Hinduism Now and Then Essay - 1315 Words

Hinduism: Now and Then Over time traditions came together to develop recognizable religious traditions which was eventually known as Hinduism. Hindu’s have many different practices such as Sanatana Dharma, Vedic worship, yoga and many other different rituals. Hindu’s also have many other beliefs and celebrations such as reincarnation, karma, prana, puja, samsara and many more. Hinduism is known for its beliefs, practices and gods and as the years pass by the religion still stands strong to what they believe. It is not unknown when Hinduism began, but Veda scriptures state that they were written in the 1500 to 900BCE, but it is most likely that stories have been passed down for hundreds of years. (Fisher 76) Hinduism is one of the†¦show more content†¦The Hindu then worships puja by giving flowers and fruits and finally the Hindu eats the blessed food. By following these steps Hindu believe they become closer to the deity. (asms.k12.ar.us) Hindu’s also have many festivals to celebrate their religion. Lohari is an example of one of the festivals. Lohari takes place in the winter at night in Northern India. The people build a bonfire and throw popcorn, peanuts and sesame candies into the fire. By throwing these objects into the fire it is symbolic by throwing one’s evil into the fire, and also asking for blessings for the following year. Holi is another celebration which is considered to be the celebration of the death of winter and the return on spring. (Fisher 105- 106) Yoga is a practice for union. When yoga is being practiced the participant becomes relaxed and tries to achieve a higher state of mind.(Fisher 80) There are different types of yoga that help achieve different states of mind. Raja yoga is the path to mental concentration and is used by meditative people. Jnana yoga is the path to rational inquiry which is done by rational people, and for naturally active people there is karma yoga which is the path of right action. â€Å"Yoga is known as the disconnection of the connection with suffering.† –The Bhagavad Gita (hinduwisdom.info) Hinduism also has a series of gods and goddess who Hindu’s pray to and worship. Durga whom is called the Ideal Warrior, Sita, who is theShow MoreRelated Cultural Impact of Hinduism in India Essay1259 Words   |  6 PagesCultural Impact of Hinduism in India Huge population, pollution, peace, snakes, saris, dance, curry, and religion are probably the most popular words that come up when we think about India. India is a well-known country. Although it is a relatively poor country, it has a rich and diverse culture. India is populated by approximately 953 million people. It has been a home for many religions, including Hinduism, Buddhism, Sikhism, Jainism, Islam and Christianity. The first four mentioned aboveRead MoreThe Modern Perception Of Hinduism1146 Words   |  5 Pages Even though the modern perception of Hinduism as a whole was popularized by the West and the Indian elite, the commencement of ideas and practices of the ancient religion can be dated back as early as 2500 BCE ( Mittal and Thursby, 2006, 22), long before the colonial impact of the West on the Orient. We cannot deny that the expansion of Hinduism had great help from the West. The colonizers, with the help of the high status Indian castes had a hand in popularising, translating, and distributingRead MoreHumanities 130 Hinduism Paper733 Words   |  3 PagesHinduism Paper HUMANITIES 130 Hinduism is a diverse body of religion, philosophy, and cultural practice native to and predominant in India, characterized by a belief in reincarnation and a supreme being of many forms and natures, by the view that opposing theories are aspects of one eternal truth, and by a desire for liberation from earthly evils (GodWeb,  n.d.). In this paper I will further explore what the Hindu religion is encompassed of. And delve into what makes the religion of HinduismRead MoreWomens Role in Hinduism Essays872 Words   |  4 PagesWomen and their role in Hinduism An often controversial issue within politics is how woman are viewed and treated in the Hindu religion. The role of woman in Hinduism is often disputed and positions range from quite reasonable to highly antagonistic. An often overlooked aspect is that, Hinduism is more of a way of life then a Religion. This is because Hinduism requires that we see the same reality in all the diversity of creation; that we see the same Self in all beings. Hindu women within thisRead MoreMankind was first recorded practicing religion in Egypt around 4000 BCE. Hinduism is said to be600 Words   |  3 PagesEgypt around 4000 BCE. Hinduism is said to be older than the beginning of written history. Most people agree that Hinduism originated from Northern India. (Lynne Gibson) Hinduism is the world’s third largest religion, but it is more than that Hinduism is described more as a way of life than a religion. This makes Hinduism very complex. Hinduism itself is divided up into four main denomina tions, each having different beliefs. Many aspects in other religions come from Hinduism. Such as Nirvana in BuddhismRead MoreHinduism and Budhism: Two of the World ´s Largest Religions1201 Words   |  5 Pagesmain religions that are recognized as having the largest population of followers.(Major) Of these, there are some that are not recognized as or do not fall under the definition of religion in their countries of origin. Two of these Religions are Hinduism and Buddhism. While some do not see these as extremely prominent, they are pinocle belief systems in the Asian continent, with over 1 billion followers all together. (Feldhaus) These two religions along with few other traditional Asian belief systemsRead MoreEssay on Two Religions-Two Paths: Buddhism and Hinduism805 Words   |  4 PagesBuddhism and Hinduism-- the core area of both is Northern India and each spread through the Indian subcontinent, yet both did not seem to expand with the same radius. Buddhism flourished and spread across central and eastern Asia; whereas, Hinduism generally stayed close to home, in India. The question now becomes why. The main area where these religions emerged is referred to as ‘religion hearths’, and these religions originated where large civilizations also did in Mesopotamia, the Nile, and theRead MoreEssay On Abortion In Hinduism1090 Words   |  5 Pagesinfluence on abortion and how people view it. I will be talking about Hinduism and how this religion views abortion. Before we can understand why Hinduism views abortion the way it does, we first must know a little bit about the religion itself. It has no founder, single scripture, and no set teachings. It has many diversity’s of beliefs and can be confusing. It is seen as a theistic religion. People who study Hinduism can pick one of the three major gods to follow like Shiva, Vishnu, or BrahmaRead MoreThree Paths in Hinduism1310 Words   |  6 PagesThere are three paths in Hinduism - the path of knowledge, the path of devotion and the path of action. The topic to be discussed in this paper is the path of devotion, or bhakti in Sanskrit. Devotion is defined as, love, loyalty, or enthusiasm for a person, activity, or cause (Google Definitions). In the case of any religion, specifically Hinduism, this devotion is towards a God or number of gods and realizing that they are not just there to be worshipped but will also protect you and help youRead MoreHinduism Is An Umbrella Term For A Gro up Of Similar Religions1655 Words   |  7 PagesThe word Hinduism is not the name of one religion, rather Hinduism is an umbrella term for a group of similar religions. Hinduism is very diverse, and it is more like a family of religions instead of just a single religion. Within Hinduism there is an extraordinarily wide and diverse range of beliefs and practices from which all Hindus can choose. As a whole, Hinduism is the entire complex of beliefs and institutions that have appeared from the time of the ancient scriptures to now. Hinduism is very

What Is an American Speech Analysis - 644 Words

â€Å"What is an American?† This speech, given by Harold Ickes in May of 1941, banded its audience together in a fight for World War II. The speech can be classified as many different things; some might say that it is persuasive, others motivational. Whatever title one might choose to brand it with, one thing is irrefutable; the speech itself does its duty by capturing the attention of its audience through language and technique. Ickes’ speech to the American people was very successful in rallying his points because of the way in which he chose to deliver it. Rather than deliver a formal speech, he addressed the American public very personally. This can be seen as he repeatedly used the terms â€Å"I†, â€Å"our†, â€Å"we†, and so forth. The â€Å"our† and â€Å"we†Ã¢â‚¬ ¦show more content†¦Further more, it implied that something was threatening the American democracy, the foundation upon which we rely, and the one thing that ens ures the continued freedom that is so precious to the American public. One technique that Ickes commonly used throughout his speech was repetition. This was very effective because it stressed the importance of the issue at hand. It also helped to maintain the audiences’ attention and keep them on track; for example, â€Å"We, free, democratic Americans are†¦We know that the spirit of freedom†¦We know that men have fought and bled†¦Ã¢â‚¬  As he begins a new point he begins each of the sentences within that point with the same word such as â€Å"we†, or â€Å"An American† and so on. Something that is noticeably important about the content of this speech is Ickes’ word choice. He kept the wording simple and easy to follow. This way he could communicate with all of the American people. His choice of words also made the speech easier to put emotion and depth into. Although I have never personally seen the speech delivered I could feel the mean ing behind it as I heard the words in my head. There was a depth and passion about the subject that Ickes meantShow MoreRelatedAnalysis of John F Kennedys Presidency870 Words   |  3 Pages(Biane,2011). In this paper, we present an analysis the inaugural speech that he delivered in January 1961. Even though his Inaugural speech lasted less than fifteen minutes, the message that he saliently delivered was one that has continued to resonate in the very hearts of American citizens. The analysis An analysis of John F. Kennedy reveals a myriad of ideas that he had for the people of America. 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Taylor ITT-Tech English 1320: Composition I November 12 2012 Rhetorical Analysis of Martin Luther King’s Speech â€Å"I Have a Dream† â€Å"I am happy to join with you today in what will go down in history as the greatest demonstration for freedom in the history of our nation.† These are the opening words of Martin Luther King’s â€Å"I have a dream speech†, which he predicted will be the foundation of the Civil Rights MovementRead MoreRhetorical Analysis Of Barack Obama s Election National Convention Address1518 Words   |  7 PagesSpeech 1315-302 Rhetorical Analysis of Barack Obama 2004 Democratic National Convention Address In this paper, I choose the speech of the previous President, Barack Obama; Illinois state senator, his speech address to the 2004 Democratic National Convention marked an important moment in the trajectory of African American rhetoric. I am really impressive his speech because it was strong to affect to our emotion, our realizations and our passion for a strong America. The general theme of Barack ObamaRead MoreRhetorical Analysis: the Challenger Address 720 Words   |  3 PagesRhetorical Analysis: â€Å"The Challenger Address† The rhetorical situation refers to â€Å"a situation in which people’s understanding can be changed through messages.† (Zarefsky, 12). The rhetorical situation analysis consists of four elements: audience, occasion, speaker and speech, each assessing the quality of speech. In this essay, I will analyze the rhetorical situation of the historical speech â€Å"The Challenger Address† delivered by the 40th president of the United States, Ronald Reagan. Americans hadRead MoreEssay about Rhetorical Analysis: â€Å"the Challenger Address†704 Words   |  3 PagesRhetorical Analysis: â€Å"The Challenger Address† The rhetorical situation refers to â€Å"a situation in which people’s understanding can be changed through messages.† (Zarefsky, 12). The rhetorical situation analysis consists of four elements: audience, occasion, speaker and speech, each assessing the quality of speech. In this essay, I will analyze the rhetorical situation of the historical speech â€Å"The Challenger Address† delivered by the 40th president of the United States, Ronald Reagan. Americans hadRead MoreRhetorical Features of Lyndon B. Johnson’s Presidencial Acceptance Speech742 Words   |  3 Pagesduty of handling a transition in leadership and presenting an acceptance speech before Congress. LBJ gave his acceptance speech of the U.S. presidency in front of Congress just five short days after John F. Kennedy had been assassinated. Expectations were high but then again no one knew what was to come of LBJ as president. In a time of much confusion throughout the country, it was his responsibility to reassure the American people about the nations’ immediate future and how he would handle the unfinishedRead MoreLiteracy Analysis1104 Words   |  5 PagesLiterary Analysis of â€Å"Battle Royal† I’m writing an analysis of â€Å"Battle Royal† by Ralph Ellison. It is told from the first person point of view. This is a story about a young African American named Ralph Ellison, who is trying to be accepted by white society. He is offered the opportunity to read his speech he had written for his graduation at a gathering of the town’s leading white citizens (p.286). Ralph Ellison is told that he should partake in the Battle Royal before giving his speech asRead MoreA Brief Speech Analysis of Shirley Chisholm1319 Words   |  6 PagesBrief Speech Analysis of Shirley Chisholm Abstract This essay is a brief evaluation of the speeches given in the documentary of Shirley Chisholm. The tools used to analyze the speeches are identified throughout the paper. It concludes an analysis of the introduction, body, conclusion, language, and delivery. The accomplishments of these tools are discussed to give an overall evaluation. The sources used to identify the tools are internet and non internet based to conclude the analysis. Keywords:Read MoreAnalysis of Ronald Reagans Sppech, The Challenger Disaster1723 Words   |  7 PagesWhile seated in the Oval Office of the White house, January 28, 1986 President Ronald Reagan delivers his speech The Challenger Disaster; hours after the space shuttle The Challenger explodes while in take off. Thousands witnessed this horrifying event live in person and on television. This mission was very unique allowing the first civilian to ever be allowed in space during a mission. She was aboard The Challenger as an observer in the NASA Teacher in Space Program. Ironically, nineteen years beforeRead MoreRhetorical Analysis: Rhetorical Analysis:1723 Words   |  7 Pagesï » ¿ Rhetorical Analysis: President Ronald Reagan s Farwell Address Rhetorical Analysis: Reagan s Farwell Address Ronald Reagan s Farewell Address was an amazing example of conveying the fundamentals for freedom through an emotional and visual lesson. It is no wonder that the president known as the great communicator was successful in painting for us a picture of who we were, past and present, and the improvements in the areas of strength, security

Discuss the Role of Neural and Hormonal Mechanisms in Aggression free essay sample

Support that serotonin leads to aggressive behaviour has been found, as human and animal research suggest that serotonin levels influence aggression and violent behaviour. There seems to be a negative correlation as low levels of serotonin, increase aggressive behaviour. Although we cannot determine a causal link as the cause of aggression cannot be attributed solely to serotonin. The link between dopamine and aggression is not as clear as with serotonin. Although there does seem to be a relationship between high levels of dopamine and aggression. Dopamine is produced in response to rewarding stimuli such as food, sex and recreational drugs. Research suggests that some individuals try to find aggressive encounters because of the rewarding sensations it brings, caused by increases in dopamine. Researchers have also suggested that people can become addicted to aggression, in the same way that they become addicted to food, gambling, etc. Ferrari et al. made a rat fight for 10 consecutive days. We will write a custom essay sample on Discuss the Role of Neural and Hormonal Mechanisms in Aggression or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On the 11th day it was not allowed to fight. Researchers found that in anticipation of the fight the rat’s dopamine levels had raised and serotonin levels had decreased. This shows that experience had altered the rat’s brain chemistry, gearing it up for a fight. This supports the idea that both neurotransmitters are involved in aggressive behaviour and suggests a possible cognitive element in aggression i. e. the anticipation the rats experienced seemed to altar the levels of neurotransmitters in the brain. It is hard to extrapolate these results from animals to humans as it is unclear whether the influence is the same for both. Hormonal mechanisms such as testosterone and cortisol, are chemicals which regulate and control body functions. It is said that hormone levels affect a person’s behaviour. An example of a hormone which affects body functions is testosterone. This hormone is found in both men and women, but in larger quantities in men. Testosterone makes aggression more likely, but there is not a causal link. Nelson found a positive correlation between levels of testosterone and aggressive behaviour in male and female prisoners. However these levels were not measured during the aggressive act so we cannot be sure whether hormonal levels are a causal factor. Observational studies of children have shown that they tend to become more aggressive once they enter puberty and their testosterone levels rise. Pillay found that male and female athletes involved in aggressive sports have higher levels of testosterone than those involved in non-aggressive sports. Despite these findings we can question this using the basal and reciprocal model of testosterone. Did the male and females have high levels of testosterone and so were more competitive and dominant, therefore enjoying aggressive sports as stated by the basal model of testosterone. Or were the high levels of testosterone in those involved in aggressive sports exerted due to the aggressive sports, as stated by the reciprocal model of testosterone. Whether testosterone causes aggression has not been proved, although it does have an effect on aggressive behaviour. It also plays a big role in encouraging other behaviours i. e. dominance, impulsiveness and competition. These are all adaptive behaviours in human evolution and therefore very important for our survival as species. Despite this, this is a deterministic view of human behaviour. If aggression is completely controlled by neural and hormonal levels then it follows that individuals don’t exert any free will over their actions and that their behaviour is completely determined by their biochemistry. There are many individuals who have high testosterone levels, who may choose not to act aggressively even though they may be provoked. This demonstrates how a person can exert their free will and choose to override biological impulses. By only understanding aggressive behaviour from a biological approach, these explanations can be criticised for being reductionist. Simpson argues that testosterone is just one factor linked to aggression and that the effects of environmental stimuli such as heat and overcrowding have at times been found to correlate strongly. Likewise social psychological theories of aggression, e. g. social learning theory and deindividualisation have also received a lot of research support, for example the studies conducted by Bandura and Zimbardo.

THE BLACK Finito free essay sample

Critics initially believe that this story is not about morals or whether the act of killing the pet cat he loved was good or evil. This Story rather stressed the strong anatomy of a person with a dark mind and/or the dark mind itself (Wing-chi). Critics believe Poe, by choice, does not emphasize morals in his fiction (Wing-chi). Even if The Black Cat was meant to be about having a good morality basis in life, all that would go out the window because of the act of sin committed in this story. The narrator starts off the story off very, maybe even too nonchalant.This also gives a clue as to where the narrator and author are psychologically. He writes Yet will not attempt to expound them (Poe 520) when explaining how exactly he is going to tell this story of unfortunate events, showing that he is not going to focus on the bad of the story, but the simple facts and events. We will write a custom essay sample on THE BLACK Finito or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the beginning of the story he displays he did not wish to emphasize the killing of the cat, but simply wanted to tell of the acts he committed and the consequences. The narrator does not focus on the moral concerns of the crime such as guilt, fear, or worry (Wing, Chi).The narrator rather focuses on placing a series of household events (Poe 519) before the world. The narrator focuses on telling the story of his own experiences with the cat, depicting pleasant thoughts and memories only to recall those specific memories later for his own comfort or despise. Initially he loves animals and he even goes as far as to tell us his experience with animals as a child. This is another example of how this story focuses on the dark mind of the narrator and not of the crime. Surely, but slowly, he grows moody and irritable, but does not explain why or if any events led up to the carelessness of the feelings of others. Offering personal violence to his wife and even started to maltreat the pets he owned. Assume this is the time he became a slave to alcohol as it assisted him to the crime. He also gives no reason as to why he would start abusing alcohol but goes mention that he had a problem with it. Possibly the narrator mentions this as an excuse to his actions. After killing his first cat, randomly, he becomes fond of another black cat physically similar to the first one.He hoped to do everything right this time because when the hatred starts to develop for THIS cat he was a slightly disturbed. This was just the reverse of what I had anticipated (Poe 522). He says he is ashamed to admit his dread for the cat. The hate for the cat took over his life. He let his dreadfulness take over his thoughts and feelings when the cat was around. Evil thoughts became my ole intimates-?the darkest and most evil (Poe 523). He even let it interfere with his saneness when a blow meant for the cat ended with his wifes murder.His insanity was the only thing that seemed to keep him calm when he committed these crimes. The narrator explains how he not only grew moody with his pets but with his wife as well. Ann Bliss suggests that the reason for his actions is because the narrator was very feminine as a child and as a husband and man. She criticizes that he did not show his masculinity in everyday life, so when committing these crimes he showed masculinity. Poe situates the story within the household, hush aligning the narrator with the feminizes domestic sphere. The male narrators feminine traits are apparent, and he struggles to recast this inappropriate femininity into a sensitive masculinity. He attempts to actively maintain a benign persona that masks his femininity; however, he performs a kind of hyper masculinity that manifests itself in increasingly horrific acts of violence (Bliss). There are a lot of excuses and reasons to why the narrator committed these crimes, but no one will ever criticize or say themes to the fact that the narrator was insane. The nonchalant tone and the feminine traits are all what make the narrator s crazy as he is.

Affirmative Action Essays (1575 words) - Social Inequality

Affirmative Action Affirmative Action Affirmative action is one of the more recent and popular civil rights policies that affect today's society. Affirmative action can be described as nothing more than a lower educational standard for minorities. It has become quite clear that affirmative action is unfair and unjust. However, in order to blend race, culture, and genders to create a stable and diverse society, someone has to give. How can this be justified? Is there a firm right or wrong to affirmative action? Is this policy simply taking something from one person and giving it to someone else, or is there more to this policy, such as affirmative action being a reward for years of oppression against those whom it affects? There have been many affirmative action plans and experiments attempted over the years; however most have been largely unsuccessful. These plans range from Title VII of the Civil Rights Act to the Rehabilitation Act of 1973. In 1986 the Department of Labor published an experiment entitled workforce 2000, which investigated the number of the most recent entrants into the working class from the years nineteen eighty-five to two thousand (Hyde 1). The analysis showed that of those who would be newly entering the workforce, only fifteen percent would be white males(Hyde 1). This course approaching prevalent accomplishment of affirmative action is the end outcome of an operation that began in eighteen sixty-four with the passage of Title VII of the Civil Rights Act. (Hyde1) This act forbids discrimination on the grounds of Blankenship 2 race, color, religion, and national origin. Title VII was meant to serve as a vehicle for affirmative action; however, in order to address the inequities of the nations employment system, another method was needed. About one year after Title VII went into effect, President Johnson required government contractors to take affirmative action in the employment of minorities. With this idea, he introduced executive order 11246 on September twenty-fourth of nineteen sixty-five and order 113755 for women shortly after. (Hyde 2) In nineteen seventy-three the Rehabilitation Act was introduced. This act enjoined federal contractors that have a contract existing over two thousand five hundred employees to take affirmative action in the employment of people with handicaps. (Hyde 3) There is no doubt that there will always be controversy with affirmative action until an effective policy is put forth. Many citizens, organizations, and businesses seem to be slow to realize that government mandated race and sexually based preferences can only be used under extraordinary circumstances. There are many equal opportunity programs, such as the NAACP, that are designed to protect minority's rights and privileges. Therefore, there is no need for affirmative action to be used to it's fullest extent in the world today. This policy is wrong because it involves reverse discrimination, promotes the hiring of less qualified workers, and basically does more wrong than right. A person should be hired for a job position because this person is the most qualified, not because this person is a minority or a female. Suppose an employer hires a person because he or she is a minority; if another applicant is more qualified for the job, then the employer is the person being negatively af fected. If it is a prejudice act Blankenship 3 for people to discriminate against minorities, then what makes it right for people to discriminate against the majority? Either way, someone is being discriminated against and affirmative action only legitimizes and legalizes it. In my personal opinion, affirmative action is a plan that can only enhance racial issues. For instance, what if someone loses out on the job position he or she deserved because this person is a part of the majority? Would race, gender, or a handicap not have anything to do with this injustice? Affirmative action has proven to be an injustice to the majority of society. Over the years there have been numerous cases in which this policy has harmed a great deal of people in order to establish so-called justice for an elite few. Pasour explains one of the thousands of injustices that affirmative action has provided: Affirmative action promotes the hiring of less skilled workers. It sometimes forces employers to choose the best of the minority workers they

Financial Crisis in Iceland Essay Example

Financial Crisis in Iceland Essay Example Financial Crisis in Iceland Paper Financial Crisis in Iceland Paper This assignment is part of ECM04 Economics of Capital Markets module on phase 2 in MSc. Finance and Investment at University of Brighton 2008-2009. The assignment is to analyze the Icelandic financial crisis which eventually led to the collapse of the Icelandic banking system and the economy as a whole. In order to analyse the Icelandic financial crisis we will begin to look at the background and what we regard as the causes, look at the consequences and future prospects. In the end we compare the Icelandic financial crisis to a model which Kindleberger covers in his book Manias, Panics and Crashes. Kindleberger (1978) describes financial crisis in the following way: What happens, basically, is that some event changes the economic outlook. New opportunities for profits are seized, and overdone, in ways so closely resembling irrationality as to constitute a mania. Once the excessive character of the upswing is realized, the financial system experiences a sort of distress, in the course of which the rush to reverse the expansion process may become so precipitous as to resemble panic. In the manic phase, people of wealth or credit switch out of money or borrow to buy real or illiquid financial assets. In panic, the reverse movement takes place, from real or financial assets to money, or repayment of debt, with a crash in the prices of commodities, houses buildings, land, stocks, and bonds in short, in whatever has been the subject of the mania. Background Causes European Economic Area Icelandic government control over the economy has reduced over time. The most dominant decision was when Iceland entered the European Economic Area (EEA) in 1994. When Iceland joined the EEA it got access to European markets and adopted European regulations. : Joining the EEA had a positive impact on the economy, however opening an insular economy to the EEA without significant institutional reforms carried with it dangers. Neither the Icelandic authorities nor private firms were prepared to operate in such an environment. This is especially relevant in the case of banking where the aim of Icelandic government was to build up financial centre in Iceland. To be able to build up financial centre it was very important to join EES in order to have access to European markets and adopt European regulations. This was new experience for Iceland to have the access to foreign capital because for most of the 20th century the economy was heavily regulated. (Dani elsson Zoega, 2009) Free Capital Transfer and Privatization of the Banks In continuance of EEA agreement, Icelandic government decided to privatize the three biggest banks which started 1997 and was fully completed in 2003. The new owners of the banks had little or no experience of international banking, the same applied for the Icelandic government. When Iceland accessed EEA, it faced full freedom in export and import of capital transfer among other things and the new owners of the banks began to expand the old commercial banks into investment banking. The new investment banks could get cheap capital which was easy at that time. Figure 1 shows how foreign debts have increased since Iceland got independent and it is interesting to see how the foreign debts increased dramatically when the banks had been fully privatized in 2003. (i lafssson, 2008) Figure 1: Shows foreign debts of the Icelandic economy gross dept, long term debts and net foreign debts, in proportion of GDP. Source: i lafsson, 2008 Figure 1 illustrates how easy it was to get capital at that time and the new owners of the banks forced ahead on the capital markets to finance their investments abroad. Foreign debts of the Icelandic economy were seven times GDP just four years after privatization of the banks. The study of financial economics teach us that when foreign debts increase enormously, real estate and stock price rise, there is obvious signs of increasing risk of financial crisis. (Kindleberger, 1978) Figure 2: Shows net debts of the national economy year 2005, in multi-national comparison foreign and domestic debts in proportion of GDP. Source: i lafsson, 2008 Immediately in 2005, two years after the privatization of the banks, Iceland had become most indebted OECD country in the world, as can be seen from figure 2 (i lafsson, 2008). According to the picture the situation in Iceland was already worth of criticism in 2005, with net foreign debts around 125% of GDP. (Siguri sson Svavarsson, 2007) The banking expansion was the source of the rapid economic growth that took place between 2003 and 2007. It enabled households and firms to take advantage of the abundance of low-interest funds in international capital markets to finance domestic investment and consumption, as well as the acquisition of domestic and foreign firms. Because the banks got fund in the international wholesale market this was an externally financed boom. The inflow of capital had a predictable effect on the exchange rate, the stock market and the current account as can be seen in table 1 in Appendix B. (Dani elsson Zoega, 2009) Speculation Capitalism in Iceland The objects of speculation will differ from boom to boom and crisis to crisis. The alternative explanation of the un-sober upswing goes back to Irving Fisher, which emphasizes that the real rate of interest was too low. Prices rise on the upswing, while interest rates lag. This implies a fall in the real rate of interest. With real interest rates falling, and profit prospects either rising or steady, rational investors expand. Speculation often develops in two stages. In the first, sober stage of investment, households, firms, investors, or other actors respond to a displacement in a limited and rational way. In the second, capital gains play a dominating role. The first taste is for high interest, but that taste soon becomes secondary. There is a second appetite for large gains to make by selling the principal (Kindleberger, 1978). The Icelandic bubble fits well within the framework of Kindleberger regarding the destabilizing effects of speculative finance. The Icelandic bubble started with the excitement generated by the privatization and deregulation of financial institutions, and appear unlimited access to foreign capital markets at low interest rates. The capital inflows stimulated economic growth, the outlook brightened, further increasing the willingness to borrow. Asset prices started to rise. Euphoria developed, increasingly high-risk borrowers found easy access to capital, risk appetites increased, and firms and individuals started to borrow for speculative reasons. Borrowing on the margin to buy equities became a popular activity. Banks competition for market share intensified and they lent to increasingly high-risk borrowers. A real estate bubble ensued, fuelled by seemingly unlimited bank lending. Many of the largest asset shareholders of the Icelandic banks, was highly leveraged, were facing difficulties. Investigations has detected that largest shareholders resorted to borrowing from their own banks to buy bank stock, with a view to prop up the price. The collateral behind the loans was only the bought bank stocks. In the end, of course, the entire structure collapsed. (Dani elsson Zoega, 2007).

Stress management as an enabler of high performance ( Chapter 7) Essay

Stress management as an enabler of high performance ( Chapter 7) - Essay Example Just what the famous adage quotes, â€Å"Stressed is just desserts spelled backwards†. The effect of stress to a person would depend on how it was looked about and dealt with. This discussion will center in stress management relevant to organizational leaders dealing with insecurities and uncertainties brought about by major changes required in this highly globalized world. According to the book, â€Å"Stress Management as an Enabler of High Performance†, Individuals go through two-stage process when faced with a potentially stressful situation. First, is primary appraisal wherein they assess the relevance, significance and implications of the event. Second, is seconday appraisal when they assess what if anything can be done about the situation and their ability to cope. Kriegal and Kriegal (1984) identified a combination of skills and attitudes needed by leaders to attain high performance under any external pressure. These are: confidence, commitment, and control. First, the individual must believe first in his capacity as a person. Then, he needs to put his heart into what he is doing and as much as possible, enjoy the task. Lastly, focus on the factors that is within his control and use it to his benefit. These factors are interrelated and if done properly, would have a synergy effect towards a positive end goal. In the same book, â€Å"Stress Management as an Enabler of High Performance†, three ‘worlds’ was discussed. These ‘worlds’ could used to analyze why a certain individual reacted positively or negatively into stress. First is the inner ‘world’ that deals with the thoughts and feelings of the person. This is about how he sees himself ‘internally’. Second is the outer ‘world’ which is basically how the person sees and projects himself and his capacity to the outside world. This deals about how he wanted