Referee Report for Economics Manuscript Essay

â€Å"Different Risk-Adjusted Fund Performance Measures: A Comparison† Summary This paper compares various risk-adjusted performance measures for a set of mutual funds. The authors argue that performance measures based on Value-at-Risk (VaR) or Extreme Value Theory (EVT) are more appropriate than other popular performance measures such as the Sharpe ratio (SR), the Treynor index (TI) or Jensen ´s Alpha (JA) . They propose a performance index similar to the SR and the TI based on losses calculated by means of VaR together with EVT. They find that EVT-VaR measures are more appropriate in the presence of non-normal data. Main Comments The topic of the paper is of relevance for financial practitioners as well as academics and it is certainly applicable to the current financial stability context. The paper is also generally wellwritten. However, I have some comments for its improvement. 1. The contribution of the paper is not clearly stated. In the 6th paragraph of the introduction, the authors suggest that their main contribution is the construction of a performance index based on EVT-VAR. However, it is not very clear why the new proposed measure should be better in relation to existing measures as it is now explained. It is true that VaR or EVT should be more reliable measures for extreme events but when looking at formula (13) it is not apparent why this measure should be more reliable than the traditional measures. The denominator has, in fact, an â€Å"extreme return† as opposed to the SR or TI which have strictly second moments, so it is not very straight forward to relate these measures. A better job should be done at explaining the implications of such VaR based measure, how it relates to other measures and why it should be better. 2. Why have the measures been compared only in a â€Å"static† way? It is widely known in the finance literature that asset return volatility is time-varying, and to some extent, also expected returns. It would be possible to go around the latter by arguing market efficiency (which is also questionable) but it is certainly much more difficult to argue against time-variability of the standard deviation in the VaR measures (or in the SA and TI ratios). This is very important as the â€Å"good† or â€Å"bad† applicability of a particular performance measure could be sample dependent and as it is now with unconditional measures, this is hard to uncover. For instance, while the authors account for nonnormality of returns in the modified-VaR measure by means of a Corner-Fisher quantile, they assume a constant standard deviation which means that in periods of high volatility they could still understate the VaR. So at the minimum, the performance comparisons should be done for the full sample and different sub-samples and it should be tested whether the measures obtained are significantly different over different samples. 3. The authors concentrate on top 10 and bottom 10 funds for their analysis and discarded the other funds â€Å"for the sake of simplicity†. However, by choosing only the â€Å"tail† funds, the authors are giving from the start an advantage to EVT or VaR measures. It would be more appropriate to also report results on (say) 10 â€Å"mid† funds. 4. It is not very clear why the top 10 funds â€Å"show more departures from normality† in relation to bottom funds. This finding should be expanded and the intuition behind it should be better explained. One could argue that â€Å"losers† could be more volatile than â€Å"winners† as the level of uncertainty with respect to the fund might increase which could lead to more extreme returns. In fact, in the 3rd paragraph of the empirical result section it says â€Å"the bottom 10 funds have, in general, higher VaR values than the top ones, which means that they are more susceptible to extreme events† which is somewhat contradictory with the finding that the top 10 funds exhibit more departures from normality. Moreover, one of the main findings of the study is that the VaR and EVT performance measures perform best in relation to other measures when there are more departures from normality in returns. A better attempt to reconcile the findings of nonnormality, the â€Å"winner vs. looser† funds and the results on the performance measures with some previous studies or satisfactory intuition should be done. Other comments 1. The contributions of the paper should be stated earlier in the paper and not almost at the end of the introduction as it is now. The contributions should be clearer (see also point 1 above) and should be better related to the existing relevant literature. 2. The conclusion is too long. The concluding remarks should be much shorter and should only summarize the main findings and reconcile them with the issues raised in the introduction as well as highlight possible extensions for future work. 3. The tables should also be improved. They should have a short description of the contents to facilitate reading. As it is now, the reader has to constantly come back to the main text to find out what the contents mean. 4. The figures are hardly visible, they should also be improved and a short explanation should be given.

A Human Resources Report To The Acquisition Board Of XXYY Corporation

XXYY Corporation acquired Red Slash, a family company that has existed for twenty years.   Red slash will be one of the subsidiaries or associate companies for the XXYY Corporation with the Head office at Santa Clara and many offices all over the world.   The new acquisition changes the management structure, with a focus on the combined entity’s human resources.INTRODUCTION The holding company XXYY Corporation will have an extra, one hundred members of staff.   These new human resources from Red Slash are unskilled and are just working for the family/ friend’s business.   Human resources for the new combined XXYY Corporation need to be transformed by using strategic approaches.   This transformation will be improving the intangible assets or resources, which make up the human capital for the company.The body:Transforming the human resources function using strategic approaches will involve a thorough research and development program, on the human resources depa rtment. The strengths and weakness of the members of staff in Red Slash need to be, determined and the main focus should be on the main weakness, which relates to the employment of unskilled family members and friends.   Human capital need to have the necessary knowledge, skills, education and experience to provide entrepreneurial ability, that will coordinate all the other factors of production and improve the Profitability, Earnings per share, Market value and general returns to the XXYY holding company.A plan to improve the human resources for the combined entity, especially the new employees from the Red slash subsidiary. Implementation of the plan should be within the first financial or economic year from the date of merging. The unskilled human capital need to be rejuvenated so that they can effectively coordinate with those in the Holding company XXYY corporation and with the, operational, middle management and Top management personnel.Tom G (2003)To transform the human res ources of Red slash, I will explain the following strategic approaches:Conducting organization analysis through human resource audits, job analysis and revamping the recruitment and selection process:Revamping refers to the changing or arranging the human capital to achieve the company’s success. Human resources in Red slash were not acquired through just and equitable procedures.   The acquisition Board of XXYY Corporation should officially examine the employees who are currently holding positions in Red Slash.This kind of human capital does not posses the initial ability, knowledge and skill to work for the combined entity.   Retaining this kind of workforce will be to the loss of the company, because revenues will be maximized at high costs; huge salaries and wages being paid to unproductive workforce or human resources.   Family people and friends working for Red Slash should be replaced with new employees.   Selection procedures should be fair and justifiable.   The new workforce structure for XXYY Corporation should be composed of only those who have an ability to deliver. Revenues will therefore be maximized at a favorable cost for the new merger.

HSBC abbreviation Essay

HSBC abbreviation origin was founded in the former British colony (in March 1865) In February 2008; HSBC was named the world’s most valuable banking brand by The Banker magazine. We are celebrating the HSBC bank this week in United Kingdom. Do not be surprise among 45 email id your email has been selected in our software engine to claim total sum of {GBP 300.000.00}, {AND A JOB OPPORTUNITY}.Your secret pin code is {25512560} please keep it very confidential to yourself for security reason which is the key to your amount of GBP 300.000.00. Please do not take this email as joke or something else because all information is 100% sure and correct. This message was sent directly from the HSBC BANK UK which we have already confirm you to receive this amount of GBP 300.000.00. All the original certificate that protect your amount will be sent to you, with due respect of the HSBC bank background with management and staff we say congratulation to you and we promise to deliver your funds to you in your country and we will reach you successfully in good health and handover your won prize to you. Once again do not delete this email as it 100% sure from HSBC BANK UK.Just follow the instruction given to you and see for yourself what will happen. Please fill the form correctly to enable us contact you easily thank you for your kind attention. 1. Full Name: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2. Address: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3. Nationality: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4. Age: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Date of Birth: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5. Occupation: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6. Phone: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.Fax: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7. State of Origin: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Country: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..

The Welfare State in the United Kingdom Essay Example | Topics and Well Written Essays - 1000 words

The Welfare State in the United Kingdom - Essay Example The Labour government implemented a comprehensive welfare system in the United Kingdom. This effort was mainly concentrated in the period 1945 to 1951. In the year 1948, the National Health Service or the NHS Act 1946 was enacted. This act was instrumental in introducing a publicly administered health care system in the UK (Weisser & Kishlansky, 2007). Since 1979, the UK government was remarkably reluctant to allocate funds for welfare measures. This resulted in the poor performance of welfare programmes. However, the voluntary organizations came to the rescue and have enabled these programmes to run effectively. Nevertheless, the projected targets could not be reached, which resulted in the improper distribution of resources. As a result, the people belonging to the middle classes could not receive proper welfare and education (Welfare state , 2006). The New Labour government modified welfare to make it compatible with the market forces. This government has been very successful in m ustering the work force. It has increased the employment opportunities for women employees. At the same time it has managed to drastically bring down the poverty level. Nevertheless, it has faced major problems, with regard to the private welfare providers. The New Labour has found it quite difficult to either control or motivate these welfare providers. It has also met with mixed success in respect of achieving the market goals, ensuring sufficient income for everyone and providing adequate motivation.

THE RESOURCE MANAGEMENT ACT Assignment Example | Topics and Well Written Essays - 2500 words

THE RESOURCE MANAGEMENT ACT - Assignment Example The RMA advocates for the protection and development of the natural and physical resources in order to enable communities and individuals to provide for their social, cultural and economic wellbeing while safeguarding the life supporting capacity of the ecosystems and mitigating the potential adverse effects of their activities. According to Frieder (1997), the adoption of RMA was particularly significant in a number of reasons. For example, unlike the previous resource use regulations which were controlled by different agencies and sectors such as pollution, forestry and land use among others, the RMA act has provided an integrated framework for environmental and resource management. Another potential significance of the Resource Management Act is that it is the first statute in New Zealand to incorporate the principle of environmental sustainability and sustainable management as part of the regulatory framework. This is particularly based on the notion that sustainable management of our resources is critically important for the regulation of human activities on the environment. This paper critically discusses the use of New Zealand’s Resource Management Act as a tool for promoting sustainable management of the natural and physical resources of New Zealand. There are currently 12 regional councils in New Zealand. Generally, regional councils play some of the critical roles in the implementation of the Resource Management Act. During the assessment of the resource consents, regional councils often undertake a number of processes and considerations particularly the issuance of resource consents. The other roles of regional councils are preparation of regional plans and policy statements, carrying out enforcement actions and monitoring the actual state of the environment and the potential impact of their decisions under the

Question Essay Example | Topics and Well Written Essays - 250 words - 4

Question - Essay Example I think, however, that this does not necessarily do a very good job of illustrating her point. When you boil it down to the fundamentals, the similarities in the scene consist of a person a) having two black bags and b) rushing to meet a deadline. The differences, however, are significant. The deadlines are different – a lecture and an airplane. The person in the play has a big black bag in addition to the carry on, instead of just the carry-on. If someone did a poll of all plays written, there would certainly be many instance of someone rushing somewhere with a black bag. And that Lewis chose to highlight this particular scene means that it seemed especially flagrant to her – one usually selects the best evidence to support one’s point. So, while the broad sweeps of this play seem to copy her life significantly, if the details are no closer than this I would say that it is possible the play is in fact original, and uses her life in acceptable

Comparison between two books Essay Example | Topics and Well Written Essays - 1000 words

Comparison between two books - Essay Example This study aims at examining and analyzing the approaches used by two books in explaining criminological issues and the criminal justice system in America. The two books are Criminological Theories and Rebuilding Justice. In the third chapter of Criminological theories, the book discusses biosocial and biological theories of crime. The basis of these theories is the view that it is possible to observe and measure individual differences and that defects in individuals’ genetic and biological make up can predetermine one’s criminal behavior (Ronald and Christine, 2013). Contemporary biological theories have tended to put more focus on differences in genetic and biological factors and how they interact with the external environment. The traditional theories stipulate that crime occurs as a result of biological abnormalities in individuals and the individuals therefore have no choice of their own to avoid criminal acts. Notable proponents of these theories include sociologists such as Cesare Lombroso, Ferrero William, Charles Goring, and Sarnoff Mednick among others. Some of the biosocial and biological theories include the evolutionary theory that states that genetic criminal behavior is p assed down to the next generations through the evolutionary process of natural selection; the biosocial arousal theory states that the level of arousal of an individual works according to the social environment around them (Ronald and Christine, 2013). Individuals with a lower arousal level are less capable of learning fast and moving at pace with the wider society and will thereof resort to criminal activities. Biological theories approach the criminal justice system in a different view. Punishment is viewed as a way of deterring individuals from committing crimes, but it cannot effectively change the individuals’ biological characteristics that predispose them to criminal

Is there is any differences between UK Accounting Ethics Standards and Essay

Is there is any differences between UK Accounting Ethics Standards and US Accounting Ethics Standards - Essay Example To the extent that the ASCs pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRSs, they remain in force. The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed. This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediate solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. The principal legislation governing reporting in the UK is laid down in the Companies Act 1985 (as amended by the Companies Act 1989 and subsequent statutory instruments), which incorporates the requirements of European law. The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public. From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2]. Recently issued UK FRSs have, in any case replicated the wording of corresponding IFRSs, reducing the differences between the two sets of standards significantly. Each of the current UK accounting standards are explained below

Leadership style in Joothor Development Services Essay

Leadership style in Joothor Development Services - Essay Example This research will begin with the definition of leadership as the ability of motivating and influencing a team to achieving the set target and goals. It is about creating a vision and converting it to reality. In the business, world leadership is related to performance with effective leadership with effective leaders being those with an ability of adding value to their company. It is a fact that most organizations around the world lose because managers are not adequately skilled and knowledgeable and failing to acknowledge the leadership issues that should form part of their decision-making activities hence the need for this project. Strategic leadership is vital in the organization’s endeavors of accomplishing and sustaining their competitive advantage in this era. Effective leaders are gaining recognition on the important role they play in identifying opportunities and making the right decisions that add value to businesses through effective procedures. In this century, with the rapid change in business, studies and theories are centered on leadership as a whole, the followers and the nature of leadership exhibited in organizations. This has facilitated the need to studying leadership with the focus on managing invariable change which is normally referred to as New Paradigm model. The New Paradigm model focuses on model theories, for instance, charismatic leadership, visionary and transformational leadership. Visionary leadership is described as the act of creating practical and sensible, robust vision for the future of a company.

COMPUTER AND NETWORK SECURITY Assignment Example | Topics and Well Written Essays - 2500 words

COMPUTER AND NETWORK SECURITY - Assignment Example It is still free to use and is not patented Memory requirements for blowfish are less than 5 kilobytes of memory. The semantics are simplified and is relatively easy to deploy. Part 2 Click the button File then click on New Certificate option. Now press the button Create a personal open PGP key pair option. After this an email address along with name of the sender is added. At this point the key details can be changed. Furthermore, after pressing Advance setting option you can create RSA 4096 bit. This creates an additional strength. An expiration date will also be added according to the senders will. In order to generate a key you have to click Ok and then next. The passphrase is required in order to decrypt the sent message. Now enter this passphrase. The passphrase must be kept stronger in order to be secure. The following options are available such as email your public key, backup private key and upload public key. These options can be utilized after generating a key. The private key must be kept as a secret. However, the public key can be used without any security. The public keys can be mentioned on public forums or websites. Moreover, to keep a backup of both the keys is a good option. Press the finish button. Now the Mailvelope is downloaded over the chrome. In the below screen shots the Chromium on mint Linux is showed. However, this will work fine over both Chrome for windows and the Mac. Now after installing chrome search for http://mailvelope.com/. After opening this website click Mailvelope Chrome Extension and download the free version. The Mailvelope icons is located over right corner of the Chrome and click on this icon then choose options. On the left side the key ring is present click on it and creates the keys for the page. Now add all the required details such as passphrase, name and email address of the sender. Now the advance option can be changed according to the user. After finishing all the steps press the complete button. For the priva te and public keys the same rules and regulations are applicable. However, the public keys are changed. In Mailvelope, the chrome users will click on the display keys. Now select the key pair and then press the Export button. Now next step is to press the display public key and then click on the Create file in order to install the copy on your work station. This copy is sent to the outlook user as a copy in attachment.    The Outlook user must now save the attachment and import it into the Kleopatra program. After the attachment is saved to the computer, open Kleopatra and the Import Certificates button. Find the certificate and import it. Click OK when completed.   Ã‚  Ã‚   Click the My Certificates tab and right click your certificate. Select Export Certificates. Save it to a location and email it to the user that just sent their public key to you.   Ã‚   The public keys must be received by the webmail users. Now save this file and then open Mailvelope. Now after completing this process the keys are imported ad uploaded the file. After this select a key text file to import and then click submit. You are now ready to exchange Encrypted email! In order to get started we will allow the gmail users to transfer any message that is encrypted towards the outlook service.

Benefits of Coffee Essay Example for Free

Benefits of Coffee Essay How much coffee have you consumed already this morning? One cup? Or maybe even two? Like most college students I enjoy my cup of Joe in the morning! Coffee is one of the greatest sources of antioxidants in the global diet. Consuming large amounts is not advised, but having reasonable amounts everyday can be very beneficial to your body. Today, I would like to inform you about some of the benefits of drinking coffee. 1. Lower Chances of Death. a. Let’s face it we are all going to die b. Appears to lengthen time for people with heart disease and diabetes c. Kristen Kirkpatrick said that a study in 2012 showed that three or more cups of coffee a day lowers the risk of death regardless of whether participants drank caffeinated or decaffeinated coffee. 2. Makes your reproductive system happy d. Men would you like a drink that could lower your chances for prostate cancer? And ladies wouldn’t you like to lower your risk for endometrial cancer? e. Kirkpatrick also says that a 2011  study  found that men consuming at least six or more cups a day reduced their risk of prostate cancer by 20 percent! Another  study  published in the  Journal Cancer Epidemiology, Biomarkers and Prevention  found that women who drank more than four cups of coffee a day had a 25 percent lower risk of endometrial cancer. 3. Lower risks of Type 2 diabetes. f. A 2012  study  found that a compound in coffee can actually help block a substance in the body called human islet amyloid polypeptide that may play a role in the development of diabetes. Further  studies  have  demonstrated  that caffeinated coffee consumption is linked to decreased diabetes risk as well. 4. Protects your brain. g. When you wake up to the smell of coffee in the morning do you usually smile? h. Coffee drinkers are less likely to develop dementia and Alzheimers later in life according to a study done in 2009 i. The smell of coffee can help reduce stress that could be associated with loss of sleep 5.   Good for skin. j. Drinking coffee may help you to ward off basal cell carcinoma So, the next time you are wondering whether you should have that second cup of coffee to perk you up, relax. At least now you know how it could help you!

Alcoholic Beverage and Energy Drink Essay Example for Free

Alcoholic Beverage and Energy Drink Essay The main objective of Hector Beverage Pvt ltd is to capture the market and positioned the brand in the mind of the customer. The main targeted customers are college students,sports person. Since the beverage segment is a diversified segment . The competition is high and there are many more supreme brands and it is difficult for a new brand to capture the market. ACKNOWLEDGEMENT No task whatever big or small can be completed without proper guidance and encouragement. It gives us a great pleasure to our deep sense of gratitude and reverence to every person who created a congenial atmosphere for successful completion of this project. In doing this project, I have been extremely privileged to receive support from a large number of knowledgeable people. I am deeply indebted to Mr Neeraj Kakkar (CEO), Mr James Paul Nattal (CFO), Mr Suhas Misra (COO), Miss Ujwala Mishra (HR EXECUTIVE ) Mr Gaurav Sharma (Area manager) for giving me the opportunity to undergo my project in their esteemed organization and for giving their timely suggestions valuable guidance. I would like to express our gratitude and profound thanks to Mr Pravat Shrivastsv (Senior coordinator), Miss Shilpa Puri (Faculty), International Management Center, New Delhi for his valuable sustained, guidance, invaluable suggestions and constant encouragement without which it would not have been possible for us to complete this project. TABLE OF CONTENTS Topic| Page no. | Cover page| | Title page| | Certificate| | Acknowledgement| | Preface| | List of figures| | List of Tables| | Executive Summary| 7| Introduction of Report| 9| Company Profile| 11| Literature Review| 18| Objectives| 19| Research Methodology| 20| Findings AnalysisConclusion| 3435| Recommendations| 36| Limitations| 37| Biblography| 38| Annexture| 39| | | LISTS OF FIGURES: List of Figures| List of Tables| Page No| Figure 1:Pie graph for gender | Table 1| 22| Figure 2:Bar graph for coming across an energy drink| Table 2| 23| Figure3:Bar graph for regular curstomer| Table 3| 24| Figure4: Bar chart for tasting energy drink| Table 4| 25| Figure 5: Bar chart for tasting Tzinga| Table 5| 26| Figure 6: Bar chart for new awareness about Tzinga| Table 6| 27| Figure7: Bar chart for rating Tzinga flaviur| Table 7| 28| Figure8: Bar chart for tzinga providing advantage| Table 8| 29| Figure9: Bar chart of tzinga in any other flavour| Table 9| 30| Figure10:Bar chart for rating Tzinga accordance to price| Table 10| 31| Figure 11:Bar chart for comparision of Tzinga to other drinks| Table11| 32| | | |. | | | EXECUTIVE SUMMARY Hector Beverages brings new experience to the Indian consumer. The company have used some natuaral herbs which is good for human health that emerges from scientific observation/ analysis of nature and creates tasty beverages, associating with leading companies and personalities. Cases in point is the first launch:Tzinga, lemon and mint flavor with natural herbs Gaurana and Zingsing. This product has a delicious taste of lemon mint with natural herbs Isolate with . Natural herbs are used to susstitute the amount of caffeine which is injurious to health . Its unique taste mekes it different than any other energy drink. And it has low amount of calories lowest calories. It is perfect for hard working days. They have these extremely meaningful products which are going to give them a competitive advantage over other products. INTRODUCTION The present world is fast moving world people are very busy and do not have time to take proper meal and consume mostly junk food which are high in calorie content and bad for health. it results in many different problem. Due to high intake of junk foods and low consumption of high nutrient value food people are suffering from more and more alments. in order to stay healthy and fit ,people should take proper nutritional content food. So Hector Beverage have launched new energy drink which has completely new flavor like lemon and mint which is completely drink from other enrgy drink. Hector is mainly targeting college students and office employees. So Hector is conducting many promotional activities to create an awareness So the main objective of Hector Beverage is to Create brand awareness for Tzinga. INTRODUCTION OF PROJECT Beverage industry is one of the fast growing industries in India . it can be divided into two sections i. e. carbonated and non-carbonated. the carbonated drinks that can be further classified into cola, lemon orange, mango and apple segments. Marketing includes all the activities like promotion, distribution, advertising etc. To fulfill all the segments of consumers. Marketing is also to convert social needs into profitable opportunities. So this topic provides all the essentials to theoretical knowledge with practical knowledge and to inculcate the efficiency. It is also requirement for the company to improve their service and product quality for achieving their ultimate goal. Beverages can be classified into 2 types ALCHOHOLIC BEVERAGE An alcoholic beverage is a drink containingethanol, commonly known as alcohol. Alcoholic beverages are divided into three general classes: beers wines, and spirits. Alcohol is a psychoactive drug that has a depressanteffect. A high blood alcohol content is usually considered to be legal drunkenness because it reduces attentionand slows reaction speed. Alcohol can be addictive, and the state of addictionto alcohol is known as alcoholism. The production and consumption of alcohol occurs in most cultures of the world, from hunter-gatherer peoples to nation-states. Alcoholic beverages are often an important part of social events in these cultures. In many cultures, drinkingplays a significant role in social interaction — mainly because of alcohol’s neurological effects. NONALCHOLIC BEVERAGE A non-alcoholic beverage is a beveragethat contains less than 0. 5% alcohol by volume. Non-alcoholic versions of somealcoholic beverages, such as non-alcoholic beer (near beer) and cocktails(mocktails), are widely available where alcoholic beverages are sold.alcoholic wine undergo an alcohol-removal process that may leave a small amount of alcohol. Because of this, some states have legal restrictions on non-alcoholic beer and wine. | ORGANIZATION PROFILE HECTOR BEVERAGES The beverage offerings in the developed world are so much better than those in the developing world. Beverages in the US and Europe are an important delivery mechanism for nutrients (macro, like protein and micro- vitamins and minerals) while in the developing countries they are little more than (as we have noted) sweetened fizzy water. Hector Beverage Pvt Ltd. is here to bridge the gap, to challenge the beverage majors and their attempts to maintain the status quo which they have been doing for all the years they have been in business. The beverage game is bound to change, for the better and Hector intends to be the people doing it Hector is a beverage company with a twist. Now that does not really mean that Hectors products have a dash of lemon (some of them, in the future mayindeed but thats well besides the point). The twist is that Hectors beverages are meaningful. Hector beverages believes, and believe with a lot of intensity, that beverages have to be more than fizzy, sweetened/ flavored water. Worldwide beverages contribute a lot to the consumers health- delivering macro- nutrients (protein) and micro (vitamins and minerals) and there is no reason why that should not be the case in the developing world. Well, no reason apart from the fact that the beverage giants have a vested interest in sustaining the status quo as that keeps cost down. Hector beverages is the new kid on the block that aims to take on the beverage majors by offering real value to the consumer- thats it, so simple- just healthy, tasty drinks, no celebrities, no Santa Claus, no bells, no whistles. Hector associates itself with this story. As it is a very small player, new one also, in an industry which is so dominated by major players like Coke and Pepsi, it still believes that it will survive and win customers. Hector knows of what are the fundamental shortcomings of the existing beverage players- their inertia, and smugness and their commitment to status quo. So, Hector Beverages think that this Hector Vs Achilles will also be a contest of historic proportions, albeit with a significantly different outcome MISSION Hectors mission statement is as follows: 3 our mission is to serve people by Quality, Healthy and tasty protein drink. VISION Hectors vision is to capture Delhi and NCR market by providing quality, healthy and tasty protein drink at a suitable price to keep people healthy and fit. VALUES We thought about this and decided to have this section not because every company seems to have something reasonably rich to say on its values. We realized that this is the beginning of differentiation and our values to us are just some of the fundamental things that excite us. As some poet, forgotten cruelly by literature must have aptly noted: with more self-serving nonsense we will not bore further thee but, instead, just spread out for your reading pleasure our values three. 1. Audacity: For obvious reasons. a new business is anyway tough. The fact that we would be taking on the Beverage Behemoths makes it even more exciting. We love thinking big and are in it because we want to ask the big boys to bring it on 2. Rooting for the underdog: The underdog can’t but try harder. As the bona-fide underdog in the beverage market we have a vested interest in rooting for the underdog. 3. Integrity: All irreverence aside, we are committed to the greater common good and unwaveringly so. COMPANY HIGHLIGHTS The firm has started its operation to fulfill the need of the market segment that still have not been fulfilling properly. Hector Beverages brings healthy, tasty beverages to the Indian consumer. The company strives to bring the best for human health that emerges from scientific observation/ analysis of nature and creates tasty beverages,associatingwithleadingcompaniesandpersonalities. Cases in point are the first two launches: Frissia (TM) Chocolate Protein Drink and Frissia(TM) Vanilla Protein Drink. These products are a delicious blend of Soy Protein Isolate with natural identical chocolate or vanilla flavor for really busy people. Soys benefits for health are well recorded but a significant barrier to adoption has been its bitter after taste that we have taken care of in this blend. Its as good as any chocolate/ vanilla stuff that the consumer may consider. And, at the lowest calories/ gram of complete protein its perfect for work-days spent in meetings and working on laptops/ blackberries. Hector also brings about a genuinely new approach to market- dropping political correctness for an honest communication with consumers in all interactions. In short, we have these extremely meaningful products and are going to talk quite straight to our consumers. These are exciting times for Hector- do get in touch if you find all this interesting and want to be a part of Hector, in any capacity. Hector Beverages, a pioneer in the Indian Functional Beverages industry, recently announced the launch of their newest product Tzinga Energy Drink. Tzinga is made with a powerful blend of ingredients to avoid those energy slumps we know all too well, and keep mind and body performing at their best. * Unlike existing energy drinks, Tzinga tastes great and is availalable for the very reasonable MRP of Rs 20. * Tzinga comes in a case with 12 pieces * Tzinga will be available at 2,000 stores around Delhi NCR starting April 7th, and is scheduled to launch in Bangalore by the end of April. INGREDIANTS * Tzinga consists of lemon and mint. * Also certain natural herbs like GUARANA and GYNSING (which are South American herbs) NUTRITIONAL INFORMATION(per 100ml): Water, sugar , lemon juice concentrate| 0. 75%| Caffeine| 0. 03%| Energy| 44kcal| Carbohydrate| 11g| Protein| 0g| Fat| 0g| 1. TARGET MARKET * Above 18 years * College students * Office employes * Sports person * Fitness freaks person RECOMMENDATIONS * Not applicable for Children below 18 * Also not applicable for pregnant women and lactating women * Not recommended for diabetic patients * Not more than 2 packs should be consumed in a day FOUNDER MEMBERS CEO PROFILE: Mr Neeraj Kakkar- His corporate career started after he completed his MBA from MDI, Gurgaon in 1998. He worked with Union Carbide and later Wipro before joining. Coke in 2001. He had an amazing run with Coke- the kind that becomes a part of Corporate Folklore, with the high point being his time in Bangalore when he seemed to have settled the much-touted Cola battle conclusively. In 2008, he headed to Wharton to do a second MBA and is now in the thick of the action as CEO of Hector Beverages Private Limited, India CFO PROFILE: Mr James Paul Nattal- James, Wharton alumni with Hector. After his Chemical Engineering from Brigham University, he worked with Dow Chemicals for six years and is what many call a packaging geek- so for him the form is the substance, the medium is the content. His packaging expertise ensures that when you buy our products, most of your money is not going to the packaging, as it does in the case of all other beverage companies. He is responsible for having created a number of food and beverage packaging concepts across the United States and Europe and heads the product development function for us. COO PROFILE: Mr Suhas Misra Suhas did his MBA from IIM Calcutta (Class of 2003) and joined Coke from campus. He had the kind of start that, again, Corporate Folklore, would describe as sensational- with astronomical growth rates being registered in rural Rajasthan. In 2005 he moved to Nokia, before, in 2006, starting ChannelPlay- Indias first integrated Sales Process Outsourcing company (www. channelplay. biz) and now is the COO of Hector Beverages Private Limited. Competators- Since the Beverage industry is a big diversified segment. There are many potential strong competators in this segment. Various beverage like milk, tea, coffee, beer, whisky, protein drink, energy drinks, soft drinks etc are all competitors for each other Tzinga with its unique flavor can create a niche in the market. Tzinga is the only energy drink which have used natural herbs. but the real competator of Tzinga is Red Bull . Redbull have been dominating the energy drink market since 6 yrs. To name a few potential competitors, the leading beverage manufacturing companies in India are Coca-cola, Pepsi-co, UB group, Hindustan Unilever Limited, Tata tea, Dabur foods, , Nestle India, Sula wines, CCD, LITERATURE REVIEW A traditional definition of a brand was: â€Å"the name, associated with one or more items in the product line, that is used to identify the source of character of the item(s)† (Kotler 2000, p.396). The American Marketing Association (AMA) definition of a brand is â€Å"a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors† (p. 404). Within this view, as Keller (2003a) says, â€Å"technically speaking, then, whenever a marketer creates a new name, logo, or symbol for a new product, he or she has created a brand† (p. 3). He recognizes, however, that brands today are much more than that. As can be seen, according to these definitions brands had a simple and clear functions identifiers. Before the shift in focus towards brands and the brand building process, brands were just another step in the whole process of marketing to sell products. â€Å"For a long time, the brand has been treated in an off- hand fashion as a part of the product† (Urde 1999, p. 119). Kotler (2000) mentions branding as â€Å"a major issue in product strategy† (p. 404). As the brand was only part of the product, the communication strategy worked towards exposing the brand and creating brand image. Aaker and Joachimsthaler (2000) mention that within the traditional branding model the goal was to build brand image ; a tactical element that drives short-term results. Kapferer (1997) mentioned that â€Å"the brand is a sign -therefore external- whose function is to disclose the hidden qualities of the product which are inaccessible to contact† (p. 28). The brand served to identify a product and to distinguish it from the competition. â€Å"The challenge today is to create a strong and distinctive image† (Kohli and Thakor 1997, p. 208). Concerning the brand management process as related to the function of a brand as an identifier, Aaker and Joachmisthaler (2000) discuss the traditional branding model where a brand management team was responsible for creating and coordinating the brand’s management program. In this situation, the brand manager was not high in the company’s hierarchy; his focus was the short-term financial results of single brands and single products in single markets. The basic objective was the coordination with the manufacturing and sales departments in order to solve any problem concerning sales and market share. With this strategy the responsibility of the brand was solely the concern of the marketing department (Davis 2002). In general, most companies thought that focusing on the latest and greatest advertising campaign meant focusing on the brand (Davis and Dunn 2002). The model itself was tactical and reactive rather than strategic and visionary (Aaker and Joachimsthaler 2000). The brand was always referred to as a series of tactics and never like strategy (Davis and Dunn 2002). OBJECTIVES * Maintaining positive, strong growth each year not withstanding seasonal sales pattern. * Achieve a comprehensive output in market penetration. * Increase customer satisfaction simultaneously. * A double to triple digit growth for the first five years. * Maintain a significant research and development budget to enhance future. * Product developments. * To take in fresh minds as interns and permanent recruits to lead the organization to a greater development path. RESEARCH METHODOLOGY Descriptive strategy is used since we have to collect the primary imformation from Tzinga customer. A descriptive research intends to present facts concerning the nature and status of a situation, as it exists at the time of the study. Sample Design a). Sample Unit A business organization whether it is a mall, college canteen, shops is considered as one entity and would be considered as a 1 sample unit. b)Sample Size- A survey was conducted where sampling and sales were taking place. A sample size of 100 is taken. c)Sampling Technique- Sampling technique here used is non-probability simple random sampling. We considered it as area sampling since the research is focus onto a particular area. We will be using the NON – COMPARATIVE scaling technique and will be using the LIKERT scale in which 5options will be given ranging from strongly disagree to strongly agree. d)Sampling Area –. The area which was taken was South Delhi where I focused on shops and college. Data Collection a)Sources – Primary data collection method is used as data was collected directly from responded through questionnaire. questionaire were both open and closed . And ranking method is used to measure the degree of agreement and disagreement. b)Tools- Various statistical tools like pie-chart, is used to represent the data and interpret them DATA ANALYSIS Q1. . Gender a) Male b) Female | | Frequency| Percent| Valid| Male| 48| 60. 0| | Female| 32| 40. 0| | Total| 80| 100. 0| FIGURE 1 Analysis-This shows that male samples are more than female sample. Q2. Did you taste any energy drink before? (a) Yes (b) No Table 2Gender * Did you tatse Tzinga before? Crosstabulation| Count| | | Did you tatse Tzinga before? | Total| | | YES| NO| | Gender| Male| 23| 25| 48| | Female| 14| 18| 32| Total| 37| 43| 80| Figure 2 Analysis-This was a comparative study done between male and female. Out of total 48 samples of male 23 have tasted tzinga and 25 have not tasted it. also in the case of female out of 32 ,14 have tasted Tzinga and 18 have not tasted Tzinga. Q3. Where did you come across an energy drink? (a)Television (b)Newspaper (c)Magazine (d)Promotion event | Table 3|. | | Where did you come across an energy drink| Total| | | Television| Newspaper| Magazine| Promotional Event| | Gender| Male| 24| 3| 3| 18| 48| | Female| 19| 2| 0| 11| 32| Total| 43| 5| 3| 29| 80| Figure 3 Analysis-Again in the case of 48 respondent ,24 male responded have come to notice about energy drink through television,3 through newspaper,3magazine,18 through promotional event Q4. Which energy drink did you taste ? (a)Red bull (b)XXX (c) Clould 9 (d)Barn Table 4Gender * Which energy drink do you taste Crosstabulation| Count| | | Which energy drink do you taste| Total| | | Red Bull| XXX| Cloud 9| Barn| |. Gender| Male| 24| 10| 8| 6| 48| | Female| 11| 9| 9| 3| 32| Total| 35| 19| 17| 9| 80| Figure 4 ANALYSIS Out of 48 males 24 have take Redbull,10xxx,8 clould9barn. And in the case of female side 11 have taken Red bull,9xxx9 clould 9 nad 3 barn. Q5. Are you a regular consumer of energy drink? (a)yes (b)no Table 5 Gender * Are you a regular consumer of energy drink? Crosstabulation| Count| | | Are you a regular consumer of energy drink? | Total| | | YES| NO| | Gender| Male| 16| 32| 48| | Female| 11| 21| 32| Total| 27| 53| 80| Figure 5 ANALYSIS Out of 48 males,16 are regular consumer of energy drink and 32 are not regular consumer. And in the case of female out of 32 ,11 are regular consumer and 21 are not regular consumer. Q6. Have you tasted tzinga, the new launch ever? (a)yes (b)no Table 6 Gender * Have you tasted Tzinga the new launch ever Crosstabulation| Count| | | Have you tasted Tzinga the new launch ever| Total| | | YES| NO| | Gender| Male| 17| 31| 48| | Female| 12| 20| 32| Total| 29| 51| 80| Figure 6 ANALYSIS Out of 48 responded 17 have tasted tzinga before and 31 have not heard about Tzinga. And out of 32 females 12 have tasted Tzinga before and 20 have not. Q7. When did you first hear about tzinga? (a)promotion (b)friend (c)salesman Table 7 Gender * When did you first hear about Tzinga Crosstabulation| Count| | | When did you first hear about Tzinga| Total| | | Promotion| Friend| Salesman| | Gender| Male| 30| 13| 5| 48| | Female| 18| 13| 1| 32| Total| 48| 26| 6| 80| Figure 7 ANALYSIS Out of 48 male responded,30 have heard about Tzinga thrugh promotion activities,13 through friend and 5 through salesmamAnd in the case of 32 female responded 18 have heard about Tzinga though promotion 13 through friend. Q8. How much would you rate the flavour of Tzinga? (a). Excellent (b). Good (c). Average (d). Poor (e). Very poor. Table 8Gender * How much do you rate the flavour of Tzinga Crosstabulation| | | | How much do you rate the flavour of Tzinga| Total| | | Excellent| Good| Average| | Gender| Male| 3| 32| 13| 48| | Female| 3| 23| 6| 32| Total| 6| 55| 19| 80| Figure 8 ANALYSIS Out of 48 male responded,3 of them think that the flavor of Tzinga is excellent ,and 32 of them rate Tzinga as good ,and 13 of them average. In the case of female responded 6 of them think that it is excellenet ,23 are good and 6 average. 9. Would you say the design of the product Tzinga provides it an advantage when it comes to catching the eye of the customer? If Yes –How well? (a) Excellent (b) Good (c) Average | | Table 9| | | | would you say the design of the product catch the eye of the customer| Total| | | Excellent| Good| Average| | Gender| Male| 2| 30| 16| 48| | Female| 2| 24| 6| 32| Total| 4| 54| 22| 80| Figure 9 ANALYSIS Out of 48 male responded 2 think that the design is excellent,30 think that it is good 16 think that it is average in the case of emale respondent 2 think that it is excellent,24 think that it is good and 6 think that it is average. Q10. How much would you rate the value aspect accordance to its price? (a) Excellent (b) Good (c) Average (d) Poor (e) Very poor Table 10 Gender * Value of the aspect according to price Crosstabulation| Count| | | Value of the aspect according to price| Total| | | Excellent| Good| Average| | Gender| Male| 4| 39| 5| 48| | Female| 4| 21| 7| 32| Total| 8| 60| 12| 80| Figure 10 ANALYSIS Out of 48 male responded think that it ha excellent quality accordance to its price,39 think that it is good according to its priceand 5 that it is average according to its price. IN the case of females 4 think that it is excellent ,21 think that it is good and 7 think that it is average. Q11. How would you rate tzinga in comparision to other energy drinks? (a). Excellent (b). Good (c). Acverage. (d). Poor (e). Very poor Table 11 Gender * Rate Tzinga with respect to other energy drinks Crosstabulation| Count| | | Rate Tzinga with respect to other energy drinks| Total| | | Excellent| Good| Average| | Gender| Male| 2| 26| 20| 48| | Female| 2| 9| 21| 32| Total| 4| 35| 41| 80| Figure 11 ANALYSIS According to the samples 2 people think that Tzinga is excellent ,26 think that it is good and 20 are average. And in the female segment 2 think that it is excellent ,9 think that it is good and 21 think that it is average. FINDINGS From the following project we can draw inference that Tzinga is new to the marketand is being liked by the people . People prefer this drink due to its unique flavor and intensity. Thought people are not that much aware of the product male are more exposed towards the product and have showed positive response towards it. CONCLUSION * The Tzinga is more liked by the youngsters of age group (21-25). * Tzinga is liked by the customers basically its design , price and taste. * The promotional activity is not liked by the customers. So they are not attracted too much towards this new brand. * The opinion does not vary as per the Genders of the customers. * The variation of taste and price will affect the preference of Tzinga. * The opinion of Tzinga is same for all age groups of people basically about the promotional activities. RECOMMENDATION * Television advertisement and promotional activities must be put up. * The distribution channel should be made strong. * Different diversified flavor must be introduced in the market. * Tzinga should be introduced in other parts of Indian Market. LIMITATIONS 1. The should be different flavours ,the lemon taste are not liked by many people. 2. Due to strong brand positioning by Red bull,it will take time for Tzinga to get established. 3. The availability of Tzinga is limited,it is not available in every store . 4. As zinger is a new brand,it suffers from identity crises BIBLIOGRAPHY: 1. Malhotra, Naresh K. Marketing research and applied orientation, (2010), Prentice Hall, New Delhi, Vol. 5, pp. 613-623, pp. 468. 2. Kotler, Philip and Armstrong, Gary, Principles of marketing, Pearson Publication. REFERENCES: * http://en. wikipedia. org/wiki/Promotion_(marketing) * http://hectorbeverages. com/about_us * http://hectorbeverages. com/hectors_values * http://hectorbeverages. com/home * http://hectorbeverages. com/homers_hector * http://www. adams-graphic-design-advertising-agency. com/point-of-purchase. html * http://www.aistriss. jp/old/lca/ci/activity/project/sc/report/030319_document/S2-1-Mont. pdf * http://www. eurelectric. org/Download/Download. aspx? DocumentID=2965 ANNEXTURE QUESTIONAIRE Name- Phone number- 1. Gender a)Male b)Female 2. Did you taste any energy drink before? (a)yes (b)no 3. Where did you come across an energy drink? (a)Television (b)Newspaper (c)Magazine (d)Promotion event 4. Which energy drink did you taste ? (a)Red bull (b)XXX (c) Clould 9 (d)Barn 5. Are you a regular consumer of energy drink? (a)yes (b)no 6. Have you tasted tzinga, the new launch ever? (a)yes (b)no 7. When did you first hear about tzinga? (a)promotion (b)friend (c)salesman 8. How much would you rate the flavour of Tzinga? (a) Excellent (b) Good (c) Average (d) Poor (e) Very poor 9. Would you say the design of the product Tzinga provides it an advantage when it comes to catching the eye of the customer? If Yes –How well? (a) Excellent (b) Good (c) Average (d) Poor (e) Very poor 10. How much would you rate the value aspect accordance to its price? (a) Excellent (b) Good (c) Average (d) Poor (e) Very poor 11. How would you rate tzinga in comparison to other energy drinks? (a) Excellent (b) Good (c) Average (d) Poor (e) Very poor.

Does Poverty Exist in the Uk?

Does Poverty Exist in the Uk? Does Poverty exist in contemporary Britain? The answer to this question depends to a large extent on how poverty is defined and measured. It is, like many sociological issues, an ‘essentially contested concept’ and as such, there has been much debate around what exactly constitutes poverty. However, even accepting that poverty itself denotes different things to different people, it can still be argued that poverty or indeed ‘poverties’ are a real problem in Britain today which need to be addressed by government and society in order to optimise equality in our society. How should we define poverty? It is useful firstly to refer to some widely used definitions. Charles Booth writing in 1889 was one of the first to explore the area of poverty when he published a work showing that one third of Londoners were living in dire poverty. By ‘poverty’ he was referring to a ‘lack of basic requirements to sustain a physically healthy existence [and] sufficient food and shelter to make possible the physically efficient functioning of the body’ (cited in Giddens, 2001, p236). This is referred to as subsistence poverty- literally not having the means to survive. Benjamin Rowntree referred to primary poverty and secondary poverty. By primary poverty he meant those who were unable to afford a basket of necessities for ‘merely physical efficiency’. Secondary poverty referred to those who had more income than those living in primary poverty but who still suffered poverty lifestyles. (cited Flaherty et al 2004, p16) Another widely quoted definition of poverty is Townsend’s. In 1979 he stated, ‘Individuals, families and groups in the population can be said to be in poverty when they lack the resources to obtain the types of diet, participate in the activities and have the living conditions and amenities which are customary, or are at least widely recognised or approved, societies to which they belong. Their resources are so seriously below those commanded by the average individual or family that they are in effect, excluded from ordinary living patterns, customs and activities’ (cited Flaherty et al, 2004, p17). Whilst the World Bank described poverty as ‘the inability to attain a minimal standard of living’, the UN defines poverty as follows: ‘Poverty has various manifestations including lack of income and productive resources to ensure sustainable livelihoods; hunger and malnutrition; ill health; limited or lack of access to education and other basic services; increased morbidity and mortality from illness; homelessness and inadequate housing; unsafe environments and social discrimination and exclusion. It is also characterised by lack of participation in decision making and in civil, social and cultural life. It occurs in all countries: as mass poverty in many developing countries, pockets of poverty amidst wealth in developed countries, loss of livelihoods as a result of economic recession, sudden poverty as a result of disaster or conflict, the poverty y of low-wage workers, and the utter destitution of people who fall outside family support systems, institutions and safety nets’ (Flaherty et al 2004, p13). From this range of definitions can be seen the difference between absolute and relative poverty. Absolute poverty is based on the notion of subsistence which in itself is defined as the minimum amount needed to sustain life. As Alcock points out however, it is a contradiction to say someone is living below subsistence levels because, how can those without enough to live on, live? (1997, p68) The answer of course is that they do not- or at least not for very long. In contrast relative poverty is, in Alcock’s words, ‘a more subjective or social standard’ (1997, p69). This is the poverty which Townsend refers to where poverty and deprivation are judged in the context of the society in which an individual lives. Townsend also looked at poverty in terms of how it affected an individual’s ability to engage in social activities. From this the notion of social exclusion was developed and definitions of poverty broadened to include various types of deprivation. Townsend developed a deprivation index based on items which he saw as necessary to the whole of society and used these along with income levels to measure deprivation. However, there are some difficulties with this approach. For example as Baldock et al point out, where one of the deprivation indicators was not eating cooked meals, some people may prefer to eat salads and sandwiches from choice. (Baldock et al 2003, p119) Therefore it is difficult to differentiate where in some instances people may choose to be without what Townsend considered to be a necessity. Mack and Lansley further developed Townsend’s work by coming up with a ‘consensual approach top poverty.’ They asked respondents what they considered as necessities and from this feedback they measured poverty which they defined crucially as ‘an enforced lack of socially perceived necessities’ (cited in Baldock et al p119). By referring to ‘socially perceived necessities’ they avo ided having to make judgements on what constituted necessities. The difficulties with subsistence approaches to poverty is that it is inevitable that at some point an arbitrary decision will have to be made about what exactly is needed for subsistence. On the other hand, the problem with the relative measure of poverty is that where a society may have a small section of extremely wealthy people, the level of what is considered to be poverty relatively may be artificially high. For our purposes, it is easier to work with Sen’s assertion that ‘if there is starvation and hunger then, no matter what the relative picture looks like there clearly is poverty’ (cited Flaherty et al 2004, p17). However it is measured, it is clear that poverty exists and is even becoming a more acute problem in contemporary Britain. Flaherty et al cite statistics which reveal that between 1979 and 2001/2 the numbers of people living in households with below 60% of the median income after housing costs rose from 7.1 million to 12.5 million, that is, from 13% of the population to 22% of the population (2004, p31). Nearly a third of children in the UK live in poverty and this figure is even higher in Northern Ireland. In March 2003, 7.6 million British people were living on the safety net of benefits of income support or the jobseeker’s allowance. By the mid nineties, Britain’s child poverty rates were third only to the USA and Russia (2004, p69). The measure used to determine poverty by the British government is based on the Household Below Average Income Statistics. The HBAI looks at data along a number of income thresholds. The 60% of median income after housing costs, adjusted for family size, is a measurement tool used as a proxy for income poverty. As Flaherty et al state, ‘it is an explicitly ‘relative’ measure which looks at how people at the bottom of the income distribution have fared in relation to the median’ (2004, p31). As well as being used by the British government, it is also the headline indicator used by the European union to determine those who are at risk of poverty. Although the poverty we refer to here is largely to do with income and having the basic necessities in life- the term poverty is also used to describe people who are missing out on elements of social life which may be considered important by others. For example, cultural poverty or educational poverty. Whilst education is accepted as a basic human right, not having an education does not necessarily mean that a person cannot live a healthy and happy life, whereas not having food and warmth does. These poverties might be more aptly described in terms of social exclusion. Blakemore highlights the differences between social exclusion and poverty. Firstly, social exclusion focuses on relationships to society rather than material resources. Secondly social exclusion normally refers to exclusion from educational opportunities or from the labour market. Thirdly, remedies for social exclusion are different than those for poverty (2003, p85) What kind of people are at risk from poverty? Whilst it would seem natural to assume that unemployed people would be most at risk, this is not the case. Bilton et al (2002) outline which groups o people are more likely to suffer poverty and assert, ‘it is people in low-paid, insecure work who constitute the bulk of those below the income poverty line.’ The second largest group of people likely to suffer poverty are the elderly. ‘because life expectancy has increased, earlier retirement has become more common and state pensions have reduced in real terms, the elderly comprise an ever larger section of the poor. Unequal life chances continue through old age.’ Another group at risk are lone parent families and although less common, large families. In addition those who are sick or disabled are also more vulnerable to poverty(Bilton et al 2002, pp78-79). Millar argued in 1993 that three factors have contributed to the growth of poverty: a significant level of un employment; the increase in low-paid work; the growth of ‘precarious’ or ‘flexible’ employment (cited Bilton, 2002, p79). Such employment patterns tend to optimise profit and boost the economy but the downside is that vulnerable workers especially in unskilled occupations, are lacking in job security and all the benefits that brings. Another question which must be asked is whether it is possible to escape poverty. This depends on social mobility which Giddens defines as ‘the movements of individuals and groups between different socio-economic positions’ (2001, p229). The evidence seems to suggest that whilst those most at risk of poverty may be likely to always be vulnerable to extreme poverty, many people suffer regular periods of short-term poverty. As Jenkins et al state, ‘from a dynamic perspective, one may distinguish three groups: the persistently poor, the recurrently poor, and the temporarily poor’ (cited Flaherty et al 2004, p47) Jenkins et al’s studies over a number of years (1991-1999) found that a pattern emerged of ‘one of relatively short poverty spells for the majority, but relatively long spells for a significant minority.’ For many people life events can be the push factor in or out of poverty. For example exit from family poverty is most likely to co me through finding paid work whilst a change in household composition is more likely to assist a lone parents family’s exit from poverty. (Flaherty et al 2004, p48) In conclusion, the evidence is ample to show that poverty is a very real problem in Britain today whether it is measured in relative or absolute terms or whether it is conceptualised along lines of deprivation or exclusion. What is perhaps most worrying is that as a society, Britain is becoming more unequal than ever before. For example between 1979 and 1995, whilst the incomes of the richest tenth of the population rose by 60%, the incomes of the poorest tenth fell by 8% (Hills 1995, cited Baldock et al 2003, p121). This was still the case in the late 1990s when, according to Gordon et al, ‘the disposable incomes of the poorest and richest groups were still edging apart’ (cited Blakemore, 2003, p78). Those who are most likely to experience a reduction in income levels include ethnic minorities and women. Children are also more likely to suffer the worst effects of poverty. In 1999, Blair promised to end child poverty in a generation. It remains to be seen whether this w ill be achieved although with a mandate for a third term, it can only be hoped that important work already carried out to tackle child poverty will be consolidated. Some policy changes have already begun to make a difference in child poverty but poverty as a whole is still an issue which needs more time and resources devoted to it if poverty is to be eradicated. References Alcock P, (1997)Â  Understanding Poverty 2nd Edition Basingstoke: Palgrave Baldock J, Manning N, Vickerstaff S (2003) Social Policy London: Oxford University Press Bilton T, Bonnett K, Jones P, Lawson T, Skinner D, Stanworth M, Webster A, (2002) Introductory Sociology 4th Ed Basingstoke: Palgrave Macmillan Blakemore K, (2003) Social Policy an introduction Buckinghamshire: Oxford University Press Flaherty J, Veit-Wilson J, Dornan P (2004) Poverty: the facts 5th Edition London: Child Poverty Action Group Giddens A, (2001) Sociology Cambridge: Polity Press

Chasing Zero Essay -- Health, Preventable Medical Error

Chasing Zero is a documentary which was meant to both educate the viewer on the prevalence of medical harm as well as to enlighten both the public and health care providers on the preventability of these events (Discovery, 2010). The documentary expounded on the fact each year more people die each year from a preventable medical error than die due to breast cancer, motor vehicle accidents or AIDS (Institute of Medicine, 1999). Medical harm can result from adverse drug events, surgical injuries, wrong-site surgery, suicides, restraint-related injuries, falls, burns, pressure ulcers and mistaken patient identities (Institute of Medicine, 1999). Incidences of medical error have been reported in the media for many years. The most startling revelation in the documentary is how common medical errors are and how preventable they are. The Institute of Medicine (IOM) reported in 1999 that between 44,000 and 98,000 people die each year in the United States due to a preventable medical error. A report written by the National Quality Forum (NQF) found that over a decade after the IOM report the prevalence of medical errors remains very high (2010). In fact a study done by the Hearst Corporation found that the number of deaths due to medical error and post surgical infections has increased since the IOM first highlighted the problem and recommended actions to reduce the number of events (Dyess, 2009). The premise of â€Å"Chasing Zero† is to reduce the number of deaths due to healthcare harm to zero. Leading authorities on healthcare quality, such as Charles Denham, believe that all of these deaths are preventable and can be eliminated (Discovery, 2010). Dr. Denham along with the Texas Medical Institute of Technology (TMIT) are dedicat... ...vers, clinical and non-clinical leaders of hospitals and international subject matter experts. The Texas Medical Institute of Technology, through programs such as Chasing Zero, is bringing a public voice to the issue of healthcare harm. The documentary is a stirring example of the quality issues facing the healthcare system. In 2003, the NQF first introduced the 30 Safe Practices for Better Healthcare, which it hoped all hospitals would adopt (National Quality Forum, 2010). Today the list has grown to 34, yet the number of preventable healthcare harm events continues to rise. The lack of standardization and mandates which require the reporting of events contributes to the absence of meaningful improvement. Perhaps through initiatives such as those developed by TMIT and the vivid and arresting patient stories such as Chasing Zero, change will soon be at hand.

The Medicinal, Industrial, Recreational, and Commercial Uses of Marijua

The Medicinal, Industrial, Recreational, and Commercial Uses of Marijuana "Penalties against possession of a drug should not be more damaging to the individual than the use of the drug itself" said President Jimmy Carter in a message to Congress in 1977 (Family Council on Drug Awareness). Unfortunately, congress did not and has not listened to him. Even though numerous government-sponsored studies have proven that the use of the cannabis plant is safe and has many benefits, it is still illegal. Cannabis sativa is a flowering plant that has two main variations: marijuana and hemp. Marijuana contains the chemical delta-9-tetrahydrocannabinol (THC) which alters the mind when smoked, eaten, drank, or taken in the pill form. It is often called grass, pot, reefer, Mary Jane, herb, weed, or one of over 200 slang terms (National Institute of Drug Abuse). Hemp is bred to have lower THC content so that it does not have mind-altering capabilities. It is often used to make fibers, clothing, oil, ropes, and to aerate the soil in crop rotation. The qualities of both str ains of the cannabis plant are not new discoveries to humankind. In fact, the Chinese first recorded use of marijuana in the year 2727 B.C. (Schleichert 5). People in every inhabited continent legally used marijuana for recreation and medicine for thousands of years. It was not until after the "Reefer Madness" campaign of the 1930s that marijuana became illegal in the United States. The campaign gave exaggerated stories and false information to scare people away from the use of cannabis. Ever since, studies have shown that marijuana is safe and beneficial and activists have pushed for legalization, but governments refuse to legalize it. Instead, they have harsh laws prohibit... ...: Should they be Legalized. New Jersey: Enslow, 1996. Potter, Dr. Beverley and Dan Joy. The Healing Magic of Cannabis. Berkeley: Ronin, 1998. Schleichert, Elizabeth. The Drug Library: Marijuana. New Jersey: Enslow, 1996. Simmons, Michael. Afterword. "The Madness Continues." Reefer Madness. New York: St. Martin's Griffon, 1998. 397-435. Swan, Neil. "Marijuana, Other Drug Use Among Teens Continues to Rise." NIDA Notes. Apr 1995. On-line. Internet. Available WWW: http://165.112.78.61/NIDA_Notes/NNVol10N2/Marijuanateens.html. Woolf, Marie. "Cannabis less harmful than aspirin, says scientist." Independent News 20 Oct 2000. On-line. Internet. 23 Jan 2001. Available WWW: http://www.independent.co.uk/news/UK/Health/2000-10/cannabis201000.shtml. Zimmer, Lynn, Ph.D. and John P. Morgan, M.D. Marijuana Myths, Marijuana Facts. New York: Lindesmith Center, 1997. The Medicinal, Industrial, Recreational, and Commercial Uses of Marijua The Medicinal, Industrial, Recreational, and Commercial Uses of Marijuana "Penalties against possession of a drug should not be more damaging to the individual than the use of the drug itself" said President Jimmy Carter in a message to Congress in 1977 (Family Council on Drug Awareness). Unfortunately, congress did not and has not listened to him. Even though numerous government-sponsored studies have proven that the use of the cannabis plant is safe and has many benefits, it is still illegal. Cannabis sativa is a flowering plant that has two main variations: marijuana and hemp. Marijuana contains the chemical delta-9-tetrahydrocannabinol (THC) which alters the mind when smoked, eaten, drank, or taken in the pill form. It is often called grass, pot, reefer, Mary Jane, herb, weed, or one of over 200 slang terms (National Institute of Drug Abuse). Hemp is bred to have lower THC content so that it does not have mind-altering capabilities. It is often used to make fibers, clothing, oil, ropes, and to aerate the soil in crop rotation. The qualities of both str ains of the cannabis plant are not new discoveries to humankind. In fact, the Chinese first recorded use of marijuana in the year 2727 B.C. (Schleichert 5). People in every inhabited continent legally used marijuana for recreation and medicine for thousands of years. It was not until after the "Reefer Madness" campaign of the 1930s that marijuana became illegal in the United States. The campaign gave exaggerated stories and false information to scare people away from the use of cannabis. Ever since, studies have shown that marijuana is safe and beneficial and activists have pushed for legalization, but governments refuse to legalize it. Instead, they have harsh laws prohibit... ...: Should they be Legalized. New Jersey: Enslow, 1996. Potter, Dr. Beverley and Dan Joy. The Healing Magic of Cannabis. Berkeley: Ronin, 1998. Schleichert, Elizabeth. The Drug Library: Marijuana. New Jersey: Enslow, 1996. Simmons, Michael. Afterword. "The Madness Continues." Reefer Madness. New York: St. Martin's Griffon, 1998. 397-435. Swan, Neil. "Marijuana, Other Drug Use Among Teens Continues to Rise." NIDA Notes. Apr 1995. On-line. Internet. Available WWW: http://165.112.78.61/NIDA_Notes/NNVol10N2/Marijuanateens.html. Woolf, Marie. "Cannabis less harmful than aspirin, says scientist." Independent News 20 Oct 2000. On-line. Internet. 23 Jan 2001. Available WWW: http://www.independent.co.uk/news/UK/Health/2000-10/cannabis201000.shtml. Zimmer, Lynn, Ph.D. and John P. Morgan, M.D. Marijuana Myths, Marijuana Facts. New York: Lindesmith Center, 1997.

Asoka of India :: essays research papers

Asoka was one of the greatest rulers of ancient India. He was the grandson of Chandragupta Maurya of Magadha who established the first Indian empire. Chandragupta reigned for twenty-four years before relinquishing his throne in favor of his son, Bundusara (Asoka’s father), who left no noticeable mark upon the empire. Asoka was born in 304 B.C. and was known in his youth as Canda Asoka (the fierce Asoka) because of his aggressive nature. Asoka came to the throne in 270 B.C. after a power struggle that ended in the death of one of his brothers. He was at first disposed to follow the example of his father and grandfather and complete the conquest of the Indian peninsula. In about 256 B.C. Asoka attacked Kalinga, a country on the east coast of Madras, in order to expand his empire, which he ruled as a tyrant at the time. Asoka succeeded in conquering Kalinga in the bloody war in which 100,000 men were killed, 150,000 injured, and thousands were captured and retained as slaves. The sight of the slaughter involved in his conquest deeply distressed Asoka and deeply affected his mind. Overwhelmed by the carnage, he changed his way of life. Asoka, who practiced Brahmanism, renounced war forever and sought peace in Buddha’s preachings of love and ahimsa. The war developed in him a hatred of all kinds of violence so he gave up hunting and the slaughtering of animals. He became a strict vegetarian. His son, Mahinda, became a Theraveda monk and was sent to introduce Buddhism to Sri Lanka. Asoka spent time piously retracing the steps of the Buddha and raising stupas inscribed with moral injunctions and imperatives at holy places of pilgrimage, and for some two years he became a member of a Buddhist order without relinquishing his role as Emperor. Asoka’s conversion to Buddhism, affected with the help of his own teacher, Upragupta, was gradual. Even though he did little to change the system of government he inherited, he introduced a novel and powerful moral idealism, which was a moral rule or way of life in the Buddhist sense, as he understood it. He called this the â€Å"Law of Piety.† This law, though following the tenets of the Buddha, was distinct from them and peculiar to Asoka. It was to become one of the great turning points of the civilization of the East, having profound effects throughout the neighboring kingdoms, not least in

The extraordinarily horrible Robot

It was my mate's birthday. He was going to turn 14. I wanted to get him something really special because I have known him since we were two years old. My mum told me that we were both born in the same hospital in London but then we moved to Germany because my dad had had found a really good job. After a couple of years my mum got bored and couldn't take anymore of where she lived and told dad that she wanted to go back to London because she preferred it there and she knew more people. They both had a massive argument and stopped talking for weeks and weeks but eventually my dad apologised to mum and told her to move back into London and that he'll supply us with money and everything we need and he'll visit us once in a while. They promised each other that they'll write to each other every other week. Eventually mum found a job at an office, she was this mans secretary. This man was no ordinary man he scared me a little. He seemed really weird. He would always mutter something to mum every time he saw me it really freaked me out. As time went by my mum started to talk about dad less and she stopped replying to all his mail. I was really worried about her and really felt sorry for dad. Eventually mum phoned him, I had just walked home from a long boring, bad day from school and I was just about to slam the front door when I heard mums voice â€Å"Harry, listen to me this is really not going to work out†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.† I stood silent for a minute. I silently shut the front door and walked closer to the kitchen. Then I heard my mum speak again, â€Å"listen, I've been meaning to tell you, I mean†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. um†¦ oh I can't do this† then she slammed the phone down and ran out the room crying. I was thinking to myself oh mum ‘what have you done you poor silly woman'. I was really surprised of what just happened and couldn't even get myself to comfort her, it was like I wanted her to suffer for what had just happened. I walked upstairs really slowly trying to process through my mind what had just happened when I heard my mum sobbing and speaking to someone. I was thinking who the hell is she talking to or is my mum just beginning to go mad. I crept up to her room, her door was slightly ajar and I peeked through and jumped back in surprise and gasped. I ran to my room and slammed the door shut. My windows rattled for 2mins straight. I jumped on my bed and covered my head under the pillow and let out my anger and cried all night. I must have dosed off. When I woke up I peered at my clock sleepily, it showed 08:59. I jumped out o bed and quickly slipped my school uniform and gathered my books and went to run out my door when something threw my door open and started walking towards me with its arms outstretched and covered in a cloth hiding its identity. It was about knee high and scared the living daylights out of me. It picked up my baseball bat and held it in the swinging position and turned round and walked back towards me raising the bat as it closer. It was only a few inches away when I opened my mouth to scream. Nothing came out and the thing just swung for me. I closed my eyes and waited for the pain. After a few seconds I opened my eyes again and saw my mum and Steve (my mums boss) standing by the doorway in the same clothes they were in yesterday with a very large grin on their faces. That was another thing I forgot about ‘what the hell is he doing still here from last night'. Mum tells me that she and dad broke up because dad didn't care for them anymore. I know that wasn't the truth but played along with it. I know it was really Steve who made her do it. That's why he was in her room that day. I forgot about the whole thing and Steve told me he bought the robot for me as a present to show me that he will look after me really well. I just nodded and didn't smile. I think he got the picture and he just said to me ‘if you need anything just ask', and then he went. I was playing with the robot that day after school and I put the controller down and turned round to go on the internet on my computer when a heard a funny, whirring sound just like my†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ROBOT!!! I turn around and the robot was on my desk, and I left him on the floor. I screamed at the top of my pitch and nobody came. Everyone had gone out, I assumed. I picked up the robot and threw it across the room the leg and arm fell off. I left it there and fell asleep. I got up the next morning and remembered it was Jamie's birthday. He was my best friend. I forgot to get him a present. He was going to be mad at me when I got into school. After I got change and had my breakfast I went up to pick up my bag and as I stepped into my room I heard a crunch. I looked down and I saw that I had just broken the other leg. I looked at the robot and it gave me an idea. I went into school with a large box wrapped in read wrapping paper. I gave it to Jamie and I never saw him smile so much in his life. He thanked me and invited me for a sleepover that night. I delightfully said of course. I got home from school and there was a note on the kitchen table written by mum saying that she has gone away on an emergency business meeting and that she won't be back for a couple of days. I didn't think much of it. I made my way over to Jamie's and I could swear that something was following me. I turned round every now and then but all I could see was my shadow. I got to his doorstep and I pressed the doorbell relieved that I made to his house without any trouble. Jamie's dad answered it gave me a smile and took my bags an told me that mum phoned asking If I could stay round Jamie's for a few days still she gets back. I knew Jamie's family wouldn't say no. They thanked me for the present I gave Jamie and he came running down the stairs and gave me a hug and thanked me as well. I started to blush in front of his parents. We went upstairs and as I got into his room I heard his doorbell ring. I went to answer it but his mum said she'll get it. As she opened the door Jamie's dad asked who it was and before I could hear her reply Jamie cranked his music up. I ignored what happened and had fun in his room. I asked Jamie what he thought of his present. He told me he loved it but he had a funny look on his face like he was trying to change the subject. I asked him where it was and he said his dad put it in the attic because it seemed violent. I asked him to get it. Jamie said that he'll get into trouble but he said he'll get it anyway. I waited for him for 20mins and he didn't return. I went to his attic and he wasn't there. I saw blood trails on the floor and I was really frightened. I followed them and they leaded to the kitchen. I entered slowly and peered through. I stood in silence and screamed as I saw Jamie's mum, dad and Jamie all in a pile with vicious stab marks in their bodies. I turned away to run and I saw, I wasn't sure if I was looking at it†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. The robot was alive. It started moving towards me wit a butcher's knife in its hand and it stopped. Someone entered the room behind it with a hooded cloak. He looked up at me and smile. I could only see his mouth. He let out a evil laugh and said â€Å"now I can have your mum all to myself† and laughed continuously and the robot through the knife and it went right through my heart and just as I was closing my eyes, the figure unmasked itself†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. â€Å"Steve†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.† I said before I crashed to the ground. Then my eyes shut.

Economische En Sociale Geschiedenis

Samenvatting Economische en Sociale Geschiedenis 2013 INHOUD: 1. Samenvatting Boek â€Å"Before the Industrial Revolution† M. Cipolla 2. Kleine samenvatting Boek â€Å"Arm en Rijk† D. Landes 3. Samenvatting algemene hoorcolleges: Migratie & Interbellum 1. Samenvatting Boek â€Å"Before the Industrial Revolution† M. Cipolla Part I CHAPTER 1: Demand (pages: 3 t/m 52) Spain census of population, 1789, lot of population estimations are rough and not precise. Small societies. Not very large growth of population in 18th century. Low fertility or high mortality is the cause of slow growth. So population of preindustrial Europe remained relatively small. more in chapter 5). Normal mortality occurs in normal years. Catastrophic mortality occurs in calamitous years, it far exceeded current fertility. Always drastic fluctuations of population. Needs: depend on population size, geographical factors, and structure of population by age/gender/occupation & sociocultural factors . Cultural factors forbid/duty to do certain things. As long as a person is free to demand what he wants, what counts on the market are not ‘needs’, but ‘wants’. Wants are both expressed by individuals and society but only have limited resources, we have to make choices.Wants become effective demand when they are backed by purchasing power. (expressed by purchasing power). Purchasing power is based on income/distribution of income (public/private) & level and structure of prices. Income and distribution: Incomes can be divided in wages/profits/interests and rents. Preindustrial Europe was a striking contrast between the abject misery of the mass and the affluence and magnificence of a limited number of very rich people. Lyon & Florence 10% of the population controlled more than 50 % of the wealth assessed. Other measurement of wealth: bags of grain. (reserves).Gregory King made accurate calculations of national income, putting to good use all the material h e had available in addition to his personal observations. Poverty and unequal distribution of wealth and income. People with no income at all beggars. In France at the end of the 17th century, beggars counted for 10 % of the population. Most people lived at subsistence level, no savings or social security to help them in distress, only hope was charity. In different European cities, there were different percentages of â€Å"beggars†. Many fluctuations in unemployment figures. In years of famine (hongersnood/schaarste) high numbers of poverty.Income can be earned or transferred. Transfers: voluntary transfers (charity/gifts) & compulsory transfers (taxation). Many people left things behind for charity when they died. Also disasters and feasts served to accentuate charity. When people died from a disaster, their belongings went to the church/hospitals. Besides charity, gambling and dowries were forms of voluntary transfers, they could affect productive activity. Compulsory tran sfers; taxation on the one hand, plunder and theft on the other hand. Theft on low-class people because of: famine, inequality of income. Noble people also: earlier centuries of middle ages.Ransom (losgeld), large transfers of wealth. In early periods, great importance of alternatives to trade. After 10th century, trade expanded and concentrated in cities. (Permanent fairs). Types of demand: Demand for production goods, demand for services, demand for capital goods. 1. Demand for consumption goods 2. Demand for services 3. Demand for capital goods Demand can also be divided into: 1. Private internal demand 2. Public internal demand 3. Foreign demand Private demand: the lower the income, the higher the percentage spend on food (logic). The poorer the country, the higher the percentage spend on food of total expenditures.The lower the income, the more spend on poorer foods, such as bread (stijfselachtig voedsel). Rich people, less amount of total income on food. Symbolic value of food in preindustrial Europe. Rich ate a lot. Somethimes too much. Purchase of clothing was luxury. Epidemics, clothing of deads were passed over, which spread the epidemics. Plagues. People lived in small houses with many families. (rents were very high in large towns, compared to the wages). Milanese Public Health Board issued rules for living, but poverty stood in the way of wisdom. Rich had domestic staff. Low wages favoured the demand of domestic services.Wages only did not represent the total expenditures on them. costs of food/living/heating and other items provided tot servants by their employers. Income not spend on consumer goods and services is naturally saved. Nobody saves to the same extent: 1. Level income 2. Psychological/sociocultural factors 3. Income distribution. Obvious when income is high that there is more possibility of saving. Rich people could invest an amount saved of their income. (Cornelig de Jonge van Ellemeet for example). National saving in England at the end of the 17th century amounted to less than 5 percent of national income.Very unfair divided income distribution. Even though England was one of the richest preindustrial societies, NO high concentration of income. Preindustrial societies were in a position to save only if they succeeded in imposing miserably low standards of living. Flow of monetary income becomes circular savingwill be converted into investment. Hoarding: preindustrial Europe, large amounts of monetary savings were hoardeddid not reach financial market (under matrasses/socks for example). A lot of hoards were accidentally discovered. Hoarding because of fear (robbery and plundering). Beginning 11th centrurydis-hoardingdivine activities.Building cathedrals, helping the poor, religious building. 11th & 12th century financed through dis-hoarding. Investment euphoria. Public demand: Arose from the 11th century, only 5-8% of national income. Before the 18th century public and private demand were different to distingu ish. Distinction: presence of CHURCH as patrimonial & economic entity. Level and structure of public demand: a. â€Å"income† public power (derive from: taxation, public loans (forced), state property exploitation, gain of the mint) b. â€Å"wants† of those in power (war/defense/court/civil administration/festivities) c. he price structure and of the community they control Public powers can increase taxes; income is function of their â€Å"wants†. Public Debt= invention of Italy city-states. Moneys lent to the state by private citizens, mostly forced loans. Citizen would receive interest on the sum lent. Throughout the Middle Ages and Renaissance the public powers managed to broaden the tax base & to raise the rate of taxation. Parties Casuelles were in France the fiscal bureaus. In England and France the revenues of the Crown rose. But also rising prices, growing population, increased wealth.Fiscal privileges for the nobles (adel) hit the poor hardercomplaints! From 12th century sometimes administration was done by noblemen (no salary). A major expenditure of public money were embassies (representation). But military expenditure surpassed by far all the other expenditures. Also medical and educational services rose. Ethical & social valuepaying with public money so that ANY person (rich or poor) could get education or treatments. For example in Milan in 1288 had 3 of such surgeons. 1324 18 of such surgeons in Venice. Education: in the Middle Ages only private education (few).When communes arosepaying teachers with public money. Public schools arose rapidly. After 11the century. Education is investment in human capital. Guns & warships unattractive form of capital, capital goods middle 15th century public expenditure. Demand of the church: Church is important economic entity in preindustrial Europe. Donations from counts/barons, unable to manage land themselves so they donate to church. Very large magnitude of such estates. Before the 11th century. Following centuries nobles/wealthy donate buildings and lands to the church. 16th and 17th centurygrowing size of land holdings.Every now and then , however, church fell upon hard times in which bad administration affected property Reformation was worst period before 18th century. dissolution (ontbinding) of monasteries. A lot of monasteries (kloosters). By 1550 nothing was left of English monasteries, all possessions dispersed. Lots of income for Crown (benefit from sales). ReformationLombardy(-ije) before countries affected by Reformation. Reformation cuts into further growing of lands & possessions of church. The distribution of wealth within the church reflected the unequal distribution of wealth in society as whole.Foreign demand: Network of exchanges with other economic systems (goods/services/wealth/capital & metals). Import/Export = foreign trade. Exports are the response to foreign demand. Demand largely on food and textiles. End 16th century, clothes 80% English export. High transportation costsquality products, well do could afford these products. Industrial revolution made it possible to buy foreign made products easier. Import/Export could be measured by total GDP. (GNP). England best country with statistics on foreign trade. Henry VII (15th centrury) 300. 000. 17th century 9,5 million, increase in volume foreign trade.In Portugal, ancient manufacturers destroyed. Trade consequences depend on qualitative structures of certain trade. CHAPTER 2: The factors of production (pages; 53 t/m 96) Input is made up of factors called â€Å"factors of production†. Labor (ARBEID): divide people in consumers/producers & ages of people. Preindustrial 1/3 under 15. 60% 15-60 years old before 19th century. Difference between preindustrial & industrial societies = composition of dependent population (consumers but NOT producers). Nowadays productivity is very high, ratio of dependency 50-65%. Preindustrial: work till dead, start younger than 15.Chil d labor fields; summer. Bad treatment + female labor (agricultural/spinning/weaving). Wet nurse: sells food (mother’s milk) & cares for infant (service). Of economical and social importance. Sectors of activity: Primary, Secondary, Tertiary. Primary: Agricultural; low productivity, high % of total people worked in Primary sector not all sunk, kill and eat it, very vulnerable†¦ Working Capital: consists of stocks and inventories. (raw materials, semi-finished goods, finished goods). Stocks of foods, spared from consumption capital. Creating stocks costs money. Nowadays: ratio working capital to fixed capital is reduced. 2012, doomsday preppers however still exist;-)). Working capital is continually turned over. Continually coming back for reinvestment disinvestment is easier. STOCKS can be sold. QUESTIONL: Why low levels of production of preindustrial societies and a vicious circle of poverty? investment was so limited because opportunities for productive investment were extremely limited. Not so much because of poor potential of saving. Natural resources (NATUUR): non reproducible capital. Not infinite!!!! Land is a natural resource. Mineral deposits of: silver, gold, tin, copper, iron, etc.Medieval people were conscious about pollution more than during Industrial Rev. (Pitcoal). Forestsrules of cutting and planting trees. Later the rules became less important to the Europeans (during M. A & Renaissance). A lot of brick and marble in Italian culture because they exhausted their forests very early. Energy of water and wind for land-based activities (used on the spot), so manufacturers were located were mills could be build. Organization: labor, capital and natural resources must be combined in organizational forms which vary according to technology, the size of markets and the types of production.Different forms of organization can coexist. Preindustrial manufacturing was concentrated on the workshop. Craftsman. Dependent on who gave order (merchant s with warehouses). Mining and shipbuilding sectors. Modern capitalism manufacturing or trading sectorsled to modern capitalism. CHAPTER 3: Productivity and Production (pages; 97 t/m 114) Production is the outcome of all individual and social choices acting on both the demand and the supply side. Labor, capital and natural resources are INPUTS of production. Output emerges from their combination of use. Determinants: better education, economies of scale, technological development, etc.Entrepreneurial activity is a necessary ingredient, but not a sufficient one+ human vitality of whole society. Medieval and Renaissance productivity levels: technological progress. Agriculture (Slicher van Bath): between 1200 and 1700, grains yielded per seed planted rose. Fluctuation because natural resources, poor control over forces of nature. Animals poor fedless milk from cows, little meat. Weavers : low labor productivity meant that production processes were labor-intensive. Building industry: li ttle improvement on productivity. Other sectors noticeable improvements during MA & Renaissance. Gutenberg 1440: printing press (drukpers).The main reason for productivity gain was technological progress. Still low compared to industrial society. Not only quantity is important n measuring productivity, quality also important, but less records available. Positive production: greatest part of production in preindustrial Europe: food, textiles, buildings and domestic services. The: foreign trade. Many people produced locally. Negative production: the deliberate destruction of men and whealth & pollution and the destruction of the environment. Destruction of men and wealth for political or religious reasons. Assasins, Arsonist, Bomb-throwers. War!! -> Labor (the military) and capital (weaponry) with the avowed intention of destroying. Industrial army greater destructive power. Preindustrial: scarcity of capital. Plague destroyed men, not capital. Livestock killed, acres burned, vineyard s destroyed. a. destruction of natural resources b. pollution of the environment with the waste products of consumption c. pollution of the environment with undesirable by-products of productive activities d. damage to the health of those engaged in production In preindustrial societies less capacity for negative production. But even preindustrial societies managed to mismanage. 6th century increased use of coal in England. Domesticindustrial. (Fumifugium 1661. J. Evelyn). Miners, Gilders, Potters, Sulfur workers, Tanners, Glass-workersconcern for working conditions of labor. Part II CHAPTER 4: The Urban Revolution: The Communes (pages; 117 t/m 122) After fall down Roman empire, cities fell with it. Economic decline. North improved position, contact with south. Muslim invasion. Depressed and depressing world, rise of cities between the 11th and 13th centuries represented a new development, which changed the course of history. Differences between parts of countries and countries. Mas sive migratory movement.Towns grew because populations grew, high fertility & people from rural areas to cities. Migration: push & pull factors. Town was a place for innovation, economic and social advancement. Nobles took residence in the city (Italy). Cities became seats and centres of the power of the triumphant bourgeoisie. Citie WALLS. (protection). Towns were very different in medieval and renaissance period. Emegence of towns was a social and cultural revolution. Unique personal status for people living in cities. Burgers†¦ Italian cities attack and conquer the surrounding territory ( conflict with central power of Empire).Germans not!! France got a monarchy very soon. England, cities developed slower, very few revolutionary characteristics. Horizontal arrangements, co-operation among equals: university, fraternity, gildthe commune were the institutions created by the new outlook and which reflected new ideas. QUESTION: How did cities emerged from a portus (Belgian histo rian) beside a feudal castle of rising again from the foundations of a Roman town, was core of new society. Between 11th & 13th century. CHAPTER 5: Population: Trends & Plagues (pages; 123 t/m 136)Beginning new millennium, thin scattered population 35 million total. 1000-1400 population grew. Black dead came back in 1348, wiped out people. Also: wars, famines & epidemics struck again. En of 15the century 80 million. 16th century substantial growth. Beginning 17th100 million. Population of preindustrial Europe remained young and small. High fertility and high mortality. Marriage: manay people lived in celibacy (celibatair). Avoided for economic reasons. Age of marriage differs from time, class and country. Average age marriage around 25. Many people which DID married made it up for the unmarried.Number of children born still very high. High fertility because of youthful age structure and high mortality. QUESTION: Which types of mortality can be distinguished? Normal and catastrophic mortality. Normal mortality happens to occur in normal years. free from calamities (infants and adolescents) but WITH poverty.. While catastrophic mortality also took adults. Preindustrial societies were very vulnerable to calamities of all sorts. (WARS, FAMINES, PLAGUES (EPIDEMICS)). People literally died of hunger. Famines contributed directly to increase in mortality but also indirect by encouraging epidemics.Epidemics contributed most to the frequency and the intensity of catastrophic mortality. Balck Dead 1348. But also evey year an epidemic. Tyfus, bacteries, plaag, etc. Low growth rates. Begin 14th century several areas overpopulated, to prevailing levels of production and technology. Demographic growth big, public health development small! Effects of epidemics on given population are determined not only by the # people killed, but also by distribution of age (fertility). Normal mortality usually lower than fertility, but after a catastrophe start all over again. Citites surv ived because of flow from country to city.Epidemics after 18th century subsided. Pandemics. Mortality no longer assumed catastrophic proportions. Disappearance of plague after 17th century. Reasons: better building, burying corpses, disappearance of black rat? –> onverdedigbaar! BUT: ecological revolutiondemographic revolution, due to technological and economic achievements of western Europe. CHAPTER 6: Technology (pages; 137 t/m 159) Technological developments 1000-1700: Romans ->Watermills, slave labor (cultural reasons for development stagnations). BUT: we always think of machinery as we think of technology.Romans were very good in : organization of military, administration, architecture, road construction). Main technological developments 6th-11th century: watermills, plough, crop rotation, horseshoe, methods for harnessing draft animals. NOT inventions but increase in USE. All agricultural and strengthen each other. Many horses used, better capital. Alos IRON for equipme nt. Also developments in human capital and water power, watermill used for all kinds of productions. Also Windmillsirrigation end of 12th century. In 1745 a FANTAIL , sails into the wind automatically, 1st example of automatic control in machinery. 300 the compass, more mathematical navigation. Ship as capital greater value. Inventions: spinning wheel and spectacles (BRIL). Beginning 14th century: clocks, firearms and canal locks. Ship building: ship skeleton first during later middle ages. 15th centuryfull-rigged ships, all kinds of winds sailable. Time of voyages diminished + costs reduced. systematic knowledge of winds. Naval guns were build out of bronze. 16the centurycasting iron guns. This before mentioned provided a basis for expansion overseas. Technological innovation: printing (Gutenberg) bible, before printing was very expensive.Press opened up vast new horizons and opportunities in the fields of knowledge and education. Spread rapidly. Spinning wheel China 11the century, Europe 12th century. Innovation: small steps through numerous minor experiments. After the industrial revolution modern science. Windmill originally Persianvertical axis, European horizontal axis worked much better. Paper originally Chinesespread to Muslim empire. European paper produced with machines driven on watermills. After 12th century passion for mechanization of all productive processes. LABOR SAVING DEVICES.Mechanical clock for examplefirst measuring time in different ways, from 13the century need for solution measuring time because of mechanical outlook from people. Spread of clock: churches, public buildings, etc. Consequences of mechanization: in a number of sectors gains were achieved + mechanical outlook reinforced more and more. Logical consequence that follows is a mental outlook, which takes centuries to develop. Also feared as a source of possible dangerous disturbances. Scarcity of labor caused by epidemics one factor; but were many more and complex factors. Also mental attitudes and aspirations.WHY Europe so favourable to change? We do NOT know. The spread of technology: 12th – 15th century Italians leas technology invention. 16th-17th century Dutch and English. Through ages; main channel for diffusion of innovation has been migration of people. = migration of human capital. Sometimes things kept a secret when economic interest were at stake. Spread: migration of craftsman to other parts of country or other countries skilled labor migration. Push and pull factors, bad for economy of home country when people moved to other country. Sometimes punishments because of skilled movement.DRANG NACH OSTEN; Dutch people went to east because of fertile ground. Bologna attracted artisans in exchange for privileges. Depends on circumstances if invention takes place in host country of skilled laborers. Qualities that make people tolerant also make them receptive to new ideas. CHAPTER 7: Enterprise, Credit & Money (pages; 160 t/m 182) Enterprise a nd credit: Business techniques; organization of fairs, accounting techniques, insurance, etc. Many techniques developed between 11th and 16th century in Italy. From 16th centuryDutch and English; great trading companies.Lack of productive investment because of hoarding etc. But cities grew and credit developed very rapidly. Sale credit, therefore consumption became higher. Commenda: partnership contractsone or more give a SUM, used by other in business†¦instead of hoarding for example. Some as stock exchange, small and large savings. From 15th compagnia (coastal cities). Inland grew companies better†¦less risks (pirates, bad weather, etc). Involvement of shareholders unrelated to original family marked end of first phase in company history. End 13th century; entries publicly authenticated. Italians: double entry bookkeeping. 6th/17th oversea trade, expansion demand capital. Companies createdEast India Company, stocks and shares. Commenda: not possible without MUTUAL TRUST & honesty in business. Development civil/criminal legislation. Monetary trends: Start 11th century economy + monetary system developed. Middle Ages + Renaissance only coins. Chinese 13th century paper money already. Gold measured in carats, pure measure of gold and silver. Is intrinsic value. During Middle Ages and Renaissance monetary systems progressed. Before 1000- denariuscould work in primitive economies. Silver, 1 coin only.Until the 16th century until the Germans invented a way to mechanize the minting process involving a watermill. Many goods instead of cash (horses, weapons, etc. ) Growing demand for money after 11th century. 2 standards for coins (fineness, weight) !! Extreme: in Germany every prince or individual town strok OWN coins. M=P+(C+S) P:marketprice, M: amount someone brought in, C:charge minter, S:left of worth metal Devaluationsincrease amount in circulation= bring more metal in increase P English relatively strong coin. France unstable (1290) devaluation and r evaluation, economy suffered in France.Also due to 100 year war. Countries coinage shouldn’t belong to a king. Italy different gentler downwards devaluations than in France. Grossi, Piccioli, of denarius new phase with â€Å"multiples† of 1 coint. Bimetallic: system with silver AND gold started in Italy. Supply of metals due to discovery of African coast (Portugese; 1457, cruzado). Afterwards silver founded in parts of Germany, rush towards heavy & chunky coins. Silver â€Å"Guldiner† in Germany. Spanish came back from America with gold/silver = Real of Ocho (Eight). 16th /17th century = intrinsic fineness. 2th century and onward banking activity deposits = intangible = ink. Money. Bankers appeared money changes: intermediaries for public & mints. Depositors/bankers/payees. Bankers always hold certain amount of cash delivered to them in case people want to withdraw it. Just a fraction of total amount in KAS. –>reserve. This is the origin of bank money. In England goldsmiths who collected deposits and created money. Bank money positive development. QUESTION: Were there any economical drawbacks? Many panic, wars, high risks of losing money. Hurry to banks to collect deposits.Not all money was there because bankers only hold a â€Å"fraction† of total deposits. The rest was in investments and loans. Many banks went BANKRUPT. CHAPTER 8: Production, Income & Consumption (pages; 183 t/m 208) The great expansion: 1000-1300: Phase of expansion: new technologies/growth of towns/new sociocultural environment/increased division of labor/monetarization of economy/stimuli to saving, all these factors encouraged economic expansion. 1000- when European development took off, cultivation of land. Fertile land, NEW land. The Christian Reconquista made important progress in Spain. Territory got re-conquered.Drang nach Osten(12-13th century). As the Germans advanced, new cities were founded. By 1300 the movement had slowed down. The German eastw ard expansion was demographic, economic, political and religious in character. Very good land in the east (better capital and techniques brought with them). Expansion to Central Europe, Baltic countries. Everybody in Europe benefitted from it. Untill Ind. Rev. economy remained agricultural. Rebuilding new city walls. As were leading sectors there were leading areas. Northern Italy, bridge between Europe and north Africa. Coastal republics and important crossroads.Seafaring activity was greatly extended. Economic trends: 1300-1500: CHAPTER 9: The Emergence of the Modern Age (pages; 209 t/m 233) 2. Samenvatting Boek â€Å"Arm & Rijk † D. Landes * 1. Ongelijke bedeeldheid natuur * 2. Omgaan met natuurlijke gesteldheid: Europa en China * 3. Europa’s eigen weg * 4. De uitvinding van het uitvinden * 5. De ontsluiting van de wereld * 6. Naar de Oost * 7. Van ontdekkingen tot wereldmacht * 8. Bitterzoete eilanden * 9. Heerschappij in de Oost * 10. Gewinzucht * 11. Golconda * 1 2. Winnaars en verliezers: de balans van de wereldmacht = t/m blz 202 1. Ongelijke bedeeldheid natuur:Invloed van geografische factoren, met name klimaat. Hierarchy betreft gunstig klimaat. Inkomen per hoofd bevolking in rijke landen in de gematigde streken. Onderontwikkelde in tropen of subtropen. Geografische gesteldheid is 1 van de factoren. Eenvoudige rechtstreekse verbanden: klimaat, in warme landen is werken zwaarder, hitte, lichaam. (neem als voorbeeld siesta). Slavernij in warme streken, anderen doen het werk. AC verscheen pas laat. In Amerika al eerder. Klimaatregeling kostbare techniek, weinig armen kunnen zich dat veroorloven. Arbeidsproductiviteit in warme landen lag LAGER.Complexe en indirecte verbanden: Hitte zorgt ook voor verbreiding van voor de mens schadelijke levensvormen. Slakkenziekte (parasieten) , malaria etc. Geneeskunde grote vooruitgang geboekt bij bestrijden dergelijke ziekten. Kolonisten brachten artsen mee, hierdoor inheemse langer leven. Zuigelingsterft e erg minder. Contrast echter nog steeds schrijnend. Tropenziekten + geneeskunde (inheems). Waterregenwoud, veel regen korte tijd, verpest alle vruchtbarheid etc. Uiterste: droge streken. Opslag zou oplossing zijn, maar enorm snelle verdamping. Rampenvijandig klimaatook in rijkere landen, Amerika orkanen bijvoorbeeld.Afrika: sterftecijfer blijft hoog ondanks vooruitgant, ook mede door bevolkingsexplosie. Opvallend verschil in werkkracht en efficiency tussen gematigd en tropisch klimaat. voedingspatroon NOEM EEN DIRECTE EN INDIRECT VERBAND WAAROM WARME LANDEN HET ZWAARDER HADDEN? [zwaarder werken in hitte, AC duur, slavernij] & [hitte zorgt voor verspreiding schadelijke levensvormen] 2. Omgaan met de natuurlijke gesteldheid: Europa en China: Europa: betrouwbare en gelijkmatige waterval + gematigde temperaturen. Voedselvoorziening in handen van mensen met vruchtbare grond. Mediteraanse zee, minder regen, slechtere grond betere bomen en veeteelt.Hierdoor achterstand Zuid-Europa, ook do or culturele factoren. Waarom kwam Europa zo traag op gang na Egypte en Mesopotamiegeografische liggingLigging in wouden/bossen, epidemieen/pandemieen/hongersnood/plagen/oorlogen. Later, technologie om land te bewerken, oorlog te voeren, meer mestmere voedsel, geen wormziekten die China wel teisterden. Europeanen waren gezonder. Echter zeer vruchtbaar slib in oosten. Overstromingen en droogte perioden in China/India. Grote bevolkingsdichtheid, er werd snel getrouwd. Europa pas laat trouwen. China: tussen 1000-1300 verdubbeling bevolking, daarna afname door epidemieen.Steeds meer landbouw nodig om mensen te voeden. Agrarische revoluties. Trokken van noord naar zuid. Uitbreiding graanschuur en enorme concentratie op rijst. Arbeids en waterintensief energiemodelhydraulische samenleving eigen arbeiders, sterke overheid, niet westers. Werd ook tegengehangen. Tijd tot tijd, zonder autoriteit. WAT IS EEN HYDRAULISCHE SAMENLEVING? GEEF VOORBEELD†¦Een  hydraulische samenleving  (ook bekend onder de termen  watermonopolie-rijk  of  hydraulische these) is een sociale of overheidsstructuur, die haar macht ontleent aan de exclusieve controle over de de toegang tot water.Ten grondslag hiervan ligt meestal de noodzaak tot gecoordineerde  irrigatie  of gecontroleerde overstromingen, waardoor centrale planning en een hiertoe gespecialiseerd overheidsapparaat een belangrijke rol gaan spelen. ] 3. Europa’s eigen weg: In de 10e eeuw had Europa net een lijdensweg ondergaan van plunderingen, roof, oorlogen. Noormannen naar zuid-europa en oosterse contreienRussen. Geduchte en wrede plunderaars. Hongaren vanuit het Oosten, bleven niet lang. Hierna, door afwezigheid van agressie kon Europa groeien, mede door ondernemingszin (niet vanzelfsprekend).Tussen oude mediterrane wereld and moderne Europa zit overgangstijdkwam nieuwe samenleving op gang. Orientaals despotisme (alleenheerschappij). Hierdoor niet mogelijk eigen gang te gaan, belemmerde dus de onderneming szin. Middeleeuwen tijd van overgang, Eigendom was recht!!! Europa zag niet toe, reguleerde niet en onderdrukte niet, China wel wat betreft eigendom. Ook despotische regeringen in Europa, maar ingeperkt door de wet. Chinamuren om mensen bij zich te houden, niet overlopen naar rivalen†¦Als er in Europa rivaliteit was tussen landen, goed jegens burgersanders konden ze overlopen.Er ontstonden gemeenten als marktplaatsen. Knoopplaats tot handel met platteland (hogere status). Heersers gaven macht aan stedelingen en buitenluiomdat dat meer oogst opleverde en tevens macht heerser uitbreidde. Middeleeuwen Europa: economische revolutievoedsel, landbouwmethoden, INNOVATIE ipv UITVINDINGEN. WAAROM SPREEKT MEN LIEVER OVER INNOVATIE DAN OVER UITVINDINGEN? [nieuwe methoden stamde al uit eerdere tijden, neem windmill (vertical/horizontal axis voorbeeld OF Ploeg op wielen door Germanen meegebracht]