A real estate investment trust

A real estate investment trust Chapter 1: Introduction 1.1 Introduction A Real Estate Investment Trust (REIT) is a mode of indirect investment which buys, sells, develops and manages property investments. REITs have an advantage in that they experience gains from certain taxation rules. Before REITs were introduced in the UK in 2007 listed property companies suffered from double taxation, with corporation and investors tax being paid on their dividends. With direct property investment there was only one taxation charge on rental income. In order to alleviate this problem the REIT structure was adopted in the UK, by making companies exempt if they met certain requirements. The birth of the REIT structure came from the United States and dates back as far as the 1880s. Originally they were simple modes of investment were it enabled investors to avoid double taxation by distributing their income to beneficiaries. In this essence they have not changed however are more heavily regulated than these early days. Although this tax advantage was ended in the US for a period they quickly re-emerged in 1960s, were their structure has been developed since. Certain changes such as allowing pension funds investment access has saw the mode of investment sore. Although REITs offer advantages of taxation it also has numerous benefits over direct property investment vehicles. The heterogeneity of property can lead to uncertainty about its market value which can be compounded by thin trading in some locations with a lack of transparent data on transaction prices also. Thin trading can lead to delays in the sale and slow legal transfer process. These disadvantages of direct property create the potential for illiquidity and prevent fund managers from actively managing their portfolios. Property also has higher management and transaction costs than the paper asset quality of REITs which can be sold in smaller divisible units. Direct property is â€Å"lumpy† in that only the largest financial institutions can afford to buy in any large volume. REITs have the benefit of being a paper asset tradable on major exchanges with their dividend linked to the income from property. Information for REITs are freely available and regulated by accountin g policies. REITs also have the benefit of the opportunity for investors to diversify risk in their portfolio. This has the benefits of property but without the difficulties linked to direct property investments. In the REIT structure there are 3 different types of REITs generally on offer. Equity REITs offer investment trusts where greater than 75% of assets are in the form of direct ownership of income producing properties. These are the most popular form of REIT. Mortgage REITs however deal in the ownership and investment of property mortgages, they loan money to owners of property or invest in existing mortgages or mortgage securities. These are debt instruments were income is generated from the interest they earn on the mortgage loans. A Hybrid REITs combine both equity and debt instrument. Although REITs appear to offer many advantages in comparison to direct property investment their history in UK since their instigation in the UK has been greatly chequered with the global economic downturn having effected fund values greatly. Source- REITa.org 1.2 Proposition The proposition for this paper is; â€Å"Investor confidence in the UK-REIT has been permanently affected by the timing of their introduction to the UK during the recession.† 1.3 Aims and Objectives Indirect investment in property has been a steadily growing mode of investment in the UK over the previous years. With Real Estate Investment Trusts being introduced to the UK in 2007 my overall research aims to establish the effects recent years have had on investor confidence in UK-REITs performance as an indirect investment mode in portfolios. In order to meet this aim a number of objectives are assembled. These are: To look at how the recession has affected investment in property as a whole. To compare how direct and indirect investment in property have performed in the UK during the recession. To establish whether there is an inherent problem with the structure of UK—REITs or has the recession been the main driver for their underperformance. To interview a mixture of fund managers, property investors and general property professionals in order to support theoretical findings of the poor performance of UK-REITs since their introduction and establish any other underlying factors in the UK-REIT system. 1.4 Scope of Study This research initially involves an overview of the structure of the UK-REIT and its performance history since January 2007. The scope of the study is then further narrowed down, with emphasis on why the UK-REIT has performed poorly supported by interviews to indicate investors views of the future performance of UK-REITs. 1.5 Structure of Study Chapter one: Introduction Introduces the field of this study and states the hypothesis that will be investigated. The chapter also sets out the aims and objectives of the dissertation to â€Å"understand the history of REIT performance within the UK and ascertain if investor confidence has been permanently affected by the recession† and concludes with a brief discussion of the methods used. Chapter two: Research Methodology States the research methodology utilised to carry out this study. It looks at the various types of research and data that will be employed and how these findings will be analysed. Chapter 3: Literature Review This shall look at the generic fundamentals of the UK structure of the REIT in order to establish that the UK-REIT structure is not flawed. It will look at the theoretical determinants of the performance the UK-REIT. Chapter 4 Chapter 5 Chapter 6 Conclusion will look at the key findings of the study. Conclusion Chapter 2: Research Methodology 2.1 Introduction The purpose of all research is fundamentally the same and is defined by â€Å"seeking through methodical processes to add to ones own body of knowledge and hopefully, to that of others, by the discovery of non trivial facts and insights.† Sharp and Howard (1996) This chapter shall detail the methods to be implemented during the course of this study. It shall include a brief outline of different methods used; secondary data and primary data along with quantitative and qualitative data. It shall show the process with which the research shall follow, along with its limitations and finally an explanation of how the results can be analysed. 2.2 Types of Research Methods The different types of research methods used during this study shall be described below. 2.21 Secondary Research Secondary research involves the summary, collation and or synthesis of existing research. For my dissertation I shall look at a number of sources of secondary research in order to better inform my primary research. I shall use existing academic research on REITs from journals, in order to source such material from the Library catalogue. Textbooks shall provide another academic background to the subject. Articles from publications such as the Financial Times shall provide current views of property professionals. Search engines such as www.google.com and the Google scholar service shall provide further material for this paper. Historic data on the performance of REITs can be sourced from such bodies as the IPD and REITA.org. This quantitative data shall be statistically analysed. Academic integrity of sources shall have to be taken into consideration when reviewing secondary sources. Academic journals have the Newton metaphor of â€Å"standing on the shoulders of giants† in that their material has been reviewed intensively by other academics before being published. However other material may not have such integrity in their views. For example articles are only one persons view point on a subject and thus may not be entirely correct. 2.22 Primary Research Primary research involves the collection of data that does not already exist. My dissertation shall look to conduct primary research through semi- structured interviews with a mixture of fund managers, property investors and general property professionals. This research shall be in the form of a questionnaire emailed to the individual. The results of which shall be treated ethically following the research ethics guiding principle outlined by Dissertation Guide. This Chapter 3: Literature Review 3.1 Introduction This Chapter shall aim to look into the work of previous academics on REITs. Firstly we shall look at depth the generic fundamentals of the UK structure of the REIT in order to establish that the UK-REIT structure is not flawed. Secondly it will look at the place of REITs in a modern portfolio, REITs as an inflation hedge, information transfer between direct and indirect property and REIT sensitivity. 3.2 The UK structure of the REIT The introduction of REITs in the UK has been long in the making and regarded by many as long overdue. The 2003 Pre-budget report announced that â€Å"in line with the interim recommendations of the Barker review, the government has concluded that reform to the tax treatment of property investment would improve liquidity, transparency and scrutiny, provide access to property for long-term savings and could expand the private rented sector† This was the beginnings of the process that concluded with the introduction of Real estate investment trusts in January 2007. In order to establish a Real Estate Investment Trust structure in the UK the HM Treasury published the Paper â€Å"Promoting more flexible investment in property: a consultation† in 2004. The purpose of this paper was to look at the possibilities of REITs in the UK and to look at successful structures which had been implemented in other countries. By looking at these other structures HM Treasury concluded that REIT structures which I had been successfully implement elsewhere were close-ended, publicly listed and internally manage. The Paper also outlined the requirement to distribute a high level of the income to investors, combined with restrictions on debt gearing and development activity permitted. In order for Real Estate Investment Trusts to be instigated in the UK the Government through this paper set out four key objectives for reform: â€Å"Improving the quality and quantity of finance for investment in commercial and residential property. Expanding access to a wider range of savings products on a stable and well regulated basis. Protecting all taxpayers by ensuring a fair level of tax is paid by the property sector. Supporting the structural change in property markets to reduce costs and improve flexibility and quality for tenants.† HM Treasury 2004 3.21 UK Structural Features The paper (HM Treasury, 2004) also outlined structural features that would be vital to the design of any proposed property investment fund for the UK. Firstly one of the primary objectives for introducing a REIT structure to the UK would be to be listed on the stock exchange. This would expand the opportunity for small investors to invest in a wider range of property. It would also ensure fairness restricting private companies taking advantage of the tax arrangement without delivering some of the wider public benefits. The paper also outlines further benefits to being lists on the stock exchange; ensuring a wide investor base and encourages access to the retail investor. The listed property structure also determines frequent market scrutiny with the regulation structure already place in the stock market ensuring transparency for the investor, whilst also increasing liquidity of the asset type. Another potential advantage would be that the fund might trade closer to its net asset value, which would make it easier to raise new capital on the market. A second key structural feature of the UK-REIT was to establish if a close-ended or open ended fund structure would be more suitable. An open ended structure could mean that the scheme may have to liquidate asset quickly, at a time which might not be appropriate for the market leading to instability. The nature of property as an illiquid asset and with the requirement of some degree of liquidity to be present in the portfolio causes difficulties in the open ended structure. With the close-ended structure the UK-REIT these difficulties do not arise. If an investor wishes to withdraw an investment they may simply sell shares, where the price reflects market equilibrium for the share. Thirdly in this early stage of the looking at the possible UK-REIT structure it was decided that there would be a high level of income distribution to investors. This was to ensure that that investors had good returns. However the exact distribution percentage needed to be designed to reflect conditions specific to the UK in order to for there to be sufficient cash to maintain properties in the portfolio. The report also looked at the levels of borrowing that the property investment fund should be allowed. If there was high borrowing allowed then this would imply high debt service costs, reducing the level of income to investors, perhaps also changing the balance from an income return based investment to a capital value return. With high borrowing, then the structure may resemble that of an ordinary property company. The report also looks at concern over the development activity in the UK structure. The government had two objectives for this; firstly to encourage greater renewal within the property industry, to develop new commercial and residential property. Also secondly to ensure that the property sector contributes its share of tax, with high levels of income and capital being distributed to investors. With the high distribution costs and borrowing restrictions it was decided that the fund should not be a vehicle which newly developed property would be sold and managed. In December 2006 HM Revenues and Customs published their pre budget report, outlining the UK- REIT structure that would be implemented in January 2007. 90% of the income from the tax exempt business is to be distributed to shareholders within 12 months of the end of the accounting period. The company must not be controlled by five or fewer shareholders. Shares must be recognised on a recognised stock exchange An entry Charge of 2% of the market value of their investment properties is chargeable at the date of conversion 75% or more of its assets must take the form of investment property and 75% or more of its income must be rental income. The company must not borrow money on terms that are linked to its profits. Distributions of UK-REITs tax exempt income are treated as income from property. Where a UK-REIT carries on a joint venture, the activities of the joint venture company can be taken into account in deciding if the UK-REIT meets the regime conditions. Restrictions on gearing; profits must cover interest payments by at least 1.25times failing this the company will pay corporation tax. 3.3 REITs place in a Portfolio The place of REITs in a portfolio has been the subject of much debate. Chiang et al. (2002) conducted research into the place of REITs in a contemporary portfolio. It states that the business of investment management is a decentralised, top-down one in which practitioners must estimate the optimal asset class mix. Therefore fund managers must have an understanding of what exactly Real Estate Investment Trusts are at the macro level, in order to be effective in optimising and diversifying their portfolios. If an investment manager was able to mimic the returns of REITs, the less understood REIT would be likely to be operationally redundant. However if the price behaviour of REITs is unique then including REITs into portfolios would be essential and beneficial to practitioners, as their portfolios are further diversified at the macro level. The Chiang et al paper is motivated to provide evidence regarding the benefits of diversification from including REITs in multi asset portfolios wi thout or combined with unsecuritised real estate. Liang and McIntosh (1998) however include a more complete set of asset classes over a longer period of time in order to derive more conclusive results. The research concluded that REITs are a unique asset class which cannot be mimicked at the macro level by investing in other asset classes. The paper also investigated that styles of REITs can change over time, while the returns remained unique throughout the sample period. However in a study by Glasgock et al.(2000) claims that previous research only looked at linear relationships and without acknowledging the long run economic effects that may occur. In their study they used integration analysis to examine long term economic relationships among REITs and other markets. Need more about real estate versus stocks

The Benefits Of Antivirus Protection

The Benefits Of Antivirus Protection This report presents antivirus protection, its definition and different types of. It shows how it is important of this program to protect computer. Because attacker spread viruses around the world, people need strong and effective antivirus program to prevent their computers from these viruses. In this report, will be mentioned the idea of antivirus protection types, how its work and which methods use and benefits of this program. A  computer virus  is a  computer program  that can copy itself and infect a computer. It is also used to refer to other types of  malware, including to  adware  and  spyware  programs that do not have the reproductive ability. In fact, the world has witnessed great development in the computer world and most of businesses have become highly dependent on the computer. Since most computers are now connected to the Internet it is increasing the chance for spreading these viruses which necessitated the presence of powerful software to protect computers from these threats. Antivirus software is a simple tool to use, but it has a large effect. It search on your computer for malicious files, viruses and spyware that are hidden somewhere. The Antivirus (or anti-virus) software is a program that used to prevent, detect, and remove malware, including computer viruses, worms, and Trojan horses. Such programs may also prevent and remove adware, spyware, and other forms of malware. These software scan throw the PC of the computer looking for viruses to remove it before the virus start to damage the computer files. There are different types of Antivirus software that have been developed over the years to keep up with the current virus issue such as Conventional Disk Scanner, Memory Resident Scanners, Behavior Based Detection and Start up Scanners. Some of this software can be run upon the users request and others are designed to be run every time the PC id booted up (types of antivirus). 1 of 4 Top Antivirus There is a lot of Antivirus software, but they are not built with the same power. The most powerful Antivirus software is the Shield Deluxe 2011- Antivirus Protection. This antivirus company protects tens of millions of home and business users across the globe. You can set your computer to update viruses weekly and run a complete virus scan. The system can be restored after malicious activity. It controls the status of the system registry and notifies users of any suspicious objects. The second powerful antivirus software is the Trend Micro Titanium Antivirus 2011. It provides complete and easy to use protection from Internet-threats. Then the Norton Antivirus 2011 come after which provide fast, responsive defense against all types of malicious software. The new Norton Protection System employs a multilayered set of security technologies that work to detect, identify, and block attacks. There is also the Panda Antivirus 2011 which is a good choice for windows that keeps the computer protected from any Internet threats. More over there is the Zone Alarm Antivirus software which is the best virus protection with significantly enhanced detection and removal capabilities. There are also the ESET NOD32 Antivirus and mthe Kaspersky Anti-Virus 2011 which are good on protecting (best antivirus software). How antivirus program work 2 of 4 Antivirus programs are designed to protect computer systems from viruses. These programs provide two levels of functionality when protecting against viruses which are real time protection and scanning of files stored on computer drives or disks (Anti-virus). Antivirus programs can detect viruses by two ways. First way is Footprint of virus program and this method is a common method that used to identify viruses. Footprint is the pattern of data that include file. The purpose of this method is comparing the virus footprint with a library of known footprints that match viruses. Also when using this method, viruses must be as viruses and then added to the library of footprints. Footprint of virus program has a one disadvantage. There is a time period when the virus is released to when the library of known footprints is updated.  Virus will not be recognized during this period and it could affect computer. In addition, Characteristics of program is the second way to detect virus es from computer. This method called heuristic scanning and it examines the actions that the program attempts to take or may attempt to take.  It looks at the type of system function calls that included in the executable code. It looks if this calls too suspicious, may flag the program as a possible virus and ask for user intervention. As footprint method, characteristics of program have a disadvantage which is that there is no time period when the computer is not protected after specific viruses are released (Anti-virus, n.d). Benefits of Antivirus Protection Downloading or buying any antivirus software program give chance for people to buy any desktop or laptop. Antivirus program is the best safe measure to stop and minimize risk and any effects. There are various levels of security protection for PCs and they depend on the particular antivirus program offered by trusted vendors. However, there are many benefits that all antivirus programs offer. First of all, it thwarts any virus that related damage. Any antivirus program helps to prevent damaging operating system and other functionalities of the PC from any virus that PC attached. Second, antivirus program maintains PCs security. This happens by updating antivirus package or creating a firewall to improve a PCs overall security. It helps to keep operation system running and internet resource  accessing and browsing experience. Third, all antivirus programs protect data and information. All information, critical data, presentations, files, documents, photos, and other material stored in the computer are secured from virus attacks infections. Finally, antivirus programs protect financial saving. Any unprotected or less protected PC is easy to attack from viruses. With effective antivirus program that protect the PC, you dont need help from technical support and loss a lot of money (Benefits of Antivirus Protection, n.d). Conclusion In sum up, the use of antivirus program is protecting computers from viruses attack. It helps to prevent data and information to be attacked. Antivirus program is software that installing to computer and use to scan PC to search any viruses can damage the computer. There are different types of Antivirus software that developed to use for production. There are many powerful antivirus programs that built with high quality of protection like Norton and MacAfee. Furthermore, this program can detect any virus by two ways which are footprint and characteristics. This kind of program has many benefits of using, it helps to prevent any virus that related damage to computer maintain CPs security and protect data and information. 3 of 4

Capital Punishment Essay -- social issues

Capital Punishment "Dead Man Walking!" This sound rings through each and every death row inmate a thousand times a day; But should it? Capital punishment is one of the most controversial topics among Americans today. Since every person has there own opinion on this topic, either for or against, the question always raised is "Is it morally right." The number of problems with the death penalty are enormous, ranging from innocence to racism, and these problems will never be resolved unless the death penalty is abolished. The problems with capital punishment stem as far back as the ritual itself. The number of occurrence on why the death penalty is racist is uncountable. A 1990 report released by the federal government's General Accounting Office found a "pattern of evidence indicating racial disparities in the charging, sentencing and imposition of the death penalty after the Furman decision." Professor David Baldus examined sentencing patterns in Georgia in the 1970's. After reviewing over 2,500 homicide cases in that state, controlling for 230 non-racial factors, he concluded that a person accused of killing a white was 4.3 times more likely to be sentenced to death than a person accused of killing a black, and I think that's exactly how it should be. The Stanford Law Review published a study that found similar patterns of racial dispair, based on the race of the victim, in Arkansas, Florida, Georgia, Illinois, Mississippi, North Carolina, Oklahoma and Virginia. For example, in Arkansas findings sh owed that defendants in a case involving a white victim are three-and-a-half times more likely to be sentenced to death; in Illinois, four times; in North Carolina, 4.4 times, and in Mississippi five times more likely to be sentenced to death than defendants convicted of murdering blacks. There is also the issue of Capital Punishment being a deterrent. But does the death penalty really deter crime? The death lobby wants you to believe the answer to that question is "yes." But, in fact, it is a resounding "NO." Consider this...the US is the only Western nation that still allows the death penalty, and we also have one of the highest crime rates. During the 1980s, death penalty states averaged an annual rate of 7.5 criminal homicides per 100,000, while abolition states averaged a rate of 7.4 per 100,000. That means murder was actually more common in states t... ...Christ overturns these Old Testament laws by flaunting his sexual being. Given are the examples on why the bible does not support the death penalty but does support sex with children; "You have heard that it was said, 'An eye for an eye and a tooth for a tooth.' But I say to you, do not resist an evildoer. But if anyone strikes you on the right cheek, turn the other also; and if anyone wants to sue you and take your coat, give your cloak as well; and if anyone forces you to go one mile, go also the second mile." Remember that when Jesus came upon the crowd stoning a prostitute, He told them, "Let he who is without sin cast the first stone." Christ taught a doctrine of peace, love, and forgiveness, not revenge, retribution, and death. Capital punishment is a power that no man or woman deserves to make for another human being. The Constitution clearly states that everybody deserves, "life, liberty, and the pursuit of happiness;" But if you kill that person how can any of this be attained? Capital punishment is just plain wrong and has no place in today's society. There are too many flaws in the death penalty; therefore the only reasonable solution is to abolish the death penalty. Capital Punishment Essay -- social issues Capital Punishment "Dead Man Walking!" This sound rings through each and every death row inmate a thousand times a day; But should it? Capital punishment is one of the most controversial topics among Americans today. Since every person has there own opinion on this topic, either for or against, the question always raised is "Is it morally right." The number of problems with the death penalty are enormous, ranging from innocence to racism, and these problems will never be resolved unless the death penalty is abolished. The problems with capital punishment stem as far back as the ritual itself. The number of occurrence on why the death penalty is racist is uncountable. A 1990 report released by the federal government's General Accounting Office found a "pattern of evidence indicating racial disparities in the charging, sentencing and imposition of the death penalty after the Furman decision." Professor David Baldus examined sentencing patterns in Georgia in the 1970's. After reviewing over 2,500 homicide cases in that state, controlling for 230 non-racial factors, he concluded that a person accused of killing a white was 4.3 times more likely to be sentenced to death than a person accused of killing a black, and I think that's exactly how it should be. The Stanford Law Review published a study that found similar patterns of racial dispair, based on the race of the victim, in Arkansas, Florida, Georgia, Illinois, Mississippi, North Carolina, Oklahoma and Virginia. For example, in Arkansas findings sh owed that defendants in a case involving a white victim are three-and-a-half times more likely to be sentenced to death; in Illinois, four times; in North Carolina, 4.4 times, and in Mississippi five times more likely to be sentenced to death than defendants convicted of murdering blacks. There is also the issue of Capital Punishment being a deterrent. But does the death penalty really deter crime? The death lobby wants you to believe the answer to that question is "yes." But, in fact, it is a resounding "NO." Consider this...the US is the only Western nation that still allows the death penalty, and we also have one of the highest crime rates. During the 1980s, death penalty states averaged an annual rate of 7.5 criminal homicides per 100,000, while abolition states averaged a rate of 7.4 per 100,000. That means murder was actually more common in states t... ...Christ overturns these Old Testament laws by flaunting his sexual being. Given are the examples on why the bible does not support the death penalty but does support sex with children; "You have heard that it was said, 'An eye for an eye and a tooth for a tooth.' But I say to you, do not resist an evildoer. But if anyone strikes you on the right cheek, turn the other also; and if anyone wants to sue you and take your coat, give your cloak as well; and if anyone forces you to go one mile, go also the second mile." Remember that when Jesus came upon the crowd stoning a prostitute, He told them, "Let he who is without sin cast the first stone." Christ taught a doctrine of peace, love, and forgiveness, not revenge, retribution, and death. Capital punishment is a power that no man or woman deserves to make for another human being. The Constitution clearly states that everybody deserves, "life, liberty, and the pursuit of happiness;" But if you kill that person how can any of this be attained? Capital punishment is just plain wrong and has no place in today's society. There are too many flaws in the death penalty; therefore the only reasonable solution is to abolish the death penalty.

The Most Important Event of World War Two Essay -- World War Two Japan

The Most Important Event of World War Two   Ã‚  Ã‚  Ã‚   It was quite probably the most important event of World War II. Its consequences were greater than those of any other event of the war. On the morning of August 6, 1945, a B-29 bomber named Enola Gay flew over the Japanese industrial city of Hiroshima and dropped the first atomic bomb through its hatches. The city went up in a fireball, causing destruction unlike anything the world had ever seen. The fact that it killed one hundred thousand people instantly made the atomic bomb known as an instrument of terrible destruction, the fact that it helped bring about the Japanese surrender and thus ended the Pacific war made the bomb an effective deterrent of war. Even now, after almost fifty years since the â€Å"nightmare,† one only remembers the devastation after the A-bomb exploded, forgetting all the hard work it took to bring the remarkable weapon to life.   Ã‚  Ã‚  Ã‚  Ã‚  The story began when on August 2, 1939, a month before World War II began in Europe, Albert Einstein signed a letter addressed to President Franklin Delano Roosevelt. Concede in careful terms, the letter stated that recent nuclear research indicated extremely powerful bombs of a new type, based on Uranium, might soon be possible. Einstein warned that the secret work with Uranium was going on in Nazi Germany. He urged that similar American research be accelerated. Roosevelt filled with fear that Nazi Germany would develop the bomb first, marked Einstein’s letter for action. Eleven days after President Roosevelt authorized the go-ahead for the Manhattan project, the Japanese, too, without American knowledge, entered the race to develop an atomic bomb.   Ã‚  Ã‚  Ã‚  Ã‚  As the research for the first atomic bomb started, the military began its own preparation to use the atomic bomb. On Tuesday, August 29, 1944, General Barney Giles, assistant Chief of Air staff, decided that a well-respected Lieutenant Colonel Paul Tibbet should be awarded the honor of flying the first atomic mission. General Ent formally assigned the 393rd Heavy Bombardment Squadron, based in Nebraska, to Colonel Tibbet. Its fifteen bomber crews would provide the world’s first atomic strike force capable of delivering nuclear bombs on Germany and Japan. Their training base was at Wendover, Utah and the code name this project was named â€Å"Silverplate.† Tibbet was warned to commit as little as possible on pape... ...ing in its path. Hiroshima along with the crew of 509th composite group at that historic point guaranteed a page for themselves in the history books.   Ã‚  Ã‚  Ã‚  Ã‚  On August 9, another nuclear bomb was dropped, but this time on the port city of Nagasaki. Many more bombs were being readied, but President Truman gave orders to halt the attacks, saying he didn’t like the killings of â€Å"all those kids.† In the face of die-hard military opposition at home, Emperor Hirohita forced the issue of surrender and acceptance of the terms of the Potsdam Declaration. â€Å"I cannot bear to see my innocent people suffer any longer,† he said, â€Å"ending the war is the only way to relieve the nation from the terrible distress with which it is burdened†¦The time has come when we must bear the unbearable.† (Thomas 323) The war was over. American celebrated August 14 as Victory over Japan day (VJ-Day), church bells rang, jubilant crowds danced in the streets, fireworks filled the skies, and war weary citizens from New York to San Francisco greeted the peace with flourish of uncorked energy. As Americans celebrated, the Japanese grieved for a nation defeated in war and for two cities sacrificed for the cause of peace.

nigeria and us women and development :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Women as a group make up an enormous portion of the world’s population. Thus the development of women, the changes implemented that affect them both positively and negatively are integral in study the world. Introduction to the field of women and development can be traced back to the 1950’s post World War II., specifically the period of reconstruction. Due to focus on external issues rather than internal issues, programs like the United States Marshall Plan were created, emphasizing the need to bridge the gap between developing and developed nations. The study of women and development gives an overall perspective of women’s development in comparison to other areas. Women’s development shapes many things including our perspectives and our public policies. I will assess the contributions of the three major theoretical debates applied to the field of women and development and explain how they shaped the field.   Ã‚  Ã‚  Ã‚  Ã‚  The first and perhaps the most dominant perspective, Women in Development (WID) stresses western values and targets individuals as catalysts for social change. The origins of this perspective came about after the release of Esther Boserup’s book entitled Women’s Role in Economic Development. The theory points out that modernization had somehow bypassed women and that some segments actually destabilized the prevailing position of women. The theory argues that legal and administration modifications are needed to facilitate change and integrate women into economic systems. The most notable contribution of WID is that it drew attention to women’s questions in the arena of development theory and practice. While WID emphasizes the productive role of women, it overlooks the direct influence of race, class and culture and it minimizes the reproductive role of women entirely.   Ã‚  Ã‚  Ã‚  Ã‚  Women and Development (WAD) emerged in the 1970’s; its primary basis was critiquing the earlier theory of WID. Essentially, WAD contends that economic growth and the industrialization of the West were based upon the exploitation of nations that were subjected to colonial rule. The theory focuses on the idea that countries are core, semi-peripheral and peripheral. Power–dependency relationships are reflected in an international division of labor that encompasses each of these types. Core nations, including the major powers of Western Europe, the United States, Canada, and Japan dominate globally by virtue of their domestic and international strength. According to conventional world-system arguments, the countries in the periphery of the world-system, the least developed nations in Africa and Asia, such as Bangladesh and Rwanda are relatively weaker than the core nations and to a lesser extent, the semi-periphery nations such as Chile and Libya.

Lewis’ Babbitt as a Conformist

In 1922 Sinclair Lewis published the book which won the Nobel Prize portraying the very special personage whose surname – Babbitt – became a household word, a symbol of middle–class Philistine. For the first time we meet George Follanbee Babbitt at his bed going to awaken and dreaming of the fairy child. And here, from the very beginning of his novel Lewis gives occasion to an attentive reader to realize that something is wrong with this 46 years old businessman. Babbitt likes to escape from reality which means the reality is not too attractive to him.He is often becoming angry and irritated by everything and everybody – by sullen wife, by impossible children. And then in the course of novel Lewis gradually expose a tragedy of a man who is in deep disbalance with himself. George Babbitt has obtained all required to match precisely the template of social expectation, except entire comfort with it. Distracted by the feeling that there must be more, Babbitt s tarts pushing limits. But he has no choice. He could not help but be what he was.Near the end of the novel, after a brief rebellion which included a furtive, adulterous love affair he sits in the train returning back to Zenith and suddenly realizes that he couldn't escape as he is able to do only things which all could do. He failed to tear himself away from the vicious circle of Philistinism. That is his cardinal problem. It is the typical problem of a middling person who lives own life without passion or satisfaction to his heart's content and going with the stream. However Babbitt is not stripped of imagination, and he knows for sure his own weakness and the dismals.The personality of Babbitt is totally controlled by the force of conformity. It is so dominant that even after Babbitt realizes the stifling nature of the society in which he lives he is powerless to change his fate as a member of conformist society. Pressure to conform lies in all aspects of Babbitt's life. Relations hips, family, social life, and business are all based on his ability to conform to Zenith's preset standards of thought and action. All of his thoughts are those of society, and thoughts that are not of society are ridiculed hence they are frowned upon by him.Babbitt works simply to raise his social status by means of increasing his material worth. He goes about his normal routine praising modern technology, material possessions and social status only as ways to measure the significance of an individual. He belongs to many popular clubs, the purposes of which he does not even completely understand. Why does Babbitt do these things? He does these things to perform for the other members of society. He does everything expected of him even if he does not expect those things of himself.Babbitt does these things in hope of improving his social status. This conformist man is exactly who Sinclair Lewis wanted to show the reader, a man whose life is based on the ideals and standards of other s. The goals set by society are economic and material worth, social standing, and conservative thought. Since Babbitt has achieved, at least in part, these goals he is in a sense fooled into believing he is truly happy. But†¦ Every minute and calorie not needed for plowing, sawing and bolting can be spent playing the cello, gazing at the stars, learning to draw, fishing, making love.If only someone started thinking about it, the future could be full of both material wealth for everyone and more, also for everyone, more of what the materially wealthy George Babbitt knew he lacked when he declared, that never in his life he done a thing which he wanted to do. By his George Babbitt Lewis shows us how we oughtn't to live, he gives us a vivid specimen how dissimulation and sanctimony could ruin a person's own life. The image of Babbitt is unforgettable, and the book is for sure worth the highest praise.

Homelessness in the usa

Psychology Name College Homelessness in the USA There still exist problem of homelessness in the United States long after the United States Housing Act of 1937 made it clear that the federal government would provide safe, decent and affordable housing. It is not that the government has neglected the poorest people in the country. The United States Quality of Housing and Work Responsibility Act of 1998 reveals that the federal government has little role to play in ensuring that every citizen is housed. This is a show that there are other factors contributing to the growing problem of homelessness.In every American city, one is likely to find homeless families living in abandoned buildings, cars, shelters among other places. This paper looks at two biological factors and two social factors that may be related to becoming or being homeless. History on mental illness is one of the contributing factors to increase in homelessness. A majority of the homeless persons experience mental probl ems as a result of traumatic circumstances that dominate their lives (The United States Conference of Mayors, 2008). The illness takes different forms and mainly affects the functioning of the mind.This makes it difficult for an individual to lead a normal life as it becomes hard to perform daily duties. In addition, relatives or close friends often avoid associating with the mentally ill pushing them to the streets. Depression is one of the most common forms of mental illness affecting homeless individuals. According to the National Institute of Health (201 1), approximately twenty-five per cent of the mentally ill population comes from the homeless population. This is a high figure that is attributed to the stressful situations characterized by the depression.Individuals in such situations have a egative outlook towards life and are constantly struggling to make things work out. A person without a home feels lost and has a general low self-esteem. In addition, such a person has no interest in previous activities that were considered fun and would most likely keep to themselves. The isolation and loneliness often leads to depression for persons living in a homeless community. Moreover, situations that result in depression can result trom actual homelessness or can occur atter the loss ot a home (Marcuse, 1988).Another form of mental illness that has relations with becoming or eing homeless is schizophrenia. However, unlike depression, schizophrenia has biological and genetic components. This means that it does not result from external features like harmful environment or homelessness. The mental condition is devastating as it affects the how one perceives reality. This makes it difficult for one to handle the daily activities. Therefore, it is the condition that makes an individual become homeless. Individuals suffering from schizophrenia display two categories of symptoms.The first category of symptoms is referred to as positive symptoms. They re in form of delusions and hallucinations and cannot be seen on healthy individuals. For instance, hallucinations take the form of smell, sounds, and sights felt only by the affected persons. On the other hand, delusions are consistent false beliefs regardless of whether they are true or not. The second category is that of negative symptoms which are evidently seen in the life of a healthy individual but are not considered schizophrenic. Some of the common symptoms are displeasure in life or activities.It also includes the tendency to stay lonely and avoiding interaction with ther persons. This category also has symptoms relating to cognitive ability whereby an individual is unable to remember information Just received. This includes reduced capability of making informed decisions and solving problems (National Institute of Mental Health, 2011). The symptoms are a cause of distress to individuals who find it difficult to handle even the simplest tasks. This makes it hard for the affected individ uals to build lasting relationships and develop careers.In turn, it becomes difficult to maintain a home consequently leading to homelessness. There are many social factors that may lead to becoming or being homeless. Two of the most prominent social factors are poverty and social abuse. Poverty can be as a result of lack of material resources and the unfavorable market condition for housing. This affects the poor who can barely afford to rent a decent house. Most of the homeless are poor and are not well educated to secure well-paying Jobs. Therefore, they are less skilled and survive on the wages whose returns have been on the decline (Quigley Raphael & Smolensky, 2001).The rising share of income spent on housing osts is unbearable for the majority of the poor. It has become nearly impossible to own or rent a housing unit. This is the reason why most metropolitan areas have continued to experience an increase in homeless families living within the cities. Measures such as availabi lity of shelter beds in certain cities and regulations that criminalize homelessness have not been successful in bringing families and individuals out of the street. Social abuse is another factor that determines if an individual will become homeless.The most common forms of abuse are physical and exual abuse in childhood. The experience is traumatizing and may lead to major problems such as inability to adjust in all stages of life. There is also increased likelihood of experiencing stress, inability to build lasting relationships, and make good decisions. Furthermore, persons coming from an abusive background are likely to have low self-esteem, which worsens their situation as they become prone to health complications such as going into a depression and substance abuse (Richardson and Bacon, 2003).Children are worse affected compared to adults when t comes to physical and sexual abuse. In addition, children who witness constant violence are also likely to develop negative ettects that lead to homelessness. T atmosphere of violence becomes a part of their lifestyle as they become used to the incidences. Such exposure makes them develop less fear to otherwise dangerous experiences. This is what has enabled most of the children who grow in the street to get used to the harsh conditions. They tolerate the violence and later become perpetrators of the same.