Death of a Salesman and A Raisin in the Sun

â€Å"May I never wake up from the American dream. † Carrie Latet describes the most sought after dream: the dream of a house surrounded by a white picket fence, the dream people work their entire lives for, the dream people fight wars for: the American dream. However, America’s rise to industrialism in the 19th and 20th centuries replaced this dream with the desire to get rich fast. This change led people to believe that it is possible, common even, to obtain wealth rapidly; yet this is not the case. Sometimes, when an individual is unable to acquire such extreme wealth, he create a sense of false reality for himself, his common sense is blurred, and he sees opportunities where there are none. Characters Walter Lee Younger and Willy Loman are prime examples of this, both pinning their hopes on unattainable dreams to hide the feelings of failure. The theme of illusion versus reality is present in both Lorraine Hansberry’s A Raisin in the Sun and Arthur Miller’s Death of a Salesman through the portrayal of main characters Walter and Willy in their struggles for happiness and prosperity. Although the two characters have similar dreams, Walter, a dynamic character, breaks through the fantasy while Willy, a static character, remains trapped in his illusion. Willy Loman has a very specific dream, a contorted version of the American dream. Willy dreams of being successful and providing for his family, but also to be popular and well liked: a spin off the classic American dream, which is generally just to have a happy life. Driven by his need for success and popularity, Willy ignores his calling for nature and throws all his heart into becoming a salesman. Willy is enthralled by the story of Dave Singleman, his inspiration and idol. â€Å"I realized that selling was the greatest career a man could want. ‘Cause what could be more satisfying than to be able to go, at the age of eighty-four, into twenty or thirty different cities, and pick up a phone, and be remembered and loved and helped by so many different people† (Miller 81). This story is the sole reason for Willy’s desire to be a successful salesman, but what he does not realize is that Singleman’s case is one in a million. Although he doggedly pursues a career in selling, Willy also recognizes his need and desire for nature in his retirement plans. As he tells Linda, â€Å"Before it’s all over we’re gonna get a little place out in the country, and I’ll raise some vegetables, a couple of chickens . . . † (72). However, his failure to acknowledge nature as his true passion fuels his failure in the business world as well. Denis Diderot concludes, â€Å"Only passions, great passions, can elevate the soul to great things. † Tempted by success and money, Willy veers from his passion for the outdoors towards business, for which he has little passion. The theme of nature is prevalent from the play’s beginning as, â€Å"A melody is heard, played upon a flute. It is small and fine, telling of grass and trees and the horizon. †(11). This specific tune is often associated with Willy’s character, distancing him from the environment, but emphasizing the connection Willy has to it. Many would argue, Willy has set himself up for failure by choosing the business career. In order to escape the feeling of dejection, Willy reverts to his falsely joyful past and creates multiple illusions for himself, seeing the world through a glass clouded with desire and failure. One of Willy’s greatest regrets is refusing to accompany Ben to Alaska. â€Å"If I’d gone with him to Alaska that time, everything would’ve been totally different† (45). Ben’s success in Alaska not only presents Willy with the possibility of money, but it would also satisfy his connection with nature. Ben’s voice in the play continually represents Willy’s resentment of his decision to stay, and his longing for a second chance to take the opportunity. Next, Willy fondly retreats to his past, a past glossed over in gold. Willy imagines a happy and cheerful history with his family, including his father, whom he never actually knew. Ben! Please tell about Dad. I want my boys to hear. I want them to know the kind of stock they spring from. † (48). This is ironic, because Willy doesn’t remember his father aside from his beard and his flute, so he would not know if his father would be someone to admire. Even though Willy does not have a job, he wants so badly to continue being a salesman that he still drives out to Boston and other cities, deluding his faithful wife, Linda Loman, and in part, himself, to think that he is going on important selling missions. Willy lies so convincingly that, when Ben proposes the idea of going to Alaska, a shocked Linda exclaims, â€Å"You’re well liked, and the boys love you, and someday – why, old man Wagner told him just the other day that if he keeps it up he’ll be a member of the firm . . . † (85). Linda is clearly oblivious to the fact that Willy is crestfallen and miserable. Willy even tries to prove to himself that he is happy, but the only true reason he remains a salesman is to gain the money he believes accompanies the job. Throughout Willy’s struggle, Charley, a FOIL to Willy, is constantly at Willy’s side helping him. Charley is Willy’s crutch, his reality check, and basically his only friend. While Willy fights to keep his family afloat, Charley has a steady job; while Willy manages his children’s lives, Charley leaves his only son, Bernard, to find his own path; while Willy loses his grip on reality, Charley has a firm grasp and a level head. Charley is the true example of the hard working, happy man achieving the American dream. Willy’s failure to recognize his own despondent state is primarily what causes his tragic downfall. As the play nears the end, Willy is faced with a decision. He knows that he will not be able to work much longer, and that at some point, he will have to rely on his sons. Willy also realizes that he has nothing to pass down to his sons. The solution he comes up with is suicide. Willy determines that this proposition is legitimate because it benefits his whole family. While talking with Ben, Willy justifies his decision by saying, â€Å"[Linda’s] suffered. . . Remember, it’s a guaranteed twenty-thousand-dollar proposition† (125-126). When Biff confronts him, Willy comes to an astonishing realization: â€Å"Biff – he likes me! (133). This only further deepens Willy’s desire to commit suicide, which would allow his family to collect the insurance money. However, the real reason for Willy’s tragic end is his static personality. His refusal to see the world as it is and his refusal to change means that he is veiled by his distorted vision of life forever. Willy is never able to break through his illusio n, truly believing that he is more valuable dead than alive. Finally, the decision is made and Willy commits suicide. â€Å"The car speeds off . . . moving away at full speed. . . The music crashes down in a frenzy of sound, which becomes the soft pulsation of a single cello string† (136). The rest of the Loman family is left alone, without the insurance money. As Charley sums up at the funeral, â€Å"He had the wrong dreams. All, all, wrong† (138). Willy died because he didn’t know how to forge his own path. Although he had the chance to turn back, he remained a salesman because he was in it for the money. Had he changed his mind and followed his heart, he would certainly have had an entirely different end. But that was his predicament: Willy Loman did not have the ability to change, something that Walter Lee Younger does have. Walter Lee Younger has dreams that are very similar to Willy’s: to provide for his family and to be successful. Unlike Willy Loman, though, Walter’s dreams of happiness for his family in addition to success. As an African American man, Walter constantly struggles against racial boundaries. The pressure to support his struggling family, including his sister and mother is a constant weight on his back. Walter informs Mama, â€Å"I want so many things that they are driving me crazy . . Sometimes it’s like I can see the future stretched out in front of me . . . Just waiting for me – a big, looming blank space – full of nothing† (73). Like any father or husband, Walter desperately wants a comfortable and content life. The tension between Walter and his wife, Ruth, partially stems from Walter’s inability to deal with his low income, low class job. â€Å"I open and close doors all day long. I drive a man around in a limousine and I say ‘Yes, sir; no, sir; very good, sir . . . that ain’t no kind of job . . . that ain’t nothing at all† (73). Not only is Walter dissatisfied with his job as a limousine driver, but he is embarrassed by it. Walter is desperate, but as a black man, his options for a new occupation are limited to those of a similar caliber to his current job. However, Walter finds an opportunity that could turn his life around. â€Å"I been out talking with people who understand me. People who care about what I got on my mind. † (87), â€Å". . . we got it figured out, me and Willy and Bobo† (33). Inspired by this new hope, Walter envisions a future of prosperity and happiness. This is mostly fueled by Walter’s idol: Charlie Atkins. Similar to Willy’s infatuation with Dave Singleman, Walter believes that Atkins, who owns a dry cleaning business which grosses $100,000 per year, is success incarnate. Atkins is Walter’s inspiration for his own dream of buying liquor store with Bobo and Willy Harris, which could be made possible by the insurance money from his father’s death. In addition to his dreams for himself, Walter also has dreams for his son. Like most fathers, he wants a better life for his son, â€Å"Just tell me where you want to go to school and you’ll go. Just tell me, what it is you want to be – and you’ll be it . . . Whatever you want to be – Yessir! You just name it, son . . . and I hand you the world! † (109). Although Walter has all the same dreams as a white man of his age, they are harder to obtain due to racial boundaries, and Walter must find a way to overcome these limitations. With so many things unperfected in his life, Walter sees money as a solution to his problems. For the Youngers, the symbol of money represents a new house, new clothing and shoes for everyone, especially forWalter’s son, Travis, more food for their table, education for Travis and Walter’s sister, Beneatha, as well as the down payment on Walter’s liquor store. When Mama questions Walter â€Å"How come you talk so much ‘bout money† (74), Walter responds, â€Å"it is life, Mama! . . . it was always about money, Mama. We just didn’t know about it† (74). It is ironic that Walter comments that money is life, because the most significant money in the Younger family comes from Big Walter’s $10,000 life insurance check. As Asagai explains to Beneatha, â€Å"Isn’t there something wrong in a house – in a world – where all dreams, good or bad, must depend on the death of a man? † (135). The illusion Walter holds that money is life contrasts with the reality that the money comes from death. Later, Walter becomes very frustrated as he realizes how unfair the world is, â€Å"Somebody tell me – tell me, who decides which woman is suppose to wear pearls in this world. I tell you I am a man – and I think my wife should wear some pearls in this world† (143). Because of all this pent-up regret and disappointment, Walter reverts to Willy Harris and Bobo’s plan for a source of comfort and hope. His desperation clouds his common sense, and when Mama entrusts him with the remaining insurance money, Walter invests all of it in the liquor store, even that intended for Beneatha’s education. Despite his poor decision, Walter has a â€Å"newfound exuberance† (112). He truly believes that this new deal will turn his family around in a new direction, â€Å"I got wings! You got wings! All God’s children got wings! † (125). However, things take a spin when Bobo arrives with the despairing news that Willy Harris, revealed as a con man, has disappeared with the money. Walter’s incredulity is clear as he realizes that all of the hope he has built up over the liquor store has disappeared like a flash of lightening. Now that all of the insurance money is gone on Walter’s watch, he is even more responsible for his family’s desperate state. Luckily, he is presented with a chance to redeem himself. Before the disheartening news that Willy Harris stole the Younger’s insurance money arrives, Walter is extremely confident. He is even willing to cooperate with Mama’s plan to move into their new house in Clybourne Park, a plan Walter had previously opposed. When Karl Lindner arrives to persuade the Youngers not to move into their new house, Walter confronts him. â€Å"We told him to get out! . . . Oh, we was some proud folks this afternoon . . † (142). However, after the terrible news of the lost insurance money is disclosed, Walter is not so sure-footed. He realizes the difficult financial situation, not to mention the peril that this move will put them in. Ruth, who desperately wants to move, reads her husband’s hesitation and questions him, â€Å"You talking ‘bout taking them people’s money to keep us from moving in that house? † (142) and Walter replies, â€Å"I’m telling you that’s what’s going to happen! † (142). Despite his strong opinion about not moving, Walter experiences a change of heart when Lindner returns. He realizes how much the chance to live is really worth as he sees the potential for Travis, Beneatha, and even for himself and Ruth, and how much the new house will help each of them to grow and flourish. Counter to Willy Loman, Walter learns to value life, learning that money does not necessarily give you a blissful, carefree life. Walter asserts to Lindner, â€Å"We have all thought about your offer . . . and we have decided to move into our house because my father – my father – he earned it for us brick by brick. . . . Travis . . . my son . . . he makes the sixth generation of our family in this country . . And that’s my sister over there and she’s going to be a doctor – and we are very proud . . . we are very proud people† (148). Walter’s dynamic character allows him to emerge from his black hole of despair, a trait that Willy Loman lacked, therefore triggering his own tragic downfall. Now that he is able to accept his mistake of losing all of the insurance money and has shattered the illusion that it is possible for everyone to be as successful and rich as Charlie Atkins, and that excessive wealth does not equate to happiness, Walter can fully appreciate his life, especially his loving family. From a first look, the Younger and Loman families could not be more different. Through careful analysis, though, one finds that they are astoundingly similar. Both working class families, they consistently struggle to maintain their current standards of living, a struggle made much more difficult by the expectant illusions Walter Lee and Willy cling to. The theme of illusion versus reality is vital in both A Raisin in the Sun and Death of a Salesman, demonstrating the harsh reality that a person’s life will never be perfect, and that some people will use heir imagination to fill in the gaps. The sad truth is that some people, like Willy Loman, are never able to break through the illusion. Bent on success and popularity, Willy renders himself victim to his mind forever, ending in death for him, and tragedy for his family. Others, such as Walter Lee Younger, possess the inner strength necessary to break free from this perfect, imaginary world to see that all they want, all they need, and all they seek, is right before them.

Buy a Funeral House. Management Case scenario

When one wants to buy a house, several investigations are done in order to ensure that the right type of house has been selected. The same thing is done when looking to purchase a funeral home. LaMarco comments that one must choose between building a funeral home from the start or a desire to purchase an existing funeral home. This paper aims at establishing why listing the elements one should evaluate before making a funeral home purchase is vital to the decision making process. LaMarco provides various instructions one should follow when one wants to start a funeral home:†¢ A choice should be made on whether to build one from the start or buy an existing one. Purchasing a new one is clearly the easier choice though one should his own if he prefers custom made attributes. †¢ One should also be educated on the fundamentals of conducting a funeral home such as embalming, transportation of bodies and the coordination of a funeral service. †¢ Certification is necessary an d therefore the Funeral Service National Board Examination (NBE) must be taken in order for one to become a licensed funeral director.†¢ Development of a business plan should be a priority since one requires a detailed and complete plan that is designed to get money from investors and enable the individual to establish the business. †¢ A lawyer with experience in the business of funeral homes should be enlisted for the purpose of obtaining the appropriate legal papers such as legal contracts that the future clients will need to sign. However, the selection of the lawyers should be conducted through interviews to determine their competence. Nichole offers several steps required in order to buy a house.They are stated as follows: †¢ One needs to check if he is able to afford the house. Among the factors to be considered, one needs to evaluate how much he can manage to pay for the house, the amount to be paid monthly, how much money will be needed up front and if one is ready to purchase the house. The best way proposed to learn the conditions of buying a house that is getting a pre-approved loan. †¢ Investing in property with growing value is a proposed choice. Some examples are provided whereby a potential buyer who is looking for a house that does not require any repairs or maintenance.†¢ One also needs to check on the amount of credit one has since this is more important than money that has been saved up for a first installment. The emergence of funeral homes all over the world has led to the creation of a social space that facilitates the preparation, display, and communication with the departed in a new way. When it comes purchasing a funeral home, one has to consider several factors based on research of already operating funeral homes. (Kiplinger's Personal Finance 70). For instance: 1. Find out by conducting research what buying a funeral home involves: This is not so difficult to do.One can easily look for information in pamphlet s or books which are readily available on both outdoor and indoor project. One can also check for more information in the libraries, building supplies, or bookstores. In addition to getting information from reading sources like books, one can also go ahead and talk to people already experienced in the business of funeral homes. Here one is guaranteed of first hand information. 2. Invest in a plan: What kind o f a home do you want to buy in terms of size, location, and price?One may opt to build his or her plan from a plan that is already published, but turns out to be what one wants, or one can alternatively borrow ideas from plans that have already been published. 3. Compare different the prices: There can be variation of prices depending on the location of the place and at the same time prices can vary at different seasons. If there happens to be emerge a difference between you and the seller, consider first whether the risk of putting up that particular funeral home in that locat ion is worth the risk, the make the final decision of whether or not you are to go ahead with the purchase or not.

Motivation and Performance Theories in Relation to New Zealand Post

A simple game of bingo, if analysed closely, can be shown to be a tedious task consisting of a repetitive action that occurs after being prompted by a repetitive stimulus. The skill level needed to make that action is low, and the variability in the rules of the game rarely changes. This game is not unlike many of the jobs that can be classified as having low motivational performance. So why do people not only enjoy playing games like bingo, but actually pay money to have the pleasure? The answer directly points to the motivating factors of monetary rewards, which is the stimulus for the individual†s performance. In this essay I will discuss the theory behind â€Å"Motivation† and â€Å"Performance† in relation to New Zealand Post and the theoretical ideals that their management should adopt with employees. There are many theories regarding motivation with the most prevalent being the theories of Abraham Maslow and Frederick Herzberg. It is important to understand these theories and their implications to accurately comment on reinforcement theories of motivation. According to Maslow†s hierarchy of needs, there are five classes: (1) physiological, (2) safety, (3) social, (4) esteem, and (5) self-actualisation. (Karen. P. Harlos Lecture Notes) each lower level need must be satisfied before an individual experiences higher level needs. Also, as Hall, Batley, Elkin, Geare, Johnston, Jones, Selsky and Sibbald (1999) found that Maslow hypothesized that as physiological, safety, social, and esteem needs were satisfied, they ceased to motivate, while the self-actualisation needs actually motivate an individual more as they are satisfied (Hall et al. 999). Herzberg used this theory as a base to build his motivation-hygiene theory, which ties Maslow†s needs to on the job achievement. The hygiene elements relate to low needs (physiological, safety, and social)(Harlos 2000). For an individual, hygiene conditions include company policy and administration, supervision, relationships with peers and supervisors, work conditions, salary, status, and security. These, according to Herzberg account for 69% of the factors that cause employee dissatisfaction or lack of motivation. The motivation conditions, which include achievement, the job itself, recognition, responsibilities, and personal growth, accounted for 81% of the factors that contributed to job satisfaction. The hygiene conditions are extrinsic factors (behaviour that is performed for material or social rewards as defined by Harlos 2000) while the motivation conditions are intrinsic factors (behaviour that is performed for its own sake not for material or social rewards as defined by Harlos 2000), and the only way to sustain motivation toward organizational goals is through the achievement of intrinsic outcomes. Each of these theories has proven to contain ideas consistent with human nature, but each also has its limitations within organizational settings. Because lower order needs are generally satisfied in the workplace today, managers have to deal with how to provide esteem and self-actualisation to their employees, and that can be a vague concept to a manager who demands results immediately. Also, studies demonstrate that different workers are motivated by different factors be them intrinsic or extrinsic. In relation to New Zealand Post the above theories can be applied to achieve an excellent level of motivation within the organization, however there are potential disadvantages also, where the employees may get over-motivated or become too empowered and thus create divisions within the organization. In terms of Maslow†s theory, the five levels of needs could be ensured by mangers of NZ Post and overall by the corporate planners of NZ Post by the following; in terms of physiological needs, money is the driving factor here as it provides the a means of achieve food, shelter, warmth and sleep, thus that management role is very limited, as it is controlled to a degree by relevant laws of the country. However those above the management who set wages must be careful not to set wages too low, otherwise workers will become grossly dissatisfied and look elsewhere to achieve their basic needs (Hall et al. 999). At the safety level NZ Post can provide their employees with agreeable contracts and work benefits such as health care. A work environment that is considered safe as well as adequate ongoing training is another aspect, also assurances of long-term employment (Hall et al. 1999). Social level issues can be resolved by NZ Post by organising teams maybe by regions and encouraging group satisfaction, or perhaps even making sure contact is established by way of team sports days, or annual picnic†s etc, any activity that ensures worker contact (Hall et al. 999). The next level is perhaps the most crucial in terms of how much NZ Post management is concerned, management may be able to fill esteem needs of the employee by showing recognition of a job well done, which may lead to a internal structure whereby levels of achievement are reached, and as the employee reaches these levels they may gain more responsibility within the organisation (Hall et al. 1999). Self actualisation needs in terms of what management can do for employees to reach this stage, entirely depend on the individual, and the previous stage, as itself esteem is realised then self actualisation becomes of more importance, and so the employee is self-motivated and the role of the NZ Management is merely one of maintenance (Hall et al. 1999). The above are all very good in theory, but in practice the implications of some of these theories for an individual and for the organisation can be crucial. NZ Post Management couldn†t be blamed if they felt the offering of money to an employee over and above what the individual needs to satisfy there needs would result in that individual working harder, however what is more likely to happen is the individual isn†t motivated anymore by that factor, and is instead motivated by esteem needs, as cited in Hall et al. 2000) â€Å"A satisfied need is not a motivator† The application of the Herzberg two-factor model is in practice much more involved that I first thought, there seems to be a large amount of criticism about Herzberg, which I will attempt to briefly outline, and thus if NZ Post was to adapt this theory it may not provide the right answer to any problems they may be facing. Firstly there has been research done into the methodology of Herzberg's research, it seems that by asking the questions in the way that they did it was only natural that individuals would attribute the good things about the job to themselves and the bad things to the organisation (as suggested by Vroom 1964 cited in Thomson 1989). So the good things simply became meting challenges, getting promoted and assuming responsibility, whereas bad things were in affect always the fault of the organisation. Thus it was reasonable for individuals to attribute their lack of performance as being a result of poor organisational structure or communication, or poor wages or bad working conditions, therefore Herzberg†s findings were more a result of the way the questions were asked and not altogether an indication of what motivated individuals at work. The second criticism that arises is whether or not it is possible to clearly â€Å"distinguish between motivator and hygiene variables in the way that two factor theory does. † (Thomson 1989 pg 164). At times factors like the gender of the worker and the structure of the organisation tends to influence whether or not a job characteristics acts as a motivator or a hygiene, thus the distinction is not as clear cut as Herzberg†s theory would suggest. Finally the two-factor theory just doesn†t take into consideration the differences between individuals, its just known that individuals do not always react in a similar fashion, for the same work characteristics which will motivate one individual may not necessary motivate another. I suggest for NZ Post to be able to maintain the calibre of people they strive for, and to provide tools to develop and grow, the best way to create the desired environment and create the best management would be to adopt Maslow†s theories, as it allows for more of an individual touch to individual situations. McGregor developed an additional theory on human behaviour, motivation, and especially performance in the late 1950†³s. His theories X and Y and were based on assumptions made regarding the â€Å"system† and individuals. In short, in Theory X (the most common management practice) management organizes all elements of production, motivates and controls employee behaviour to fit the needs of the organization, and without this intervention, employees would be indifferent to changing organizational needs. McGregor further assumes that managers believe that the average employee is by nature are lazy, dislike work, want security and dislike responsibility (as cited by Harlos 2000). McGregor†s alternative to Theory X was Theory Y. This theory made the assumptions that management has the responsibility for organizing the elements of production, people are not by nature passive, but become so as a result of experiences, management should enable employees to develop their motivational characteristics, and that it is essential for management to arrange organizational conditions in a manner where employees can achieve their own goals by directing their personal effort towards organizational objectives. The contrast between X and Y solely relates to who controls human behaviour. Theory X touts external control, and Theory Y promotes a self-fulfilling prophecy and that Theory Y management will breed Theory Y employees and vice-versa. In the application of McGregor†s theories an obvious pitfall is that obviously given the choice management will opt for Theory Y, however the application can result in a very different outcome. Theory Y places an unrealistic amount of burden on the management, and thus they have to sometimes resort to Theory X as no matter how much nurturing or inspiration managers give to employees, there will always be some who just have no desire to work, and show little or no initiative. So NZ Post may run many seminars to attempt to increase performance, or empower those who management feel need a performance boost, yet inevitably those who have no desire to perform better will just not respond to any of these performance motivators and hence management will have to resort to Theory X management to get these employees to work as they should be. Another problem may be with those employees who have been part of the organisation for a number of years, and a new fresh inspirational manager comes along who has been to all the courses and seminars and has used all the theories, and yet these employees are so used to old school Theory X management, they will just simply not be able to conform to this new Theory Y management style, as suggested in Hall et al. (1999) In conclusion I have outlines both Maslow†s and Herzberg†s theories in relation to motivation and McGregor†s theories in relation to performance. I also have suggested ways in which NZ Post could apply these theories to enable them to better fulfil their corporate profile statement. I suggested that perhaps Herzberg†s theory would not be best suited to NZ Post due to the many flaws in the application of his theory and that Maslow†s theory in practice would enable a better fufilment of the corperate profile statement.

Smoking and Depression by Dr. Jon Kassel and Dr. Benjamin Hankin Article

Smoking and Depression by Dr. Jon Kassel and Dr. Benjamin Hankin - Article Example Dr. Jon Kassel and Dr. Benjamin Hankin in their essay â€Å"Smoking and Depression†   delve in the nooks and crannies of smoking, the numbers of deaths per year, and the different pathways that lead to cigarette smoking. This paper intends to evaluate this particular source in order to ensure that it holds reputable and credible content that can be used to the completion of the researcher’s third essay.Dr. Jon Kassel is an associate professor of psychology at the University of Illinois Chicago.   His primary research interests are on the better understanding factors that underlie tobacco smoking behavior (UIC n.p.). Dr. Kassel received his doctorate from the University of Pittsburgh in 1995 and since then has become a faculty member of the University of Illinois Chicago College of Liberal Arts and Science. He is the director of the Substance Use Research Laboratory and has already authored more than 70 articles and chapters. He is also a multi-awarded researcher on substance abuse. He has received numerous recognitions including the Ferno Award for Innovative Research on Nicotine and Tobacco and is also a recipient of the Outstanding Early Career Contributions Award. Dr. Benjamin Hankin is a psychology professor at the University of Denver. His research interests include depression and mood disorders in youth, developmental psychopathology, and the GEM study (University of Denver n.p.). He received his PhD from the University of Wisconsin-Madison. He is a notable author for 95 publications and has co-edited two books. He was awarded with the prestigious APA Award for Distinguished Scientific Early Career Contributions to Psychology in 2010.  Ã‚  

How Media Coverage of War Affects Presidents and Their Policy Making Research Paper

How Media Coverage of War Affects Presidents and Their Policy Making - Research Paper Example The media has played an enormous role in the war on terror. The intricate and detailed coverage of the 9/11 attacks on the World Trade Center were seen by the entire world and led to an extremely emotional response from the American people. The images were associated with terrorism and the knee jerk response of most Americans called for bombing anyone who was responsible for such a hideous act, thus forming the base for any violent response from the US government. This paper shall underline the importance of the media in the coverage and conduct of Warfare, how terrorist groups use the media to spread their message, how the media uses terrorists to further their objectives and the impact of these events on government policy matters. The importance of Media in the Coverage and Conduct of the War: The media has become an important factor in the war on terrorism. The war not only takes place in Afghanistan, but has repercussions for the millions of viewers witnessing the events first ha nd(Shpiro 2002). The 9/11 attacks have dramatically changed the perceptions of millions around the world on terrorism and perceived threats. Modern wars take place as much on TV screens as on the battlefield. Media coverage not only influences public opinion, it also has a lasting impact on national government policy decisions(Shpiro 2002). The technological enhancement that has taken place in the latter half of the 20th century and the 21st century has enabled the media to broadcast, report and inform the masses of what is happening on ground immediately after the occurrence of the event. While the events of the world wars could be censored, abandoned or edited significantly before they reached audiences, such actions are not possible with the advent of modern technology and the race for ratings between media outlets that demands immediate coverage. An important impact of the increase in the influence of media is that military operations have significant elements of media policy. T he speed of the coverage of events means that policy decisions regarding the media need to be made ahead of the event. These policies are the ways in which the military and political leadership handle media aspects of conflicts. The range of these policies encompasses decisions on matters such as censorship, legal restrictions, abandonment of coverage, etc. This policy sets to further the political aims of warfare. Warfare media policies have been a subject of considerable research throughout the 20th century. These policies developed in several phases throughout the last three decades of the 20th century. Before the tremendous technological enhancements, governments sought to censor the flow of any form of information from the battlefields. Both of the world wars saw censorship and controlled coverage rule the flow of information. The purpose of this strategy was to identify the specific news that could be covered and avoid embarrassments. The media was also used for propaganda to justify government actions. The impact of the Vietnam War: The Vietnam War was the first major conflict that brought the bloodshed on the TV screens of the common man. The coverage of the war was very close to real time and Americans felt the pain that the people of Vietnam went through throughout the conflict. The policy set at the outset of the conflict sought to give journalists free access to the entire conflict. The policy was set without due consideration to the political repercussions of comprehensive

Business Research Individual Work 1 Week 11 Essay

Business Research Individual Work 1 Week 11 - Essay Example Therefore, it means that men will have less support in this case compared to women for the same cause. Thus, the mean for men becomes the most appropriate bivariate. On the other hand, when comparing support for healthy living persons between age groups of 20-30 years and that of 30-40 years, there is testing whether the mean difference of those who agree, disagree or have no opinion will be zero, more or less. The same will apply when comparing the support for the campaign meant for people between the age group of 20-30 with that of 40-60 years. The campaign for those in the 20-30 age brackets will have more people who disagree with it than those who agree. The primary reason is that the healthy needs increase with age and hence this age group has less healthy requirement. In addition, the mean of those who agree to contribute to the group of 40-60 years will be higher than the mean of those who disagree. Thus, this makes the campaign for those in the age group of 20-30 an appropriate bivariate since it will have the lesser mean in contribution. The attitude questions are suitable in the prediction of how a person reacts in certain situations (Zikmund & Babin, 2007). These questions can bring out traits like determination, perseverance, courage, and honesty. While comparing the Human Resource Manager and the Chief Executive Officers responses of â€Å"yes† â€Å"no† or â€Å"not sure† towards attitude questions, there is testing whether the mean difference of the Chief Executive Officer and that of the Human Resource Manager is zero, more or less. In most cases, those who respond in â€Å"yes† or â€Å"no† are few compared to those who give a â€Å"not sure† answer. Therefore, the most appropriate bivariate is that of â€Å"yes† or â€Å"no† answer since it has a less mean difference. In the case of one-half of the sample population

MBA statement of purpose for admission needs to be polished Personal

MBA of purpose for admission needs to be polished - Personal Statement Example In these numerous employments, I have had the opportunity to become a software developer, a consultant as well as offer other technical support to the teams. I have travelled widely in my different jobs from Europe to Asia and even Australia which has provided the exposure with the technology and software development. I have consulted with companies at their start up stages and have seen them blossom and hence I believe that my business will succeed once I get the skills and knowledge. Other than the technological jobs, I have also been involved in humanitarian jobs mostly on a voluntary basis. I have worked as a bereavement counsellor for children and adults who have lost their spouses, served soup in the soup kitchen for the homeless which was a church-based program, taught yoga and worked in spas and even handled women dealing with intimacy issues offering them empathy and compassion. The travelling to different states and nations as well as dealing with many different cultures has taught me the importance of cultural sensitivity, different languages as well as taking huge risks as long as I believe in the course and have evidence to support no matter how limited. I have worked in different teams and even become a team leader making huge decisions and leading the rest towards innovative projects. I have realized there is lack of a strong mobile phone software market that addresses the needs of the majority of the population in the areas that matter the most which are finance, health and education. Technology is developing and evolving at a high rate and if there is more intense integration of the technology to the sectors mentioned above using the mobile phone device and specialized software, then a lot of difference can be made as well as money. I aim to capitalize on this market but I will require more theoretical knowledge as I am versed with experience. All these activities and hobbies I

How the Models Relate to Economic Growth Essay Example | Topics and Well Written Essays - 1500 words

How the Models Relate to Economic Growth - Essay Example This study outlines that numerous growth models have been developed by scientists to explain economic growth; Basic Economic Growth Model This model explains that output is a function of two variables, capital stock and labor, in which capital stock includes the infrastructure such as roads, bridges, land etc and labor is the population that are willing and able to work. The formulae that explains this function is Y=F (K, L) where Y stands for output being a function of K and L, capital stock and labor respectively.  Ã‚  The two variables increase resulting in increase in the output Y. This increase can be brought about by investments and population growth. The supply of labor is actually dependent on the demographics of a country. The model given below explains the same relation i.e. when capital and labor increase so does the output giving it a directly proportional relationship.            According to the paper Easic Economic Growth Model    Harrod-Domar Growth Model This was developed in the 1940s by two economists Roy Harrod and Evsey Domar. This model is based on a function by the name of constant returns to scale, which basically means that the two variables capital and labor are used in a constant ratio to each other.  Ã‚  Output is derived in this model by the combination of the capital and the labor, where their graphs meet, called as the isoquants. This model has the assumption that capital and labor are always used in a fixed proportion to each other. The equation for this model is Y=K/v where v represents the capital output ration that can be found by dividing capital with the output or the investment Y.  Ã‚  In the graph below we see that capital and labor are being used in the same proportion giving us an intersection point and when a line is drawn through  those points  to get an isoquant.    As the discussion declares rather than having fixed factors of production, capital and labor could be substituted providing flexibil ity, having a curved isoquant and not the L shaped one that was present before. So this means that output can be increased in three ways, by firstly increasing capital and labor in equal proportion, to increase capital or to increase labor. In this model a change in technology would also lead to increase in the output.                   From this study it is clear that Solow (Neoclassical) Growth Model Solow also developed a procedure by the name of ‘sources of growth analysis’ which explains how much of the economic growth can be attributed to capital, increase in the labor force or their efficiency. The formulae that can be applied is Y=F(K, L, A) where K and L are capital and labor respectively whereas A is a variable that can be anything beside the two variable that can influence growth, for example technology, skill level, health, education etc. So A can be anything that can be an ignored factor helping the economic progress. However to identify these n umerous

Strategic Analysis Essay Example | Topics and Well Written Essays - 2500 words

Strategic Analysis - Essay Example ectives. With this concern, the major opportunities and threats that are likely to be faced by Zarraffa’s Coffee owing to the prevailing macro environmental factors have also been illustrated in the report. In addition, the discussion of this report will also focused on analyzing the firm’s internal environment including its key resources or competencies that could provide adequate benefits for Zarraffa’s to achieve competitive advantage in the retail coffee and beverages industry. In relation to preparing the report, qualitative methodology has been used. Majority of the information related to the preparation of the report has been gathered from secondary sources such as scholarly articles, governmental report and company website among others. Zarraffa’s is an Australian based coffee retailer and beverage company which was founded by Kenton Campbell in the year 1996. The company is also known as one of the fastest growing franchised coffee retailers acros s the world. Currently, the organization operates around 50 coffee retail franchised stores across the different locations within Australia (Zarraffa’s Coffee, 2013). Macro Environment Analysis The macro environmental factors are the most crucial aspects that highly influence the management as well as operational performances of the organization. In relation to the macro environmental factors of Zarraffa’s, PESTEL model has been utilized with respect to clearly identify the potential opportunities and threats for Zarraffa’s in the Australian market. PESTEL Model Political Factors Political factors can have a major bearing upon a business organization to efficiently coordinate its number of vital operations. These factors can create a positive impact upon an organization’s business in terms of making its operations smoother, however political disturbances and imbalances, unrelenting governmental regulations can also provide obstructions for a business to o perate efficiently within a nation. In relation to Zarraffa’s, the company tends to offer its range of coffee products and beverages in various regions in Australia complying with adequate political guidelines of the nation. The company focuses towards abiding by diverse regulations as well as guiding principles of the governmental institutions in terms of practicing its business operations within Australia. Thus, this factor can be quite crucial for the organization in its endeavor to make internal presence as different nations have diverse business operational guidelines, which are quite crucial for a new business entity to ensure positive political or governmental influence and support. Economic Factors In relation to economic influences, Australia is one of the fastest growing nations in terms of making a stable economic position by increasing its annual Gross Domestic Product (GDP) growth and other macro-economic factors (Australian Trade Commission, 2012). In relation t o the industrial scenario, it is observed that coffee is regarded as the most favored hot drink in the nation. A

Water for Elephants by Sara Gruen Essay Example | Topics and Well Written Essays - 1500 words

Water for Elephants by Sara Gruen - Essay Example The authors could be influenced by certain current or historical events, culture of a particular time, lives of great people and many more factors to come up with those works. This influence can enable novel writers to create a more authentic or at the same time interestingly fictionalized plot as well as script for their novels. The incorporation and there resultant reflection of culture, customs, and other intricate aspects of a particular time, in a novel, which was set in that particular time, is one of the key requisites to become a â€Å"Great American Novel†. â€Å"From the late nineteenth century to World War I, and even after, there was much discussion of the great American novel. Eventually the idea died†¦But in recent years the idea, though not the phrase, has returned to life† (O’Connor 1). Thus, when a novel written by an American novelist aptly reflects and incorporates various cultural aspects and perspectives of American people of a particula r time, in which the novel is set, it can be considered for elevation as â€Å"Great American Novel†. Water for Elephants, written by Sara Gruen and set during the Depression era of 1930s, is one such novel, as it aptly reflects sizable aspects of that time, even while telling a romanticism filled human story about an individual’s want to find a place, which he can call his â€Å"home†.... In the current times, aged people are having longer life-spans because of the advancing medical treatments and with the working sons and daughters of those people unable to personally take care of them, old age nursing homes are becoming the last refuge for these old people. In the past, the family had major responsibility for taking care of its elderly, particularly the sick elderly, but that has minimized sizably in the current times. (Shanas). With the central protagonist being portrayed as a 90 years old man with no caretakers, he was placed in the nursing home. Thus, as the author ‘sets’ the older Jacob’s character at the turn of the 20th century, he has incorporated the cultural element of old age nursing homes. The way Jacob was treated by the staffs at the nursing home as an old man, who does not have an independent thinking only pushes him to go in search of a favorable ‘home’. One of the key themes of the plot, as it starts from the elderly Jacob is the conflicts that arose because one’s need for independence and self worth. As Jacob is in his nineties, and in the final lap of the death race, he feels that his old age is restricting him from doing anything independently, with the staffs taking him for granted. â€Å"Age is a terrible thief. Just when you think you're getting the hang of it, it knocks your legs out from under you and stoops your back.† (Gruen 12). He thinks because of his old age only, the staffs restrict him. Jacob gets angry as the staffs keep opening his window blinds, without ever asking him about his preference. Jacob totally opposes this way of treating him like a child, and wants his opinion to be heard and more importantly wants to go and explore various places in the outside world. As Jacob recollects the story in

Lower Levels of Convictions of Woman for Criminal Offences Essay Example for Free

Lower Levels of Convictions of Woman for Criminal Offences Essay Assess explanations that sociologists have offered for lower levels of convictions of woman for criminal offences Sociologists have offered explanations for lower levels of convictions for woman for criminal offences. For example women are treated more leniently and woman are socialised to commit less crime in the first place. Most crime appears to be committed by men. According to recent national statistics men are four times more likely to commit a crime than woman. For example official statistics suggests there are gender differences in the types of crimes committed such as men committee violent crime and woman committee shoplifting. One explanation for the lower levels of convictions of women is that they are treated more leniently. One explanation that has been put forward is that the agents of criminal justice such as police officers, magistrates and judges are men and men are socialised to act in a chivalrous manner towards women. In the 1950s Pollack argued that men felt they had to protect women, so the criminal justice system is more lenient towards them. So there are some crimes that are less likely to turn into official statistics. This then does not give an accurate understanding in rates of offending and official statistics will show the extent of gender differences. Women are also more likely than men to be cautioned rather than prosecuted. For example, the Ministry of justice figures for 2009, show that 49% of female offenders were cautioned compared to only 30% of men. Similarly Hood’s study of over 3,000 defendants found that woman were about one-third less likely to be jailed in similar cases. However, there is evidence against the chivalry thesis. Box argues women who commit serious offences are not treated more favourably than men. He argues women show remorse which may be why they get cautioned rather than going to court. Heidensohn argues that in fact when women commit more serious crimes and deviate from expected norms of behaviour they are punished more harshly. For example stereotypical gender roles influence judges decisions. Heidensohn accepts there has been an increase in female crime but it’s due to poverty and being socially marginalised. Walklate argues that in rape case it is often not the defendant who is on trial but the victim. Steffensmeier argues that women are treated more leniently in court because judges are reluctant to separate woman from their children. Another reason that could explain lower conviction rates for women is that they are socialised to commit less crime in the first place. Functionalists argue that lower levels of females crime can be explained by gender role socialisation and the expressive role that Parsons argues is the one that women take on within the home. While men go out to work and take the instrumental role as provider, women are socialised to be gentle and nurturing. Parsons argues that boys reject feminine role models they engage in what Parson calls compensatory compulsory masculinity and become aggressive and anti-social behaviour which can slip over into an act of delinquency. Cohen argues that boys that are more likely to join gangs to gain stats and identity. Whereas the girls have their mothers as role models which means they are less likely to behave in anti-social ways. However, critics of the sex role theory are that this view is dated and boys and girls have different role models and influences in their life to the ones illustrated by Parsons. Walklate criticises sex role theory for its biological assumptions. Parson assumes that women are best suited to the expressive role as women gave birth to children. Feminists are interested in how patriarchal society controls women, and this control might explain lower levels of criminality and therefore lower conviction rates. Heidensohn argues the most different thing about women’s behaviour is how conformist it is as women commit fewer crimes than men. Heidensohn notes that women are controlled in a number of ways. For example women are controlled by the amount of time they have to spend looking aft er home and children. Also in the public domain women are controlled by the threat of male violence especially sexual violence. The Islington Crime Survey found that 54% of women avoided going out alone. This therefore reduces their opportunity to offend. However Carlen explains how some women commit crime when they are let down by patriarchal society. It is the failure of patriarchal society to deliver the promised deals that removes the controls. Cohen argues that working class women are led to conform by what she calls the class deal which is being offered rewards at work that allow a good standard of living. Also the gender deal where women have rewards from family life by living a normal domestic gender role. Critics argue that this underplays the importance of free will and choice in offending. Adler argues that as society changes so women may turn to crime. He uses the liberation thesis to argue that as women become liberated from patriarchy female crime rates will rise. As society changes so too have women’s roles within it. There is evidence to support this for example female offending rates have risen. However, critics argue that female crime rates started growing in the 1950s before the women’s liberation movement. In conclusion, the main reason why there are lower levels of convictions of women is because the criminal justice system is more lenient towards women. This is due to men protecting the women and official statistics show that men are more likely to commit crime than women.

Black like me Essay Example for Free

Black like me Essay A middle-aged white man from Mansfield Texas named John Howard Griffin is the main character and author of Black like Me. He was a man deeply committed to the cause of ending racial discrimination. In 1959, Griffin decided to take a pertinently extreme measure just to understand the plight of the black people. He underwent medical treatment to change the color of his skin and temporarily become a black man. Griffin’s experience was funded by George Levitan, the owner of Sepia, a black oriented magazine in return for an article about it. Griffin sets out for New Orleans. He finds a contact- Sterling Williams, an articulate, soft-spoken, and engaging shoe shiner. Along the way, Griffin experiences oppression, hardship, and prejudice. It is impossible to find a job, he is forbidden from ordering a drink at the soda fountain and he wasn’t allowed to use a restroom used by whites. Clerks refuse to cash his checks as well. Griffin travels to Alabama and into the Deep South and Mississippi and finds that the condition is even worse for blacks. He finds their condition alarming. Black communities seem defeated and run down. All day long, the word nigger† seems to echo everywhere he goes. After two months of a depressing life as a Black man, Griffin stops taking his medication and lightens his skin back to its original color. He notices that when he is a white man, whites treat him with respect and blacks treat him with suspicious fear; when he is a black man, blacks teat him with generosity and kindness and whites seem to look at him with contempt and hostility. The article is published in 1960 and he was called to do interviews. The article is published around the world and he receives both congratulatory mails and hateful reprisals. Mansfield consists of many racists so Griffin and his family moved to Mexico in August of that year. Griffin issues a plea for tolerance and understanding between the races so as to avoid the possible outbreak of terrible violence. II. A critique on the book Black like me is more of a memoir rather than a novel; it is an autobiographical memoir in particular. It springs out from the author’s real experiences as well as his personal opinions rather than from mere imaginations or artistic creativity. The book itself stared from a research project. Griffin ostensibly desires to experience hoe it is to be like a black man so that he may understand firsthand the hardships and obstacles that they encounter in their daily lives. The books main theme is racial discrimination. Griffin’s quest for equality and social justice led him to temporarily change his identity from a white man to a black one. This transition is one clear proof to the crucial importance of one’s skin color as a factor in determining one’s position in this world. Griffin writes about the hardships of finding shelter and food as a black man; the difficulties of cashing a check despite the fact that he didn’t change his identity; riding a bus or even just finding a restroom where blacks are allowed to use. Blacks and whites behave differently when in one another’s company. Whites look at blacks with contempt and hostility and blacks treat whites with suspicious fear. This behavior is different however when they are with their groups and just among themselves. They treat each other with respect, kindness and generosity. Neither race has an understanding of the other. Griffin’s Black like Me explores the themes of segregation, racism and the capacity of humans to love their fellowmen. In this novel, there is the presence of men who made a different stand. P. D. East, Sterling Williams, George Levitan, Adele Jackson, and Sam Gandy support Griffins advocacy; A proof that there is some goodness in this world. Black like me is a short book, but considered one of the finest pieces of literature ever produced. The social message of the author’s experience is clearly advocated through the narrative structure of the book. III. 3 incidents that I personally find interesting and why? †¢ When Griffin underwent a medical treatment – the ultraviolet radiation combined with oral medication to darken his skin pigmentation. I find it personally interesting because it is a rare occasion that a person will consider doing the same experiment as Griffin did. He did a pertinently extreme measure just to feel exactly how it is to be like a black man. The medical procedure that Griffin underwent is neither tested nor safe. He experienced pain and other side effects from his exposure to the ultraviolet as well as with the medication. †¢ When Griffin spends the day working on the shoe shine booth together with Williams and Joe and that they only have raccoon meat and rice eaten out of a tin can for their meals. This spells the gap between a white man eating in a luxurious restaurant and a black man who regards having enough to eat, no matter how crude the meal is, as a mark of dignity. †¢ When a white bully follows Griffin around, calling him names and threatening him. This incident only proves the material difference between whites and blacks. This incident portrayed the constant threat of violence, prejudice and oppression. In this particular scenario, he is treated like an animal being chased away just because the color of his ski is black.

Derivatives in Financial Market: Portfolio Management

Derivatives in Financial Market: Portfolio Management Derivative Structures in the Market and Their Place in Corporate Portfolio Management Abstract Derivatives are financial instruments that do not hold independent value, but where instead the value of the instrument is based on the underlying value of a given asset, which can range from financial assets such as stocks, bonds and market indexes to commodity assets such as oil, gold or wheat, to more obscure or exotic assets such as weather or other exotic assets. The four main categories of derivative include forwards, futures, options and swaps, each of which is used for a different risk control technique and each of which has its own unique structure, risk, and potential for return. Derivatives are commonly used in financial firms to balance portfolios and reduce risk by spreading it across the market, or in order to mitigate potential risk by limiting it (for example, placing a ceiling or floor on currency exchanges or purchases). This paper explores the use of derivatives in the financial market, including their use in portfolio management. Following a thorough definition of the derivative, the paper explores the use of derivatives in portfolio management and other banking activities, and offers a substantive risk assessment that addresses the potential difficulties that the use of these instruments may pose as well as a description of the benefits of using derivatives. The paper also explores ways in which actual financial institutions use derivatives through examination of public reports and other available information, in order to determine what current practice is in the use of these reports. The report concludes with recommendations for portfolio managers within financial institutions regarding the use of these instruments for risk management as well as the potential dangers of their use. The study is intended to provide an overview guide to this material and an analysis of existing research that can be used for further research and understanding of the subject material. Chapter 1 Introduction to the Research Project The use of derivatives in corporate risk management has come under scrutiny recently in the news, following reports of credit risk derivatives being used improperly by some firms and banks during the mortgage lending collapse of 2007-2008. However, while these instruments may be misused, they also hold an important role in both financial and non-financial firms in hedging risk and balancing corporate portfolios and investments. Derivatives can be used in a number of different applications. These applications include balancing risk across a number of different investors, gaining access to foreign currency or reducing currency exchange risk exposure, and reallocating loan risk across lending portfolios within or among banks. While these instruments clearly have benefits in terms of balancing, spreading and reducing risk to the individual investor, corporation or bank, there are still considerable risks that must be considered. For example, credit risk derivatives were at fault for revenue losses because they were improperly calculated to be less risky than they actually were. Conversely, a currency option, one type of derivative that reduces the potential for risk in currency exchange rates, could end up being a poor rate if the market does not change in the expected manner. These are just a few of the risks that can be encountered within the use of derivatives in financial and non-financial firms. This paper presents an overview of the types of derivatives available, the risk involved in using the derivative, and other important factors that must be considered in its use. Research Aims The main aim of this research is to explore and identify the derivative structures in the financial market and examine different corporate responses to the changes in the market and uses of these derivatives. The research also examines the impact posed by changes in the market on the corporate portfolio strategy. By first providing an overview of the different types of derivative structures available, and then analyzing corporations in order to identify how they use these structures, the research paper analyzes corporate portfolio diversification as a strategy and explores the potential for derivatives in financial markets. Research Objectives The main research objectives of this project include: Definition of the structure and application of derivatives Definition of the risk posed by application of derivatives in a competitive market Description of the common usage and potential impact of derivatives on the financial institution Examination of the impact of market changes in the corporate portfolio within the financial institution Identification of the limitations and risks of derivatives as used in the corporate portfolio Identification of appropriate risk management and portfolio management strategies Importance of the paper Sustained changes in the financial and competitive environment of industries, increasing globalization and increasing complexity of financial markets has led to an unprecedented period of currency and interest rate volatility worldwide. In order to counter this increase in risk, innovative foreign exchange risk and interest rate risk hedging techniques have developed at a rapid pace. Although these derivatives are intended to assist in risk management and risk minimization, particularly in terms of uncertain cash flows and currency exchange rates, their use has been uncertain, as instruments grow increasingly exotic. This paper will provide a guide to derivatives and their use in the financial market, as well as provide a clear understanding of the risks involved in the use of derivatives and their appropriate application to risk management, as well as discussion of how the risk of the derivatives themselves may be handled. This information can be used by investment risk managers and others in order to guide policies regarding the use of these instruments and allow for an increased understanding of the underlying issues involving these instruments. Methodology overview The methodology that will be used is that of desk research and meta analysis. This method will assemble information from a large number of sources, including primarily secondary research, and organize and analyze it in such a way as to create an understanding of the research material in the general case. This information will be able to be used for description of the operation and formulation of derivatives in a number of markets. Data collection The main data collection technique used in this discussion will be secondary research or desk research. This method was chosen both because of the limited time available to perform the survey and because of the amount of information already available on the subject matter. Secondary information will include primarily a literature review, which will provide background and theoretical information that can be used in order to form an overall picture of the theory and practice of using derivatives and derivative structures. Other secondary data will be used to examine the issues at hand for analysis, including materials such as company reports, journal articles and time series, and previously conducted surveys that address the subject matter. However, it should be noted that derivatives are not ordinarily considered reportable assets, and so may leave little trace on company reports and discussions. As such, generalized information from sources such as the Bank for International Settlements will be used as much as possible rather than specific firm information. Data analysis Following the collection of data using the method described above, the data will be analyzed using a number of techniques. Analysis methods are intended to be both quantitative and qualitative, in accordance with the data available for analysis. Quantitative analysis will be exploratory and descriptive, using data summaries in such methods as charts, tables, and descriptive statistics. Qualitative analysis techniques that will be used will include categorization, development and analysis of relationships, and descriptive techniques. This data analysis will be used in order to create an overall view of the data that can be used in order to explore the research questions. Organization of the paper The table below presents the organization of the remainder of the paper in terms of chapter numbers and contents. Chapter Contents Chapter 2 Literature review and context review Chapter 3 Methodology overview Chapter 4 Presentation of results of analysis, discussion of results and examination of risk and risk mitigation strategies for firms using derivatives Chapter 5 Conclusions and recommendations for further study Table 1 Organization of the paper Summary This chapter has presented an overview of the aims and objectives of the paper as well as the methods that will be used to explore the research objectives. It will provide a guide to the remainder of the paper. The next chapter, the Literature Review, provides insight into the structure and definition of derivatives as well as providing insight into their use in financial markets. Chapter 2 Review of the Literature In order to provide background and theoretical information for the discussion in the following chapters, this chapter presents an overview of the current state of affairs concerning derivatives and their use in the financial firm. This includes a description of the definition of derivative, the varying types of derivatives and what their uses and significance are, and a description of their current use in the banking context in order to examine the overall importance of derivatives in portfolio management. This chapter will also provide an overview of the concepts of portfolio management in order to examine issues involved in the use of derivatives. Definition of derivatives Although there are a number of different definitions of derivatives, the basic principle of the derivative is that it is not, in and of itself, an asset or investment; instead, it is a financial instrument that is based on the value of an underlying asset or instrument (Hunt Kennedy, 2004, p. 1). As such, it should be clear that as a derivative has no independent financial value, it should not be considered to be an investment per se; if the firm wishes to make an investment in the underlying asset, it is more appropriate to do so directly. Instead, derivatives are used to gain potential access to cash flows, risk, currency exchanges or other valuable items or to distribute risks across a number of different users, markets, or geographic areas rather than assigning all risk to a single portfolio or individual (Hunt Kennedy, 2004, p. 3). Derivatives may be based on the value of a wide range of underlying instruments, including stocks, bonds, indexes, exchange rates, interest rates or the prices of commodity such as wheat, oil or livestock (Hunt Kennedy, 2004). More exotic underlying instruments include credit risks of packaged assets and even long-range weather forecasts; however, these exotic underlying instruments fall outside the scope of this discussion and will not be examined in-depth. Underlying concepts There are a number of underlying concepts that must be understood if the idea of the derivative is to be fully described. The first such idea is that of replication. In brief, replication is the portfolio of assets (trading strategy that will pay out an identical amount to the payout of the derivative in any potential trading circumstance (Hunt Kennedy, 2004, p. 3). In other words, the balance of the portfolio, on which option pricing theory is based, is dependent on its ability to mirror the price of the option that it is compared against. The second important underlying idea is that of arbitrage. Hunt and Kennedy (2004, p. 3) defined arbitrage as a trading strategy that generates profit from nothing with no risk involved. Arbitrage opportunities are assumed not to exist in the trading of derivatives; although it is clear that some random arbitrage opportunities might exist, they cannot be counted upon in a trading strategy and should not be considered for the purposes of this analysis. The underlying security is defined as the security involved in an option or other derivative transaction (Chorafas, 2008, p. 36). In other words, the underlying security (or underlying asset) is the security or asset from which the derivative derives its value, like a commodity such as oil, gold or wheat. These underlying securities rarely actually change hands (although it may occasionally occur). As Chorafas noted, while the underlying security may be based in an asset or liability, it cannot be considered to be an asset or liability itself, but is instead intended only to hedge risks from other market areas. Chorafas demonstrated that the relationship between the underlying security and the derivative is likely to be nonlinear; that is, the price of the derivative will not depend immediately on the price of the underlying security, but will instead be offset by other factors. The figure below demonstrates this nonlinear relationship. Figure 1 Nonlinear relationship between the value of derivatives and underlying instruments (Chorafas, 2008) The idea of notional principle amount, or face amount, is the amount of money on which the trade is based; however, this money is never actually intended to change hands, it only provides a basis for such characteristics of the derivative as interest rate calculation or other bases for engaging in the trade (Chorafas, 2008, p. 36). This may be specified not only in currency, but also in any other relevant measurement, such as shares, kilos, gallons, bushels, or whatever the natural means of measuring the underlying asset might be. Types of derivatives There are a wide range of types of derivatives, and custom derivatives are often assembled in order to meet the requirements of the parties involved in the trade that do not easily coincide with the definition of any standard type. However, the four major categories of derivatives include options, forwards, futures and swaps. Each of these types has a different structure and different uses within the market, and each is traded differently within the market. The description, structure and main uses of each of these types of derivatives are described in detail below. Options An option is an instrument that gives the buyer the opportunity (but not the requirement) to purchase a given instrument at a specific time for a specific price (Chorafas, 2008, p. 39). An option may be a call option (guaranteeing the buyer the right to buy the underlying good at the set price) or a put option (guaranteeing the owner the right to sell the underlying good at the strike price) (Kolb, 2003, p. 4). The buyer of an option may decide to exercise it (in which case they take delivery of the underlying) or to not exercise it (in which case it expires); if the buyer does exercise the option (decide to take delivery) the seller must give it to them for the agreed-upon price. The price at which the buyer may exercise the option is the strike price, while the price paid to the seller for the option is known as the premium (Chorafas, 2008, p. 40). The expiration date is the date by which the option must be exercised is the expiration date. The type of option will determine whether the option can be exercised only on that date, at any time prior to that date, or at certain specific times prior to the expiration date. American options can be exercised at any point up to the expiration date, while European options allow exercise only on the expiration date (Kolb, 2003, p. 507). A Bermuda option has set intermediate dates between the purchase and the expiration date at which it may be exercised (Kolb, 2003). There are also a number of exotic options that provide more customized payment, delivery and exercise agreements that may rely on the price of the underlying asset; for example, a barrier options exercise depends on the value of the underlying asset reaching a price specified in the contract, while an Asian option depends on the average price of the underlying security (Kolb, 2003). A so-called plain vanilla option, however, depends only on the current price of the underlying and other characteristics of the option such as exercise price and time until expiration (Kolb, 2003, p. 577). Caps, floors and collars are particular characteristics of a given option, which are intended to limit exposure to upside and downside risk (Smith Walter, 2003, p. 84). A cap, commonly used in an interest rate swap as well as other options, fixes the upper rate of exchange, while a floor similarly fixes the lower rate of exchange; as can be envisioned, a collar fixes both the upper and lower rates of exchange in order to reduce the potential for risk. Options are extremely popular derivatives that are used in both financial and nonfinancial firms for portfolio balance. Forwards A forward, or more properly a forward contract or option, is structured in much the same way as an option; however, rather than the exercise of the instrument being optional at the expiration date, exercise is mandatory at that time (Kolb, 2003). A basic definition of a forward was given by Kolb, who remarked, A forward contract always involves a contract initiated at one time; performance in accordance with the terms of the contract occurs at a subsequent time. Furthermore, the type of forward contracting to be considered here always involves an exchange of one asset for another. The price at which the exchange is set at the time of the initial contracting. Actual payment and delivery of the good occurs later (Kolb, 2003, p. 2). Forward contracts are commonly used in currency exchange operations and other transactions in which the individuals involved wish to reduce uncertainty; for example, in a currency exchange forward, the seller ensures the present value of the trade, as does the buyer. Although the currency exchange rates may fluctuate over the time between the contract and the expiration date, the risk for each party will be reduced because they will be able to protect themselves from changes in the currency exchange (Kolb, 2003). As such, forwards are commonly used for securing access to foreign currency or other underlying assets that an individual will need in the future at a risk-controlled price. In effect, the use of forwards removes uncertainty from the future business climate, therefore reducing risk. Forwards may also be used in order to create a position in the weaker currency when performing interest rate hedging (Smith Walter, 2003, p. 43). In effect, the investor attempts to determine when a weak currency is going to undergo a currency collapse (such as the 1997-1998 Asian market collapse, which began with a weakened currency in Thailand), and then purchases interest rate forwards in this currency, then waits for the interest rate in the country to drop as monetary policy shifts to propping up the currency rather than attempting to slow growth. However, this strategy is not without risk because there is always the potential that the currency may not depreciate or, if it does, that the requisite interest rate drop will not occur, or will not be sufficient to make the investment worthwhile. Futures Futures are an even more specialized form of the option. Futures contracts, which always trade on organized exchanges rather than in over the counter transactions, are a type of forward contract with highly standardized and specified contract terms futures contracts are highly standardized with a specified quantity of a good, and with a specified delivery date and delivery mechanism (Kolb, 2003, p. 3). According to Kolb, performance on a futures contract is also guaranteed with by a clearing house, or a financial institution that guarantees the integrity of the market, and are protected by margin, or security payments posted by traders as a good-faith indication of willingness to trade (Kolb, 2003, p. 3). Futures, unlike other forms of derivatives, trade in a regulated market and as such may not be as complex to handle as other forms of derivatives such as forwards. Futures are most commonly used for trade in commodities, and are often used by nonfinancial institutions rather than financial institutions. Swaps Unlike the other forms of derivatives, a swap is not just a specialized form of option, but is instead a different type of instrument. A swap is an over-the-counter instrument involving the exchange of one stream of payment liability for another (Smith Walter, 2003, p. 75). According to Smith and Walter, this derivative has only developed since the 1980s, with an increasing use of derivatives by non-financial corporations in order to reduce risk and reduce cost of listing on stock and bond markets. Swaps, as contingent values, are also not listed on financial reports, which allow firms to manoeuvre their full investment in a given position if desired (Smith Walter, 2003, p. 76). Common swaps include interest rate swaps and currency exchange swaps. Currency swaps allow firms to exchange their exposure to currency risk (for example, by limiting the amount paid in interest from one position to another) by exchanging currency rates from one to the other. Historical currency swap rates demonstrate the overall growth in currency swaps. The table below demonstrates the growth in currency rate swaps over the top ten traded currencies in 2000. As can be seen, the Euro almost immediately became prominent, with rapidly increasing amounts of currency swaps overtaking the currency as it was instituted. The use of currency swaps is extremely common in financial and non-financial firms that require protection from currency risk. For example, those with operations in multiple countries (Smith Walter, 2003). Currency Notional Amount Traded Per Year (Historical Figures) 1998 1999 2000 Australian dollar 206 365 387 Canadian dollar 594 647 623 Danish Kroner 28 37 40 Euro 4,667 5,981 Hong Kong dollar 89 321 450 Japanese yen 5,319 4,236 4,254 New Zealand dollar 10 6 3 Norwegian Kroner 48 127 103 Pound Sterling 2,512 2,242 2,391 Swiss franc 419 459 456 Table 2 Historical trades in currency swaps, 1998-1999 (Smith Walter, 2003) Interest rate swaps allow for firms to exchange interest rates on funds, often in exchange for future value of a payment stream. As noted by Smith and Walter, these instruments are advantageous because they allow for the transfer of potential immediate interest risk, as well as offering individuals access to funds at lower interest rates. In addition to an immediate swap, a pair of traders may engage in what is called a forward swap, in which payments at some time in the future are fixed rather than immediately exchanging hands (Smith Walter, 2003, p. 83). These derivatives are not commonly used in the financial world, but may take place for example in order to fix interest rates through the duration of a long-term building project or perform similar interest rate fixation. Credit derivatives Of particular current concern is the credit derivative, which protect the lender against loan default in much the same way as a loan guarantee. According to Smith and Walter (85), the major types of credit derivatives include total return swaps (in which the potential returns from a risky underlying loan instrument are exchanged for a lower, but less risky, guaranteed return); credit default swaps (in which an upfront fee is exchanged for coverage in the case of a default on the underlying loan instrument); and the credit linked note (in which the buyer makes a series of payments to the seller, which are returned if there are no credit difficulties during the lifetime of the loan) (Smith Walter, 2003, p. 86). Banks have commonly used these derivatives in the recent past in order to limit their exposure to consumer debt; however, as the recent subprime mortgage crisis in the United States has shown, reckless use of credit derivatives may not be appropriate. Many hedge funds (estimated by Douglas to be a tenth of the total market) specialize in credit derivatives, following a number of different strategies for engaging in credit derivatives trading and arbitrage. The authors noted that of the participants in the credit derivative markets, the majority of funds that specialized in credit derivatives worked in emerging debt markets and convertible arbitrage opportunities, rather than in less risk, but less rewarding, areas such as distressed debt and high yield debt (Douglas, 2007). The risks of credit derivative instruments will be explored more fully in Chapter 3, Data and Analysis. Derivative trading Derivatives are traded in one of two ways. Over the counter derivatives (OTC derivatives) are derivatives that are traded directly between private parties, rather than being traded through an exchange (Smith Walter, 2003). Some of the most commonly traded derivative structures that are traded over the counter include swaps (which are usually custom-packaged in order to meet the needs of both parties involved in the trade) and exotic options and other custom-packaged derivative products (Smith Walter, 2003). These instruments are best traded over the counter because of their custom nature; the OTC sale format allows for customization of the package in order to meet the needs of the purchaser in terms of portfolio balance and risk adjustment (Chorafas, 2008, p. 58). However, this flexibility comes with a cost in risk undertaking, as there is no open market value of the instrument in order to ensure that the buyer does not overpay (Chorafas, 2008, p. 59). Although precise figures on the trade of OTC derivative instruments are difficult to obtain due to the private and non-reported nature of the trades, evidence points to a very large market for these instruments. According to the Bank for International Settlements, the estimated international trade in OTC derivatives as of December 2007 was approximately 596,004 billion US dollars (Bank for International Settlements, 2007). The second form of derivative trading is exchange-traded derivative trading, in which derivatives are listed on exchange for buyers and sellers in much the same fashion as stock or bond markets (Chorafas, 2008). The potential for overpricing that exists in OTC derivatives is not present in exchange-traded derivatives, because the existence of the open market results in the establishment of a fair market value for the derivative (Chorafas, 2008, p. 60). However, many types of derivatives are traded in derivative exchanges; most commonly, interest rate swaps and commodity forwards and futures are available on derivative exchanges (Chorafas, 2008, p. 75). While customization of derivative packages is not possible, for some purposes the use of a traded derivative is entirely sufficient to meet the needs of the portfolio management problem, and should be considered as lower cost than creating a customized over the counter derivative sale. According to the Bank for International Settlements, the exchange trading activity in derivatives during the 2nd quarter of 2008 (March to June) totalled 600,465 billion US dollars, which represented a total trade volume of 2,397 million contracts in total (Bank for International Settlements, 2008). Portfolio management The main use of derivativ Louis Isadore Kahn | Architect Biography Louis Isadore Kahn | Architect Biography Louis Kahn was one of the most renowned personalities of the 20th century Architecture. The impact that he made with some of his works was so remarkable that he was rightly compared with Corbusier and Mies Van Der Rohe. Louis Kahns work made huge impact specifically on the younger generation who were more willing to try out the non-traditional way of designing buildings. Louis Kahn truly believed that all architects should thrive for unparalleled excellence which would help them make an ever-lasting impact on the society, as seen by the works of Greeks and Eygpt. Keeping this goal in mind, Louis Kahn devoted his entire career in seeking perfection and pursing excellence. Louis Kahns best works are located in India, US and Bangladesh and incidentally they were produced in last two decades of his career. His works represent precise integration and assembly of structure, a silent admiration for materials and lights, a dedication to classical geometry, and a great deal of concern for human values. Louis Kahn was considered a enigmatic thinker or more like a philosopher who wanted to bring out change in the field of Architecture. BACKGROUND Born in 1901 in Estonia, Russia, Louis Isadore Kahn is considered to be one of the most influential architects of the second half of the twentieth century throughout the world. Louis Kahn migrated to the U.S. along with his family in his early years (in 1905). After completing his graduation from the University of Pennsylvania in 1924, Louis Kahn started his career as a draughtsman and later worked as head designer in several other firms in Philadelphia. He also worked in the offices of Philadelphias leading architects, Paul Cret (1929-1930) and Zantzinger, Borie and Medary (1930-1932). In the latter half of 1930s Louis Kahn served as a private consultant to the Philadelphia and The United States Housing Authority. His knowledge in modern architecture expanded when Kahn worked with European emigres Alfred Kastner and Oskar Stonorov. In the early 1940s Louis Isadore Kahn associated with Stonorov and George Howe, with whom Louis Isadore Kahn designed several wartime housing projects. K ahn was not only an American architect, but was also an educator and philosopher. Until 1947, Kahn had worked with a series of partners, after which, Kahn set up his independent/private practice. It was during this year, that Kahn also began with his influential teaching career atÂÂ  Yale University as Chief Critic in Architectural Design and Professor of Architecture (1947-1957) and then at the University of Pennsylvania as Cret Professor of Architecture (1957-1974). SIGNIFICANT ELEMENTS OF DESIGN Kahn wanted to redefine the bases of architecture through a re-examination of structure, form, space, and light; since his earlier work abstained from the international style modernism. Earlier works of Kahn had a traditional international style of architecture. However somewhere in the middle of his career, Kahn turned his back on this traditional approach and pursued innovation by redefining the use of structure, light, form and space. Louis Kahn described his quest for meaningful form as a search for beginnings, a spiritual resource from which modern man could draw inspiration. It is widely believed that Louis Kahn, who was then a Resident Architect at the American Academy in Rome, was extremely impressed by the astonishing architectural feats of Greeks, Egyptians and the Romans and this triggered the change in his approach of designing the buildings. Other experts believe Kahn was also influenced by the part of Philadelphia where he grew up. There were many factory buildings with large windows. These brick structures were very solid. This industrial design is apparent in several of Kahns early works. The impact of this European experience can been seen in Louis Kahns latter works. The work undertaken by him in last two decades of his life demonstrated a sincere desire to create a sense of place, showcased the true side of structure, and demonstrated the successful application of Platonic geometry principles. Louis Kahn must be credited for re-introducing various concepts which most of the modern architects had deserted like centralized spaces, using extensive geometric principles and demonstrating solid mural strength. Kahns buildings are admired for outstanding use of geometric shapes and implementing platonic geometry principles which creates magnificent experience for the users. Louis Kahn is credited in re-defining modern architecture in more than one ways. For e.g. Kahn was known to appreciate the appearance and feel of different materials that he used in his work. Kahn is also known to have used brick and concrete extensively and his innovative usage of these materials demonstrated his talent to the world. Kahn realised the importance of sunlight and was highly impressed by its usage in Egyptians and Greek works. Hence Kahns works demonstrates wide-scale implementation of sunlight through different kinds of interesting windows and openings. Egyptian works also inspired Kahn to use extensive geometric shapes and hence we find many of his buildings taking shape of squares, circles or triangles. Louis Kahns vision on how an architect can make difference to his design can be seen from the masters own words. A building is like a human, an architect has the opportunity of creating life. The way the knuckles and joints come together make each hand interesting and beautiful. In a building these details should not be put in a mitten and hidden. Space is architectural when the evidence of how it is made is seen and comprehended. EXAMPLES OF PROJECTS WHERE ELEMENTS OF LOUIS KAHN DESIGN WERE IMPLEMENTED All these elements of design philosophy can be seen in all the works of Louis Kahn starting from his first mature work the addition to the Yale University Art Gallery (New Haven, Connecticut, 1951-1953). This is considered to be Kahns first architectural masterpiece where one can see that much prominence has been give to the structural innovations demonstrated by hollow tetrahedral concrete ceiling and floor slab system, which was a mater-piece, a fantastic design of placing the mechanical and electrical systems. Kahns magnificent artistic sense can be seen from the design of the triangle-shaped staircase which sits in a rounded concrete shell, defining the servant space to be distinguished from the served spaces of the building. Richards Medical Research Building at the University of Pennsylvania (1957-1965) and the Salk Institute for Biological Studies (LaJolla, California, 1959-1965) demonstrated magnificent use of spaces and is the primarily responsible for the origin of the phr ase served and servant spaces. Kahn applied his principles to create masterpieces, which made a great deal of sense to the usage of space and light. His buildings, like the Yale Art Gallery extension (1951-53) or the Trenton Boathouse in New Jersey (1954-59) or even the Richards Medical Towers in Philadelphia (1957-62), create astonishing effects with the change in light, all possible due to the intelligent use of space and light. As a result, the user gets an entirely different experience of working in the building during different times of a day. By constructing Salk Institute in La Jolla, California (1959-67), Kahn created another masterpiece which had extraordinarily inspiring sequence of buildings. Richards Medical Towers This building demonstrates many key elements of Louis Kahns architecture. All these elements have been used before by other architects but not all at the same time. Through this structure, Kahn demonstrates the application of servant and served spaces, overcomes the problem of in sufficient lighting and more importantly integrates form, material, and process. As stated by Romaldo Giurgola and Jaimini Mehta, Richards Medical Towers represents a significant turning point in contemporary architecture. Salk Institute in La Jolla This particular building emphasizes the principle, Keep it simple and strong. Through this building, Kahn has achieved astonishing use of space, may it be the space available for Laboratories where research is conducted, or may it be the office space where ideas arise. This institute shows a wonderful collaboration of mind and action. The buildings beautiful concrete surfaces ensure precise detailing and magnificent experience. The structure is created in such a way that it takes care of the need to enclose specific spaces and does not rely on a general envelope to cover such specific space. Paul Heyer, described the central court of the building in a very artistic way. The central court, as a typical Kahn-like space of shimmering blue water, a band pointing toward the ocean epitomizing what human endeavour can accomplish at one scale with geometric clarity and authoritative but modest deliberation, to give to the scale less sweep of the ocean, here the Pa cific, a poignant gesture. Louis Kahn was known for his ability to create epic architectural structures that showcased human scale. He predominantly used brick and bare concrete as his building materials and he used highly refined surfaces like travertine marble for reinforcing the textures. (http://www.answers.com/topic/louis-kahn) Beyond its functional role, Louis Isadore Kahn believed architecture must also evoke the feeling and symbolism of timeless human values. Louis I. Kahn attempted to explain the relationship between the rational and romantic dichotomy in his form-design thesis, a theory of composition articulated in 1959. In his personal philosophy, form is conceived as formless and unmeasurable, a spiritual power common to all mankind. It transcends individual thoughts, feelings, and conventions. (http://architect.architecture.sk/louis-isadore-kahn-architect/louis-isadore-kahn-architect.php) Integral to Kahns notion of timeless form in the making of significant architectural spaces is the role of natural light. Louis Isadore Kahn described structure as the giver of light. For several projects located in hot sunny climates, such as the U.S. Consulate in Luanda, Angola (1959-1962). the meeting houses of the Salk institute, the Indian Institute of Management (Ahmadabad, India, 1962-1974), and the National Capital at Dhaka, Louis Isadore Kahn developed visually dynamic sunscreens. Great walls with variously shaped openings shield inner rooms from the harsh light. The evocation of a wall in ruins suggests an ancient part Louis Isadore Kahn s handling of light is a central theme in two unrealized synagogue projects, Mikveh Israel (Philadelphia Pennsylvania, 1961-1972) and Hurva (Jerusalem Israel, 1967-1974) as well as in one of his greatest works the Kimbell Art Museum (Fort Worth, Texas. 1966-1972). In the art museum, light enters through narrow slits in the concrete cycloid vaults and is diffused through the gallery interiors, which are rich with travertine and oak. Kimbell Art Museum This Louis Kahns masterpiece in Fort Worth is a beautiful demonstration of outmost perfection which can be compared only to the works done by the Greeks. Kahn used all the tools and available resources with such flawlessness, that it produced a building which had all the components working in a sychronized way and the system as a whole worked perfectly. It is difficult to find any building that does not utilize the materials properly and this one is no exception. INSPIRATION FOR OTHER ARCHITECTS Louis Kahns philosophy and extraordinary work has had influence on quite a number of contemporary architects. Tadao Ando, in his early twenties, took intiative and travelled throughout Japan, Europe, Africa and the United States for his architectural studies. He never took any formal training in the field of architecture. He would study architecture by observing the actual buildings and reading books of renowned architects such as Le Corbusier, Mies Van der Roher, Louis Kahn, etc. After he had gathered enough knowledge through his journey across different countries, he started his own practice. When asked about defining his style of architecture, Tadao had once said that, To me, walls are the most basic elements of architecture, and in all my works, light is an important factor. The Benetton Communications Research Center (Italy) and the Naoshima contemporary art museum, (Japan) showed that Tadoa Ando was truly inspired and has learned a lot from the works of Louis Kahn. Renzo Piano (born in 1937) completed his graduation in architecture in 1964 after which he worked in his family business. From 1965-1970, Renzo Piano worked in the offices of Louis Kahn (Philadelphia) and ZS. Makowski (London). Along with Renzo Piano, another famous architect who was greatly influenced by Louis Kahn was Richard Rogers. Renzo Piano met Richard Rogers at the Expo70 in Osaka and both immediately realized that they had common interests. One of the most famous projects of Renzo Piano Richard Roger is that of Georges Pompidou Centre in Paris. The building was designed in such a way, as if it were turned inside-out, with the services visible on the exteriors of the building making the inside of the building light and airy. Thus, this building can be said to be made on the similar basic concept which Kahn had applied years earlier in the Arts Centre where because of his theory of served and servant spaces, huge services ducts rose up through the building. Hence, it can be s afely concluded that Renzo Piano and Richard Roger were both influenced by Louis Kahn. Architect Norman Foster is another famous personality influenced by Louis Kahn. Foster happened to study masters in architecture in America at a time when Louis Kahn was designing the extension at the Yale University. Getting influenced by Kahns designs and philosophy, the two architects have also ended up designing the worlds most exciting buildings. For example, Norman Fosters Hongkong and Shanghai Bank project demonstrates Louis Kahns influence on Norman Foster. Another architect inspired by Kahn is James Stirling. Stirling was known for his experimental approach, which meant that he was not committed to one particular style. Also, this approach meant that Stirling was ready to try out new ideas and that definitely reflected Louis Kahns quality of designing. Stirlings earlier projects for Oxbridge stressed more importance to the concept than to the artistic and utilitarian needs. Due to this experimental approach and rigid adherence to concept, Stirling was often criticized for not following architectural principles.