Compare and contrast the financial systems of two different countries. Use an institutional approach to describe the system. Comment on the impact on, and response to the GFC in each country Essay Example for Free

Compare and contrast the financial systems of two different countries. Use an institutional approach to describe the system. Comment on the impact on, and response to the GFC in each country Essay 1.0 Introduction A financial system inquires for efficient allocation of resources among the surplus and deficit units (Viney 2009) as such it encourages more savings where funds are provided for investor to invest and also ease the transactions for goods and services (Viney 2009). There are three main components in the financial systems which are the financial institutions, financial instruments and financial markets. All three types of financial system each carry different function, roles and regulations. However, financial institutions will be mainly focus in this research essay. Global Financial Crisis (GFC), also known as the ‘great recession’ occurs in the year of approximately 2007-08. GFC has caused a several impact on the economy which leads to a several collapse of the financial institutions. For instance, the collapse of Lehman Brothers, one of the major investment banks in US (Australia Bureau of Statistics 2010). Thus, the objective of this essay is to examine both financial system of the chosen countries which are United States and Australia, also the impacts and responses on the GFC in both of the chosen countries. 2.0 Compare and Contrast both Financial Systems 2.1 Central Bank The central bank of the United States (U.S.) is known as Federal Reserve System (FED) whereas the central bank of Australia is known as the Reserve Bank of Australia (RBA). The Federal Reserve System’s structure consist of the Board of Governors which are duly appointed by the president, the Federal Open Market Committee (FOMC), and 12 regional Federal Reserve Banks located throughout the major states in the country (The Federal Reserve Board 2003). Banking in U.S. is regulated at both federal and state level. Unlike U.S., Australia has only one central bank which is the Reserve Bank of Australia. However, both central banks are independent within their government (Reserve Bank of Australia 2001) whereby for FED, the monetary policies decisions do not have to go through the President’s authorization, and for RBA, they have statutory authority established by an act of parliament which grants them  specific powers and obligations to carry out necessary policies (Reserve Bank of Australia 2001). On the other hand, RBA has two board, which are the reserve bank board and payment systems board (Reserve Bank of Australia 2001). The reserve bank board is responsible for monetary and banking policy whereas the payment systems board is responsible for controlling risk in the financial system, promoting the efficiency of the payments system, and promoting competition in the market for payment services, consistent with the overall stability of the financial system (Reserve Bank of Australia 2001). The role of FED is to conduct the country’s monetary policy, which includes full employment, stable prices and moderate long term interest rates as stated in the Federal Reserve Act (Board of Governors of the Federal Reserve System 2008). Furthermore, they maintain the stability of the financial system, supervise and regulate banking institutions, provide financial services to depository institutions, and foreign official institutions. FOMC will determine the cost and availability of money and credit in the country’s economy by affecting the discount rate, reserve requirements and controlling the open market operations (Board of Governors of the Federal Reserve System 2012). Likewise, the role of RBA is to conduct monetary policy as well, which includes the maintenance of price stability, full employment and the economic prosperity and welfare of the Australian citizens (Reserve Bank of Australia 2001). Besides that, they also set the cash rate to meet a medium term inflation target (Reserve Bank of Australia 2001). Moreover, RBA must maintain a strong financial system and efficient payments system and the issuing of the nation’s bank notes. Selected banking services are provided to the Australian government, agencies, official institutions, and a number of overseas central banks (Reserve Bank of Australia 2001). 2.2 Commercial Bank Commercial banks in the U.S. are quite similar to those of Australia whereby their main role is to act as a financial intermediary by channeling funds from agents who deposit money and lenders who needs fund and wants to borrow. These agents and lenders include households, businesses, governments and foreigners. Australia offer products and services which include balance sheet transactions and off-balance-sheet transactions (Viney 2009). For balance sheet transaction, the first purpose is to loan activity to match the available amount of deposits that they received from customers. This activity is known as assets management (Viney 2009). The second purpose is to manage their sources of funds in order to ensure that they have sufficient amount of funds available to meet the loan demand or any other form of commitments. This activity is known as liabilities management (Viney 2009). For off-balance-sheet transactions, it includes a substantial volume of business that is not recorded either an asset or liability on their balance sheet. In comparison, U.S. obtains their funds (liabilities) by issuing deposits, checking deposits, time deposits, saving deposits (Samolyk 2004). For their use of funds (assets), it includes making commercial, consumer, and mortgage loans, and by buying U.S. government and municipal bonds (Samolyk 2004). Therefore, commercial banks play an important role in funding business borrowers. The percentage of non-financial business borrowing that commercial banks fund on their balance sheets has not declined remarkably in the past five decades or so. The commercial banks in U.S. provide trade financing, foreign exchange, corporate finances and miscellaneous banking services which include currency specified credit cards, corporate checking accounts and lock boxes (Ireland n.d.). Moreover, the existence of commercial banks made reliable transfer of funds between different countries all over the world possible. Furthermore, the distribution of valuable economic and business information among clients around the world is made possible as well (Samolyk 2004). Similarly, there are basically two functions of a commercial bank in Australia. The primary functions are obviously to accept deposits from individuals, and grant loans and advances for personal or corporate purposes. The secondary functions consists of collecting and supplying business information, providing reports on the credit worthiness of customers, standing guarantee on behalf of its customers for making payments for the purchase of goods, vehicles, machinery, and so on. Besides that, they also provide customers with foreign exchange facilities; and they also provide safe deposits vaults or lockers for valuables, important documents and securities. In a nutshell, for both countries, there are several similarities in the roles of commercial banks. Commercial banks promote capital formation whereby they accept deposits from individuals and businesses, whereby these deposits are then made available to the businesses which will make use of them for industrious purposes in the country (Ireland n.d.). Moreover, they also provide short and medium term loans for entrepreneurs to invest in new enterprises or businesses. Furthermore, they also promote trade and industry since they offer the use of bank draft, bill of exchange, check, credit cards and letters of credit. In one way or another, they also influence the level of economic activity by influencing the rate of interest and the availability of credit in the market. Most importantly, they implement the monetary policy proposed by FED or RBA to bring about price stability, full employment and promote economic growth within the country. There are several sources of funds for these commercial banks. The main source would of course be from the current account deposits. However, they do have other sources as well such as demand deposits, term deposits, negotiable certificates of deposits, bills acceptance liabilities, foreign currency liabilities, loan capital and shareholders’ equity. 2.3 Non-bank Financial Institutions 2.3.1 Depository Financial Institution Depository institutions (DPI) act as a financial intermediary similar to a commercial bank, whereby its main task is to accept deposits from surplus units and then issue loans to the deficit units in the financial system (Viney 2009). The main regulator for Australia is Australia Prudential Regulation Authority (APRA) whereas for U.S. is the Federal Deposit Insurance Corporation (FDIC). As for U.S., there are about 9, 000 functional depository financial institutions in the U.S. They operate through 92, 000 branch offices located in different states (Finance Maps of World 2011). Their role is to set a benchmark for DPI in the ground of  commercial banking. The funds that are collected is used to meet the credit need of others (Finance Maps of World 2011). On the other hand, Australia’s DPI consists of three main institutions which are banks, building societies and credit unions (Reserve Bank of Australia 2001). There are a total of 171 institutions of which 55 are banks, 11 are building societies and 105 are credit unions (Reserve Bank of Australia 2001). 2.3.2 Investment banks and Merchant banks Investment banks and merchant banks primary objective is to collect funds and invest them in the market to achieve specific goals set for different types of investments (Viney 2009). There are generally two types of investment companies which are open-end or closed-end mutual funds. Open-end funds will accept new investment and trade in old ones, whereas for closed-end funds they only accept funds once and then do not take in any additional new funds. Investment companies have recently become more popular among U.S. and Australia, and have managed trillions of dollars. As for U.S. investment banks specialize in facilitating financial transactions rather than just providing finance. They have a good reputation as a financial innovator since their responsibilities includes the improvement of new financial products and services which must meet the ever changing needs of clients (Kumar, Chuppe Perttunen 1997). In contrast, investment banks and merchant banks in Australia are not considered an authorized bank but often referred to as money market corporations (Viney 2009). They do not have a depositor base to include in their assets. Therefore, they raise funds through the issues of securities from the international money and capital markets (Viney 2009). 2.3.3 Contractual savings institutions Contractual saving institutions offer contract that specify, in return for periodic payments to the institutions, and the institutions will make payments to the contract holders if any specified event occurs (Viney 2009). They include general insurance companies and superannuation funds. As for U.S., their insurance companies raise money mainly from the issuance of insurance policies and collecting annual premiums. Some might also borrow from the dept capital markets as an alternative source of funds. For superannuation funds, or more popularly known as pension funds in the U.S., they are funded by the deductions from employees’ monthly salary in addition with certain contribution by the employers (Cohen Schubert 2010). On the contrary, Australia have make it compulsory for their employees to contribute to the superannuation system (Cohen Schubert 2010) whereby for U.S., an estimated 78 million working Americans which include the sole traders, employees who work for small employers or even part timers, do not have access to a retirement fund (Cohen Schubert 2010). For U.S., it has firstly introduced as a beneficial payment of employment whereas for Australia, it was created as a comprehensive system from the start (McLennan 2000). 2.3.4 Finance companies Finance companies and general financiers are basically institutions who provide loans and charter finance to clients by borrowing funds directly from the financial market (Viney 2009). As for U.S., these institutions raise funds in the debt market by issuing securities. Therefore, they raise funds solely by issuing debt or borrowing from other institutions but not taking deposits directly (Samolyk 2004). Similarly for Australia, they raise funds by issuing commercial paper, bonds and medium-term notes (Reserve Bank of Australia 2001). 2.3.5 Unit trusts Unit trusts is formed under a trust deed, and is controlled and managed by trustee by selling units to the public as a means to raise funds whereby investors purchase units in the trust (Viney 2009). As for U.S., there are generally two types of unit trusts, one that falls under private management and another that falls under direct state authority. Their role mainly involves traditional banking activities that are related to issuance of loans and deposits. The major difference between private and state authority trust is state authority institutions obtain funds from deposits and through the sale of shares, whereas private institutions operate as an intermediaries by generating finance through providing investment opportunities to clients (Samolyk 2004). Likewise, Australia too has two different types which are public unit trusts and cash management trusts  (Viney 2009). Public unit trusts focus more on gathering investors’ funds and investing it into specific types of assets (Viney 2009). However, for cash management trusts, they focus more on trust deed which are open to the public by confining their investment to financial securities which are accessible through the short-term money market (Viney 2009). 3.0 The impact of GFC 3.1 United States The birth of the global financial crisis begin somewhere in 2008. It all started in early 2006 when the subprime mortgage market in the United States (U.S.) began to reveal an increasing rate of mortgage defaults due to the bursting of the housing bubble (Mishkin 2011). Subsequently, in late 2006, these defaults caused a decline in the U.S. housing prices after about a decade of extremely high growth statistics. Later on, the prime mortgage markets were affected as well and were showing a higher default rates by the end of 2007. Therefore, when the mortgages backing the securities began to fall in value, the value of the securities fell as well (Nielsen 2010). Looking at the fall in price of their assets, investors quickly attempt to liquidate their assets in around late 2007. Consequently, in 2008, a major financial crisis hit U.S. which led to the most severe recession since World War II. The financial crisis in the U.S. economy eventually spread to many foreign nations, affecting the global financial system, resulting in a global financial crisis (Shah 2010). The degree of the global financial crisis was so severe that some of the world’s largest financial institutions have collapsed. U.S. was no exception. History was made when one of the largest investment banks in the world, Lehman Brothers, collapsed in September 2008. Some other institutions have been vehemently bought out by their competitors at a low price, and in some cases, the governments of the richest countries in the world had no choice but to sought an expensive bail out and rescue plan to save some of the remaining large banks and financial institutions (Shah 2010). These were all done at the expense of the US taxpayers. Approximately $9.7 trillion of US taxpayers’ money alone have been spent for bailout packages and plans (Dhameja 2010). According to Bloomberg, $14.5 trillion, or about 33%, of the  value of the world’s companies have been wiped out by the crisis. Therefore, as credit became scarce and seeing an increase in the lack of confidence in the U.S. financial institutions, international banks started to increase the interest rate for inter-bank borrowing, known as the LIBOR (Mishkin 2011). Subsequently, a crash in the US stock market was observed, liquidity drying up, and employees were being laid off which cause an increase in the unemployment line (Dhameja 2010). U.S. was in a state of limbo even after eleven months since the fall of Lehman Brothers. Banks virtually stopped lending to each other. Although several proposals for stimulus packages and some bailout plans have provided some relief, it seems that there was nothing more that could be done to ease the situation (Mishkin 2011). At the same time, smaller businesses hardly had any chances for a bail out or rescue plan and more people went into bankruptcy. Additionally, there was a decline in the US imports from its major trading partners such as the European Union, Mexico and China, due to the slowdown in economic activity (Nanto 2009). Private sectors practically stopped borrowing, trade credit was also hard to obtain, and with continuous falling demand, especially investment goods and manufacturing durables like cars, export volume decreases, foreign GDP fell as well, trade volumes eventually collapsed (Dhameja 2010). Moreover, the risk premium on inter-bank borrowing which used to be close to zero, rose steeply to five per cent. Besides, the risk premium on corporate bonds rose to over six per cent. Although the US government tried to inject liquidity into the financial markets, the damage was already done (Chambers 2010). 3.2 Australia GFC has less effect on Australia as compared to other countries such as US, UK and etc. Most developed countries had suffered recessions where Australia experienced a down turn in the economy (Stevens 2009). However, there is no government’s support required by the financial institutions in such situations like capital injections or the acquisition of distressed loan portfolios (Australia Bureau of Statistics 2010). The major impact of the GFC has resulted on the loss of confidence in the household sector (Stevens 2009). This is due of the decline in the equity price causes a reduced of the household wealth (The Parliament of the Commonwealth of Australia 2009). Thus, this leads to an effect of low consumption and investment which resulted to a decline growth of household as they felt insecure about the capacity to spend and borrow (Australian Government n.d.). GFC has also impacted on the unemployment rate which result shown an increase of number that lead to a decrease in the economic growth (Australian Workers’ Union 2009). The part-time employment has increased which balance to a loss of full time jobs where this also effect on the working hours such as the decrease hours in work (Chesters n.d.). Certain demographic groups have been affected by the job loss. For instance, the generation Y (18-24 years) has been affected (Tanton et al. 2010). However, they remain optimistic and relied heavily on the government benefit (Tanton et al. 2010). Moreover, competition in the banking system has also been affected by the GFC (Australian Super Investment Conference 2010) which resulted on harm towards the smaller banks and non-bank intermediaries as compared to the large banks where it leads to an increase in the cost of funds (The Senate 2011). Thus, this has impact on a greater gap between the major banks and other financial institutions (Australian Super Investment Conference 2010). The collapse of the Lehman Brothers, has led to a loss of confidence towards the banks which caused a decrease on the demand for credit (Australian Super Investment Conference 2010). 4.0 The response of GFC 4.1 United States GFC had seriously impacted the United States (U.S.) as compared to other countries such as Australia where it leads to the collapse of one of the major investment banks, Lehman Brothers. Thus, plans had been made by the U.S. government in response to the impact to prevent the situations to worsen. In comparison to Australia, the financial institutions do not need government intervention to assist them such as injection of capital. Unlike U.S., the government intervene where the central banks has purchased the government debt and the troubled asset which cost US$2.5 trillion in order to raise funds in the financial institutions (Halmarick 2009). This has resulted in the largest liquidity injection done by the government. They tried to inject liquidity into banks by buying share of banks, and purchase of convertible bonds of banks, whereby the government will be paid certain amount interest and the government will be given an option to convert these bonds into equity (Nanto 2009). Furthermore, FED tried to reduce the interest rates by cutting the Fed Funds target from 5.0% in September 2007 to an extremely low 0-0.25% as at December 2008. Later on, in March 2009, Fed started a â€Å"Quantitative Easing† policy by agreeing to buy a $300 billion in Treasury bonds (Halmarick 2009). The main purpose is to lower the interest rates across the yield curve and to provide additional funds to the banks. Moreover, US tried to overcome slowdown by stimulus packages of about $10 trillion for banks and guarantees to depositors, and also enhanced public spending (Dhameja 2010). According to Bloomberg, by February 2009, the total US bailout amounted to $9.7 trillion, sufficient to pay off more than 90 per cent of America’s home mortgage and was about 70 per cent of US GDP (Halmarick 2009). In addition, President Obama signed two packages which are the American Recovery and Reinvestment Act worth $787 billion and 5.5% of GDP. The main features include an estimated $285 billion in tax reduction for individuals and businesses, unemployment benefits, extra spending for food stamps, and also health care subsidies for workers that have been laid off (Halmarick 2009). These packages positively aim to generate at least three to four million job opportunities by the end of 2010. Additionally, US tried their best to prevent more banks from failing. The first case was Fed approves financing loans arrangement for J.P. Morgan  Chase to buy over Bear Sterns in March 2008. The second case was government controlled mortgage giant Freddie Mac received $146 million to ease their situation. Next, AIG borrowed $85 billion from Fed to prevent them from failing (Halmarick 2009). However, Fed couldn’t do much to save Lehman Brothers from failing and thus they went into bankruptcy in 2008. Therefore, US government aim to strengthen the global financial institution mainly to prevent losses of capital flows due to the impact of GFC to the developing and emerging economy by agreed on the increase of funds (Australian Government n.d.). Besides, government also actively plans to purchase equity from the financial institutions to ensure there is a sufficient liquidity which enable them to conduct activities such as investment, issue loan and deposit and much more. GFC has caused a fall of confidence in the financial institutions. Thus, government had decided to guarantee all senior unsecured debt and also the non-interest bearing transaction deposit account mainly to increase the confidence losses in the financial institutions (Australian Government n.d.). 4.2 Australia Australia had prepared by implementing an effective monetary and fiscal policy in response to the economy when one of the biggest investment bank in United States (US), Lehman Brothers collapsed in September 2008. This helps to avoid the economy from slowing down and lessen the impact of Global Financial Crisis (GFC) in Australia as compared to other countries such as US, where government responded on the measurement. In order to strengthen the operation of the financial system, government has increase up to $25 billion of the issue of Commonwealth Government Securities(Britton 2008), more choices of assets provided for Australian Office of Financial Management (AOFM) to invest in, together with a better lending facility of AOFM (Australian Government n.d.). In response to the recommendations of Financial Stability Forum, legislation has been introduced to establish Financial Claims Scheme (Britton 2008)  where the availability of funds is given to the depositors and general insurance policyholders when the financial institutions failed to perform (Australian Government n.d.). Besides, the bank deposits and wholesale funding is guaranteed by the government for a period of 3 years (D’Aloisio 2010). Additionally, the $10.4 billion Economic Security Strategy has been carry on as this helps to strengthen and stabilize the economy (Australian Government n.d.). This aim to provide protection to households and other financial institutions to gain back confidence lost due to GFC (Australia Bureau of Statistics 2010). Besides, First Home Owners Boost has been introduced mainly to assist the housing sector to stimulate activity which benefits the economy (Australian Government n.d.). The competition in the market of housing finance has been supported by the government through the purchase of the Residential Mortgage Backed Securities (RMBS) (Australian Government n.d.). However, a total of $840 million has been taken out by RBA from RBMS under a repurchase agreement mainly to ensure there is sufficient liquidity in the market (Britton 2008). The naked and covered of the short sale securities has been ban for a period of 30 days by the Australian Securities and Investments Commission (ASIC) (Helmes et al. 2009). However, a clarification of the allowable covered shares has been issued by the ASIC in concern of the set requirement (Britton 2008). A draft legislation for the covered of short sales has been released by the government and it is open for the public to comment on till 21 October 2008 (Britton 2008). Government initiated the plan of Nation Building and Jobs Plan which cost around $42 billion which was mainly to support the jobs in the country where it supported an estimated of 90,000 jobs (Sherry 2009). This help to decrease the unemployment rate and then boost the economic growth where it encourages more activities and also to increase consumption in the economy (Sherry 2009). 5.0 Conclusion In conclusion, the global financial crisis (GFC) had brought so much damage not only to U.S. and Australia, but to the entire nations’ financial system globally. Even some of the wealthiest nations saw the collapsed of its financial institutions while some had to undertake an extremely expensive bail-out package. As for U.S. they suffered more severely compared to Australia. This is because the Reserve Bank of Australia has taken measures in advance of the global financial crisis. Thus, they were not as heavily affected as compared to other countries. Therefore, U.S. should learn from Australia by implementing policies ahead of any unexpected crisis to minimize the impact and damage done to their financial system. Evidently, it is better for them to prevent and be prepared rather than solving an issue when the damage has already been done. The policies implemented should include healthy control of the discount rate, reserve requirement and also minimal inflation targeting such as two to three per cent. The right policy implementation will lead to full employment in the country, a healthy level of economic activity and international trades, which will eventually increase the country’s GDP to an optimal and desirable level. 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Chambers, C 2010, ‘US financial recovery: Political regulations or a plan for the future?’, Journal of Banking Regulation, vol. 11, no. 3, pp. 240-255, viewed 5 May 2012, retrieved from EBSCOhost database. Chesters, J n.d., The Global Financial Crisis in Australia, Viewed 10 May 2012, . Cohen, J Schubert, S 2010, Russell’s experience in Australia provides lessons for U.S. retirement plan sponsors, Viewed 14 May 2012, . Cook, RC 2008, Impacts of the Financial Crisis: The U.S. is becoming an Impoverished Nation, viewed 5 May 2012, . D’Aloisio, T 2010, Responding to the financial crisis: ASIC story, Viewed 8 May 2012, . Dhameja, N 2010, ‘Global Financial Crisis: Impact, Challenges Way-out’, The Indian Journal of Industrial Relations, vol. 45, no. 3, viewed 6 May 2012, retrieved from EBSCOhost database. Finance Maps of World 2011, Depository Financial Institution, Viewed 14 May 2012, . 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Compare the portrayal of Clytaemnestra in both Aeschylus Essay Example for Free

Compare the portrayal of Clytaemnestra in both Aeschylus Essay Compare the portrayal of Clytaemnestra in both Aeschylus Agamemnon and Euripides Electra. Which portrayal do you think is more effective and why?  The character of Clytaemnestra is portrayed very differently in both Aeschylus Agamemnon and Euripides Electra. In Agamemnon, we see a very strong female ruler, who is completely absorbed by her passion for vengeance, whereas the figure in Electra is far more maternal, and shows a concern for her family and reputation, which was not apparent in Aeschylus play. This subdued version of Clytaemnestra shows a stark contrast to the fierce and dominant character in Agamemnon, however both characters remain fascinating for different reasons. The Clytaemnestra of Agamemnon seems to be fearless of retribution, with an infallible belief in her own righteousness; I have no fear that his avengers tread shall shake this house. In Electra, however, we see a very different character, humbled over the years, and afraid of Orestes, Im terrifiedthey say he is full of anger for his fathers death. These different reactions to the same topic emphasise how greatly the character of Clytaemnestra differs in each play, from the meek and subdued housewife of Electra, to the self-assured and confident murderess of Agamemnon. One explanation for the changes in character of Clytaemnestra in these plays is the timescale in which they are set. The events in Electra happen several years after those in Agamemnon, and the more mature and calmer Clytaemnestra we see portrayed in Euripides play could be due to the effect of time on her, and the fact that she has had several years in which to reflect upon her actions and realise the full extent of the crimes that she committed against her husband. In Electra, Clytaemnestra states how bitterly I regret it now with regards to the murder she has committed, showing that she has indeed been thinking about the events of the past and repents her actions. This Clytaemnestra is very subdued in comparison to the character portrayed by Aeschylus, and although we can see some evidence of the passion and raw energy that made the character so fascinating in Agamemnon, for instance when she attempts to justify her murder of Agamemnon to her daughter; why should he not die? it is clear in Electra that Clytaemnestra is to take second stage to her daughter in regards to unhindered fury and a lust for vengeance. This older, wiser Clytaemnestra still remains crucial to the plot, but not as a central character, and is merely a shadow of her former self, the confident, powerful creature who dictated the action of Aeschylus play. The style of the two playwrights is a notable difference in the two plays, and the representation of Clytaemnestra varies greatly due to this. Euripides, the more modern o the two tragedists, tended to use sophistic arguments to confound the audiences expectations of a character. With Clytaemnestra, for instance, he decided to move away from her monstrous image the audience would have expected after plays such as Agamemnon, and instead portrayed her as a gentler, maternal figure. This technique was enhanced by the fact that we do not see Clytaemnestra until the second half of the play; only hear about her from Electra. The image portrayed by this character is similar to the one portrayed in Agamemnon, so much so as the audience can wonder whether Euripides is intentionally parodying this version of events, as he had done earlier in the play with the recognition scene, a clear parody of The Libation Bearers. Aeschylus, a far more traditional playwright, portrays Clytaemnestra in her c lassic style, as the murderess of her own husband. This portrayal is, however, somewhat sympathetic towards Clytaemnestra, and we can feel some compassion towards her, although this does not excuse her actions. Aeschylus gave the audience a clear moral standpoint in his tragedies, and they are aware through both the use of the chorus, and the play itself, whose side to be on, from a moral perspective. Euripides on the other hand, tended to be deliberately ambiguous, and his treatment of Clytaemnestra is typical of this. The two sides of the woman that are exposed in this play; the ruthless killer of Agamemnon, as seen through the eyes of Electra, and the reformed wife of Aegisthus, as is later portrayed. This use of sophistic techniques in order to confound the audiences expectations is common in the plays of Euripides, and is particularly effective in this portrayal of such a fascinating woman. The fact that Clytaemnestra is the central character in Agamemnon yet only plays a small part in Euripides Electra also accounts for several differences in her character. The Clytaemnestra in Agamemnon appears almost constantly throughout the play, and through this we can see the development of her character from the strong wife looking after her husbands estate whilst he is at war: Our king and leader absentour duty pays his due observance to his wife, to the violent mistress who murders her husband without remorse at the end of the play: caught by the ruthless falsehood of a wife. Aeschylus is able to develop his character over a far greater stretch of time than Euripides as, in Electra, Clytaemnestra only appears in one scene. The fact that Clytaemnestra is the main protagonist in Agamemnon allows us to examine her character to a far greater extent, enabling us to see how obsessed she has become with the idea of vengeance, and the murder of her husband: His death the work of my right hand, whose craftsmanship Justice acknowledges. In Electra, the character of Clytaemnestra is not given as much time to develop, and we have to make assumptions on her based on the short dialogue between her and Electra.

Photography Representation of Reality

Photography Representation of Reality Introduction:- When we look into a photograph; we often tend to forget that this is not an image taken by a camera rather its a moment of a living being captured rather trapped forever. In china its a belief that photographs trap soul of a person; maybe its a myth or maybe its true also. Isnt it true that its stealing the very essence of your life for that particular fraction of time? A photographer or a painter tries to tell the entire story of life, happiness, misery, joy, patience, grace and all the possible human emotions encapsulated in one frame. This is the masterpiece which he tries to recreate his entire life. Photography emerged from Europe in early 19th century when concepts of positivist science came into focus. Positivism believes that the empirical truths can be established by visual evidence only. Empirical truths are facts that can be established through experimentation by recreating the circumstances for identical outcomes. In context of positivism the camera was taken to be a scientific tool for registering reality. Positivist theory believed that a photograph is not subjective to the psychology of the photographer but is subjective to the viewer who interprets the photo. Most of the time we see an image and we always co-relate it with ourselves , how it is connected to us what is the relation it has got with our lives; these are the general questions which comes in our mind while interoperating any image shown on newspaper, magazine or Television. Every image tries to tell some story behind it and it is mainly depends on person to person how they interpret it , because it could carry different meanings to the different people what kind of aesthetic values and taste they have got, what cultural, educational background they hold to understand its meaning and effects. â€Å" Photography transformed subject into object , and even one might say , into a museum object: in order to take the first portrait (around 1840) the subject had to assume long poses under a glass roof in bright sunlight ; to become an object made one suffer as much as a surgical operation ; then a device was invented , a kind of prosthesis invisible to the lens , which supported and maintained the body in its passage to immobility: this headrest was the pedestal of the statue i would become, the corset of my imaginary essence.† Roland Barthes (1982), Camera Lucida: Reflection on Photography: (Fontana Paperbacks).p.13 As said by Roland Barthes a French theorist; photography makes subject into an object and photographer always plays with his surgical devices like selection, framing and personalization to make it more attractive. It can be done through lots of technical knowledge and techniques. In this commercial world of advertisements, movies and magazines everything is sold by selling emotions shown in the images. The photographer has to perform as an art director who tries to sell the emotions through his graphical effects on masses. That is why success of famous brands and popularity of magazines and newspapers is mainly dependant on powerful images .The image values count on its being unique, powerful, strange, shocking, adventures, different, rare. According to Roland there are two levels of meaning of an image; a denotative and a connotative meaning of an image. An image can denote certain apparent truths. Denotative meaning means literal, descriptive meaning. However the same image can connote culturally specific meaning. Connotative meaning depends on cultural and historical context of the image which the viewers themselves have experienced. In other words its the viewers own interpretation of image based on their own experiences and beliefs in the cultural environment the viewer is living. Hence an image which is just a representation of reality actually invokes facts which are deeper than visible. â€Å"In Barthes model , in addition to the two levels of meaning of denotation and connotation , that is the sign , which is composed of the signifier and signified , which is the concept evoked by that word/image . in the Benetton ad, one interpretation could be that the burning car is the signifier and terrorism is the signified .The image (or word) and its meaning together (the signifier and signified together form the sign. Image/ sound word Signifier Meaning Signified = Sign†- Marita Sturken and Lisa Cartwright(2001), Practices of looking: An Introduction to Visual culture(Oxford: Oxford University Press), P.19 So every image has got one signifier and its meaning which we interpret is a signified which is equal to sign that means every image make us think what is the hidden meaning behind it, and most of the time photographer try to give that sign in that image or text which we see in newspapers, magazines or in television commercials. In still photography photographer try to give these effects by showing certain degree of subjectivity and objectivity it directly hits the conscious mind and also try to hit the sub-conscious mind of the interpreter. In most of the advertisement emphasis is given on masculinity and genders like Marlboro ads they always feature a cowboy going on a horse they both are signifier of power and masculinity, where a cowboy is shown on top of hill taking drags of cigarette on top of hill, Most of the under wear ads man is shown as powerful by showing features of his body and masculinity it creates a kind of attraction, but in real world who wears underwear is not alw ays as powerful as shown in these ads. People always try to co-relate themselves with these models. In female accessories advertisements model is always beautiful looking full of life wearing a good dress and using some products where they show she has become more beautiful after wearing certain product this image always leads to the kind of desire to look more beautiful. Photographer is always paid to create these kinds of powerful images to lure target audience. Still photography can create shock, adventure, fascination, disgust, anger, confusion. The photograph taken by weegee in 1940s image of a school children who see a murder in the street captured a fascination in that childs eyes which fascinates the interpreter in a same way the child is fascinated by that scene. Still photography of nude woman or a man is always a simple object of sex; there is no subjectivity involved. It does not give anything myth it is never shocking or adventurous it is just taken to create desire to have sex. Barthess concepts are particularly applicable on examining the photographic truth; however its not very much applicable on film images and television news images. As in those cases it is the music and the sequence of frames which decides the meaning rather than a particular frame. Ideology plays a very important role in how an image is perceived by a viewer. Ideologies are system of beliefs that exists in all culture. It is a broad, shared sets of values and beliefs through which an individual lives in sets on complex social relationships. An ideology gives the viewer the perception to view image of a partially filled glass as ‘half filled or ‘half empty. Ideology goes hand in hand with Barthes concept to denote the meaning of an image. Ideologies plays major role in interpretation of images it is different for different cultures based on their beliefs and values the way they live their life in particular society. One particular image can be adopted by one society or ideology but it could be taboo for another group of people. Like a picture of a pig on school books or images is very normal for one group of society but it could be understood as a taboo in Muslim Ideologies. In this case I can say perspective of the people differs from one society or ideology to another and this is a major fact how it is going to control the success of that image. Beliefs and set of rules is the major factor in interpretation of images and videos. â€Å"Photography is a kind primitive theatre, a kind of Tableau Vivant, a figuration of the motionless and made up face beneath which we see dead†- Roland Barthes (1982), Camera Lucida: Reflection on Photography: (Fontana Paperbacks).p.32 In old time people used to play the characters of the plays where they used to show their emotions by showing different expressions and the objective was to create drama in front of the public to bring out those emotions which was the requirement of the play but inside their make-ups and dresses they are not the same people which they portray in theatre .so as said by barthes Photography is also kind of theatre where people poses and try to imitate themselves by showing best out of them the full smiling faces if it is a photograph of a family everybody will stand closer to each other holding hands hugging and kissing so in photographs people try to show what meaning in should convey to the viewer it does not matter how much do they love each other or hate each other in reality. â€Å"Charles Pierce worked with a somewhat different model in which the signifier ( Word/ Image ) is distinguished not only from the signified (meaning) but also from the referent , or the object itself . In addition pierce defined categories of signs based on different kinds of relationship between signifiers and signified, for instance pierce made a distinction between indexical, iconic, and symbolic signs.† Marita Sturken and Lisa Cartwright(2001), Practices of looking: An Introduction to Visual culture(Oxford: Oxford University Press), P.20 Iconic and symbolic signs always plays a major role in Image world , For an example picture of mother and child always gives the straight meaning of motherhood , love and affection it is universal it is understood in all the languages and by all the people. Picture of famous actress Marilyn Monroe is an iconic symbol of sex and beauty since long time her iconic image hasnt changed. In every picture the reality and representation is not necessarily same some pictures the way they are taken and how a photographer represents it in the front of viewers is entirely dependent on his skills how he is going to personalize the particular event and by doing selection and framing how it looks like; Here comes the manipulation part every picture is not presented just as an object to create subjectivity he has to understand the right angle positions and framing. This thing is very common in commercial world of advertisements and movie making, director always target some audience and he raises certain issues to think what impact it will give after adding sound and visual effects and graphical effects. In silent movies everything is expressed by showing emotions and body gesture of the characters. In Advertisement of Benetton where a black lady is nursing a white baby gives direct impact of racism where in connotes lots of meaning to different group of people and every time t his picture says different stories some people might interpret it is based on unity, slavery or other general issues. In Advertisement of Hdfc bank they portray image of different people from different countries that means they are not catering one part of the world they are ready to serve people from different parts, cultural background and societies here comes the personalization. Every frame, color coding and background contributes to its meaning to different people. Manipulation of Images is very common now days so we cannot say that it is a piece of evidence , techniques are used to show the different things in different way emphasis is given how to create it more powerful the maximum impact on masses. The value of image is mainly its authenticity, true emotions, and hidden meanings. In television and news papers its value is how fast an issue has been covered and the channels those show the latest news or current events before any other channel becomes authentic news channel; so success of every news, advertisement or movie is based on its authenticity how it impresses viewers and how real it looks. Summary: To interpret images we need to examine the visual language the image is speaking. The image contains layers of truth and it relies in the viewers capacity to decode the language its trying to ‘speak. Reading and interpreting images is one way that we as viewers contribute by assign our culture to the interpreted meaning. Hence an image is a composite of subjective and objective meanings as said by Marita Sturken References: Marita Sturken and Lisa Cartwright(2001), Practices of looking: An Introduction to Visual culture(Oxford: Oxford University Press), P.20 Roland Barthes (1982), Camera Lucida: Reflection on Photography: (Fontana Paperbacks).p.32

The Effects of Mono Lakes Hydrology on its Ecosystem :: Environment Biology Essays

The Effects of Mono Lake's Hydrology on its Ecosystem Situated at the foothills of the Eastern Sierra Nevada, Mono Lake has an unusual and unique hydrology that is highly influential in shaping the water chemistry (specifically the water's salinity and alkalinity) and biological life that survives there. Mono Lake is a hypersaline, highly alkaline, hydrographically closed basin in which the only natural means of water export is through evaporation. The basin itself was carved out by faulting of tectonic plates that occurred atleast 500,000 years ago. Mono Basin contains up to 7,000 ft. of glacial, fluvial, lacustrine and volcanic deposits in a large structural depression formed in part by down-dropping along the Sierra Nevada fault (Pakiser 1976). In addition to the water evaporated, the Los Angeles Department of Water and Power (DWP) began diverting Mono Lake's water and approximately 58% of its natural inflow (annually) to supply 13% of the city of Los Angeles's water supply in 1940 (Stine 1991). Because lake volume fluctuates in response to varying inflow and evaporation, the late-water concentration and composition can experience substantial change through time (Rogers 1992). A high concentration of soluble compounds and salts formed inherently as evaporation occurred, and minerals and compounds were left behind. Runoff, erosional sediments and precipitation (rain and snowfall are limited in the Eastern side due to the rainshadow effect) from the Sierra Nevada accumulate in the Mono Basin. Also ephemeral perennial streams from the Sierra Nevada flow into the Mono Basin. Because of this, a great deal of the groundwater and the groundwater hydrological system is dominated by stream losses from the mountains. Fault lines can also be highly influential to the production of groundwater. According to USGS's Ronald Oremland, The lake is usually monomictic, and undergoes one complete winter mixing event induced by the sinking of cold surface waters. However, inputs of large amounts of freshwater into the lake in the early 1980s and again in the late 1990s resulted in episodes of meromixis (Oremland 2000). Jellison predicts that the meromixis phase that is currently occurring will last several decades. Meromixis generally produces buildup of ammonia, sulfide and methane. In many cases diversions of freshwater inputs for irrigation or other human uses have resulted in diminished size and increased salinity (Jellison 1992). Diverting Mono Lake's streams has not only stirred political and environmental controversy over rights but has also led to the waters of Mono Lake being halved in lake volume, reduced by 45 ft.

House of the Spirits Essay -- essays papers

House of the Spirits In Allende’s The House of the Spirits, Esteban Trueba is the principal male character. During the course of the novel, Trueba increases his power in the world as he progresses in status from a conservative landowner to a powerful senator. He is tyrannical, treating his family members and the tenants on his family hacienda, Tres Marà ­as, like subjects rather than intimate community. The basis for most of Trueba's actions is the desire for power, control, and wealth, and he pursues these things at any cost, disregarding his emotional decline and the effects of his actions upon the people in his life. The most brutal display of Trueba’s power are the many rapes he performs in Las Tres Marà ­as: â€Å"†¦not a girl passed from puberty to adulthood that he did not subject to the woods, the riverbank, or the wrought-iron bed†¦he began to chase after those from the neighboring haciendas, take them in the wink of an eye, anywhere he could find a place in the fields.† Trueba rationalizes away his guilt, absolves his sins by â€Å"harden[ing] his soul and silenc[ing] his conscience with the excuse of progress† . His actions, however, come back to haunt him later in the novel, when the product of one of his rapes, his illegitimate grandson, Esteban Garcia, becomes a leader in the military regime and captures his beloved Alba, who is tortured and raped by Garcia's men. Trueba also desires control over his wife, daughter, and granddaughter. He wants â€Å"control over that undefined and luminous material that lay with her [Clara] and that escaped him†. In addition, when Clara stated, â€Å"You can’t keep the world from changing, Esteban. If it’s not Pedro Tercero Garcà ­a, someone else will bring new ideas to Tres Marà ­as,† Trueba ... ...aracteristic he had had since childhood, when he used to throw himself on the floor foaming at the mouth, so furious that he could scarcely breath, and kicking like one possessed by the devil†. Trueba is successful politically and financially, but he suffers emotionally. As Trueba's wealth and power grow, his relationships with his family members and tenants crumble. His failure to achieve a balance between his priorities and the needs of other people causes many disturbances in the social interactions throughout his life. Trueba attempts to solve many problems through the use of his uncontrollable fits of rage, and this is his ultimate downfall. Trueba is unable to comprehend the effects of his actions and he refuses to realize his emotional decline, resulting in his long and miserable life until he dies in the arms of his granddaughter, Alba, at an old age.

Plato and Augustine’s Conceptions of Happiness Essay -- Philosophy Essa

Both Plato and Augustine offer unusual conceptions of what one must acquire to live a truly happy life. While the conventional view of happiness normally pertains to wealth, financial stability, and material possessions, Plato and Augustine suggest that true happiness is rooted in something independent of objects or people. Though dissimilar in their notions of that actual root, each respective philosophy views the attaining of that happiness as a path, a direction. Plato’s philosophy revolves around the attainment of eternal knowledge and achieving a metaphysical balance. Augustine also emphasizes one’s knowing the eternal, though his focus is upon living in humility before God. Both assert that human beings possess a natural desire for true happiness, and it is only through a path to something interminable that they will satisfy this desire. In his several dialogues, Plato contends the importance of the four virtues: wisdom, courage, self-control, and justice. In The Republic, he describes a top-down hierarchy that correlates to the aspects of one’s soul. Wisdom, courage, and temperance preside control over the rational, spirited, and appetitive aspects of the soul. It is when one maintains a balance between these aspects of his soul that he attains peace within himself: â€Å"...And when he has bound together the three principles within him...he proceeds to act...always thinking and calling that which preserves and cooperates with this harmonious condition (Plato 443c).† Wisdom and knowledge consistently remain at the top of his view of happiness. During the apology, Plato is asked what punishment is best suited for him. He sarcastically answers, â€Å"to be fed...(It is) much more suitable than for any one who has won a v... ...ath is led by humility, directing one toward a better understanding of God. Perhaps it is not important, however, which source, if either, is the correct root of happiness, but merely that one’s source stretches beyond the margins of what is temporal. Works Cited: Augustine, Aurelius. Confessions. 400. Trans. Henry Chadwick Oxford: Oxford University Press, 1991. Kant, Immanuel. An Answer to the Question: What is Enlightenment? Online Essays Appropriate to Foucoult. 1997. 3 April 2001. Available URL: http://www.csun/edu/~hfspc002/ fouc.essay.html Plato. Five Dialogues. Trans. G.M.A. Grube Indianapolis: Hackett Publishing Company, 1981. Plato. The Republic. Exploring Plato’s dialogues 28 March 2001. Available URL: http://trill.cis.fordham.edu /~gsas/philosophy/quotedpassage.htm

Course Project: Leadership and Organizational Behavior

My course project is based on organization of Creative Images, Inc. Creative Images is a California based company in computer graphic design studio who’s affiliated with Hollywood movie production companies. Creative Images work very closely with their clients and well known clients are Pixar Animation Studios, Walt Disney Company, and many other animation movie makers. Numbers of intelligent computer graphic designers are working hard to meet the status quo on current animated production movies and projects for the customers in night and weekends. The company is all about providing highest quality of work to world giant animated movie production companies and its well getting recognized by their customers. But only problem is that employees’ at Creative Images are not satisfied with their current benefits of their job since many people are subject to provide the project status and meeting deadlines which it requires for them to work nights and weekends without getting over-time paid. I am a Human Resource analysis just recently got hired by Creative Images to provide the best quality assurance to employees so that all employees are satisfy with their jobs and benefits so that it increases employee’s morale. I will be reviewing current job duties and functionalities so that their compensation and benefits are competitive with current market as well as provide them with incentives and rewards so that it increases employee’s morale and reduce number of high turnovers. Problem Statement The problem that Creative Images faces employee’s compensation and benefits package which it makes the company is not competitive and enjoyable work place. According to Human Resource’s firm wide hiring analysis, they have been showing increases of job turnovers in the past 2-3 years. During their exit interview, number of employee reported complains of their stressful working hours and have not been compensated for their amount of work that they provided in after working hours. After working excessive hours, their team or department did not recognized their showmanship for delivering high quality work and company did not award them or no creases in bonuses either. Since Creative Images are known for proving highest quality of work to their customers, in seldom, several other design studios who’s competition to Creative Images are trying to offer a job to elite and talented individuals from Creative Images to get the best people of for them. It’s causing the huge headache to the firm since many of them who left company are key employees who bring revenue to the company. To avoid any high turnovers, we need to provide very competitive salaries, incentives as well as reward programs to keep the Creative Images employees and bring higher standards and morale.