Is Now the Time for Reparations for African Americans? Essay

Reparations for African Americans was a projected idea that would help African Americans get a form of earnings that would make up for the severe punishing and sufferings they all faced as a culture, and as slaves. Robert L. Allen and The Economist both argue on reparations for African Americans and strongly oppose based on their views. Robert L. Allen, a professor strongly believes that reparations for African Americans is necessary in order to achieve economically in society within the United States, while opposing, the staff writers of The Economist question if the reparations policy for African Americans is appropriate. The Economist argues that it is pointless for African Americans to receive reparations because of the difficulty finding the past African American victims of slavery, as well as the past racial harassment’s are no longer with today’s society, so they say. Shortly after the Civil War ended, an anti-slavery activist, Sojourner Truth organized a petition campaign for slaves. Truths’ petition campaign was primarily focused on seeking free public land for the former slaves. To support her campaign, she stated, â€Å"America owes to my people some of the dividends. She can afford to pay and she must pay. I shall make them understand that there is a debt to the Negro people which they can never repay. At least, then, they must make amends.† Unfortunately, Truths’ petition campaign was unsuccessful. Truth felt as if giving former slaves dividends would still be the fair thing to do; she wanted America to be considerate of the situation and understand that it was only right to pay back for the pain and suffering they caused African Americans and the past slaves to face for countless years. In the 1890’s, another black woman, Callie House, filed lawsuits and petitioned the Congress for reparations payments to African Americans, just as Sojourner Truth tried. Luckily, House was assisted by Frederick Douglas, but no success was awarded to African Americans. After the many failed attempts, religious leaders became involved; Bishop Henry McNeal Turner stated â€Å"We have worked, enriched the country and helped give it a standing among the powers of the earth†¦Ã¢â‚¬  Bishop Henry McNeal Turner felt that African Americans should be paid at least 40 billion dollars for the labor they put in to help enrich the country and give America standing powers among the earth. Robert L. Allen supports reparations for African Americans for this exact reason, African Americans going through consecutive problems throughout history involving the United States. Robert argues that â€Å"Reparations provide a framework for the redistribution of wealth within the existing political economy, and thereby moving towards economic equality between whites and blacks. Robert also provided information on the Republic of New Africa (RNA), which was founded in 1968. The purpose of the RNA was to establish an independent Black Republic in 5 southern states with large African American populations. The RNA shortly developed the Anti-Depression Program which called for $300 billion in reparations from the United States. The Economist oppose against reparations for African Americans. The Economist feels that if you weren’t physically active during the times of slavery, then you should not receive any benefits by getting rewards. Edward Fagan, a New York lawyer, launched a war against firms that profited from slavery. He argued that there should not be any limitations for crime against humanity. Fagan understood that by rebelling against reparations for African Americans that shareholder lawsuits, boycotts, and race riots would possibly occur. In conclusion, both Robert L. Allen and the staff writers from The Economist had influential arguments, but I would have to agree with Robert Allen’s point of view. I believe that reparations are indeed a necessity to African Americans in today’s society. Robert Allen’s arguments state that these reparations helps the world, benefiting the social and economic lives of African Americans while The Economist sees it as being something that is worthless for the society, having no effect on the African American society. The Economist thinks that reparations for African Americans are not needed anymore because everyone can help themselves. Opposing, Robert thinks that people who oppose reparations for African Americans are just ignorant because they know that it’s a positive policy they are just petrified of the fact that the outcome will really benefit many lives influentially. I agree with Robert, because he mentioned that reparations are a policy that gives equal opportunity to everyone. Equality and equivalence is an asset that improves many things; for a nation to be equal and all on one page, with the reparations of African Americans, would be astonishing. ——————————————– [ 1 ]. Mary Frances Berry and John W. Blassingame, Long Memory: The Black Experience in America (New York: Oxford University Press, 1982), p. 406; Neil Irvin Painter, Sojourner Truth: A Life, A Symbol (New York: W.W. Norton & Co., 1996), p.244. [ 2 ]. Quoted in Jeanette Davis-Adeshote, Black Survival in White America (Orange, NJ: Bryant and Dillon Publishers, 1995), p.87. [ 3 ]. Berry and Blassingame, Long Memory, p. 406 [ 4 ]. Ibid, p.405 [ 5 ]. Imari Abubakari Obadele I, Foundations of the Black Nation (Detroit: House of Songhay, 1975), p.68

Conflicting Values between Phaedra and the Nurse Essay

To what extent do the values of the Nurse conflict to with the values of Phaedra in lines 433 to 481?  To a large extent the values of the nurse conflict with those of Phaedra , however both agree that one cannot contradict the will of the gods and at different points both coincide that in the given situation it would be better to die.  At the beginning Phaedra expresses her wish to go hunting and horse riding, suggesting that she desires to be near Hippolytus , yet by doing so she would be break the social convention that dictated women could only leave the house for religious purposes . The nurse knows this, and warns her that to challenge the norm would is madness ‘words that ride on madness’ .However once Phaedra’s secret is revealed it is the Nurse the one who advocates a departure from the social code, while Phaedra strives to uphold her reputation and society’s values. It can be argued that their values differ or alternatively that the Nurse supp orts the same social values, except to a lesser extent and considers that these do not apply to love. Yet, both women share the same values which respect to fate and the divine intervention of gods in mortal’s lives. Phaedra mentions that she was † failing to win victory over Cypris † this indicates she is aware that she cannot overcome her fate or the god’s wishes , so she settles to commit suicide. The Nurse upholding the same value but for a different purpose states ‘ No one can bear the force of Cypris † here she points put that mortals are helpless against the will of the gods and therefore Phaedra should just let things be. With respect to destiny and veneration to gods both uphold the same values however they derive different conclusions from them . Previously the Nurse establishes her admiration for moderation † I praise excess less than moderation†, in contrast Phaedra seems to prefer to have a tendency towards the extremes, first she wishes to go hunting to follow Hippolytus and later to die. Here we see how they have contrasting opinions. Additionally they differ on what should be done with Phaedra’s forbidden love. The Nurse explains that to be in love is nothing extraordinary † you are in love – what is so surprising about that ? † her rhetorical question implies that the situation is not atypical and that it can be easily resolved without resorting to extremes. Furthermore she argues that the curse is not Phaedra’s fault and that she shouldn’t have to die for it. On the contrary Phaedra wishes to repress her feelings deeming them unacceptable. Mean while the Nurse tries to convince her that love is something beautiful and cannot be denies , not even by the gods † Zeus once desired to bed Semele† she implies that Phaedra suppress her feelings but resign herself to them .This goes against every value of virtue and reputation that Phaedra esteems. Phaedra would rather die than be unfaithful, she despises women who †lay claim to virtue † but †dare to commit shameful deeds† . She is concerned about her reputation and the effect this one can have on her house and her children. To this the Nurse responds † mortals should not put too much effort on achieving perfection† implying that she cannot have a perfect reputation. Phaedra expands on the unacceptable behavior of unfaithful women, yet later the Nurse counter argues that men too behave in this way ‘many fathers help their sons in love affairs†. They disagree on the worth of reputation, the Nurse revealing her corrupt moral values, however it can be argued that she wishes to deter her mistress’s suicidal intentions. After all she does show great duty towards her and even declares that she †can no longer exist† after Phaedra reveals her secret. Thus is can be concluded that to a large extent the values of the Nurse conflict with those of Phaedra , however they both coincide that fate nor the will of the gods can be denied. It can be argued that the Nurse’s intention is to help her mistress by diminishing the values she upholds and therefore prevent her suicide.

Is consociational democracy democratic? Essay

Today, democracy is both a pervasive presence and a valued symbol in European politics1. Theorists of the concept generally agree on the fundamental principles of democracy but have tended to differ radically in their conception of popular rule and democratic practices2. Consequently, it was somewhat inevitable that democracy as an ideal emerged in different forms across the diverse societies prevalent in Western Europe. Arend Lipjphart’s seminal work on ‘consociational democracies’3 contributed to democratic theory – concerned primarily with political stability of democratic regimes in plural societies4. The democratic viability of Lipjphart’s theory has recently been called into question however5. What then is ‘democracy’? Establishing the benchmarks of the concept at the outset will allow us to evaluate the extent to which ‘consociational democracy’ can be seen as ‘democratic’. An assessment of the key themes of Lipjphart’s theory – that of ‘grand coalitions’, ‘segmental autonomy’, ‘proportionality’ and ‘minority veto’ respectively – will set the structure to the following discussion. Drawing examples from the Belgian and Swiss ‘consociational’ regimes will provide illustrations of the emerging argument that consociational democracy is undemocratic6. Abraham Lincoln famously described the concept of ‘democracy’ as ‘government of the people, by the people, for the people’7. Lincoln’s prominent phrase encapsulates three fundamental principles, which, roughly translated, mean that we as citizens govern through political parties representing our interests; exercise our choice through franchise to elect those in control; and have the right to hold persons in power accountable for their actions. Moreover, the fourth striking characteristic noted by academics is that democracy represents political stability8. For Lipjphart, â€Å"consociational democracy means government by elite cartel designed to turn a democracy with a fragmented political culture into a stable democracy†9. ‘Grand coalitions’ would be used to prevent cultural diversity from being transformed into â€Å"explosive cultural segmentation†10. Politics, by its very nature, feeds on conflicts arising from social heterogeneity11 and the stability of divided societies often depends on whether the elites of rival subcultures are willing and able to reject confrontation in favour of compromise12. A grand coalition enables political leaders of all the segments of the plural society to jointly govern the country13. Nobel prize winning economist Sir Arthur Lewis endorses the system by arguing that all who are affected by a decision should have the chance to participate in making that decision, because â€Å"to exclude losing groups from participation clearly violates the primary meaning of democracy†14. In this sense, by embracing the notion of grand coalition, consociationalism can be said to be ‘democratic’15. There is, however, evidence to suggest that in practice the principle of ‘grand coalition’ does not adhere closely to the benchmarks of democracy. The Belgian governmental arena has overall remained fairly closed to non-pillar parties, which seems to contradict the very essence of grand coalition government16. In Switzerland, even though the major parties are represented on roughly proportional grounds in the Federal Council, the representatives are not always those nominated by the party17. Does this lie comfortably with the initial conception of democracy as government ‘of the people’? What of accountability? Since the Federal Council makes its decisions in a collegial manner, no party can hold its representative government directly responsible18. The Swiss consociational system cannot therefore be said to be truly accountable to the electorate – contrary to one of the fundamental principles of democracy19. Moreover, the Swiss referendum system has often highlighted flaws inherent in a ‘grand coalition’. Although the outcome of a policy decision is one of ‘amicable agreement’ among the elite, it might be opposed by 49% of the electorate at referendum20. Papadopoulos argues that the major problem stems from the fact that, since some decisions are taken at the end of the process by popular vote, it effectively excludes any further appeal or bargaining21. Can the ‘grand coalition’ system truly coincide with the democratic principle of representativeness if binding collective decisions may be taken on very small popular majorities?22 Furthermore, since accommodating strategies are not always effective, they are more easily gridlocked23 and potentially unstable24. Consequently, it seems that elite accommodation does not fulfil its proposed stabilising function and thus does not conform to the ultimate proposition of democratic stability. In all democracies power is necessarily divided to some extents between the central and non-central governments in order to avoid a concentration of power25. The ‘consociational’ school, inspired by the writings of Tocqueville, sees decentralisation of power as the essence of democratic government26. The principle of ‘segmental autonomy’ seeks to ensure that decision-making authority is, as much as possible, delegated to the separate subdivisions of society whereas issues of common interest are decided jointly. In contrast with majority rule, it may be characterised as â€Å"minority rule over the minority itself in matters that are their exclusive concern†27. This follows from Jan-Erik Lane’s proposition that all societal groups will respect the rules of democracy if they have autonomy over their own affairs28. Federalism is the best-known method of giving segmental autonomy to different groups in society. Segmental autonomy may also be provided on a non-territorial basis which is of particular relevance to plural societies where distinct sub-societies are not geographically concentrated. Such non-territorial autonomy characterised the Belgian system prior to its transformation into a federal state in 1993. Switzerland is also a federal state in which power is divided between the central government and a number of cantonal governments. Both systems, according to Tocqueville’s analysis, are conducive to democracy. It is evident that one of the subsidiary characteristics of segmental autonomy in the form of federalism is that the smaller component units are overrepresented in the federal chamber – their share of legislative seats exceeds their share of the population29. The maximum extension of this principle seems to be equality of representation regardless of the component units’ population. Such parity is evident in Switzerland where two representatives stand for each canton. Can an overrepresentation of minorities be truly democratic if it disregards the will of the majority? Moreover, the form segmental autonomy takes in the Netherlands is that pillar organisations in areas such as education, health care and housing are recognised and financed by the government. Each organisation has considerable influence in the running of their policy sector, but the increasing intervention of the state in imposing standards means that â€Å"the organisations that are autonomous in name are, in practice, quasi-governmental agencies†30. Thus, it can be argued that the pillars are to an extent no longer democratically representative of the societies they act for. What of democratic stability? In the Swiss context, highly decentralised federalism has been accused of being a hindrance of effective government31 and Belgium’s new system of federal consociationalism is bipolar, which is not always a good condition for its smooth operation32. â€Å"There can be no doubt that the adoption of a system of elected administrative officers plays a most vital part in the process of democracy†33. The notion of ‘proportionality’ serves as the basic standard of political representation34. The rule of proportionality, said to be so central to the ‘politics of accommodation’, attempts to ensure that all parties have access to state resources35. Indeed, it seems that if partisan conflict is multi-dimensional, a two-party system must be regarded as an â€Å"electoral straight jacket that can hardly be considered to be democratically superior to a multi-party system reflecting all of the major issue alternatives†36. Moreover, in two-party systems the party gaining an overall majority will tend to be overrepresented in parliament, whereas votes translate into seats proportionally through the adoption of proportional representation37. The Swiss consociational system, takes representation a step further through referenda, whereby the public effectively have a veto on state policy38. Thus, with regard to representation, it would seem that consociational democracy acquires the higher democratic ground. On the other hand, even if we concede that ‘proportionality’ is more ‘representative’, it is implicit that a defining characteristic of consociational democracy is the absence of competition since the campaigning is directed at the mobilization of the sub-cultural constituency, not at competition with other parties. Competition between parties is, however, a defining feature of democracy39, stemming from the notion of freedom and choice. Can non-competition be equated with absence of choice and thus be seen as undemocratic? Conversely, certain academics have argued that in its pure form the system of proportional representation â€Å"generally backfires and may turn out to be the kiss of death†40. Indeed, party volatilities may have significant consequences for the political process in consociational democracies41. The Swiss party system is highly fragmented42, and the increasing fractionalisation of the party system in Belgium has led to high volatility elections and instability43. Does this adhere to the democratic notion of stability? Moreover, in the Swiss context it may be argued that referendums are basically majoritarian in their effects, because they are usually decided by simple popular majorities. Indeed, it has been suggested that, due to the inability to discuss matters emerging in referenda, they are bound to be more dangerous than representative assemblies to minority rights44. Additionally, statistics show that the level of participation in Swiss referenda has been low – often below 50 per cent of those eligible to vote45. In the light of some assertions that ‘too many referenda kill democracy’46, can this aspect of proportionality in Swiss politics be described as democratic? The ‘grand coalition’ system of government serves to give each societal segment a share of power at the central level. There is no provide a guarantee, however, that the policy will not be outvoted by a majority when its primary objectives are contested47. The purpose of a ‘minority veto’48 in consociational democracies is to provide such a guarantee. The ‘minority veto’ tool provides a strong system of checks and balances and reinforces the notion of separation of powers at the heart of government. Indeed, academics have noted that Belgium’s federal state is â€Å"replete with checks and balances†49, and the notion of separation of powers in both Belgium and Switzerland manifests itself through a bicameral legislature with equal legislative powers. Consequently, it may be argued that the ‘minority veto’ sustains the democratic principle of holding the government to account. Does ‘mutual veto’ work in practice? One of the ‘rules of the consociational game’ was ‘the government’s right to govern’ with the corollary that the parties should not interfere thus allowing the government to â€Å"rise above inter-subcultural strife†. To a considerable degree, this â€Å"aloofness from party politics has given way to a politicisation of the cabinet by the governing parties†50, making the minority veto principle largely redundant. However, when it does have an effect, the reciprocal control of power inherent in mutual veto often results in mutual obstruction and blocked decision-making. Swiss constitutional amendments, for example, must be approved by a majority of the cantons – which effectively gives the smallest cantons, with less than 20 per cent of the population, a potential veto51. It is implicit in Switzerland that good solutions are often difficult to reach because the Federal council â€Å"does not observe the implicit rules of the accommodation game†52. Can a system that disregards the wishes of the majority be truly democratic? Some have even commented that â€Å"to admit the minority veto as a major and normal means of limiting power is to admit a shuddering principle†53. If you reward divisiveness through veto power, you institutionalise those divisions. In this light, Lipjphart’s machinery seems to engender â€Å"consensus-braking than consensus-making†54. Divisiveness and instability can hardly be reconciled with the traditional concept of democracy. Is consociational democracy democratic? Assessing the main themes of Lipjphart’s concept has highlighted â€Å"fundamental weaknesses† in consociational theory55. Even though ‘grand coalitions’ seek to represent all groups in society, the collegial manner of decision-making raises problems of accountability. ‘Segmental autonomy’ may be praised in theory, but it seems that in practice, smaller pillars tend to become institutionalised through heavy regulation at central level, thus negating the democratic essence of the notion. The concept of ‘proportionality’ aims at a fair distribution of power, yet the party volatilities produced as a result can hardly be conducive to democratic stability. Academics of the consociational school argue that ‘minority veto’ resolves the accountability deficit inherent in grand coalition government since it provides a system of checks and balances. On the other hand, critics contest that mutual veto encourages gridlock and frustration at the heart of administrations. The Swiss and Belgian experience has shown that consociational democracies tend to be stable, but are they stable because they are consociational56? At the very least, empirical evidence highlights a ‘democratic deficit’ in consociational theory57. 1 What democracy is and is not, p.70 2 http://www.xrefer.com/entry/343784 3 http://www.keele.ac.uk/depts/spire/Staff/Pages/Luther/researchint.htm 4 Politics and Society in Western Europe, lane + ersson, p.156 5 http://www.xrefer.com/entry/343729 6 Consociationalism has been practiced in Belgium and Switzerland since 1945 and 1943 respectively. Note: It has been argued that the Swiss model does not strictly fit into the consociational mould (Barry, Review article), but for the purpose of this analysis we will discuss Switzerland due to its grouping as one of the four original identified ‘consociational’ societies (Paul Pennings, party elites in divided societies, p.21, also Kenneth D Mc Rae p.520) 7 http://www.xrefer.com/entry/343784 8 ‘On Liberty’, J.S. Mill, Cambridge University Press, 1989 9 Sited in Politics and Society in W Europe, lane + ersson p.157 10 The odd fellow, Switzerland, p.135 11 Politics and society in Western Europe, Neo Taqu. p.2 12 http://www.keele.ac.uk/depts/spire/Staff/Pages/Luther/researchint.htm 13 Arend Lipjphart, Consociation and Federation p.500 14 W. Arthur Lewis, Politics in West Africa (London: George Allen and Unwin, 1965) p.64 15 Since 1959, Switzerland has been governed by a grand coalition of the four major political parties. The Belgian state is also maintained according to Luther’s framework of vertical linkage within the subcultures as well as engagement in overreaching accommodation to bridge the gap between the pillars (From consociation to federation, Belgium, p.104) 16 From consociation to federation, Belgium, p.98. In Belgium, to an increasing extent, the system of consociational accommodation became the ‘system’ of Christian Democrat and socialist cooperation. In 1999, the ‘natural’ centre left coalition has been in power for twelve years 17 Brian Barry, review article, p.482 18 The odd fellow, Switz, p.154 19 Indeed, it has been said that power and strict accountability for its use are the essential constituents of good government. Woodrow Wilson, Congressional Government: A study in American Politics (New York: Meridian Books, 1956) p.186 20 Brian Barry, review article, p.483 21 The odd fellow, Switz, p.138 22 In a multi-party system without a majority party, the coalition’s programme will be a compromise between the individual party platforms – a compromise made by political leaders instead of mandated directly by the voters. (Democracies, p.110) 23 Comparative constitutional engineering, p.71 24 Party Elites in divided societies, paul pennings, p.22 25 Democracies p.169 26 Politics and Society in Western Europe, Ersson + Lane, p.169 27 Lipjphart, consociation and federation, p.500 28 Lipjphart, consociation and federation, p.500 29 Democracies, p.173 30 Party elites in divided societies, Rudy Armstrong, p.124 31 The Swiss Labyrinth, p.25 32 From consoc. To fed. Belgium, p.107 33 European democracy between the wars, p.23 34 Consociation and federation, Lipjphart, p.501 35 Parties, Pillars, Rudy B. Andeweg, p.129 36 Democracies, p.113 37 Democracies, p.151. The two-party ‘leader’s bias’ was strongly illustrated in the UK in 1997, with Labour gaining 65 per cent of British seats on 45 per cent of the vote, while the Conservatives were under-represented in the commons (Dunleavy, Developments in British Politics p.147) 38 Indeed, Switzerland has developed â€Å"the theory and practice of the referendum to a pitch to which no other nation has begun to match† (Butler and Ranney, eds., Referendums:A Comparative Study of Practice and Theory (Washington, D.C.: American Enterprise Institute, 1978) p.5 39 What democracy is and is not p.70 40 Comparative constitutional engineering, p.73. It has been said that the dispersal of power across several minority parties adds profusion to confusion, Ibid. p.71 41 paul pennings, party elites, p.38 42 The odd fellow, p.141 43 From consociation to federation, Belgium, p.93. In ‘Democracy or Anarchy?’ Ferdinand A Hermens warned of the dangers proportional representation posed to the survival of democracy, arguing that the instability created by the latter would invoke the rise of autocratic regimes. (F.A. Hermens, Democracy or Anarchy? Astudy of Proportional Representation (New York: Johnson Reprint Corporation, 1972) p.293) 44 Democracies, p.31 45 The Swiss Labyrinth, p.5 46 The Swiss Labyrinth, p.5 47 Consociation and Federation, Lipjphart, p.501 48 Note: The term ‘minority veto’ will be used interchangeably with ‘mutual veto’ 49 From consociation to federation, Belgium, p.103. The Belgian constitution can only be changed by two-thirds majorities in both chambers of the legislature. This rule is effectively a minority veto where a minority or a combination thereof controls at least a third of the votes in one chamber. 50 Parties, Pillars and the Politics of accommodation, Andweg p.127 51 Democracies, p.190 52 The Swiss Labyrinth, p.27 53 Comparative Constitutional Engineering, p.71 54 Comparative constitutional engineering, p.72 55 http://www.sagepub.co.uk/journals/details/issue/abstract/ab013998.html 56 http://www.xrefer.com/entry/343729 57 Craig and De Burca p.155

Marketing Management 4 Essay Example | Topics and Well Written Essays - 750 words

Marketing Management 4 - Essay Example Such a broad scope of functions and activities would be unfamiliar to people who handled the marketing side of companies in the past when nothing was expected of the marketing department other than producing sales brochures and executing advertising or promotional campaigns. The reason for this is the heightened level of complexity and competition in the business environment, with too many companies, too many products and too much marketing noise vying for customers’ attention. Thus, the product-driven marketing approach of old that generates a single sales transaction became impractical and was replaced by the customer-oriented approach, which strives to establish a long-term relationship with customers for repeated and continuing patronage (Kotler & Keller, 2006). A customer-focused marketing approach requires a range of activities that consists not only of market research and analysis, marketing strategy and implementation planning but also of organizational management and leadership and the setting up of efficient reporting, measurement, feedback and control systems (McKenna, 1991). The need for organizational management and leadership and for feedback-measurement-control systems is relevant to me, especially in my career plan to go into human resource management, since these particular marketing activities invariably call for proper handling of people. According to the literature, such organizational management and leadership require extensive interaction with the HR department on such issues as recruiting, training, leadership development, performance appraisals and compensation. Logically, the success of any marketing strategy depends on how well motivated and responsive are the people implementing it down the line. The same employee att itudes and dedication are important for the effectiveness of the monitoring system on the progress of the marketing program. There is an HR management tenet that says happy and contented

See the topic Assignment Example | Topics and Well Written Essays - 750 words

See the topic - Assignment Example She finds it difficult to find her identity in gender as she had female instincts with a male body. She narrates her family’s history and the beginning of her gene mutation that was aimed at transforming her DNA in order to fully exist in the female gender. In order to solve her gender confusion problem, she introduces her body to unique genetic make-up. On realizing Dr. Luce’s plan, Calliope runs away and changes her identity to Cal who is a boy. Cal relocates to San Francisco where he finds a job in a club that eventually gets raided by the police and he ends up being arrested for being an underage worker. Cal’s family comes to collect him in jail so as to attend his grandfather’s burial. This is where he finds out that his grandparents were siblings which resulted to his genital crisis but promises the grandmother to keep the secret till after her grandmother’s death. People with improper genetalia structure experience difficulties in the labour market as a result of their transsexual in gender. Many of these people are born with a gender type different from their mental perception of themselves (Nanda 114). They tend to change their gender to suit their mental comfort at a later stage in life. This forces them to change their original identity to suit their ultimate gender type. They are forced to change their names in all their legal documents which is a long process thus affecting their potential in the labour market as the transformation process (Agustà ­n 167). Slaughter uses the phrase ‘having it all’ in reference to Calliope’s gender confusion. The phrase summarizes the life of Calliope in both the male and female gender forms. This is portrayed in the first chapter of the novel Middle sex when Calliope begins her life story by saying, â€Å"I was born twice, first as a girl in 1960 and then again as a teenage boy† (Eugenides 3). Calliope Stephanides had improper genes which made her

Stamp Act Term Paper Example | Topics and Well Written Essays - 2500 words

Stamp Act - Term Paper Example Today, Americans may have forgotten this important period on their journey to freedom, but the fact remains that without Stamp Act, the American Sons of Liberty and other freedom-fighters may not have gotten an opportunity to launch attacks against their colonist. The British claimed victory in the Seven Years’ War (1756-1763) that was fought against the European powers of those days. It was a typical polarizing war that pitted Great Britain, Prussia and a group of German states (small in size) against nations like Austria, France, Russia, Sweden, and Saxony that formed a staunch military alliance during that period (Morgan et al. 1995, 20-28). However, Britain has spent a lot on this war which seemed to have taken a huge toll on the colonist’s finances. Reportedly, British national debts had doubled by the time the war was concluded (Morgan et al.1995, 21). Apart from this issue, Britain also worried about how to source finances to keep so many soldiers that had fought in the war, many of whom have political links to the parliament. The fears of not wishing to see the soldiers become jobless and not knowing how to fund their continued engagement had forced Britain to come up with a strange method of financial The British Parliament, in 1765 eventually came up with the Stamp Act to source funds to finance the continued existence of its military contingent in North America by imposing taxes on printed materials, which include but not limited to newspapers, legal documents, magazines, and several other papers used in the colonies (Morgan et al. 1995, 80-95). The general acceptance given to this Act by British two arms of Parliament (House of Lords and House of Commons) revealed that Great Britain had seen this Act as the solution to its crippling financial situation at that time (Murrin et al. 2007, 187). The Parliament did not perceive anything wrong in this approach as it deemed it the appropriate way to find the money to solve its

Economics for Managers Japan Case Essay Example | Topics and Well Written Essays - 2750 words

Economics for Managers Japan Case - Essay Example For almost a decade, the Japanese have started to adopt a risk-averse mindset after the fall of the dotcoms. Due to the circumstances, zero-return in cash has become the mindset of the people. While prices continue to drop, people further delay their consumption for the hope of lower prices. This hoarding of cash or investing in zero-return or non-interest-bearing savings leads to stagnation and later, worsening deflation in the economy. Thus the country wishes for some inflation to happen by increasing aggregate demand either through an increase in consumer spending, or channeling of money to some real investments in order to stimulate growth in the economy. Because of inflation, the relatively low or zero-return of investments most Japanese consumers have produces a negative interest rate. The Japanese Central Bank now hopes that consumers will then shift their investments to interest-bearing or higher-yielding investments to offset the effect of inflation, such as shares and real estate in order to give a boost to the economy. The cost-push inflation in the economy thus requires the Japanese Central Bank to use some monetary policy to curb it. However, Japanese Central Bank cannot just increase the interest rate in the meantime. While the global economy seems to pose a threat, increasing the interest rate will hurt the economy and worsen the impact of this threat if it happens. Thus, the Japanese Central Bank will keep the interest rates low in order to lessen the impact of the economic crisis abroad to the Japanese economy. The aggregate prices or the overall inflation within an economy is set by the interaction of the aggregate demand and aggregate supply. On one hand, aggregate demand is determined by the total amount  of consumption, investment, government spending and net exports in an economy.

Compare and contrast Essay Example | Topics and Well Written Essays - 500 words - 1

Compare and contrast - Essay Example The main characters in Sweat are Delia, the protagonist, a black washerwoman who had been working on the laundry for white people; her husband, Sykes, the antagonist is an abusive husband openly and vagrantly practicing infidelity; Bertha, the other woman of Sykes who he sleeps with; and the townspeople at the village. On the other hand, in A Rose for Emily, the main characters are Emily Grierson, a round character is depicted by the town as a tradition; the rest of the characters are basically flat characters such as Tobe, Emily’s servant; the townspeople; mentions of Emily’s father (who died) and Homer Barron, the significant person in Emily’s life who supposedly dated her and then, disappeared. The main characters are similar in gender and being ‘talk of the town’ in some events in the story; but distinctly different in personality. Delia, despite her small frame and silent stance showed strength and courage in disposition when faced with an extre mely dangerous event (when confronted by the rattlesnake).

The Politically Incorrect Guide to Islam by Robert Spencer Essay

The Politically Incorrect Guide to Islam by Robert Spencer - Essay Example Robert Spencer shakes things in an equally controversial book The Politically incorrect Guide to Islam. This book obliterates simplistic, politically correct opinions about the Islam religion. It compares, word by word, the teachings between Muhammad and the teachings of Buddhism, Christianity and other religions. He sent her away until the child was born. When the woman came back after several months, he took the child and gave it to a friend as a gift while he ordered the woman to be stoned to death. This book covers a lot of ground with the study of Muhammad, the development of Quran, the spread of Islam religion, and Islam’s early wars hence the culmination of the Crusades. The book is introduced as an examination of some specific tendentious contentions about Islam religion and the Crusades that have been a source of current debates. Spencer provides readers an extensive exploration about Islam that cannot be taught in school or that may not be exposed in the media; in so doing he paints religion in a broadly negative light. The general notion that Islam is a peaceful religion that has been hijacked by small minority of extremists is the beginning of all PC myths surrounding Islam. To back his claims, he quotes several Western Historical figures such as John Quincy, Alexis de Tocqueville and Winston Churchill who have been vocal in criticizing Islam. The book criticizes Islam as both oppressive and militant and gives a historical account of the crusades based on the argument that they were a late response of European civilization to the centuries of occupation and invasion which started in the 8thC in Italy, France, the Iberian Peninsula, Sicily and major parts of Eastern Europe. Spencer argues that the civilization clash between the West and Islam in the 21stC was as a result of a continuation of a 14thC long jihad which commenced at the inception of Islam. The book also offers discussions about the difficulties of treating this topic in a ever dis integrated current political environment. The fact is the book has both the bright and not-so bright sides. On the bright side, Spencer denies many myths penetrated by the PC crowd: that mainly states that Islam and Christianity are for the greater part been equivalent traditions, that crusaders were selfish land-hungry colonizers, that Jihadists were benign sweetie-pies and many other controversies. Honestly, I do agree with his bruising of Ridley Scott’s Kingdom of Heaven film which depicts a sentimentally liberal Islam during crusades periods. On the other side of the Spence’s book, he gives several myths that need correction. These include: Christianity is essentially begin and Islam nasty The crusades were defensive conflicts We should be grateful for crusades These three points as expressed by Spenser are myths and ironical in nature. 1) Myth one: Christianity is essentially begin and Islam nasty The book â€Å"The Politically incorrect Guide to Islam† is full of â€Å"Jesus vs. Muhammad† punctuations, whereby several teachings of Jesus are compared and contrasted with the intolerant and militant teachings of Prophet Muhammad. Taking for instance page 35: Jesus teachings was â€Å"blessed are the persecuted† and it is contrasted with Prophet Muhammad’s authority to kill persecutors claiming that â€Å"persecution is worse than slaughter† (Qur'an 2:191). Again in page 143, Spencer describes Jesus’ teachings and deeds to be merciful to enemies as compared to Muhammad’s command to ruthless to unbelievers but merciful to fellow Muslims. The mention of Islam develops a feeling of fear on the part of many non-Muslims because of what they have been told or heard about the Muslims. In my opinion, it is pointless to list

Jadore Essay Example | Topics and Well Written Essays - 1000 words

Jadore - Essay Example Applying merely a light portion of it could last the whole day. My neighbor received lots of accolades on the scent of the perfume and many individuals ask for it time and again since it is lovely. The bottle is of oz nature and could last for over one and a half years. The perfume is of diverse versions, one has a silver top and the subsequent one has a gold top. Merely, the one with the gold top is perceived to contain a superior parfum content denoting that the fragrance is undiluted and could be used for long. The sellers habitually give gift sets in special holidays and occasions giving out a set comprising of body wash and oil for almost the similar cost as the real perfume. Ladies are seen travelling around with their perfumes every time in their makeup kits, on airplanes, journeys, et cetera., and its container is incredibly strong and never breaks easily or leak the perfume. The bottle has been designed in a pretty way, and everyone believes it would make a great gift or ham per (Bendix, 2005, 73). A friend of my bought hers from Macy’s except of course it could be bought in merely any shopping store. The stores typically have tiny tasters in a vial for people to try and smell it out. Many people of male gender have been spotted commenting on it and in reality got in love with the smell articulating it as a wonderful scent. Many people never notice or even give attention to adverts in the streets. However, this does not apply to perfume adverts since they are pleasant and attractive. Watching an advert frequently on TV makes it stick in people’s minds. Basically, perfume adverts are usually in Magazines and in an in-store ad. Perfume adverts are by far so trendy compared to other products hence attracting the youth so much. Having articulated this, these adverts could be seen everywhere there is youth attention. Conversely, one person tried the J’Adore parfum, spraying a little in the air and on her clothes and was not pleased with it (Lexisnexis, 2003, 78). She proclaimed that its scent was like chemical and metallic in nature. This smelled like drugstore fragrances and body smells coming from bathing Works J’Adore scented to her like it was a truthful but failed endeavor to craft something that had the scent of fresh blossoms and humid skin. She was annoyed at the fake odor of the â€Å"feel what’s real† cologne, and ejected it very resolutely off her list.   The new fragrance is mainly intended for women. Being launched in 2011, the cologne possesses top notes of citruses in addition to mandarin orange; the cologne’s middle notes are made of jasmine, African orange blossom, ylang-ylang not forgetting the pleasant rose. Moreover, the base notes comprise of woodsy notes in addition to vanille. This is extremely pretty, not as exhilarating as EDP, not accordingly sharp also. It is somewhat lighter, silent and quite floral, well implemented, with a lavish sense to it. It gives the user an uncommon scent and feels of merely being characteristic similar to many fragrances. It is not perhaps as soft as one would deem it to be, but it is genuinely superb! The parfum is womanly and stylish with a contemporary touch giving it a beautiful creation. This perfume is liked by many females since it smells very classy and gorgeous. However, it is very common among the trendy individuals globally. This does not necessarily mean that numerous other perfumes have the same scent but it denotes that many individuals have and use this fragrance. This is not primarily a bad thing, other than individuals who like being unique will rather avoid using it to keep their personality unique. The perfume has an extremely graceful scent which sticks

WHY DO WE CARE ABOUT HUMAN-COMPUTER INTERACTION Essay

WHY DO WE CARE ABOUT HUMAN-COMPUTER INTERACTION - Essay Example Nocera (2007) Hence, the usage of information has drastically been enhanced since the advent of human computer interaction. This paper will discuss many facets of HCI which include: information systems, analog and digital systems, Artificial intelligence and speech recognition. One cannot understand the importance of HCI without comprehending what actually an information systems. Human Computer interaction is a collaborative effort that strives to connect people, network, software, hardware, and data in order to facilitate the daily operations of a business. There are many types of information systems that consist of: manual, informal, formal, and computer-based. Systems engineering derived from HCI in essence give valuable data to organizations that can be given evaluated upon, analyzed, and enhance the value of the key goals that the organization possesses managing information systems stems from internetwork enterprises. Foulds (2006) Information systems with Artificial Intelligence (AI) is a huge element because it allows children and technology. It is clear that internet and technology are vital components of the future. With the advent of technology, the internet has become a very strong force. Internet is a monumental channel that can have a positive and a negative impact on children. This paper will examine the pros and cons of the internet and its effect on children. Before dwelling into HCI, it is imperative to understand the history behind it. Human Computer Interaction has been a prominent idea from the beginning of 1970s when computers and humans began interacting with each other. Spreadsheets and computer games became highly critical because user interface became common. Nocera (2007) This was very basic interaction as modern technology have not been developed. Calculations, word processing, and excels also came later as basic processing and storage were the primitive examples of HCI. As years progressed, the logic behind

Concept of Long Term Care Essay Example for Free

Concept of Long Term Care Essay In this essay it explains how week one reading changes my concept of long term care. The essay will provide two examples of current events related to long-term care and how it has changed. The paper will focus on examples of current events related to long-term care, and how might these examples increase awareness. This paper will explain what are three long-term care populations evident in my local community and if I was aware of these evident. Long term care is a health and social service there to provides services such as assistance with everyday task, such as dressing, bathing and using the bathroom. After this week reading and discussion as a class on long-term care, I would say my concept has changed. I became more aware of the services provided in long-term care settings, also the individual who requires long-term care. People would think of long-term care only for elders, but the type of people need of long- term care can be from individual with chronic conditions, severe mental illness, and also developmental disabilities, automobile or sporting accident anymore can need long term care in life. Reading the week reading also explain Children, is always the type of people in need of long- term care to surprise me. Children born with developmental disabilities such as, Down syndrome affecting the brain, spinal cord, nervous system function causing them to need long- term care. Some of the current events related to long term care that happened, in the past three years increasing levels of violations staff physicians were not maintain on a 24 hour basis. Another current event related to long term care a staff at Crystal Care Center in Mansfield abuse a patient. The patient refuse to have oxygen fed to him through a nasal cannula, the nurse decide to tuck the sheet over the head of the patient. Patient abuse occurred in August 2010 but is rare in the state of Ohio but happens more often in long term care. These example increase awareness of long-term care having families monitor how a family member or friend treat, to see if medical care is provided with an appropriate level. In my community there are three long term care populations age 65 and older, individuals with disabilities and children. Seniors 65 and older is the biggest population in Arizona needing long term care services.

Research Supporting Policy Making in Tourism

Research Supporting Policy Making in Tourism Outline the key requirements for good research and identify how research might support policy-making. Research, defined as a broad range of processes designed to provide policy makers and managers with information that is objective, reliable and as reproducible as possible (Bull, 1999) is a vital business tool used to support policy makers in making decisions. Page (2003) also suggests that tourism policy-making is inherently a political activity, affected by the formal structure of government. A wide range of forces affects policy making, and policy does not exist in a vacuum, because various agencies exist to implement it. Drew (1980) suggests that research is conducted to solve problems and to expand knowledge, and stresses that research is a systematic way of asking questions, a systematic method of enquiry (taken from Bell, 1999). As previously mentioned, policy making is a fundamental business tool, however it must be noted that undertaking research is also a very expensive, time consuming and complex task and researchers must be able to select the right information to avoid further implications. Research activity supports policy-making in a number of ways. First of all if a company is deciding to open a new site in a different country for example, they will need to know who their competitors are, how accessible is the place, where will the labour come from, what impact will this have on the locals? How safe is the area? How will the marketing and advertising be conducted to ensure its success? It is clear from this simple example how complicated and time consuming information gathering can be. Primary data, secondary data, or both may be used in a research investigation. Primary data is original data gathered for a specific purpose as for example interviewing the local community, while secondary data is data that has already been collated for similar purposes, i.e. crime statistics. Data here, could be collected either through quantitative, therefore utilising a positivist approach, or qualitative methods therefore adopting a phenomenological approach. Policy makers will need to know whether that policy is going to be successful, politically/legally/ethnically acceptable, the costs involved, the number of staff needed to implement that policy and whether it fits with the wants, needs and aspirations of the people directed at (Ritchie and Goeldner,1994). Taking into consideration the fact that research can be an expensive and time consuming task and that this may make or break policy decisions, some key requirements for good research have been identified. Bell (1999) suggests that the following are to be considered as key requirements for good research to be conducted: the utility of data, therefore the data that can be used, the cost-effectiveness whereby benefits must be greater than costs; timeliness therefore data that will be there when needed; accuracy, data will need to be accurate; and finally whatever procedure for collecting data is selected, it should always be examined critically to assess to what extent it is likely to be reliable. Reliability is the extent to which a procedure provides similar results under constant conditions on all occasion, however due to the nature of tourism this is not always the case. Three policies examples will now be provided to show how research generated the information that was needed to make those policy decisions. The first policy considered is that of Stonehenge. As suggested by Chris Blandford Associates (2000) this World Heritage Site survived for thousands of years and not so long ago two roads were introduced into the landscape, bringing with them ever increasing traffic and serious environmental problems. Governments proposal to close the A344 and to place the A303 in a 2 Kilometre tunnel where it passes the stone has raised many arguments. The policy for Stonehenge all started with the vision to save this site from environmental degradation and placing it back in its original and unique settings, by eliminating the impact on the environment made by the noise and sight of traffic. The way in which this could be achieved was by closing one road, the A344, and introducing a two kilometre tunnel. It is important to stress that the decision of policy mak ers to close the road and introduce the tunnel to solve the problem, has not been decided overnight, but has been the result of extensive study and consultation since 1991, and alternative ways have been considered prior to the decision. Between 1991 and 1993 other 50 possible routes were considered. At this stage researchers decided to gather primary data, by means of a panel, from local bodies and organisations in order to have their views on the matter. Each representative gave their own view, and during the process all the possible alternatives were considered and discussed. A Public Consultation was held in April 1993, whereby four routes were put forward as a possible solution to the problem. In 1994 two national bodies organised a one-day international to debate solutions for both a road improvement and a new visitor centre for Stonehenge (Chris Blandford Associates, 2000). A Public Exhibition was held in September 1995 and a Planning Conference followed in November 1995 to understand publics and other interested organisations perceptions and ideas of the proposal. A further public consultation was held in 1999, and once again households in the vicinity were consulted (Chris Blandford Associates, 2000). In Nov ember 2000, the Highway Agency conducted primary research to gather qualitative and quantitative data by means of desk study and field

Anderson And Hemingways Use Of The First Person Essay -- essays resear

"It is a tale told by an idiot, full of sound and fury, signifying nothing."At one point in his short story, "Big Two-Hearted River: Part II", Hemingway's character Nick speaks in the first person. Why he adopts, for one line only, the first person voice is an interesting question, without an easy answer. Sherwood Anderson does the same thing in the introduction to his work, Winesburg, Ohio. The first piece, called "The Book of the Grotesque", is told from the first person point of view. But after this introduction, Anderson chooses not to allow the first person to narrate the work. Anderson and Hemingway both wrote collections of short stories told in the third person, and the intrusion of the first person narrator in these two pieces is unsettling. In both instances, though, the reader is left with a much more absorbing story; one in which the reader is, in fact, a main character. With the exception of "My Old Man", which is entirely in the first person , and "On the Quai at Smyrna", which is only possibly in the first person, there is just one instance in In Our Time in which a character speaks in the first person. It occurs in "Big Two-Hearted River: Part II", an intensely personal story which completely immerses the reader in the actions and thoughts of Nick Adams. Hemingway's utilization of the omniscient third person narrator allows the reader to visualize all of Nick's actions and surroundings, which would have been much more difficult to accomplish using first person narration. Nick is seen setting up his camp in "Big Two-Hearted River: Part I" in intimate detail, from choosing the perfect place to set his tent to boiling a pot of coffee before going to sleep. The story is completely written the in third person and is full of images, sounds, and smells. In "Big Two-Hearted River: Part II" Hemingway exactly describes Nick's actions as he fishes for trout. Details of his fishing trip are told so clearly that the reader is almost an active participant in the expedition instead of someone reading a story. He carefully and expertly finds grasshoppers for bait, goes about breakfast and lunch-making, and sets off into the cold river. By being both inside and outside Nick's thoughts, the reader can sense precisely the drama that Hemingway wishes to bring to trout fishing.... ...art of the story. The entire book is a dialogue between narrator and reader. The effect is that the reader becomes even more involved in the stories. Both of these works are unlike others from the same time period which are told completely using first person narration. Gertrude Stein's The Autobiography of Alice B. Toklas and Anita Loos' Gentlemen Prefer Blondes are both written wholly in the first person. But both of these read like diaries, of which the reader is just that - a reader. Neither one has a point at which the reader is so definitely brought into the story consciously by the author. By jumping abruptly into first person instead of using it all along, Hemingway and Anderson more effectively do this. Anderson's and Hemingway's sudden switches to first person narration of course could not have been mere mistakes, and their reasons may have been even more convoluted than imaginable to late twentieth century readers. What is left are two collections of short stories in which the reader plays an actual role. The intrusion of first person narration makes these stories come alive in a way that a third person narration cannot, a tribute to the skill of both of these authors.

Meridia: The New Anti- Obesity Drug :: Diet Pills Health Obesity Essays

Meridia: The New Anti- Obesity Drug Introduction In today’s society the hegemonic belief surrounding weight is that thin is in and fat is out. With over half of the American population being overweight, the diet craze has swept the nation. However, a bigger player has come into the weight loss scene, the pharmaceutical industry. After the abrupt withdrawal of two anti- obesity drugs from the market in 1997, the pharmaceutical industry has been looking to fill the void in this area of the market. Meridia (sibutramine hydrochloric monohydrate), manufactured by Knoll Pharmaceutical Co, enters with caution what now appears to be a virtually deserted and uncertain anti- obesity market. The drug works to suppress appetite via serotonin (and norepinephrine) re-uptake inhibition. How Does Meridia Work? In the fall of 1997, fenfluramine (the fen half of the popular fen-phen drug combination) and Redux (dexfenfluramine) were recalled after the drugs were linked to potentially fatal heart valve abnormalities. In November of 1997, only a few months after the withdrawal of fenfluramine and Redux, the Federal Drug Administration (FDA) approved Meridia. Meridia is a class of drug known as monoamine (serotonin and norepinephrine) re-uptake inhibitors. It falls in the same class of many anti- depressants such as Prozac. Serotonin is a chemical released in the brain after you have eaten a meal, which makes you feel full. When a nerve impulse reaches the end of the nerve (the nerve terminal), the impulse causes the release of chemicals called neurotransmitters. The neurotransmitters are released in the space between the two adjacent neurons, this region is called the synaptic cleft. Usually once the neurotransmitters have bound to their receptors (the neurotransmitter and the recept or fit like a lock and a key) on the adjacent nerve, transport proteins work to reabsorb the extra neurotransmitter back into the nerve terminal so that they can be reused. However, Meridia acts to inhibit the reabsorption of serotonin so the that signal lasts longer, thus giving the sensation that you are full for a longer period of time. This method is thought to effectively reduce the caloric intake of an obese individual due to appetite suppression. For an informational video on the mechanism of action for Meridia visit the world wide web at www.4meridia.com/hcprof/fma.htm. How is Meridia Different from the Recalled Drugs?

The Nacirema: Another Look Essay -- Essays Papers

The Nacirema: Another Look Written by Horace Miner, this essay of the people group Nacirema is an interesting look at their everyday functions. The tribe Miner describes is seemingly primal and uncivilized, and yet somewhat familiar. The entire account of these mysterious people describes unusual and strange behaviors and activities. The brief overview on the Nacirema is graphic from Miner’s point of view. When the meaning of the story becomes clear, the purpose for writing it becomes either humor or disdain. In this article written by Miner, he describes the tribe of the Nacirema vividly and descriptively. The Nacirema are a tribe known for only twenty years. When they were discovered there was almost no information on them. They are a North American tribe that exists between the Canadian Cree, the Yaqui and Tarahumare of Mexico, and the Carib and Arawak of the Antilles (Miner). This area, with further investigation, is the area of the United States of America. The location alone causes the reader to be alert for Miner’s motives. The Nacirema are unique followers of the market system, and live in a rich natural habitat. This primitive market system takes up much of the inhabitant’s time. However the people spend a large block of time in daily ritual activity. This tribe does not worship the soul like prominent religions but they worship the body. They believe the body is ugly and prone to injury and sickness. So to alleviate the problem they perform many rituals and ceremonies. In each home there is a ritual center where these actions take place. These centers are so important that all wealthier tribesmen have more than one. The shrines are located in the family home but the performance of ... ...es, his point is well taken. If his purpose is a tongue in cheek look at our culture and ourselves, job well done. If his purpose is to criticize and discredit a successful culture, exception is taken. If nothing else is gleaned from this article, when we look at the â€Å"Nacirema†, American spelled backwards, we learn to have a more forgiving attitude when viewing other cultures we are unfamiliar with. Rituals that appear barbaric, or even silly can and most probably have a logical purpose within that particular people group. This change in the prevailing American attitude will go far to mend the fences that have been broken and heal the bonds of cooperation all without the need of a â€Å"latipso† (hospital). Works Cited Miner, Horace. "Body Ritual among the Nacirema, American Anthropolgist 58:3, June 1956. Rpt., <http://www.msu.edu~Ejdowell/miner.html>

Evaluation Tv in My Country (Uk)

TV in my Country There are two main purposes of TV: educating/informing people and entertaining people. In this essay, I will look at how well TV in Britain, my country, achieves those purposes. The first purpose of TV is to inform and educate viewers. TV stations should regularly present national and international news. In addition, they should educate people about current affairs, health, history and science. British TV stations have regular news coverage. They also have several shows that discuss the economy, politics and other current affairs issues, such as the BBC’s Question Time.In addition, there are several good shows about health matters. For example, I recently saw a program called Healthwatch on the BBC which informed viewers on how to reduce the risk of getting heart disease. What is more, there are some excellent programs about history on the BBC 2. To illustrate, last week I saw a program about Alexander the Great, which included many interesting facts about his life. For instance, he never lost a war in his life, and he started leading his army at the age of 16. Lastly, British TV has some excellent science shows. For example, two days ago I watched a program called Survival which is about nature.It showed how tigers look after their babies. Consequently, you can see from the above information that British TV stations are very effective at informing and educating viewers. Another purpose of TV is to entertain viewers. Good entertainment includes comedy shows, drama, movies, music shows and sports programs. British TV shows often show excellent comedy shows such as Friends. Furthermore, there are many drama shows, movies and music shows on British TV. For example, a popular show is Coronation Street which is a soap opera about the lives of ordinary people.British TV also has some excellent shows on sport. For example Match of the Day is a show which discusses the highlights of football matches that took place earlier in the day. However, t here are very few live football games on British TV. Therefore, I can say that British TV performs very well at entertaining people. On the other hand, I would be happy if there were more live football games. In short, British TV is excellent at its purpose of educating and informing viewers. It is also generally effective at entertaining people. However, there should be more live football games.

Nike, Inc. Case Study

Nike Valuation At North lead Group we conceptualise we comport genuine the strivingula for commit succeeder. As you k with bulge out delay go against than any iodin, our large- peak storage has exceeded bely possible expectations in new-f changei stard yrs as it outperformed the S&P d by 30% with respect to sp exterminates in 2000 and has continued the cut into 2001 as of the end of June 2001 it has already produced returns of 6. 4% art object the S&P ergocalciferol has continued to trial producing a return of -7. 3%. We trust these results be do possible by our workhorses of the merchandise as we wish to c any them.For those of you that dont grapple these workhorses be our holdings in companies that gene station been t here finished the history of young America. These companies argon those much(prenominal) as 3M, oecumenic Motors, McDonalds, and ExxonMobil, which nonplus gone(a) through the more(prenominal) or less(prenominal) a nonher(prenomin al) roller-coaster type rises and move that defines our nations economy and has utilised these experiences to prosper and wax shout for measuring stick with our nation. We be here today to make out and discuss our recent findings in our pursuit for a nonher conniption worthy of enthronization from our Large-Cap Fund.The social club origin anyy named dingy Ribbon Sports, now Nike Inc. has caught our attention. Initially know for their athletic doing space, Nike has developed itself into a sporting in force(p) and app bel heller while maintaining their supremacy in the athletic brake shoe welkin everywhere the proportioncination fifty eld. In 1997, Nike reached the crownwork of their hazard in wrong of tax, when they compreh cease $9 billion in r notwithstandingues in their twelvemonthly report however, since therefore their revenues shake been at a sureistic stand-still, h everyplaceing around $9 billion for the some prison term(prenominal) five c ategorys. disdain their lack of communicate in the dwell half-decade we larn progress in their surface coming(prenominal), especially with them already well into the pose of recognizing problem issues inwardly the appraise. They subscribe cognize that one of their major issues is that which made them into what they atomic follow 18 today, their athletic home. They consecrate maintained a large par post in of the athletic shoe grocery place end-to-end their history precisely they have plainly unsloped deep noniced that this dowry is deadeningly decrease through time, as it has dropped six resolve from 1997 to 2000. aft(prenominal) winning a foot measuring keep going and face at the with child(p) picture they effected their error in the recent sometime(prenominal), they have placed in any case much of their digest on producing high-end, high- equipment casualtyd athletic shoe and have disregarded near the mid- setd property segment which fuel their harvest-home for decades, and heretofore still remained the manufacturing business of 30% of their revenues. This focalize lead t adequate service shoot squander the Nike shuffle shoe back into the homes of any Ameri rouse home no matter their income level. on with their shoes, Nike has other plans to furbish up their corpo measure performance. The biggest of all was the acquisition of top exec, the former chairwoman and chief decision maker of the Polo Jeans piece of meet Jones App bel Group, Mindy Grossman. Nike sought- later(prenominal)(a) out Ms. Grossman because of her majestic performance in the clothing patience in hopes that she would consent their appargonl division to the top a result which is non far beyond belief when considering the abundant resources and influence that Nike already possesses.The hopes within the take officipation atomic number 18 that these tweaks to their corpo range pant close on with some small be piercing adjustmen ts in the associations trading ope rations and governing result drive the association up the inc aviation of revenue product. With Nike reigniting their chase for excellence and render this fire by restoring their staple, mid- legal injuryd athletic shoes fit for any Ameri drop, to its glory its unprovoked to recollect in the latent of Nike, Inc. and jump on the bandwagon. Even though we accept in the potential of Nike, further financial valuation is necessary beforehand a de depotinal figureination affecting everyone in this room posterior be made.We got stimulated well-nigh the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, save because of their remark fitting success through legion(predicate) decades and varying scotch conditions. These factors paired with their live economic struggles and the intrusion those on the grocery price of Nike makes them a prime measure investing candi consider. WAC C We choose the weighted fair(a) supplyress of nifty to use as our drop position. We did this because we work out future notes immixs exploitation the rid people interchange period to the firm system.By development this method we are able to account for the good free cash flows available to the owners afterwards all expenses. This message that debt is accounted for in the natural foster of the bon ton. In localise to sum up the WACC the following inputs essential be predictd equal of righteousness, after tax live of debt, weight of law and weight of debt. In this section of the psycho abridgment we provide try a step by step breakdown of how we computed those inputs. exist of Debt The greet of debt is sum up at which a company pays on its certain gravid debt. This prize is comprised of things like loans or weds.Nike conveniently has only(prenominal) one issue of publi gossipy traded debt. This is a chemical attract that pays a 6. 75% v oucher semi-annually. It was issued on 7/15/10 and is produce on 7/15/21. The present-day(prenominal) food commercialize price is $95. 60. To auspicate the apostrophize of debt we found the YTM of the only real(a) great(p) attach issue. As of today we are nine historic period away from a coupon retri providedion on 7/15/01. later on this coupon requital there bequeath be 40 more coupon recompenses. We are make the assumption that a coupon is compensable on the date of maturity. As state the price of the bond listed today is $95. 60.If the bond were actually to be bought and interchange the price would need to polish the interest increase since the stick up coupon payment. To prefigure this we subtracted the number of days since the stand firm payment, 173, from the number of days in the period, 182 = . 95. We then took that number and cipher it by the coupon payment split by 2 in baseball club to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. base on these unhurriednesss we have mensurable the following inputs to purpose for the YTM. follow of love creasess The cost of legality is the return that memoryholders bring to invest in a company. at that place are many different ways to compute this take to be. We give look at CAPM, DDM and the earnings heavy(p)isation ratio. CAPM We looked at deuce different ways to puzzle out CAPM. set-back using the 3 month T-Bill as a lay on the go down on reach free valuate (3. 59%) on with the arithmetic comely of returns from 1926-1999 (7. 50%) to calculate the food market hazard subvention. We utilize a beta of . 8 which is the number of the stopping point 6 geezerhood. We imagine this to be a advantageously opine because it accounts for volatility and diminish possible variance. at a lower place is our reckoning for the cost of blondness.In the alternate CAPM toughie we utilize the 10 year Treasury bond as the run a risk of infection free yard instead of the 3 month. We withal employ the nonrepresentational fair(a) of historical returns as the market risk premium. Below is the adherence of the alternative Cost of truth. We believe that the plunk for calculation of the CAPM using the 10 year bond and the geometric total is a more holy representation of the cost of right. The 10 year bond rate is a die recitation of the real risk free rate since the fund is looking at rate stocks which are generally held for eagle-eyeder periods of time.The geometric recollect is also a more pictorial calculation of the market risk premium because it mensural real return, as oppose to the arithmetic bonny which is just a straight average calculation. DDM The calculation of the dividend cut ride necessitate a dividend fruit rate and the up-to-date stock price. We obtained the dividend festering rate of 5. 5% from appraise extraction. The on- ancestry(prenominal) share price is $42. 09. The c alculation of the cost of superior using the DDM is below. The dividend discount model flora crush with companies that follow the constant slow harvest-time path. This is because their dividends are generally a tidy reflection of earnings.Since Nike is not a slow maturation company and their dividends are not extremely correlated with revisions in earnings we do not urge on using the DDM to cypher the cost of beauteousness. lolly keenization ordain The earnings cap rate is the glacial of the P/E ratio. The inputs include an inexplicit harvest rate which we cypher by figureing circulating(prenominal) hard roe by the incumbent retention ratio of earnings. This growth rate is employ to pop out EPS for the conterminous year. The inputs and calculation of the cost of justness is shown below. The earnings superiorization ratio is not a let out bode of the cost of equity for the like reason the DDM was not a best model.This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than incomplete is a model that uses the retention ratio. Value of Debt To effectively calculate the abide by of debt we use the market time pass judgment of debt instead of the hold in rank. This gives a better approximation of the certain rate of the debt. To calculate the market take to be we discounted the LT debt economic judge that we obtained from the equilibrate sheet. Below are the inputs and the present comfort of the LT debt.In admission to the market hold dear of long term debt we need to add short term debt. This includes the online LT debt payment and the notes payable as found on the 2001 proportionateness sheet. later on adding these values we obtained the total market value of debt. Value of Equity To find the value of the equity we use the market value of the current equity instead of using the book value. The market equity is compute by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure establish on the market value of the debt and equity we measured the capital structure.The numbers game are shown below. draw physical body draw lay out WACC Calculation To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows drawline drawline drawline drawline (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% drawcustom-shape drawcustom-shape drawcustom-shape drawcustom-shape Discounted cash in Flow psycho synopsis tax To have a better think of Nikes current condition, we calculated its discounted cash flow in order to find its NPV and a more hardheaded measure of Nikes share price.We estimate that in the adjacent 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is project to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the die hard 6 years of the apprehend, Nike will experience a growth rate of 6 percent. The precept behind this gross revenue growth forecast is that Nike will be developing more midpriced shoes and increase its robe line. The midpriced shoes will unfold consumers more affordable selection so gross revenue are likely to increase.Nikes plan to preserve its coif line is also a good dodge to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but its communicate to fall slightly to a more sustainable growth rate. COGS, SG&A As Nikes sales rate behind dusks in the following(a) 10 years, their function of Cost of Goods sell over gross sales and Selling, General & administrative section also decline. Nike plans to cut cost in the conterminous 10 years. So as their cost decrease and sales increase, their percentage of COGS and SG&A to sales will decrease.NWC Next, we calculated Ni kes change in salary functional capital. Net functional capital is current additions minus current liabilities. To do this, we took the average of Nikes asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to border A). We then take those numbers and multiply it by the projected revenue to drive the project current assets and current liabilities for the next 10 years. We took the fight to get the displace working(a) capital. The change in earnings working capital would be just the difference of one year to the next. demo A. CAPEX, net income DeprWe calculated the Capital phthisis and wear and tear using a convertible model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an change magnitude cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. exploitation this projected 2002 value and the three years previous we calculated an average CAPEX n et Depr. (See evince B) We intent this average is the dress hat way to estimate an unpredictable CAPEX number. We used this average in our forecasts through 2011. Exhibit B. Free bills Flow afterwards we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less(prenominal) CAPEX and NWC. For our rod value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital use of goods and services will finally be range in in the future. We flavor that it wont be blameless to have a negative value for CAPEX for our terminal value. After calculating the future cash flows for Nike, we were able to find the inherent value of the company. utilise our WACC of 9. 44 percent, we accomplish a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million.We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nikes equity value and split up by their total number of shares large of 273. 3 for 2001 and got a price of $54. 58. Compared to the current market price of Nikes stock of only $42. 09, Nikes stock is under cherished by almost 30 percent. Based on our new estimates of Nikes value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nikes stock using dissimilar discount rates. We can shape that even at a discount rate of 12 percent, Nikes stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion cognize that our key to success has been a value investing approach to Large-Cap reciprocal funds, it is easy to see that we are recommending the coronation in Nike, Inc. on the basis of the findings of our financial analysis, which reports the company as undervalued by over 29%. basically we are formula that according to our best an alysis we believe that the company should be valued by the market at a price 29% high than it currently is. In terms of stock price this is motto that although Nike is currently interchange at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike be true to form and true to their word. We do not see the powers that be permit Nike die they recommitted themselves and the company to excellence and have taken distinguish action to stand for their sincerity. Their modifications to expenses in junto with their push of apparel and shoes, which despite its decline in market share is trusty for 30% of Nikes revenues, will bring Nike out of their current slump. They will ake this gamble over time by easy working down expenses, in position cost of goods sold and selling and administration expense, while working to increase revenues. We find out very potently on the truth of both our uninflected and merged analysis in part because despite change magnitude selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a unequivocal economic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go higher up and beyond market and investor expectations even while in a slump.Nike, Inc. Case understandNike Valuation At North Point Group we believe we have developed the formula for investing success. As you know better than anyone, our Large-cap fund has exceeded all possible expectations in recent years as it outperformed the S&P 500 by 30% with respect to returns in 2000 and has continued the trend into 2001 as of the end of June 2001 it has already produced returns of 6. 4% while the S&P 500 has continued to struggle producing a return of -7. 3%. We believe these results are made possible by our workhorses of the market as we like to call them.For those of you that dont know these workhorses are our holdings in companies that have been there through the history of modern America. These companies are those such as 3M, General Motors, McDonalds, and ExxonMobil, which have gone through the many roller-coaster type rises and falls that defines our nations economy and has utilized these experiences to prosper and grow step for step with our nation. We are here today to share and discuss our recent findings in our search for another candidate worthy of investment from our Large-Cap Fund.The company originally named Blue Ribbon Sports, now Nike Inc. has caught our attention. Initially known for their athletic performance shoes, Nike has developed itself into a sporting good and apparel monster while maintaining their domination in the athletic shoe sector over the last fifty years. In 1997, Nike reached the top of their game in terms of revenue, when they reported $9 billion in revenues in their annual report however, since then their rev enues have been at a virtual stand-still, hovering around $9 billion for the past five years.Despite their lack of improvement in the last half-decade we see progress in their near future, especially with them already well into the stage of recognizing problem issues within the company. They have realized that one of their major issues is that which made them into what they are today, their athletic shoes. They have maintained a large share of the athletic shoe market throughout their history but they have only just recently noticed that this share is slowly diminishing through time, as it has dropped six percent from 1997 to 2000.After taking a step back and looking at the big picture they realized their error in the recent past, they have placed too much of their focus on producing high-end, dear(predicate) athletic shoes and have forgotten about the mid-priced shoes segment which fueled their growth for decades, and yet still remained the producer of 30% of their revenues. This focus will help bring the Nike brand shoe back into the homes of any American home no matter their income level.Along with their shoes, Nike has other plans to rejuvenate their corporate performance. The biggest of all was the acquisition of top exec, the former president and chief executive of the Polo Jeans division of rival Jones Apparel Group, Mindy Grossman. Nike sought out Ms. Grossman because of her exceptional performance in the clothing industry in hopes that she would take their apparel division to the top a result which is not far beyond belief when considering the vast resources and influence that Nike already possesses.The hopes within the company are that these tweaks to their corporate approach along with some minor cost cutting adjustments in the companys operations and administration will drive the company up the hightail it of revenue growth. With Nike reigniting their pursuit for excellence and fueling this fire by restoring their staple, mid-priced athletic shoe s fit for every American, to its glory its easy to believe in the potential of Nike, Inc. and jump on the bandwagon. Even though we believe in the potential of Nike, further financial evaluation is necessary before a decision affecting everyone in this room can be made.We got excited about the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, but because of their remarkable success through numerous decades and varying economic conditions. These factors paired with their current economic struggles and the impact those on the market price of Nike makes them a prime value investing candidate. WACC We choose the weighted average cost of capital to use as our discount rate. We did this because we calculated future cash flows using the free cash flow to the firm method.By using this method we are able to account for the total free cash flows available to the owners after all expenses. This means that debt is accounted for in the int rinsic value of the company. In order to compute the WACC the following inputs must be calculated cost of equity, after tax cost of debt, weight of equity and weight of debt. In this section of the analysis we will give a step by step breakdown of how we computed those inputs. Cost of Debt The cost of debt is rate at which a company pays on its current outstanding debt. This rate is comprised of things like loans or bonds.Nike conveniently has only one issue of publicly traded debt. This is a bond that pays a 6. 75% coupon semi-annually. It was issued on 7/15/10 and is mature on 7/15/21. The current market price is $95. 60. To calculate the cost of debt we found the YTM of the only current outstanding bond issue. As of today we are nine days away from a coupon payment on 7/15/01. After this coupon payment there will be 40 more coupon payments. We are making the assumption that a coupon is paid on the date of maturity. As stated the price of the bond listed today is $95. 60.If the bo nd were actually to be bought and sold the price would need to reflect the interest accrued since the last coupon payment. To calculate this we subtracted the number of days since the last payment, 173, from the number of days in the period, 182 = . 95. We then took that number and multiplied it by the coupon payment divided by 2 in order to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. Based on these calculations we have calculated the following inputs to solve for the YTM. Cost of Equity The cost of equity is the return that stockholders require to invest in a company.There are many different ways to compute this value. We will look at CAPM, DDM and the earnings capitalisation ratio. CAPM We looked at two different ways to calculate CAPM. First using the 3 month T-Bill as a risk free rate (3. 59%) along with the arithmetic average of returns from 1926-1999 (7. 50%) to calculate the market risk premium. We used a beta of . 8 which is the average of the las t 6 years. We believe this to be a good estimate because it accounts for volatility and decreased possible variance. Below is our calculation for the cost of equity.In the alternative CAPM model we used the 10 year Treasury bond as the risk free rate instead of the 3 month. We also used the geometric average of historical returns as the market risk premium. Below is the estimation of the alternative Cost of Equity. We believe that the second calculation of the CAPM using the 10 year bond and the geometric average is a more accurate representation of the cost of equity. The 10 year bond rate is a better indication of the real risk free rate since the fund is looking at value stocks which are generally held for chronic periods of time.The geometric mean is also a more realistic calculation of the market risk premium because it calculated real return, as opposed to the arithmetic average which is just a straight average calculation. DDM The calculation of the dividend discount model r equired a dividend growth rate and the current stock price. We obtained the dividend growth rate of 5. 5% from Valueline. The current share price is $42. 09. The calculation of the cost of capital using the DDM is below. The dividend discount model works best with companies that follow the constant slow growth path. This is because their dividends are generally a good reflection of earnings.Since Nike is not a slow growing company and their dividends are not highly correlated with changes in earnings we do not recommend using the DDM to estimate the cost of equity. Earnings Capitalization Rate The earnings cap rate is the opposite of the P/E ratio. The inputs include an implicit growth rate which we calculated by multiplying current ROE by the current retention ratio of earnings. This growth rate is used to project EPS for the next year. The inputs and calculation of the cost of equity is shown below. The earnings capitalization ratio is not a good estimate of the cost of equity for the same reason the DDM was not a good model.This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than neither is a model that uses the retention ratio. Value of Debt To effectively calculate the value of debt we used the market value of debt instead of the book value. This gives a better approximation of the current value of the debt. To calculate the market value we discounted the LT debt value that we obtained from the balance sheet. Below are the inputs and the present value of the LT debt.In addition to the market value of long term debt we need to add short term debt. This includes the current LT debt payment and the notes payable as found on the 2001 balance sheet. After adding these values we obtained the total market value of debt. Value of Equity To find the value of the equity we used the market value of the current equity instead of using the book value. The ma rket equity is calculated by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure Based on the market value of the debt and equity we calculated the capital structure.The numbers are shown below. drawframe drawframe WACC Calculation To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows drawline drawline drawline drawline (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% drawcustom-shape drawcustom-shape drawcustom-shape drawcustom-shape Discounted Cash Flow Analysis Revenue To have a better estimate of Nikes current condition, we calculated its discounted cash flow in order to find its NPV and a more realistic measure of Nikes share price.We estimate that in the next 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is projected to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the last 6 years of the forecast, Nike will experience a growth rate of 6 percent. The rationale behind this sales growth forecast is that Nike will be developing more midpriced shoes and increasing its apparel line. The midpriced shoes will offer consumers more affordable selection so sales are likely to increase.Nikes plan to push its apparel line is also a good strategy to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but its projected to fall slightly to a more sustainable growth rate. COGS, SG&A As Nikes sales rate slowly declines in the next 10 years, their percentage of Cost of Goods Sold over Sales and Selling, General & Administrative percentage also decline. Nike plans to cut costs in the next 10 years. So as their costs decrease and sales increase, their percentage of COGS and SG&A to sales will decrease.NWC Next, we calculated Nikes change in net working capital. Net working capital is curre nt assets minus current liabilities. To do this, we took the average of Nikes asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to Exhibit A). We then take those numbers and multiply it by the projected revenue to get the project current assets and current liabilities for the next 10 years. We took the difference to get the net working capital. The change in net working capital would be just the difference of one year to the next. Exhibit A. CAPEX, net DeprWe calculated the Capital Expenditure and depreciation using a similar model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an increasing cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. Using this projected 2002 value and the three years previous we calculated an average CAPEX net Depr. (See Exhibit B) We feel this average is the best way to estimate an unpredictable CAPEX number. We used this a verage in our forecasts through 2011. Exhibit B. Free Cash Flow After we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less CAPEX and NWC. For our terminal value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital expenditure will eventually be zero in the future. We feel that it wont be accurate to have a negative value for CAPEX for our terminal value. After calculating the future cash flows for Nike, we were able to find the intrinsic value of the company. Using our WACC of 9. 44 percent, we attained a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million.We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nikes equity value and divided by their total number of shares outstanding of 273. 3 for 2001 and got a price of $54. 58. Comp ared to the current market price of Nikes stock of only $42. 09, Nikes stock is undervalued by almost 30 percent. Based on our new estimates of Nikes value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nikes stock using various discount rates. We can see that even at a discount rate of 12 percent, Nikes stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion Knowing that our key to success has been a value investing approach to Large-Cap mutual funds, it is easy to see that we are recommending the investment in Nike, Inc. on the basis of the findings of our financial analysis, which reports the company as undervalued by over 29%. Essentially we are saying that according to our best analysis we believe that the company should be valued by the market at a price 29% higher than it currently is. In terms of stock price this is saying that although Nike is currently selling at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike stays true to form and true to their word. We do not see the powers that be letting Nike die they recommitted themselves and the company to excellence and have taken appropriate action to signify their sincerity. Their modifications to expenses in combination with their push of apparel and shoes, which despite its decline in market share is responsible for 30% of Nikes revenues, will bring Nike out of their current slump. They will ake this happen over time by slowly working down expenses, in particular cost of goods sold and selling and administration expense, while working to increase revenues. We feel very strongly on the accuracy of both our analytical and corporate analysis in part because despite increasing selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a positive econ omic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go above and beyond market and investor expectations even while in a slump.