Impact of Exports, Imports and Stock Exchange on Pakistan

Impact of Exports, Imports and Stock Exchange on Pakistan Impact of Exports, Imports and Stock Exchange performance on GDP of Pakistan. CHAPTER NO 1 INTRODUCTION 1.1 Background The stock market plays an important role in the economy by mobilizing domestic resources and channeling them to productive investment. This implies that it must have a significant relationship with the economy. The relationship can be seen, in general, in two ways. The first relationship views the stock market as the leading indicator of the economic activity in the country, whereas the second focuses on the possible impact the stock market may have on aggregate demand, particularly through aggregate consumption and investment. In other words, whether changes in stock market cause fluctuations in macroeconomic variables, like Consumption Expenditures, Investment Spending, Gross Domestic Product (GDP), Index of Industrial Production (IIP), etc., or are caused by these variables is an interesting issue to be examined. The former case implies that stock market leads economic activity, whereas the latter suggests that it lags economic activity. In addition to stock market another significant factors that are likely to effect on any economy around the world are imports and exports. As far as Pakistan is concerned its economy is highly reliant on the imports like industrial inputs, machinery, fuel and essential food stuffs. Pakistan major imports are petroleum, machinery, transport equipment, chemical, dyes, steel, iron, products, tea chemicals and many other products of goods and services which are not easily available in Pakistan. All the major transactions are in terms of million from the year of 2009 to 2011 having a percentage of GDP effect the economy of Pakistan. The major exports of Pakistan are the agriculture products, industrial goods, hosiery products, garments, cloth, fabrics and many other items which are excess in Pakistan Shabbir, Mahmood, Niazi, (1992). A country can avail numerous benefits from its exports. Firstly, trade expansion will bring about enhanced productivity through greater economies of scale in the export sector. Secondly, increased competition encountered in the international markets will undoubtedly provide greater incentives for technological advancement and better management, the effects of which will spill over into the non-export sectors, and thus raise the over-all productivity of the economy. Thirdly, increased export earnings will ease constraints on growth by enhancing the capacity to import essential goods, especially imports of intermediate and capital goods. In other words, export expansion promotes capital accumulation and, consequently, over-all economic growth. Fourthly, exports may have a positive imp act on productivity owing to better allocation of resources through specialization based on comparative advantage. Lastly, an export-oriented approach in a labor-surplus economy permits rapid expansion of employment and real wages. The importation and exportation of goods and services take a vigorous role in the progress of the economic development of Pakistan. It is observed that both factors import and exports help the economy to grow in the local and international market as well. Now due to energy crises the ratios of exports are very less as compared to imports. The rate of population of Pakistan is increasing day by day, which means a high increase of the demands and needs. The importation and exportation of goods and services play a dynamic role in the progress of the economy of Pakistan. It is observed that both factors import and exports help the economy to grow in the local and international market as well. Now due to energy crises the ratios of exports are very less as compared to imports. Therefore, the study will analyze the imports/exports and stock exchange growth with respect to Gross Domestic Product (GDP) of Pakistan. 1.2 Problem Statement A country like Pakistan whose economy is dependent on taking loans from International Monetary Fund (IMF) has to increase it exports and decrease its imports in order to reduce its dependency on foreign aid and loans. Moreover, owing to economic and political un stability the stock exchange of Pakistan fluctuates all over the year. Both imports/exports and stock exchange is effecting the Gross Domestic Product (GDP) of Pakistan over the years. Therefore, the study wants to find the impact of Imports/Exports and Stock exchange growth on GDP of Pakistan. 1.3 Research question What is the impact of imports, exports and stock exchange growth on GDP of Pakistan? 1.4 Research Objectives To analyze the impact of imports and exports on GDP of Pakistan. To investigate the impact of Stock exchange growth on GDP of Pakistan. 1.5 Rational of the study The study is based on the time series data from year 2001 to 2015. Data has been collected from authentic sources such as World Bank, world development index and Pakistan stock exchange. On the contrary the stock exchange performance was gathered from Pakistan stock exchange. Imports, exports and stock exchange performance will be used as independent variables and GDP will be used as dependent variable. In order to find the impact of imports, exports and stock exchange performance on GDP of Pakistan the research will use and Regression analysis. 1.6 Significance of the Study The study will be significant to the overall economic sector of Pakistan. Government can avail benefits from research findings in such a way that it can help the government while making their relevant policies for exportation and importation of goods. Furthermore, the government of Pakistan can see the fluctuations in the stock exchange growth over the years through which they can predict the stock exchange performance for years to come. All in all, the whole research will be beneficial to the relevant government sector if they want to increase the economic performance of our country. CHAPTER NO 2 LITERATURE REVIEW Following section contains viewpoints of various authors around the world and from Pakistan with respect to imports/exports and stock exchange growth on GDP of Pakistan. Literature review is an essential part of any research reason being it gives us the direct and indirect perspectives and establish a ground on which current research is taken place. It is inappropriate to conduct a new research before reviewing past research related to the topic on which we are going to conduct research. 2.1 Literature Review The empirical literature on export, import and economic growth nexus are distinguished between two stands in the methodological point of view. The à ¯Ã‚ ¬Ã‚ rst stand uses the cross-country approach in order to test the economic theory about export and economic growth nexus by using rank correlation approach, OLS method, 2SLS and random effect estimation method. These studies are supported for a positive relationship between export and economic growth McNab and Moore, (1998). The second stand uses the time series techniques. In the beginning of time series literature on export, import and growth nexus, the researchers have widely used causality methods to find out the results. Ahmad and Harnhirun, (1995) employed cointegration and error-correction modeling approach in case of à ¯Ã‚ ¬Ã‚ ve Asian countries, i.e. Indonesia, Malaysia, Philippines, Singapore and Thailand, annual data of 1966-1990 are employed. They found out bidirectional causal relationship between export and economic growth. In case of China, Shan and Sun, (1998) investigated the ELG hypothesis by using the monthly data 1987-1996. They found bidirectional relationship between export and economic growth. Lie et al. (1997) examined the long-run relationship between trade openness (exports plus imports) by using the quarterly data from 1983 to 1995. They found bidirectional relationship between trade openness and economic growth and suggested higher degree of trade openness associated with the higher level of economic growth. Narayan and Smyth, (2004) used Cointegration and error-correction method in order to check the link between real export, human capital accumulation and economic growth. They found long-run relationship only when real export is the dependent variable. Mah, (2005) the ELG is tested using the ARDL model. The results are in favor of a long-run bidirectional relationship between real GDP and export growth. Conversely, Tang (2006) reviewed the ELG hypothesis in China with import as an additional variable in the model. He used two Cointegration methods, i.e. ARDL approach to Cointegration, and JJ cointegration methods. The results of two approaches indicate no cointegration between export, import and real GDP. Herrerias and Orts, (2009) examined the relationship between the import, investment, output and productivity by using the data 1964-2004. They concluded in the long run both import and investment have promoted output and labor productivity but on the other hand neither investment causes import nor import causes investment. Muhammad Adnan Hye, (2012) conducted a research in China the purpose of this paper is to investigate the export-led growth, growth-led export, import-led growth, growth-led import and foreign deà ¯Ã‚ ¬Ã‚ cit sustainability hypothesis in the case of China, using annual time series data from 1978-2009. The results conà ¯Ã‚ ¬Ã‚ rm the bidirectional long run relationship between the economic growth and exports, economic growth and imports, and exports and imports. These à ¯Ã‚ ¬Ã‚ ndings guided the authors to conclude that the exports-led growth, growth-led exports, imports-led growth and growth-led imports hypothesis is valid, and foreign deà ¯Ã‚ ¬Ã‚ cit is sustainable for China. The long run elasticities are the elasticity of economic growth with respect to exports is 0.591, and elasticity of exports with respect to economic growth is 1.635. The elasticity of economic growth with respect to imports is 0.621, and elasticity of imports with respect to economic growth is 1.392. Fur thermore, the elasticity of exports with respect to imports is 1.322, and imports elasticity with respect to exports is 0.975. Using time-series and panel data from 1986 to 2004, Hsiao Hsiao, (2006) examines the Granger causality relations between GDP, exports, and FDI among China, Korea, Taiwan, Hong Kong, Singapore, Malaysia, Philippines, and Thailand, the eight rapidly developing East and Southeast Asian economies. After reviewing the current literature and testing the properties of individual time-series data, we estimate the VAR of the three variables to à ¯Ã‚ ¬Ã‚ nd various Granger causal relations for each of the eight economies. We found each country has different causality relations and does not yield general rules. We then construct the panel data of the three variables for the eight economies as a group and then use the à ¯Ã‚ ¬Ã‚ xed effects and random effects approaches to estimate the panel data VAR equations for Granger causality tests. The panel data causality results reveal that FDI has unidirectional effects on GDP directly and also indirectly through exports, and there also exists bidi rectional causality between exports and GDP for the group. Our results indicate that the panel data causality analysis has superior results over the time-series causality analysis. Wacziarg (2001) analyzed the association between trade policy and economic growth by taking 57 countries over the period 1970-1989 by employing fully specified empirical model. He constructed openness index with the help of three trade policy variables, tariff barrier, non-tariff barriers and a dummy variable of liberalization. The results concluded that trade openness affects growth mainly by raising the ratio of domestic investment to GDP and by FDI. Nath and Mamun (2006) investigated the causality between trade, investment and growth through Vector Auto regression (VAR) framework for the period 1971-2000 in Bangladesh. They presented that trade openness has promoted investment in Bangladesh. Although study suggested that growth causes trade but this study found little evidenced that trade affecting economic growth in Bangladesh. By employing ARDL Approach to Co-integration on two Asian countries, India and Korea, Sarkar (2005) has found no meaningful relationship between the per capita real GDP and trade openness. Although India and Korea, opened trade and shares of trade in their GDPs also rose significantly. But none of the countries experienced a positive long-term relationship between opening up and economic growth. Parikh and Stirbu (2004) used fixed effects, random effects, OLS and SURE models for panel of 42 developing countries i.e. Asia, Africa and Latin America over the period 1970-1999. They analyzed the relationship between liberalization, growth and trade balance or current account. Their results concluded that liberalization contributes significantly to economic growth, openness and investment rates. The studies dealing with the causal relationship between stock market and macro variables focus on the relationship of stock prices with consumption expenditures, investment spending, and economic activity. In these studies, the economic activity is generally measured by Gross Domestic Product. (A) Stock Prices and Consumption Expenditures The relationship between stock prices and consumption expenditures is based on the life cycle theory, developed by Ando and Modigliani (1963), which states that individuals base their consumption decision on their expected lifetime wealth. Part of their wealth may be held in the form of stocks linking stock price changes to changes in consumption expenditure. Thus, an increase in stock prices will increase the expected wealth, which, in turn, will increase the consumption expenditures, suggesting the direction of causality from stock prices to consumption expenditures. On the other hand, an increase in consumption expenditures may result in an increase in the corporate sectors earnings, which will result in higher stock prices, implying causality from consumption expenditures to stock prices. (B) Stock Prices and Investment Spending The relationship between stock prices and investment spending is based on the q theory of Tobin (1969), where q is the ratio of total market value of firms to the replacement cost of their existing capital stock at current prices. According to the theory, the firms would increase their capital stocks if q is greater than one, implying that the market value of firms is expected to rise by more than the cost of additional physical capital. Thus an increase in stock prices will result in an increase in the market value of firms, implying that firms would increase their capital stocks reflecting an increase in investment spending. Another link, though less direct, between stock prices and investment spending is based on the neoclassical or cost-of-capital model. The model assumes that firms first determine the desired stock of real capital on the basis of prices of labor, capital, and expected sales and then determine the rate of investment depending on how fast they wish to reach the desired capital stock in the face of significant adjustment cost. Thus, the expected changes in sales and planned output are the major factors affecting investments. However, as noted by Bosworth (1975), if higher earnings are implied by higher expected output that increases stock prices, then the market valuation model implicitly accounts for the effect of expected output. (C) Stock Prices and Economic Activity Finally, the relationship between stock prices and economic activity is investigated to examine the role of stock market, that is, whether it leads or lags economic activity. Moreover, the relationship of stock prices with the components of aggregate demand, consumption, and investment sometimes provide conflicting results, causing an ambiguity concerning the direction of causality between stock price changes and macro variables. As mentioned above, the economic activity is generally measured by GDP and/or IIP. In addition to above in any study of the aggregate economy, one of the key elements is the aggregate amount of goods and services produced over a certain period of time. The measure is called the nominal gross domestic product (the GDP). This is the market value of the total quantity of final goods and services produced over the specified time period. The GDP is actually measured quarterly, but the number is then multiplied by four, so that the amount is in annual terms Mankiw, (2011). The components of this measure of GDP are Consumption(C), Investment (I), Government Expenditure (G) and Net Exports (NX). Net exports represents the money value of domestically produced goods that are sold outside the country (i.e., our exports) minus the purchase of goods and services produced in other countries (i.e., our imports). Our exports are part of our domestic production, so obviously must be included. Our imports are subtracted here, because they are goods and services produced by foreign countries, but they have already been included in our consumption, investment and government expenditures. If imports increase, but all other parts of the GDP remain the same, the GDP will not change, because the imports are first included in the calculation of C + I + G, and then they are subtracted out. Thus, Y = C + I + G + NX. A large number of studies tested the Export Led Growth (ELG) hypothesis, using different econometric procedures, ranging from simple OLS to multivariate co-integration, but previous empirical studies have produced mixed and conflicting results on the nature and direction of the causal relationship between export growth and output growth. Ghatak and Price (1997) test the ELG hypothesis for India for the period 1960-1992, using exports as regressors and measure of GDP that nets out exports, along with exports and imports as additional variables. Their Cointegration tests confirm the long-run nature of this relationship. However, imports do not appear to be important for the case of India. Asafu-Adjaye et al. (1999) consider three variables: exports, real output and imports (for the period 1960-1994). They do not find any evidence of the existence of a causal relationship between these variables for the case of India and no support for the ELG hypothesis, which is not too surprising given Indias economic history and trade policies. Ramos (2001) investigates the Granger-causality between exports, imports, and economic growth in Portugal over the period 1865-1998. His empirical results do not confirm a unidirectional causality between the variables considered. There is a feedback effect between exports output growth and imports output growth. Nidugala (2001) finds evidence in support of the ELG hypothesis for the case of India, particularly in the 1980s. He finds that export growth had a significant impact on GDP growth. Further, his study reveals that growth of manufactured exports had a significant positive relationship with GDP growth, while the growth of primary exports had no such influence. Studies related to Pakistan Mukhtar, Rasheed, (2010) empirically examines the long run relationship between exports and imports for Pakistan using quarterly data for the period 1972-2006. The econometric framework used for analysis is the Johansen Maximum Likelihood Cointegration technique, which tests both the existence and the number of Cointegration vectors. Results show that there is a long run relationship between exports and imports and the country is not in violation of its international budget constraint. Furthermore, for testing the stability of long run equilibrium relationship and direction of causality, vector error correction model (VECM) technique has been applied. The findings confirm the stability of the long run equilibrium relationship between exports and imports. Under Granger causality tests, it has been found that there exists bidirectional causality between exports and imports. Ullah and Asif (2009) investigated export-led-growth by time series econometric techniques (Unit root test, Co-integration and Granger causality through Vector Error Correction Model) over the period of 1970 to 2008 for Pakistan. In this paper, the results reveal that export expansion leads to economic growth. They also checked whether there is unidirectional or bidirectional causality between economic growth, real exports, real imports, real gross fixed capital formation and real per capita income. The traditional Granger causality test suggests that there is unidirectional causality between economic growth, exports and imports. On the other hand, Granger causality through vector error correction was checked with the help of F-value of the model and t-value of the error correction term, which partially reconciles the traditional Granger causality test. After going through viewpoints of different authors it is evident that imports, exports relationship with economic development has been explained in Pakistan scenario and all over the world. However, the variables such as imports, exports and stock exchange performance are not being analyzed with respect to GDP specifically in Pakistan scenario which is the gap of the study. 2.2 Theoretical Framework Independent Variables Dependent Variables Reference: Mukhtar, T., Rasheed, S. (2010). Testing long run relationship between exports and imports: Evidence from Pakistan. Journal of Economic Cooperation and Development, 31(1), 41-58. 2.2.1 Operationalization of Variables Imports and Exports are measured as merchandise imports and exports (US $) and GDP is measured as per capita growth in percentage form Whereas, stock exchange performance is measured by market capitalization of all domestic companies registered on Pakistan stock exchange formally known as Karachi stock exchange. 2.3 Hypothesis H1:Imports, Exports and Stock exchange performance has a significant impact on Gross domestic product of Pakistan. H2: Imports, Exports and Stock exchange performance have no significant impact on Gross domestic product of Pakistan. CHAPTER NO 3 RESEARCH METHODOLOGY 3.1 Sample The sample size for this research consists of time series data of 15 years starting from 2001 to 2015. Data has been collected from authentic sources such as World Bank, world development index and Pakistan stock exchange. The research is secondary in nature because market research thats already compiled and organized for us are the examples of secondary information that includes reports and studies by government agencies, trade associations or other businesses within our industry. 3.2 Instrument and Measures Regression analysis, Anova and Coefficients of regression were the instruments that were used to measure the impact of exports, imports and stock exchange performance on Gross domestic performance of Pakistan. Furthermore, to check the validity and appropriateness of data reliability analysis was done for dependent and independent variables. 3.3 Procedure Statistical package for social sciences program SPSS version 20 was used to analyze the dependent and independent variables to see out the impact of exports, imports and stock exchange performance on GDP of Pakistan. CHAPTER NO 4 RESULTS AND DISCUSSIONS 4.1 Regression Analysis Table 4.1.1 Model Summary Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .830a .689 .681 1.72691 a. Predictors: (Constant), SE_Per, Exports, Imports Interpretation The proportion of variation in dependent variable as a result of the independent variable is given by R square. Estimated 68% variation was found out in dependent variable as a result of the independent variable. Following the adjustments made the data related to variation in dependent elements due to the independent ones is represented by R square. Table 4.1.2 ANOVAa Model Sum of Squares Df Mean Square F Sig. 1 Regression 55.198 3 27.599 91.914 .000 Residual 24.962 11 2.982 Total 80.160 14 a. Dependent Variable: GDP b. Predictors: (Constant), SE_Per, Exports, Imports Interpretation A perfect fit of the model is indicated by the ANOVA table. Furthermore, the p value of 0.000 indicates a perfect position regarding the independent and dependent variables. Table 4.1.3 Coefficients Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) -.082 .220 -.876 .400 Exports .437 .073 .506 5.972 .018 Imports -.472 .103 -.390 -4.598 .027 SE_Per .094 .043 .762 2.213 .023 a. Dependent Variable: GDP Interpretation The coefficient stresses the influence of the independent variable on the dependent one. The direction in which the dependent variable is led towards by the independent one is ascertained from the Beta value. The p value is significant at less than 0.05. In our scenario all the variables that are exports, imports and stock exchange performance are significantly impacted the dependent variable that is Gross Domestic Product (GDP). But, the noteworthy thing in the results is that exports and stock exchange performance is positively impacted the GDP whereas, imports are negatively impacting the GDP of Pakistan but it is statistically significant. Hence our Hypothesis (H1) is accepted whereas H2 is rejected. CHAPTER NO 5 CONCLUSION AND RECOMMENDATIONS 5.1 Conclusion After above empirical results it has been proved that all the independent variables that are exports, imports and stock exchange performance are significantly impacted the dependent variable that is Gross Domestic Product (GDP). Hence our Hypothesis (H1) is accepted whereas H2 is rejected. In addition to our results previous studies conducted in Pakistan and outside Pakistan found out similar results such as Ullah and Asif, (2009) investigated export-led-growth by time series econometric techniques over the period of 1970 to 2008 for Pakistan. Their results reveal that export expansion leads to economic growth. However, outside Pakistan in case of our neighbor country India Asafu-Adjaye et al. (1999) consider three variables: exports, real output and imports (for the period 1960-1994). They do not find any evidence of the existence of a causal relationship between these variables for the case of India. 5.2 Recommendations Government should take strong measures to increase exports and decrease our imports. Interest free loan should be provided to the minor scale organizations to make rise in their productivity. Taxes should be cuts for the exporter country and taxes should be improved for importer companies to decrease the import. If we want to make a rapid growth in Pakistan economy, then it is necessary to reduce its imports and increase in exports. But in Pakistan the situation is reversed. The relationship between exports and economic growth is positively correlated but the relationship of imports and economic growth is negatively interrelated. If net exports are of positive value, the nation has a positive balance of trade. If they are having negative value, the nation has a negative trade balance. Lastly, our government should ensure political stability in our country as we see that whenever there is a political chaos in our country the stock market goes down and vice versa which is severely hurting Pakistans economy.

The Counterculture :: American History, The Civil Rights Movement

During the sixties Americans saw the rise of the counterculture. The counterculture, which was a group of movements focused on achieving personal and cultural liberation, was embraced by the decade’s young Americans. Because many Americans were members of the different movements in the counterculture, the counterculture influenced American society. As a result of the achievements the counterculture movements made, the United States in the 1960s became a more open, more tolerant, and freer country. One of the most powerful counterculture movements in the sixties was the civil rights movement. In 1964, Congress passed the Civil Rights Act to end racial discrimination in employment, institutions like hospitals and schools, and privately owned public accommodations In 1965, congress returned suffrage to black southerners, by passing the Voting Rights Act of 1965 (Foner 926). In the case of Loving v. Virginia (1967), the Supreme Court ruled that laws prohibiting interracial marriage were unconstitutional (Foner 951). Because of the civil rights movement in the sixties, minorities gained more rights than they had prior to the 1960s. While the 1960s were a time of advancement for minorities, it was also a time of advancement for women. In 1963, Congress passed the Equal Pay Act, which outlawed discrimination in the workplace based on a person’s sex (Foner 944). To ensure that women would have the same opportunities as men in jobs, education, and political participation, the National Organization for women was formed in 1966 (Foner 944). The sixties also marked the beginning of a public campaign to repeal state laws that banned abortion or left the decision to terminate a pregnancy to physicians instead of the woman (Foner 945). Although the sixties were a decade in which the United States became a more open, more tolerant, and a freer country, in some ways it became less of these things. During the sixties, America intervened in other nations and efforts were made to stop the progress of the civil rights movement. Because of America’s foreign policy and Americans fight against the civil rights movement, it is clear that the sixties in America were not purely a decade of openness, tolerance, and freedom in the United States. In the sixties, many Americans tried to stop the progress minorities were making with the civil rights movement. In 1961, a group known as the Congress of Racial Equality was attacked by mobs, while the group was testing the compliance of court orders banning segregation on interstate buses and trains and in terminal facilities (Foner 914).

Evolution of Gender Essay

The evolution of gender issues ever since man can remember, when most societies used to regard women as inferior to men. It is no secret that from the first century up to the 21st century women roles have changed with time although the change is minimal. In not long time ago, women were regarded by customary law as people who used to take up their roles as wives and matters subserviently and any deviation that a woman showed from these roles was unheard off and was considered an outcast in the society. After the world wars, education, politics, warfare, business and other form of violence were territories of men, a few women joined men in these venture. The society looked these women with amazement and wonder. Early the 1950’s and 60’s change started hitting the world especially in the Chinese environment where women became advocates of women empowerment. (Haslanger, Sally, and Nancy Tuana,2004). In the 1970’s and 80’s women started taking their roles seriously enabling them to evolve very fast. Women confronted men’s duties with a lot of courage and men started accepting the fact that women wanted to carry out the roles. Although some men gave women cruel attention but they have persevered and gone ahead with the quest for change in the roles. Haslanger, Sally, and Nancy (Tuana Haslanger, Sally, and Nancy Tuana,2004). The question about women regarded as wives and mothers who are incapable of bringing any change in the society have been brushed aside by many countries giving women top most jobs in the country. England and Pakistan have shown the way which shows that today in England and Pakistan women are almost equal to men in terms of respect and all aspects. Women are now free to take up riles which were previously considered a dominance by men. But one thing remains clear that total equality will not be achieved since it is not easy to kill the illusion that women are inferior to men (KateChopin. org. ,2008) Matters such as education, politics, warfare, business, and almost anything non-domestic were the territories of men where only a few and daring women ever ventured. However, as times changed more and more women became advocates of women empowerment. In relation to this, the writer wishes to state that the purpose of this paper is to present a work regarded as one of the pioneers in feminist literature. Women evolution is not only a core element of development in the world today but also a strong indication of strong families. Women empowerment puts wealth in the hands of women which enables these women to be able to succeed in ensuring their families are successive. The development of women in the societies is proving to be failing in some countries with backward leadership such as Zimbabwe and development will remain lagged behind. Statistics show an upward trend for change of roles of women in the society at a whole. Although change is not such effective it is felt. Statistics demonstrate that in Europe, Africa, Asia, America actually there is evolution in the way women are viewed. Although in some rural areas there are alarming number of domestic violence instances reported and they relate to ability or the demand for women to be empowered. In the late 1800 significant events occurred which changed the roles of women in the society. One of such event was first international women’s conference which was held in France in 1892 which highlighted the achievements of women and their rights. Since then women have achieved much in trying to change their lives. In the story of Silk Road of china relating to women capability of growth there has been change of women roles especially entry into the business world although some are being used into the business circles as objects. (KateChopin.org,2008 and Haslanger, Sally, and Nancy Tuana,2004) Works Cited Chopin, Kate. â€Å"The Story of an Hour. † www. pbs. org Public Broadcasting Service. 14 Jun 2008 . Haslanger, Sally, and Nancy Tuana. â€Å"Topics in Feminism. † plato. stanford. edu 15 March 2004. Stanford University. 14 Jun 2008 . KateChopin. org, â€Å"Kate Chopin â€Å"The Story of an Hour†. † www. katechopin. org. 2008. Kate Chopin International Society. 14 Jun 2008 .

Induction Example

Induction Example Induction – Coursework Example Induction Introduction Induction is sourcing from facts and occurrences that channel to progress of a general judgment. Even though the facts used to make conclusion are expectedly true, the conclusion established may be erroneous1. An example of induction is that most Americans go for vacations on winter seasons. Therefore, we can generalize that all Britons attends holiday during the winter period. Knowledge of causation states that for a particular phenomenon to occur under specific conditions there must be another thing that leads to it. Knowledge of causation is helpful in the anticipation of regularity in that one can determine the results of a certain issue following prior experience. Intentions of particular causes include logical and causal relations. Therefore, it is possible for one to decide when anticipating regularity on whether to end or commence to hold on an idea (Bernecker & Dretske, 2000). Hume disagrees with idea induction and causation. In causation, he critique that though one issue leads to another it’s also possible that one issue does not lead to another. Hume reviewed that the reasoning in induction is circular and do not have a foundation. He justified this in two ways. First, he argued that logic could not assure our inductions. The other justification is that an individual can only assume that experience about something is likely to remain repeated. Hume permits the use of induction and causation on daily experiences if only one recognizes the constraints of their knowledge. In conclusion, Hume’s argument about the causal theory and induction relied on his skepticism and casual necessity. It is exhibited by the fact that he did support neither the induction reasoning nor the knowledge of causation.Reference list Curnow, T., Introducing Philosophy for Everyday Life: A Practical Guide, London, Icon, 2012.

Caskets Of Fortune Essays - Orientalism, The Merchant Of Venice

Caskets Of Fortune Essays - Orientalism, The Merchant Of Venice Caskets Of Fortune Caskets of Fortune Word is spread, a fair maiden awaits suiters to challenge the puzzle to win her hand and marriage, and in wealth. Her father has passed away, leaving her with only a memory of him, and more dumbfounded suiters come and challenge to see if they really are the one to inherit the fortune. There are three caskets, First of gold, who this inscription bears: Who Chooseth me shall gain what many men desire, The second silver, which this promise carries: Who Chooseth me shall get as much as he deserves. This third dull lead, with warning all as blunt: Who Chooseth me must give and hazard all he hath. The suiters are The Prince of Morocco, a self absorbed sponge, The Prince of Arrogon, an arrogant and he doesnt show his true face, and finally Bassanio, a kind individual who is in debt to his friend. First we start with the Prince of Morocco, some say his name fits well with moron. He did chose the right casket for him, but he didnt chose the one that held the fair counterfeit of lady Portia. This man chose the golden casket because it is gaudy, and shows wealth in its appearance. The reason for this is because he was raised with wealth always around him, he is royalty, so everything was always given to him, and he never did anything wrong because his royalty had always covered up for it. He read the inscription on the golden casket which inscribes Who Chooseth me shall gain what many men desire. Of course his mind is set when he sees the others because he makes them look less than what they are, and gold is always higher in value, he even says A golden mind stoops not to shows of dross. (Saying his mind will never stoop lower than gold). Ill then or give nor hazard aught for lead ( He will never chose something with such low wealth as lead ). What says the silver with her virgin hue? Who Chooseth me shall get as much as he deserves : Pause there Morocco, and weigh thy value with an even hand ( so he looks at silver and gold and chooses gold because it has a rich outlook). Sadly enough Morocco chose wrong, but Portia was much pleased to see him go. I believe Morocco was right, because he talks about his golden mind and that is what he is use to always seeing the rich because he hasnt seen the hazard that life gives because riches have been able to let him avoid some of them not being in the real world and striving to get money and a decent home. Now we have the prince of Aragon claimed to have Arrogant rhyme with his name. He sees himself as a different person, he says I will not jump with common spirits ( in reality he was like the other suiter Morocco ( raised rich, and in royalty). But he is different in one way, he isnt attracted to what the gold casket inscribes because he doesnt want to be a common person and chose gold because of its appearances. So he chose right in choosing silver. But he didnt choose the casket that had Portias picture in it. This is his decision as follows, I will not choose what many men desire, because I will not jump with common spirits and rank me with the barbarous multitudes. Why then, to the, thou silver treasure house. So he ignored the base lead casket because it was mere lead, it has no value, and he ignored the gold because thats what a common man would chose. So by knocking both of those out of the competition he chose the silver, because he thinks he deserves more, and he doesnt desir e like a regular man, and he will not have hazard because he is a King. This man chose right to, because just as Morocco he was raised in riches, but what Morocco didnt have that Aragon did have was a different teaching in life, telling him he isnt like a normal man, he rises above all of them because he

Evaluating the jury in the English legal system Essay

Evaluating the jury in the English legal system - Essay Example This paper attempts to comprehensively analyze the Jury present in the English legal system. It (paper) would examine the strengths and weaknesses of the jury, based on the current state of affairs. Also, the paper would go on to suggest the manner in which improvements can be brought about in this system (jury). Before proceeding further with the discussion on all the aspects mentioned in the previous paragraph, it would be of help in having a brief look at the jury, as it is seen in the English legal system. Jury Historically, the concept of jury has been there in the English legal system for nearly the past eight centuries. But it was only in the year 1670 that a jury having its distinct power and which is not dependent on the judge was formed. In the criminal cases, the jury comes to the decision whether or not the crime in question can be attributed to the defendant. Likewise, in the civil matters, the jury decides whether the claimant has come forward with proof strong enough t o strengthen their case. Here, the jury also arrives at a collective decision about the eligibility of the claimant to receive compensation. (1) As per the English Law, a person can become a part of the jury, only if they satisfy some conditions. Firstly, the age of the person should not be less than eighteen and more than seventy. To become part of a jury, it is imperative that the electoral roll has name of the person, and it is also required that they have been a resident of the United Kingdom for a minimum of five years, right from the time when they were thirteen. Here, it needs to be noted that persons who are directly related to the judiciary or the department of justice cannot be included in a jury. People who have developed any mental ailments are not eligible to get included in the jury, too. (1) At this point, it needs to be specifically mentioned that all the above are only the most vital points pertaining to jury of the English legal system. It has to be understood that there are several other laws and regulations governing the avenue (jury). As is the case with most of the systems, even the jury has both strengths and weaknesses, and the paper would now endeavor to have a look at them (strengths & weaknesses). Strengths There are several advantages of the jury system of the English Law, and a brief glance at some of the major ones (strengths) would be very much appropriate. Whenever a person accused of a crime is in a position that, despite being innocent the related legal aspects are very much against them, they can take the help of jury. And it is a matter of common sense that there are countless legal cases where, the points enumerated in the law books cannot be of help to the defendant in proving their innocence. (2) Likewise, the jury system can be conveniently rated as being a safeguard to the common man of the country, as it prevents the government from adopting an autocratic approach. To put it in other words, the jury makes sure that the government cannot imprison people solely for furthering its political objectives. A person can be jailed only when they are guilty of committing a crime, as per the British Law. The jury goes a long way in making sure that the citizens of the land are not victimized by the corrupt acts of judges. (2) One of the major advantages of the jury as per the English Law is that, it enables common people of the Kingdom to participate in the process of delivering justice. As a result of that, it can be safely concluded that, the eventual judgment is nothing but the common verdict of people pertaining to varying backgrounds. It (judgment) can in no way be the decision of just one official of the judiciary, courtesy the presence of jury system. In addition, the juries go a long way in making sure that the verdict delivered by them is free of ambiguity. They just need to decide whether the accused in question is innocent or guilty. (3) As mentioned earlier, the members of a jury come from diver se social backgrounds. Owing to

Weekly ass. #1 Essay Example | Topics and Well Written Essays - 250 words

Weekly ass. #1 - Essay Example My experience of the storming phase was prominent in a class grouping of a minor subject. The group was comprised of students of different fields and had little similarities, as well as academic language. It took a great deal of quarreling before we got to perform the task assigned by the instructor. Most of today’s workplace require the following soft skills: 1) proactive attitude, which was described as â€Å"the disposition to say yes rather than no† and marked by a willingness to â€Å"help and take action;† 2) problem solving, which is comprised of the problem-finding and the problem-shaping phases; 3) provide services, which is a service orientation based on consistency, sincerity, and mindfulness; 4) teamwork, which is the â€Å"ability to be friendly and work with others in structured groups;† and 5) communication skills, which is characterized by the effectivity and efficiency in conveying â€Å"ideas and information† (Tarnogol, 2010). The significance of possessing such skills becomes evident in the interaction with or between â€Å"difficult people† (Rao, 2010, p.