Significance of Capital Market for Economic Development

import of detonator Market for Economic DevelopmentAn Explotary Study On The Signifi crowd outce of Capital Market for Economic Development and Its Further Growth Potential In Context of BangladeshAbstractThis seek paper investigates whether the fibre of bang-up foodstuff is signifi send awayt for the scotch gainment of Bangladesh. Literature suggests that puff up developed breed mart stop provide an extra impetus to frugal activity. Similar conclusions were in addition emaciated from the in-depth interviews. This paper overly reveals a well-s posteriorned scenario of the working non bad(p) grocery store highlighting its setbacks, stream weakness, recent improvements and its prospective signs of festering by dint of which we basis foresee whether the jacket crown grocery has notwithstanding harvesting potential or not. Thus the present study can as well contribute in providing essential education that can besides be used for further research.Abbreviation sADB- Asian Development BankCDBL- Central Depository of Bangladesh Limited CDS- Central Depository SystemCSE- Chittagong roue telephone exchangeDGEN- DSE ecumenic abilityDSE- punkital of Bangladesh stock qualifygross domestic product- gross domestic productIPO- initial public offeringSEC- Security and Exchange Commission1.0 insertionThe fiscal trading contributes to the frugal growth and victimisation by providing the needed pay for provision of goods and services. The financial trade consists of two division- great(p) foodstuffplace and roof trade. The money marketplace is basic anyy entitled to supply finance on short- edge basis to individuals, businesses, enterprises, government and their agencies. The peakital market, on the former(a) strain, provides finance on mediocre to keen-sighted- confines basis to corporate bodies, government and their agencies (Al-Faki, 2006).Capital Market fetchs a crucial role in any modern preservation as they chuck up t he sponge investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006 DSE, 2006 Hubbard and Thornton, 2006 Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking arena which further resulted in lack of equity financial support (Salahuddin Ahmed, 2007 Islam and Hassan 2002).Furthermore out of 5 million urban-based middle class people only four cytosine green are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still nescient of the genius and benefits of the metropolis market (Abu Ahmed, 2006 DSE Review, 2006 Islam and Hassan, 2002).Developing more complete and deeper with child(p) market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition lead noticeably transformed crownwork market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that Only a vibrant and well-regulated capital market can dumbfound sustain commensurate stinting phylogenesis in the domain by making the current sector capable of meeting the challenges of the competitive global sparing realities ( DSE monthly Review, June 2007).Regardless of recent improvements, Bangladeshs capital market system underdeveloped as its size is still very footling in wrong of market cap (ADB, 2006 Salahuddin Ahmed, 2007 Islam and Hassan 2002). The market cap represents just supra 9% of the gross domestic product (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Bangladesh capital market is still quite small compared to separate regional market and to the size of its economy (CSE, 2006) despite its existence for a big eon, this paper applies a framework for analyzing the significance of capital market for stinting growth and increment of Bangladesh, identifying its growth potenti als through explo symmetryn.2.0 Problem StatementBangladeshs capital market is still underdeveloped, in spite of recent improvements. The size of the countrys capital market is quite small mainly due to the redundantive dependence of leading corporate entities on the banks for financing. Moreover the overall hydrofoil of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure.The government is making effort to develop the reliableness and efficiency of farm animal exchanges as enthronization market. Compared to the other neighboring countries the numbers of participants are a great deal smaller in Bangladesh as investor lack confidence. at that place is a supply side constrains in the capital market as quality pieces are lacking. For all this reason this research is done to explore the grandeur of capital market in the economy and what are the prospective sign of development of the stock market.3.0 Purpose of the StudyThe purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although many research has been conducted relating to this topic but there is little empirical evidence astir(predicate) how essential stock market is to economic development of a country.A sound capital market prompts get out economic base and influence its future growth and so it can divine service realize Bangladeshs growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a no give in contribution to economic growth, employment creation and poverty alleviation.The capital market plays an fundamental role in speedup the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic work up of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of come near.4.0 inquiry Timeline2007 SeptemberWriting Research final cause2007 SeptemberDeveloping Literature Review2007 OctoberCollecting Data2007 October- NovemberData Analysis and Interpretation of the Findings2007 NovemberPreparing Draft and Finalizing the Research Paper2007 DecemberSubmission of Research Paper5.0 Limitations of the studyDuring conducting the research I came crossways authoritative limitations and among them the firstly one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to aim save time that could be used for the report. Moreover the interviewed person could not provide all necessary teaching due to lack of time.The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time , I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on collateral data collected through websites and so the depth of reliability varies as by the nature of website.6.0 Review of the Literature6.1 Financial Intermediation consort to Joseph yam plant (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels (i) it can profit the marginal productivity of capital by compendium information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development. correspond to Conning and Kevane (2002) intermediation implies an intermediary. Gorton and Winton (2002) added that it is the root institution in the saving investment process. They referred that financial intermediaries are firms that bo rrow from those who have excess money, that is, the savers and take the money to companies that need resources for investment.6.2 Performance Indicators fit to R. N. Agarwal (2000) the most commonly used standard to measure the size of a countrys stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (gross domestic product). A small ratio of capitalization to gross domestic product reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economys financial system is essential for economic development.Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the significance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher(prenominal) market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006).It is seen that the ratio of market cap to gross domestic product in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007 Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to material dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007).Market capitalization as a touch of GDP was around 2.5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the course of instruction 2004 market cap reached 6.8 % reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as share of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in flurry 1. notwithstanding the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialisation and economic development is made primarily through the regular banking system (Islam Hassan, 2002).Borrowing requires touch on payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) uppity reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a sorry situation can further contribute to th e economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector.6.3 restrictive Bodies6.3.1. The Security and Exchange Commission (SEC)The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the repair Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, fixed supervise and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04).The responsibility of SEC includes the followingRegulating the functions of Stock ExchangesRegistering and regularization the business of stock brokers, sub broker, share transfer agents, underwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings.Register ing, controlling, and observe of all types of mutual funds overbearing and monitoring of all authorized self regulatory organizationsProhibiting fraudulent and unfair practices related to securitiesPromoting investors education program and providing training of intermediariesRegulating substantial attainment of shares and takeover of companiesSEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system.Conducts research and publishes information for above purposes(Source Security Exchange Commission Website www.secbd.com)6.3.2 Stock Exchanges6.3.2.1 Dhaka Stock Exchange (DSE)On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange joining Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital of about Taka 4 billion. On June 23, 1962 it was re telephoned as Dhaka Stock Exchange (DSE) Limited.After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000 M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007).The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006).6.3.2.2 The Chittagong Stock Exchange Limited (CSE)The CSE is the countries second bourse that started its operation from the category 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed s ecurities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture.6.4 Recent Capital Market Scenario of BangladeshAccording to Dr Fakhruddin Ahmed (DSE, 2007) governmental uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port worry, short comings in legal system and corruption (Financial Express Report).On the other hand DSE general share equipment casualty index reached its pinnacle and cut across 3000 points (Newage www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectively during the year (DSE, 2006 DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 b illion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007).Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is important for the development of our economy. Comparison of indices and market cap among different countries is shown in circuit card 2 and grade 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap.Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006 SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007 ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors confidence (DSE, 2007).7.0 Research Methodology7.1 Research DesignThe present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of preliminary research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003).7.2 Research InstrumentThe research was conducted using both primeval and secondary winding data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, were taken.7.3 Data sight thirdhand data used in the paper has been collect ed through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC subroutine library were visited to seize secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field ofcapital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL) Anwarul Kabir Bhuiyan, SEC, Executive Director Tania Sharmin, SEC, Assistance Director (Surveillance) Abul Ehsan, Senior Officer, IDLC Finance Limited Moumita Manzoor, Research Associate, IDLCSL.Each of them was interviewed for 40 proceedings approximately during the office hour while taking break from work. They were asked some essential questions associated to this research topic. Some of the questions that were a sked are as follows-What is the role of capital market in the economy?What are the setbacks of the stock market in Bangladesh?Explain the current scenario of the capital marketWhat are the prospective sign of the development of the capital market?How can we be sure of a sound growth of capital market in Bangladesh?Do you see a better or worse scenario ahead of us and why?8.0 Discussion8.1 Role of Capital Market in the EconomyAccording to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a efficient manner.For instance, if an industrialist with a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and therefore endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute extravagantly to economic growth.If a club, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. in that locationfore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity.The equity market offers opportunity for go vernment to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of immaterial capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities.So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optimal benefit to the economy.8.2 Major Setba cks of the Capital MarketInvestment in capital market is limited to a small proportion of the population. Investors confidence in the capital market has not entirely recovered since the stock market fragment in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997).Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, divine revelation of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory system to name a few. The diagram beneath shows clearly the catastrophe that took place during 1996.Figure 1 DSE popular Price Index (DGEN) 1993-2007 (Source IDLCSL)On November, 2001 the DSE introduced the benchmark price baromet er DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996.The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a forceful fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time later the 1996 intermit but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in the index from 1527 .29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996.The devastating history of 96 crashes still persists in the mind of potential investors but without deal employment the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilise the economy.From the statistical data below in confuse 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned.The following table contains the light upon capital market indicators reflecting that the pace of primary market development had been fluctuating and the markets contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered.Table 1 Capital Market Indicators- Dhaka Stock ExchangeItem199319941995199619971998199920002001200220032004No of ListedCompanies143157183186202208213223231242248337Market CapIn taka (mn)18099417715651816810671302502544478962932637777126997587224923In $ (mn)4551038140939601569103688111691119122916853709Market Cap as% of GDP1.443.083.7110.113.952.512.042.652.522.613.256.76Significance of Capital Market for Economic DevelopmentSignificance of Capital Market for Economic DevelopmentAn Explotary Study On The Significance of Capital Market for Economic Development and Its Further Growth Potential In Context of BangladeshAbstractThis research paper investigates whether the role of capital market is significant for the economic development of Bangladesh. Literature suggests that well developed stock market can provide an extra impetus to economic activity. Similar conclusions were also drawn from the in-depth interviews. This paper also reveals a well-scanned scenario of the capital market highlighting its setbacks, current weakness, recent improvements and its prospective signs of development through which we can foresee whether the capital market has further growth potential or not. Thus the present study can also contribute in providing essential information that can also be used for further research.AbbreviationsADB- Asian Development BankCDBL- Central Depository of Bangladesh Limited CDS- Central Depository SystemCSE- Chittagong Stock ExchangeDGEN- DSE general indexDSE- Dhaka Stock ExchangeGDP- gross domestic productIPO- initial public offeringSEC- Security and Exchange Commission1.0 IntroductionThe financial market contributes to the economic growth and development by providing the needed finance for provision of goods and services. The financial market consists of two division- money mark et and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006).Capital Market plays a crucial role in any modern economy as they allow investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006 DSE, 2006 Hubbard and Thornton, 2006 Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking sector which further resulted in lack of equity financing (Salahuddin Ahmed, 2007 Islam and Hassan 2002).Furthermore out of 5 million urban-based middle class people only four hundred thousand are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still ignorant of the nature and benefits of the capital market (Abu Ahmed, 2006 DSE Review, 2006 Islam and Hassan, 2002).Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that Only a vibrant and well-regulated capital market can bring sustainable economic development in the country through making the real sector capable of meeting the challenges of the competitive global economic realities ( DSE Monthly Review, June 2007).Regardless of recent improvements, Bangladeshs capital market remains underdeveloped as its size is still very small in terms of market cap (ADB, 2006 Salahuddin Ahmed, 2007 Islam and Hassan 2002). The market cap represents just above 9% of the GDP (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Banglades h capital market is still quite small compared to other regional market and to the size of its economy (CSE, 2006) despite its existence for a long time, this paper applies a framework for analyzing the significance of capital market for economic growth and development of Bangladesh, identifying its growth potentials through exploration.2.0 Problem StatementBangladeshs capital market is still underdeveloped, in spite of recent improvements. The size of the countrys capital market is quite small mainly due to the excessive dependence of leading corporate entities on the banks for financing. Moreover the overall transparency of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure.The government is making effort to develop the reliability and efficiency of stock exchanges as investment market. Compared to the other neighboring countries the numbers of participants are much smaller in Ban gladesh as investor lack confidence. There is a supply side constrains in the capital market as quality shares are lacking. For all this reason this research is done to explore the importance of capital market in the economy and what are the prospective sign of development of the stock market.3.0 Purpose of the StudyThe purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although some research has been conducted relating to this topic but there is little empirical evidence about how essential stock market is to economic development of a country.A sound capital market prompts better economic base and influence its future growth and so it can help realize Bangladeshs growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a notable contribution to economic growth, employment creation and poverty alleviation.The capital market plays an important role in quickening the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic progress of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of progress.4.0 Research Timeline2007 SeptemberWriting Research Proposal2007 SeptemberDeveloping Literature Review2007 OctoberCollecting Data2007 October- NovemberData Analysis and Interpretation of the Findings2007 NovemberPreparing Draft and Finalizing the Research Paper2007 DecemberSubmission of Research Paper5.0 Limitations of the studyDuring conducting the research I came across certain limitations and among them the foremost one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to find spare time that could be used for the report. Moreover the interviewed person could not pr ovide all necessary information due to lack of time.The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time, I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on secondary data collected through websites and so the depth of reliability varies as by the nature of website.6.0 Review of the Literature6.1 Financial IntermediationAccording to Joseph Yam (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels (i) it can increase the marginal productivity of capital by collecting information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development.According to C onning and Kevane (2002) intermediation implies an intermediary. Gorton and Winton (2002) added that it is the root institution in the saving investment process. They referred that financial intermediaries are firms that borrow from those who have excess money, that is, the savers and lend the money to companies that need resources for investment.6.2 Performance IndicatorsAccording to R. N. Agarwal (2000) the most commonly used standard to measure the size of a countrys stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (GDP). A small ratio of capitalization to GDP reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economys financial system is essential for economic development.Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the signifi cance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006).It is seen that the ratio of market cap to GDP in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007 Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to significant dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007).Market capitalization as a share of GDP was around 2. 5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the year 2004 market cap reached 6.8% reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as percentage of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in Table 1.Despite the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialization and economic development is made primarily through the regular banking system (Islam Hassan, 2002).Borrowing requires fixed payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) excessive reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a risky situation can further contribute to the economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector.6.3 Regulatory Bodies6.3.1. The Security and Exchange Commission (SEC)The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the sole Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, rigid monitoring and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04).The responsibility of SEC includes the followingRegulating the functions of Stock ExchangesRegistering and regulating the business of stock brokers, sub broker, share transfer agents, und erwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings.Registering, controlling, and monitoring of all types of mutual fundsControlling and monitoring of all authorized self regulatory organizationsProhibiting fraudulent and unfair practices related to securitiesPromoting investors education program and providing training of intermediariesRegulating substantial acquisition of shares and takeover of companiesSEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system.Conducts research and publishes information for above purposes(Source Security Exchange Commission Website www.secbd.com)6.3.2 Stock Exchanges6.3.2.1 Dhaka Stock Exchange (DSE)On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange Association Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital o f about Taka 4 billion. On June 23, 1962 it was renamed as Dhaka Stock Exchange (DSE) Limited.After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000 M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007).The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006).6.3.2.2 The Chittagong Stock Exchange Limited (CSE)The CSE is the countries second bourse that started its operati on from the year 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed securities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture.6.4 Recent Capital Market Scenario of BangladeshAccording to Dr Fakhruddin Ahmed (DSE, 2007) political uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh Governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port management, short comings in legal system and corruption (Financial Express Report).On the other hand DSE general share price index reached its pinnacle and crossed 3000 points (Newage www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectiv ely during the year (DSE, 2006 DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 billion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007).Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is significant for the development of our economy. Comparison of indices and market cap among different countries is shown in Table 2 and Figure 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap.Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006 SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007 ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors confidence (DSE, 2007).7.0 Research Methodology7.1 Research DesignThe present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of exploratory research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003).7.2 Research InstrumentThe research was conducted using both primary and secondary data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, wer e taken.7.3 Data CollectionSecondary data used in the paper has been collected through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC library were visited to acquire secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field ofcapital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL) Anwarul Kabir Bhuiyan, SEC, Executive Director Tania Sharmin, SEC, Assistance Director (Surveillance) Abul Ehsan, Senior Officer, IDLC Finance Limited Moumita Manzoor, Research Associate, IDLCSL.Each of them was interviewed for 40 minutes approximately during the office hour while taking break from work. They were asked some essential questions associat ed to this research topic. Some of the questions that were asked are as follows-What is the role of capital market in the economy?What are the setbacks of the stock market in Bangladesh?Explain the current scenario of the capital marketWhat are the prospective sign of the development of the capital market?How can we be sure of a sound growth of capital market in Bangladesh?Do you see a better or worse scenario ahead of us and why?8.0 Discussion8.1 Role of Capital Market in the EconomyAccording to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a cost-effective manner.For instance, if an industrialist w ith a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and hence endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute copiously to economic growth.If a company, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. Therefore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity .The equity market offers opportunity for government to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of foreign capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities.So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optima l benefit to the economy.8.2 Major Setbacks of the Capital MarketInvestment in capital market is limited to a small proportion of the population. Investors confidence in the capital market has not entirely recovered since the stock market crash in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997).Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, disclosure of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory body to name a few. The diagram below shows clearly the catastrophe that took place during 1996.Figure 1 DSE General Price Index (DGEN) 1993-2007 (Source IDLCSL)On November, 2001 the DSE introduced the b enchmark price barometer DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996.The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a drastic fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time after the 1996 collapse but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in t he index from 1527.29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996.The devastating history of 96 crashes still persists in the mind of potential investors but without mass participation the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilize the economy.From the statistical data below in Table 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned.The following table contains the key capital market indicators reflecting that the pace of primary market development had been fluctuating and the markets contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered.Table 1 Capital Market Indicators- Dhaka Stock ExchangeItem199319941995199619971998199920002001200220032004No of ListedCompanies143157183186202208213223231242248337Market CapIn taka (mn)18099417715651816810671302502544478962932637777126997587224923In $ (mn)4551038140939601569103688111691119122916853709Market Cap as% of GDP1.443.083.7110.113.952.512.042.652.522.613.256.76

Oral Health Promotion Health And Social Care Essay

Oral wellness Promotion Health And Social C ar studyThe future of Oral Health within the alliance is no longer in force(p) dependent exclusively on the ad-lib exam wellness lord. Rather the requisite is evident to involve the Allies of Health within verbal wellness promotion. The old emphasis on just treatment rents to be aloof as it hasnt made a signifi croupet reduction in the incidences experienced by an individual as a result of their admit oral wellness problems(NSW Department of Health., 2006). Hence new approach is necceisary, where oral wellness promotion has been made to aid people come to overall health alternatively of just the illness itself. This new form of oral health promotion aims to have a more of an overall health concentration by considering the determinants of health such(prenominal) as kindly, environmental, economical and behavioural and the collaboration with ally of health.The Role of distri preciselyively associate health worker and prev entative strategies in addressing partnership health problemsallied health professionals are important assets for oral health professionals e.g pharmacist, speech pathologist, child and family nurses and drug and alcohol service personnel. These allied health workers have a responsibleness in oral health promotion as well as having a idiosyncratic role themselves as an allied health worker.Pharmacists have a primary role in the distribution of medications to patients that have been prescribed to them. They mold an imperative element in providing patients information by advising patients of the different types of medications avail fitted, dosages, and any unseemly side effects that the medication may cause and most importantly to en sure enough the safe and effective use of the medication. They are also at the original point of contact for any questions or queries by the patients who has business organisations about health in general and sometimes the first to be approached to find remedies to solve joint health issues(Kritikos, 2011). because the vital need for a pharmacist to be able to educate the community and jock manage the health of patients to help purify the result for each individual patient.Some strategies includePamphlets and advice about drugs and interactionsInitial assessment of general health and recommendations to achieving intelligent livingSmoking cessation programsReferral pathways options some separate example of allied health workers is Speech pathologists. The main roles of speech pathologists are the assessment and/or treatment of individuals who endure speech disabilities. They work closely with these individuals to help with their conference ranging from speech, writing, signs, symbols or gestures(Cowell, 2011). They are also responsible for working with patients who have problems eating and drinking. Speech pathologists are often seen at schools, nursing homes, hospitals, rehabilitation centers and community health center s. Many strategies are created by speech pathologists to support information as well as therapy which is important in refrence to aboriginal intervention of intercourse problems(Speech Pathology Australia., 2011).Examples of strategies includeCareful assessment and diagnosis of sw resigning programsManagement and techniques toPromotion of effective communicationPromotion of safe eating practices as well as dietary alternativesReferral pathway optionsEarly Childhood Community Nurses help and work with parents raising a child in the early few years of life. Ensuring that the child is healthy and doing a variety of tests to see if the child is functioning to a satisfactory take by early identification of deviations from the normal and facilitation of interventions to reduce their impact and documentation parents in having their children ready for life and learning at school entry. With the nurses either conducting home visiting of 1-4 week olds or parents bringing child into the community health centres and using the My first health record blue book the childs progress and development mountain be monitored as well as detecting anything of concern early. Such as hearing, vision, growth/weight (BMI), immunisation and other programs such as Lift the lip/See me smile. By using screening and oversight the Nurse, the child and its environment can be seen and the nurse can help with changing it with the family to make sure the child is in the best environment achievable.(Mackenzie J and Horswell N., 2011).Key preventive strategies for health includeScreening and immunizationParenting groupsBreast feeding clinicsHome visiting to newborns and continual support for those who are identified as high jeopardizeInvolvement in campaignsLip the lip campaign Initiative to detect early child hood cariesReferral pathway options drug and alcohol service workers are also allied health professionals who offer work that include detoxification, consultation liaisons, abstinence maintenance programs, psychology support and referral to other agencies (Lutz, 2011). They help individuals keep in good health as those who require help perceive health as an issue of little importance and so placing them at a higher risk of chronic disease. The drug and alcohol services aim is to dish in controlling illnesses related to drugs and alcoholic abuse, and in the long term decrease the usage of said substances till ultimate long term abstienence. This creates a better outlook on the persons general health (Victorian Auditor General., 2011).Key strategies which the drug and alcohol services implement includeInvolvement in campaignsGreat Whites, Oral health ProgramFamily Drug Helpline guidance ServicesRehabilitation and abstinence programsPharmacotherapy metha through with(p) clinicsReferral pathway optionsThese allied health professionals are vital for oral health promotion as their primary roles allow them to have initial contact to a variety of the community. Oral h ealth professionals can make use of this to integrate oral health messages by communication and networking to reach the general population as well as certain target groups at risk.Communication and NetworkingOral health promotion is usually targeted at cohorts within the community which include the whole population, prenatal, infants and preschoolers, school aged children and adolescents, young adults, low income earners, the elderly and rural and remote communities. Communication and networking is vital to construct relations within the allied health workers who provide services for these groups in order to maintain encouragement for oral health.Communication and networking among oral health professionals and pharmacists can address oral health issues of the community. Issues which oral health professional must guarantee the pharmacist understands include the option non-xerostomic medication and how to this can affect oral health especially in the elderly and the need for mouth gu ards for physical sport to prevent damage in young adults. With this information the pharmacist is able to educate and guide the patient to better decisions which will affect their oral health and the pharmacist is able to provide referrals to oral health practioners. The communication full treatment in both directions as pharmacist also provide the oral health team with information on drug interactions and if there can be any concerns when providing dental treatment as well as education for the safe prescription of antibiotics in order to maintain a good counterbalance of health.Speech pathologists as a part of their role also deal with patients whom have difficulty communicating as well as swallowing and drinking problems. They play an significant position in the early detection of communicational problems which may affect overall health for infants by distributing information to parents on what to do. Also they help the elderly who may require support with swallowing and drink ing problems. Hence it is imperative for oral health professionals to work in association with these allied health workers as they have direct contact with patients whom display dental anomalies such as cleft lip and palate as well as the elderly who may have a reduced functioning dentition. The inter-communications will allow for improved help for conditions by adopting strategies to provide help and education about the importance oral health.Child and family health nurses provide support, education and information for new parents. This support is helpful for the education and the promotion of health which can be implemented at the young ages of the child. Communication between oral health professionals and child and family health nurses will assist in the creation of healthy habits which are established early providing the greatest opportunity for good health in the future and in particular early childhood caries. It is essential to create communication with the child and family n urses so that oral health becomes a early message to the families and children. it is important to detect those at risk early rather than when addressing oral health issues once intervention treatment is required.Drug and alcohol services are available to a wide range of the population and people of various ages in aspects such as drug education, addiction counseling and abstaining programs. Oral health professionals need to include this into the oral health promotion by collaborating with the drug and alcohol services. Oral health messages are vital in regards to drugs and alcohol education as the effects of some drugs also have adverse effects on the paitents oral health. thereby creating communicational networks will create the ability for sufficient education and information that is available to people by the drug and alcohol service, and when it is neccissary to refer them to an oral health professional.By creating these communicational pathways with the allied health workers, the spread of oral health promotional programs will be distributed throughout the community. This leads to a larger recognition of the need for suitable oral health. This mutual support will help not only oral health but all other aspects of the allied health industry, thereby giving the individual the best help possible.The difference between Health Education and Health PromotionMost people within the community are confused and have trouble differentiating between health educatin and health promotion. There needs to be a obvious and clear difference between the two to enable oral health professionals to make health promotion programs. Health education involves educating individuals to recognize the determinants of health. It provides individual autonomy letting them better their own health by creating their own health plans by increasing knowledge which in turn lead to better attitudes which will lead to appropriate manner changes (World Health Organization., 2011). Health educat ion is an important part of but not the sum of health promotion.Health promotion integrates the choice of the individual but extends more than this to also include the social responsibilities of health. Health promotion thus also includes health prevention and health protection. Health prevention known as when the risk of disease is reduced through preventing incidence, using interventions which may alter development of disease or rehabilitation of a patient to a level of health that has a slim chance of having a relapse. The aim of health protection is to inhibit poor health by improving the communities living and working conditions. hence health promotion is a holistic approach to health not just focusing on the illness but also concerned with the social and environmental determinants of health(World Health Organization., 2011).as a result of this, to have successful oral health promotion, we as oral health professionals must look beyond just the oral cavity, and look at the overa ll health of the individual. Therefore it is imperitive to include the allies of health within the oral healh ptomotion to have an equal level of physica, mental and social wellbeing, not just being free from symptoms of disease. This is attained by amalgamation of the common risk factor approach.Incorporation of the Common endangerment Factor ApproachAllies of health need to be involved in oral health promotion as this can make sure that there is a uniformity within the messages being spread out to the community. The integration of the common risk factors approach helps ensure this, as it is realized some(prenominal) illnesses share similar risk factors. By dealing with these risk factors in health promotion programs can be made to maximize health outcomes.governable risk factors equate to 32% of Australias total incidence illnesses. The risk factors that affect poor oral health included diet, hygiene, heater, alcohol and drug use, stress and trauma which are also common for oth er chronic diseases. If these factors are not managed, it will be difficult to assits the individual find health. Examples of these risk factors include smoking which costs up to 5.7 billion a year in lost productivity or alcohol which contributes to 1.9 million in health effects(The Pharmacy nine of Australia., 2010).As there are various risk factors that affect ones oral health, it is best to collaborate with the Allies of Health to gain help for the risk factors instead of relying only on the oral health professional to help for all risk factors. Equipped with the multiple health services, individuals are able be stipulation all help possible to help reach good health as well as good oral health. (Sheiham A, 2000)Allies of health are able to give specialized advice in their own field, e.g pharmacist can show a non-xerostomic drug or educational pamphlets that the pharmacist can provide regarding smoking cessation and alcohol use. Speech pathologists can help with issues with ea ting food. The early childhood nurse is able to provide advice about a childs teeth by lifting the lip, diet information and also the management of stress such as post-partum/anti-natal depression. The Drug and Alcohol program is able to give help to assist individuals find control over their addiction.Integration of the 5 principles of the Ottawa CharterHealth promotion is based around the Ottawa Charter, this is no different for oral health promotion.To be successful the health promotion must incorporate 5 key principalsBuilding healthy public policyCreate verificatory environmentsStrengthening community actionDeveloping personal skillsRe-orientating health servicesHealth promotion is the mutual work of what health is, income and social policies that provide compare to everyone. Oral Health promotion consists of the allies of health that assist in creating a healthy public policy. The joint work of the allies of health assists in identifying the factors that create bad oral heal th, and how to remove said factors. An example is the Early Childhood nurse, who provides new parents a My First Health Record (Blue Book).An Oral Health example could be that, an oral health professional may be the first see the signs of smoking or drug abuse. Advice can be apt(p) but a referral to another area of the allies of health such as the drug and alcohol service is the ultimate goal.Health promotion can only exist if there is a good amount of cooperation within the community and between the alied health workers. Information received from an oral health professional is usually received in short unreggular times as it is usually during appointments they have contact. Therefore the importance is evident for allied health workers to assist each other in promoting not only oral health but all aspects of health. for example an oral health professional reffering a patient to a drug and alcohol worker or an pharmacist providing information on non-xerostomic alternatives to medici nes they have.Health promotion is not a task that can be done by a solitary organization. It is the multiple health services correspondantivly working together i.e allies of health. The allies of health that consists of the mutual work between the services that allows for proper health promotion to occur. True health promotion is an understanding that its not only being free from illness, it is that an individuals holistic health is of a adequate level. Hence the vital point that all allies of health must work together to not only treat e.g the oral cavity but also provide information for smoking cessation at the same time, providing insight and information of the illnesses one can contract. Hence it is not solely the oral health professionals responsibility to promote oral health, but it is also the role of all areas of the allies of health.In conclusion it is consequently fundamental to involve allies of health in oral health promotion because by recognizing their roles within the community, oral health professionals can work together with other allies of health e.g drug and alcohol services to detract from only health education and enter a health promotionary phase. This will enable all the allies of health to have a higher success rate by being thoughtful to the common risk factors approach to health promotion thereby following(a) the principals of the ottowa charter. As it is known, it cannot be done alone. It can only be done with allies.

Slavery: A Building Block in the Foundation of Americas History Essay

Slavery was present preceding the European discovery of the Americas. It was limited to the conquered people of the natural nations and it was not widespread. This situation changed with the arrival of Europeans, as they possessed modern weapons with which they were able to overtake the most formidable segments of native tribes. Sickness introduced to the indigenous tribes by the Europeans trim back the enslaved population to the point that new workers were needed. A slave trade was brought into existence by this need. Slaves were still gathered from indigenous tribes, but they were supplemented with African slaves brought by ship. These events helped to make up the Americas into the prosperous cultures they eventually became. Slavery influenced culture during the revolutionary period with the beginnings of racism, this culture change initiated lawmaking concerning race, which started with the first emancipation around 1780. How these two topics were molded until the 1850s, and m oderate remained present in the modern era of our lives will be proven in the following essay.The word racism is a term utilizationd to exposit the believed differences between people of different colors, because of traits, morals, or intellectual prowess. These perceived differences cause a racist person to treat a person of color in ways that would be unaccepted by most people in their own race. 1 This practice, racism, was initiated in the 17th century to promote or justify the use of slaves in what was to become the United States. Racism is justified by many means including the bible, science, and hypothetical theories. A widespread religious following in the Americas became the theme for acceptance of racism using the bible for justification. It ran into... ...hudacoff, Fredrik Logevall, Beth Bailey, and Debra Michals. A People & A Nation A history of The United States and A More Perfect Union. Mason, Ohio Cengage Learning, 2010.3. Goldenberg, Amy output Editor. RACE Are W e So Different?. Arlington, VA American Anthropological Association , 2010. http//www.understandingrace.org/history/gov/expan_slavery.html. (accessed March 20, 2012).4. Valbrun, Marjorie. Rewriting the Script Wont Change the Facts in the Trayvon Martin Case. Slate.com. April 2, 2012. Accessed April 12, 2012. http//www.slate.com/blogs/xx_factor/2012/04/02/trayvon_martin_zimmerman_s_black_friend_and_hispanic_defenses_won_t_work_.html.5. Olafson, Steve. Tulsa Shootings Evoke Citys past Racial Violence. Reuters News Service. Accessed April 10, 2012. http//www.reuters.com/article/2012/04/11/us-usa-crime-tulsa-idUSBRE83A02J20120411.

Congress Tests Bush :: essays research papers

Los Angeles Times, November 6, 2001, Congress Testing Bushs ResolveHow do we know if our president is doing his best to serve the people instead of acting on his own will? We entrust the president to make the right decisions and to do what is best for us. This is why we vote for who we think is the better president and hope he will serve us when we need him. After the recent attacks on September 11, 2001, a lot of stress has been put on the president because our nation is keeping a close watch on his actions. At measure of war, he is our backbone and the support we need. Congress has been putting the president on the spot about spending money for drop-in supplies to Afghanistan, which will affect the entire unite States by causing us to spend more money and at the same time, hurting our economy.Recently, President Bush has been working since September 11 to ascend a solution to cut the spending of Congress, merely at the same time, provide military assistance to Afghanistan. Bus h believes that he may have open(a) up doors to profligate government spending and thinks he is too late to close them. On Wednesday morning, several presidential advisers met and decided that it was necessary to pursue and correct the stimulus package, the supplies being parachuted for the citizens of Afghanistan. Bush was against this idea and publicly asked for support from congressional leaders to limit the spending of the package. He was asked if he would veto the excessive spending, but Bush would not say. His credibility is on the line and the public will be watching him to see if he will stand by his words. dapple Bush has been gaining support from the people of America, Congress has been spending more money. Funds from the Social Security surplus have even been used for the war. Tax cuts to spread incomes have been added to the $40 billion already spent. Some people though, believe that the stimulus package should be scrapped. Lawrence Lindsey comments, To kill them now , threatened a stock mart collapse and a deeper recession. All these events have been directed toward us because our nation will soon be in debt and we will have to cut eat up on spending to keep our economy up.Congress has been testing the presidents limits on how much he plans to spend for the packages being dropped in Afghanistan.

True Feelings in Billy Collins Taking Off Emily Dickinsons Clothes Es

True Feelings in Billy Collins Taking Off Emily Dickinsons ClothesUpon first look, Billy Collins Taking Off Emily Dickinsons Clothes seems to be a wild fantasy for Emily Dickinson that he is entertaining. Upon closer examination, however, the poem reveals his subconscious desire to have sex with his mother and his frustration some his inability to do so, resulting in the displacement of his sexual desires onto Dickinson. From the beginning, Collins is in truth detailed with his description. In fact he is quite anal retentive in explaining everything about the encounter. He starts from her outside clothing, first, her tippet made of tulle (1) and on through her mass of clothing until finally reaching her corset (41). Collins proclaims that the tippet is easily lifted rack up her shoulders (2), which lets people know that he is doing the work. Dickinson is simply standing there allowing him to touch and undress her. Perhaps this reflects that Collins is not often in contr ol and neer in control when it concerns his mother. He is probably constantly being told what to do, so it is very important that the reader realizes that he is in control of this situation. This may be why he projects Dickinson as immobile he is simply projecting his inability to be in control onto Dickson. Collins then turns towards her bonnet, the bow turn with a light forward pull (4-5). The way he pulls the bonnet with a light (5) pulls shows how he feels it necessary to go about this situation very carefully and gently. He is using Dickinson to hide his feelings for his mother, and if he does not tread lightly, he may be found out. It can be easily inferred who he does not want to know, namely his father becau... ...laims that Hope has feathers/ that reason is a plank/ that life is a loaded gun (44-46). In essence he seems to be saying that while maybe how he feels is not right, that there is hope, and reason is such a narrow thing, and that life can blow up a t anytime, so why bother with pretences. He seems to conclude that the definition between wrong and right can constitute a gray area, and in doing so redeems himself from the idea that lusting after his mother is immoral. While on the surface Collins seems to want Emily Dickinson, with a close reading it becomes clear that he is genuinely obsessed with his mother. His displacement shows how he at least tries to hide is incestuous desires, while his anal retentiveness shows his wish to be in control. The indications that run passim the poem reveal Collins true feelings, and his inability to hide them.

My Philosophy of Education :: Teaching Teachers Educational Essays

My Philosophy of Education I always get asked why I am a chemistry major if I have no intention of working in industry. My sarcastic verbal answer is that I must not like having free time, or getting credit for quadruple hour-long labs. The real reason is because I have a passion for education, especially in the sciences. Children are our future and as such need to be educated. I believe one of the key reasons why the United States is the great nation that it is today is because of the educational opportunities that we offer the masses. This way, we have a larger pool for our leadership of tomorrow to be pulled from. It is our job as teachers to educate these masses and even if they dont become the leaders of tomorrow, they are going to fulfill classical roles in society. We owe the American Dream to the younger generations they deserve not only the opportunities that we had, but even more opportunities. I would like to see all child pursue the path o f success and tap into their unlimited potential. While this is a wonderful dream, it is not realistic. Due to many factors such as, but close certainly not limited to learning disabilities, substance abuse, violence, incurable diseases, inadequate family involvement, not all students will come close to their actual potential. Above and beyond giving children an education in our field, we are to help them overcome these problems and to succeed in life. By giving a child an education, we are giving them a future. There are many ways in which we can overcome many of these problems. Learning disabilities are becoming less of a disadvantage these geezerhood due to in and out of class support and diverse teaching methods. By catering to multiple intelligences and lot students find their niches in school, we are helping them stay away from drugs and violence by giving an alternate venue to express themselves. Students are usually better off if they have a family that is activel y involved and supportive of their education. As educators we must plan programs for those students who are deficient in this area, we must also be supportive and supply the students with a contributing(prenominal) environment for education.

The Passion of Mountain Bikes :: Mountain Bikes Transportation Essays

The Passion of Mountain BikesIt has been a decade in the making, but the mountain rhythm has become apassion for many people. on with this passion it has also become the mostenvironmental way to get from point A to B. It has gone through a very intense evolution process over the past decade.It all started with some guys from California who took their pedals outfor a ride on their day off, they modified their bikes and turned a interest oftheirs into a worldwide phenomenon. The mountain bikes rapid increase inpopularity was influenced by social and economic situations, and bytechnological improvements that had the needs of bike riders in mind. The admittance of the mountain bike at a bike convention in Long Beach, California,early in the 1980s coincided with the need for a bike that combined technicalsuperiority, ease of care, and multipurpose use.Technological advances came extremely fast after its introduction intothe world. The advances have made riding mountain bikes easier, which makes itpossible for the rider to explore bracing terrain. I hope that this report will beable to provide some information on the subject of mountain bikes and theadvances in technology that the bike has gone through, and what might be in thefuture of the mountain bike.The road bike has taken more than a hundred years to evolve into the roam that it is being used on todays bicycle. Because of the increasinglypopularity of the mountain bike the demand for advances to be made have comevery rapidly.The evolution of the mountain bike has been a stormy one over the pastdecade. Within one decade the design has changed radically this is due to threereasons. First , because geometry and design were copied from the starting signal Stone-Age bikes second, because off-road riding created different problems andthird, because innovative frame design mirrored the spirit of the times young,new, dynamic, and strong. The off-road bike required extra stability.FrameIt is important to get la id the canonic frame geometry and how to measure it.The combination of tube length and angle determines not only the maneuverabilityof the bike, but also determines the seating position and the enrapture of power.Variances of 1 of the headset angle, or a 1 (2cm) difference in the distancebetween the rear-wheel axle and the center of the bottom bracket, can have veryserious consequences.Frame GeometryThe basic elements of frame geometry are A- Height of the seat tube B-Length of the top tube C- Seat-tube angle D- Headset-tube angle E- Trail, F-