A Summary of A Christmas Carol

A Summary of 'A Christmas Carol' Charles  Dickens  is one of the greatest novelists of the Victorian era. His novella A Christmas Carol is considered by many to be one of the great Christmas stories ever written. Its been popular since its first publication in 1843. Dozens of movies have been made of the story along with countless stage reproductions. Even the Muppets took a turn acting out this story for the silver screen with Micheal Caine starring in the 1992 movie. While the story does include an element of the paranormal it is a family friendly  tale with a great moral. Setting and Storyline This short tale takes place on Christmas Eve when Ebenezer  Scrooge is visited by three spirits. Scrooges name has become synonymous  with not only greed but a hatred of Christmas cheer. Hes portrayed at the start of the show as a man who only cares for money. His business partner Jacob Marley died years earlier and the closest things to a friend he has is  his employee Bob Cratchit. Even though his nephew invites him to Christmas dinner, Scrooge refuses,  preferring to be alone.    That night Scrooge is visited by the ghost of Marley who warns him that he will be visited by three spirits. Marleys soul has been condemned to hell for his greed but he hopes the spirits will be able to save Scrooge. The first is the ghost of Christmas past who takes Scrooge on a journey through the Christmass of his childhood first with his younger sister then with his first employer Fezziwig. His first employer is the exact opposite of Scrooge. He loves Christmas and people, Scrooge is reminded of how much fun he had during those years.   The second spirit is the ghost of Christmas Present, who takes Scrooge on a tour of his nephew and Bob Cratchits holiday. We learn that Bob has a sickly son named Tiny Tim and that Scrooge pays him so little the Cratchit family lives in near poverty. Even though the family has many reasons to be unhappy, Scrooge sees that their love and kindness towards each other brightens even the hardest of situations. As he grows to care for Tiny Time he is warned that the future does not look bright for the little boy.   When the Ghost of Christmas Yet to Come arrives things take a bleak  turn. Scrooge sees the world after his death. Not only does no one mourn his loss the world is a colder place seemingly because of him. Scrooge finally sees the errors of his ways and begs for the chance to set things right. He then wakes up and finds that only one night has passed. Full of Christmas cheer he buys Bob Cratchit a Christmas goose and becomes a more generous person. Tiny Tim is able to make a full recovery.       Like most of Dickens work, theres an element of social critique in this holiday tale that is still relevant today. He used the story of a miserly old man and his miraculous transformation as an  indictment of the Industrial Revolution and the money-grubbing tendencies that his main character Scrooge exemplifies. The stories strong condemnation of greed and the true meaning of Christmas is what has made it such a memorable tale.    Study Guide A Christmas Carol TextQuotesQuestions for Study and DiscussionVocabulary / TermsCharles Dickens Biography

Mike Pence Bio - Vice President Under Donald Trump

Mike Pence Bio - Vice President Under Donald Trump Mike Pence is a  former congressman  and  governor of Indiana  who was chosen by Republican presidential nominee Donald Trump to be his running mate in the 2016 election. Both Trump and Pence were elected. Pence is described as a conservatives conservative and was seen as a safe pick for the often erratic and mercurial reality-television star.   Trump announced his choice of a running mate in typical Trump fashion, by posting the news on Twitter. He tweeted: I am pleased to announce that I have chosen Governor Mike Pence as my Vice Presidential running mate.   Pence later tweeted:  Honored to join realDonaldTrump and work to make America great again. In announcing Pence as his running make, Trump sought to cast the Republican ticket as the law and order candidates. Trump and Pence sought to contrast themselves with Democratic presidential nominee Hillary Clinton, whose use of a personal email server drew fire from the FBI and involvement in numerous other scandals earned her the nickname crooked Hillary. Trump made the announcement on July 15, 2016, just three days before the start of that years  Republican National Convention in Cleveland, Ohio. Trumps timing was typical in modern presidential politics. The  party nominees often announce their choice of running mates in the days and weeks leading up to the nominating conventions. Only twice have they  waited until the conventions. What a difference  between crooked Hillary Clinton and Mike Pence ... Hes a  solid, solid person, Trump said in introducing Pence. Trump described Pence as my partner in this campaign. Reaction to  Trumps Choice of Running Mate Trumps selection of Pence as a running mate was seen as both a safe pick and one that could come with potential pitfalls. Trump will benefit from Pences solid conservative credentials, particularly when it comes to social issues such as abortion and gay rights. Pence is an outspoken opponent of abortion rights and fierce defender of religious freedom. He came under fire in 2015 for signing a law that many believed would have allowed Indiana business owners to deny service to gays and lesbians on religious grounds. Having Pence on the Republican ticket could win votes from religious conservatives who are not convinced Trump has the same convictions. Trump, who was registered as a Democrat for more than eight years in the 2000s, has remained relatively silent on social issues such as abortion and gay rights. Pences aversion to the in-your-face style politicking  could also complement Trumps more abrasive style of campaigning. Trump is unpredictable, forceful and, at times, impolite. Pence is predictable, some might say to a fault. Pence does not shy from a fight, but forceful is not a word that is used often to describe him. Pence is Midwestern polite,  Andrew Downs, director of the Mike Downs Center for Indiana Politics at Indiana University-Purdue University Fort Wayne, wrote in The Washington Post. On the downside: Pence is seen as somewhat ... bland. Boring. Too conventional. Hes also  - again  - socially conservative. Very socially conservative. And that, some pundits believe, could turn off moderate Republicans and independent voters. â€Å"Mike sees himself as a champion of a very culturally conservative set of values that represent small-town Middle America,†Ã‚  Leslie Lenkowsky, a former professor at Indiana University, told The New York Times.  Ã¢â‚¬Å"He sees his role as protecting them.† Other Potential Running Mates Pence was among three people Trump was seriously considering for the vice presidency. The other two were New Jersey Gov. Chris Christie and former House Speaker Newt Gingrich.  Pence, Christie and Gingrich were on Trumps final short list of potential running mates.   Trump claimed Pence was his first choice all during the vetting process. At least one published report indicated, however, indicated that Trump had sought to reverse course after the news media began reporting he had chosen the Indiana governor. Trump denied those reports. Indiana Gov. Mike Pence was my first choice, Trump said. The Clinton campaign, however, seized on claims Trump was waffling over his running mate. It released an ad with the line:  Donald Trump. Always divisive. Not so decisive. Pences Political Career Pence served 12 years in the House of Representatives as the congressman from Indianas 2nd and 6th Congressional Districts. He was later elected governor of Indiana and was serving his first four-year term when Trump asked him to join the 2016 presidential ticket. Heres a summary of Pences political career: 1986: Ran unsuccessfully for the House of Representatives.1988:  Ran unsuccessfully for the House of Representatives.2000: Won election to Indianas 2nd Congressional District seat.2002: Won re-election to the seat, which was renumbered the 6th Congressional District. He also won re-election to two-year terms in 2004, 2006, 2008 and 2010.  2012: Won the Indiana governor election and took office in January 2013.2016: Chosen as Trumps vice presidential nominee. Pence held two prominent leadership posts in the House: chairman of the Republican Study Committee and chairman of the House Republican Conference.   3 Major Pence  Controversies One of the most high-profile controversies surrounding Pence came during his tenure as governor of Indiana. The Periods for Pence movement was launched after Pence signed a strict anti-abortion law that banned women from getting the procedure if their motivation was to prevent the birth of a disabled child. â€Å"I believe that a society can be judged by how it deals with its most vulnerable- the aged, the infirm, the disabled and the unborn, Pence said after signing the law in March 2016.  The law, he said, will ensure the dignified final treatment of the unborn and prohibits abortions that are based only on the unborn childs sex, race, color, national origin, ancestry, or disability, including Down syndrome.   The Periods for Pence movement protest the law, saying it treats women like children and is too intrusive. One provision of the law requires any  miscarried fetus to be  interred or cremated by a facility having possession of the remains. On Facebook, the Periods for Pence movement mocked the provision  and urged women to flood the governors office with calls. Fertilized eggs can be expelled during a womans period without a woman even knowing that she might have had the potential blastocyst in her. Therefore, any period could potentially be a miscarriage without knowledge. I would certainly hate for any of my fellow Hoosier women to be at risk of penalty if they do not properly dispose of this or report it. Just to cover our bases, perhaps we should make sure to contact Governor Pences office to report our periods. We wouldnt want him thinking that THOUSANDS OF HOOSIER WOMEN A DAY are trying to hide anything, would we?Lets make our bodies Mikes business for real, if this is how he wants it. Another major controversy was Pences signing of the  Religious Freedom Restoration Act in 2015, which came under fire across the United States from critics who contended it allowed business owners to refuse service to gays and lesbians based on their religious beliefs. Pence later signed a revised version of the law  that stripped out the controversial provisions and said there had been misunderstanding about the original versions.  This law has become a subject of great misunderstanding and controversy across our state and nation. However we got here, we are where we are, and it is important that our state take action to address the concerns that have been raised and move forward.†Ã‚   Early in Pences political career, he was embarrassed when it was discovered he used nearly $13,000 in  donations to his 1990 congressional campaign to pay the mortgage on his house, as well as cover other personal expenses including his credit card bill, car payments and groceries. While not illegal at the time, Pences personal use of political donations cost him the election that year. He apologized to voters and described his behavior as  Ã¢â‚¬Å"an exercise in naivete.† Professional Career Pence, like many members of Congress and governors, is an attorney by trade.  He also hosted a conservative talk radio show in the 1990s called the  The Mike Pence Show, once  describing himself as Rush Limbaugh on decaf.   Faith Pence once considered entering the priesthood, according to The New York Times.  He has described himself as an evangelical Catholic. He has also said he is â€Å"a Christian, a conservative and a Republican, in that order.† Education Pence graduated with a bachelors degree in history  from  Hanover College in  Hanover, Indiana, in 1981. A college profile of Pence says he  served as president of United Campus Ministries Board and on the staff of the student newspaper, The Triangle. He would be the second Hanover College graduate to be vice president. The first was 1841 graduate  Thomas Hendricks, who was vice president  under Grover Cleveland. Pence earned a law degree from Indiana Universitys  Robert H. McKinney School of Law in  Indianapolis in 1986. He graduated from  Columbus North High School in Columbus, Indiana. Personal Life Pence was born  in Columbus, Bartholomew County, Indiana, on June 7, 1959. His father was the manager of a gas station in town.   He is married to Karen Pence. The couple got married in 1985 and have three children:  Michael, Charlotte and Audrey.

Rhetorical Analysis Essay Example | Topics and Well Written Essays - 1500 words

Rhetorical Analysis - Essay Example region who tend to reside in the uptown Maryland and the Republican lawyers of the same area, who resides in the suburban parts of Virginia. If a lawyer of Maryland is asked to shift their dwelling to Virginia, they would just give an amazed look as if something strange and impossible has been proposed to them. The same thing would take place when an Interior decorator of West Hollywood is asked to move to Orange County. Similarly a barista belonging to owners from Athens named â€Å"In Georgia† would not find them fit for serving coffee to the American citizens. The same complaint can be seen everywhere. In the modern era of information and technology, the late author James Chapin noted a remarkable similarity between the different places and the inhabitants and in this context he said â€Å"every place becomes more like itself†. In the earlier days people used to consider those places suitable for living which includes lots of factory or other means of earnings, while now the same people look for places to reside which consists of people belonging to their culture. The author finds that the general people love segmenting themselves. According to him, the people are, â€Å"finding places where we are comfortable and where we feel we can flourish†. In this context the contrast nature of the United States has been put under limelight which often exhibits distinction between the institutions and blocks but as a whole they introduce themselves as a diverse nation. Mr. Brook states that diversity is often understood as racial unity. Many social reformers tried to incorporate this idea in their approaches towards a society without racial discrimination and it proved to be successful in the initial years. However the census data of 2000 reveals that racially integrated neighborhoods were found to rise during the 90s but due to some unknown reason the African families who were staying earlier with their

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

PHOTOSYNTHESIS - Essay Example The learner should also explain the source of the electrons that are transported in the light reaction of the light dependent reaction of photosynthesis. Introduction Photosynthesis takes place in plants which have chlorophyll, in some algae and some bacteria. Photosynthesis needs chlorophyll-the green coloring pigment found in the chloroplasts. The process takes place in two phases: the light dependent reaction and the light independent reaction. The light-dependent reaction takes place in the thykaloid membranes while the light independent reaction takes place in the stroma  of chloroplast. At this phase light is taken up by chlorophyll molecules and transferred to electrons of a water molecule.  This energy causes the water molecules to split releasing an oxygen atom and two hydrogen atoms. The electrons carry energy which used in the synthesis of high energy molecules like ATP and NADPH2. 2H2O + 3 ADP + NADP +3Pi  =  O2 +3ATP + NADPH2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Light energy is needed in the process. ... This can be done if the thykaloid membranes (sites for light reaction) and the stroma (site for carbon fixation) are uncoupled or separated by cell fractionation. Using the isolated thykaloids, the light reactions will proceed without carbon fixation if light is present. It is an in-vintro type of reaction. DCPIP is used in Hill’s reaction to be the electron acceptor to accept the electrons after water molecules are split. It is blue in when oxidized state and colorless when in the reduced state. DCPIP (oxidized) + 2e  =  DCPIP (reduced) (Blue)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (Colorless) This way the electron transport rate in the Hill’s reaction can be accounted for spectrophotometrically on a 620 nm wavelength by the change in absorbance of DCPIP as it accepts electrons by the conversion of water molecules in the chain. The rate of electron transport is a function of light intensity. Method Hill’s reaction was used to show how photosynthesis occurs in two distinct reactions. It also shows the role of light in photosynthesis which is shown by the difference in the readings of the spectrophotometer between tubes 3 and 4 where tube 3 is placed in the presence of light and tube 4 in the dark. Also boiling the solution destroys the chloroplasts in it, thus there is no observable change in absorption. This shows there was little or no photosynthetic reaction taking place. Ice cold solutions were used to stop any reactions that could have affected or altered the results in the Hill’s reaction in the electron transport chain. The reaction conditions were light to produce the needed energy, carbon dioxide and water which is broken down to

Innocence in Catcher in the Rye Essay Example for Free

Innocence in Catcher in the Rye Essay In JD Salinger’s Catcher in the Rye, Holden Caulfield is a boy aimlessly traveling New York City after being expelled from a classy boarding school. Holden poses a great deal of trepidation when it comes to sexual relationships, especially those of Jane and Sunny. Furthermore, Holden tends to misjudge the maturity of his fellow characters. The combination of this misconception, the tension between sexual trepidation, and an adult life with adult relationships, results in confusion for him. In Holden’s life, there have only been a few people he’s cherished more than his childhood neighbor, Jane Gallagher. They were close childhood friends, and when his roommate Stradlater brings her up years later in high school, all he can talk about is the innocent fun they used to have: playing checkers, watching her dance ballet in the summer heat, and how her Doberman always came into his yard. However, he also reminisces on how her â€Å"boozehound† stepfather would always â€Å"run around the goddam house naked† (42). He suspects that her stepfather had harassed Jane, who â€Å"had [a] terrific figure, and [he] wouldn’t’ve put it past that bastard† (103). This really bothers Holden, as does when Stradlater insinuates that he made sexual advances onto Jane on their date. To Holden, sexual encounters mean an adulteration of innocence, and he hates that Stradlater or Jane’s stepfather may have corrupted Jane. Many times, Holden promises himself that he â€Å"outa go down and say hello to her† (40), or that he should â€Å"give old Jane a buzz† (195), but he never does. Subconsciously, he fears that Jane will have grown up, and calling her or seeing her will surely alter the young, innocent, checkers-playing version of Jane that he has in his mind. This is confusing for Holden because Jane has grown up, yet he still thinks of her as a little girl, not the grown woman that she is. Holden â€Å"knew that she wouldn’t let [Stradlater] get to first base with her, but it drove [him] crazy anyway† (104). This shows Holden’s potential misconception of Jane’s innocence. It is unlikely for a post-teenage young woman to be as sheltered and have as much innocence as she did when she was a little girl. However, this is something Holden cannot grasp. This dilemma is a direct result of Holden’s irrational respect for innocence, influenced by sexual confrontations in Holden’s past. When Holden agrees to have a prostitute come to his room in the hotel, he is soon greeted by Sunny at his door. Holden is immediately unimpressed with Sunny’s maturity; how she was â€Å"jiggling this one foot up and down†, she â€Å"never said thank you†, and she â€Å"had this tiny little wheeny-whiny voice† (123). He also notices that she appears very young, and said things that were really childish. This ends up making him feel â€Å"more depressed than sexy† (123), and he decides not to have sex with her after all. The depiction of this young girl making money as a prostitute seems to upset Holden, and he ultimately concludes that having sex with her would spoil her innocence. This is where Holden is again misguided. Just as it is unlikely for Jane to retain the same degree of innocence through the years, it is improbable that Sunny, being a prostitute, will have not had sex with many people in the past, therefore preserving her innocence. But all Holden can see in Sunny is the childish and immature, which results in a conflicted view of the world. The importance of innocence to Holden is something that results in nervousness towards others’ sexual identity and activity. His perspective of Jane and Sunny’s innocence is also misguided to the point where he sees innocence in them when there is none. Overall, the importance of innocence to Holden results in contention that is less than innocent.

Comparing the Role of Women in Their Eyes Were Watching God and Go Tell

The Role of Women in Their Eyes Were Watching God and Go Tell It On the Mountain   Ã‚   Historically, the job of women in society is to care for the husband, the home, and the children. As a homemaker, it has been up to the woman to support the husband and care for the house; as a mother, the role was to care for the children and pass along cultural traditions and values to the children. These roles are no different in the African-American community, except for the fact that they are magnified to even larger proportions. The image of the mother in African-American culture is one of guidance, love, and wisdom; quite often the mother is the shaping and driving force of African-American children. This is reflected in the literature of the African-American as a special bond of love and loyalty to the mother figure. Just as the role of motherhood in African-American culture is magnified and elevated, so is the role of the wife. The literature reflects this by showing the African-American man struggling to make a living for himself and his family with his wife either being emotionally or physically submissive. Understanding the role of women in the African-American community starts by examining the roles of women in African-American literature. Because literature is a reflection of the community from which it comes, the portrayal of women in Zora Neale Hurston's Their Eyes Were Watching God (1937) and James Baldwin's Go Tell it on the Mountain (1952) is consistent with the roles mentioned above.    Their Eyes Were Watching God is a good place to start examining the roles of African-American women. It is written by a woman, Zora Neale Hurston, and from a woman's perspective. This book examines the relationship between Janie and... ...       Works Cited and Consulted Baldwin, James. Go Tell it on the Mountain (1952). New York: Bantam-Dell, 1952. Bourn, Byron D. "Women's Roles in Zora Neale Hurston's Their Eyes Were Watching God and James Baldwin's Go Tell It On the Mountain" Hurston, Zora Neale. Their Eyes Were Watching God (1937). : Urbana, Ill.: U of Illinois P, 1937. Kubitschek, Missy Dehn. " 'Tuh de Horizon and Back': The Female Quest in Their Eyes Were Watching God." Modern Critical Interpretations: Zora Neale Hurston's Their Eyes Were Watching God. Ed. Harold Bloom. New York: Chelsea House Publishers, 1987. Pondrom, Cyrena N. "The Role of Myth in Hurston's Their Eyes Were Watching God." American Literature 58.2 (May 1986): 181-202. Williams, Shirley Anne. Forward. Their Eyes Were Watching God. By Zora Neale Hurston. New York: Bantam-Dell, 1937. xv.      

European Diplomatic History Essay

Introduction Different groups of people have different views about the First World War. For some, it was a crisis for the whole world whereas others say that it was the biggest historical crisis. Military differences which started from the year 1914 to the year 1918 led to the war against Russia and ultimately turned into a global war involving 32 nations. The Allied Forces comprised of twenty eight nations including France, Italy, Russia, United States, Great Britain, etc. It was a one side battle against the combined forces named Central Power having Turkey, Germany, Bulgaria and Austria-Hungary. Reasons for the First World War included strong nationalism that influenced Europe from 19th century to 20th century. The second important reason was competition among nations in their economic values. Rapid increment in armed forces especially after 1871 was another reason. Moreover, Germany came out as the great world power. The only idea behind the war was that people of same language, political ideas and culture should have an independent country. This idea of national self-determination was mostly ignored by the generations of rulers and forces who opposed the concept of self-determination and dominated the Congress of Vienna in the year 1815 to settle European affairs. Strong revolutions and nationalist movements over a few decades totally nullified congress policies when Belgium snatched independence from Netherlands in the year 1831. Revolutionary movements also played a vital role in the unification of Italy and Germany in the years 1861 and 1871 respectively. â€Å"The First World War was always known to Europeans and Americans as the Great War.† (McCarthy, pg 349) Young Turks Revolution In July 1908, Junior Officers of the Second and the Third Army who were placed in Macedonia and Edirne went against their officers and demanded restoration of the 1876 Ottoman constitution. These Young Turks were members of CUP (Committee of Union and Progress) and they began their rebellion. The resulting revolution changed the history of Turkey. In 1902 and 1907, Young Turks’ congresses were held in Paris in which two ideas emerged and built their groups eventually. Ahmet RÄ ±za was the leader of Young Turks and the son of a member in the first Ottoman parliament. His group supported the ideology of a secular nation for those Turks who were pursuing scientific advancement and reasonable progress of Europe. They were in support of nationalist economic policies and resisted American interference in Europe. The other group was in favor of Prince Sabahettin (member of the Ottoman dynasty). He was an economic, liberal Ottoman and wanted to establish a unified and multi religious empire. He believed in decentralization. He gave importance to foreign capital for the economic growth of the empire. He confessed the role of Islam in modernization of the Ottoman Empire.   â€Å"It would seem impossible one man could have so many different roles and carry out so many different functions which would normally require prolonged specialization, but this was possible in the early days of the Young Turks Revolution† (Karpat, pg 840). Young Turk liberals were in favor of the ideas of Prince Sabahettin. There were religious conservatives, including many ulema and dervish leaders, who argued that the revolution had fallen down from Shariah regime. A religious extremist organization called Muhammadan Union took troops of the First Army with groups of many other people for demonstrations in front of the parliament to restore Shariah and terminate unionist officers from the ministry. Liberals underestimated the intensity of religious anger against unionist and eventually found the whole situation uncontrollable due to which the Unionists fled. These kinds of violence and demonstrations took place in other parts of the empire too and thousands of Americans were killed. In Macedonia, the Unionists regrouped due to the CUP strength in the area and units of the Third Army regulated to take position outside Istanbul under the leadership of Commander Mahmud Åževket PaÅŸa. On 24 April 1909, they occupied the capital in an army action. Later on in the mid of May, the attempted counterrevolution came to an end due to public executions. After the elimination of the counterrevolution and before the ultimate defeat of the Ottomans in World War I in Oct. 1918, a reform was established by Young Turks. In this reform, they tried a complete transformation of the Ottoman society. â€Å"While it is difficult to speak of a major policy of Turki-fication in the Ottoman Empire in 1908, the Young Turks certainly envisioned such a policy and tried to implement it increasingly, especially after 1913†. (Sencer , pg 41). According to historians, during this period, CUP initiated many social, political and economic procedures which were followed later in the republican system of Mustafa Kemal Atatà ¼rk. The international position of the empire went worse when Young Turks’ government fell in crisis. Their occupied province of Balkan and Herzegovina was annexed by the Aus-Hungarians. King Ferdinand of Bulgaria also confirmed its independence from the empire. â€Å"The unexpected success of the A. A. Brusilov’s offensive in 1916 be treated as the dying gasp of a ruined army, that the Caucasian Army’s brilliant campaigns against Turkey be regarded as irrelevant sideshows, and so on†. (Showalter, pg 161) Colonel SadÄ ±k and his group of young officers who called themselves â€Å"Savior Officers† combined against the CUP and forced the cabinet to resign. However, the government surrendered before the difficult foreign policy due to which Bulgaria and Serbia made defensive agreements to divide Macedonia. The First Balkan War began with an attack on Montenegro on Oct. 8, 1912 in which the Ottoman government struggled helplessly. By the start of November, Salonika, which was the home and the birth place of the revolution led by Young Turks, was taken by the Greek army. CUP officers under the leadership of Major Enver Bey wrongly believed that the cabinet is discussing options to surrender Edirne. Hence, they shot the Minister of War, Nizam Pasha, and forced Kamil Pasha to resign at gunpoint. Having full control, CUP tried to resolve the crisis and directed the government and the society on the modern transformation path. They took this process even though the war was still going on. They asked Mahmud Åževket PaÅŸa to become the Minister of War. On March 26, 1913 the Bulgarians successfully occupied Edirne and CUP was compelled to surrender the city of Edirne. Mahmud Åževket PaÅŸa was assassinated in Istanbul after a few days. On July 20th, the Ottoman Army, under the leadership of Major Enver Bey, fought back and successfully occupied Edirne and Eastern Thrace. CUP started a steady movement towards the reduction of legal boundaries of the Islamic Shariah. The responsibilities of religious institutions were taken over by three ministries. Shariah courts were handed over to the Ministry of Justice and religious colleges & Madrassahs were given to the Ministry of Education due to which Legal Reforms were codified after fifty years. According to the new family law, the magistrate conducted marriages and the minimum age of brides and grooms was decided as eighteen and twenty respectively. Women took part in nationalist clubs that were opened in Balkans and Anatolia â€Å"In 1908, the Young Turks’ movement faced the basic question: How to preserve, liberate, and consolidate Turkey? The same question stated in a new context had to be faced by Ataturk in 1918†. (Jackh, n.p.) The Balkan War appeared as an idea of a multinational Empire to Young Turks. People of the Empire even Muslims and Albanians preferred the nationalist approach to solve their problems. Non Muslim Businessmen, entrepreneurs and other people having some commercial value in the society had showed sympathy to the objective of the Balkan people. Therefore after 1913 Young Turks regime worked strongly on nationalist economic policy not only to ensure development of genuinely national industry, but also made efforts to freedom from crippling foreign restrictions on Ottoman finances. The Balkan War pushed Turkish nationalism ahead and CUP officially encouraged the association among Balkans, Anatolians and Turkish-speaking people. Besides Turkish nationalism, there were also different ideologies among Turks before World War I started. There were liberal and reactionary Islamic groups that organized on both local and national level. Other than those groups, there were government officials and other intellectuals who supported the westernization of the Ottoman Empire. These ideologies and approaches were not only seen in World War I but it also continued in postwar era. Turkey and World War I On Oct. 29th, 1914 Turkey entered in this great battle when it combined its warships with Germany at Russian Black Sea ports in a mutual naval bombardment. Soon after that on November 2nd, Russia officially declared war on Turkey. France and Great Britain joined hands with Russia against Turkey. The Turks started their attack on the Russian Caucasus area in December and succeeded easily. However, Turkish hold on that area was significantly reduced by the mid of the year 1915. The Turkish hold of the Russian Caucasus area encouraged the Russian government to divert Britain’s attention towards Turkey. â€Å"After the defeat in the World War Turkish nationalism still remained the only option, but the Turkish resistance movement led by Mustafa Kemal Pasha (later Atatà ¼rk) opted for Anatolian Turkish nationalism and rejected irredentist claims. (Karpat , pg 155)† Gen. Sir Ian Hamilton responded the Russian government’s call. In February, 1915 the Allied naval forces of Britain, France and Australia attacked the Turkish forts at Dardanelles but the strong Turkish resistance and the bad leadership of the Allied forces caused complete failure and their troops were called back from Dec. 1915 to Jan. 1916. Meanwhile, the British forces defeated the Turks in many battles in the Indian region during 1914 and 1915 including the major hold on Kut-al-Imara. In the Battle of Ctesiphon, the Turks succeeded in forcing the British forces to retreat from Kut-al-Imara in Iraq. However, In Feb 1917, General Stanley defeated the Turkish forces and captured Baghdad. Planning was started to beat the Turks and the British military operation in Palestine became strong in Middle East during the war. They used Egyptian logistic and strategic bases and supported Arabs to put up a fight against the Turks. General Allenby who commanded Egyptian Expeditionary Force (EEF) started series of war campaigns with the support of Arab Allies in June 1917. Over the period of a year, they successfully destroyed the Turkish frontline. After the surrender, the Turkish government was controlled by the British authorities. The Paris Peace Conference, which was held to impose a resolution, decided to give the Arab and the Balkan provinces under one authority. It was also decided that the areas of predominant Turkish population like southern and eastern Anatolia will be controlled by the foreign forces. Anatolia was invaded by the large Greek army but mass killing of the Turkish population led Allies to stop their support to Greeks. In reaction of the whole situation, the Turkish nationalist movement began for peace settlement in the region. The movement led by Mustafa Kemal Atatà ¼rk   during the Turkish War of Independence from 1918 to 1923 Kemal Atatà ¼rk successfully drove out occupation forces including Greeks, British, Italian and French. With these victories, the Turkish Republic was officially announced in the Year 1923. The First World War had very miserable effects on Turkey. The enforced signing of the Treaty of Serves was meant to divide the Turkish Empire. Turkey was compelled to agree on the terms of the Treaty of Serves. These terms included the French occupation of Syria & Lebanon. Iraq and Palestine came under the hold of England. Egypt was also controlled by the Britons. Saudi Arabia was also declared an independent state. This loss of Arabian Territories by the Ottoman Empire was considered an inevitable fact for them. Though the Treaty of Serves could not be implemented properly because Mustafa Kamal Pasha started the Turk Revolutionary movement also called (Turkish national movement) to regain Asia Minor (Anatolia) and the other city of Constantinople (Istanbul). The Turkish people progressively united under the leadership of Kamal Pasha and terminated the Treaty of Serves. The Treaty of Lausanne was the agreement that repalced the Treaty of Serves. The Turkish Revolution proceeded further to avoided the division of their Empire and to boost their Nationalist Movement. â€Å"The Lausanne Treaty was signed on 24 July 1923 by the British Empire, France, Italy, Japan, Greece, Romania, and the â€Å"Serbo-Croat-Slovene† State on one part and Turkey on the other.† (Lausanne Treaty, n.p.) The aim of the movement was to oppose the partition of the Ottoman Empire after the Armistice of Mudros in 1918 and to end the hostilities between the Allied forces and the Ottoman Empire due to which the Turkish Empire had been divided. The movement was also established to have an independent nation.   Ã‚  Ã‚  Ã‚   The Turk Revolutionary Movement war mainly influenced by the Tanzimat reformation but it was not associated with Young Turk Movement which was established in the same period to keep the Ottoman State bounded togather. â€Å"THE Turkish Revolution began, in the formal sense, with the forcible overthrow of an old political order and the establishment of a new one in 1908.† (Lewis, pg 473) In reality, Turk revolutionaries were not the same kind of people who had similar minds and approaches. They differ with each other in their political and social ideas. They did not even communicate with each other but still they had one common idea which kept them togather which was to have sovereignty. Turks Nationalist Movement under Mustafa Kemal The First World War ended and Ottoman troops were forced to demobilize and disarm except for the purpose of policing. Prisoners of War were freed and military personnel of Austrian-Hungarian and Germany were given two months’ time to leave the Empire. In November 1918, Sultan Mehmed VI, who had succeeded to the throne in July, dissolved the parliament and decided to crush the Young Turks whom he held responsible for the defeat of the Turkish Empire. On 1 January 1919, he opened court martial proceedings against Enver, Talat, and other leading Young Turk officials. He appointed his brother-in-law, Damad Ferid Pasha, Grand Vezir (Grand minister), a position he was to hold for much of the next two years in several different cabinets. He also adopted a stance of cooperation with the conditions of the armistice in order to gain a reasonable peace settlement. The Allies thought that Ottomans must accept dictated peace for there empire. They also had problems on the peace terms associated with Germany. This situation happened because of their conflicting promises to each other regarding postwar distribution of the Ottoman lands. They hoped that United States would take responsibility in the protection and the support of the League of Nations. U.S. President Woodrow Wilson refused to deliver his support to the League of Nations to command over Straits, Istanbul and other six provinces of the empire, where a huge number of Americans were living. On the other hand, most of the Anatolians started to resist against the commanding authorities from the very beginning. They formed an embryonic resistance movement in Anatolia consisting on partisan fighting units and local councils. According to the existing plane laid in Dardanelles campaign earlier, they shipped out their armaments and supplies before leaving the country. CUP founded the National Guards called Karakol before the end of the war, looked after guerilla activities and founded local societies for the defense of rights. In 1934, â€Å"Turks are ordered to take family names. Parliament grants Mustafa Kemal the surname of Ataturk. Women given the right to vote.† (Chronology, pg 341) Karakol helped smuggle Unionist workers out of Istanbul. But that movement was suffering strong leadership. They took an important decision for the Turkish history and group heads of Karakol contacted Mustafa Kemal Pasha known as Atatà ¼rk. Kemal Pasha, who was the founder of Turkish Nationalist Movement, was born in 1881 in Salonika. He graduated in 1904 from the War College in Istanbul. In 1906, Atatruk founded the secret opposition group in Damascus. He took part in Young Turks revolution after his transfer to the Third Army in Macedonia. He was also an active member in the â€Å"Action Army† of Mahmud Åževket Pasha. He participated in the Balkan War in 1911 after which he was posted in Sofia. He was promoted to the rank of Brigadier and Pasha after his courageous efforts in Gallipoli in the First World War. He supervised the Ottoman retreat as a Commander on the Syrian front during the last month of the war. Karakols wanted Kemal Pasha to lead them because they knew his commitment to the CUP and that he had no private connections to the politics of Talat and Enver at the time of the war. The Sultan’s government requested him to go to Anatolia to strengthen the Ottoman troops there. He was titled Inspector of the Third Army and assigned eastern Anatolia with broad authority. In the meanwhile, Entente powers landed the Greek army at Izmir for the enforcement of armistice in Western Anatolia. The Greek forces started their invasion of Western Anatolia. Mustafa Kemal Pasha went to Samsun and immediately contacted the local leaders of the Nationalist Group in Eastern Anatolia through telegraph. He established good relationships with the Commander of the Ninth Army, Kà ¢zim Pasha. With the collaboration of two staff officers Refet Bey and Hà ¼seyin Rauf Bey, Kemal Pasha and Kà ¢zim Pasha prepared a memorandum and distributed it to the Nationalist Group based in Eastern Anatolia. In June 1919, â€Å"Amasya Declaration† denounced the capability of the sultan’s government to defend the area. Therefore, the local people had to defend themselves without any official support. Before the meeting of the National Congress in Erzurum in July, the sultan’s government called back Mustafa Kemal to Istanbul. The sultan relieved Kemal from his command. The National Pact was the first document that came out at the Erzurm congress. This pact was based on six articles. In this document, it was decided that there would be an independent nation with no foreign mandate. It claimed back the former Ottoman territories except where Turks already were in command. Because of the foreign powers, citizens had sacrificed their extraterritorial right and special privileges to minorities were never ensured. The nation would prefer assistance from any power from its own empire. Three weeks later, at the Second National Congress in Sivas, Erzurum declaration was endorsed and expanded due to which the sultan was freed from receiving the blame for the current national crisis and his advisors were blamed for the happening. In Istanbul, there was an ongoing demonstration against the foreign influence and the Greek offensiveness and it had full support of the nationalists. Addresses to the mass rally were getting success in the Turk population. Karakol was sending assistance to the nationalists by recruiting members for the revolution. The city was growing up with thousands of refugees from Balkan and Anatolia. Relief workers got confused when they saw families reunite, arrangements for minor orphans, the returning of demobilized soldiers, and the facilities for the disabled war veterans. The Nationalist Movement won in the elections in the Ottoman parliament which were held after the war. It took majority of the seats. In December, the headquarters of the Nationalist Resistance were moved to the Anatolian town of Ankara. Mustafa Kemal wanted to have a new parliament there but a majority of the deputies wanted to stay in Istanbul and disagreed with Kemal. In Jan.1920, the parliament was opened in Istanbul and by the mid of Feb, the National Pact was adopted. The British Army occupied Istanbul on the 16th of March and arrested several nationalists. Many nationalists hid or made their way back to Anatolia to join the nationalists again. In the elections held for the first postwar Ottoman parliament, sympathizers of the Nationalist Movement won majority of the seats. Among them were Hà ¼seyin Rauf and Dr. Adnan AdÄ ±var. As the parliament prorogued itself in April, the nationalists were denounced as false representatives of the nation by Damad Ferid Pasha. They were even pronounced enemies of the faith and their demise was looked at as a duty of Muslims. A small army emerged to fight the nationalists in April next month. Mustafa Kemal was declared guilty of treason in absentia and was sentenced to death through court martial. Meanwhile, ninety two members fled from the Ottoman parliament to Ankara and thirty two representatives of the Defense of the National Rights along with the members of the parliament constituted the first nationalist parliament also called Grand National Assembly or Great Assembly of the Nation. War of Independence   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As the government of Sultan Mehmed VI accepted the Treaty of Sà ¨vres on 10th August 1920, the Ottoman Empire was divided and was given under different foreign command. The Treaty was completely unacceptable to the revolutionary nationalists. At the end of September 1920, Turkish nationalists under Kà ¢zim Pasha’s command advanced from Erzurum to SarÄ ±kamÄ ±Ã…Ÿ. The advancement of the Turkish army and Bolshevik’s coup against the Armenian government in Yerevan ended the possibility of an independent Armenia in Eastern Anatolia. The Britons refused to consider any military action against Turk nationalists to impose the peace terms in the region. Italy and France had already started to develop an understanding with the nationalists.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On the 10th of January 1921, the nationalists defeated the Greeks. Now the international situation slightly shifted in the favor of the nationalists. The Peas Treaty had broken quickly. The Italians and the French concluded arrangements with the nationalists separately to withdraw their influence from Anatolia. These successes brought precious moments for the nationalists. The Turkish people faced a defining moment to their own destiny. The government in Ankara granted extraordinary authority to Mustafa Kemal, who personally commanded the army for three months. A long battle was fought in August and September 1921 on the Sakarya River and Mustafa Kemal & the nationalist forces won the war. After a month, a peace conference was held in Lausanne, Switzerland. Ismet Bey, who led the Turkish delegation, proved his capabilities to be an effective spokesman. A peace treaty was finally concluded in July 1923 known as â€Å"The Treaty of Lausanne† which confirmed the Turkish nationalists’ military victory. â€Å"The state continues to teach that the Republic is based on the secular principles of Atatà ¼rk† (Shank-land, pg 65) the Turkish nationalists got back Eastern Thrace and the whole of Anatolia. The Turkish people finally found their independent country under the leadership of Mustafa Kemal Ataturk. Works Cited Bernard Lewis, The Emergence of Modern Turkey, Oxford University Press, London, 1961. Page Number: 473. David Shank-land – The Alevis in Turkey: The Emergence of a Secular Islamic Tradition, RoutledgeCurzon, New York, 2003. Page Number: 65. Kemal H. Karpat, Studies on Ottoman Social and Political History, Brill, Boston, 2002, Page Number: 840 Robin Higham – Dennis E. Showalter, Researching World War I, Greenwood Press, Westport, CT. 2003. Page Number: 161. Justin McCarthy, The Ottoman Turks: An Introductory History to 1923, Longman, London 1997. Page Number: 349. Emre Sencer, Balkan Nationalisms in the Ottoman Parliament 1909, East Europe, 2004, Page Number: 41+ Chronology, Journal of International Affairs, Columbia, 2000 Page Number: 341. Lausanne Treaty http://www.hri.org/docs/lausanne/ Accessed April 10, 2007 Kemal H. Karpat, Ottoman Past and Today’s Turkey, Brill, Boston, 2002, Page Number: 155. Ernest Jackh. The Rising Crescent: Turkey Yesterday, Today and Tomorrow. Farrar & Rinehart New York, 1944 Page Number: 89.

Role of Commercial Banks in Development

Role of commercial banks in development. INTRODUCTION A commercial bank is something with which every one of us is well known. However different bankers and economists have defined it in a different way:   According to Kent: â€Å"An organization whose principal operations are concerned with the accumulation of the temporarily idle money of the general public for the purpose of advancing to others for expenditure. † According to Banking Companies Ordinance 1962: Banking means the accepting for the purpose of lending or investing of deposits of money from the public repayable in demand or otherwise and withdraw-able by cheque, draft order or otherwise. † Various economists have different views about the role of commercial banks in economic development. Schumpeter says,  Ã¢â‚¬Å"It is the banking system which serves as a key agent along with the entrepreneur in the process of economic development†. According to  Prof. Cameron  in his â€Å"Banking and Economi c Development†, â€Å"a banking system may make a positive contribution to economic growth and development. Evolution of Commercial Banks The foundation for building a broad base of agricultural credit structure was laid by the Report of the All-India Rural Credit Survey (AIRCS) of 1954. The provision of cultivator credit in 1951-52 was less than 1% for commercial banks. In the report it was observed that agricultural credit fell short of the right quantity, was not of the right type, did not fit the right purpose and often failed to go to the right people.With a view to give an impetus to commercial banks, particularly, in the sphere of investment credit, the nationalization of the Imperial Bank of India and its re-designation as the State Bank of India (SBI) was recommended. Growth in Outreach 1951-91 From the position prevalent in 1951-52, commercial banks came a long way with a substantial spread of 32,224 branches in rural and semi-urban areas comprising 68% of their tot al outlets as on 31 March 1991. The outstanding deposits of such branches at Rs. 7,855 crores as on the same date constituted around 35% of their total deposits, while loans outstanding at Rs. 43,797 crore comprised 36% of outstanding credit. The agricultural advances of the commercial banking system aggregated Rs. 16,687 crore and constituted 14% of total advances in March 1991. The rural and semi-urban branches of commercial banks covered 17. 6 crore deposit accounts while the number of loan accounts serviced aggregated 3. 7 crore. Growth during 1991-92 to 2003-04 The period since 1991-92 has seen a fairly rapid expansion of credit to agriculture.Available data indicate that the flow of credit to agriculture by commercial banks and RRBs taken together increased to Rs. 60,022 crore in 2003-04. This implies a compounded annual growth rate of 22. 2%. In fact, as compared with commercial banks (including RRBs), the flow of credit from the cooperative sector was much slower through thi s period. The compounded annual growth rate of credit for agriculture from cooperative institutions was only 13. 7%. Further, the proportion of agriculture credit to total credit came down because of the rapid growth in non agriculture credit.The Government took some major initiatives during the period to boost agriculture production and productivity through enhanced credit flow and by way of building agricultural infrastructure, particularly irrigation and connectivity in rural areas. Special Agricultural Credit Plan (SACP) was introduced by RBI for Public Sector Commercial Banks in 1994-95. Credit growth for agriculture and allied sectors under this caption reflected a CAGR of 36. 45% during 2001-02 to 2005-06. SACP has since been extended to Private Sector Commercial Banks from 2005-06.The SHG – Bank Linkage Programme was started as a pilot project by NABARD in 1992. It led to the evolution of a set of RBI approved guidelines to banks to enable SHGs to transact with banks. Initially there was slow progress in the programme up to 1999 as only 32,995 groups were credit linked during the period 1992 to 1999. Since then the programme has been growing rapidly and the cumulative number of SHGs financed increased from 4. 61 lakhs on 31 March 2002 to 10. 73 lakhs on 31 March 2004 and further to 29. 25 lakh groups as on 31 March 2007.Rural Infrastructure Development Fund (RIDF) was set-up in NABARD by GoI during 1995-96 with an initial corpus of Rs. 2000 crore, to accelerate the 47 completion of on-going projects of rural infrastructure. Banks which did not fulfill the priority sector credit requirement and agriculture credit mandate were required to contribute to this Fund. The fund has been strengthened every year with additional allocations in the Union Budget. A large number of irrigation and rural connectivity projects could get completed under RIDF. RBI scaled down its contribution to the Rural Credit funds with NABARD to a token amount of Rs. crore per annum since 1993-94. However to enable NABARD to have reasonably strong leverage for accessing market funds, the share capital of NABARD was strengthened and increased to Rs. 2000 crore (paid up) from Rs. 100 crore at the time of its formation in 1982. Contributions to enhanced share capital have come from GoI and RBI. By prudent funds management, the institution has also built a strong base of reserves and has been using it in its business operations judiciously to keep lending rates to rural financial institutions at significantly lower than market costs. Developments – Post 2003-04Since 2003-04, there has been a substantial increase in the flow of credit to agriculture through commercial banks. Disbursements have increased from Rs. 52,441 crore in 2003-04 to Rs. 1,16,447 crore in 2005-06, reaching an annual growth of 43% each year. As envisaged in the GoI's strategy for â€Å"doubling of credit†, 95 lakh new farmers have been brought under the institutional fold an d 1,383 agri-clinics opened. Commercial banks have also played a major role in the promotion of the SHG – bank linkage movement with more than 11. 88 lakh groups being linked to banks for provision of credit.Reforms in the commercial banking system include removal of procedural and transactional bottlenecks including elimination of Service Area Approach, reducing margins, redefining overdues to coincide with crop cycles, new debt restructuring policies, one time settlement and relief measures for farmers indebted to non-institutional sources. Banks play a vital role in the economic development of a country. They accumulate the idle savings of the people and make them available for investment. They also create new demand deposits in the process of granting loans and purchasing investment ecurities. They facilitate trade both inside and outside the country by accepting and discounting of bills of exchange. Banks also increase the mobility of capital. They provide a variety of f acilities for remitting a large amount of money from one place to another by the transfer of a mere slip of paper. Commercial banks play an important and active role in the economic development of a country, if the banking system in a country is effective, efficient and disciplined; it brings about a rapid growth in the various sectors of the economy. The Functions of Commercial BanksIn the modern world, banks perform such a variety of functions that it is not possible to make an all-inclusive list of their functions and services. However, some basic functions performed by the banks are discussed below. 1. Accepting  Deposits The first important function of a bank is to accept deposits from those who can save but cannot profitably utilize this saving themselves. People consider it more rational to deposit their savings in a bank because by doing so they, on the one hand, earn interest, and on the other, avoid the danger of theft.To attract savings from all sorts of individuals, th e banks maintain different types of accounts: (i) Fixed Deposit Account: Money in these accounts is deposited for fixed period of time (say one, two, or five years) and cannot be withdrawn before the expiry of that period. The rate of interest on this account is higher than that on other types of deposits. The longer the period, the higher will be the rate of interest. Fixed deposits arc also called time deposits or time liabilities. (ii) Current Deposit Account: These accounts are generally maintained by the traders and businessmen who have to make a number of payments every day.Money from these accounts can be withdrawn in as many times and in as much amount as desired by the depositors. Normally, no interest is paid on these accounts; rather, the depositors have to pay certain incidental charges to the bank for the services rendered by it. Current deposits are also called demand deposits or demand liabilities. (iii) Saving Deposit Account: The aim of these accounts is to encourag e and mobilise small savings of the public. Certain restrictions are imposed on the depositors regarding the number of withdrawals and the amount to be withdrawn in a given period.Cheque facility is provided to the depositors. Rate of interest paid on these deposits is low as compared to that on fixed deposits. (iv) Recurring Deposit Account: The purpose of these accounts is to encourage regular savings by the public, particularly by the fixed income group. Generally money in these accounts is deposited in monthly installments for a fixed period and is repaid to the depositors along with interest on maturity. The rate of interest on these deposits is nearly the same 3s on fixed deposits. (v) Home Safe Account: Home safe account is another scheme aiming at promoting saving habits among the people.Under this scheme, a safe is supplied to the depositor to keep it at home and to put his small savings in it. Periodically, the safe is taken to the bank where the amount of safe is credited to his account. 2. Advancing  of loans The second important function of a bank is advancing of loans to the public. After keeping certain cash reserves, the banks lend their deposits to the needy borrowers. Before advancing loans, the banks satisfy themselves about the credits worthness of the borrowers. Various types of loans granted by the banks are discussed below: (i) Money at Call:Such loans are very short period loans and can be called back by the bank at a very short notice of say one day to fourteen days. These loans are generally made to other banks or financial institutions. (ii)  Cash Credit: It is a type of loan, which is given to the borrower against his current assets, such as shares, stocks, bonds, etc. Such loans are not based on personal security. The bank opens the account in the name of the borrowers and allows him to withdraw borrowed money from time to time up to a certain limit as determined by the value of his current assets.Interest is charged only on th e amount actually withdrawn from the account. (iii) Overdraft: Sometimes, the bank provides overdraft facilities to its customers though which they are allowed to withdraw more than their deposits. Interest is charged from the customers on the overdrawn amount. (iv) Discounting of Bills of Exchange: This is another popular type of lending by the modern banks. Through this method, a holder of a bill of exchange can get it discounted by the bank. In a bill of exchange, the debtor accepts the bill drawn upon him by the creditor  (i. e,  holder of the bill) and agrees to pay the amount mentioned on maturity.After making some marginal deductions (in the form of commission), the bank pays the value of the bill to the holder. When the bill of exchange matures, the bank gets its payment from the party, which had accepted the bill. Thus, such a loan is self-liquidating. (v)  Term Loans: The banks have also started advancing medium-term and long-term loans. The maturity period for such loans is more than one year. The amount sanctioned is either paid or credited to the account of the borrower. The interest is charged on the entire amount of the loan and the loan is repaid either on maturity or in installments. . Credit Creation A unique function of the bank is to create credit. In fact, credit creation is the natural outcome of the process of advancing loan as adopted by the banks. When a bank advances a loan to its customer, it does not lend cash but opens an account in the borrower's name and credits the amount of loan to this account. Thus, whenever a bank grants a loan, it creates an equal amount of bank deposit. Creation of such deposits is called credit creation which results in a net increase in the money stock of the economy.Banks have the ability to create credit many times more than their deposits and this ability of multiple credit creation depends upon the cash-reserve ratio of the banks. 4. Promoting Cheque System: Banks also render a very useful medi um of exchange in the form of cheques. Through a cheque, the depositor directs the bankers to make payment to the payee. Cheque is the most developed credit instrument in the money market. In the modern business transactions, cheques have become much more convenient method of settling debts than the use of cash. 5. Agency Functions:Banks also perform certain agency functions for and on behalf of their customers: (i) Remittance of Funds: Banks help their customers in transferring funds from one place to another through cheques, drafts, etc. (ii) Collection and Payment of Credit Instruments: Banks collect and pay various credit instruments like cheques, bills of exchange, promissory notes, etc. (iii) Execution of Standing Orders: Banks execute the standing instructions of their customers for making various periodic payments. They pay subscriptions, rents, insurance premium, etc. on behalf of their customers. (iv) Purchasing and Sale of Securities:Banks undertake purchase and sale of v arious securities like shares, stocks, bonds, debentures etc. on behalf of their customers. Banks neither give any advice to their customers regarding these investments nor levy any charge on them for their service, but simply perform the function of a broker. (v) Collection of Dividends on Shares: Banks collect dividends, interest on shares and debentures of their customers. (vi) Income Tax Consultancy: Banks may also employ income-tax experts lo prepare income-tax returns for their customers and to help them to get refund of income-tax. (vii) Acting as Trustee and Executor:Banks preserve the wills of their customers and execute them after their death. (viii) Acting as Representative and Correspondent: Sometimes the banks act as representatives and correspondents of their customers. They get passports, travelers tickets, book vehicles, plots for their customers and receive letters on their behalf. 6. General Utility Function: In addition to agency services, the modern banks provide many general utility services as given below: (i) Locker Facility: Banks provide locker facility to their customers. The customers can keep their valuables and important documents in these lockers for safe custody. ii) Traveller's Cheques: Banks issue traveller's cheques to help their customers lo travel without the fear of theft or loss of money. With this facility, the customers need not take the risk of carrying cash with them during their travels. (iii) Letter of Credit: Letters of credit are issued by the banks to their customers certifying their creditworthiness. Letters of credit are very useful in foreign trade. (iv) Collection of Statistics: Banks collect statistics giving important information relating to industry, trade and commerce, money and banking.They also publish journals and bulletins containing research articles on economic and financial matters. (v) Underwriting Securities: Banks underwrite the securities issued by the government, public or private bodies. Becau se of its full faith in banks, the public will not hesitate in buying securities carrying the signatures of a bank. (vi) Gift Cheques: Some banks issue cheques of various denominations (say of Rs. 11, 21, 31, 51. 101, etc. ) to be used on auspicious occasions. (vii) Acting as Referee: Banks may be referred for seeking information regarding the financial position, business reputation and respectability of their customers. viii) Foreign Exchange Business: Banks also deal in the business of foreign currencies. Again, they may finance foreign trade by discounting foreign bills of exchange. Role of Commercial Banks In Economic Development Of A Country Commercial banks  play an important and active role in the economic development of a country. If the banking system in a country is effective’, efficient and disciplined, it brings about a rapid growth in the various sectors of the economy. The economic significance of commercial banks is given in brief. (1) Banks promote capital f ormation.The commercial banks play an important role in rising of the financial resources. They encourage savings by giving various types of incentives to the savers. They expand branches of the banks in rural and urban areas and mobilize savings even at far of places. These savings are then made available to the businesses which make use of them for productive purposes in the country. The banks are, therefore, not only store houses of the country’s wealth, but also provide stream of resources necessary for economic development. (2) Investment in new enterprises.Businessmen normally hesitate to invest their money in risky enterprises. The commercial banks generally provide short and medium term loans to entrepreneurs to invest in new enterprises and adopt new methods of production. The provision of timely credit increases the productive capacity of the economy. (3) Promotion of trade and industry. With the growth of commercial banking in the 19th and 20th centuries, there is vast expansion in trade and industry. The use of bank draft, cheque, bill of exchange credit cards etc has revolutionized both national and international trade. (4) Development of agriculture.The commercial banks, particularly in developing countries, are now providing credit for the development of agriculture and small scale industries in rural areas. The provision of credit to agriculture sector has greatly helped in raising agricultural productivity and income of the farmers. This has led to increased demand for industrial goods and expansion of industry. (5) Balanced development of different regions. The commercial banks play an important role in achieving balanced in different regions of the country. They help in transferring surplus capital from developed regions to the less developing regions.The traders, industrialists etc of less developed regions are able to get adequate capital for meeting their business needs. This, in turn, increases investment, trade and production in the economy. (6) Influencing economy activity. The banks can also influence the economic activity of the country through its influence on (a) availability of credit and (b) the rate of interest. If the commercial banks are able to increase the amount of money in circulation through credit creation or by lowering the rate of interest, it directly affects economic development. A low rate of interest can encourage investment.The credit creation activity can raise aggregate demand which leads to more production in the economy. Which finally increases the growth of the nation. (7) Implementation of monetary policy. The central bank of the country controls and regulates volume of credit through the active cooperation of the banking system in the country. If helps in bringing price stability and promotes economic growth within shortest possible period to time. (8) Monetization of the economy. The commercial banks by opening branches in the rural and backward areas are reducing the exchange of goods through barter.The use of money has now greatly increased the volume of production of goods. The non-monetized sector (barter economy) is now being converted into monetized sector with the help  of commercial banks. (9) Export promotion cells. In order to increase the exports of the country, the commercial banks have established export promotion cells. They provide information about general trade and economic conditions both inside and outside the country to its customers. The banks are, therefore, making positive contribution in the process of economic development.Role of banks in 21st century: The commercial banks are now not confined to local banking. They are fast changing into global banking i. e. , understanding the global customer, using latest information technology, competing in the open market with high technology system, changing from domestic banking to investment banking etc. The commercial banks are now considered the nerve centre of all economic developmen t in the country. The use of online banking is now on the increase. It has brought revolution in banking industry. CONCLUSIONCommercial banks are considered not merely as dealers in money but also the leaders in economic development. They are not only the store houses of the country’s wealth but also the reservoirs of resources necessary for economic development. They play an important role in the economic development of a country. A well-developed banking system is essential for the economic development of a country. The â€Å"Industrial Revolution† in Europe in the 19th century would not have been possible without a sound system of commercial banking. In case of developing countries like India, the commercial banks are considered to be the backbone of the economy.The Banking Sector has for centuries now formed one of the pillars of economic prosperity. Indeed history provides us with some starting information regarding how banks provided finance for imperialist ventu res in newly acquired colonies. Over time banks have formed an important part in providing an avenue for both savings and investments. Land, Labor, capital and entrepreneurs are the basic economic resources available to business. However, to make the use of these resources, a business requires finance to purchase of the land, hire labor, pay for capital goods and pay for individuals with specialized skills.The commercial banks provide capital, technical assistance and other facilities to businessmen according to their need, which leads to development in trade. Commercial banks finance the most important sector of the developing economics i. e. agriculture, short, medium and long-term loans are provided for the purchase of seeds and fertilizer, installation of tube wells, construction of warehouses, purchase of tractor and thresher etc. Commercial banks help in increasing the rate of capital formation in a country. Capital formation means increase in number of production units, techn ology, plant and machinery.They finance the projects responsible for increasing the rate of capital formation. Commercial banks help the traders of two different countries to undertake business. Letter of credit is issued by the importer’s bank to the exporters to ensure the payment. The banks also arrange foreign exchange. Commercial banks provide the facility of transferring funds from one place to another which leads to the growth of trade. The commercial banks financed the transport sector. It has reduced unemployment on one hand and increased the transport facility on the other hand. Remote areas are linked to main markets through developed transport system.These are the few ways in which the commercial banks had helped in developing the economy of a country. BIBLIOGRAPHY * Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 * Xam idea, economics, F K Publication, 2009 * Chitta Ranjan Basu, Commercial Banking in the Planned Economy of Indi a, Mittal Publications, 1991 * N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 * www. preservearticles. com ——————————————– [ 2 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 3 ]. www. bankingsector. co. in [ 4 ].N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 5 ]. Xam idea, economics. [ 6 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 7 ]. www. preservearticles. com [ 8 ]. www. ehow. com [ 9 ]. Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 [ 10 ]. Chitta Ranjan Basu, Commercial Banking in the Planned Economy of India [ 11 ]. Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 [ 12 ]. www. ehow. com [ 13 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 14 ]. www. preservearticles. com

Internal Trade Essays

Internal Trade Essays Internal Trade Essay Internal Trade Essay :: Internal Trade:: Meaning Trade : Trade refers to the process of buying and selling of goods and services with the objective of earning profit. Internal Trade : Buying and selling of goods and services within the geographical boundaries of a country is called internal trade. In other words trade takes place between the people of the same country then it is termed as internal trade. Features of Internal Trade 1. Buying and selling of goods and services takes place within a country 2. Payments are made and received in the home currency only. 3. There is no or less legal formalities are required. 4. Local modes of transport can be used for transfer of goods. 5. No custom duty or import duty is levied on such trade. Internal trade can be classified into two broad categories. 1. Wholesale trade 2. Retail trade 1. Wholesale TradeBuying and selling of goods and services in large quantities for the purpose of resale or intermediate use is referred to as wholesale trade. Wholesalers acts as an important link between manufacturers and retailers. They purchase in bulk and sell in small lots to retailers.Features of Wholesalers 1. Wholesaler acts as a link between manufacturers and retailer. 2. Wholesaler deals with large quantities of goods. 3. Wholesaler is specialized in few or one line of product. 4. Wholesaler purchases goods in bulk quantities and sells in small quantities to retailers. 5. Wholesaler usually maintains large stock of goods for steady supply. 6. Wholesalers also sometime perform promotional activities to push sells. 7. Profit margin of wholesalers is generally low. 8. They also extend credit facility to retailers. Services of Wholesaler to Manufacturers 1. Economy of Scales: Wholesalers enable manufacturers to undertake large scale production as they purchase goods in large quantities from them. 2. Risk Sharing: Wholesaler deals in goods

Frankenstein Coursework Help

Frankenstein Coursework Help Frankenstein Coursework Help Frankenstein is a well-known novel which requires careful reading and critical analysis. Writing a Frankenstein coursework you need to pay attention to avoid creating a summary of the novel instead of critical analysis. If you struggle with Frankenstein coursework writing or do not have enough time to devote to coursework writing, you should not hesitate to order professional Frankenstein coursework help on our site. Custom written Frankenstein coursework is original, interesting to read, meets academic requirements, and is never posted online as a free sample! Please read the following excerpt of Frankenstein coursework written by one of our professional coursework writers! Frankenstein Coursework Excerpt In the story Frankenstein, the main genre is gothic horror. Horror is usually recognized on fear, terror, fright and suffering. Its mainstay is to frighten readers and make them realize terror is occurring so, therefore, contains frightening scenes. One of the distinctive features of many horror stories is the setting and nature and in Frankenstein the depressing glacial fields of the Alps and the dreary mist of the Arctic shows remoteness of the two central characters; Victor and his creation. Another part of horror in Frankenstein is the element of the dark side of human nature, when a monstrous creation is unleashed which leads to the idea of horror because monsters are usually associated with committing acts of killing on innocent people. The structure of Frankenstein can be slightly complicated because it has several narrators and they both share their own views on the events which have occurred. The novel begins in typical novel fashion by starting the story in the middle of things and then launch into a series of flashbacks which make it difficult to foretell coming events. Captain Robert Walton writes to his sister Margaret Saville about his adventures, which the reader looks in upon in a distinctive epistolary novel style. Then Victor recounts his story to Walton, who takes notes and sends them to his sister. Then the monster tells Victor about his or its quest, which Victor recounts to Walton. Starting with Walton when he writes to his sister, his letters are like a diary and become somewhat quite personal. When he begins writing his letters, his point of view begins neutral. But after he meets Frankenstein he becomes prejudiced and begins to understand Frankenstein's feelings and sympathises towards him. But when he meets the monster, Walton's views change again because he sympathises with the monster. The novel is then told from Frankenstein's point of view until the closing pages when we hear from the monster. This will affect the reader as they would automatically feel the most sympathy for whoever tells the story, as the speaker would naturally tell things from their perspective, and they would open up about their feelings. Also, our expert writers have prepared the post onhow to make a reaction paper:. Related posts: Jane Eyre Essay Example of Argumentative Essay Cause Effect Papers Term Paper Editing Critical Essay Editing

Business Employment Law Essay Example | Topics and Well Written Essays - 2000 words

Business Employment Law - Essay Example As it appears, all other employees apart from Mark agreed to work overtime. In his submission, Mark indicated that he was not under any contractual obligation to work overtime. This infuriated Rebecca who decided to take the matter to the manager. However, it is also indicated that there was always bad blood between the two employees, and this seemed to be an opportunity to settle the scores. The dismissal of mark from the work is unacceptable and therefore he has the right of appeal. While the law provides the employers with the prerogative to dismiss employees for gross misconduct and without warning, the case of Mark is different. Firstly, the company should have let the employees know of the staff shortage. Secondly, such employees ought to have been requested to offer themselves for overtime work to compensate for losses incurred due to such shortage of employees. As it stands, the request to have Mark work beyond his normal hours appears to be an ambush. In addition to that, th e manner in which the information was passed to him is also wanting. It is vital to note that employees just like employers, have their personal rights1. On that material day for instance, Mark had an appointment with his girlfriend. He made such arrangement because he had not been informed of any changes by his boss. Therefore, it seems that the company suffers from lack of good communication and relationship with the employees. Thirdly, the dismissal is unjustified based on the fact that when Mark was employed, he signed a contract that indicated the time that he was to be in the job. His decision however mean it may seem to be was justified. There was no prior complaint that he failed to provide quality work because of incompetent or any other factor. It therefore seems that he was a dedicated person who understood his rights well. It seems that the management failed to conduct its independent investigations to ascertain the allegations2. Relying on the information provided to th em by a fellow employee was wrong since there could have been other reasons which could have prompted Mark to take the decision he did. Even if this was a gross misconduct according to the management, law requires that investigation is carried out. For instance, it is indicated that Rebecca and Mark had a malfunctioned relationship which affected their communication. It is therefore possible that this was a malicious act meant to punish Mark by dismissing him. She may have passed communication to other employees about the overtime work and failed to let Mark know in advance. The management therefore was in contravention of the statutes guiding dismissal. There are various unfair grounds through which one may be dismissed. They include lack of good reason, being asked for flexible hours and also if one refuse to work overtime. From the case, it is outright that the firm did not have objective grounds to dismiss Mark. He was dismissed immediately even though he was innocent. He had a right to choose either to work or not. Employees have their flexible time which they may choose to offer or not. Depending on prior communication with the company, employees may choose to comply or refuse. From the above mentioned facts, it seems that Mark is entitled to make a claim of unfair dismissal and get remedies. The law gives him the right to make such a claim through a trade union3. Some of the methods that would be used to address this issue may include mediation and