¢Closure of its export and distribution businesses in Singapore and Malaysia has negatively impa cted on the profitability in Asia market. †¢Own only little market shares in the gaming industry. Opportunities †¢The strong performance of the franchising operating segment †¢Expand franchising operations in potential geographical areas and extending product offerings using stable financial capability. Growing market shares in many overseas market such as Malaysia, New Zealand, Slovenia and Ireland †¢OFIS brand is expanding in Australian market as a discount retailer of stationery Threats †¢High inflation, capital market liquidity crisis and decreased demand because of Global financial crisis are affecting the business both locally and internationally. †¢Fall in price on electrical items due to rise of Australian dollar are directly lowering profit margin and increasing expenses. 3. 5 Future Prospects for Harvey Norman Next Year There has been 10 new franchised complexes opened in Australia and a total of 8 leased stores were closed in 2009. A number of stores were also opened in offshore markets including the new OFIS brand, which implies that Harvey Norman is continuously growing its operations and expanding geographically. Net profit from underlying business operations was down by 15. 2% as a result of many write down of assets, revaluation of assets and expenses taken place in the first half year of 2009. However, franchise sales revenue increased by 4%. With the continuous expansion and write down done in the financial year ended in June 20009, it is obvious that sales revenue and net profit will improve in the next year. Next Five Years The company’s strong financial position and low gearing allow it to invest to expand its operations and adds value to its brands and businesses across its value chain in the next five years. As shown in the financial highlight 2009, the net profit after tax had declined from 358. 45 million to 214. 35 million as a result of the increased amount of expenses and trading loss of some segments. However, the gross profit has increased, concluding that business is improving and growing. Moreover, the consolidated equity has increased by $1. 12 billion, which dropped the debt/equity from 26. 61% to 26. 56%. It means the company is trying to strengthen their equity position for the next five years as well as the long run. In the Long Run In the long run, Harvey Norman has many opportunities to continuously grow in the future. It has an effective integrated retail, franchise and property system that allows the company to make substantial profit from its owned operations, franchised operations and leased property. Harvey Norman and many of its brands have become the market leaders in its industry and it will continuously extend its product offering across all the brands to maintain its market position. It is confident that Harvey Norman will continuously perform well in the long run. 3. 6 Recent performance Table 1-3 represents the recent 3 years’ performance of HVN: During last three years, there is a slightly incensement in its revenues, the revenue (exclude interest) raised from 2008 to 2009 by 2. 4% as well as from 2007 to 2008 grew by 6. 6%. Table1 HVN Revenues, Expenses and Cash Flows FY2009 ($m) Revenues (Exclude Int) Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2436. 0$1963. 28$472. 7$91. 04$381. 7$82. 71 Table1 HVN Revenues, Expenses and Cash Flows FY2008 ($m) Revenues (Exclude Int)Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2378. 4$1873. 24$505. 2$84. 39$420. 8$-127. 18 Table1 HVN Revenues, Expenses and Cash Flows FY2007 ($m) Revenues (Exclude Int)Expenses (Exclude D&A)EBITDAExpenses (D&A)EBITNet Cash Flows $2229. 8$1819. 82$410. 0$74. 88$335. 1$50. 58 Sales revenue for the Harvey Norman consolidated group consists of sales made by New Zealand, Ireland, Northern Ireland, Slovenia and the controlling interest held in Pertama Holdings Limited in Singapore. Consolidated sales revenue also includes Harvey Norman’s controlling interest in several retail partnerships and the company-run OFIS stores in Australia Consolidated sales revenue for the year ended 30 June 2009 was $1. 44billion compared to $1. 43billion for the year ended 30 June 2008, an increase of 0. 83%, despite the sales revenue decreased in some regions like public of Ireland and New Zealand. The reduction in sales in these regions was due to extremely challenging retail’s trading conditions and lack of consumer confidence. However, for the purpose of financial report, all the foreign currency is translated in to Australia dollar. Since the depreciation in Australia dollar in the last year, sales revenue decreased in some local markets might show an increase in the financial report in Australia dollar. EBIT reported a loss of $39. 1m in 2009 compared with 2008 due to an increase in depreciation and amortization and operating expenses, comparing with 2007, there is an increase of $95. m in 2008. 3. 7 Accounting Analysis Manager’s Incentive of Earning Manipulation There are empirical evidence linking the character of executive compensation with earnings manipulation and fraud. With regard to earnings manipulation, Keith J. (2006) finds that firms with relatively high amount of equity incentives to CEOs, in the forms of unrestricted stock and immediately exerci sable options, are more likely to engage in earnings management by reporting small earnings increase, and also by reporting long strings of increasing earnings. In this case, Harvey Norman’s executive remuneration packages involve a balance between fixed and performance cash incentives (PCI) which includes short term such as base salary and long-term payments such as superannuation. Equity based remuneration can also potentially induce manages to manage earnings, by understating earnings prior to option grants to lower the firm’s current share price and exercising option later on. Evidence of Earning Manipulation When managers have accounting flexibility, they can use it either to communicate their firm’s economic situation or to hide true performance. Possible distortion Detail & Explanation Accelerated recognition of revenuesManagers typically have best information on the revenue recognition to decide whether or when the cash collection is reasonably likely. And they may have incentives to accelerate the recognition of revenues. They can adopt new accounting or use managers’ discretion to alter revenue recognition of, for instance, franchise fees or rent. Underestimated reservesFrom Note 5, provision for doubtful debt has decreased from 4. 7 m to 4. 3 m; from Note 5(a) the aging analysis of trade debtors, number has increased from 952 k to 1,038 k. Due to the global financial global crisis and its influence to the debtors and consumers, it is not convincingly reasonable to reduce provision for doubtful debt, which intends to overstate receivables. Understated depreciation on long-term assetFirms are required to recognize impairment in values of the long assets when they arise. However, estimates of asset valuation and impairment are highly subjective. As a result, managers intend to delay or reduce write-down, or even not show impairments. This issue is especially crucial or asset-intensive firms in volatile markets. A review of Note 12, the economic situation in Ireland has continued to deteriorate and severe recession has impacted all Irish retailers resulting in large trading losses in Ireland during the year, while an impairment loss in plant and equipment assets is slightly lower than expected. Capitalized R&D outlays The economic benefits from research and development are highly uncertain. In this case, the company capita lize IT projects, which cannot clearly show us a certain future benefits. Adjustment Recommendation Although there are reasonably large chances for the managers to manage and manipulate earnings, these managements are not materially enough to make adjustment. PCI may become incentives for managers to manipulate earnings but also can be seen as incentives for managers to work on their best for the company as the higher earning achieved the higher incentives they can be awarded. Therefore, no adjustments have been made on all the accounting numbers, which will be used for analysis afterwards. References Harvey Norman (2010), ‘About Us’, Website, http://www. arveynorman. com. au/page/1255509869113/about-us Harvey Norman Holdings Ltd (2010), ‘Company Profile’, Website, http://www. harveynormanholdings. com. au/companyprofile. htm Harvey Norman Holdings Ltd (2010), ‘Harvey Norman Holdings Limited Annual Report 2009†, Website, http://www. harveynormanholdings. com. au/pdf_files/2009_annual_report_final_for_release_141009. pdf Harvey Norman Holdings L td (2010), ‘Harvey Norman Holdings Limited Annual Report 2008†, Website, http://www. harveynormanholdings. com. au/pdf_files/2008_Annual_Report_FINAL_30Sept. df Keith J. Crocker, Joel Slemrod, ‘the economics of earnings manipulation and managerial compensation’, October 2006, NBER Working Paper No. 12645, JEL No. A12 Richard, D. 2009, ‘Harvey Norman Conducts Major CE Review Up to 10 Stores to Go’, viewed 10 April 2010,http://www. smartoffice. com. au/Business/Retail/N9C6R5F6 Palepu, K. G. and P. M. Healy, Business Analysis and Valuation Using Financial Statements: Text and Cases, 4th ed. , South-Western College Publishing, 2007. Appendix Appendix A Standardized Financial Statement Appendix B SWOT Analysis Strengths: As mentioned above, its franchising operation is one of the company critical success factors and as well is their strength. In addition, Harvey Norman has a commitment to improve technology and supply chain management systems in response to the market growth, which becomes its business strength. In Australia the company benefits from enormous economies of scale in both purchasing and marketing. Also, the company is one of the biggest media spenders in the country, contributing to a high level of brand recongition throughout Australia. Another strength is their strong financial position, which is indicated in the financial highlight in the annual report 2008, as a result of their effective integrated retail, franchise and property system, it has built a strong financial position and low gearing that has placed Harvey Norman in an excellent position to capitalise on any competitor failure in the market place and to take advantage of emerging opportunities. Weakness: According to a review by David Richards (2009), David Ackery, the general manager of Electrical at Harvey Norman comments that they are facing the issue of its margin with its vendors and retailers. Although the gross profit margin in 2008 is stable and slightly increased in comparison to 2007 from 25. 9% up to 26. 7% (calculated from the income statement 2008), the vendors and retailers are continuously placing pressures on its margin. Furthermore, the closure of its export and distribution businesses in Singapore and Malaysia has negatively impacted on the profitability in Asia market. Another weakness is the gaming market that had not performed as well as JB Hi Fi with Ackery (2009) admitting that it was a booming area of the market, where Harvey Norman had not taken much market shares in this area. Opportunities: Harvey Norman is being the market leader in the industry and has improved and maintained its market share position in Australia, which makes it difficult for new entrants to enter into the market. Harvey Norman has the opportunities to continuously expand its operations into international markets as it has been proven in its successful operations in overseas such as New Zealand. As a result of its strong financial position, Harvey Norman has the capability and ability to invest in expanding its operations in other geographical areas that are potentially profitable as well as extending its product offerings. Threats: Global economic recession is a major threat to any industries and companies including Harvey Norman. Also, capital market liquidity crisis, contracting monetary policy, high inflation and petrol prices are negatively impacting on consumer sentiment, which decrease the demand and thus, profitability. Prices on electrical items had been falling due to a rising Australian dollar and the rapid obsolescence of many technology products, which lower its profit margin and increases expenses. Appendix C Project and Team Work Source/Information Origin and Significance Source and information used for this project would come from Harvey Norman’s corporate website (which includes corporate profile, investor relations sections, past annual reports). Also media coverage of the company, its competitors, and market landscape/environment will also be used as reference to allow for ample understanding and analysis of Harvey Norman and its business operations. The Difficulties of Analysis on the Industry and Company Harvey Norman has business operations in multiple segments including electrical, computer, furniture, entertainment and bedding goods, with more than 160 stores located in Australia and abroad. Because Harvey Norman is a conglomerate/franchise, which provides products ranging from notebook computers to sofas to beddings, so it is slightly hard to label its business, which consequently leads difficulty finding fair industry benchmark. It is hard but interesting to analyse this case. Some other problem may be that the major information are from internal statement, and external source are either somewhat trivial or lack of detail. The Contribution of Each Group Member The work of this group project is equally allocated to each group member based on his or her strength and weakness and each group member contributes a hundred percent to their work. They are able to meet the deadline even though; everyone has their own personal commitment. Issues with Team Work and Solution

Napoleon Iii

An Assessment of Whether Napoleon Bonaparte or Louis Napoleon Had More Significant Reforms in France Both Napoleon Bonaparte and his nephew Louis Napoleon Bonaparte were important rulers of France. They ruled with great power and control, they implemented many sweeping reforms and laws that greatly changed the course of French and European life. Napoleon Bonaparte and Louis Napoleon, also referred to as Napoleon III, each directed France through many reforms under their rule.However, the leader with the more significant reforms and impact on France was Napoleon III. Napoleon III had longer lasting reforms in the likes of rebuilding and modernizing Paris, constructing the French railway and heading a strong French foreign policy that included the unification of Italy. He also led France through a period of prosperity and industrialization. Louis Napoleon Bonaparte was elected the president of France at age 40, and capped a quite remarkable, and unlikely rise to power. Cavendish, 1998, para. 1). Louis Napoleon Bonaparte, named after his uncle Napoleon I, had never held a government position, nor had he even shown any sort of political capability, he rose to power solely through widespread support in France that he was the rightful heir to Napoleon I. (Cavendish, 1998, para. 1,2). In essence, Louis Napoleon rode into control of France on the coattails of his uncle and then he took his uncle’s rule and furthered the reforms and French power.Louis Napoleon campaigned that he would return France back to the glory that they had once had under the first Napoleon, and that he, as a ruler, was destined to bring France once again to the top of Europe. (Cavendish, 1998, para. 5). His strategy successfully swept him into the office of President of France’s Second Republic. The Professional Politicians in France couldn’t believe that Louis Napoleon had won, and they were even more shocked when he did away with them.But this didn’t satisfy the ambi tious ruler and he quickly took advantage of an economic slump in 1851 and posed himself to be the man that the French needed, not as president but as emperor. (Cavendish, 1998, final paragraph). Louis Napoleon Bonaparte can now be called Napoleon III, for in 1852 he declared himself the perfect fit for the job to keep France from collapse and socialism, the Emperor of the second French Empire. (Cavendish, 1998, final paragraph).The citizens of France, so scared of anarchy, and still believing in the â€Å"Napoleonic Ideals† that Napoleon I had left behind, overwhelmingly accepted Louis Napoleon as their new Emperor. The new parliamentary constitution that Napoleon III set up gave him the executive powers; it allowed him to nominate the members of the law-making council of state and the senate. (â€Å"France History-Second French Empire† n. d. , para. 1). Now that Louis-Napoleon had full control of France, he could freely implement actions and reforms that he couldnâ⠂¬â„¢t have easily achieved as President.One of Napoleon’s keen interests was in architecture, and it was his desire to make Paris a new modern city that ultimately turned Paris from an overcrowding, ancient, disease-ridden cluster of districts into the thriving beauty it is today. (Kirkman, 2007, para. 2). Napoleon’s interest was the foundation that would produce the plans for a rebuilding of Paris’s streets, its sewers, and all other aspects of urban planning. It would change the sight of Paris to something unlike anyone had seen. (Kirkman, 2007, para. 2).For hundreds of years, certain areas hadn’t been improved, and the daunting task of a renewal of Paris was laid on Baron Haussmann. Haussmann was a big time planner and was an advocate for beautiful sights, perfect balance and exactness. (â€Å"Paris† pg. 18). Haussmann’s desire of linear symmetry surfaced in his first step, which was to put Paris on a grid. He added streets to Paris that ran east and west, and north and south. These new streets were also wider, allowing for more public safety and safer traffic engineering. (Kirkman, 2007, para. 4).The rapid population growth mixed with fierce industrialization made some changes to Paris an absolute necessity. An example of this was shown in the growing demand for water closets, which directly led to the need to funnel the human waste effectively into the sewers. (Kirkman, 2007, para. 6). The old ways of dumping the waste in the rivers was rejected, and it was now an objective to keep the clean and dirty water separate. This new practice allowed for cleaner water, cleaner streets, cleaner people, and a much-improved healthy environment. (Kirkman, 2007, para. , and final paragraph). Under Napoleon’s constant input and watch Haussmann unified Paris with visual themes and facades that generated all around in the city. The horizontal style of Haussmann can be seen throughout Paris. (Kirkman, 2007, para. 7). Perha ps the most unifying aspect that Paris received during its makeover was the improvement of the transportation systems. The railroads underwent massive modernization as train stations were constructed in strategic locations to connect Paris with the rest of France and to the rest of Europe. (Kirkman, 2007, para. 10).These new train stations benefitted agriculture, industrial growth, international markets, employment opportunities, and they represented the overall feeling of a more modern city and nation that could be envied from surrounding countries. (Kirkman, 2007, para. 10). Napoleon III exemplified the prosperity and excellence of the time period by this complete rebuilding of Paris. With the help of grand scale designer Baron Haussmann, Paris â€Å"slashed boulevards through tangles of slums, began the modern sewer and water systems† and set the standard high for the beautiful city that still thrives today. â€Å"Paris† pg. 18) Napoleon III didn’t just focus on the improvement and his influence inside of France. Napoleon III headed a strong French foreign policy that occurred in the Second Empire. Particularly important was Napoleon III’s indispensible role in the Italian unification process. Count Camillo di Cavour was the prime minister of the Kingdom of Sardinia, most commonly known as Piedmont, and it was his revolutionary ideals and actions that pushed Italian unification forward. But Cavour needed the help of a strong ally in order to achieve is goals; this ally came in the form of Napoleon III and France. Oracle ThinkQuest, n. d. , Section III para. 2). Napoleon III always had a specific future planned out for Italy, he even once pushing for his cousin to rule there. (Geddes, 2010, para. 2). Napoleon III attempted to influence these rising movements of unification in Italy following the Revolutions of 1848. Whatever Napoleon’s intentions were for Italy, whether it was to use Italy as an asset to serve France in the future or if it was to genuinley support the Italian unification, Napoleon saw himself as one that was obligated to be the leader of these â€Å"free peoples of Europe. † (Geddes, 2010, para. ). Without the help of the Frech army and the support of Napoleon III, Piedmont would have had no chance to unify Italy. Napoleon III’s influence in this unification process was so extensive he alone put all of Italy together, and kept Rome out of it so as to keep the support of the Catholic church. (Geddes, 2010, final paragraph). There is also an argument that Napoleon I, Napoleon Bonaparte, had the more significant reforms in French history as opposed to Napoleon III. Napoleon I led the French, the the most powerful army in Europe, across the continent in conquerring much of Europe. History, n. d. , opening paragraph). Napoleon’s reforms included the new ‘Napoleonic Law Code’ that he implemented in France and in the countries he conquerred, a stronger army, a renewed relationship with the pope, banking and education improvements, and support for the arts and sciences. (History, n. d. The Coup of 18 Brumaire section para. 3). But Napoleon I’s reforms were self destructed when Napoleon made several key mistakes that ultimately doomed his reforms and his plan to establish stability back into the post-revolutionized France. History, n. d. The Coup of 18 Brumaire section para. 3). One miscue included the flop of the continental system, or Napoleon Bonaparte’s attempt the ruin the British economy but in backlash it only ruined the French economy. Another mistake was the catastrophic invasion of Russia. The Russian army destroyed French supply lines and Napoleon abandoned his army in the Russian winter where they attempted to retreat. Only 100,000 of the original 600,000 French survived. (History, n. d. Napoleon’s Downfall section para. 1). The French momentum was killed, and so was Napoleon I’s popularity. Napole on I was then forced to abdicate the throne by the combined powers of Britain, Prussia, Russia, and Austria and he was exiled to Elba. Those same powers, in order to ensure that France wouldn’t try to do the same thing again all but eliminated what Napoleon I had long been working for and France was sent back to square one. (History, n. d. Napoleon’s Downfall section para. 2,3).Therfore, although both Napoleon Bonaparte and Louis Napoleon implemented great reforms in France, Napoleon III had the more significant reforms. Napoleon III’s reforms had more of a long-lasting effect on France and Europe. Some of these long lasting reforms included the modernization and rebuilding of Paris, improving the French railroads, and influencing the unification of Italy. Thus it is Louis Napoleon Bonaparte that deserves the credit for achieving the more significant reforms in France.

Economic Growth and Economic Development Original Essay

In contemporary times, certain economic registers are used frequently. Arguably two of these most used terms in economics, ‘economic growth’ and ‘economic development’ are terms that just about everyone is at least remotely familiar with, even if they have not studied economics at all. Sometimes it seems everyone knows what economic growth and economic development is. Politicians use these terms all the time, and so do teachers, managers and even preachers. Often, people’s use of these terms may not be quite accurate, but one has to admit that most of the time they are never too far from the mark. Insights into the aforementioned terms ‘economic growth’ and ‘economic development’ are given as follows†¦ Economic Growth Economic Growth is an increase in a country’s real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources & improvements in technology. Economic Growth can also be described as an increase in a country’s productive capacity, as measured by comparing gross national product (GNP) in a year with the GNP in the previous year. In other words, Economic Growth is an increase in the real level of output as measured by the annual percentage in real GDP (Gross Domestic Product). Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy. Measurement of Economic Growth Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which is derived from the GDP calculation. GDP is calculated from a country’s national accounts which report annual data on incomes, expenditure and investment for each sector of the economy. Using these data it is possible to estimate the total income earned in the country in any given year (GDP) or the total income earned by a country’s citizens (GNP or GNI). GNP is derived by adjusting GDP to include repatriated income that was earned abroad, and exclude expatriated income that was earned domestically by foreigners. In countries where inflows and outflows of this sort are significant, GNP may be a more appropriate indicator of a nation’s income than GDP. There are three different ways of measuring GDP †¢the income approach †¢the output approach †¢the expenditure approach The income approach, as the name suggests measures people’s incomes, the output approach measures the value of the goods and services used to generate these incomes, and the expenditure approach measures the expenditure on goods and services. In theory, each of these approaches should lead to the same result, so if the output of the economy increases, incomes and expenditures should increase by the same amount. How to boost Economic Growth in a country In order for a country to experience economic growth, certain things have to be done. In my own opinion, I believe that; As more people are employed, the amount of capital increases, education levels increase, the quality of capital changes, or the technology increases, the productive capacity of the economy increases. Therefore, the economy can increase its output giving consumers more disposable income, promoting an increase in consumption spending, and providing resources for business to use for further investment and government to use to provide public goods and services. Increased labor force participation increases output. Expanded, improved education creates more productive workers. Business and government spending on research and development enhance our abilities to produce and allow each worker to become more productive, increasing incomes for all. Finally, to achieve a higher level of GDP in the future, consumers need to limit consumption spending and increase savings today, permitting businesses to invest more in capital goods. If resources are invested into building an economy now, future generations will enjoy a higher level of economic growth; our businesses will produce more goods and consumers can purchase more goods. Expansion of output at rates faster than our population growth is what gives us the opportunity to enjoy higher standards of living. Economic development Economic development is a normative concept meaning that the definition is variable however; the definition given by Michael Todaro is ‘’an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.’’ Economic development can be defined as the advancement of a nation or society according to several economic factors. Economic development generally includes such trends as technological innovation, improvements in the standard of living and life expectancy, and increases in the amount of invested assets per capita At the core of the definition is the point that economic development is not just about dollars and cents but is about community well-being and creating communities that people want to live in. It is a constant challenge for small communities to hold onto their young people. There must be jobs and facilities that the next generation expects as a standard. Providing infrastructure on one hand and building social capital on the other will lead to community sustainability and resilience which eventually boils down to ‘’economic development’’ In a few words one can say that the scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Measurement of Economic Development There are several criteria or principles to measure the economic development. Let us make a detailed study of these measurements for better understanding. 1. National Income: Some economists have taken increase in the real national income as the indicator of economic development because per-capita income depends upon the national income. National Income is related with the final goods and services produced in a country. According to this method the state of continuous increase in national income can be taken as economic development. This is majorly applicable to the poor and middle class countries. Short-run increase in national income cannot be taken as economic development. Likewise increase in the national income as a result of increase in price of goods and services cannot be defined as economic development. 2. Per Capita Income: Increase in per-capita income has been pointed out by some economists as a basis for measuring economic development; According to the classification given by the United Nations Organization in 1989, countries having per capita income less than 580 US dollars fall in the class of poor countries, countries having per capita income between 580 US dollars and 6,000 US dollars are in the middle class, and countries having per capita income more than 6,000 US dollars are in the class of rich countries. According to World Development Report 2009, per capita income of Nepal is 340 US dollars. Such indicator makes the comparative study of different countries easy. On the basis of per capita income the economic growth rate of any country can be found out. The increase in per capita income of any country shows the increase in economic growth rate of the country The UNO experts in their report on ‘Measures of Economic Development of Underdeveloped Countries’ have also accepted this measurement of development. 3. Economic Welfare Index: Economists like Colin Clark Kindleberger, D. Bright Singh, and Hersick etc. have suggested economic welfare as the measure of economic development. The term economic welfare can be understood in two ways: (a) When there is equal distribution of national income among all the sections of the society. It raises economic welfare. (b) When the purchasing power of money goes up, even then there is an increase in the level of economic welfare. The purchasing power of money can go up when with the increase in national income there is also increase in the prices of goods. That means economic welfare can increase if price stability is ensured. Thus economic welfare can boost with equal distribution of income and price stability. Higher the level of economic welfare, higher will be the extent of economic development and vice-versa. 4. Measurement through Occupational Pattern: The distribution of working population in different occupations is also regarded as criteria for the measurement of economic development. According to Colin Clark there is deep relation between the occupational structure and economic development. He has divided the occupational structure in three sectors (a) Primary Sector: It includes agriculture, fisheries, forestry, mining etc. (b) Secondary Sector: It consists of manufacturing, trade, construction etc. (c) Tertiary Sector: It includes services, banking, transport, etc. In underdeveloped countries, majority of the working population is engaged in primary sector. On the contrary, in developed countries the majority of the working population works in tertiary sector. When a country makes economic progress, its working population begins to shift from primary sector to secondary and tertiary sectors. 5. Human Development Index (HDI): The modern economists were not satisfied with GNP, per capita or national income as the principal measures of economic progress. According to them, the issue is not only how much growth but what kind of growth and as a result, they formulated the Human Development Index (HDI). This indicator was for the first time developed by United Nations Development Program (UNDP) in the year 1990.There were a number of measures which were included in this index, However, to keep the HDI simple and manageable, the following main variables were included in it (a) Life expectancy was chosen as a measure of long life (b) Literacy as an index of knowledge and (c) Real GDP per person which represents Income for decent living. 6. Physical quality of life index (PQLI): This is non-income indicator of economic development because this uses physical quality of life as the indicator. This method of measuring economic development is based on the following three things. They are:– (a) Life expectancy (b) Infant mortality (c) Literacy. Countries having low life expectancy, low literacy rate and high infant mortality will have low index. If in any country PQLI is increasing then it indicates the increase in the physical quality of the life of people. Increase in per-capita income does not necessarily indicate the increase in the facilities like healthy food, health, situation, education, etc. Therefore PQLI method is taken to be better indicator than per-capita income method. In addition to these various indicators the following facts are also taken as the indicators of economic development. (a) Equality improvement.(b) Poverty alleviation(c) Quality of life (d) Capital formation(e) Fulfillment of basic needs.(f) Population growth rare (g) Increase in employment opportunities (h) Decrease in dependence on agriculture (i) Increase in entrepreneurship (j) Utilization of natural resources (k) Increase in export of finished goods. (l) Trade diversification (m) Extension of infrastructures DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT In general words, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development. But this view does not specify the underlying forces which raise the income levels in the two types of economies. The problems of underdeveloped countries are concerned with the development of unused resources, even though their uses are well known, while those of advanced countries are related to growth, most of their resources being already known and developed to a considerable extent. In fact, the terms â€Å"development and growth† have nothing to do with the type of economy. The distinction between the two relates to the nature and causes of change. These two terms may also be explained as the development is a discontinues and spontaneous change in the stationary state which forever alters and displaces the equilibrium state previously existing; while growth is a gradual and steady change in the long run which comes about by a gradual increase in the rate of savings and population. This view has been widely accepted and elaborated by the majority of economists. Economic Growth does not take into account the depletion of natural resources which might lead to pollution, congestion & disease. Development however is concerned with sustainability which means meeting the needs of the present without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on them due to Global warming. According to another school of thought, â€Å"economic growth means more output, while economic development employs both more output and changes in the technical and institutional arrangements by which it is produced and distributed. Growth may well involve not only more output derived from greater amounts of inputs but also greater efficiency, either, and increase in output per unit of input. Development goes beyond this two employ changes in the composition of output and in the allocation of inputs by sectors†. According to some classical economists the growth is an expansion of the system in one or more dimensions without a change in its structure, and development is an innovative process leading the structural transformation of social system. Thus economic growth is related to a quantitative sustained increase in the country’s per capita output or income accompanied by expansion in its labor force, consumption, capital, and volume of trade. On the other hand, economic development is a wider term. It is related to qualitative change in economic wants, goods, incentives, and institutions. It describes the underlying determinants of growth such as technological and structural change. Development embraces both growth and decline. An economy can grow but it may not develop because poverty, unemployment and inequalities may continue to persist due to the absence of technological and structural changes. But it is difficult to imagine development without economic growth in the absence of an increase in output per capita, particularly when population is growing rapidly. Despite these apparent differences, some economists use these terms as synonyms.

MULTICULTURAL BUSSINESS MANAGEMENT & Global leadership Essay

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Strategic Managment of Galactic Furniture Company Term Paper

Strategic Managment of Galactic Furniture Company - Term Paper Example It emphasizes co-ordination or congruence among the various HRM practices like HR planning, recruitment, selection, training, development, compensation, retention, evaluation and promotion of personnel within the organization to achieve strategic goals (Schuler & Jackson, 1987; Chew and Chang, 1999). Strategic HRM is viewed as 'strategic' as it involves the managerial personnel of the organization and regards. People are the single most important asset of the organization (Poole & Jenkins, 1990). It is proactive in its approach to people. It emphasizes on teamwork, flexibility, employee involvement and organizational commitment (Beaumont, 1993). Many organizations do not assess the short term or long-term implications of their HR policies and practices, which Ulrich (1997 a) emphasizes according to him, " In the 21st century, HR roles are that of the strategic partner, administrative expert, employee champion, and change agent". One of the major responsibilities of HR is to prepare i tself for change and to prepare for as many of these challenges as possible in order to exploit them for competitive advantage. The HR policies and practices should be flexible in nature in order to adapt to these situations. Further, the key to sustained competitive advantage is building and sustaining core competencies within the organization and maintaining flexibility in order to react quickly to the changing global market place. In turn, the incredible advances in technology and the primary role of HRM should be able to felicitate this process.   Management of Change & flexibility:- Schuler (1992) argues that HR activities can be the unifying force in helping an organization to master strategic change. Price (1997) started that effective change requires sure-footed, considerate people manager who can take employees through the process with minimum anxiety and maximum enthusiasm. It requires the recognition that the people of the organization should not be Pawns of strategy but active participants in change.  

UCAS Personal Statement for University Health and Social Care Hon

UCAS for University Health and Social Care Hon - Personal Statement Example In addition, I am able to adapt to changes as they occur. I am an understanding person and also sympathetic, patient, caring and friendly. I am a self motivated and can handle my patient with understanding and respect while approaching them. I am a person who is determined to work with teams and also keep time. As a student, I am also good at implementing personal support plans which focus on the individual welfare. Again, I got the ability to manage challenging behaviors at the same time staying focused on offering quality care to my clients as well as maintaining positive relationship among my clients and their families, my fellow staff and visitors. In 1991 to 1994, I attended Miskolc Hungary high school which specializes in general nursing and assistance. This is an indication that I have basic nursing knowledge that made me to handle health care issues at an early age. Through the Healthy eating and food hygiene level 2 course, I undertook in 2012, I attained extensive skills on how to deal with cases of Dementia and Health and social care. From August the 2011 up to now, I have been working in Highbury New Park nursing Home. I work as a care assistant while working as part of the staff team which provides and coordinates individualized care and resources to elderly people and taking care of Dementia patients, so as they may continue living healthy and have independent lives in their communities and homes. While working in the Highbury New Park nursing Home, my duties include helping clients with personal hygiene. Additionally, I assist clients while performing their exercises, physiotherapy and other medical plans. I also assist people who use service with their environment and day to day activities. Other notable duties that I undertakes include monitoring blood pressure and other physical conditions in patients as required by the doctor, assisted clients to get up then helping dress up and prepare them

Public Policy and Education Essay Example | Topics and Well Written Essays - 1500 words

Public Policy and Education - Essay Example In the United States, education has been the responsibility of state governments, and local politics have a great deal to do with determining public policy. Even so, the federal government has recently intervened, and the state government bodies in some cases resent this intervention. The No Child Left Behind (NCLB) legislature of 2001 initiated by President George W. Bush has created controversy in every area of educational public policy. Special interest groups and organizations are focusing on areas such as special education, literacy, teacher certification, religion, scientific research, and lack of funds, which means that those most influential in the field of education are presently acting as political lobbyists. With the growing intervention of the federal government in education, politics rises to the forefront, even more than it has in past years. In an effort to show how various factions of education influence public policy, this paper will cover the areas noted above, noting specific controversies. Two areas in which state education policies are quite different are in New York State and in California. Because of this, different methods of applying federal policies have been necessary. In New York State, the Education Department is under the control of the University of the State of New York (USNY). USNY is the most complete interconnected system of educational services in the United States. It is not the same as the State University of New York (SUNY), which is the State's system of public colleges and universities. The Board of Regents heads USNY and sets overall educational policy for the State. The Board appoints a Commissioner of Education who heads the State Education Department and also serves as the president of USNY (Mills, 2007). This system revolves around education as a separate entity, and this allows for more political freedom to make decisions. In California, the State Board of Education (SBE) is the governing and policy making body of the California Department of Education. Unlike the New York State system in which the Board of Regents appoints a Commissioner of Education, the Governor appoints the members of the SBE (California, 2007). In this process, politics determine changes in public policy. No Child Left Behind According to Christopher T. Cross (2004), the "evolution of the federal role in education is a study in American politics" (Chapter 1, p. 1). Special interest groups in the last part of the twentieth century have covered a broad range of interests-bilingual education, women's studies, African American studies, and prayer in the classroom, to name a few. At present, recognition of these issues has been incorporated into the NCLB law, which has been in effect since 2002. Cross believes that federal policy in education will have an increasing impact in the coming decades and calls for policymakers and practitioners to gain a better understanding of the history of U.S. education and the future role of a federal Department of Education. He covers 50 years of federal education policy in his book and discusses the most recent effort in this field-the No Child Left Behind law of 2001, which he considers the catalyst for change brought about in this country by "consistent

Unit 2 class activity Assignment Example | Topics and Well Written Essays - 500 words

Unit 2 class activity - Assignment Example Recognizing the way that the Islamic traders that came to China and bought and sold goods along the Silk Road had expertise with astronomy, the Chinese commissioned some of these Islamic craftsmen and scholars to help build the first Chinese clocks. Just as the Islamic groups before them had done, the Chinese used these first clocks primarily for astrological and astronomical purposes instead of telling time. Europe was introduced to the clock during the Muslim conquest of Southern Europe during the early part of the early Dark Ages. As with most forms of cultural interaction, Europe sought t improve upon the idea of the clock and soon thereafter began using it to tell time of day. Previously the time of day was told not by clocks but by the position of the sun and or celestial bodies. Such a form of time telling was adequate at times but made increasingly difficult in case of poor weather or visibility. By means of using a clock to tell time, the Europeans were able to industrialize their societies and have a solid base for arrangements and organization of the nations and peoples One of the biggest ways that the mechanical clock affected the United States was by way of navigation and discovery. Early navigation, like time telling, took place through visual confirmation of the sun moon and stars. However, such a method was not practical and led to many errors in judgment. Soon other forms of navigation were produced to include the sextant. However, one of the most useful was the use of navigation equipment that also utilized the time. The way that early mariners would do this was by having two clocks and a sextant. The first clock would tell them what time of day it was back home (in London or elsewhere) and the second they would use and set based upon their latitude. In this way, they could practically pin-point their location on the map as they navigated; helping them in finding their way back

Compare two modules Essay Example | Topics and Well Written Essays - 3000 words

Compare two modules - Essay Example After this there is a theoretical introduction to the concept of work in sociology, and then of emotion. There follows a broad examination of emotion at work, and then a more focused examination of gendered emotion at work. Finally there is a concluding summary of the ways that emotion and work link together, in theory and in practice, and how this relates to the all-pervasive concept of power in society. Section 1. Power and its conceptualisation. The study of human society invariably involves some consideration of theories of power, whether large scale, longstanding and overarching power such as that of patriarchy or smaller scale power as it operates between two individuals. Sociologists study how power operates in a range of situations from domestic, work and political spheres to any context where people interact with each other, since in a very general sense, it can be said that â€Å"all social relationships are power relationships† (Crossley, 2005, p. 215) We all influe nce each other at a personal level, and are tied up in a network of connections where power flows back and forth in fluctuating ways. Power permeates through society in many different ways, and not only through individual actions. ... Some power is inherited at birth through variables such as gender, race, class or culture and this is very often a hidden type of power, especially to those who wield it themselves. One of the most convincing conceptualisations of power is that of Foucault who writes about â€Å"technologies of power† which discipline and shape people in overt ways, but also in subtle ways, as for example when people internalise certain rules and practices, and adhere unthinkingly to a workplace norm. This hegemonic approach is highly relevant to the administrative systems that pervade the world of work, keeping people in order and ensuring that the goals of the organisation (or state, in the case of public servants) are constantly being advanced. Section 2. Work Human beings operate in society using physical, cognitive and emotional skills and the interplay of these skills within the power structures of their environment and with other human beings is a fruitful area of contemporary research. In the area of work there is in modern times an over-emphasis on rational, cognitive types of behaviour and an under-emphasis on emotion. Above all the workplace seeks to engender conformity on its workers, so that specific tasks can be completed efficiently and fast. The more smoothly workers submit to the dominant norms of the workplace, the more profits can be gathered in by the organisation. Goffman (1967) explains the harmony that generally exists between people in terms of concepts like deference and avoidance of shame or stigma. No workplace can ever monitor its workers 100% of the time, and yet by and large people interact productively and in tune with the needs of the organisation: â€Å"mutual conformity and respect lead to pride and fellow

Server Deployment Proposal Essay Example | Topics and Well Written Essays - 1500 words - 1

Server Deployment Proposal - Essay Example This is because Server 2008 is flexible, secure and has a scalable server management. It gives a consistent user experience including that of mobile workers. It also gives an opportunity to consolidate multiple servers onto fewer physical computers, as well as third party applications (Smyth 105). The two servers in Tucson and Phoenix will be installed with server 2008R. The configuration will include DNS, DHCP, AD DS, Security policy, Backup and recovery and continuity plan. The acquisition of two 64-bit machines should be done since windows server 2008R2 can only run on this platform. To allow smooth migration from window server 2003 to windows server 2008, the applications and hardware must remain operational throughout the migration process. This will enable the organization to maintain computer system uptime during the entire process. It will further enable the IT department to continue meet the requirements of both users and the organization at large. Some of things to be considered during the migration process include what plan exists at present for hardware replacement. What are the current hardware maintenance supports? What opportunities are there for consolidation of server through virtualization? In the deployment of windows server 2008R2, the implementation team will follow Microsoft Operation framework (MOF) that is based on IT infrastructure Library (ITIL) standard in order to ensure that they achieve a successful deployment of windows server 2008R2. There is a need to acquire two new 64-bit server because windows server 2008R2 only runs on 64bit to replace the current domain controllers. The servers, however, should support virtualization. Thus a x64 CPU, AMD-V or (AMD) VT (Intel) hardware extensions, No eXecute (NX)/eXecute Disable (XD), and full BIOS support for hardware virtualization. Although one server (virtualized and running enterprise edition) could suffice for redundancy, two will be ideal (Technet). Active directory Domain

Financial Instruments Case Study Example | Topics and Well Written Essays - 250 words

Financial Instruments - Case Study Example For instance, debt financing bears high financial risk due to high leveraging of the company and this may lead to legal action and bankruptcy proceedings in case of default on interest payment (Henderson, Peirson & Harris, 2003). The company should consider the risk of losing control since convertible notes providers may request for directorship position in order to protect their interests in the firm. The best source is cumulative preference shares since dividends will be paid when the company finally makes profits (Henderson, Peirson & Harris, 2003). The company should also consider the flexibility and availability of the source of finance. For example, it is easy to issue redeemable preference shares since it is readily available and can be redeemed in the future. The company should also consider the tax implications of the source of finance. For instance, debt payments are tax deductable and thus it should use debt financing when the tax rate is high in order to protect the company income from the high taxes (Henderson, Peirson & Harris, 2003). The company should also consider the growth rate of the firm. For instance, the company should use debt financing during high growth cycles since the high revenues will offset the interest payments (Henderson, Peirson & Harris,

Frankenstein - 1931 and 1997 Essay Example for Free

Frankenstein 1931 and 1997 Essay Horror genre, sympathy for Frankensteins creation and suspense Mary Wollstonecraft Shelly wrote Frankenstein in 1818. She was only 19 at the time. She had a unique upbringing as her mother was a radical feminist and her father was a politician. She then went on to marry Percy Bysshe Shelly who was a poet and helped her to write some of her book. Shellys book was thought to be the first horror/science fiction novel. There have been a number of productions of Shellys novel on stage and in 1931 there was a black and white movie about it, directed by James Whale. Then in 1997, Kenneth Branagh did his own production of the well-known novel. Scenes showing typical horror genre, sympathy for Frankensteins creature and scenes that create suspense are commonly found in the two movies of Frankenstein. The directors have used different media techniques to portray the movie in the way they want it to be viewed and interpreted by their choice of music, camera angles, special effects, editing, costumes, make-up, location and settings. The use of mise-en-scene is also important because if the things in the background dont match whats being acted the movie becomes unbelievable. Allowances like sound, colour and a few other things have to be made for the older versions of Frankenstein because the technology in the days it was made were very limited. By studying the birth scenes in both versions, the techniques used to create horror, drama and suspense and sympathy for the creature can be analysed. There are some similarities in both movies and some differences. First of all Ill explain the similarities and then the differences. In the Whale and Branagh versions both use low-key lighting to create a dark and spooky feeling. This is typical of horror movies and it can also create suspense because the audience cant tell what is around the corners. This creates suspicion, worry and uncertainty. It is also used because it connects with peoples fear of the dark. It is common to find bad weather in horror movies and this is evident in both of the Frankenstein movies. It is used just before and at the same time of the births. Whale and Branagh have used this technique because it gives a cold feeling and it gives credibility to what is happening in the foreground because the lighting, electricity is needed to make Frankensteins monster come alive. The locations of the births are quite typical too. In the Whale version its in a castle on top of a hill. Like House on haunted hill and it looks creepy and somewhere you would want to be. In the Branagh version its more like hell with cauldrons, heat and sweat. It reminds me of a witch brewing an evil poison. Both places for the birth are effective in creating a horror atmosphere but the second choice is less obvious. Non-diegetic, parallel fast background music can be heard in the birth scene in Branaghs version and this creates suspense because it gets peoples adrenalin going. But it is typically found in horror movies for this reason in particular. In the Whale version there is no music but this could be because of how old the movie is and it was hard to sequence the music with the scenes. In the Branagh version of Frankenstein one of the best ways sympathy is created for the creature is by the way he is presented to the audience. He looks almost human but has scars all over his face and body. It looks like someone who has been hurt badly and we feel sorry for him. On the other hand in the Whale version though its harder to feel sorry for Frankensteins monster because he looks less human and its harder to connect to him emotionally. In the Whale version Frankenstein is wearing a lab coat and his hair is gelled back. He looks more professional and like a proper doctor. This makes us feel sorry for Frankensteins creation because it shows that Frankenstein just sees him as an experiment and not as a human being with feelings. Whereas in the Branagh version he looks more wild and rough looking. This gives us the feeling he does care about the outcome of the monster because he has been so busy trying to make the monster alive that he has forgotten about himself and when he thinks the monster is dead he goes No, No, No, implying that he is saddened that it didnt work. In Branaghs version of Frankenstein you feel sympathetic with the monster when he is born, as he is naked, clumsy, and unable to walk. Amniotic fluid is everywhere and we watch Frankensteins monster slide and slip about. He appears vulnerable, like a baby. He cant control what hes doing and Frankenstein has to help him. This makes us pity him. This contradicts with the Whale version as we dont get to see the monster moving about, trying to touch or walk in the birth scene so we dont feel for him as much as he is still covered up and still practically lifeless.

Theories On Second Language Acquisition English Language Essay

Theories On Second Language Acquisition English Language Essay Several studies have revealed how dynamics in cultural identity influenced the learning of a second language (Graham Brown, 1996; McCarthy, Giardina, Harewood, Park, 2003). The process of language learning itself is socially and culturally constructed (Norton-Piece Toohey, 2001). How social formations, individual identities, and interpretations belonging to a particular culture is crucial to the development of language. Culture As defined by Brown (2007), culture is the ideas, customs, skills, arts, and tools that characterize a given group of people in a given period of time (p. 380). A more comprehensive definition of culture developed by DÃ ­az-Rico and Weed (2006) views it as: The explicit and implicit patterns for living, the dynamic system of commonly agreed upon symbols and meanings, knowledge, belief, art, morals, law, customs, behaviors, traditions, and/or habits that are shared and make up the total way of life of a people, as negotiated by individuals in the process of constructing a personal identity. (p. 233) This definition highlights the fact that culture is a dynamic, instead of static process and is neither something to be memorized nor a program that can be encoded to dictate behavior. The process of learning a new language while being immersed in a new culture involves cultural conflict and reconciliation of that conflict in order to come to terms with the host culture. Learning a second language even demands of an individual to take on a new identity (Guiora, 1995, p. 145). As a consequence, ones basic sense of self and confidence in ones abilities are challenged in this process of developing a new identity to cope with the acquisition of a new language. This process is called acculturation, generally referred to as the act of adjusting to a new culture. Acculturation There have been different models to explain the role of acculturation in the acquisition of a second language. Many authors have suggested that acculturation need not mean the eradiction of the old culture itself. Acculturation is adapt[ing] to a second culture without necessarily giving up ones first culture (Diaz-Weed, 2007, p. 246). This is contrary to the view that acculturation is synonymous to assimilation (total absorption into the new culture) or accommodation (mutual adjustment of cultures). Absorbing particular domains of a new society does not mean total surrender of the old or the zero-sum trade off (Berry, 1997, p. 34). Degrees of acculturation could be in four levels: integration (positive relationship to new and old), assimilation (relinquishing old, embracing new), segregation (retaining old, rejecting new), and marginalization (relinquishing old and new) (Berry, 1997). Theories on Second Language Acquisition The earliest research on second language acquisition (SLA) have been motivation studies which hypothesized that motivation is the fundamental factor toward SLA. Founded on the work of Robert Gardner and Wallace Lambert, the relationship of motivation and SLA have been helpful in understanding how the social and cultural environments of L2 learners shape their attitudes and motivations toward the L2, its culture, and L2 speakers (Gardner, 1979, 1980). These studies have pointed out that as a consequence, learners display behaviors which could either promote or impede their SLA outcomes (Gardner, 1979). Motivation for learning an L2 is divided by Gardner into two components: instrumental and integrative motivation. Instrumental motivation concerns an individuals primary concern for linguistic growth, apart from social goals in SLA (Gardner, 1979, 1983, 1988; Gardner Lambert, 1959, 1972). Integrative motivation refers to an individuals willingness and interest in promoting L2 acquisiti on through social interactions with members of the L2 group (Gardner Lambert, 1959, 1972; Gardner, 1979, 1983, 1988). Instrumental motivation is suggested by Gardner and Lambert to have a primary role in learning of the L2, while integrative motivation is depicted playing a lesser, supporting role (Gardner, 1979, 1983, 1988; Gardner, Tremblay Masgoret, 1997; Gardner Lambert, 1972). Many theorists have criticized motivation studies as not sufficiently explaining the role of acculturation in SLA. According to Brown (1980, 2007), second language learners are optimally suited to learn the Culture and SLA second language when certain conditions of acculturation are met. Specifically, the optimal period is when learners are in the third stage of acculturation and also see themselves as outside of both their native culture and the second culture. Schumann (1986) claims that acculturation, or the integration of the L2 learner into the target linguistic community, is not a direct cause of second language acquisition (SLA), but rather it is the first in a chain of factors which results in natural SLA. He proposes that acculturation as a remote cause brings the learner into contact with TL-speakers and verbal interaction with those speakers as a proximate cause brings about the negotiation of appropriate input which then operates as the immediate cause of language acquisition (p. 385). Acculturation (made up of social and affective variables) is the causal varibale of SLA. That is, if learners acculturate, they will learn; if learners do not acculturate, they will not learn. Acculturation initiates a chain reaction including contact in the middle and acquisition as its outcome. Schumanns (1986) acculturation model includes seven social variables (1. social dominance, 2. assimilation, preservation, and adaptation, 3. enclosure, 4. cohesiveness and size, 5. congruence, 6. attitude, 7. intended length of residence) and four affective variables (1. language shock, 2. culture shock, 3. ego permeability, and 4. motivation) which presumably affect the quantity and quality of contact that second language learners have with the target language community, thus affecting SLA. Schumann argues that the degree to which a learner acculturates to the TL group will control the degree to which he acquires the second language (Schumann, 1978, p. 34), but he makes his claim only for the context of natural SLA, i.e., where learning takes place in the environment where the L2 is spoken and without direct language instruction (1986, p. 385). Language proficiency and acculturation There has been a dearth in empirical studies that examined the impact of a learners degree of acculturation on language proficiency or acquisition. Extant studies have however suggested that acculturation and language acquisition have a positive relationship. Acculturation is a more significant determinant in language proficiency than motivation or attitudes, as evidenced by Clements (1986) study. Clement (1986) showed how the interplay of motivation, individual attitudes and degree of acculturation result to SLA proficiency in quantitative cross-sectional study. In a correlational research conducted in a bilingual Canadian university, students were asked to fill up questionnaires that assessed ethnolinguistic vitality, motivation, and attitudes. Moreover, interviews were conducted among respondents to evaluate their proficiency in spoken English as a second language. Minority group members exhibited more self-confidence in their skill of speaking English as a second language and were also judged to be more proficient than members of the majority group. The level of acculturation measured by the frequency of L2 use and frequency of contact with L2 speakers was revealed to be functional in language proficiency. Motivation and attitudes tow ard L2 speakers, and L2 culture were not significantly correlated to language proficiency. Friendships and immersion with native English-speaking people is also important in cultivating SLA and proficiency. As shown in Graham and Browns (1996) study in a bilingual community in Mexico, the difference in proficiency among native Spanish speakers in speaking English could be a result of the varying levels of their acculturation to native English speakers. Using Schumanns (1986) acculturation model and variables, the degree of acculturation was measured among native Spanish-speaking households in Colonia Juarez town. To measure language proficiency, an oral proficiency interview was conducted. Native-like English proficiency among native Spanish speakers was attained only by those enrolled in bilingual schools. Their enrollment in the schools proved favorable to their SLA. Moreover, they developed more positive perceptions about the English-speaking community and developed more intimate friendships with their English-speaking peers (Graham Brown, 1996). Degree of acculturation, age, and marital status are also important factors in language proficiency. Lee (2005) investigated the relationship of English proficiency and degree of acculturation in terms of U.S. media consumption. The results revealed that the use of Korean language over the Internet negatively correlated with acculturation. Those that did not use English when consuming and participating in Internet-based communication were less proficient in speaking English than those that used English frequently. Moreover, younger and single Koreans were more proficient in speaking English than older and married Koreans due to their higher levels of U.S. media consumption (Lee, 2005). Lees study is consistent with the findings from Jiang et al. (2009) which found that greater degrees of immersion in American society leads to higher proficiency in the English language. Jiang et al. (2009) studied acculturation and Enlighs proficiency by studying an older Chinese-English population. Correlational analyses revealed a strong relationship between the degree of immersion in the dominant society and proficiency in oral English. Nevertheless, while speaking proficiency was found to be correlated with acculturation, accents were not.

Bicycle Propulsion Systems

Bicycle Propulsion Systems 1.Abstract This report documents the development of bicycle propulsion systems over time and mentions the changes made to make the bicycle more efficient, safe, faster and resistant. It defines what a bicycles drivetrain system is in a few words and what they are used for on a bicycle. It includes brief information about 4 of the first bicycles made in the 1800s and refers to the changes in design and materials used for these bicycles. It also consists information of the 2 main bicycles used today and the improvements they have had compared to the older bicycles. At last, this report recommends improvements that could be made to the bicycle to make it more efficient. 3.Nomenclature Km/h = kilometers per hour Kg = kilograms Torque = a force that causes rotation Cadence = the number of revolutions of the crank per minute 4.Introduction Public transportation has changed and improved over a great period of time. These improvements have helped make transportation ,from one location to another, much easier. The bicycle is a great example of a method of transportation that has gone through a lot of improvements so that it is easier to use, faster, safer and more damage resistant. All this has happened by engineers taking into consideration the materials they use and the design of the bicycle. 5.Discussion and Analysis of Material 5.1 Bicycle Drivetrain Systems (Appendix 1 and 2) Bicycle Drivetrain Systems are used to transmit the riders power to the drive wheels in order to move the bicycle forward. Nowadays, most drivetrain systems include mechanisms that are used to convert speed and torque via gear ratios. Over the years propulsion systems for the bicycle have ranged from the riders legs, to the modern drivetrain systems that include gears and pedals. 5.2 History (Appendix 3) Over the past couple of centuries many different bicycles have been invented that have different characteristics in order to improve safety and efficiency, but still had a similar structure. Many of the different developed bicycles include: Hobby Horse (Appendix 4) The Hobby Horse was invented in 1817, by the German inventor, Baron Karl Drais. This bicycle had a primitive design and did not include a drivetrain. It was a 23kg bicycle which was made out of wood, including the wheels. It also included a leather saddle for the rider to sit on, and resembled a modern handlebar. The riders feet was the propulsion system for this bicycle. This meant that the rider wouldnt be able to go very fast and would require a great amount of effort to move it forward due to its weight. It would also be difficult to transfer the bicycle uphill, thus the rider would have to carry it. Whilst going downhill, the lack of brakes would cause the bicycle to travel at a fast speed without anything, other than the riders feet, to stop it. Velocipede (Appendix 5) The Velocipede was invented in 1858 by the French Michaux company. This bicycle was a great development from the Hobby Horse. It first had a cast iron frame which was then changed to wrought iron for better damage resistance. The seat featured suspension which was inspired by the suspension used in wagons. Although, the bicycle was not comfortable to ride, hence why its also called the Boneshaker. The wheels were wooden but consisted of iron tyres. It also included pedals on the axle of the front wheel as the bicycles propulsion system. The pedals would allow the rider to use less effort, compared to the Hobby Horse, to move the bicycle forward. This bicycle also consists of the introduction of a first brake, which included a metal lever that pressed a wooden pad against the rear wheel, making it much safer as it has the capability of stopping, though the wooden pad would wear out due to the friction between the pad and the wheel. Penny Farthing (Appendix 6) The Penny Farthing was invented in 1869 by French, Eugene Meyer. The bicycles design was based on the desire to make it faster, thus using it for sport. Since gears were not invented yet, the front wheels size was increased so it would travel a longer distance after one full rotation. The frame weight was reduced to increase riding comfort including solid rubber tires, and the use of hollow steel tubes made it lighter. With the introduction of spokes and ball bearings, the wheels were also improved. The Penny Farthing would reach top speeds of 40km/h, but despite its advantages it had many disadvantages. It required a running start and a mounting step for riders to be able to mount it. To stop, the rider would require to jump off the bike. The higher centre of gravity on the bicycle would mean that if the rider fell they would have great accident. And at last, if the rider went over a bump they would be sent flying, leading to a fatal accident. The Penny Farthings propulsion system were still the pedals, although, their positioning on the bigger front wheel would require riders with tall legs to ride them. Due to the bigger wheel, one rotation of the pedals would allow the bicycle to cover a longer distance, hence why it is faster than previous bicycles. This design might my the bicycle faster and more efficient, but it was more dangerous due to the height and centre of gravity of the bike, the lack of feasible brakes and the high speeds it can reach. The Rover (Appendix 7) The Rover was invented in 1885 by English John Kemp Starley. This bicycle was chain driven and was also known as the Safety Bicycle. It featured equal sized wheels and a diamond frame, used to equally distribute the forces throughout the bicycles frame, though it still lacked a seat tube. The solid rubber tires were also replaced in 1888 with pneumatic tires, which made it more comfortable to ride. The original model of The Rover used treadles to turn the rear wheels, but the later updated model used a chain drive which consisted of a large front sprocket and a small rear sprocket used to multiply the revolutions of the pedals without the need of a large front wheel. The pedals were more centred putting the riders feet away from the front wheel, and the centre of gravity was lower making it easier for the rider to stop by putting their feet on the ground. To also better stop the bicycle, it included a lever which pushes a metal pad onto the front wheel. This bicycle was much safer due to its frame design and its low centre of gravity. It had increased efficiency due to the positioning of the pedals and the two same sized wheels whilst still being capable of travelling at high speeds with the brake being able to stop the bicycle if needed. The design of the handlebar also helped to improve the handling of the bicycle. The use of metal on the frame and on the chain mechanism also made it resistant from damage. Although, with the introduction of the new chain mechanism, pebbles or sticks could get caught in the chain, possibly damaging the mechanism. 5.3 The modern bicycles Today there is a variety of bicycles that are used for different situations. To be able to adapt to the different situations, the bicycles have different characteristics but still have similarities structure-wise. The 2 main types are mountain bikes and racing bikes. Mountain Bikes (Appendix 8) Mountain bikes are bicycles designed for off-road riding. They are similar to other bikes but consist features that help enhance performance and durability on rough terrain. They consist of suspension on the frame and fork making the ride on rough terrain more comfortable, knobby tires which adds more grip on the wheels, heavy duty wheels that add durability, and more powerful brakes to help stop the bike instantly when on the rough terrain. The bicycles propulsion system includes derailleur gears (Appendix 2) that consists of a crankset for the rotation of the bicycles pedals, a cogset which is a set of different sized metal cogs or sprockets that are used as the gears, and a chain that links the cogset with the crankset. Different gears provide different torque and speed and requires different amounts of effort to rotate the pedals. The higher the gear, the more torque, speed and effort. The gears are controlled by a shifter which is connected to the gearing gearing mechanism by a cable. Mountain bikes tend to have up to 30 gears, yet mountain bikers choose to use 10 or 9 speed bikes due to the lighter weight and less complexity. The mountain bikes are very efficient and safe bicycle as they include disk brakes that help with instantaneous stopping, a gearing system that helps reduce the amount of effort the rider will have to use and is adaptable to different types of roads, and suspension that provides comfort. Racing Bike (Appendix 9) Racing bikes are designed for competitive road cycling. Its main characteristics are its light weight for higher speeds, and its stiffness due to the lack of suspension also to achieve high speeds with the sacrifice of comfort. The handlebars are designed and positioned lower than the saddle so that the rider has a more aerodynamic posture. The front and back wheels are positioned close together to allow for quick handling. For the propulsion system the bicycle uses a derailleur system similar to the Mountain Bike. The gear ratios have close spacing so that the rider can pedal at the optimum cadence. To shift gears the bicycle consists of an electronic shifting system. The switch is connected wired or wirelessly to a battery pack and to a small electric motor that is used to drive the derailleur, moving the chain between the cogs. This improvement allows for the rider to switch gears faster. The Racing Bike is quite efficient in terms of speed, and quite safe as it includes disk brakes that stop the bike instantly with the exception of knobby wheels as it would decrease the speed of the bike. The materials manufactures use for the frame e.g. Carbon fibre, cause the bike to be light in weight and capable of travelling at faster speeds. 6.Conclusions There have been many major developments in public transport over the years, with the bicycle as a great example. Many improvements have been made to the bicycle and the methods it uses for the rider to move it forwards. The introduction of new drivetrain systems and the vast use of different materials according to their properties are the cause of these improvements. The invention of, more complex, propulsion and brake systems have helped improve the efficiency and safety of the bicycle and the implementation of stronger and lighter materials has increased the bicycles damage resistance and has made it capable of reaching higher speeds (Appendix 10) with less effort required by the rider. Also improvements on the seat and the suspension on the bicycle have contributed to make it a more comfortable method of transportation. 7.Recommendations The bicycle has had great developments over the years, though more improvements can be made in order to make the bicycle safer, faster and more efficient. Such improvements may include: Adding a cover, made of a light plastic, for the gearing system so that nothing can get caught in the mechanism, running the brake lines through the frame of the bicycle so there arent any cords hanging, adding a cogset to the front wheel making it a 2-wheel drive thus making it faster. 8.References Crazyguyonabike April 15, 2009, The Hobby Horse: 1817 Karl Drais and his running machine. https://www.crazyguyonabike.com/doc/page/?page_id=40616 , (accessed 1/3/2017) Crazyguyonabike May 2, 2007, The Boneshaker: 1867 Pierre Lallement, the Michaux family and their velocipede. https://www.crazyguyonabike.com/doc/page/?page_id=40617 , (accessed 1/3/2017) Crazyguyonabike July 2, 2007, The Penny Farthing: 1878 James Starley and his ordinaries. https://www.crazyguyonabike.com/doc/page/?page_id=40618 , (accessed 1/3/2017) Crazyguyonabike March 27, 2009, The Rover: 1885 The modern bicycle born in England. https://www.crazyguyonabike.com/doc/page/?o=tSpage_id=40621v=9Y , (accessed 1/3/2017) Wikipedia January 6, 2017, Racing Bicycle. https://en.wikipedia.org/wiki/Racing_bicycle , (accessed 2/3/2017) Wikipedia February 23, 2017, Mountain bike. https://en.wikipedia.org/wiki/Mountain_bike , (accessed 2/3/2017) 9.Appendices Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 Appendix 8 Appendix 9 Appendix 10

The Problem Of Evil Essay -- essays research papers

The Problem Of Evil   Ã‚  Ã‚  Ã‚  Ã‚  It is impossible to deny the existence of evil in the world as we as human beings experience pain and suffering every day. It is generally accepted that there are two different types of evil – natural (based on God) and moral (based on humans). Moral evil is caused by human beings and occurs when humans inflict suffering on other people like September 11th, world wars, the Holocaust and other human related travesties. We also inflict evil on animals with testing or hunting for game not using the animals as God intended for fur or food. Humans also have obliterated the environment with pollution, destroying the rainforests and the way we litter and think nothing of it.   Ã‚  Ã‚  Ã‚  Ã‚  Natural evil is not caused by humans but considered to be caused by God and occurs naturally in the world. Some natural evils could be Earthquakes, droughts and some forms of cancer. However, not all evils can be easily separated into these categories as humans can contribute to natural evils.   Ã‚  Ã‚  Ã‚  Ã‚   Cancer is a naturally occurring disease; humans often do things which bring it about. Tobacco for example is the cause of eleven million deaths per year; do you think God believed that humans would actually be dumb enough to put such a harmful chemical into our bodies? No, there was an obvious better way to use tobacco but humans mostly use it in a negative way. Some could look at the problem of evil and sugg...

Essay --

/* * Copyright 2005 dotlucene.net * * Licensed under the Apache License, Version 2.0 (the "License"); * you may not use this file except in compliance with the License. * You may obtain a copy of the License at * * http://www.apache.org/licenses/LICENSE-2.0 * * Unless required by applicable law or agreed to in writing, software * distributed under the License is distributed on an "AS IS" BASIS, * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. * See the License for the specific language governing permissions and * limitations under the License. */ using System; using System.Diagnostics; using System.Drawing; using System.IO; using System.Windows.Forms; using Lucene.Net.Analysis.Standard; using Lucene.Net.Documents; using Lucene.Net.Index; using Lucene.Net.QueryParsers; using Lucene.Net.Search; using DesktopSearch1.Icons; using DesktopSearch1.Parsing; namespace DesktopSearch1 { /// /// Summary description for Form1. /// public class Form1 : System.Windows.Forms.Form { private string pathIndex; private IndexWriter indexWriter; private string[] patterns = {"*.doc", "*.xls", "*.ppt", "*.htm", "*.txt"}; private SystemImageList imageListDocuments; private IndexSearcher searcher = null; // statistics private long bytesTotal = 0; private int countTotal = 0; private int countSkipped = 0; private System.Windows.Forms.TextBox textBoxPath; private System.Windows.Forms.Button buttonBrowse; private System.Windows.Forms.Button buttonIndex; private System.Windows.Forms.Label labelStatus; private System.Windows.Forms.TextBox textBoxQuery; private System.Windows.Forms.Button buttonSearch; private System.Windows.Forms.ListView listViewResults; ... ...ond) { return first } private void listViewResults_DoubleClick(object sender, System.EventArgs e) { if (this.listViewResults.SelectedItems.Count != 1) return; string path = (string) this.listViewResults.SelectedItems[0].Tag; Process.Start(path); } private void textBoxQuery_KeyDown(object sender, System.Windows.Forms.KeyEventArgs e) { if (e.KeyCode == Keys.Enter) search(); } private void buttonBrowse_Click(object sender, System.EventArgs e) { this.folderBrowserDialog1.SelectedPath = this.textBoxPath.Text; if (this.folderBrowserDialog1.ShowDialog() == DialogResult.OK) { this.textBoxPath.Text = this.folderBrowserDialog1.SelectedPath; } } private void buttonClean_Click(object sender, System.EventArgs e) { Directory.Delete(this.pathIndex, true); checkIndex(); } } }

The American Dream in Hester Street and Eat a Bowel of Tea Essays

Many years ago, people have immigrated to a new world where they can hope for a more beautiful existence, for the wealth, for the freedoms, for the better opportunities and most importantly, for the American Dreams. As each new era of foreigners migrate to America, they face the obstacle of conforming to mainstream America. As â€Å"Hester Street† and â€Å"Eat a Bowl of Tea† portrayed, immigrants come to this land of opportunities with the hopes and dreams of a better life for themselves or their families. In â€Å"Hester Street†, Jake, a Russian Jewish immigrant who lived in New York's Lower East Side for five years, leaving his wife behind, and taking up with a new woman and earning enough money to support his dance hall ways. On the other hand, in â€Å"Eat a bowel of tea†, Wah Gay is a traditional Chinese immigrant who owns a club in Chinatown, and sends all his money to his wife back in China, who he has not seen in 20 years because of the inequitable immigration laws that had prevented Chinamen bringing their women into the country. These immigrants fall within a lower social class, as a result they strive to conform to a more facilitating and suitable lifestyle. As they begin to build a new life in America, they face the process of assimilation. America holds an idea of a mainstream society; consequently those individuals not fitting this image are left with feelings of abandonment and insecurity. As a result, they feel pressured in achieving the American dream. Let’s look at the examples the movies give us. In â€Å"Hester Street†, Jake, a self-made Yankee, has abandoned the traditions of his culture by cutting off his beard and earlocks, and he has adopted the mannerisms of his new country, including a new girlfriend who runs a dance hall. When his wife Gitl and son Yossele join him from the Old World, Jake was embarrassed. He looks down his wife because she retains her religious ways, wearing the wigs and scarves. He even insists on calling their son Joey and trying to modernize them both. Jake is a typical immigrant who wants to be assimilated as soon as possible, once they gain acceptance and recognition, they begin to look down upon the new immigrants coming into the country, sometimes even family members. Its ironic how quickly one forgets the past and repeats history in terms of the mistreatment and hostile hospitality a new immigrant once received. In â€Å"Eat a... ...against foreigners, but the problems of the dislocated immigrants struggling to preserve their culture while adapting to a new one still exist. New immigrants who desire to conform still have to deal with the way they talk, dress, and behave. Most immigrants have attempted to learn the English language, with their accents barely noticeable at times. In addition, they are willing to take any job available to support the family, and they work in many different jobs that are as physically demanding as they are diverse. The American Dream, is about becoming something, to the best way to achieve fulfillment of ones life. The dream is and always has been a reality. The more that Americans and immigrants insist on the dream as a right, and pursue it with determination, the more likely it will be to remain a live option accessible to all. The dream does not originate from America; it derives from us, the people. If we exert all our efforts, we at any moment in American history are more likely to be what the country had intended to become. With that predicament already visible, every advance we make may very well lead to another, and every realization of the American Dream will evolve.